Robust demand for townhouses and condos continued to drive the Greater Vancouver housing market in September. The sales to active listings ratios indicate that these product types remain firmly entrenched in a seller’s markets while detached homes remain in the balanced market, as observed for several months now.
Benchmark prices for all residential property types were up month over month. However, townhomes (1.1%) and condos (1.4%) showed much stronger price growth than detached homes. Detached homes showed a negligible price growth of 0.14%. What is more, detached homes are starting to linger on the market for an average of three weeks, which is the longest recorded average since January of this year, while townhomes and condos continue to move briskly at 11 and 10 days respectively.
Overall, demand for residential real estate in the region remained very strong as the number of transactions totalled 2,821 in September 2017, a 25.2 percent increase from the 2,253 sales recorded in the same month last year. This was a 7.3 percent decrease compared to the 3,043 homes sold last month. September’s sales were 13.1 percent above the 10-year September sales average.
Check out our curated summary of the Greater Vancouver Real Estate Board’s September 2017 stats in infographics here.
View the Real Estate Board of Greater Vancouver’s entire stats package for September 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.