July 2017 - Greater Vancouver Housing Market Update
Condominiums continue to lead the real estate market with demand outstripping supply. Condo Sales are down 11.5% from the record breaking sales of June 2016 but this is due in large part to the lack of inventory.
Detached homes on the other hand have seen demand ease towards a more balanced market and detached inventories have increased every month this year. The opposite has occurred in the condo market with inventory decreasing every month since February of this year.
The sales to listings ratio in June for detached homes was 24.5 percent whereas town homes were at 62 percent and condos at a whopping 93 percent. These numbers are the best indicator of the present housing market.
The benchmark price for all residential properties in Metro Vancouver is up 7.9 percent from June 2016 while the benchmark price of condos is up 17.6% over the same time period.
For more detailed information on the market conditions in your sub area, feel free to contact me with any questions.