August 2016 Housing Market Update

August Metro Vancouver home sales return to typical levels

For the second straight month, home buyer demand in Metro Vancouver moved off of the record-breaking pace seen earlier this year and returned to more typical levels. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26%compared to the 3,362 sales in August 2015 and a 22.8% decline compared to last month’s sales.

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. “Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

“It’ll take some months before we can really understand the impact of the new tax. We’ll be interested to see the government’s next round of foreign buyer data.”

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9% decline compared to August 2015 (10,897) and a 1.9% increase from July 2016 (8,351). This represents a 4.2% increase over the last three months.

  • Sales of detached properties in August 2016 decreased 44.6% from the sales recorded in August 2015. The benchmark price for detached properties increased 35.8% from August 2015. This represents a 6.1% increase over the last three months.
  • Sales of apartment properties in August 2016, decreased 10.1% compared to the sales in August 2015. The benchmark price of an apartment property increased 26.9% from August 2015. 
  • Attached property sales in August 2016 decreased 25.4% compared to the sales in August 2015. The benchmark price of an attached home increased 31.1% from August 2015. This represents a 7.1% increase over the last three months.

August 2016 Single Detached Home Price Index:

  • Burnaby East $1,260,700
  • Burnaby North $1,596,800
  • Burnaby South $1,700,400
  • Coquitlam $1,228,600
  • Ladner $1,031,200
  • Maple Ridge $712,500
  • New Westminster $1,104,100
  • North Vancouver $1,689,900
  • Pitt Meadows $784,000
  • Port Coquitlam $907,300
  • Port Moody $1,394,400
  • Richmond $1,704,200
  • Squamish $800,000
  • Sunshine Coast $475,500
  • Tsawwassen $1,247,400
  • Vancouver East $1,533,600
  • Vancouver West $3,617,400
  • West Vancouver $3,359,400
  • Whistler $1,322,700