Condominiums and townhomes in high demand across Metro Vancouver

May 16, 2017

Source: REBGV, read full report here…

Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3 per cent compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100.

April Vancouver real estate report

Residential property sales in the region totalled 3,553 in April 2017, a 25.7 percent decline compared to April 2016 when 4,781 homes sold and a 0.7 per centdecrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 per cent above the 10-year average for the month.

The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5 per cent increase compared to April2016 and a three per cent increase compared to March 2017.

Generally, analysts say that downward pressure on home prices occurs whenthe ratio dips below the 12 per cent mark for a sustained period, while homeprices often experience upward pressure when it surpasses 20 per cent overseveral months.

Over the last three months, the benchmark price of condominiums has seen thelargest increase in the region at 8.2 per cent, followed by townhomes at 5.3 percent, and detached homes at 2.8 per cent.

“It’s important to work with your local Realtor to help you navigate today’smarketplace.” Sales of detached properties in April 2017 reached 1,211, adecrease of 38.8 per cent from the 1,979 detached sales recorded in April 2016. 

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