Market Update: February 2017
Following a turbulent year, February may end up being a watershed moment for Greater Vancouver’s real estate market. While sales continue to track below last year’s record highs, they are moving more in line with long-run trends, especially for attached housing types.
Key points include:
- Sales Counts: Sales continue to seasonally track below last year’s record highs, with the 2,441 total sales throughout the Greater Vancouver board area in February 2017 being 41% below last February’s count. Detached down 57%, townhouse sales down 30%, and condo sales down 28%, respectively. Compared to the past-decade average for February, townhouse sales are down a mere 6%, while condo sales are now 14% higher.
- Sales Prices: The resilience of the multi-family market is seen in the benchmark prices for townhouses and condos reaching all-time highs in February 2017, while the downward trajectory in the detached benchmark price halted last month, remaining 7% below its July 2016 peak. Surprisingly, February’s average detached sold price represented the highest month-over-month increase on record (at 15%), indicating increased activity at the higher end of the price spectrum.
- Market Conditions: From a balanced market in January, the Greater Vancouver board area has transitioned into a seller’s market in February. None of the ten communities tracked in this monthly update are currently buyer’s markets, with only two (Tsawwassen and West Vancouver) being balanced. The highest price points are still exhibiting relatively low sales-to-listings ratios, however seller’s markets are beginning to characterize the North Vancouver and Vancouver West neighbourhoods at some prices above $2 million.
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