Karen Tsao | 604-422-0855

2017 Year In Review Housing Market Update

Greater Vancouver Housing Market Update for December 2017

2017 Summary:  After reaching record levels in 2015 and 2016, Greater Vancouver home sales returned to more historically normal levels in 2017.  Total home sales in 2017 went down 9.9% from 2016, down 15% from 2015.  Competition was intense in the townhouse and apartment 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.

December 2017 Stats

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 29%.
  • Detached House: Balanced market with a sales ratio of 15.5%.
  • Townhouse:  Seller's market with a sales ratio of 44.4%.
  • Apartment:  Seller's market with a sales ratio of 60.8%
Residential Sales
  • Total 2,016 residential sales in Dec 2017. 
  • 27.9% decrease compared to Nov 2017. 
  • 17.6% increase compared to Dec 2016.
New Listings
  • Total 1,891 residential new listings in Dec 2017.
  • 54% decrease compared to Nov 2017.
  • 44.1% increase compared to Dec 2016.
Total Number of Listings
  • 6,958 Total residential listings on the MLS® in Dec 2017.
  • 20.5% decrease compared to Nov 2017.
  • 9.7% increase compared to Dec 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 7.9% from Dec 2016 to $1,605,800.
  • Townhouse: Benchmark price increase 43.8% from Dec 2016 to $803,700.
  • Apartment: Benchmark price increase 12.3% from Dec 2016 to $655,400.
Average Days on Market
  • Detached House: Dec 2017, 51 days. Dec 2016, 49 days. Dec 2015, 48 days.
  • Townhouse:  Dec 2017, 24 days. Dec 2016, 40 days. Dec 2015, 45 days.
  • Apartment:  Dec 2017, 21 days. Dec 2016, 33 days. Dec 2015, 48 days.
Download the complete stats package here.
Karen Tsao
Cell:604-422-0855
Office:604-602-1111
RE/MAX Crest Westside (vanw7)
1428 West 7th Avenue
Vancouver, BC
V6H 1C1 CA