October 2016 Housing Market Update

Home sale and listing activity dip

Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver.

Residential property sales in October 2016 see a 38.8% decrease from the sales recorded in October 2015 and a 0.9% decrease compared to September 2016.

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“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, REBGV president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

New listings for detached, attached and apartment properties in Metro Vancouver in October 2016 see a 17% drop compared to September 2016.

The sales-to-active listings ratio for October 2016 is 24.4%. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said.

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Sales of detached properties in October 2016 reached 652, a decrease of 54.6% from the sales recorded in October 2015.

The benchmark price for detached properties is $1,545,800. This represents a 1.4% decrease compared to September 2016.

Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7% compared to the sales in October 2015.

The benchmark price of an apartment property is $512,300. This represents a 0.3% increase compared to September 2016.

Attached property sales in October 2016 totalled 403, a decrease of 39.5%compared to the sales in October 2015.

The benchmark price of an attached unit is $669,200. This represents a 1.1% decrease compared to September 2016.

October 2016 Detached Home Benchmark:

  • Lower Mainland $1,238,700

  • Greater Vancouver $1,545,800

  • Bowen Island $792,800

  • Burnaby East $1,181,100

  • Burnaby North $1,549,200

  • Burnaby South $1,657,100

  • Coquitlam $1,197,100

  • Ladner $1,035,800

  • Maple Ridge $714,600

  • New Westminster $1,046,000

  • North Vancouver $1,658,400

  • Pitt Meadows $792,500

  • Port Coquitlam $879,500

  • Port Moody $1,378,100

  • Richmond $1,673,300

  • Squamish $770,300

  • Sunshine Coast $483,800

  • Tsawwassen $1,253,400

  • Vancouver East $1,516,900

  • Vancouver West $3,569,700

  • West Vancouver $3,210,100

  • Whistler $1,311,200

Source: Real Estate Board of Greater Vancouver

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