If you own a condominium or townhouse in Metro Vancouver, your home equity may have just increased once again. Residential property sales in the Metro Vancouver region totalled 3,553 in April 2017 which was a 25.7% decline compared to April 2016 when 4,781 homes sold and a 0.7% decrease from the 3,579 sales recorded in March 2017, April sales, however, were still 4.8% above the 10-year average for the month.
During the first quarter of 2017, condominium and townhome sales accounted for 68.5% of all residential sales average in Metro Vancouver, which was up 10% from the 58.2% average over the same period in 2016. Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”
The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5% increase compared to April 2016 (7,550) and a 3% increase compared to March 2017 (7,586). By property type, the sales-to-active listings ratio is 26% for detached homes, 58.2% for townhomes, and 82.2% for condominiums.
“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $941,100. This represents a 5% increase over the past three months and an 11.4% increase compared to April 2016.
Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2%, followed by townhomes at 5.3%, and detached homes at 2.8%. “Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”
Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8% from the 1,979 detached sales recorded in April 2016. The benchmark price for detached properties is $1,516,500. This represents an 8.1% increase over the last 12 months and a 1.8% increase compared to March 2017.
Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3% compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100. This represents a 16.6% increase over the past 12 months and a 3.1% increase compared to March 2017.
Attached, or townhome, property sales in April 2017 totalled 620, a decrease of 10.8% compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800. This represents a 15.3% increase over the past 12 months and a 2.4% increase compared to March 2017.
Real Estate Board of Greater Vancouver, “Condominiums and townhomes in high demand across Metro Vancouver”, accessed May 2, 2017, http://www.rebgv.org/news-statistics/condominiums-and-townhomes-high-demand-across-metro-vancouver
