Close X
Wednesday, November 27, 2024
ADVT 
National

2017 Home Sales In Vancouver More Normal But Prices Up Says Real Estate Board

The Canadian Press, 03 Jan, 2018 01:00 PM
    VANCOUVER — The Real Estate Board of Greater Vancouver says home sales across Metro Vancouver were more "historically normal" in 2017, although the number of transactions was still the third highest in the past decade.
     
     
    Sales of detached homes, townhomes and apartments in Metro Vancouver reached 35,993 in 2017, off 9.9 per cent compared with 2016 and down 15 per cent from 2015's sizzling pace.
     
     
    The benchmark price for all residential properties was $1,050,300, a 15.9 per cent jump compared with December 2016.
     
     
    A key aspect of last year's housing market was a marked decline in the number of available listings, a trend the board has said can put upward pressure on home prices.
     
     
    Board president Jill Oudill says 54,655 properties were listed for sale in 2017, a dip of 5.1 per cent from the year earlier.
     
     
    "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," Oudill says in a news release. 
     
     
     
     
    She also says market activity across the Vancouver region differed considerably in 2017 based on property type.
     
     
    "Competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace," says Oudill, noting the market for detached homes was more balanced, giving buyers more selection and more time to make decisions.
     
     
    The real estate board says the benchmark price of condominiums leaped 25.9 per cent in Metro Vancouver last year, while townhomes increased 18.5 per cent and the price for detached homes climbed 7.9 per cent.
     
     
    Looking ahead to 2018, Oudill says only time will tell how the market will react to several significant regulatory changes, and she urged home buyers to obtain pre-approval before making any offer.
     
     
    "Realtors are working with their clients to help them understand how changing interest rates and the federal government's new mortgage qualifications could affect their purchasing power," she says.

    MORE National ARTICLES

    Driver Faces Impaired Probe After Vancouver Firefighter Hurt As Car Drags Hose

    Driver Faces Impaired Probe After Vancouver Firefighter Hurt As Car Drags Hose
    VANCOUVER — A Vancouver firefighter is in hospital after being injured while attending a call early Tuesday.

    Driver Faces Impaired Probe After Vancouver Firefighter Hurt As Car Drags Hose

    Fewer Than 200 Still In The Dark In B.C., Following Fraser Valley Ice Storms

    Fewer Than 200 Still In The Dark In B.C., Following Fraser Valley Ice Storms
    BC Hydro repair crews say fewer than 200 customers remained without power early Tuesday, five days after ice storms cut electricity to thousands of homes and businesses in British Columbia's Fraser Valley.

    Fewer Than 200 Still In The Dark In B.C., Following Fraser Valley Ice Storms

    Prominent UK CEO, Canadian Pilot Victims Of Australia Seaplane Crash

    Prominent UK CEO, Canadian Pilot Victims Of Australia Seaplane Crash
    A Canadian pilot was killed in Australia on New Year's Eve in a seaplane crash that also claimed the lives of a prominent British businessman and his family.

    Prominent UK CEO, Canadian Pilot Victims Of Australia Seaplane Crash

    Two B.C. Boys, One Skier, OK Following Separate Rescues In Southern Interior

    Two B.C. Boys, One Skier, OK Following Separate Rescues In Southern Interior
     British Columbia residents are healthy and warm thanks to quick actions by others in two separate New Year's Eve rescues in the province's southern Interior.

    Two B.C. Boys, One Skier, OK Following Separate Rescues In Southern Interior

    What To Buy Every Month Of The Year In 2018

    What To Buy Every Month Of The Year In 2018
    In 2018, you may resolve to save more , spend less or budget better . Whatever your money goal, the one common key to your success is shopping smart. That means knowing the best time to buy just about anything.

    What To Buy Every Month Of The Year In 2018

    Vancouver, Are You Ready to Take the Dip at the 98th annual Polar Bear Swim?

    Vancouver, Are You Ready to Take the Dip at the 98th annual Polar Bear Swim?
    Come as your favorite super-hero, compete in the Peter Pantages Memorial 100-yard race or just come out to watch the spectacle!

    Vancouver, Are You Ready to Take the Dip at the 98th annual Polar Bear Swim?