August 2017 Market Update

As summer comes into full effect, the market is behaving pretty much as expected. Listing inventory is still tight in the city while sales are steady. Multiple offers are more common in the lower price ranges where the demand is still the highest. Condominium prices are up 10-20% in the past 12 months depending on the location in Vancouver, with the Eastside seeing the biggest increases. The dip in detached values in the second half of 2016 has flipped around with median prices pretty much back to where they were a year ago, except in the luxury market. August will probably see even less new listings and fewer sales than July, with prices likely to hold at current levels. September typically sees an increase in new listings so it will be interesting to see how many buyers are in the market at the time. If it follows the pattern of last year, the 4th quarter could be the best time to buy this year.