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How is the Housing Market Changing? Take 2.

October 22, 2017 by Editor

I took a look a the housing market in August and our expectation in the coming years. Last time I expected that the condos and townhouses would be in demand as the only practical alternative in today’s housing market. 

Changing Housing MarketThis graph shows residential property sales in Greater Vancouver over the past 4 Septembers.

The number of apartment sales, and the number of townhouse sales, have been remarkably consistent for the period shown, with a small dip in 2016.*

But the number of house sales has fallen quite a bit in the last couple of years.

At the same time, the total number of homes listed for sale has risen slightly (up just 1.2% from the end of September a year ago).

Interestingly, Benchmark house prices are holding quite steady in spite of the lower sales volume, up only 2.9% in a year, while townhouses are up almost 15% and apartments up well over 20%.

See my posting last month for more details on these two distinct housing markets in Greater Vancouver. 

NOTE that these stats from the Real Estate Board of Greater Vancouver do not include sales or pre-sales of new condos sold direct by developers, bypassing the MLS® system. Benchmark prices of a “typical” home.

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Filed Under: Real Estate Perspective

The News – and the Reality: Trends Affecting Real Estate

November 21, 2018

One of the most popular activities in the daily news cycle seems to be forecasting the future of real estate. And it’s not uncommon to see wildly opposing views on where the market is headed, and when it might get there. This month’s post explores the news — and the reality.

Read More

The Changing Market – What Does That Really Mean?

October 22, 2018

After several years where home sellers had a market advantage, now buyers have more selection, more time to make good decisions, and their dollar buys more house than it used to.

Read More

Great Opportunities for Trading Up or Down…If You Qualify

October 9, 2018

Talk to a mortgage broker if you plan to move. There is still a strong demand for housing especially in retirement and recreational properties.

Read More

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Shannon Realty

Suite 207 5740 Cambie St.,
Vancouver, BC. V5Z 3A6
1-604-649-6058

Email: jeff@shannonrealty.ca

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