Blog by Ann Hickey

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May 2018 - Market news

Market Stats: Residential Detached 
Source: Real Estate Board of Greater Vancouver


April 2018 Stats - 
Market Conditions Are Changing

April’s home sales mark a 17 year low as more home sellers look for buyers.

Gross Sales were down on the North Shore as well as Vancouver West. North Vancouver fell 37% which brought their Gross Sales from $226,839,531 to 142,243,827.  West Vancouver stumbled down a significant 63% from one year ago from $264,902,885 to $95,816,000 in overall Gross sales.   Vancouver West was hit with a 39% decline from a strong $401,549,157 to $243,820,888 in April, 2018. 

Overall Units sold for April also slipped with a 30% decrease for North Vancouver (from 110 to 77) and a 51% drop for West Vancouver (from 66 to 32). Vancouver West saw a 37% decrease in Units sold with 109 units sold in April 2017 to 68 of this year.

Units listed jumped 50% in North Vancouver from 162 to 243 in one year and West Vancouver also saw an increase of 26% in the year. Vancouver West units listed also rose 22% from 241 in April of last year to 296 for this year.

April is typically a very busy month for home sales. Although overall sales reflect a downward turn this year the Benchmark prices have steadily increased. Have a look at the Benchmark prices for the past four years to see how values are increasing.

 

April 2018

April 2017

April 2016

April 2015

North Vancouver Benchmark

$1,703,400

$1,599,300

$1,422,900

$1,383,300

West Vancouver Benchmark

$3,054,000

$2,980,700

$2,928,200

$2,740,046

Vancouver West Benchmark

$3,404,200

$3,495,800

$3,199,600

$2,490,600

Government policy changes, foreign buyer’s tax, Vancouver’s empty home tax as well as other pending surtaxes have weakened home sellers power, which is reflected in the stats. 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.

April2018StatsGridah.jpg

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.

Benchmark Price: Estimated sale price of a typical property, based on a set of common qualities of homes within each market.




Ann Hickey
604 220-6249