October Housing Market Update

(November 08, 2012 )

The Greater Vancouver housing market saw a slight increase in the number of home sales and a reduction of the number of listings.  There was a decrease in home prices in October compared to the summer months.  With those changes the sales-to-active listings ratio increased to 11% in October from the low 8% in September.
Overall the Real Estate conditions favor the buyer.  Low interest rates combined with, more choice, and less time pressure in terms of choosing a home places the onus on the seller to ensure their homes are priced competitively.

In North & West Vancouver we saw the prices for homes drop overall.  Buyers seemed to recognize this as that triggered our % sales-to-active listings ratio up, closley comparable to last years sales. Sales went up 19% on average compared to September.  The bottom line - if your home is attractively priced in comparison to a home similar to yours it will sell.

NORTH VANCOUVER

Single Family Homes
Benchmark Price $945,500

1 year change up 2.2%
3 year change up12.7%
5 year change up 10.6%

Townhouse
Benchmark Price $578,700
1 year change -1.8%
3 year change 2.7%
5 year change up 4.4%

Apartments
Benchmark Price $353,700
1 year change up 6.9%
3 year change up 4.5%
5 year change up 1.5%

WEST VANCOUVER


Single Family Homes
Benchmark Price $1,823,300
1 year change up 1.9%
3 year change up 29.5%
5 year change up 20.3%

Apartments
Benchmark Price $611,000
1 year change -4.4%
3 year change up 3.0%
5 year change down -8.3%