This month’s Realtor Report, produced by the Real Estate Board of Greater Vancouver has some enlightening numbers, indicating a possible shift into a buyer’s market for detached homes, and a slight decrease in sales numbers for condos and townhomes. Here’s how the numbers break down:
Detached Homes in West Vancouver
The number of sales in this category remained mostly unchanged from the previous month in 2018, although year-over-year, we saw a decrease of 46.9% mimicking the detached market in many of Canada’s larger metro centers. We’ve said it before: increasingly, people are more and more attracted to the condo lifestyle and detached properties just don’t hold the same desirability as they once did.
The benchmark price for detached homes clocked in at $2,944,900, representing a decrease of 2.5% from the previous month in 2018 and a decrease of 5.8% year-over-year. The benchmark price for detached homes is finally starting to slow down – indeed, it’s even decreasing – after climbing steadily since 2006.
Condos in West Vancouver
We saw the number of condo sales decrease slightly from last month, despite an increase in listings. Year-over-year, we saw a decrease of 35% for sales volume, although this year has seen some policy and political events (such as tighter mortgage regulations, interest rates and a foreign buyer’s tax) that have made some buyer hesitant to move forward, so this is to be somewhat expected.
In June, the average benchmark price for condo was $1,286,500 an increase of 10.1% from June of last year and decrease of just .4% from last month. It’s still a relatively balanced market for condos, in terms of the sales-to-active-listing ratio.
Townhomes in West Vancouver
Townhomes seem to be bucking the trend here, holding completely steady in terms of sales numbers since last month and decreasing year-over-year by 40.0%, despite a slight increase in listings. Remarkably, the benchmark price for townhomes has remained virtually unchanged since 2016, with a fairly balanced market.