Shannon Realty

Living and Selling Greater Vancouver

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May Home Sales 3rd Highest on Record

June 18, 2017 by Editor

Any remaining market uncertainty following last year’s series of events that combined to cause a distinct slowdown in real estate sales seems to have dissipated. May home sales in Metro Vancouver were the 3rd highest on record for May, a full 23.7% above the 10-year average for the month.

One key indicator of activity and trends is the ratio of home sales to the total number of listings available for sale.

A rule of thumb is that if this ratio holds at or above 20%, there will be upward pressure on prices. A 20% sales-to-listings ratio means that 20% of the homes available for sale in a given month were sold.

In Greater Vancouver, we are currently sitting at an overall ratio of 53.4%, with the May numbers once again heavily skewed to multi-family:

  • Detached houses: 31%
  • Townhouses: 76.1%
  • Apartments: 94.6%

It’s not surprising given that sort of sales pressure that condos are often seeing multiple offers, and prices for all categories of housing are continuing to increase.

Call me when you need more detailed market information, so you can make the best decisions about your housing needs.

North Vancouver Market Trends

Benchmark price of a typical home.

Benchmark price of a “typical” home.

Here we are a year after the 2016 market peak – before it started to cool last summer, before the Foreign Buyer’s tax, before the mortgage rule changes.

And what do we see?

Benchmark Prices for all types of homes are higher than a year ago, and the number of sales almost matching last spring’s pace.

Most REALTORS® feel that the number of sales would be even higher if there were more homes available for sale.

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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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