February 2017 Market Update

(March 13, 2017 )

Whoa Nelly!! The market has slowed over the last few months with the lowest listing count we’ve had in 14 years. With the low supply, it is certainly a Sellers market. While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets. Multiple offers are on the rise in condo sales as they are still affordable with the many changes to the mortgage rules and qualifications. Let’s have a look at the statistics…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 $1,556,600
1yr up 12.6%
3yr up 63.8%
5yr up 63.3%

Townhouse Benchmark Price $854,000
1yr up 17.3%
3yr up 45.0%
5yr up 43.2%

Apartments Benchmark Price $463,200
1yr up 16.1%
3yr up 33.6%
5yr up 34.5%

WEST VANCOUVER
Detached Homes Benchmark Price $2,936,000
1yr up 8.3%
3yr up 54.1%
5yr up 59.4%

Apartments Benchmark Price $936,000
1yr up 22.1%
3yr up 60.1%
5yr up 51.7%
We are here to help navigate the ever changing real estate market, give us a call anytime! Lara + Leanne