July 2016 - Market News
Vancouver Heritage Foundation offers various tours all year. Be sure to check out one or all of their many summer tours:
- Laneway House Tour-Saturday, October 22nd from 1pm-5pm
- Mid Century Modern House Tour-Saturday, September 24th from 1pm-5pm
- Walking Tours-Various dates and times
- Free Map Guides
- West Vancouver Museum’s Home Tour-Saturday, July 9th from 12pm-4pm.
- Vancouver Modern Home Tour
MARKET OVERVIEW: Seller’s Market Remains Hot
Kicking off June with a bang, North Vancouver Gross Sales were up 36% coming in at $289,747,420 compared with $212,256,744 from June, 2015. The Average Unit Price in North Vancouver shot up a vigorous 38% in one year to $1, 882,197 from $1,360,620. Much like previous months, Active Listings fell 19% from 249 to 200 yet the Benchmark price and HPI were up 41.4% in North Vancouver.
West Vancouver’s speed of June sales dropped slightly but still very active compared to previous years. West Vancouver overall Gross Sales were down 11% from one year ago. Units Listed also shrank 23%, from 216 to 165, from the previous year. From June, 2015 to June 2016 the Average Price per Unit increased a strong 22% from $2,975,498 to $3,636,829. Even with a bit of a dip in Gross Sales and Units Sold, the Benchmark price for West Vancouver is up 37.8% in one year.
Vancouver West waned slightly with Gross Sales down from $800,606,713 to $636,032,180 comparatively from June 2015. Although the overall Gross Sales decreased 20%, the Benchmark Price for a home in Vancouver West rose 36.4% from $2,599,700 to $3,574,300. Interestingly there was not a change in Sold Year to Date figures but June on it’s own had a decrease of 35% units sold (236 vs 152) from the previous year. Overall Units Listed for the month were up 14% from 287 to 328.
Source: Real Estate Board of Greater Vancouver
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.