Greater Vancouver Housing Market – Current Statistics for September 2016
Here is a quick summary of what happened in the Vancouver real estate market during the month of September. 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 email@example.com. To view the email I sent to my subscribers, please click here.
This month brought another surprise in the market with the New federal mortgage rules that came into effect yesterday. It will certainly cut into the purchasing power of some first-time homebuyers and I highly encourage all Buyers to consult their mortgage specialists to create the proper acquisition game plan.The rules involve a stress test for all insured mortgage applications to ensure the borrower can still service their loan in the event interest rates rise or their personal financial situation changes.If you wish to properly understand the market trends in your local area, I also HIGHLY encourage you to consult your realtor. The market trends vary immensely depending on the product types and the areas.
For example, the sale price in Vancouver Westside (detached house market) had an average of $2,990,000 in September 2016 compared to $3,688,000 in April 2016 or $3,550,000 in August 2016! The sale price for Vancouver Eastside (detached house market) had an average of $1,545,500 in September 2016 vs $1,472,500 in August 2016. The inventory in Vancouver Eastside has steadily increased since last December from 194 homes for sale to 652 homes for sale in September 2016 and the demand has dropped since May 2016 from 220 solds to 67 solds in September 2016.
Again, the bottom line is that you need to consult your realtor to establish the best winning strategies either for selling or buying because the location, types of products and the inventory level affect the pricing, which varies in different areas. Also, 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!
Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014.
Last month’s sales were 9.6 per cent below the 10-year sales average for the month.
“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”
“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”
Number of Sales: 2,253 or 32.6% decrease compared to 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold. Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.Percent of Original List Price Received at Sales: 98.8%, which is 0.5% higher than September 2015 and 0.7% lower than August 2016.
Sales-to-Active-Listings Ratio: 24.1% vs 28% in September 2015. This is the lowest this ratio has been since February 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: 9,354 a decline of 13.4% compared to September 2015 (10,805), and a 10% increase compared to August 2016 (8,506). There were 4,799 homes listed for sale listing in Metro Vancouver last month, a decrease of 1% compared to the 4,846 new listings reported in September 2015 and a 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.
Benchmark Price: $931,900 an increase of 28.9% over September 2015 and a 0.1 per cent decline compared to August 2016. The benchmark price for detached properties increased 33.7 per cent from September 2015 to $1,579,400 and decreased by 0.1 per cent compared to August 2016. Condos increased by 23.5% over the last year to $511,800 and decreased by 0.5 per cent compared to August 2016.
Median Days on Market: 13 days vs 18 days in September 2015. The median days on market in August 2016 was 12. If we take a closer look at Downtown Vancouver, the Median Days on Market was 10 days for the last 2 months. The median days on market in July was 8 days. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to download the latest SnapStats Report.