October 2016 - Market News
Benchmark Prices Continue To Grow Despite Decrease In Sales
The number of home sales in Metro Vancouver continued to fall last month, but the benchmark price remains strong.
Gross Sales were down on the North Shore as well as Vancouver West. North Vancouver fell 45% which brought their Gross Sales from $162,375,805 to $88,597,428. West Vancouver had a 69% decrease from one year ago from $204,210,477 to $61,629,376 Vancouver West was hit with a 43% decline from $395,650,959 to $223,202,400.
Overall Units Sold for September also stumbled with a 50% decrease for North Vancouver (from 107 to 53) and a 67% drop for West Vancouver (from 67 to 22). Vancouver West saw a 52% decrease in Units Sold with 125 units sold in September 2015 and just 60 in September of this year.
While some numbers may make potential buyers and sellers nervous, the Benchmark and Price Index numbers are steadily increasing. If we compare Benchmark Prices to the spring of this year, one of the busiest times in our market history, the prices have increased despite the decrease in overall sales and listings.
|
|
April 2016 |
September 2016 |
% increase |
|
North Vancouver Benchmark |
$1,487,600 |
$1,663,500 |
12% |
|
West Vancouver Benchmark |
$2,928,200 |
$3,363,700 |
15% |
|
Vancouver West Benchmark |
$3,199,600 |
$3,624,300 |
13% |
Government policy changes announced may have been a factor in the decline of sales. BC’s launch of the 15% tax on foreign buyers in early August had many weary of things to come. The BC real estate industry has ended its self-regulatory control and the City of Vancouver is formulating an empty-home tax.
The federal government has also announced that as of October 17, all insured mortgages will have to undergo stress tests to determine whether borrowers will still be able to make payments if interest rates rise or they lose their jobs. The government also limited to Canadian residents a tax exemption for capital gains made when homeowners sell their primary residences.
Please see below for more detailed market information on specific areas. Navigating the Vancouver real estate market is what I specialize in.
If you are thinking of buying or selling your home give me a call, I’d love to help.
Market Stats
Source: Real Estate Board of Greater Vancouver
North Vancouver
|
|
September 2016 |
September 2015 |
% Increase |
|
Gross Sales |
$88,597,428 |
$162,375,805 |
-45% |
|
Units Listed |
215 |
192 |
11% |
|
Units Sold |
53 |
107 |
-50% |
|
Sold- Year to Date |
1072 |
1171 |
-8% |
|
Avg Price/Unit |
$1,671,649 |
$1,517,530 |
10% |
|
Active Listings |
321 |
214 |
50% |
|
Benchmark Price |
$1,663,500 |
$1,212,400 |
37.2% |
|
Price Index (HPI) |
264.8 |
193.0 |
37.2% |
West Vancouver
|
|
September 2016 |
September 2015 |
% Increase |
|
Gross Sales |
$61,629,376 |
$204,210,477 |
-69% |
|
Units Listed |
170 |
202 |
-15% |
|
Units Sold |
22 |
67 |
-67% |
|
Sold- Year to Date |
755 |
805 |
-6% |
|
Avg Price/Unit |
$2,801,335 |
$3,047,917 |
-8% |
|
Active Listings |
433 |
495 |
-12% |
|
Benchmark Price |
$3,363,700 |
$2,447,700 |
36.5% |
|
Price Index (HPI) |
319.8 |
232.7 |
36.5% |
Vancouver West
|
|
September 2016 |
September 2015 |
% Increase |
|
Gross Sales |
$223,202,400 |
$395,650,959 |
-43% |
|
Units Listed |
250 |
309 |
-19% |
|
Units Sold |
60 |
125 |
-52% |
|
Sold- Year to Date |
1381 |
1570 |
-12% |
|
Avg Price/Unit |
$3,720,040 |
$3,165,207 |
17% |
|
Active Listings |
659 |
666 |
-1% |
|
Benchmark Price |
$3,624,300 |
$2,743,800 |
32.1% |
|
Price Index (HPI) |
372.1 |
281.7 |
32.1% |
Benchmark Price: Estimated sale price of a typical property, based on a set of common qualities of homes within each market.
Price Index (HPI): Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales.
