Real Estate Market Update for Vancouver
Residential sales activity in Q1 of 2018 has been impacted in Metro Vancouver. High prices, new tax announcements, rising interest rates, and stricter mortgage requirements all contribute to the decisions made by both buyers and sellers. Home sales in the first quarter declined 13% compared to the first quarter of 2017 representing the lowest Q1 sales since 2013. In March, sales were down 30% against the same period last year representing 23% below the 10-year March average.
On the supply side, the listings available for sale in March was deemed to be below historical norms particularly in the condo and townhome segment. Despite of falling demand, the consistent low supply will continue to drive prices upwards. March data has revealed condos and townhomes in Metro Vancouver are situated comfortably in the seller’s market range while single-family homes are identified to be in the balanced market area.
As a result, condos and townhomes have experienced 6% and 4% price increase in Q1 as well as 26% and 18% uptick respectively for the one-year change. Prices for single-family homes have remained flat for the first quarter with a 7% growth for its one-year change.
View the video below for the full housing market update: