January 2017 Metro Vancouver Market Update
Due to largely reduced sales activity in the single detached home market, home sales and listings trends are below long-term average in the Metro Vancouver housing market. However, the townhome and condominium markets are said to be more active than the detached market at the moment. According to the report published by the Real Estate Board of Greater Vancouver:
Sales of detached properties in January saw a 57.6% decrease from the sales recorded in the same month last year. The benchmark price for the detached properties is currently at $1.474,800, a 6.6% decline over the last six months and a 0.6% decrease compared to December 2016.
Sales of apartment properties reached 825 in January 2017, a decrease of 24.7% compared to the 1,096 sales in January 2016.The benchmark price of an apartment property is $512,300. This represents a 0.3% increase over the last six months and a 0.4% increase compared to December 2016.
Attached property sales in January 2017 totalled 254, a decrease of 32.4% compared to the 376 sales in January 2016. The benchmark price of an attached unit is $666,500. This represents a 0.4% decline over the last six months and a 0.7% increase compared to December 2016.
Current market conditions have created an opportunity for those who are looking to move onto the next product category. If you currently own a two-bedroom apartment in the Metro Vancouver region, this might be your chance to leverage on the home equity created by the high demand for apartment properties and get into the single-detached market.
Metro Vancouver Market At-A-Glance
Greater Vancouver Market At-A-Glance
Metro Vancouver ATTACHED homes Monthly Variances
Metro Vancouver DETACHED homes Monthly Variances
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