The Real Estate Board of Greater Vancouver's president reports for 2016, that:
"It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before. As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won't be fully understood for some time.
The supply of homes couldn't keep up with buyer demand for most of 2016. This allowed home sellers to raise their asking price. It wasn't until the last half of the year that prices began to show modest declines."
Let's take a closer look at our micro markets to compare prices year-over-year. The median price of a single family home in Metro Vancouver* December 2016 vs December 2015 was::
- North Vancouver +6.5%
- West Vancouver 0%
- Vancouver West +8.8%
- Vancouver East +1%
- Richmond +6.5%
- Tsawwassen -14%
- Ladner +19.2%
Here are the highlights for December 2016:
- December 2016 Metro Vancouver sales were 8.1% below the 10-year-average for the month
- Sales of North Vancouver Detached Properties were 39.7% lower than December 2015 with 107% more inventory
- Sales of North Vancouver Attached Properties were 29.6% lower than December 2015 with 35% less inventory
- Sales of West Vancouver Detached Properties were 56.3% lower than December 2015 with 5% less inventory
- Sales of West Vancouver Attached Properties were 8% lower than December 2015 with 11% less inventory
- Sales of Downtown Properties were 24.6% lower than December 2015 with 14.3% more inventory
Market types in December 2016:
- Despite slower sales, Metro Vancouver's market type is still a seller's market at 27% with 2.7 out of every 10 properties sold
- North Vancouver Detached properties is a seller's market at 32% with 47 sales out of 145 listings
- North Vancouver Attached properties is a seller's market at 101% with 88 sales out of 87 listings
- West Vancouver Detached properties is a buyer's market at 13% with 31 sales out of 243 listings
- West Vancouver Attached properties is a seller's market at 27% with 13 sales out of 49 listings
- Coal Harbour Condos are in a seller's market at 39% with 17 sales out of 44 listings
The key to success in any market is to be well prepared, and getting you ready for all market conditions is my top priority in 2017! If you are planning a change in lifestyle, let's work together to make it happen. I look forward to working for you!
Regards, Dodi 604.644.3634
*Areas covered in Metro Vancouver include: Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver, West Vancouver, Richmond, Tsawwassen, Ladner
The accuracy and completeness of the information is not guaranteed. Data was captured on January 3, 2017, from the Real Estate Board Of Greater Vancouver.