March was a busy months for the downtown condo market. Here is a detailed breakdown. Let’s take a look at 1 and 2 bedroom resale condo market. No townhouses; no new construction. All graphs go back 3 years.
Average Sales Price
Average Sales Price of ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: $680,250 | -3.0% (change since March 2016)
Downtown VW: $555,303 | +10.1% (change since March 2016)
West End: $532,850 | +22.3% (change since March 2016)
Yaletown: $661,967 | +13.5% (change since March 2016)
Average Sales Price of TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: $1,592,200 | -14.0% (change since March 2016)
Downtown VW: $950,038 | +10.8% (change since March 2016)
West End: $931,133 | -8.0% (change since March 2016)
Yaletown: $1,217,538 | -0.3% (change since March 2016)
Average Percent of Original Price
Average Percent of Original Asking Price for ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 98.7% | -4.2% (change since March 2016)
Downtown VW: 100.5% | -3.7% (change since March 2016)
West End: 103.3% | +0.6% (change since March 2016)
Yaletown: 101.8% | -3.8% (change since March 2016)
Average Percent of Original Asking Price for TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 101.2% | +3.3% (change since March 2016)
Downtown VW: 99.0% | -4.1% (change since March 2016)
West End: 100.0% | -1.4% (change since March 2016)
Yaletown: 100.9% | -0.5% (change since March 2016)
Average Price Per Square Foot
Average Price Per Square Foot for ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: $1,113 | +13.5% (change since March 2016)
Downtown VW: $940 | +14.1% (change since March 2016)
West End: $905 | +24.0% (change since March 2016)
Yaletown: $1,037 | +16.9% (change since March 2016)
Average Price Per Square Foot for TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: $1,480 | +15.4% (change since March 2016)
Downtown VW: $1,010 | +16.6% (change since March 2016)
West End: $938 | +4.5% (change since March 2016)
Yaletown: $1,142 | +6.0% (change since March 2016)
Total Inventory
Total Inventory of ONE bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 11 | +22.2% (change since March 2016)
Downtown VW: 59 | -15.7% (change since March 2016)
West End: 23 | -17.9% (change since March 2016)
Yaletown: 29 | +52.6% (change since March 2016)
Total Inventory of TWO bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 38 | +65.2% (change since March 2016)
Downtown VW: 51 | -5.6% (change since March 2016)
West End: 32 | -22.0% (change since March 2016)
Yaletown: 46 | +27.8% (change since March 2016)
New Listings
New Listings of ONE bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 12 | 0.0% (change since March 2016)
Downtown VW: 62 | -46.6% (change since March 2016)
West End: 31 | +3.3% (change since March 2016)
Yaletown: 38 | -2.6% (change since March 2016)
New Listings of TWO bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 25 | +66.7% (change since March 2016)
Downtown VW: 43 | -29.5% (change since March 2016)
West End: 24 | -38.5% (change since March 2016)
Yaletown: 42 | +10.5% (change since March 2016)
Total Sales
Number of Sales of ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 12 | 0.0% (change since March 2016)
Downtown VW: 58 | -44.8% (change since March 2016)
West End: 29 | -31.0% (change since March 2016)
Yaletown: 30 | -25.0% (change since March 2016)
Number of Sales of TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 5 | -77.3% (change since March 2016)
Downtown VW: 39 | -25.0% (change since March 2016)
West End: 18 | -56.1% (change since March 2016)
Yaletown: 39 | +5.4% (change since March 2016)
Sales to Actives Ratio
Number of Sales of ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 1.091 | -18.2% (change since March 2016)
Downtown VW: 0.983 | -34.5% (change since March 2016)
West End: 1.261 | -15.9% (change since March 2016)
Yaletown: 1.034 | -50.9% (change since March 2016)
Number of Sales of TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)
Coal Harbour: 0.132 | -86.2% (change since March 2016)
Downtown VW: 0.765 | -20.6% (change since March 2016)
West End: 0.563 | -43.7% (change since March 2016)
Yaletown: 0.848 | -17.5% (change since March 2016)
In conclusion, downtown condo market is still very active. On average one bedroom units are selling for over the asking price with multiple offers. The prices for two bedroom units continue “treading water”. We see low inventory levels for both 1 and 2 bedroom units. Overall the market in downtown Vancouver is active this spring season.