REAL ESTATE SNAPSHOT

Greater Vancouver saw an increase of over 7 per cent in the number of home sales from September to October across all property types. MLA Advisory anticipates the single-family market to continue to level off and experience balanced conditions. Resale and pre-sale condominiums will continue to see strong activity as buyers aim for more attainable homeownership opportunities. Recent announcements around the new mortgage stress test regulations taking effect on January 1, 2018 are expected to impact sales activity for the condominium market.

For all product types, the sales-to-active listings ratio reached 32 per cent in October still indicating a seller’s market. However, the month over month price growth has been slowing over the past several months indicating we are moving into more normalized conditions.

A REVIEW OF THE RESALE RESIDENTIAL PROPERTY DATA

For the fifth consecutive month detached homes are sitting in a balanced market, and we anticipate a further slowdown of single-family home demand. This October the HPI price for single-family homes saw its first decrease in nine months.

Townhomes have seen a slight increase in sales and HPI price, while inventory decreased by 4.9 per cent.

Apartments remain the highest performing product type with benchmark price increasing by 22.7 per cent compared to October 2016. This is due to limited supply, more affordable price points and looming enhanced mortgage stress test regulations.

View the full October 2017 Monthly Report, click here.

IMAGE // Source: Real Estate Board of Greater Vancouver