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Low supply continues to limit Metro Vancouver home buyers

 

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.

 

Last month’s sales were 7.7 per cent below the 10-year February sales average.

 

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.

 

This is the lowest number of new listings registered in February since 2003.

 

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).

 

The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.

 

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.

 

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.

 

Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.

 

For a full stats package for your neighbourhood email me @ lowermainlandproperty@gmail.com

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Commercial real estate sales reach a five-year high in the Lower Mainland

Demand for land helped commercial real estate sales and dollar volume reach five-year highs in the Lower Mainland in 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

There were 2,848 commercial real estate sales in the Lower Mainland in 2016, a 21 per cent increase over the 2,353 sales in 2015.

Commercial real estate sales in 2016 were 29.7 per cent above the region’s five-year sales average.

The total dollar value of commercial real estate sales in the Lower Mainland was $12.990 billion in 2016, a 47.4 per cent increase from the $8.815 billion total in 2015.

“We saw steady activity across the commercial real estate market in 2016,” said Dan Morrison, REBGV president. “It’s no surprise that land sales had the largest increase last year given the supply shortages we’re experiencing in our residential and commercial markets today.”

2016 activity by category

Land: There were a record 1,177 commercial land sales in 2016, which is a 41 per cent increase from the 835 land sales in 2015. The dollar value of last year’s land sales was $7.202 billion, an 81.3 per cent increase over $3.973 billion in 2015.

Office and Retail: There were a record 918 office and retail sales in the Lower Mainland in 2016, which is up 12.8 per cent from the 814 sales in 2015. The dollar value of last year’s office and retail sales was $3.621 billion, a 46.9 per cent increase over $2.466 billion in 2015.

Industrial: There were 612 industrial land sales in the Lower Mainland in 2016, which is up 9.9 per cent over the 557 sales in 2015. The dollar value of last year’s industrial sales was $1.067 billion, a 3.4 per cent increase over $1.032 billion in 2015.

Multi-Family: There were 141 multi-family land sales in the Lower Mainland in 2016, which is down 4.1 per cent over the 147 sales in 2015. The dollar value of last year’s multi-family sales was $1.100 billion, an 18.2 per cent decrease from $1.345 billion in 2015.

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