Dodi Thorhaug : Re/Max Dodi Thorhaug Realty

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

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

 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.                                                

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.

Property sales in Metro Vancouver dipped 15% below the 10-year average in October, however prices continue to trend above 2015. Overall detached property sales have seen the largest reduction in home buyer demand in recent months, while attached property sales continue to perform in seller's markets.  The Real Estate Board of Greater Vancouver reports that "changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern.Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them."

The median price of a single family home in Metro Vancouver* October 2016 vs October 2015 was:

• North Vancouver 7.3% higher
• West Vancouver 26.9% higher
• Vancouver West 10.2% higher
• Vancouver East 10% higher
• Richmond 14% higher
• Tsawwassen 6.5% higher
• Ladner 4.8% higher

 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 October: 

• October 2016 Metro Vancouver sales dropped 15% below the 10-year-average for the month 
• Sales of North Vancouver Detached Properties were 52.3% lower than October 2015 with 109% more inventory
• Sales of North Vancouver Attached Properties were 32.7% lower than October 2015 with 32.7% less inventory
• Sales of West Vancouver Detached Properties were 79% lower than October 2015 with 1% more inventory
• Sales of West Vancouver Attached Properties were 48% lower than October 2015 with 33.7% less inventory
• Sales of Downtown Condo Properties were 42.3% lower than October 2015 with 5.4% more inventory

Market types in October 2016: 

• Despite slower sales, Metro Vancouver's market type is a seller's market at 24.4% with 2.4 out of every 10 properties sold
• North Vancouver Detached properties is a balanced market at 20% with 62 sales out of 312 listings
• North Vancouver Attached properties is a seller's market at 52% with 103 sales out of 197 listings
• West Vancouver Detached properties is a buyer's market at 6% with 24 sales out of 418 listings
• West Vancouver Attached properties is a seller's market at 24% with 13 sales out of 55 listings
• Coal Harbour Condos are in a seller's market at 29% with 18 sales out of 63 listings

Read your full reports here: North Vancouver October 2016, West Vancouver October 2016, Vancouver West October 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 November 1, 2016, from the Real Estate Board Of Greater Vancouver.

Since August 1, 2016 we've seen some drastic changes in buyer demand for real estate in Metro Vancouver*. While attached propeties continue to perform in strong seller's markets, In just over two months Metro Vancouver* Detached properties moved from accellerated seller's markets to buyer's markets, the only exception was in North Vancouver which is now balanced. While we have seen a slow down in sales for single family homes, we are not seeing the same for sales prices.

The median price of a single family home in September 2016 vs September 2015

• North Vancouver 18% higher
• West Vancouver 13.3% higher
• Vancouver West 3.5% higher
• Vancouver East 20% higher
• Richmond 31.4% higher
• Tsawwassen 29.6% higher
• Ladner 17% higher

 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 this Fall, let's work together to make it happen. Dodi 604.644.3634

Here are the highlights for September: 

• September 2016 Metro Vancouver sales dropped 9.6% below the 10-year-average for the month 
• Sales of North Vancouver Detached Properties were 50% lower than September 2015 with 56.3% more inventory
• Sales of North Vancouver Attached Properties were 12.4% lower than September 2015 with 38.6% less inventory
• Sales of West Vancouver Detached Properties were 66% lower than September 2015 with 12.5% less inventory
• Sales of West Vancouver Attached Properties were 43% lower than September 2015 with 34.4% less inventory
• Sales of Downtown Condo Properties were 26.7% lower than September 2015 with 10.9% less inventory

Market types in September 2016: 

• Metro Vancouver's Sales-to-Active listing ratio is the lowest since February 2015
• Metro Vancouver's market type is a seller's market at 24.1% with 2.4 out of every 10 properties sold
• North Vancouver Detached properties is a balanced market at 17% with 54 sales out of 311 listings
• North Vancouver Attached properties is a seller's market at 61% with 127 sales out of 207 listings
• West Vancouver Detached properties is a buyer's market at 6% with 23 sales out of 412 listings
• West Vancouver Attached properties is a seller's market at 29% with 17 sales out of 59 listings
• Coal Harbour Condos are in a seller's market at 39% with 24 sales out of 62 listings

Read your full reports here: North Vancouver September 2016, West Vancouver September 2016, Vancouver West September 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 October 3, 2016, from the Real Estate Board Of Greater Vancouver.