September 2017 Monthly Market Update

(October 05, 2017 )

Home buyer demand continues to differ based on housing type

Apartment and townhome activity is outpacing the detached home market across Metro Vancouver. This activity helped push total residential sales above the historical average in September.

Last month’s sales were 13.1 per cent above the 10-year September sales average.

The  detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory. If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends.

Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS. This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.

For all property types, the sales-to-active listings ratio for September 2017 is 29.8%. By property type, the ratio is 14.6% for detached homes, 42.3% for townhomes, and 60.4% for apartments.

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.

  • Sales of detached properties in September 2017  27.9% increase from the sales recorded in September 2016, a decrease of 33% from September 2015 (1,272), and a decrease of 32.9% from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1 per cent increase compared to August 2017.

  • Sales of apartment properties reached 1,451 in September 2017, a 19.1% increase compared from the sales recorded in September 2016, a 5.1% decrease from September 2015, and a 22.1% increase from September 2014. The benchmark price of an apartment property is $635,800. This represents a 21.7% increase from September 2016 and a 1.4% increase compared to August 2017.
NORTH VANCOUVER

Detached Homes Benchmark $1,713,000
1yr change +66.1%
3yr change +74.8%
5yr change +97.7%

Townhomes Benchmark $964,700
1yr change +56.3%
3yr change +61.8%
5yr change +75.3%

Apartments Benchmark $553,500
1yr change +54.7%
3yr change +54.4%
5yr change +60%

West Vancouver

Detached Benchmark $3,136,600
1yr change +54.7%
3yr change +67.7%
5yr change+105.1%

Apartment Benchmark $1,153,700
1yr change +56.6%
3yr change +66.5%
5yr change +60.0%