Month: February 2017

Here is a detailed real estate market breakdown for detached properties. We will look at both East Vancouver and Vancouver Westside. In this real estate update we will concentrate on detached resale properties only. New construction homes as well as townhouses are excluded.

• Also see”Burnaby Housing Market Update – January 2017“

Average Sale Price of detached houses in Vancouver in January 2017 (see graph below)

Vancouver East: $1,393,547 | -7.1% (change since January 2016)

Vancouver West: $3,442,782 | -9.3% (change since January 2016)

 The average sales price of detached properties has been declining since early fall of 2016. However, January 2017 was the first month that the average sales price is lower than a year prior. Both Vancouver East and Vancouver West have lower average sales price as compared to January 2016.

Average Percent of Original Asking Price for the detached houses in Vancouver in January 2017 (see graph below)

Vancouver East: 96.0% | -6.9% (change since January 2016)

Vancouver West: 95.4% | -6.8% (change since January 2016)

Vancouver home sellers in January were selling their houses for 4-6 per cent under the original asking price. It is not unusual for properties to be selling under the asking price.

Total Inventory of detached houses for sale in Vancouver in January 2017 (see graph below)

Vancouver East: 597 | +90.7% (change since January 2016)

Vancouver West: 564 | +13.9% (change since January 2016)

There was more available inventory on the market this January as compared to the past years. Vancouver East has had exceptionally high inventory levels this January.

New Listings of detached houses for sale in Vancouver in January 2017 (see graph below)

Vancouver East: 204 | +1.5% (change since January 2016)

Vancouver West: 287 | -5.9% (change since January 2016)

It is not unusual for January to have lower number of new listings on the market as compared to the rest of the year.

Total Sales of detached houses in Vancouver in January 2017 (see graph below)

Vancouver East: 51 | -46.9% (change since January 2016)

Vancouver West: 36 | -72.5% (change since January 2016)

There were very few sales in January 2017. Some of the lowest sales numbers we’ve seen in a long time.

Sales to Active Listings Ratio of detached houses in Vancouver in January 2017 (see graph below)

Vancouver East: 0.085 | -72.3% (change since January 2016)

Vancouver West: 0.064 | -75.8% (change since January 2016)

Based on sales to active listings ratio Vancouver housing market is a strong buyers market. There is more available inventory than there are active buyers.

In conclusion, the prices have dipped about 8% as compared to January 2016. Vancouver housing market remains a strong buyers market with high inventory levels, especially in East Vancouver.

Here is a first look at the one bedroom condo market in Burnaby BC in January 2017. Let’s take a look at market statistics for one bedroom and studio units (no townhouses). Brand new construction is excluded from the statistics. We will only be looking at resale units.

• Also see “Downtown Vancouver 1 Bedroom Condo Market Update – January 2017“

Average Sales Price for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: $388,204 | +25.5% (change since January 2016)

December 2016: $357,435

Prices continue going up for 1 bedroom condos in Burnaby. The one bedroom market is primarily driven by the first-time buyers. Vancouver prices have gone up beyond the comfort level for a lot of first-time buyers and a lot the buyers have concentrated their search in Burnaby.

Average Percent of the Original Asking Price for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 99.2% | +2.2% (change since January 2016)

December 2016: 97.8%

Sellers of one bedroom units in Burnaby are getting almost 100% of their original asking price. I’ve seen a lot of buyer demand this past month and a lot of units getting multiple offers. 

Average Price Per Square Foot for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: $610 | +27.3% (change since January 2016)

December 2016: $537

Average price per square foot continues going up. We’ve seen a huge increase in the pricing as compared to January of last year. We also see a big increase as compared to 2 months ago (December 2016).

Total Inventory of One Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 51 | -58.5% (change since January 2016)

December 2016: 36

In January 2017 we’ve seen less than half of the available inventory of January 2016. One bedroom units in Burnaby this January were scarce, although an improvement over December 2016.

Total Number of New Listings of One Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 43 | -39.4% (change since January 2016)

December 2016: 18

We’ve have seen a little bit more new inventory on the market this January than we did in December 2016. However, the number of new listings on the market was very low. Nowhere near enough to satisfy current levels of buyer demand.

