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February 2017 – Market Update From Francis Piché



Greater Vancouver Housing Market – Current Statistics for February 2017

Here is a quick summary of what happened in the Vancouver real estate market during the month of February. 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,
The spring has finally arrived! It was a looonnng winter. The market is picking up and the good old law of supply and demand can explain the market conditions.
First, the supply of listings in February 2017 was the lowest number of new listings registered in February since 2003.
Second, see below the demand and the level of sales for February 2017. Last month’s sales were 7.7 per cent below the 10-year February sales average.

Overall, the prices have increased by 1% last month mainly due by the reluctance amongst Metro Vancouver home sellers to put their house on the market. This is the first time that we see a price gain for the last six months.

***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!

Cheers,

Francis

Low Supply Continues To Limit Metro Vancouver Home Buyers

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.

February’s Statistics

Number of Sales: 2,425 or 41.9% decrease compared to 4,172 sales recorded in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold. Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from February 2016 when 1,778 homes sold. Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.Percent of Original List Price Received at Sales: 99%, which is 1% lower than February 2016 and 1% higher than January 2017.

Sales-to-Active-Listings Ratio: 30.3% vs 50% in February 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 February 2017 was 58% in Downtown Vancouver and 17% in Vancouver Westside for the Detached Home Market. The Sales Ratio for the Detached Home Market in North Vancouver was 40%, one of the highest Sales Ratio in the region. Pitt Meadows was the winner at 47% and Maple Ridge was at 37%. Port Coquitlam was at 30% and Coquitlam was at 29%.

Total Inventory: 7,594 an increase of 4.0% compared to February 2016 (7,299), and a 4.9 per cent increase compared to January 2017 (7,238). There were 3,666 homes listed for sale listing in Metro Vancouver last month. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.

Benchmark Price: $906,700. This represents a 2.8 per cent decline over the past six months and a 1.2 per cent increase compared to January 2017. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decline over the past six months and and is unchanged compared to January 2017. The benchmark price for condos is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.

Median Days on Market: 11 days vs 10 days in February 2016. 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 10 days in February 2017 vs 13 days in January 2017. 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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