OAKWYN REALTY

2017 got off to a slow and unsettling start. Detached home sales and pricing have both started to decline.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

There are many factors at play. The BC foreign buyers tax (and subsequent amendment), strict new rules from China on outbound foreign money, and a new US President all lend a hand in creating an uncertain time for investors and making home buyers and sellers a bit more hesitant.

Last month North Vancouver experienced a 49% decline in Gross Sales from $118,624,662 in January (2016) to $60,191,702 in January (2017). However, active listings were up 64% from 132 in January 2016 to 217 in January 2107. Overall the Benchmark Price sits at 15.7% which is up from a year ago but down from 19.3% in December of last year.

West Vancouver had a sharp drop in Gross Sales with a 74% decrease from the past year. January, 2016 had Gross Sales of $297,109,750 while January, 2017 total gross sales were only $75,189,319. Another descending figure was Units Sold.  January 2016 had 82 sales completed while this past January had only 20 units sold. Units Listed was down 6% in the past year from 178 to 166. The Benchmark price increase over last year is 9.3% which suggests a changing market in West Vancouver.

Vancouver West had the largest decrease in Gross Sales with a 76% decline from one year ago. Total Gross Sales for January 2016 was $519,062,431 while January 2017 rang in at $122,987,143. Units Sold were down from 134 in January 2016 to just 36 in January 2017. Units Listed dipped slightly with a 4% decrease, from 324 in January 2016 to 309 in January 2017. The Benchmark price held on at $3,419,800 which is up 16.8% from a year ago.

Market Stats: Residential Detached.

Source: Real Estate Board of Greater Vancouver

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.

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