Month: March 2017

Burnaby BC Condo Market Update – February 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics, Tips

Here is a detailed breakdown of Burnaby BC condo market for February 2017. We will look at both 1 and 2 bedroom units. Townhouses and detached properties are not included in the statistics. Only resale properties are accounted for; no new construction.

Average Sales Price for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $373,057 | +17.3% (change since February 2017)

Average Sales Price for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $571,335 | +20.6% (change since February 2017)

Average Percent of Original Price for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 99.8% | +1.8% (change since February 2017)


Average Percent of Original Price for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 99.9% | +0.9% (change since February 2017)

 

 

Average Price Per Square Foot for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $582 | +13.9% (change since February 2017)

Average Price Per Square Foot for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $576 | +13.8% (change since February 2017)

 

 

Total Inventory of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 61 | -46.0% (change since February 2017)

Total Inventory of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 136 | -40.4% (change since February 2017)

 

 

New listings of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 55 | -20.3% (change since February 2017)

New listings of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $388,204 | +25.5% (change since February 2017)

 

 

Total Sales of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 40 | -42.0% (change since February 2017)

Total Sales of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 72 | -36.8% (change since February 2017)

 

 

Sales to Active Listings Ratio of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 0.656 | +7.4% (change since February 2017)

Sales to Active Listings Ratio of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 0.529 | +5.8% (change since February 2017)

 

In conclusion, Burnaby condo market is still a very strong sellers market. We see a very strong buyer demand for both 1 and 2 bedroom units. Low inventory demand and hight buyer demand are driving the market. Many condos are still selling with multiple offers and over the asking price.

What you need to know about Burnaby housing market – February 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics

Here is a detailed breakdown of Burnaby BC housing market for February 2017. We will only look at resale detached houses; no new construction; no townhouses.

Average Sales Price of Houses in Burnaby in February 2017 and for the past 3 years (see graph below)

Burnaby: $1,634,617 | +0.2% (change since February 2016)

January 2017: $1,498,939

There is a slight improvement in the average sales price as compared to January 2017. However, it’s to early to tell.

Average Percent of Original Asking Price for houses in Burnaby in February 2017 and for the past 3 years (see graph below)

Burnaby: 95.9% | -11.6% (change since February 2016)

January 2017: 90.8%

On average houses were sold for about 4-5% under the original asking price.

Average Amount of Time it Took to Sell a House in Burnaby  in February 2017 and for the past 3 years (see graph below)

Burnaby: 39 | +143.8% (change since February 2016)

January 2017: 68

Average length of time for the sale of a detached house in Burnaby was just over a month. That number is consistent with what we’ve seen over the last 10 years.

Total Inventory of Houses for Sale in Burnaby in February 2017 and for the past 3 years (see graph below)

Burnaby: 373 | +47.4% (change since February 2016)

January 2017: 344

We are reaching the 10 year inventory average for this season. Last year there were unusually low levels of inventory.

New Listings of Houses for Sale in Burnaby BC in February 2017 and for the past 3 years (see graph below)

Burnaby: 139 | -41.4% (change since February 2016)

January 2017: 160

Total Sales in February 2017 and for the past 3 years (see graph below)

Burnaby: 48 | -66.0% (change since February 2016)

January 2017: 39

The total sales are still lower than the 10 year average.

Sales to Active Listings Ratio in February 2017 and for the past 3 years (see graph below)

Burnaby: 0.129 | -76.8% (change since February 2016)

January 2017: 0.11

Based on the sales to active listings ratio Burnaby housing market is currently “balanced” market. However, it’s very close to being a “buyers market”.

In conclusion, Burnaby housing market is a balanced market with average inventory levels. The average sales price over the last few months has been about the same.

Vancouver Housing Real Estate Market Update – February 2017

Oleg For Buyers, For Sellers, Market update, News, Statistics

Here is a detailed real estate market update for detached houses in Vancouver BC. We will only focus on detached housing market; no townhouses or condo units are included. In this market update we will only discuss resale houses; new construction houses are excluded.

Average Sale Price of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: $1,488,371 | -2.8% (change since February 2016)

Vancouver West: $3,704,774 | -0.3% (change since February 2016)

The average sales price in both Vancouver East and Vancouver West are is lower than the same time last year. However, there is a slight improvement as compared to January 2017.

 

Average Percent of Original Price of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 96.9% | -8.8% (change since February 2016)

Vancouver West: 95.9% | -7.8% (change since February 2016)

Houses are selling about 4-5% under the original asking price. A bit lower than usual.

 

Total Inventory of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 634 | +80.6% (change since February 2016)

Vancouver West: 568 | -2.4% (change since February 2016)

We are experiencing a little higher than usual inventory levels for this season.

 

Number of New Listings of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 170 | -29.8% (change since February 2016)

Vancouver West: 163 | -57.2% (change since February 2016)

The number of new listings in February 2017 was a bit low for the season. That’s good news for the sellers as inventory levels are still a little high. Limited number of new listings could tip the scale in the favour of sellers in the upcoming months.

