December 2016 – Market Update From Francis Piché

Greater Vancouver Housing Market – Current Statistics for December 2016

Here is a quick summary of what happened in the Vancouver real estate market during the month of December. 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,

Gung Hay Fat Choy! On January 28th we welcome the Year of the Rooster.

The Rooster, the tenth Chinese zodiac sign, is symbolized by the bird’s characteristics of ambition, pride, punctuality, courage, and of course fiery enthusiasm and energy.

Wishing you all a prosperous year! Gung Hay Fat Choy!

Start shopping, look at local market trends with 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!



December’s Statistics

Last month’s sales were 8.1 per cent below the 10-year sales average for the month. Number of Sales: 1,714 or 39.4% decrease compared to 2,827 sales recorded in December 2015 and a decrease of 22.6 per cent compared to November 2016 when 2,214 homes sold. Sales of detached properties in December 2016 reached 541, a decrease of 52.4 per cent from December 2015. Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 per cent compared to the 1,225 sales in December 2015.

Percent of Original List Price Received at Sales: 97.3%, which is 1.3% lower than December 2015 and 0.5% lower than November 2016.

Sales-to-Active-Listings Ratio: 26.4% vs 42% in December 2015. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. ***The Sales Ratio in December 2016 was 50% in Downtown Vancouver and 19% in Vancouver Westside for the Detached Home Market.

Total Inventory: 6,345 an increase of 5.3% compared to December 2015 (6,024), and a 24.3% decrease compared to November 2016 (8,385). There were 1,312 homes listed for sale listing in Metro Vancouver last month, a decrease of 35.1% compared to the 2,021 new listings reported in December 2015 and a 58.3 per cent decrease compared to November 2016 when 3,147 properties were listed.

Benchmark Price: $897,600 an increase of 17.8% over December 2015 and a 1.2 per cent decline compared to November 2016. The benchmark price for detached properties increased 18.6 per cent from December 2015 to $1,483,500 and decreased by 1.8 per cent compared to November 2016. The benchmark price for condos increased by 17.3% over the last year to $510,300 and decreased by 0.3 per cent compared to November 2016.

Median Days on Market: 24 days vs 22 days in December 2015. The median days on market in March 2016 was 9! If we take a closer look at Downtown Vancouver, the Median Days on Market was 20 days in December 2016 and 14 days in November 2016. 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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