Housing Market Update Jan 2018

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2017 Vancouver Housing Market: Steady Sales and Prices Hikes

The benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300, up 16% compared to December 2016.

“Market activity differed considerably this year based on property type … Competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state, giving home buyers more selection to choose from and more time to make decisions” – Real Estate Board of Greater Vancouver

The benchmark price for a detached home hit $1,605,800, representing an 8% increase compared to a year ago December 2016.

Condos finished the year at an average price of $655,400, up 26% compared to this time last year.

Townhomes landed at $803,700, an increase of 18.5% compared to December 2016.

“As we move into 2018, REALTORS® are working with their clients to help them understand how changing interest rates and the federal government’s new mortgage qualifications could affect their purchasing power … Only time will tell what impact these rules will have on the market. Home buyers today should get pre-approved before making an offer to ensure that your home buying goals align with your financial situation” – President, REBGV

 

Click here to see the complete News Release and Stats Package

 

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December SnapStats reveal the hottest SELLERS’ MARKETS were:

  • Pitt Meadows Attached & Detached –  100% sales ratio (10 in 10 homes selling rate)
  • Port Coquitlam Attached – 100% sales ratio
  •  New Westminster Attached – 100% sales ratio

 

Top BUYERS’ MARKETS were:

  • Westside Detached & West Vancouver Detached –  8% sales ratio (0.8 in 10 homes selling rate)
  • Tsawwassen Attached – 9% sales ratio
  • Tsawwassen Detached – 11% sales ratio
  • Burnaby Detached – 13% sales ratio

 

To receive a complimentary SnapStats Report, email info@yourhometeam.com

 

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