So far 2016 has been anything but a typical year for residential real estate in Metro Vancouver. In the first 7 months residential sales out perfored 10 year-averages in a very fast paced seller's market; since August, we've seen detached sales dip below 10-year averages into the lower end of a buyer's market.

So what changed? In August we saw the introduction of the 15% Foreign Buyer's Tax, In October new mortgage rules, and In November new rules around the principle residence captial gains exemption. These changes have resulted in buyer caution. In 2017 I expect to see seller and buyer expectations return to more balanced levels, and with the improvements in active listing inventory, buyers will find there is more choice and opportunity to find their way back into the market. 

 

We are still seeing postive gains year over year on the median price of a single family home in Metro Vancouver* November 2016 vs November 2015 was::

• North Vancouver +7.4%
• West Vancouver -7%
• Vancouver West +12.9%
• Vancouver East +10.7% 
• Richmond +14.4%
• Tsawwassen +2%
• Ladner +17.3% 

 The key to success in any market is to be well prepared, and getting you ready for all market conditions is my top priority! If you are planning a change in lifestyle, let's work together to make it happen. Let's talk! Regards, Dodi 604.644.3634

 

Here are the highlights for November: 

• November 2016 Metro Vancouver sales were 7.6% below the 10-year-average for the month 
• Sales of North Vancouver Detached Properties were 48% lower than November 2015 with 106% more inventory
• Sales of North Vancouver Attached Properties were 45.5% lower than November 2015 with 25.7% less inventory
• Sales of West Vancouver Detached Properties were 67.6% lower than November 2015 with 9.6% more inventory
• Sales of West Vancouver Attached Properties were 62.5% lower than November 2015 with 29% less inventory
• Sales of Coal Harbour Properties were 62% lower than November 2015 with 25% more inventory

Market types in November 2016: 

• Despite slower sales, Metro Vancouver's market type is still a seller's market at 26.4% with 2.6 out of every 10 properties sold
• North Vancouver Detached properties is a seller's market at 24% with 63 sales out of 258 listings
• North Vancouver Attached properties is a seller's market at 64% with 112 sales out of 176 listings
• West Vancouver Detached properties is a buyer's market at 7% with 24 sales out of 376 listings
• West Vancouver Attached properties is a balanced market at 18.4% with 9 sales out of 49 listings
• Coal Harbour Condos are in a balanced market at 19% with 11 sales out of 57 listings

Read your full reports here: North Vancouver November 2016, West Vancouver November 2016, Vancouver West November 2016.

 

*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 December 5, 2016, from the Real Estate Board Of Greater Vancouver.