Blog by Ann Hickey

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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.

If you are thinking of buying or selling your home give me a call, I’d love to help.
 
Ann Hickey
604 220-6249