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.

Recently Sold Listing 24 - 7150 Barnet Road, Burnaby, BC


R2681772 - 24 - 7150 Barnet Road, Burnaby, BC, CANADAI have just recently sold this listing at 24 - 7150 Barnet Road, Burnaby.

New Listing 24 - 7150 Barnet Road, Burnaby, BC


R2681772 - 24 - 7150 Barnet Road, Burnaby, BC, CANADAView my new listing for sale SOLD at 24 - 7150 Barnet Road, Burnaby and currently listed at $719,000.SOLD

Welcome to Harbour Ridge Terrace. This very quiet, 3 BD, 2BA corner town home features natural light throughout w/living over 2 levels. Wood burning fireplace, full size in-suite laundry. Maintained by a pro active strata. Very close to SFU, Burnaby Mountain Park and Kensington Shopping Mall and Burnaby North High School. 1 parking stall. Open House: SUN MAY 8 3-5pm.

New Listing 10 - 22977 116 Avenue, Maple Ridge, BC


R2659548 - 10 - 22977 116 Avenue, Maple Ridge, BC, CANADAView my new listing for sale SOLD at 10 - 22977 116 Avenue, Maple Ridge and currently listed at $899,900.SOLD

This beautiful 2 level townhome features 3 spacious bedrooms & 2 full bathrooms,1 powder room and a backyard perfect for the kids and summer BBQ parties. Main floor has a bright & open layout, large living room with fireplace, beautiful gourmet kitchen with stainless-steel appliances,maple cabinets, dining area and granite countertops. Upstairs has 3 spacious bedrooms with 2 bathrooms. Large garage with front driveway. Close to schools, parks, shopping, movies, restaurants, bus stops & hwys. Centrally located. OPEN HOUSE CANCELLED.

Recently Sold Listing 10 - 22977 116 Avenue, Maple Ridge, BC


R2659548 - 10 - 22977 116 Avenue, Maple Ridge, BC, CANADAI have just recently sold this listing at 10 - 22977 116 Avenue, Maple Ridge.

Recently Sold Listing 1910 - 5380 Oben Street, Vancouver, BC


R2656429 - 1910 - 5380 Oben Street, Vancouver, BC, CANADAI have just recently sold this listing at 1910 - 5380 Oben Street, Vancouver.

New Listing 1910 - 5380 Oben Street, Vancouver, BC


R2656429 - 1910 - 5380 Oben Street, Vancouver, BC, CANADAView my new listing for sale SOLD at 1910 - 5380 Oben Street, Vancouver and currently listed at $569,900.SOLD

Welcome to BOSA built Urba in the heart of Collingwood. This east facing 1bdrm unit is perfect for 1st time buyers or investors. Amenities include bike room, lounge and gym. Walking distance to skytrain station, restaurants and shops. Rentals allowed and pets allowed with some restrictions. Comes with 1 parking and 1 storage. OPEN HOUSE: SAT/SUN 2-4PM.

Recently Sold Listing 307 - 3080 Gladwin Road, Abbotsford, BC


R2650409 - 307 - 3080 Gladwin Road, Abbotsford, BC, CANADAI have just recently sold this listing at 307 - 3080 Gladwin Road, Abbotsford.

Recently Sold Listing 136 - 13880 74 Avenue, Surrey, BC


R2648006 - 136 - 13880 74 Avenue, Surrey, BC, CANADAI have just recently sold this listing at 136 - 13880 74 Avenue, Surrey.

New Listing 307 - 3080 Gladwin Road, Abbotsford, BC


R2650409 - 307 - 3080 Gladwin Road, Abbotsford, BC, CANADAView my new listing for sale SOLD at 307 - 3080 Gladwin Road, Abbotsford and currently listed at $449,000.SOLD

Welcome to HUDSON'S LOFT in Central Park Village. This beautiful unit features 1 bedroom and 1 nice size den, 1 full bathroom and 1 powder room, 2 side by side parking, stainless steel appliances and a storage locker. Great location, rentals allowed, walking distance to shopping and restaurants. Book your viewings for Sat-Sun 2-4pm.

New Listing 136 - 13880 74 Avenue, Surrey, BC


R2648006 - 136 - 13880 74 Avenue, Surrey, BC, CANADAView my new listing for sale SOLD at 136 - 13880 74 Avenue, Surrey and currently listed at $649,000.SOLD

Beautiful 3 bedroom, townhouse in this well managed and conveniently located Wedgewood Estates complex. This unit features new flooring, new paint, great size kitchen with updated appliances, south facing private patio, powder room on the main floor and a huge laundry room with lots of storage. Walk to school, transit and shopping. Nice family orientated complex with visitor parking stalls. OPEN SAT/SUN 2-4PM. Please book your appointment.