November 2016 - Market News
October Market Review: A Change in Market Conditions
Source: Real Estate Board of Greater Vancouver
The general theme for October was “hold”. Overall sales were significantly down in October and the changing market situation put many potential buyers and sellers into a waiting pattern. The imposed government mortgage stress test and the 15% foreign buyer’s tax have all had a hand in cooling down Greater Vancouver’s red hot real estate market.
Gross sales were down across the board. North Vancouver dipped 49% in October, 2015, from $203,718,738 to $103,185,605. West Vancouver saw the brunt of the decline with a 79% drop in the past year. Gross sales in West Vancouver were $386,359,862 in October 2015 and came in at just $78,517,476 for October, 2016. Vancouver West took a 50% hit with their gross sales numbers tumbling from $552,612,468 to $274,394,427.
Overall units sold in October were also considerably down. In October 2016, West Vancouver dropped 82% with just 22 units sold compared to 116 one year ago. North Vancouver tumbled 53% with 130 units sold in October 2015 to only 61 in October 2016. Vancouver West also fell 52% from 163 to 78.
And while overall sales have indeed dropped, prices have remained solid due to continued low inventory in specific areas. West Vancouver and Vancouver West both saw approximately 20% drops in units listed compared to a year ago while interestingly North Vancouver saw a 52% increase in units listed. Benchmark prices remain on the rise with West Vancouver’s benchmark price rising 29.6% in the past year from $2,451,900 to $3,210,100. Vancouver West’s benchmark also rose 28% from $2,779,000 to $3,569,700. Even with the increased listings, North Vancouver received the highest benchmark increase with 34.7%, from $1,231,200 to $1,658,400.
Market Stats
Source: Real Estate Board of Greater Vancouver
North Vancouver
|
|
October 2016 |
October 2015 |
% Increase |
|
Gross Sales |
$103,185,605 |
$203,718,738 |
-49% |
|
Units Listed |
156 |
102 |
52% |
|
Units Sold |
61 |
130 |
-53% |
|
Sold- Year to Date |
1133 |
1301 |
-12% |
|
Avg Price/Unit |
$1,691,567 |
$1,567,067 |
7% |
|
Active Listings |
322 |
156 |
106% |
|
Benchmark Price |
$1,658,400 |
$1,231,200 |
34.7% |
|
Price Index (HPI) |
264.0 |
196.0 |
34.7% |
West Vancouver
|
|
October 2016 |
October 2015 |
% Increase |
|
Gross Sales |
$78,517,476 |
$386,359,862 |
-79% |
|
Units Listed |
119 |
153 |
-22% |
|
Units Sold |
22 |
116 |
-81% |
|
Sold- Year to Date |
777 |
921 |
-15% |
|
Avg Price/Unit |
$3,568,976 |
$3,330,688 |
7% |
|
Active Listings |
439 |
433 |
1% |
|
Benchmark Price |
$3,210,100 |
$2,451,900 |
29.6% |
|
Price Index (HPI) |
305.2 |
233.1 |
29.6% |
Vancouver West
|
|
October 2016 |
October 2015 |
% Increase |
|
Gross Sales |
$274,394,427 |
$552,612,468 |
-50% |
|
Units Listed |
163 |
215 |
-24% |
|
Units Sold |
78 |
163 |
-52% |
|
Sold- Year to Date |
1459 |
1733 |
-15% |
|
Avg Price/Unit |
$3,517,877 |
$3,390,260 |
3% |
|
Active Listings |
600 |
599 |
0% |
|
Benchmark Price |
$3,569,700 |
$2,773,000 |
28.7% |
|
Price Index (HPI) |
366.5 |
284.7 |
28.7% |
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.
604 220-6249
