Metro Vancouver housing market off to a quieter start than
last year
Home sales and listings trends are below long-term averages
in the Metro Vancouver* housing market. This is due largely to reduced activity
in the detached home market.
Residential property sales in the region totalled 1,523 in
January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January
2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes
sold.
Last month’s sales were 10.3 per cent below our 10-year
January sales average.
“From a real estate perspective, it’s a lukewarm start to
the year compared to 2016,” Dan Morrison, Real Estate Board of Greater
Vancouver (REBGV) president said. “While we saw near record-breaking sales at
this time last year, home buyers and sellers are more reluctant to engage so
far in 2017.”
New listings for detached, attached and apartment properties
in Metro Vancouver totalled 4,140 in January 2017. This represents a 6.8 per
cent decrease compared to the 4,442 homes listed in January 2016 and a 215.5
per cent increase compared to December 2016 when 1,312 properties were listed.
The total number of homes currently listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver is 7,238, a 9.1 per cent
increase compared to January 2016 (6,635) and a 14.1 per cent increase compared
to December 2016 (6,345).
The sales-to-active listings ratio for January 2017 is 21
per cent. This is the lowest the ratio has been in the region since January
2015. Generally, analysts say that downward pressure on home prices occurs when
the ratio dips below the 12 per cent mark for a sustained period, while home
prices often experience upward pressure when it surpasses 20 per cent over
several months.
“Conditions within the market vary depending on property
type. The townhome and condominium markets are more active than the detached
market at the moment,” Morrison said. “As a result, detached home prices
declined about 7 per cent since peaking in July while townhome and condominium prices
held steady over this period.”
The MLS® Home Price Index composite benchmark price for all
residential properties in Metro Vancouver is currently $896,000. This
represents a 3.7 per cent decline over the past six months and a 0.2 per cent
decrease compared to December 2016.
Sales of detached properties in January 2017 reached 444, a
decrease of 57.6 per cent from the 1,047 detached sales recorded in January
2016. The benchmark price for detached properties is $1,474,800. This
represents a 6.6 per cent decline over the last six months and a 0.6 per cent
decrease compared to December 2016.
Sales of apartment properties reached 825 in January 2017, a
decrease of 24.7 per cent compared to the 1,096 sales in January 2016.The
benchmark price of an apartment property is $512,300. This represents a 0.3 per
cent increase over the last six months and a 0.4 per cent increase compared to
December 2016.
Attached property sales in January 2017 totalled 254, a
decrease of 32.4 per cent compared to the 376 sales in January 2016. The
benchmark price of an attached unit is $666,500. This represents a 0.4 per cent
decline over the last six months and a 0.7 per cent increase compared to
December 2016.
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