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Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market.

 
VANCOUVER, BC – January 3, 2018 – After reaching record levels in 2015 and 2016, Metro
Vancouver* home sales returned to more historically normal levels in 2017. Home listings, on
the other hand, came in several thousand units below typical activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached
and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a
9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the
42,326 residential sales in 2015.
Last year’s sales total was, however, 9.7 per cent above the 10-year sales average.
“It was a steady year for home sales across the region, led by condominium and townhome
activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro
Vancouver home sales were the third highest we’ve seen in the past ten years while the home
listings total was the second lowest on record for the same period.”
Home listings in Metro Vancouver reached 54,655 in 2017. This is a 5.1 per cent decrease
compared to the 57,596 homes listed in 2016 and a 4.5 per cent decrease compared to the 57,249
homes listed in 2015.
Last year’s listings total was 4.4 per cent below the 10-year listings average.
“Market activity differed considerably this year based on property type,” Oudil said.
“Competition was intense in the condominium and townhome markets, with multiple offer
situations becoming commonplace. The detached home market operated in a more balanced
state, giving home buyers more selection to choose from and more time to make decisions.”
The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver
ends the year at $1,050,300. This is up 15.9 per cent compared to December 2016.
The benchmark price of condominiums increased 25.9 per cent in the region last year.
Townhomes increased 18.5 per cent and detached homes increased 7.9 per cent.
“Strong economic growth, low interest rates, declining unemployment, increasing wages and a
growing population all helped boost home buyer demand in our region last year,” Oudil said.
December summary
Sales of detached, attached, and apartment properties totalled 2,016 in the region in December
2017, a 17.6 per cent increase from the 1,714 sales recorded in December 2016 and a 27.9 per
cent decrease compared to November 2017 when 2,795 homes sold.
Last month’s sales were 7.5 per cent above the 10-year sales average for the month.
“As we move into 2018, REALTORS® are working with their clients to help them understand
how changing interest rates and the federal government’s new mortgage qualifications could
affect their purchasing power,” Oudil said. “Only time will tell what impact these rules will have
on the market.
“Home buyers today should get pre-approved before making an offer to ensure that your home
buying goals align with your financial situation,” Oudil said.
There were 1,891 residential homes newly listed for sale in December 2017. This represents a
44.1 per cent increase compared to the 1,312 homes listed in December 2016 and a 54 per cent
decrease compared to November 2017 when 4,109 properties were listed.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 6,958, a
9.7 per cent increase compared to December 2016 (6,345) and a 20.5 per cent decrease compared
to November 2017 (8,747).
The sales-to-active listings ratio for December 2017 is 29 per cent. By property type, the ratio is
14.4 per cent for detached homes, 38.8 per cent for townhomes, and 59.6 per cent for
condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark for a sustained period, while home prices often experience upward pressure
when it surpasses 20 per cent over several months.
Sales of detached properties in December 2017 reached 617, a 14 per cent increase from the 541
detached sales recorded in December 2016. The benchmark price for a detached home in the
region is $1,605,800. This represents a 7.9 per cent increase compared to December 2016.
Sales of apartment homes reached 1,028 in December 2017, a 12.3 per cent increase compared to
the 915 sales in December 2016.The benchmark price of an apartment in the region is $655,400.
This represents a 25.9 per cent increase compared to December 2016.
Attached (or townhome) property sales in December 2017 totalled 371, a 43.8 per cent increase
compared to the 258 sales in December 2016. The benchmark price of an attached home in the
region is $803,700. This represents an 18.5 per cent increase compared to December 2016.

