Vancouver Real Estate Market Update for OctoberPosted on November 16, 2017
In the month of October 2017, we saw historic levels of real estate sales as reported by the Real Estate Board of Greater Vancouver. We also continued to see two very different markets in Vancouver. Let’s take a closer look at some of the numbers.
Overall, there were more than 3000 homes sold in October this year, which is a 7% increase over last month and a stunning 35% increase over October of 2016. As you can imagine, it was a very busy time!
Similar to last month, there were two different markets in Vancouver. First, the market for condos and townhomes is a very strong seller’s market and we’re seeing bidding wars on a regular basis. In fact, we recently sold a property in Yaletown that had a whopping 23 offers come in!
On the other hand, the market for detached homes is balanced and fairly stable. Properties are typically sitting on the market longer with more time for buyers to shop around. Detached homes are currently listed for an average of 41 days, as opposed to only 20 days for apartments.
Right now, the Vancouver real estate market is being driven by affordability and the updated mortgage stress test criteria coming into effect January 1, 2018. Because the new regulations will cut down on buying power, we believe many people are looking to buy before the end of the year. Those who were previously sitting on the fence and only casually searching the market have now ramped up their search while they can still be approved for a larger mortgage.
If you’re thinking about selling your home, we’ll show you how to capitalize on the busy market here in Vancouver before the end of the year. If you want to find a new home before the updated mortgage stress test on January 1, we can help you maximize your buying power. Contact us to set up a complimentary meeting and we’ll answer all of your real estate questions!