It's Movember! Time for the men to grow out their mustaches for prostate cancer awareness.  The Vancouver real estate market is also still growing! Here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 4,829 properties listed thru the month of October which is down -45.2% from this time last year (October 2014) and down -13.2% from last month (September 2015). 
    If we look into those stats further.... we have 2.2 months of inventory for detached houses and 1.7 months of inventory for attached homes.

  2. Demand: 2,029 properties sold in October which is up +16.1% from this time last year (October 2014) and is up +12.3% from last month (September 2015).

  3. Time:  The average time for a detached house to sell was 13 daysFor attached homes it was 16 days.

  4. Prices:  The average price of detached house is $1,671,486 which is up +23.8% from last year (October 2014) and up +4% from last month (September 2015).  The average price of an attached home is $531,075 which is up +10.1% from last year (October 2014) and down -2.6% from last month (September 2015).

  5. Hottest Areas

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

  • Ladner with an increase of +33.2% to an Average price of $935,000.  There is also just 1 months of supply for detached houses.
  • Tsawwassen with an increase of +31.5% to an Average price of $1,069,000.  There is also just 1.6 months of supply for detached houses.
  • North Vancouver with an increase of +31.1% to an Average price of $1,449,400.  There is also just 1.1 months of supply for detached houses.

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

  • Richmond with an increase of +17.6% to an Average price of $487,250.  There is 3.3 month of inventory for attached homes.
  • the Vancouver Eastside with an increase of +16.5% to an Average price of $428,000.  There is also just 1.8 months of supply of attached homes.
  • the Vancouver Westside with an increase of +16.4% to an Average price of $661,000.  There is also just 2.5 months of supply of condos, townhomes and 1/2 duplexes.
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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