February 19, 2024
I have just recently sold this listing at 5382 RANGER AVENUE, North Vancouver. Blog › February 2024
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.
I have just recently sold this listing at 5382 RANGER AVENUE, North Vancouver.
February 19, 2024
I have just recently sold this listing at 2983 W 6th Avenue, Vancouver.
February 19, 2024
I have just recently sold this listing at 1509 438 SEYMOUR STREET, Vancouver.
February 19, 2024
I have just recently sold this listing at 1972 E 7TH AVENUE, Vancouver.
February 6, 2024
View my new listing for sale at 606 - 2425 Alpha Avenue, Burnaby and currently listed at $899,000.Tailor by Marcon located in the heart of Brentwood. Only minutes walking distances to Brentwood Skytrain station, Brentwood mall, Whole foods, Starbucks, major banks, Winners, and only a few minutes drive from Costco, BCIT, SFU, CEFA, Steve Nash, Deer lake park and much more. This stunning corner 2 bedroom home features an airy 9' ceiling, high efficiency heating and AC system, expansive window in the kitchen, Bosch 30' appliances package, double pantry, floating vanity motion sensor lighting in ensuite, 1 parking & 1 locker included. Premium first-class amenities including fully equipped fitness Centre, yoga/stretch room, co-working area, dog run and more. Completion May-July 2024.
February 6, 2024
View my new listing for sale at 102 - 3349 Dunbar Street, Vancouver and currently listed at $1,281,000.One of a Kind! SPECTACULAR 624 SF ROOF TOP DECK. Unobstructed views of WATER, CITY & MOUNTAINS - 2 LEVEL • 3 BDRM Dunbar townhome Great Features Inc Private Master bedroom, Large Master Bath with soaker tub and shower, WI Closet, Maple HW Floors,Heated floors on main floor, Glass Railing, Large kitchen, the 3rd Bedroom/ Den is perfect for a home office. Private Roof top deck is huge with gas hook up for BBQ, water for irrigation, space for a hot tub.