Market Stats: Residential Detached
Source: Real Estate Board of Greater Vancouver
July 2017 Stats
The foreign buyer’s tax hit Metro Vancouver’s market one year ago and when compared to last year at this time we are observing some adjustments. The Ministry has tracked a significant decline in foreign buyers from 13% to less than 1%. A closer look at the data in recent months reveals the figure lingering closer to 4%. Down are the overall gross sales and sold year to date numbers, but the one figure that is most important to buyers and sellers, price has remained relatively steady.
North Vancouver had a decrease of 13% in gross sales from $186,333,208 in July, 2016 to $161,017,593 in July, 2017. Sold year to date numbers also dropped 29% from 957 homes sold as of July 31, 2016 to 672 of the end of July of this year. The average price per unit increased 5%, up to $1,988,538 and the benchmark price held on with a 0.5% increase from $1,699,200 to $1,716,800.
West Vancouver’s overall gross sales dropped 24% in the past year from $167,706,728 to $126,176,550. Sold year to date figures were half of what was sold mid-year for 2016 (702 units sold to date for July 2016 compared to 348 for July 2017). The average price per unit fell 19% in West Vancouver from $3,811,516 to $3,077,476. Benchmark price also slumped 6.1% with a decrease from $3,365,600 to $3,180,000.
Vancouver West was not immune to the decline in gross sales with a 28% drop in overall sales. Much of the sales activity is focused on condominiums and townhomes and there was a reported 43% reduction in sold year to date stats in detached homes on the West side of Vancouver. July of last year saw 1260 detached homes sold year to date for July, 2016, whereas July 2017 recorded 706. Average price per unit has inched up 4% to $4,460,484 and the benchmark price holds on with a 2.1% increase to $3,666,200.
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
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