Vancouver Real Estate Market Statistics – November 2017

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Westside and Eastside listings and sales in November 2017.

Vancouver West

In the Vancouver Westside, there were 84 sales of detached homes and 796 active listings at the end of the month. The benchmark sale price was $3,573,700, with an average days on market of 47. The hottest market for sales was Dunbar with 15 sales.

In comparison, the condo market had 381 sales, 717 active listings and a benchmark sale price of $811,200 with an average of 22 days on market. The hottest market for sales was Downtown VW, 87 sales.

Townhome sales were 40, active listings were 128. The benchmark sale price was $1,268,200 with an average days on market of 16. Kitsliano with 14 sales was the hottest market of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_November2017_VanWest

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Government housing market measures hurting, not helping first-time buyers, says Macdonald Realty | Vancouver Sun

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A one-bedroom condo at 1565 W 6th Avenue in Vancouver listed for $698,000. The overheated entry-level home buying market is being caused by conflicting initiatives from various levels of government, says Dan Scarrow. SUPPLIED

The federal government’s tougher mortgage lending rules and the British Columbia government’s affordable housing measures are working against each other. Ultimately, these moves will hurt first-time buyers the most, says a senior real estate executive with a leading Vancouver-based firm.

Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, says it wants to reduce the risk of mortgage defaults due to high levels of household debt. But applying stricter lending guidelines is making it more difficult for home buyers to access mortgage funds, says Dan Scarrow, vice-president at Macdonald Realty.

Last year, the former Liberal provincial government offered first-time home buyers help in covering the cost of a mortgage down payment with an interest-free loan of up to $37,500 that is payment-free for the first five years, Scarrow said, adding the new NDP government says it wants to continue the program for the time being.

These initiatives, on top of government intervention with the 15 per cent foreign buyers’ tax introduced last year and two interest rate hikes this year, are causing major market distortions, such as overheated entry-level home buying and a cooling of the higher priced homes in Vancouver, he said.

Over the past year, MLS statistics show that the benchmark price for a single-family home in greater Vancouver rose only 2.9% to $1,617,300 while condo prices soared 21.7% to a benchmark price of $635,800.

In the end, all these initiatives are hurting the very people that various levels of government are trying to help, says Bill Dick, managing broker for Macdonald Realty.

“Since many of the government reforms have been implemented, the top end of the market has softened while the entry level has performed extremely well,” he said.

While Macdonald Realty realizes there is a place for some government intervention in the housing market, it is against the mortgage regulation changes that it sees as unnecessary, especially considering that Canadian banks have long been recognized globally for managing their business well.

“The regulators have arbitrarily insisted that buyers undergo stress testing that artificially limits the amount that they can borrow, making it harder for first-time buyers to compete with already wealthy landowners,” Scarrow says. “The banks have their own risk assessment and they have made the determination that these are acceptable risks and returns that they are willing to take.”

Macdonald Real Estate Group employs more than 1,000 people in over a dozen real estate offices across British Columbia. Last year, sales volume exceeded $8.9 billion while assets under management grew to over $5 billion.


This story was created by Content Works, Postmedia’s commercial content division, on behalf of Macdonald Realty. The article was originally posted on vancouversun.com November 6, 2017. Written by Michael Bernard.

Vancouver Real Estate Market Statistics – October 2017

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Westside and Eastside listings and sales in October 2017.

Vancouver West

In the Vancouver Westside, there were 108 sales of detached homes and 852 active listings at the end of the month. The benchmark sale price was $3,626,300, with an average days on market of 49. The hottest market for sales was Dunbar with 16 sales.

In comparison, the condo market had 393 sales, 769 active listings and a benchmark sale price of $806,500 with an average of 21 days on market. The hottest market for sales was Downtown VW, 90 sales.

Townhome sales were 45, active listings were 136. The benchmark sale price was $1,265,100 with an average days on market of 29. Kitsliano with 15 sales was the hottest market of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_October2017_VanWest

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Vancouver Real Estate Market Statistics – September 2017

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Westside and Eastside listings and sales in September 2017.

Vancouver West

In the Vancouver Westside, there were 74 sales of detached homes and 871 active listings at the end of the month. The benchmark sale price was $3,653,500, with an average days on market of 59. The hottest market for sales was Dunbar with 12 sales.

In comparison, the condo market had 403 sales, 757 active listings and a benchmark sale price of $796,100 with an average of 26 days on market. The hottest market for sales was Downtown VW, 96 sales.

