Normality returns for Metro Vancouver home sales

Home sales in 2015 and 2016 surged in Metro Vancouver but last year saw a return to more historically normal levels.

The Real Estate Board of Greater Vancouver says that there were 35,993 sales of homes through its MLS in 2017, down almost 10% from a year earlier but almost 10% above the 10-year average.

“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”

The year ended strong with a 17.6% rise in home sales year-over-year to 2,016 in December, 28% higher than November.

The market remains pressured by low inventory with listings for the whole of 2017 down 5.1% from the previous year to 54,655. That is 4.4% below the 10-year average. Although December brought a 44.5% year-over-year rise in new listings to 1,891.

The benchmark price for all property types was up 15.9 across the region in 2017 to $1,050,030. The benchmark price of condos increased 25.9%, with townhomes up 18.5% and detached homes up 7.9%.

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