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April 2017 – Market Update From Francis Piché



Greater Vancouver Housing Market – Current Statistics for April 2017

Here is a quick summary of what happened in the Vancouver real estate market during the month of April. If you would like a complimentary copy of the complete SnapStats report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at francis@francispiche.com To view the email I sent to my subscribers, please click here

Dear Friends,
Hope Mother’s Day was great and that you will enjoy the upcoming long weekend!

There are no holidays in the marketplace. The month of April was again another busy month. If you are a Buyer, preparation is the key to win. Feel free to contact me for further insights. Hints:

– Have you met your mortgage broker lately?
– Do you have a personal letter to the Seller ready?
– Do you have a Realtor that can best represent you by presenting the offer directly to the listing agent and the Seller?

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales.

The sales-to-active listing ratio reflects it very well.

Overall, there was a slight increase of inventory in April 2017 compared to March 2017 but there is still a definite lack of new listings coming to the market compared to last year.

The condo prices are rising up faster than the other products in the market with an increase of 8,2% compared to 2.8% for the Detached homes.

The overall price increase is reflected below.

***It is very important to pay attention to local market trends as they tend to be VERY different. Look at the SnapStats Report and consult your realtor to establish the best winning strategies either for selling or buying. The SnapStats Report is a phenomenal report that you can consult for free to get familiar with the latest trends. Download the SnapStats Report here.

If you are interested in how much a much a mortgage will cost you ‘upfront’ and ‘monthly’, check out the “Mortgage Tool”. Try playing around with the size of your downpayment to see how it will affect your monthly costs.

If you are looking to invest, please have a look at the “Investor Tool”. Use the interactive toggles on the left to see how changes to the purchase price, down payment size, and rent all affect your monthly cash flow. Will your property be cash flow positive? Remember that you can download every calculation you make to excel in the ‘Summary’ tab.

If you have any questions, please send me an email and I would be happy to help you for your Buying or Selling needs.

Watch the Real Estate Board of Greater Vancouver video below for the overall monthly summary or get the market speed for your home in your neighborhood with Market Speedo and the SnapStats report.

Once again, for the ones that like to read, simply scroll down below for the market summary.

Happy read, happy watch and enjoy the long weekend!

Cheers,

Francis

Condominiums And Townhomes In High Demand Across Metro Vancouver 

 

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent average over the same period last year.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2 per cent, followed by Townhomes at 5.3 per cent, and detached homes at 2.8 per cent.

“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”

April’s Statistics

Number of Sales: 3,553 or a 25.7% decline compared to April 2016 when 4,781 home sold and 0.7 per cent decrease from the 3,579 sales recorded in March 2017. Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8 per cent from April 2016 when 1,979 homes sold. Sales of apartment properties reached 1,722 in April 2017, a decrease of 18.3 per cent compared to the 2,107 sales in April 2016. Last month’s sales were 4.8 per cent above the 10-year sales average for the month.

Percent of Original List Price Received at Sales: 100%, vs 99.4% in March 2017 and 97.3% in December 2016.

Sales-to-Active-Listings Ratio: 43.1% vs 61% in March 2016 and 54% in April 2016. The Sales-to-Active-Listings Ratio was 19% in January 2017. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. ***The Sales Ratio in April 2017 was 72% in Downtown Vancouver and 20% in Vancouver Westside for the Detached Home Market. The Sales Ratio for the Detached Home Market in North Vancouver was 44%, one of the highest Sales Ratio in the region. Port Coquitlam and Maple Ridge were the winners at 60% followed by New Westminster at 46%, Coquitlam at 43% and Port Moodt at 37%. Pitt Meadows had a 100% ratio with a total of 15 Detached properties sold in April.

Total Inventory: 7,813 an increase of 3.5% compared to April 2016 (7,550), and a 3 per cent increase compared to March 2017 (7,586). There were 4,907 homes listed for sale listing in Metro Vancouver last month. This represents a decrease of 19.9 per cent compared to the 6,127 units listed in April 2016 and a 3 per cent increase compared to March 2017 when 4,762 properties were listed.

Benchmark Price: $941,100. This represents a 5 per cent increase over the past three months and a 11.4 per cent increase compared to April 2016. The benchmark price for detached properties is $1,516,500. This represents a 8.1 per cent increase over the last 12 months and a 1.8 per cent increase compared to March 2017. The benchmark price for condos is $554,100. This represents a 16.6 per cent increase over the past 12 months and a 3.1 per cent increase compared to March 2017.

Median Days on Market: 11 days for the last 2 months . The median Days on Market in January 2017 was 22 days. If we take a closer look at Downtown Vancouver, the Median Days on Market was 9 days for the last 2 months. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.

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Francis Piché
421 Pacific Street
Vancouver, BC V6Z 2P5

Cell: 778-558-9948
Office: 604-685-5951
Email: francis@francispiche.com

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