Home buyer and seller activity remains near historical averages.
In November 2016, residential home sales in the region show a decrease of 0.9% from the sales recorded in October 2016 and a decrease of 37.2% compared to November 2015.
Last month’s sales were 7.6% below the 10-year sales average for the month.
“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.
New listings for all types of residential properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9% compared to the units listed in October 2016.
Last month’s new listing count was 1.2% below the region’s 10-year new listing average for the month.
The sales-to-active listings ratio for November 2016 is 26.4%. This is up 2% from October (24.4%).*
* Downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period, while home prices can experience upward pressure when it surpasses 20% over several months.
Sales of detached properties in November 2016 show a decrease of 2.1% from the sales recorded in October 2016. The benchmark price for detached properties is $1,511,100. This represents a 2.2 % decline compared to last month.
Sales of apartment properties in November 2016 show an increase of 1.9% compared to the sales in October 2016. The benchmark price of an apartment property is $512,100. This is unchanged from last month.
Attached property sales in November 2016 show a decrease of 6.7% compared to the sales in October 2016. The benchmark price of an attached unit is $667,100. This represents a 0.3% decrease compared to last month.
Benchmark price for detached homes:
- Bowen Island $814,000
- Burnaby East $1,171,700
- Burnaby North $1,520,800
- Burnaby South $1,641,400
- Coquitlam $1,163,300
- Ladner $1,016,700
- Maple Ridge $713,600
- New Westminster $1,026,700
- North Vancouver $1,625,800
- Pitt Meadows $793,900
- Port Coquitlam $864,100
- Port Moody $1,375,400
- Richmond $1,610,500
- Squamish $792,100
- Sunshine Coast $488,600
- Tsawwassen $1,223,200
- Vancouver East $1,473,900
- Vancouver West $3,521,000
- West Vancouver $3,016,600
- Whistler $1,323,400