OAKWYN REALTY

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

October 2017 Stats

The number of Gross Sales in Metro Vancouver continued to climb last month, while the Benchmark Price adjustments have softened in recent months. The Federal Governments plans to increase mortgage requirements as of January 1^st  have many home buyers looking to enter the market before stiffer guidelines are in place.

Gross Sales were up on the North Shore as well as Vancouver West. North Vancouver rose 34% which brought Gross Sales from $103,185,605   to $139,956,333. West Vancouver had a 24% increase from one year ago from $78,517,476 to $98,023,800.   Vancouver West jumped with a remarkable 75% increase in Gross Sales from $274,394,427 to $482,418,909. 

Overall Units Sold Year to Date for October did stumble with a 20% decrease for North Vancouver (from 1133 to 902) as well as a 43% drop for West Vancouver (from 777 to 442). Vancouver West saw a 35% decrease in Units Sold Year to Date with 1,459 units sold in October 2016 and 939 in October of this year.

"Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices," Jill Oudil, REBGV president said. "It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices."

While Gross Sales, Units Listed and Sold and stats have increased, the Benchmark prices have been sluggish with West Vancouver recording a decrease.  The Benchmark Price is an important indicator as it provides a clearer picture of market trends. The numbers could reflect a correction from the past years of double digit increases in Benchmark prices, but it is something we will continue to watch.

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.