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Market Updates

During the process of buying or selling a home, countless questions are bound to surface regardless of how "seasoned" you are in Real Estate.  Some questions are easily answered, however others may require a bit of research and study.   I understand how difficult it can be to sift through the mountain of information out there in order to find answers that are relevant and meaningful to you.  

As a firm believer in "knowledge is power," I do my best to educate and inform my Buyers and Sellers about the current market conditions and the process involved once you have made the decision to move.     

If you would like to receive regular Market Updates or newsletters please contact me at dodi.t@shaw.ca or call me at 604-644-3634

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In August of 2016, after the introduction of a Foreign Buyer's Tax of 15% and new tax rules, many wondered if we would see a cooling or price correction for residential properties for sale in Metro Vancouver, well 8 months latter it doesn't see so. While property sales are below last year, prices are not. The Real Estate Board of Greater Vancouver reports: "A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver's housing market in March. Home prices will likely continue to increase until we see more housing supply coming on the market." New listings in March 2017 were at their lowest number for March since 2009.

 

With such strong condiditons for Seller's, 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

 

The MLS HPI Benchmark Price of residential properties in Metro Vancouver* March 2017 vs March 2016 were::

  • North Vancouver +10.7% for a single family home, +17.6% for a condo, +17.9% for a townhome
  • West Vancouver +5.8% for a single family home, +17.3% for a condo,
  • Vancouver West +12.7% for a single family home, +9% for a condo, +14.9% for a townhome
  • Vancouver East  +12.7% for a single family home, +19.1% for a condo, +2.9% for a townhome
  • Richmond +9.7% for a single family home, +21.4% for a condo, +17.2% for a townhome
  • Tsawwassen +6.2% for a single family home, +14.9% for a condo, +10.1% for a townhome
  • Ladner +3.4% for a single family home, +10% for a condo, +10.5% for a townhome

 

Market types in March 2017

  • Metro Vancouver's market type is still a seller's market at 47.2% with 4.7 out of every 10 properties sold. This is a 15% increase over February 2017
  • North Vancouver Detached properties is a sellers market at 36.8% with 98 sales out of 266 listings
  • North Vancouver Attached properties is an accelerated seller's market at 100% with 155 sales out of 155 listings
  • West Vancouver Detached properties is a buyer's market at 14.8% with 60 sales out of 405 listings
  • West Vancouver Attached properties is a seller's market at 53.4% with 31 sales out of 58 listings
  • Coal Harbour Condos are in a seller's market at 40% with 23 sales out of 57 listings

Read your full reports here: North Vancouver March 2017West Vancouver March 2017Vancouver West March 2017.

 

*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 April 4, 2017 from the Real Estate Board of Greater Vancouver                                             

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604–644–3634
dodi.t@shaw.ca

RE/MAX Dodi Thorhaug Realty
#101-2609 Westview Drive North Vancouver, BC V7N 4M2 Canada

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