Total Sales for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 24 | -52.9% (change since January 2016)

December 2016: 21

Due to low the inventory levels we’ve seen very few sales of one bedroom condos in Burnaby last month.

Total Sales for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 0.471 | +13.5% (change since January 2016)

December 2016: 0.54

Not surprisingly one bedroom condo market in Burnaby remains a very strong sellers market. A lot of units have received multiple offers in January 2017.

In conclusion, prices of one bedroom condos in Burnaby continue going up in price. We still see “bidding wars” on some units. One bedroom condo real estate market continues being a strong sellers market. More inventory would definitely bring a little bit of balance to the real estate market and satisfy current buyer demand. Overall a great start for 2017.

Here is a first look and a detailed breakdown of the downtown Vancouver condo market. In this article we’ll be looking at one bedroom (and studio) resale units. Townhouses are excluded from these statistics. Brand new construction is also excluded.

• Also see “DOWNTOWN Vancouver One Bedroom Condo Market Update – Dec 2016“

Average Sales Price of one bedroom condo units in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: $726,686 | +36.2% (change since January 2016)

Downtown VW: $571,742 | +21.6% (change since January 2016)

West End: $458,000 | -0.8% (change since January 2016)

Yaletown: $565,006 | +8.3% (change since January 2016)

For the most part, downtown Vancouver one bedroom condo prices continue to go up. We see great numbers from neighbourhoods like Coal Harbour and Downtown VW. Last month, Coal Harbour had a little “dip” in the prices; it is clear now that it was a market anomaly and not a trend.

Average Percent to Original Price one bedroom condos in downtown Vancouver sold for in January 2017 (see graph below)

Coal Harbour: 95.8% | -3.9% (change since January 2016)

Downtown VW: 99.3% | -4.6% (change since January 2016)

West End: 99.3% | -3.5% (change since January 2016)

Yaletown: 100.1% | -3.9% (change since January 2016)

Across all downtown Vancouver neighbourhoods condos are selling for very close to their original asking prices. From my experience, most units are still receiving multiple offers.

Average Price Per Square Foot for one bedroom condos in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: $1,093 | +27.2% (change since January 2016)

Downtown VW: $919 | +13.6% (change since January 2016)

West End: $757 | +12.5% (change since January 2016)

Yaletown: $1,043 | +25.4% (change since January 2016)

Yaletown and Coal Harbour neighbourhoods have seen the largest increase in the price per square foot as compared to January 2016. Yaletown reached $1,000 per square foot in December 2016 and continues increasing.

Total Inventory of one bedroom condos for sale in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: 14 | -6.7% (change since January 2016)

Downtown VW: 69 | +11.3% (change since January 2016)

West End: 28 | -15.2% (change since January 2016)

Yaletown: 31 | +181.8% (change since January 2016)

We continue seeing record low inventory levels. Low inventory on the marketed paired with a strong buyers’ demand and low interest rates are the primary forces driving downtown condo prices.

New Listings of one bedroom condos for sale in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: 9 | -25.0% (change since January 2016)

Downtown VW: 67 | -5.6% (change since January 2016)

West End: 19 | -32.1% (change since January 2016)

Yaletown: 34 | +100.0% (change since January 2016)

January is usually a slower month for new listings in downtown Vancouver. January 2017 has seen some of the lowest new listing numbers ever.

Total number of one bedroom condos sold in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: 7 | +16.7% (change since January 2016)

Downtown VW: 26 | -29.7% (change since January 2016)

West End: 12 | -14.3% (change since January 2016)

Yaletown: 18 | +5.9% (change since January 2016)

Due to the low inventory levels and a very few new listings on the market, we see low number of the total sales.

Sales to Active Listings Ration of one bedroom condos in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: 0.500 | +25.0% (change since January 2016)

Downtown VW: 0.377 | -36.9% (change since January 2016)

West End: 0.429 | +1.2% (change since January 2016)

Yaletown: 0.581 | -62.4% (change since January 2016)

Based on sales to active listings ratio the one bedroom condo market in downtown Vancouver continues to be a strong sellers market in January 2017.

In conclusion, 2017 started strong for the one bedroom condo market in downtown Vancouver. Prices continue increasing across all downtown neighbourhoods. There was plenty of buyer demand and low levels of inventory in January 2017.