2016 was an eventful year for Metro Vancouver’s real estate market. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before. Government intervention curbed fueling demand in the third quarter of the year, resulting in price drops, particularly within the detached market.
Sales
According to the Real Estate Board of Greater Vancouver (REBGV), the Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.
Metro Vancouver realtors registered 39,943 home sales in 2016, down 5.6% compared to 2015 when 42,326 homes sold and a 20.6% increase over the 33,116 residential sales in 2014.
December Update
When looking year over year, residential property sales in the region totalled 1,714 sales, a decrease of 39.4% from the 2,827 sales recorded in December 2015 and a decrease of 22.6% compared to November 2016 when 2,214 homes sold. December 2016 sales were 8.1% below the 10-year sales average for the month.
Property Listings
Looking at home listing trends that supply housing market demand, the total number of listings in our market settled at 1,312 homes in December 2016, a decrease of 35.1% compared to the 2,021 units listed in December 2015 and a 58.3% decrease compared to November 2016 when 3,147 properties were listed.
Benchmark Price
The benchmark price for all properties in the region is approximately $897,600, a 17.8% increase compared to December 2015. However, when compared to November 2016, there was a decrease in detached (1.8%). The benchmark price for detached properties in December 2016 is $1,483,500. This represents an 18.6% increase compared to December 2015.
The benchmark price of a townhome in December 2016 is $661,800. This represents a 20.4% increase compared to December 2015 and a 0.8% decrease compared to November 2016.
The benchmark price of a condo is $510,300. This represents a 17.3% increase compared to December 2015 and a 0.3% decrease compared to November 2016.
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Real Estate Board of Greater Vancouver, “A heated year for Metro Vancouver real estate draws to a close”, accessed January 9, 2016, http://www.rebgv.org/news-statistics/heated-year-metro-vancouver-real-estate-draws-close
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