The Real Estate Board of Greater Vancouver (REBGV) released statistics that show that the beginning of the year 2017 had a lukewarm start in the real estate market as compared to what it was in the January of 2016. Last year saw record breaking sales in the beginning of the year. That said, there was a flurry of new home listings that led to increased number of home purchases – especially due to the sliding rates. The home buying trend has balanced the market this year. Overall, the composite bench mark price was 15.6 per cent higher than that is January 2016.
It is a known fact that the conditions in the market vary according to the property type. At the moment, the condominium and town home markets are more active than the detached home market. The prices for town home and condominium markets stayed steady for quite a long time.
Sales and Listings
Whether it was the New Year motivation, or the potentially falling values for homes, the January of 2017 saw a rush of new home listings and over four thousand homes. This is more than three times of the listings seen in the December of last year. January sales are lower than the previous month, but they reflect the closure and board registration of purchases that were made during the holiday season. There is a lot of inventory in the market as mentioned earlier, and the current listings in Greater Vancouver are over seven thousand with a whopping 9.1 per cent increase as compared to January 2016. And a whopping 14.1 per cent increase as compared to December 2016. The good news is that the current sales to active listings ratio is brought closer towards balanced market conditions.
When it comes to benchmark prices, it’s important to note that the Metro Vancouver single family home benchmark price increased 15.8 per cent over January 2016 and dropped 0.6 per cent as compared to December. This property type has been driving the price decline and detached houses are now priced at 6.6 per cent less than what they were six months ago – a good time to buy!
Town houses remain in demand as always and the benchmark price of an attached home saw the biggest year over year rise and is up by 19.9 per cent.
Furthermore, condo-apartment prices saw a steady rise of 15.6 per cent year over year and 0.3 per cent over the past six months and 0.4 per cent from December 2016.
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