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What do the latest numbers say about our metro Vancouver market?
Our market continues to experience above-average demand and below-average supply.Realtors registered approximately 2,795 sales in this region’s MLS last month, which is up 26% from last November and is 17% above the 10-year sales average for November.
While sales are above average for this time of year, overall supply remains well below our long-term average. The total number of homes currently listed on the MLS is roughly 8,747, which is 35% below November’s 10-year average.
Looking at supply by property type, we see that single-family listings today are 9% below the 10-year average, while condominium listings are down 60%,and townhomes are down 26%.
This constrained supply coupled with heightened demand is causing price increases in our market, particularly for condos and townhomes. In the last 12 months, detached homes have increased 6%, townhomes have increased 17%, and condos increased 23%.
What’s driving these increases? The answer lies in a variety of factors. Our provincial population and economy are growing, interest rates remain low, the baby boomer generation is downsizing, millennials are entering their household-forming years, and foreign buyers continue to see this region as a desirable investment.
We’ll continue to watch these trends closely in the new year. In the meantime, if you have any questions or are thinking of buying or selling home in our market, don’t hesitate to reach out to us.
Lastly, we want to wish you a happy, healthy, prosperous 2018!