Autumn Market Review
After a wonderfully warm summer and pleasant autumn, I’m reminded of how beautiful our surrounding landscape is and how fortunate we are to live in one of the most desirable cities in the world.
The Greater Vancouver area is continuing to experience a robust sales market as we head into the winter months. Sales for October were 15% above the 10-year average for the month, and outperformed sales in October 2016 by 35%.
Sales also reflect changing demand among buyers. Demand for condos and townhouses remains quite strong, while detached homes reflect a balanced market. The condo and townhouse market is fueled by a growing provincial economy and job market. The federal government’s recent announcement that it will tighten mortgage lending requirements for the seventh time in eight years is also spurring activity. Buyers are trying to enter the market before the new regulations take effect.
The price of detached homes in Greater Vancouver has increased an average of 4% compared to prices in October last year. However, while these are average figures for the Greater Vancouver area, we see significant price variations among communities. For example, the price of detached homes in Bowen Island, Squamish and the Sunshine Coast increased 20% since last year. Maple Ridge, Pitt Meadows, Port Coquitlam, Port Moody and Whistler are also hot spots, increasing 10% to 15% over the past year.
The short supply of condo properties has resulted in an average 23% price increase across the Greater Vancouver region, although some regions experienced even higher price gains over the past year. More than average gains, between 25% and 35%, are occurring in communities east of Vancouver between Burnaby and Maple Ridge, as well as in Squamish and Whistler.
These varying price increases among communities are reflective of the micro-markets that exist in the Greater Vancouver real estate community. If you would like information on the changes in your community or specifically for your home or property, please contact me. Providing you with updated information is part of the service I am happy to offer as your real estate agent.
Thank you again for your continued trust and support. Wishing you a warm and festive winter season.