It’s been one year since “foreign buyer’s” tax was introduced in Metro Vancouver. Here is a real estate update for detached housing in Vancouver East and Vancouver West in July 2017. Brand new construction and attached units are excluded form this update.
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Also see “Vancouver Housing Market Update – June 2017“
Average Sales Price
Average Sales Price of detached houses in Vancouver BC in July 2017 (see graph below)
Vancouver East: $1,604,689 | -5.8% (change since July 2016)
Vancouver West: $4,465,498 | +6.3% (change since July 2016)
Average Percent of Original Price
Average Percent of the Original Asking Price of detached homes in Vancouver BC in July 2017 (see graph below)
Vancouver East: 98.7% | -3.5% (change since July 2016)
Vancouver West: 95.5% | -5.3% (change since July 2016)
Total Inventory
Total Inventory of detached homes available in Vancouver BC in July 2017 (see graph below)
Vancouver East: 791 | +23.8% (change since July 2016)
Vancouver West: 728 | +7.2% (change since July 2016)
New Listings
New Listings of detached houses in Vancouver BC in July 2017 (see graph below)
Vancouver East: 248 | -20.3% (change since July 2016)
Vancouver West: 224 | -12.8% (change since July 2016)
Sales
Total Sales of detached houses in Vancouver BC in July 2017 (see graph below)
Vancouver East: 104 | -9.6% (change since July 2016)
Vancouver West: 72 | -30.8% (change since July 2016)
Sales to Actives Ratio
Sales to Active Listings Ratio of detached houses in Vancouver BC in July 2017 (see graph below)
Vancouver East: 0.131 | -27.2% (change since July 2016)
Vancouver West: 0.099 | -35.3% (change since July 2016)
In conclusion, Vancouver housing market is currently a buyer’s market. Inventory levels are a bit high. Sales are slowing down as we head into late summer real estate market. Housing prices in Vancouver are “treading water”.