The West Vancouver residential market is picking up the pace again following a lackluster fall and winter seasons. The latest statistics released by the Real Estate Board for February indicates a Sales-To-Active Ratio of 9%, an increase of almost 4% from the previous month, signifying a return to a more balanced market condition. The MLS HPI Benchmark price also points to an increase in the price of just over 8% from the same period in 2016. In the luxury category (>$5M), there were 3 homes sold with prices above $5M that are directly comparable to Abana’s project and were sold at record prices.
The house price index (HPI) published by National Bank also reports a +1.4% increase in benchmark prices across Vancouver in January. This follows a dip in the index in the latter part of 2016 and is in line the MLS HPI benchmark in predicting a return to the balanced market territory.
With the spring market around the corner, market activity is expected to increase and create a more robust market for single family homes. We remain confident about the single-family market and look forward to providing you with more updates as soon as the fund projects are completed and brought to market.