May 2017 Stats

(June 05, 2017 )

May 2017 sales were the 3rd highest selling on record in the last 10yrs.  The activity has increased 22.8% compared to April 2016.
While sales are inching closer to the record breaking pace of 2016 the market itself this year is different.  Sales last year were driven by demand for single family homes. This year, it's clear that townhomes & condominiums are leading the way.
The driving factor of our market are down-sizers from single family homes & 1st time condo buyers.
Home buyers are beginning to have more selection to choose from in the detached market but the number of condominiums for sale continue to decline.
The sales to listings ratio across all residential categories is 53.4%. For Detached Homes 31%, Townhomes 76.1%,  Apartments 94.6%.
Analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

GREATER VANCOUVER
Detached Sales down -17% over 2016
Apartment Sales down -5.8% over 2016
Townhomes Sales up 5.8% over 2016

North Vancouver

Detached Homes Benchmark Price $1,656,500
1yr change +3%
3yr change +66.3%
5yr change +68.2%

Townhouse Benchmark Price $917,500
1yr change +14.9%
3yr change +52.2%
5yr change +52.4%

Apartments Benchmark Price $502,000
1yr change +18.8%
3yr change +42.4%
5yr change +43.0%

West Vancouver

Detached Homes Benchmark Price $3,080,600
1yr change -1.5%
3yr change +53.1%
5yr change +57.9%

Apartments Benchmark Price $1,033,000
1yr change +21.3%
3yr change +76.3%
5yr change +59.1%