Townhome sales were 58, active listings were 129. The benchmark sale price was $1,265,100 with an average days on market of 29. Fairview VW and Kitsliano with 12 sales each were the hottest markets of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_September2017_VanWest

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Vancouver Real Estate Market Statistics – August 2017

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Westside and Eastside listings and sales in August 2017.

Vancouver West

In the Vancouver Westside, there were 52 sales of detached homes and 789 active listings at the end of the month. The benchmark sale price was $3,654,500, with an average days on market of 36. The hottest market for sales was Dunbar with 12 sales.

In comparison, the condo market had 407 sales, 698 active listings and a benchmark sale price of $787,400 with an average of 21 days on market. The hottest market for sales was Downtown VW, 103 sales.

Townhome sales were 47, active listings were 136. The benchmark sale price was $1,254,200 with an average days on market of 22. Fairview VW and Kitsliano with 11 sales each were the hottest markets in August.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_August2017_VanWest

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Vancouver Real Estate Market Statistics – July 2017

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Westside and Eastside listings and sales in July 2017.

Vancouver West

In the Vancouver Westside, there were 74 sales of detached homes and 768 active listings at the end of the month. The benchmark sale price was $3,666,200, with an average days on market of 36. The hottest markets for sales were Dunbar and South Granville with 9 sales each.

In comparison, the condo market had 397 sales, 797 active listings and a benchmark sale price of $783,700 with an average of 17 days on market. The hottest market for sales was Downtown VW, 100 sales.

Townhome sales were 40, active listings were 146. The benchmark sale price was $1,232,000 with an average days on market of 14. Fairview VW with 9 sales was the hottest market in July.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_July2017_VanWest

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Vancouver Real Estate Market Statistics – June 2017

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Westside and Eastside listings and sales in June 2017.

Vancouver West

In the Vancouver Westside, there were 114 sales of detached homes and 744 active listings at the end of the month. The benchmark sale price was $3,627,200, with an average days on market of 29. The hottest markets for sales were Dunbar and Kitsilano with 17 sales each.

In comparison, the condo market had 462 sales, 685 active listings and a benchmark sale price of $772,900 with an average of 17 days on market. The hottest market for sales was Downtown VW, 96 sales.

Townhome sales were 61, active listings were 119. The benchmark sale price was $1,211,600 with an average days on market of 19. Fairview VW with 14 sales was the hottest market in June.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_June2017_VanWest

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Vancouver Real Estate Market Statistics – May 2017

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Westside and Eastside listings and sales in May 2017.

Vancouver Westside

In the Vancouver Westside, there were 188 sales of detached homes and 635 active listings at the end of the month. The benchmark sale price was $3,588,300, with an average days on market of 42. The hottest market for sales was Kitsilano with 25 sales.

In comparison, the condo market had 528 sales, 664 active listings and a benchmark sale price of $737,500 with an average of 20 days on market. The hottest market for sales was Downtown VW, 112 sales.

Townhome sales were 67, active listings were 110. The benchmark sale price was $1,154,200 with an average days on market of 24. Kitsilano with 19 sales was the hottest market in May.

It’s a seller’s market for all product types.

MarketHotSheet_May2017_VanWest

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Vancouver Real Estate Market Statistics – April 2017

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Westside and Eastside listings and sales in April 2017.

Vancouver Westside

In the Vancouver Westside, there were 111 sales of detached homes and 627 active listings at the end of the month. The benchmark sale price was $3,495,800, with an average days on market of 51. The hottest market for sales was Dunbar with 18 sales.

In comparison, the condo market had 441 sales, 641 active listings and a benchmark sale price of $718,400 with an average of 21 days on market. The hottest market for sales was Downtown VW, 101 sales.

Townhome sales were 57, active listings were 114. The benchmark sale price was $1,124,600 with an average days on market of 21. Fairview VW with 13 sales was the hottest market in April.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_April2017_VanWest

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Vancouver Real Estate Market Statistics – March 2017

Here are the latest real estate market statistics from Macdonald Realty on Vancouver West and Vancouver East listings and sales in March 2017.

Vancouver West

In the Vancouver Westside, there were 95 sales of detached homes and 595 active listings at the end of March. The benchmark sale price was $3,461,700, with an average days on market of 35. The hottest market for sales was Dunbar with 23 sales.

In comparison, the condo market had 455 sales, 656 active listings and a benchmark sale price of $692,400 with an average of 24 days on market. The hottest market for sales was Downtown VW, 109 sales.

Townhome sales were 57, active listings were 111. The benchmark sale price was $1,079,100 with an average days on market of 57. Fairview VW with 13 sales was the hottest market in March.

It’s a buyer’s market for single family homes.

MarketHotSheet_March2017_VanWest

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