Residential sales in the Metro Vancouver area has seen a decrease of 32.6% in September 2016 compared to the same month last year (from 3,345 down to 2,253) and a decrease of 9.5% compared to August 2016. Sales from last month were 9.6% below the 10-year sales average for the month.  

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

There was a total of 4,799 new listings for detached, attached and apartment properties in Metro Vancouver for September 2016 which is a 1% decrease from the 4,846 units listed in September 2015. On the other hand, it was an 11.8% increase compared to August 2016 (4,293 listings). Current homes listed for sale on MLS® in the Metro Vancouver area has seen a 13.4% decrease (9,354 listings) compared to September 2015 and a 10% increase (8,506 listings) compared to August 2016. The sales-to-active listings ratio has been the lowest since February 2015 with a ratio of 24.1%. 

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016. As for specific statistics on detached homes, apartments and townhouses from last month, you can refer to the image above. Detached property sales saw a decrease of 47.6% compared to September 2015 while their benchmark price increased by 33.7%. Sales for apartments saw a decrease of 20.3% and benchmark price increased by 23.5% in contrast to September 2015. Lastly, attached properties sales decreased by 32.2% and their benchmark price increased by 29.1% compared to September 2015.

For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654. 

Source: Real Estate Board of Greater Vancouver

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I have sold a property at SL81 134 HASTINGS ST E in Vancouver.
Located on the West side of the building this concrete unit has 18 ft ceilings and over 2700 sq ft of usable area. With 10 ft of street frontage onto Hastings St and large glass display windows for great visibility. This 2 level space offers a multitude of uses and design possibilities within the DEOD zoning. The mixed use building has 97 residential units directly above that are 100% sold out and occupied. The ground floor has 10 commercial units in varying sizes. A good sized loading bay in the rear of the building makes for easy access and underground parking stalls still available. This part of the city is under major revitalization. The development sits on the border of Gastown/Chinatown which has become one of the most sought after locations in the city. Directly to the south is Chinatown which has seen tremendous growth over the past few years. With the downtown core looking to the East this is a great time to invest as an owner-occupier or as a revenue property.
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