Are you on the fence?
The apartment segment of the market is showing good strength:
- The Greater Vancouver average apartment price was up almost 13% in one year, and a whopping 29% from 2 years ago.
- 828 apartments sold this January, compared to 1,095 one year before, and 808 in January 2015.
- There are fewer apartments for sale now than for most of the past few years.
The numbers for detached houses are not as strong, but not wildly off historic norms:
- The average sale price of a detached home in January was about 16% lower than it was a year ago – but still more than 16% higher than 2 years ago.
- For houses, the number of sales was 453 in Jan. 2017, well below the 1,049 sales in January ’16 and 787 in January ’15.
- At the same time, we see the total number of detached houses for sale is higher than a year ago (4,492 compared to 3,289) but within a couple of percent of the total number that were available in January 2015.
Statistics Source: Real Estate Board of Greater Vancouver
So the only apparent soft spot in our real estate market is in detached houses, especially at the high end of the price range and when compared to the extraordinary sales and prices of one year ago – not so much in historical terms.
Trends vary for different sub-areas and price points.
When it’s time to move, call me for current statistics for any local neighbourhood.