The Real Estate Board of Metro Vancouver reports:
The Federal Government’s B20 stress test continues to impact buyer's in our residential market, and has eroded buying power by approximately 20%. These changes have had strong impact on first time home buyers, people renewing their mortgages and buyer’s looking to move up the property ladder. The reality of lower buying power can clearly be seen in last month’s sales, which were 25.2% below the 10-year August sales average in Metro Vancouver, and are mainly the result of slow detached sales. Over the last 3 months we have seen less frenetic housing demand, more balanced conditions in many regions, fewer multiple offers and more choice for buyers. Metro Vancouver currently sits in a buyer’s market for detached houses and a seller’s market for condos and townhomes.
The key to success in any market is to be well prepared. My top priority is to help you navigate these changes in all types of market conditions. 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
The MLS® HPI Benchmark Price of residential properties in August 2018 vs August 2017 were:
- Metro Vancouver: - 3.1% for a single family home, +10.3% for a condo, and +7.9% for a townhome
- North Vancouver: -3.6%% for a single family home, +6.7% for a condo, and +6.4% for a townhome
- West Vancouver: -11.2% for a single family home and +5.5% for a condo
- Coal Harbour +16% for a condo
- Metro Vancouver's Detached properties is a buyer's market at 8.8% with 579 sales out of 6,577 listings
- Metro Vancouver's Condo properties is a seller's market at 26.4% with 1,031 sales out of 3,905 listings
- Metro Vancouver's Townhome properties is a seller's market at 20.5% with 295 sales out of 1,442 listings
- North Vancouver Detached properties is a buyer's market at 7.6% with 32 sales out of 422 listings
- North Vancouver Condo properties is a seller's market at 32.7% with 72 sales out of 111 listings
- North Vancouver Townhome properties is a seller's market at 26% with 25 sales out of 96 listings
- West Vancouver Detached properties is a buyer's market at 4.7% with 27 sales out of 579 listings
- West Vancouver Condo properties is a balanced market at 15.4% with 14 sales out of 91 listings
- Coal Harbour Condos are in a buyer's market at 12.6% with 11 sales out of 87 listings
Read your full August reports here: North Vancouver, West Vancouver, Vancouver West
If you are interested in a report for another market don't hesitate to contact me: 604.644.3634 or dodi.t@shaw.ca
*Areas covered in Metro Vancouver include: Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver, West Vancouver, Richmond, Burnaby, Coquitlam, Tsawwassen, Ladner
The accuracy and completeness of the information is not guaranteed. Data was current on September 6, 2018 from the Real Estate Board of Greater Vancouver
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.