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WEDNESDAY, WEDNESDAY, JANUARY MAY 10 20,, 2016 2017
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Demand for Metro Vancouver Condos Skyrockets: REBGV
D
emand for condos in Metro Vancouver is soaring, according to monthly statistics released May 2 by the Real Estate Board of Greater Vancouver. The sales-to-active-listings ratio for condos in the region stood at 82.2 per cent in April – for context, a balanced market would be between 12 and 20 per cent. Although condo sales in April were 18.3 per cent lower than in April 2016’s hot market, a near-16 per cent annual decline in condo listings last month meant that relative demand is soaring for a limited inventory of condos. “Our overall market is operating below the recordsetting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets,” said Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.” Like last spring, overall home sales in the region this April were slightly down from the high point of March – at 3,553 transactions, this total was less than one per cent
lower than March 2017, but 25.7 per cent below April 2016. Still, April could be described as a healthy market, with last month’s total sales number 4.3 per cent higher than the 10-year average for April, according to the board. Condo units also led the overall year-over-year increase in benchmark home prices, which were up 11.4 per cent for all property types combined, and nearly 17 per cent for condos.
Benchmark Prices After faltering through fall last year, the combined residential benchmark price (all property types) in Greater Vancouver set a new record in April at $941,100. This is an increase of 2.4 per cent from the previous month, 11.4 per cent higher than April 2016, and even higher than the previous bar set in August 2016 of $933,100. The single-family home benchmark price did not break records, however, with the board setting it at $1,516,500, slightly lower than in July and August last year. However, the new typical detached home price is 8.1 per cent higher than April 2016 and 1.8 per cent higher than March 2017.
It was the in-demand townhome and condo markets that caused the overall benchmark price to reach new heights. Attached home benchmark prices saw another year-overyear rise, up 15.3 per cent to a record $701,800, a rise of 2.4 per cent since March. Condos, which did not see a price decline through last fall, continue to rise in value. Once again, typical condo prices saw the biggest monthly and annual increase, now standing at $554,100. This record price is 16.6 per cent higher than a year ago, and a rise of 3.1 per cent over February. “Until more entry-level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil added. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.” Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index in the REBGV full statistics package at www.rebgv.org.
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