Due to largely reduced buyer activity in the detached home market, January 2017 residentail sales in Metro Vancouver were 10.3% below the 10-year January sales average. Overall conditions within the Metro market vary depending on property type. The sales of attached properties, condos/townhomes/duplexes, are still performing in strong seller's markets. And in most Metro Vancouver cities, for detached properties, we continue to see buyer cautiion and the after effects of the 15% foreign buyers tax resulting in buyer's market conditions, except for North Vancouver which currently sits in a balanced market.

 

Are we seeing price corrections after last year's tax and mortgage changes: Let's take a closer look at our micro markets to compare prices year-over-year. The median sale prices of a single family homes in Metro Vancouver* January 2017 vs January 2016 were::

• North Vancouver -1%
• West Vancouver -12.8%
• Vancouver West -19.4%
• Vancouver East -8% 
• Richmond +1.3%
• Tsawwassen -14.8%
• Ladner -5% 

 

Here are the highlights for January 2017: 

• January 2017 Metro Vancouver sales were 10.3% below the 10-year-average for the month
•  Sales of North Vancouver Detached Properties were 51% lower than January 2016 with 6.6% more inventory
• Sales of North Vancouver Attached Properties were 27% lower than January 2016 with 6% less inventory
• Sales of West Vancouver Detached Properties were 74% lower than January 2016 with 14% more inventory
• Sales of West Vancouver Attached Properties were 35% lower than January 2016 with 22% less inventory
• Sales of Downtown Properties were 28% lower than January 2016 with 62% more inventory

Market types in January 2017

• Despite slower sales, Metro Vancouver's market type is still a seller's market at 21% with 2.1 out of every 10 properties sold
• North Vancouver Detached properties is a balanced market at 16% with 34 sales out of 209 listings
• North Vancouver Attached properties is a seller's market at 47% with 71 sales out of 150 listings
• West Vancouver Detached properties is a buyer's market at 6% with 21 sales out of 330 listings
• West Vancouver Attached properties is a seller's market at 30% with 15 sales out of 50 listings
• Coal Harbour Condos are in a seller's market at 37% with 20 sales out of 54 listings

Read your full reports here: North Vancouver January 2017, West Vancouver January 2017, Vancouver West January 2017.

 

 The key to success in any market is to be well prepared, and getting you ready for all market conditions is my top priority in 2017! If you are planning a change in lifestyle, let's work together to make it happen. I look forward to working for you!

Regards, Dodi 604.644.3634

 

*Areas covered in Metro Vancouver include: Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver, West Vancouver, Richmond, Tsawwassen, Ladner

 

The accuracy and completeness of the information is not guaranteed. Data was captured on February 1, 2017 from the Real Estate Board of Greater Vancouver