Year in Review – our 2017 Real Estate Market
Thanks for having a look at my monthly real estate update for Ladner, Tsawwassen Real Estate Board of Greater Vancouver (REBGV) – click here to link to the complete set of charts and graphs.
Here is a link to the Real Estate Board of Greater Vancouver media release.
“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”
Sales and Listings
The detached market is still well off the highs of 2015 and early 2016 but here is an interesting ‘post Foreign Buyer Tax’ comparison. Following the implementation of the tax in late July 2016 detached sales for the REBGV were down to 3238 units in final the 5 month period. During the same period in 2017 4187 units were sold, a year to year increase of almost 30%.
Condos were a markedly different issue with a brisk market of strong demand and limited supply leading to many multiple offer scenarios and the ensuing ‘bid up’ prices. Apartments especially were competitive with the sales to listing ratio well above 50% for almost the entire year.
From July 2016 to February 2017 the House Price Index (HPI) for detached properties dropped around 6.4% for the ‘typical’ property but pricier units experienced a greater reduction. From March through August the prices rebounded with the HPI marginally higher than the peak of 2016. Prices remained stable over the final 4 months.
Condos saw steady gains all year with the townhouse HPI up 17.5% and apartments up 22.1% over the course of the year.
Our local market was fairly reflective of the rest of the region, bearing in mind that our suburban location has a much higher percentage of detached dwellings than do the more urban areas. Focusing on the this predominant sector the graphs below show the activity in the various price bands.
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