November Update 2016

(December 07, 2016 )

As we keep a close eye on what's happening in the Real Estate market we turn to the most reliable information - the statistics, numbers don't lie.  
Last months sales were down 7.6% below the 10 year sales average for the month for all of Metro Vancouver.
While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply & demand totals have returned to some-what normal levels over the last few months. Looking at the demand relative to supply -  detached home prices are lower right now but this is NOT the case for townhomes and apartments.  This is causing prices to hold steady in the attached market but we are seeing modest changes in the detached home market.
New listings are down 7.2% compared to November 2015 and down 1.2% below the 10year average.
  • Sales of detached properties down -52.2% over November 2015
  • Sales of apartments down - 22.7% over November 2015
  • Sales of townhomes down -40.9% over November 2015
****The above stats include all of Metro Vancouver.****

Taking a closer look at the North Shore the numbers certainly say that there is a change in our market but have still headed in a upward direction in pricing. There no question that the detached market is slower however when a good home in a good location, listed at fair market value comes on to the market that home is snapped up.  The same can be said for condo's and town homes.
Here are the facts:

NORTH VANCOUVER

Detached Homes Benchmark $1,625,800
1yr change +27.0%
3yr change +69.7%
5yr change +74.9%

Townhome Benchmark $840,600
1yr change +22.4%
3yr change +45.8%
5yr change +41.5%

Apartment Benchmark $452,100
1yr change +15.5%
3yr change +28.6%
5yr change +37.2%

WEST VANCOUVER

Detached Benchmark $3,016,600
1yr change +17.7%
3yr change +55.9%
5yr change +68.1%

Apartment Benchmark $892,500
1yr change +19%
3yr change +53.4%
5yr change +38.9%

Contact Lara + Leanne if you want to look closer at other areas & the stats.