Real Estate Blog by Adina
Vancouver Market Update January 2017
Blog by Adina Dragasanu, Personal Real Estate Corporation | February 23rd, 2017
After the slow & uneventful end to 2016, 2017 seems to be off to a stable start. While reported sales were 40% below last year's record high, prices remain up 16% the previous year.
The interesting story with this year seems to be the variance between housing types. While the market as a 'whole' is showing signs of a balance/soft-sellers market, with a Sales to active listings ratio of 21% - this is just an average of two very different submarkets.
What we're really seeing now is an incredibly active Condo & Townhome Market - which is in a hot Sellers Market (multiple offer are still the norm).
While the Detached market continues to lag behing in a Buyers Market. In the Detached market we're also seeing a tale of two markets - where entry level product is selling fast (eg. Westside under $2.75M, Eastside under $1.25M, Suburbs under $1M) while the higher end product is sitting on the market.
Now more than ever it's important to look at the statistics in your specific neighbourhood & price point.