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October sales exceed historical average

 

VANCOUVER, BC – November 2, 2017 – Metro Vancouver* home sales exceeded typical
historical levels in October with the majority concentrated in the townhouse and apartment
markets.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
the region totalled 3,022 in October 2017, a 35.3 per cent increase from the 2,233 sales recorded
in October 2016, and an increase of 7.1 per cent compared to September 2017 when 2,821 homes
sold.
Last month’s sales were 15 per cent above the 10-year October sales average.
"Conditions continue to vary significantly based on property type. The detached home market is
well supplied with homes for sale, which is relieving pressure on prices," Jill Oudil, REBGV
president said. "It remains a much different story in the townhouse and apartment markets.
Buyers of these properties continue to have limited supply to choose from and are seeing upward
pressure on prices."
There were 4,539 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in October 2017. This represents a 14
per cent increase compared to the 3,981 homes listed in October 2016 and a 15.6 per cent
decrease compared to September 2017 when 5,375 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 9,137, a 0.1 per cent decrease compared to October 2016 (9,143) and a 3.5 per cent decrease
compared to September 2017 (9,466).
For all property types, the sales-to-active listings ratio for October 2017 is 33.1 per cent. By
property type, the ratio is 16.8 per cent for detached homes, 44.8 per cent for townhomes, and 66
per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark for a sustained period, while home prices often experience upward pressure
when it surpasses 20 per cent over several months.
"The growth in our provincial economy and job market is contributing to today's demand," Oudil
said. "The federal government's announcement of plans to tighten mortgage requirements for the
seventh time in the last eight years also helped spur activity in the short term. Many buyers are
trying to enter the market before the changes are in place."
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,042,300. This represents a 12.4 per cent increase over October 2016
and a 0.5 per cent increase compared to September 2017.
Sales of detached properties in October 2017 reached 940, a 44.2 per cent increase from the 652
detached sales recorded in October 2016 and a 34.6 per cent decrease from the 1,437 sales in
October 2015. The benchmark price for detached properties is $1,609,600. This represents a four
per cent increase from October 2016 and a 0.5 per cent decrease compared to September 2017.
Sales of apartment properties reached 1,532 in October 2017, a 30.1 per cent increase compared
to the 1,178 sales in October 2016 and a 0.7 per cent decrease from the 1,543 sales in October
2015. The benchmark price of an apartment property is $642,000. This represents a 22.7 per cent
increase from October 2016 and a one per cent increase compared to September 2017.
Attached property sales in October 2017 totalled 550, a 36.5 per cent increase compared to the
403 sales in October 2016 and a 17.4 per cent decrease from the 666 sales in October 2015. The
benchmark price of an attached unit is $802,400. This represents a 17.7 per cent increase from
October 2016 and a two per cent increase compared to September 2017.

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Home buyer demand continues to differ based on housing type.

 

VANCOUVER, BC – October 3, 2017 – 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. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold. 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.” There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12 per cent increase compared to the 4,799 homes listed in September 2016 and a 26.6 per cent increase compared to August 2017 when 4,245 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent increase compared to August 2017 (8,807). “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.” For all property types, the sales-to-active listings ratio for September 2017 is 29.8 per cent. By property type, the ratio is 14.6 per cent for detached homes, 42.3 per cent for townhomes, and 60.4 per cent for apartments. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 per cent increase over September 2016 and a 0.7 per cent increase compared to August 2017. Sales of detached properties in September 2017 reached 852, a 27.9 per cent increase from the sales recorded in September 2016 (666), a decrease of 33 per cent from September 2015 (1,272), and a decrease of 32.9 per cent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1 per cent increase compared to August 2017. Sales of apartment properties reached 1,451 in September 2017, a 19.1 per cent increase compared from the sales recorded in September 2016 (1,218), a 5.1 per cent decrease from September 2015 (1,529), and a 22.1 per cent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 per cent increase from September 2016 and a 1.4 per cent increase compared to August 2017. Attached property sales in September 2017 totalled 518, a 40.4 per cent increase compared to the sales recorded in September 2016 (369), a 4.8 per cent decrease from September 2015 (544), and an 11.6 per cent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 per cent increase from September 2016 and a 1.1 per cent increase compared to August 2017.

