OAKWYN REALTY

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

What Will Spring 2018 Look Like ?
February 2018 Stats
Our extended winter weather brought a cooling effect to the detached homes sales listings for the month of February. Across North Vancouver, West Vancouver and Vancouver West we saw a sharp decline in overall gross sales compared to one year ago. With so much focus being placed on condo’s and townhomes, the detached home segment is heading towards a buyers’ market for the first time in quite a while.

North Vancouver’s gross sales dropped 31% since February, 2017 from $155,744,506 to $106,342,904. Sold year to date stats also show a 27% fall from 122 to 88. With many new builds coming to market in North Vancouver we saw a 28% increase in active listings for detached homes.  Benchmark price is up slightly at 6.7% from $1,556,600 to $1,686,800.

West Vancouver also reported a 36% decrease in overall gross sales in February from $121,183,238 to $76,840,000. A falling sold to date figure also was reported with a 29% decline from 55 to 39. Active listings remained up 24% from 366 to 457. Benchmark price did increase slightly, up 5.39% from $2,936,500 to $3,141,900.

Vancouver West saw the sharpest decline in gross sales with a 38% decrease from one year ago. Gross sales were at $345,377,939 in February, 2017 and dropped to $212,760,833 for February 2018. Active listings were up 27% yet the year sold to date decreased 23% from 129 to 99. Benchmark price held on with a 2.3% increase from $3,533,700 to $3,500,600.

Here is a quick snapshot of the past three years of Vancouver’s real estate market. Spring typically sees changes to our market. With that said February, 2016 was an unprecedented time with little stock available and skyrocketing prices. Many of the tax changes that are now being implemented are a direct result of our red hot real estate market.