Greater Vancouver Housing Market – Current Statistics for October 2016
Here is a quick summary of what happened in the Vancouver real estate market during the month of October. 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 firstname.lastname@example.org. To view the email I sent to my subscribers, please click here.
The year 2016 is almost over. What a year we have had in Real Estate! The market has certainly fluctuated in all directions.2016 was also highly emotional with the U.S. Election campaigns and the latest result. “You can stop waiting to see how the politics of Donald Trump will hit home here in Canada” said Rob Carrick from The Globe And Mail.
“This Trump win is a game-changer for the rate market, everyone in the industry knows it and consumers are going to start hearing more about it,” veteran mortgage broker Robert McLister said.
It is time to consult your mortgage broker if your mortgage is renewing soon. It is expected that rates will go up. As for Buyers, I recommend that you get a preapproved mortgages so that you hold a rate for as long as 120 days, which is long enough to carry you almost all the way through to the busy spring season for residential real estate.
To summarize October’s trends: the detached market is in a Buyer’s market and condos are still in a Seller’s market.
Again, the statistics vary (sometimes substantially) when we compare location, type of product, price band and the supply and demand level. This is why it is critical that you 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.
SPECIAL TOOLS FOR YOU! I have added two more tools to my online suite to help you navigate the financials behind buying a home. 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!
Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (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.”
Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.
“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. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”
Number of Sales: 2,233 or 38.8% decrease compared to 3,646 sales recorded in October 2015 and a decrease of 0.9 per cent compared to September 2016 when 2,253 homes sold. Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.Percent of Original List Price Received at Sales: 98.3%, which is 0.3% lower than October 2015 and 0.5% lower than September 2016.
Sales-to-Active-Listings Ratio: 23% vs 34% in October 2015. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. ***The Sales Ratio in September 2016 was 37% in Downtown Vancouver and 10% in Vancouver Westside for the Detached Home Market.
Total Inventory: 9,143 a decline of 4.5% compared to October 2015 (9,569), and a 2.3% decrease compared to September 2016 (9,354). There were 3,981 homes listed for sale listing in Metro Vancouver last month, a decrease of 3.5% compared to the 4,126 new listings reported in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.
Benchmark Price: $919,300 an increase of 24.8% over October 2015 and a 0.8 per cent decline compared to September 2016. The benchmark price for detached properties increased 28.9 per cent from October 2015 to $1,545,800 and decreased by 1.4 per cent compared to September 2016. Condos increased by 20.5% over the last year to $512,300 and increased by 0.3 per cent compared to September 2016.
Median Days on Market: 14 days vs 16 days in October 2015. The median days on market in September 2016 was 13. If we take a closer look at Downtown Vancouver, the Median Days on Market was 14 days last month and 10 days in September 2016. The median days on market in July was 8 days. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.