August Real Estate Update 2016

(September 07, 2016 )

Metro Vancouver Home Sales Return To Typical August Levels

The home buyer demand in Metro Vancouver moved off of the record-breaking pace seen earlier this year and returned to more normal levels - only looking at July & August.
The Real Estate Board of Greater Vancouver reports we saw a 26% decline in property sales (residential) compared to August 2015. Don't let that scare you as this report is for ALL of Metro Vancouver.

From our perspective the government implementation of the foreign tax has instilled some fear into the public as sales are trending downward (July & August).  Keep calm! Most individuals who don't work the residential markets everyday do not realize sales are always lower in the summer.

Since fall is typically a busy time for us Realtors, we will have a better understanding of the effects (if any) of the foreign tax by the beginning of October.

Analysts say that downward pressure on home prices occurs when the sales-to-active listings ratio dips below 12%.  Upward pressure on prices occurs when it reaches the 20-22%. The ratio for August 2016 is a whopping 29.3% another reason not to panic.

We chose to post the North Shore 1 yr, 3 yr & 5 yr changes simply because it's where we live.  For more information about another Metro Vancouver area, please contact us directly.

NORTH VANCOUVER

Detached Homes Benchmark Price $1,689,000
1yr up 42.2%
3yr up 77%
5yr up 85.4%

Townhouse Benchmark Price $900,400
1yr up 37.3%
3yr up 53.7%
5yr up 54.5%

Apartments Benchmark Price $467,100
1yr up 27.8%
3yr up 34.0%
5yr up 36.4%

WEST VANCOUVER

Detached Homes Benchmark Price $3,359,400
1yr up 38.1%
3yr up 79.8%
5yr up 85.3%

Apartments Benchmark Price $906,700
1yr up 31.7%
3yr up 47.0%
5yr up 44.7%