Demand for multi-family product continued to drive the Greater Vancouver residential market in October. Overall residential sales continue to outpace historical norms, at least 30% more units traded across all property types when compared to the same time period last year, but significantly more completed deals are coming from an increasingly tight supply of apartments and townhomes. REBGV reports that there were a total of 3,022 residential property sales in October of which 940 were detached homes, 1,532 were apartments and 550 were attached or townhouse properties, this equates to nearly 69% of transactions being of multi-family product.
Benchmark prices for condo and townhouse forms continued to accelerate in October with lifts of 2.0% and 1.0% respectively, a consistent pace with what has been observed since the beginning of 2017. In one of our core markets, Coquitlam, the HPI price of a townhouse is now $650,600 which is an increase of $102,500 from the HPI price reported in January of 2017, and the HPI price of an apartment in the same market has increase by $108,400. In October, The HPI price for a detached home fell by 0.5% compared to September 2017. This slight decrease is due to an increase in available inventory which continues to offer buyers with more selection and negotiating clout when looking for a home.
Despite the modest decrease in benchmark pricing and increase in available inventory of detached homes, these properties continue to be out of reach for many purchasers. The federal government’s plans to further tighten mortgage requirements will undoubtedly contribute to this inaccessibility and result in even more demand, and potential price increases, for well-located townhouses and apartments across Greater Vancouver in 2018.
Check out our curated summary of the Greater Vancouver Real Estate Board’s October 2017 stats in infographics here.
View the Real Estate Board of Greater Vancouver’s entire stats package for October 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.