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.