Metro Vancouver Residential Market Round up 2017
A healthy economy, historically low interest rates, higher employment and wages plus a growing population all contributed to home buyer demand in 2017.
Total home sales for 2017 were down 9.9% from 2016 but were still the third highest over the last ten years.
In contrast to this, listings were the second lowest total over the last ten years. The combination of strong demand and low inventory has continued to put pressure on prices and the MLS benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9 per cent compared to December 2016.
There was a big difference in activity this year between single homes, condo and townhomes. Condos saw the most demand and the biggest increase with the benchmark price up 25.9%. Townhomes benchmark price went up 18.5% and Single Homes 7.9%.
It will be interesting to see how things pan out in 2018. We are already seeing a more balanced market in the Single Home sector and we will have to see how much effect the new lending restrictions will have on the Condo and Townhome markets.
For many of you that are planning to enter the market in 2018 it is more important than ever to get yourself pre-approved for a mortgage if required and to work out a solid game plan before purchasing a home.
If you require any information on the market in sub areas of interest to you or if you have any real estate questions feel free to contact me at your convenience.
HAPPY NEW YEAR !!!