2017 real estate market update

Vancouver Real Estate Market Update | February 2017

Posted on Wednesday, March 1st, 2017 at 1:05 pm - Vancouver Real Estate Market Update | No Comments

This is the Vancouver Real Estate Market Update for February 2017. This update includes statistics from the Real Estate Board of Greater Vancouver, curated by myself. Additionally I have noted three recent sales I have had in the past month (Lot #4 Sandy Hook Road, Sechelt B.C | #445 – 4591 Backcomb Way, Whistler BC | 4556 7B Avenue, Tsawwassen B.C). This past month was obviously a month of assisting clients with out-of-town investments in my business!

 

As seen on the charts below, in every market covered in this update except the East Vancouver Condo Market, there is a decline in Active Listings. This of course means that inventory is yet again becoming more scarce throughout the neighbourhoods of Vancouver. Additionally in ALL markets noted there is an increase of Sales Activity. this is again (just in time for the typical spring market) is creating a supply & demand tension that is further increasing the velocity of the market & the prices in the market. This next 6 month term will in my opinion by a contrast to the past 6 month term in the market that we have seen. I believe inventory will stay scarce and that prices will increase as a reflection of this supply and demand situation.

Sales numbersĀ for East Side & West Side Houses are currently still at less than half of what it was they were in the peak at the beginning of 2016. The Inventory on both East Side & West Side Condominiums / Townhouse is above the half way mark but not back to the levels of the peak market.

Listing Inventory in the East Vancouver & West Side Housing markets are sitting at about half or just below. Where the Condo / Townhouse market inventory of both East Vancouver & the West Side are sitting above the half way point compared to the peak.

I don’t believe these two points are of value to gauge anything in todays or the coming market but its interesting just to gauge where we are at as opposed to the benchmark high of 2016.

 

Jay McInnes Market Update (February 2017)

 

For any further details with regards to these market statistics or the specific comparable analysis of your own home please don’t hesitate to contact me direct at 604-771-4606 / jay@jaymcinnes.com.

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