Summary: Competition for townhouses and apartments pushed Greater Vancouver home sales above typical levels in August. First-time home buyers have led a surge this summer in demand in our apartments and townhouses markets. Homes priced between $350,000 and $750,000 have been subject to competition and multiple offers across the region. Detached homes have entered a balanced market. This means there’s less upward pressure on prices and buyers have more selection to choose from and more time to make their decisions.
Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less. Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.
- All Properties: Seller's market with a sales ratio of 34.6%.
- Detached House: Balanced market with a sales ratio of 16.3%.
- Townhouse: Seller's market with a sales ratio of 44.8%.
- Apartment: Seller's market with a sales ratio of 76.3%
- Total 3,043 residential sales in Aug 2017.
- 2.8% increase compared to July 2017.
- 22.3% increase compared to Aug 2016.
- Total 4,245 residential new listings in Aug 2017.
- 19.2% decrease compared to July 2017.
- 1.1% decrease compared to Aug 2016.
Total Number of Listings
- 8,807 Total residential listings on the MLS® in Aug 2017.
- 4.2% decrease compared to July 2017.
- 3.5% increase compared to Aug 2016.
Home Benchmark Price: Home benchmark price represents estimated sale price of a benchmark property. Benchmark property represents a typical property within each market.
- Detached House: Benchmark price Increase 2.2% from Aug 2016 to $1,615,000.
- Townhouse: Benchmark price increase 12.8% from Aug 2016 to $778,300.
- Apartment: Benchmark price increase 19.4% from Aug 2016 to $626,800.
Average Days on Market
- Detached House: Aug 2017, 36 days. Aug 2016, 30 days. Aug 2015, 39 days.
- Townhouse: Aug 2017, 20 days. Aug 2016, 22 days. Aug 2015, 40 days.
- Apartment: Aug 2017, 19 days. Aug 2016, 22 days. Aug 2015, 46 days.
Download the complete stats package here.