Blog by Ann Hickey

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October 2016 - Market News

Benchmark Prices Continue To Grow Despite Decrease In Sales

The number of home sales in Metro Vancouver continued to fall last month, but the benchmark price remains strong.

Gross Sales were down on the North Shore as well as Vancouver West. North Vancouver fell 45% which brought their Gross Sales from $162,375,805 to $88,597,428. West Vancouver had a  69% decrease from one year ago from $204,210,477 to $61,629,376   Vancouver West was hit with a 43% decline from $395,650,959 to $223,202,400. 

Overall Units Sold for September also stumbled with a 50% decrease for North Vancouver (from 107 to 53) and a 67% drop for West Vancouver (from 67 to 22). Vancouver West saw a 52% decrease in Units Sold with 125 units sold in September 2015 and just 60 in September of this year.

While some numbers may make potential buyers and sellers nervous, the Benchmark and Price Index numbers are steadily increasing.  If we compare Benchmark Prices to the spring of this year, one of the busiest times in our market history, the prices have increased despite the decrease in overall sales and listings.

 

April 2016

September 2016

% increase

North Vancouver Benchmark

$1,487,600

$1,663,500

12%

West Vancouver Benchmark

$2,928,200

$3,363,700

15%

Vancouver West Benchmark

$3,199,600

$3,624,300

13%

 

Government policy changes announced may have been a factor in the decline of sales. BC’s launch of the 15% tax on foreign buyers in early August had many weary of things to come.  The BC real estate industry has ended its self-regulatory control and the City of Vancouver is formulating an empty-home tax.

The federal government has also announced that as of October 17, all insured mortgages will have to undergo stress tests to determine whether borrowers will still be able to make payments if interest rates rise or they lose their jobs. The government also limited to Canadian residents a tax exemption for capital gains made when homeowners sell their primary residences.

Please see below for more detailed market information on specific areas. Navigating the Vancouver real estate market is what I specialize in.

If you are thinking of buying or selling your home give me a call, I’d love to help.

Market Stats

Source: Real Estate Board of Greater Vancouver

 

North Vancouver

 

September 2016

September 2015

% Increase

Gross Sales

$88,597,428

$162,375,805

-45%

Units Listed

215

192

11%

Units Sold

53

107

-50%

Sold- Year to Date

1072

1171

-8%

Avg Price/Unit

$1,671,649

$1,517,530

10%

Active Listings

321

214

50%

 

Benchmark Price

$1,663,500

$1,212,400

37.2%

Price Index (HPI)

264.8

193.0

37.2%

  

West Vancouver

 

September 2016

September 2015

% Increase

Gross Sales

$61,629,376

$204,210,477

-69%

Units Listed

170

202

-15%

Units Sold

22

67

-67%

Sold- Year to Date

755

805

-6%

Avg Price/Unit

$2,801,335

$3,047,917

-8%

Active Listings

433

495

-12%

 

Benchmark Price

$3,363,700

$2,447,700

36.5%

Price Index (HPI)

319.8

232.7

36.5%

  

Vancouver West

 

September 2016

September 2015

% Increase

Gross Sales

$223,202,400

$395,650,959

-43%

Units Listed

250

309

-19%

Units Sold

60

125

-52%

Sold- Year to Date

1381

1570

-12%

Avg Price/Unit

$3,720,040

$3,165,207

17%

Active Listings

659

666

-1%

 

Benchmark Price

$3,624,300

$2,743,800

32.1%

Price Index (HPI)

372.1

281.7

32.1%

                                                                                                                      

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.