Real Estate Services

October sales exceed historical average

October sales exceed historical average

Metro Vancouver home sales exceeded typical historical levels in October with the majority concentrated in the townhouse and apartment markets.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,022 in October 2017, a 35.3 per cent increase from the 2,233 sales recorded in October 2016, and an increase of 7.1 per cent compared to September 2017 when 2,821 homes sold.

Last month’s sales were 15 per cent above the 10-year October sales average.

“Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices,” Jill Oudil, REBGV president said. “It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices.”

There were 4,539 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2017. This represents a 14 per cent increase compared to the 3,981 homes listed in October 2016 and a 15.6 per cent decrease compared to September 2017 when 5,375 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,137, a 0.1 per cent decrease compared to October 2016 (9,143) and a 3.5 per cent decrease compared to September 2017 (9,466).

For all property types, the sales-to-active listings ratio for October 2017 is 33.1 per cent. By property type, the ratio is 16.8 per cent for detached homes, 44.8 per cent for townhomes, and 66 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“The growth in our provincial economy and job market is contributing to today’s demand,” Oudil said. “The federal government’s announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term. Many buyers are trying to enter the market before the changes are in place.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,300. This represents a 12.4 per cent increase over October 2016 and a 0.5 per cent increase compared to September 2017.

Sales of detached properties in October 2017 reached 940, a 44.2 per cent increase from the 652 detached sales recorded in October 2016 and a 34.6 per cent decrease from the 1,437 sales in October 2015. The benchmark price for detached properties is $1,609,600. This represents a four per cent increase from October 2016 and a 0.5 per cent decrease compared to September 2017.

Sales of apartment properties reached 1,532 in October 2017, a 30.1 per cent increase compared to the 1,178 sales in October 2016 and a 0.7 per cent decrease from the 1,543 sales in October 2015. The benchmark price of an apartment property is $642,000. This represents a 22.7 per cent increase from October 2016 and a one per cent increase compared to September 2017.

Attached property sales in October 2017 totalled 550, a 36.5 per cent increase compared to the 403 sales in October 2016 and a 17.4 per cent decrease from the 666 sales in October 2015. The benchmark price of an attached unit is $802,400. This represents a 17.7 per cent increase from October 2016 and a two per cent increase compared to September 2017.

New Listing PH6 - 1200 W Georgia Street, Vancouver, BC


R2566343 - PH6 - 1200 W Georgia Street, Vancouver, BC, CANADAView my new listing for sale at PH6 - 1200 W Georgia Street, Vancouver and currently listed at $1,998,000.

A true rare find executive penthouse for the chosen few who will appreciate the quality of life, location, view! Rarely available 35th floor sky home at the Residences on Georgia in Coal Harbour with plenty of natural light. Only 4 units on this floor. Centrally air-conditioned and meticulously placed 3 bed 2 bath home featuring engineered hardwood floors, 11' ceilings, floor to ceiling wrap-around windows, roller blinds, lots of storage, central audio system, sleek kitchen , flawless floor plan. Magnificent views of the Coal Harbour Marina, Stanley Park, Ocean, North Shore mountains and City Skyline. Ideally located in the heart of the city; within a few blocks radius you have  the Sea Wall, the Marina & upscale retail. Building has a concierge and gym. Call to book your private viewing.

Recently Sold Listing 105 - 6508 Denbigh Avenue, Burnaby, BC


R2565224 - 105 - 6508 Denbigh Avenue, Burnaby, BC, CANADAI have just recently sold this listing at 105 - 6508 Denbigh Avenue, Burnaby.

New Listing 105 - 6508 Denbigh Avenue, Burnaby, BC


R2565224 - 105 - 6508 Denbigh Avenue, Burnaby, BC, CANADAView my new listing for sale SOLD at 105 - 6508 Denbigh Avenue, Burnaby and currently listed at $685,000.SOLD

The Oakwood built by Intracorp. This is a beautiful ground level 2 bedroom, 2 bathroom unit with many features including laminate floors, soaker tubs in bathrooms, 9' ceiling height, covered patio and a big corner fenced yard. This unit also has a den ideal for work from home and has 2 side by side parking stalls & 1 storage locker. School Catchment; Marlborough Elementary- early and late French Immersion, Burnaby South Secondary, Moscrop Secondary. Walking distance to Deer Lake. Rentals Allowed and pets allowed. Call now! Sat: 2-4pm and Sunday 2-4pm by appointment only.

New Listing 14 - 15775 Mountain View Drive, Surrey, BC


R2562566 - 14 - 15775 Mountain View Drive, Surrey, BC, CANADAView my new listing for sale SOLD at 14 - 15775 Mountain View Drive, Surrey and currently listed at $988,000.SOLD

"Grandview" by Adera! Beautiful 4 level, 4 bedrooms, 1 office, and 3 bathrooms plus den unit with a huge ROOFTOP DECK. Double side by side private garage leading to full size laundry and guest room on lower main level. Main level has a generous living and dining room, large kitchen island with quartz countertops, and backsplash. Big balcony by the kitchen for your summer BBQ. Second floor has 3 bedrooms and 2 full bathrooms plus den. Top floor has a beautiful office - could be a bedroom - and a huge rooftop deck with amazing views. Enjoy the beautiful amenities at the South Ridge Club including gym, pool, and hot tub. NEW LISTING!

Recently Sold Listing 402 519 TWELFTH STREET, New Westminster, BC


R2532780 - 402 519 TWELFTH STREET, New Westminster, BC, CANADAI have just recently sold this listing at 402 519 TWELFTH STREET, New Westminster.

Recently Sold Listing 6 531 E 16TH AVENUE, Vancouver, BC


R2549601 - 6 531 E 16TH AVENUE, Vancouver, BC, CANADAI have just recently sold this listing at 6 531 E 16TH AVENUE, Vancouver.

Recently Sold Listing 4202 2955 ATLANTIC AVENUE, Coquitlam, BC


R2545576 - 4202 2955 ATLANTIC AVENUE, Coquitlam, BC, CANADAI have just recently sold this listing at 4202 2955 ATLANTIC AVENUE, Coquitlam.

Recently Sold Listing 113 2065 W 12TH AVENUE, Vancouver, BC


R2553261 - 113 2065 W 12TH AVENUE, Vancouver, BC, CANADAI have just recently sold this listing at 113 2065 W 12TH AVENUE, Vancouver.

Recently Sold Listing 14 - 15775 Mountain View Drive, Surrey, BC


R2562566 - 14 - 15775 Mountain View Drive, Surrey, BC, CANADAI have just recently sold this listing at 14 - 15775 Mountain View Drive, Surrey.

New Listing 65 E 40th Avenue, Vancouver, BC


R2551811 - 65 E 40th Avenue, Vancouver, BC, CANADAView my new listing for sale at 65 E 40th Avenue, Vancouver and currently listed at $1,949,000.

WEST OF MAIN! Located on a beautiful tree lined street, this well cared home has 2 bedroom unit upstairs with formal dining room, oak floors and a large kitchen and 2 bd unit downstairs with it's own entrance. This beautiful house features: 8' ceilings in both levels, 2 separate laundries , parking for 3 cars (one car garage), fenced backyard, Walking distance to Oak Ridge Mall and public schools and 3 blocks to Queen Elizabeth Park. VIRTUAL TOUR:https://my.matterport.com/show/?m=APXB5WYyEM6 Viewings by appointment only.