September 2017 - Market News
(Please scroll down for Residential Apartment Stats)
North Vancouver’s gross sales were up 41% from August of last year, from $106,920,514 to $151,316,276. With a 37% jump in active listings, the sold year to date was down 26% from 1019 to 747. A year has passed since the foreign buyers tax has been implemented and we have seen the number of homes on the market start to increase, along with price.
West Vancouver saw a 29% increase in gross sales from $92,648,428 to $120,106,000. Sold year to date dipped 48%, from 733 to 378 and active listings are up 21% compared to last year. The average price per unit rose 33% from $2,988,658 to $4,003,533.
Vancouver West had a 5% decrease in overall gross sales as the market made some adjustments in the detached home market. With a 42% drop in sold year to date, buyers were hesitant to commit in August. Active listings rose 24% so there is more on the market and prices have grown 11% making the average price per unit $4,329,376.
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.
Market Stats: Residential Apartments
There is lots of talk and speculation regarding the attached/condo market and the below chart shows the data in comparison to last year. Availability for the North Shore and Vancouver West are down and the average price has grown substantially. Perhaps the overzealous market for detached homes, in conjunction with the foreign buyers tax, mortgage tests and a bump in interest rate created a buyers buzz for condo’s? We will wait and see what the latest increase in interest rates bring and keep our eyes on availability and price.
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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