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Condo Sales drive August Activity

 

VANCOUVER, BC – September 5, 2017 – Competition for condominiums and townhomes
pushed Metro Vancouver* home sales above typical levels in August.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
the region totalled 3,043 in August 2017, a 22.3 per cent increase from the 2,489 sales recorded
in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.
Last month’s sales were 19.6 per cent above the 10-year August sales average.
“First-time home buyers have led a surge this summer in demand in our condominium and
townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and
$750,000 have been subject to intense competition and multiple offers across the region.”
There were 4,245 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in August 2017. This represents a 1.1
per cent decrease compared to the 4,293 homes listed in August 2016 and a 19.2 per cent
decrease compared to July 2017 when 5,256 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 8,807, a 3.5 per cent increase compared to August 2016 (8,506) and a 4.2 per cent decrease
compared to July 2017 (9,194).
For all property types, the sales-to-active listings ratio for August 2017 is 34.6 per cent. By
property type, the ratio is 16.3 per cent for detached homes, 44.8 per cent for townhomes, and
76.3 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
12 per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.
“Conditions in our detached home market are distinct today from the dynamic in our
condominium and townhome markets," Oudil said. "Detached homes have entered a balanced
market. This means there's less upward pressure on prices and that buyers have more selection to
choose from and more time to make their decisions."
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,029,700. This represents a 9.4 per cent increase over August 2016 and
a one per cent increase compared to July 2017.
Sales of detached properties in August 2017 reached 901, a 26 per cent increase from the 715
detached sales recorded in August 2016. The benchmark price for detached properties is
$1,615,100. This represents a 2.2 per cent increase from August 2016 and a 0.2 per cent increase
compared to July 2017.
Sales of apartment properties reached 1,613 in August 2017, a 20.1 per cent increase compared
to the 1,343 sales in August 2016. The benchmark price of an apartment property is $626,800.
This represents a 19.4 per cent increase from August 2016 and a 1.7 per cent increase compared
to July 2017.
Attached property sales in August 2017 totalled 529, a 22.7 per cent increase compared to the
431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a
12.8 per cent increase from August 2016 and a 1.9 per cent increase compared to July 2017.

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Condo's and Townhomes in high demand across Metro Vancouver.

 
VANCOUVER, BC – May 2, 2017 – Demand for condominiums and townhomes continues to
drive the Metro Vancouver* housing market.
Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline
compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales
recorded in March 2017.
April sales were 4.8 per cent above the 10-year average for the month.
For the first four months of the year, condominium and townhome sales have comprised a larger
percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro
Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential
sales. This is up 10 per cent from the 58.2 per cent average over the same period last year.
“Our overall market is operating below the record-setting pace from a year ago and is in line
with historical spring levels. It’s a different story in our condominium and townhome markets,"
Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been
increasing for months and supply is not keeping pace. This dynamic is causing prices to increase
and making multiple offer scenarios the norm.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907
in April 2017. This represents a decrease of 19.9 per cent compared to the 6,127 units listed in
April 2016 and a three per cent increase compared to March 2017 when 4,762 properties were
listed.
The total number of residential properties currently listed for sale on the MLS® system in Metro
Vancouver is 7,813, a 3.5 per cent increase compared to April 2016 (7,550) and a three per cent
increase compared to March 2017 (7,586).
The sales-to-active listings ratio for April 2017 is 45.5 per cent for all property types. This is two
per cent below March 2017 and is indicative of a sellers’ market. Generally, analysts say that
downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a
sustained period, while home prices often experience upward pressure when it surpasses 20 per
cent over several months.
By property type, the sales-to-active listings ratio is 26 per cent for detached homes, 58.2 per
cent for townhomes, and 82.2 per cent for condominiums.
“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll
likely continue to see prices increase,” Oudil said. “There’s been record building this past year,
but much of that inventory isn’t ready to hit the market.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $941,100. This represents a five per cent increase over the past three
months and an 11.4 per cent increase compared to April 2016.
Over the last three months, the benchmark price of condominiums has seen the largest increase
in the region at 8.2 per cent, followed by townhomes at 5.3 per cent, and detached homes at 2.8
per cent.
“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil
said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”
Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8 per cent from the
1,979 detached sales recorded in April 2016. The benchmark price for detached properties is
$1,516,500. This represents an 8.1 per cent increase over the last 12 months and a 1.8 per cent
increase compared to March 2017.
Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3
per cent compared to the 2,107 sales in April 2016.The benchmark price of an apartment
property is $554,100. This represents a 16.6 per cent increase over the past 12 months and a 3.1
per cent increase compared to March 2017.
Attached, or townhome, property sales in April 2017 totalled 620, a decrease of 10.8 per cent
compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800.
This represents a 15.3 per cent increase over the past 12 months and a 2.4 per cent increase
compared to March 2017.

