How’s the market? Here’s the September SnapStats!Posted on October 05, 2016
Metro Vancouver home prices have once again shown a year over year increase! The MLS® Home Price Index notes a benchmark price for all residential properties in Metro Vancouver at $931,900, an increase of 28.0% over September 2015, and only a 0.1% decrease over August 2016 numbers.
However, the total number of homes sold over September 2015 was down 32.6%; 2,253 sales vs. 3,345 sales respectively.
Last month’s sales were 9.6% below the 10 year sales average for the month, the first time this has occurred since May of 2014 in the Metro Vancouver area.
“We’re seeing more demand for condominiums and town-homes today than in the detached home market,” Dan Morrison, President of the Real Estate Board of Greater Vancouver said. “Supply and demand conditions differ today depending on property type.”
New listings in September increased 11.8% over the previous month to a total of 4,799 units listed on market. There is a total number of 9,354 homes currently listed for on the MLS® system in Metro Vancouver, which is a 10% increase over August 2016.
The increase in homes on the market is partially a result of new regulations that have been brought in by CMHC, which are slated to take effect on October 17th. These conditions have the potential to result in a 20% decrease in purchasing power for buyers.
To help navigate these new changes, please reach out to us at Gary Serra & Associates at 604.779.3160 or email at email@example.com.
Click here to see the September SnapStats!