North of the Fraser Residential Real Estate: November 2017 Infographic
Strong demand for multi-family product continues to drive the housing market in Greater Vancouver as 2017 comes to a close. In total, multi-family transactions accounted for 70% of residential transactions recorded by the MLS in November.
The Real Estate Board of Greater Vancouver reported a total of 2,795 transactions in November 2017, which is an increase of over 26% over November last year and about 7.5% less than the 3,022 homes sold in October 2017. The 2,795 sales were comprised of: 841 detached home transactions, 446 townhome transactions and 1,508 condo transactions.
A total of 4,109 properties were listed on the MLS at the end of November which is a 30.6% increase over the 3,147 homes listed at the same time last year. While this is a considerable increase in available supply, REBGV maintains that there is still a considerable gap to be bridged before current demand for residential properties in the region can be satiated.
Across the region, benchmark prices increased modestly for both townhome (0.3%) and condo (1%) properties while the benchmark price for detached properties dipped slightly (-0.1%) month over month. In Coquitlam, one of Frontline’s core markets, benchmark price appreciation outpaced the Greater Vancouver market for all three residential product types. Detached homes increased by 0.5%, townhomes increased by 1.1% and condos increased by 1.4%.
With new mortgage financing rules, rapidly rising construction costs and potential further government intervention looming on the horizon, stakeholders in the local development community have much to consider heading into 2018. However, despite the doom and gloom portrayed in the news cycle, the stats for November indicate a typical winter market and should generate some cautious optimism as the year comes to an end.
View the Real Estate Board of Greater Vancouver’s entire stats package for November 2017 here.
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.
