Monthly West Vancouver Real Estate Report
Click Here For The September 2017 Real Estate Report
Apartment and townhome activity is outpacing the detached home market across Metro Vancouver*. This activity helped push total residential sales above the historical average in September.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold.
Last month’s sales were
13.1 per cent above the 10-year September sales average.
The BC government’s Office of the Superintendent of Real Estate announced proposed changes today to ban the practice of limited dual agency for all real estate licensees in the province.
Now, the federal government is planning more mortgage rules and the Canadian Real Estate Association (CREA) is saying “enough!” CREA prepared a letter for REALTORS® to sign and send to their MPs, with a copy to the federal Minister of Finance. Make their voice heard. If they agree, send this letter.
If governments want to make Vancouver homes ownership more affordable, a good place to start is with fewer regulations and rules, not more.
But the federal government isn’t listening. Since 2008, it has brought in new mortgage rules six times.
The British Columbia government is reviewing the foreign buyers' tax in the Vancouver area
If you need detail information please contact Matt Gul West Vancouver Realtor at 778.888.8888
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.
Last month’s sales were 0.7 per cent above the 10-year July sales average.
“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”
There were 5,256 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®)
in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).
“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.
For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
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