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Low supply continues to limit Metro Vancouver home buyers

 
VANCOUVER, BC – March 2, 2017 – Reluctance amongst Metro Vancouver* home sellers is
impacting sale and price activity throughout the region’s housing market.
Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent
decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent
compared to January 2017 when 1,523 homes sold.
Last month’s sales were 7.7 per cent below the 10-year February sales average.
“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.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666
in February 2017. 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.
This is the lowest number of new listings registered in February since 2003.
The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®)
in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a
4.9 per cent increase compared to January 2017 (7,238).
The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase
from January. Generally, analysts say that downward pressure on home prices occurs when the
ratio dips below the 12 per cent mark for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over several months.
“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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six
months and a 1.2 per cent increase compared to January 2017.
Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the
1,778 detached sales recorded in February 2016. The benchmark price for detached properties is
$1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged
compared to January 2017.
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.The benchmark price of an apartment property 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.
Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to
the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This
represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared
to January 2017.

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Metro Vancouver housing market off to a quieter start than last year.

 
VANCOUVER, BC – February 2, 2017 – Home sales and listings trends are below long-term
averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the
detached home market.
Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease
from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to
December 2016 when 1,714 homes sold.
Last month’s sales were 10.3 per cent below our 10-year January sales average.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan
Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw
near record-breaking sales at this time last year, home buyers and sellers are more reluctant to
engage so far in 2017.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,140
in January 2017. This represents a 6.8 per cent decrease compared to the 4,442 homes listed in
January 2016 and a 215.5 per cent increase compared to December 2016 when 1,312 properties
were listed.
The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in
Metro Vancouver is 7,238, a 9.1 per cent increase compared to January 2016 (6,635) and a 14.1
per cent increase compared to December 2016 (6,345).
The sales-to-active listings ratio for January 2017 is 21 per cent. This is the lowest the ratio has
been in the region since January 2015. Generally, analysts say that downward pressure on home
prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home
prices often experience upward pressure when it surpasses 20 per cent over several months.
“Conditions within the market vary depending on property type. The townhome and
condominium markets are more active than the detached market at the moment,” Morrison said.
“As a result, detached home prices declined about 7 per cent since peaking in July while
townhome and condominium prices held steady over this period.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $896,000. This represents a 3.7 per cent decline over the past six months
and a 0.2 per cent decrease compared to December 2016.
Sales of detached properties in January 2017 reached 444, a decrease of 57.6 per cent from the
1,047 detached sales recorded in January 2016. The benchmark price for detached properties is
$1,474,800. This represents a 6.6 per cent decline over the last six months and a 0.6 per cent
decrease compared to December 2016.
Sales of apartment properties reached 825 in January 2017, a decrease of 24.7 per cent compared
to the 1,096 sales in January 2016.The benchmark price of an apartment property is $512,300.
This represents a 0.3 per cent increase over the last six months and a 0.4 per cent increase
compared to December 2016.
Attached property sales in January 2017 totalled 254, a decrease of 32.4 per cent compared to the
376 sales in January 2016. The benchmark price of an attached unit is $666,500. This represents
a 0.4 per cent decline over the last six months and a 0.7 per cent increase compared to December
2016.

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