Greater Vancouver Housing Market – Current Statistics for September 2017
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 firstname.lastname@example.org To view the email I sent to my subscribers, please click here
Hope the month of October has been great for you thus far.
The market was still very active for Condos and Townhomes AND we had a surprise new Mortgage Approval rule introduced by OSFI (Office of the Superintendent of Financial Institutions Canada) on October 17th that can have a significant impact on the Buyer’s purchasing power!
Effective January 1, 2018, home buyers who don’t require mortgage insurance — those with a down payment of 20 per cent or more — must qualify for their mortgage at a higher rate (greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.)
This new stress test won’t apply to people renewing their uninsured mortgage.
On another note, I recently sold a property (Townhome) and I was pleased to see the power of preparing the listing for a very successful sale (11% over asking).Following my recommendations, my client invested in painting, cleaning, fixing the carpet and STAGING…which resulted in amazing pictures, unbelievable traffic during the opens and…14 offers – after a set deadline to receive the offers!
Lesson here: when you hire the right agent, your chances to win will truly increase!
Remember the great contest! Now this is my time to say THANK YOU in a HUGE WAY by doing a generous Referral Contestto YOU my friends and your friends & family! Join the fun and you will be able to be rewarded a minimum of $500 up to $5,000 for each referral!
What’s even better is that you will have a chance to win a $250 Gift Card simply by sharing the contest to your friends and family!
The contest ends on Christmas! Lots of time toGet Your Piece Of The Pie and use the rewards to spoil your loved ones!!!
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Now back on to the market updates… 🙂
The sales for September 2017 increased by 25% compared to September 2016. Last month’s sales were 13 per cent above the 10-year August sales average.
Once again this month, the sales-to-active listing ratio for Condos clearly surpassed the sales-to-active ratio for Detached homes last month. Overall, the Detached market is considered a a balanced market.
The Condo and Townhome prices are rising up faster than the other products in the market with an increase of 14% (Townhomes) and 21% (Condos) compared to 3% for the Detached homes. Sounds like a great time to buy a Detached house…
Condos and Townhomes are popular products in the market. 60% of all properties sold last months were Condos and Townhomes. What is interesting is that despite the fact that only 30% of all the sales were detached homes, the majority of the inventory of listings are from that market.
***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 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 Happy Referral Contest!
7 Tips To Help You Win!
Apartment and townhome activity is outpacing the detached home market across Metro Vancouver. This activity helped push total residential sales above the historical average in September.
Last month’s sales were 13.1 per cent above the 10-year September sales average.
“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”
“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”
Percent of Original List Price Received at Sales: 99.4% vs 100% last month.
Sales-to-Active-Listings Ratio: 28.6% vs 32.5% in September 2016 and 61% in March 2016. The Sales-to-Active-Listings Ratio was 19% in January 2017. By property type, the ratio is 16 per cent for detached homes, 45 per cent for townhomes, and 76 per cent for condominiums. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. ***The Sales Ratio in September 2017 was 31% in Downtown Vancouver and 14% in Vancouver Westside for the Detached Home Market. The Sales Ratios for the Detached Home Market in Maple Ridge was at 34% followed by Port Coquitlam at 24% and Port Moody at 22%. The sales ratio in New Westminster was at 21% compared to North Vancouver at 20%, Coquitlam at 17%, East Vancouver and Burnaby at 10%, Richmond at 9% and West Vancouver at 6%.
Total Inventory: 9,466 a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent decrease compared to August 2017 (8,807). There were 5,375 homes listed for sale listing in Metro Vancouver last month. This represents an increase of 12 per cent compared to the 4,799 units listed in September 2016 and a 26.6 per cent increase compared to August 2017 when 4,245 properties were listed.
Benchmark Price: $1,037,300. This represents a 10.6 per cent increase over September 2016 and a 0.7 per cent increase compared to August 2017. The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase over the last 12 months and a 0.1 per cent increase compared to August 2017. The benchmark price for condos is $635,800. This represents a 21.7 per cent increase over the past 12 months and a 1.4 per cent increase compared to August 2017.
Median Days on Market: 12 days vs 11 days last month. 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 for the last two months. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.