What Happened in the 2017 Vancouver Real Estate Market
The 2017 Vancouver real estate market was another busy year with condominium sales outpacing the detached houses. Affordability is the key factor driving the Vancouver condo sales volume. The benchmark price gap between condos and detached houses in 2017 is approximately 41 percent. This makes it very difficult for condominium owners to sell and trade up to a detached house. This is a contributing factor in the lack of supply of listings for condos and townhouses. The first quarter of 2018 will slightly shift the fundamentals in the real estate market with the new mortgage rules – stress test. This could increase the demand in the already very busy condominium and townhouse market.
I have assembled 5 tables of data that shows where the highest to least activity was in 2017 in relation to property type, location and price. There are some pretty crazy statistics for last year particular in the East Side entry level condo market. Contact me via phone or email if you would like any data on a micro level or if I can be of help with any further questions.
2017 Vancouver West Side Detached Activity
|$ Range||0 – 2m||2m – 3m||3m – 4m||4m – 5m||5m plus|
The Vancouver West Side detached housing market saw good activity up to the three and half million dollar price point. Buyers in this sector moved more cautiously and were sensitive to pricing compared to the condominium market. Overpriced listings received very little if any activity.
2017 Vancouver East Side Detached Activity
|$ Range||0 – 1m||1m – 2m||2m – 3m||3m – 4m||4m plus|
The Vancouver East Side detached house activity for 2017 was an interesting year. Buyers were very cautious; many chose to purchase half duplexes or attached townhouses rather than houses that may have required immediate updating and further expense. Comparing the data between the two, clearly backs up this trend.
*Sales to Active Listings Ratio.
0 – 14% Buyers Market
15% – 20% Balanced Market
21% plus Sellers Market
2017 Downtown Condominium Activity
|$ Range||0 – 500||501 – 1m||1m–1.5m||1.5m-2m||2m – 3m||3m – 5m||5m plus|
The downtown condominium market which encompasses all sub areas (West End, Yaletown, Coal Harbour, Downtown) was a seller’s market up to 3 million dollars. First time buyers saw the most activity in the sub 1-million-dollar range. All of my listings for 2017 priced under 1 million dollars received multiple offers and selling prices over asking mainly because there was not enough listing inventory to meet the demand.
2017 Vancouver West Side Condominium Activity
|$ Range||0 – 500||501 – 1m||1m – 2m||2m – 3m||3m – 4m||4m plus|
The sub 2-million-dollar market was a very strong seller’s market for 2017. The large price gap for a West Side condominium to a detached house is driving the 1 million to 2-million-dollar range with a strong 42 percent sales to active listing ratio.
2017 Vancouver East Side Condominium Activity
|$ Range||0 – 500||501 – 1 m||1m – 2m||2m – 3m||3m plus|
The Vancouver East Side condominium market was extremely busy in 2017 with a seller’s market up to 2 million dollars. I don’t think I have witnessed a 100% sales to active listing ratio for a entire calendar year in all of my 30 years of selling real estate. A lack of affordable housing, high rents and a record low listing inventory drove this sector of the market.
Written by Don Urquhart – Vancouver Real Estate Agent Since 1987 – Mount Pleasant Real Estate