January 2017 Month End Sales Stats
Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment." - Buddha
Attached are the Sales and Listings Stats updated to the end of January 2017. The real estate market in Metro Vancouver has certainly shifted in the last year. What was once the sizzling detached market has shifted to a more active condo market. Last year the percentage of Detached Listings were 38% and this year they are 52%. The percentage of Attached (Townhouses and Condos) last year were 52% and this year 40%. In terms of sales, last year the percentage of sales that were Detached were 41% and this year 28%, attached last year 16% and this year 16% and condos last year 43% and this year 53%. The condo market is where the activity is strongest, with more incidences of multiple offers and sales above list prices. The lack of product, strong demand and affordability are driving that market segment.
And now after a series of cooling measures, the provincial government has turned the tables with the First Time Buyer Home Owner Plan providing loans to buyers for their down payment and the recent announcement of an exemption from the Foreign Buyer Tax for anyone working in British Columbia on a work permit – with details still to come. Will these two programs impact the market? Likely they will have direct impact on the already active condo market and properties up to the $750,000 price maximum for the First Time Buyer Home Owner Plan.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”
Sales and Listings Stats for All Regional Jan 2017
Sales and Listings Stats for Houses Townhouses and Condos Jan 2017
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in January 2017 was 1,553 – down from 2,574 (40%) from January 2016, down from 1,948 (20%) in January 2015; Active Listings are at 7,834 compared to 7,431 at this time last year; New Listings in January 2016 were down 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 57% in January 2016.
Vancouver Westside Residential: Total Units Sold in January 2017 was 271 – down from 473 (43%) from January 2016, down from 369 (27%) in January 2015; Active Listings are at 1,355 compared to 1,285 at this time last year; New Listings in January 2016 were down 9% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 48% in January 2016.
Vancouver Eastside Residential: Total Units Sold in January 2017 was 139 – down from 207 (33%) from January 2016, down from 212 (34%) in January 2015; Active Listings are at 874 compared to 524 at this time last year; New Listings in January 2016 are up 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 53% in January 2016.
North Vancouver Residential Total Units Sold in January 2017 was 107 – down from 167 (36%) from January 2016, down from 149 (38%) in January 2015; Active Listings are at 398 compared to 318 at this time last year; New Listings in January 2016 were down 4% compared to January 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with some Buyer’s Market tendencies) and a Sales to Listings Ratio of 36% compared to 54% in January 2016.
West Vancouver Houses: Total Units Sold in January 2017 was 26 – down from 108 (75%) from January 2016, down from 58 (55%) in January 2015; Active Listings are at 416 compared to 403 at this time last year; New Listings in January 2016 were down 14% compared to January 2016; Month’s Supply of Total Residential Listings is up to 16 Month’s Supply (Extreme Buyer’s Market) and a Sales to Listings Ratio of 13% compared to 46% in January 2016.
Richmond Residential: Total Units Sold in January 2017 was 225 – down from 396 (43%) from January 2016, down from 287 (22%) in January 2015; Active Listings are at 1,154 compared to 1,077 at this time last year; New Listings in January 2016 were up 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 64% in January 2016.