Vancouver Real Estate

October 2016 Market Update

Did we mention that the market was becoming increasingly complex last month? It’s even more the case this month. Overall, the market is slower than what we saw in early 2016. The slowest element of our market is detached homes (especially at the high end), which are seeing a slight decline in prices month-to-month, while the number of sales is down and listing inventory levels rise.

Townhouses and apartments have shown more strength in recent months. October saw prices on townhouses slide ever so slightly while apartments rose. Both segments had inventory levels up (most significantly in Westside townhouses) with sales lower (also primarily driven by Westside townhouses).

We continue to maintain a sharp eye on the Active Listing count. This number remains at historically low levels (a sign that the market is holding firm). Sellers seem reluctant to sell in the current market, apparently confident that prices will be higher in the near future. The lower end (<$1,000,000) of our market continues to see relative strength while some bargains can be found at the higher end.

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