The Real Estate market is not taking a winter break here in Metro Vancouver... it is still going strong! Here are 5 things that are important to know about the real estate market in Metro Vancouver: 

  1. Supply:  We had 4,041 properties listed thru the month of November which is down -57% from this time last year (November 2014) and down -19.5% from last month (October 2015). 

    Currently we have 2.1 months of inventory for detached houses and 2  months of inventory for attached homes (condos, townhouses and 1/2 duplex).

  2. Demand: 1,941 properties sold in November which is up +38% from this time last year (November 2014) and is only 88 less than October.

  3. Time:  The average time for a detached house to sell was 18.6 days and for attached homes it was 22.1 days.

  4. Prices:  The average price of detached house is $1,708,857 which is up +29% from last year (November 2014) and up +2.2% from last month (October 2015)
    The average price of an attached home is $499,469
    which is -.5% less than last year (November 2014) and -6.3% from last month (October 2015).

  5. Hottest Areas

For Detached houses, the following areas saw the largest price increases from this time last year (November 2014):

  • North Vancouver with an increase of +38.9% to an Average price of $1,500,000.  There is also just 1.25 months of supply for detached houses
  • West Vancouver with an increase of +37.4% to an Average price of $2,720,000.  There is currently 4.2 months of supply for detached houses.
  • Vancouver Eastside with an increase of +36.3% to an Average price of $1,310,000.  There is also just 2.0 months of supply for detached houses.

For Attached homes, the following areas saw the largest price increases from this time last year (November 2014)

  • the Vancouver Westside with an increase of +29.6% to an Average price of $640,000.  There is also just 2.1 months of supply of condos, townhomes and 1/2 duplexes.
  • the Vancouver Eastside with an increase of +15% to an Average price of $425,000.  There is also just 1.6 months of supply of attached homes.
  • Downtown Vancouver with an increase of +12.4% to an Average price of $615,000.  There is also just 1.4 months of supply of condos & townhouses.

    If you have any questions about the market in your neighbourhood or need assistance in planning your next real estate move, please feel free in calling me or simply fill out our contact form.
Posted by Tony Cikes on

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