The December stats from the Real Estate Board of Greater Vancouver indicate the expected holiday lull in market activity, however there were some interesting anomalies to note.
As expected sales and new listings were both down month over month, but the total number of completed residential deals was actually 7% higher than the ten-year average for December. As was the case all year, this relatively strong sales performance was observed most dramatically in the multi-family market. Absorption (i.e. Days on Market) for new townhomes was the fastest it had been all year and new condo units continued to sell at the same pace as the month prior. Detached homes, while moving slower than last month, moved faster than the 2017 average.
Benchmark pricing for multi-family products remained strong to finish the year. In Frontline’s core markets of Coquitlam and Burnaby South, the rapid rise in pricing observed throughout 2017 continued and outpaced the rest of the Greater Vancouver market as a whole. This capped off what was an exceptional year for multi-family price appreciation in the suburbs north of the Fraser River.
With big changes in mortgage financing, the new NDP government’s first full budget and a host of other potential policy changes on the horizon, it will be interesting to see what 2018 holds for the Greater Vancouver real estate market.
Check out our curated summary of the Greater Vancouver Real Estate Board’s December 2017 stats in infographics here.
View the Real Estate Board of Greater Vancouver’s entire stats package for December 2017 here.
Please note: areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.