Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market
After reaching record levels in 2015 and 2016, Metro Vancouver* home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.
The Real Estate Board of Greater Vancouver (REBGV) reports
that sales of detached, attached and apartment properties reached 35,993 on the
Multiple Listing Service® (MLS®) in 2017, a 9.9 per cent decrease from the
39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential
sales in 2015.
Last year’s sales total was, however, 9.7 per cent above the
10-year sales average.
“It was a steady year for home sales across the region, led
by condominium and townhome activity, and a quieter year for home listings,”
Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third
highest we’ve seen in the past ten years while the home listings total was the
second lowest on record for the same period.”
Home listings in Metro Vancouver reached 54,655 in 2017.
This is a 5.1 per cent decrease compared to the 57,596 homes listed in 2016 and
a 4.5 per cent decrease compared to the 57,249 homes listed in 2015.
Last year’s listings total was 4.4 per cent below the
10-year listings average.
“Market activity differed considerably this year based on
property type,” Oudil said. “Competition was intense in the condominium and
townhome markets, with multiple offer situations becoming commonplace. The
detached home market operated in a more balanced state, giving home buyers more
selection to choose from and more time to make decisions.”
The MLS® HPI composite benchmark price for all residential
properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9 per
cent compared to December 2016.
The benchmark price of condominiums increased 25.9 per cent
in the region last year. Townhomes increased 18.5 per cent and detached homes
increased 7.9 per cent.
“Strong economic growth, low interest rates, declining
unemployment, increasing wages and a growing population all helped boost home
buyer demand in our region last year,” Oudil said.
As Reported by the REBGV.
