Market Statistics - September 2017


October has arrived with blue skies and the expected morning chill. That same chilling effect has to the single family home market in all areas of the Lower Mainland. In contrast, most of the attached properties are still receiving multiple offers which may be due to buyers trying to take advantage of their pre-approved mortgage rates prior to their rate-holds expiring but there are a declining percentage of multiple offers in the single-family home market in all areas of the Lower Mainland. 

In contrast, most of the attached properties are still receiving multiple offers which may be due to buyers trying to take advantage of their pre-approved mortgage rates prior to their rate-holds expiring but there are a declining percentage of those multiple offer situations over the previous month's numbers. 

For this month, I've added a few tables to better show what the most recent market statistics are doing. For example, for one bedroom units in Metro Vancouver, 70 out of 108 sales (65%) were at or above the asking price (102.4% of the asking price, on average) and were on the market for an average of 15 days in the last week of September.


 

Metro Vancouver Attached Property Sales in the last week of September

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Type of Unit
% of
Asking Price
Avg Days
on Market
3560%Studio (no separate bdrm)101.9%20
7010865%One bedroom102.4%15
10217957%Two bedroom101.0%18
317541%Three or more bedrooms100.2%21
20636756%Total of all types101.1%18

 

Fraser Valley Attached Property Sales in the last week of September

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Type of Unit
Avg Paid
over Asking
Avg Days
on Market
 1 100%Studio (no separate bdrm)100.3%5
 3053 57%One bedroom 100.9%16
4274 57%Two bedroom 101.8%15
 2754 50%Three or more bedrooms 100.3%14
 100182 55%Total of all types 101.0%15

 

Metro Vancouver Detached Property Sales in the last week of September

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Sale Price of Home
% of
Asking Price
Avg Days
on Market
52124%$0 to $999,99998.8%23
196430%$1M to $1.999M97.7%28
3368%$2M and up95.5%41
2712122%
Totals
96.6%31

 

Fraser Valley Detached Property Sales in the last week of September

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Sale Price of Home
% of
Asking Price
Avg Days
on Market
388545%$0 to $999,999100.0%21
72627%$1M to $1.999M97.6%21
020%$2M and up92.5%60
4511330%Totals98.9%22

 

From the REBGV September Stats: 

For all property types, the sales-to-active-listings ratio for September 2017 is 29.8 percent. By property type, the ratio is 14.6 percent for detached homes, 42.3 percent for townhomes, and 60.4 percent for apartments. 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months. 

Note that last month (August 2017), the ratios were 34.6% for all properties, 16.3% for detached homes, 44.8% for townhomes, and 76.3% for apartments. 

My prediction for October is exactly the same as for last month, that is, for a continued weakening of the market for single-family homes but a continued demand for attached homes (condos and townhouses) resulting in increased upward pricing pressure but at a slower rate than before because of affordability concerns based on the new mortgage rates (and expiring mortgage rate-holds.)


The last two increases in the mortgage rates and the higher standards for mortgage qualification, as well as stiffening monetary controls from China will eventually flatten the market. I believe that most areas of the Lower Mainland will see no price growth or even slightly negative price growth by the year-end with the exceptions of the Downtown core, which still shows very strong demand and rising prices. 

Included below are the latest statistics for real estate in the REBGV (Real Estate Board of Greater Vancouver) and FVREB (Fraser Valley Real Estate Board) areas. You will find a clickable link to each area below which will open up as a separate PDF file.


Click on the links (in blue) below for the statistics package for your area: (The links each take a few seconds to open as they are files stored on my Google Drive.) 

 

 

BURNABY/NEW WEST  
Burnaby EastBurnaby NorthBurnaby SouthNew Westminster
    
TRI-CITIES  
CoquitlamPort CoquitlamPort Moody 
    
VANCOUVER  
Metro VancouverVancouver East 
    
NORTH SHORE  
North VancouverWest Vancouver  
    
SOUTH FRASER/RICHMOND  
LadnerTsawwassenRichmond 
    
RIDGE MEADOWS   
Pitt MeadowsMaple Ridge  
    
UP THE COAST/ISLAND  
Bowen IslandSquamishSunshine CoastWhistler
 

Here are the full statistic packages for:

Greater Vancouver

The Fraser Valley (which includes Surrey, North Surrey, South Surrey/White Rock, Cloverdale, Delta, Langley, Abbotsford, Chilliwack, and Mission.)

Below is a link to a graph showing the rise in prices in the Lower Mainland just for resale properties (no new homes) over the last year. This link is live so it will update when the new statistics come in each month. LINK to live graph

Please feel free to contact us if you would like specific information for your sub-area or if you would like a market evaluation of the value of your home.