 

Total Number of Sales of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 82 | -46.8% (change since February 2016)

Vancouver West: 92 | -56.8% (change since February 2016)

Sales of detached houses in Vancouver in February 2017 were lower than usual for the season.

 

Sales to Active Listings Ratio for the detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 0.129 | -70.6% (change since February 2016)

Vancouver West: 0.162 | -55.7% (change since February 2016)

Based on sales to actives ratio data, Vancouver detached housing market is still a buyers market.

In conclusion, the prices of detached properties in Vancouver have increased since January 2017. However the prices as compared to the same time last year are down. We are still in the buyers market with properties selling 4-5% under the original asking price. Inventory levels are a little high, but they are levelling off because of the limited supply of new listings.

Downtown Vancouver Condo Market Real Estate Update – February 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, News, Statistics

Here is a look at the Downtown Vancouver condo market in February 2017. We will be looking at resale condo units only. No townhouses; no new construction. This real estate update will focus on one bedroom and two bedroom condo units separately. All graphs are for the past 3 years.

Average Sales Price of one bedroom condo units in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: $703,091 | +0.7% (change since February 2016)

Downtown VW: $546,065 | +6.6% (change since February 2016)

West End: $493,580 | +16.9% (change since February 2016)

Yaletown: $627,750 | +16.5% (change since February 2016)

Average Sales Price of Two bedroom condo units in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: $1,394,667 | +2.7% (change since February 2016)

Downtown VW: $1,007,063 | +1.9% (change since February 2016)

West End: $1,318,824 | +45.4% (change since February 2016)

Yaletown: $1,216,676 | +18.9% (change since February 2016)

 

 

Average Percent to Original Price one bedroom condos in downtown Vancouver sold for in February 2017 (see graph below)

Coal Harbour: 99.1% | -2.4% (change since February 2016)

Downtown VW: 101.0% | -3.7% (change since February 2016)

West End: 100.2% | -2.3% (change since February 2016)

Yaletown: 99.7% | -5.2% (change since February 2016)

Average Percent to Original Price two bedroom condos in downtown Vancouver sold for in February 2017 (see graph below)

Coal Harbour: 97.9% | -1.8% (change since February 2016)

Downtown VW: 98.4% | -3.4% (change since February 2016)

West End: 98.7% | -3.4% (change since February 2016)

Yaletown: 97.4% | -5.9% (change since February 2016)

 

 

Average Price Per Square Foot for One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: $1,034 | +8.0% (change since February 2016)

Downtown VW: $931 | +12.8% (change since February 2016)

West End: $837 | +26.6% (change since February 2016)

Yaletown: $1,097 | +24.7% (change since February 2016)

Average Price Per Square Foot for Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: $1,303 | +17.2% (change since February 2016)

Downtown VW: $1,011 | +8.5% (change since February 2016)

West End: $1,052 | +24.3% (change since February 2016)

Yaletown: $1,115 | +17.6% (change since February 2016)

 

 

Total Inventory of One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 14 | +55.6% (change since February 2016)

Downtown VW: 63 | -1.6% (change since February 2016)

West End: 27 | -37.2% (change since February 2016)

Yaletown: 32 | +60.0% (change since February 2016)

Total Inventory of Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 24 | -27.3% (change since February 2016)

Downtown VW: 59 | +9.3% (change since February 2016)

West End: 32 | -30.4% (change since February 2016)

Yaletown: 49 | +22.5% (change since February 2016)

 

New Listings of One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 12 | +33.3% (change since February 2016)

Downtown VW: 56 | -44.0% (change since February 2016)

West End: 31 | -26.2% (change since February 2016)

Yaletown: 33 | -8.3% (change since February 2016)

 

 

New Listings of Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 10 | -37.5% (change since February 2016)

Downtown VW: 31 | -53.7% (change since February 2016)

West End: 16 | -61.0% (change since February 2016)

Yaletown: 40 | 0.0% (change since February 2016)

 

 

Total Sales of One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 11 | -21.4% (change since February 2016)

Downtown VW: 52 | -40.9% (change since February 2016)

West End: 30 | -3.2% (change since February 2016)

Yaletown: 28 | +7.7% (change since February 2016)

Total Sales of Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 12 | -33.3% (change since February 2016)

Downtown VW: 30 | -36.2% (change since February 2016)

West End: 17 | -37.0% (change since February 2016)

Yaletown: 25 | -30.6% (change since February 2016)

 

 

Sales to Active Listings Ratio for One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 0.786 | -49.5% (change since February 2016)

Downtown VW: 0.825 | -40.0% (change since February 2016)

West End: 1.111 | +54.1% (change since February 2016)

Yaletown: 0.875 | -32.7% (change since February 2016)

Sales to Active Listings Ratio for Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 0.500 | -8.3% (change since February 2016)

Downtown VW: 0.508 | -41.6% (change since February 2016)

West End: 0.531 | -9.5% (change since February 2016)

Yaletown: 0.510 | -43.3% (change since February 2016)

 

In conclusion, prices for both one and two bedroom condos are up across all four downtown neighbourhoods. The inventory is still at very low levels. One bedroom condo market as well as two bedroom condo market in downtown are seller markets.