Over View:
Vancouver Regional real estate housing market has been stable throughout the winter and early spring months. Recently however the market appears to be changing, showing signs of less predictability due to:
- Inventory being up
- Prices climbing depending upon location
The tendency in the previous year was many properties selling below assessed values.
Most municipalities in the Lower Mainland (with some exceptions) remain over supplied with Single family homes, Townhouses & Apartments.
Real Estate Board Statistics Indicate:
- Approximately 22,200 Properties for sale in GVR
- Single Family Homes 9,800
- Townhouses & Apartments 11,500
- Land Listings 900
This represents a 20% increase in the total number of listings from February of this year
Detached and Attached sales:
- Approximately 2,271 over the past 30 days (absorption rate of 9.5 months which is a market increase from 3 months ago when it was 7)
- Sales volume over last 30 days is down 40% over last months as well as 40% down over same period last year
- Average sale volume over the last 3 months drop of 6%
Pricing:
A property prices in Greater Vancouver Regional District has had a slight market shift over the early year activity.
- Vancouver West Side – Down 5%
- Vancouver East Side – Up 5%
- Burnaby – Up 5%
- Coquitlam – Up 8%
- Port Coquitlam – Down 1%
- Ladner – Down 18% (small Sampling)
- Maple Ridge – Up 2%
- North Vancouver – Up 15%
- West Vancouver – Up 3%
- New Westminster – Up 2%
- Port Moody – Down 3%
- Richmond – Down 5%
- Tsawwassen – Up 18% (small sampling)
- Pitt Meadows – Up 1.5%
- North Delta – Down 4%
- North Surrey – Down 4%
- Central Surrey – Unchanged
- Cloverdale – up 2%
- South Surrey / Whit Rock – Up 10%
- Langley – Up 2%
- Abbotsford – Up 4%
- Mission up 8%
ABSORPTION:
Absorption Rate in the real estate market is up substantially since February 2014 in almost all categories and municipalities in Greater Vancouver with some exceptions:
- Vancouver West Side Detached 9.5 Months – Attached 8 Months – both up
- Vancouver East Side Detached 4 months – down slightly attached up at 7 months
- North Vancouver Detached Down a bit at 4.5 months – Attached up at 9 months
- New Westminster unchanged at 4.5 months for detached and attached up at 9.5
- Burnaby detached up 8.5 months attached up 8 months
- Coquitlam 6 months detached unchanged –Attached up a lot to 12 months
- Ladner / Tsawwassen detached and attached both down to 6.5 months and 8 months
- Maple Ridge Detached unchanged at 12 months Attached up 18 months
- Pitt Meadows Detached up 8 months attached up 13.5 months
- Port Moody detached up 7 months attaché 5 months
- Port Coquitlam detached down 2.5 attached up 9.5
- Richmond Detached and attached 12 months
- West Vancouver Detached up 10 months attached up 14 months
- North Delta Detached and attached 8 months
- North Surrey Detached d 12.5 attached 24
- Central Surrey Detached and Attached both increased 16 & 14 Months
- Cloverdale detached down 6.5 attached up 12.5
- South Surrey / White Rock detached and attached up 11.5 & 12.5 months
- Langley detached 8 months attached up 9.5
- Abbotsford detached and attached up 10 & 15 Months
- Mission Detached and attached up 15 & 18 months
For the full article from Macintosh Appraisals email me jeff@yourequity.ca and I will provide you a copy.
