{"id":19260,"date":"2017-01-04T10:26:38","date_gmt":"2017-01-04T18:26:38","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=19260"},"modified":"2017-01-04T10:26:38","modified_gmt":"2017-01-04T18:26:38","slug":"busy-year-for-vancouver-real-estate","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2017\/01\/04\/busy-year-for-vancouver-real-estate\/","title":{"rendered":"Busy year for Vancouver real estate"},"content":{"rendered":"

Slight price increases for detached houses, townhouses and condo apartments in New Westminster capped a busy year for Vancouver real estate.
\nThe benchmark price for a single family detached home in New West reached $1,035,600 in December. That\u2019s a .9 per cent increase over November and 18.7 per cent higher than December, 2015. Townhouses were up 4.6 per cent over the month prior, 20 per cent more than a year ago; and the benchmark price for condos increased .2 per cent to $380,700, 22.6 per cent more than the end of last year. Overall, the benchmark price for a typical property in New West increased .6 per cent over November, 21.2 per cent more than a year ago.
\n

\"Slight<\/a>
The benchmark price for condos in New Westminster increased .2 per cent in December over the previous month.<\/figcaption><\/figure>
\n 
\nThe benchmark price for residential properties in South Burnaby also increased one per cent in December over November to $858,300. That\u2019s mostly due to a 2.7 per cent bump in the price of condos in the area while townhouses and detached homes dipped slightly.
\n
\"A<\/a>
The benchmark price for condos in South Burnaby went up 2.7 per cent in December over November to end a busy year for Vancouver real estate.<\/figcaption><\/figure>
\n 
\nThose increases came even though there were fewer listings and sales. They also bucked a slight downward trend across Metro Vancouver where the benchmark price for all properties dipped 1.2 per cent from November.
\nIn North Burnaby the overall benchmark price dipped .5 per cent in December and it was down .4 per cent in East Burnaby.
\nA general cooling of the real estate market in the last half of 2016 wasn\u2019t enough to keep the year from being the third-highest selling on record, said Dan Morrison, the president of the Real Estate Board of Greater Vancouver. Only 2015 and 2005 recorded more property sales.
\n\u201cThe supply of homes for sale couldn\u2019t keep up with home buyer demand for much of 2016,\u201d said Morrison. \u201cThis allowed home sellers to raise their asking price.\u201d
\nIn fact, the benchmark price for all homes in Metro Vancouver reached $897,600 at the end of 2016, 17.8 per cent higher than December, 2015. The benchmark price for a typical single family detached home increased 18.6 per cent over the year to $1,483,500 while townhouses went up 20.4 per cent in 2016 to $661,800 and condos increased 17.3 per cent to $510,300.<\/p>\n

Too soon to tell\u00a0if 2017 will be another busy year for Vancouver real estate<\/h4>\n

Morrison said while government interventions to temper the frenzy in the local real estate market in the first six months of 2016 may have contributed to lower sales volumes and prices in the last half of the year, it\u2019s still too soon to tell if their impact will continue to be felt into the new year.
\n\u201cThe long-term effects of these actions won\u2019t be fully understood for some time,\u201d said Morrison of the provincial foreign-buyers\u2019 tax<\/a> that was implemented in August to discourage off-shore speculators and new rules<\/a> to make it tougher to qualify for a mortgage that were introduced by the federal government in the fall.
\nAnother new measure introduced by the provincial government, a loan program<\/a> to help first-time homebuyers with their down payment, begins accepting applications on Jan. 17.
\nMorrison said the market was under the microscope\u00a0as sales and prices peaked in the late spring.
\n\u201cEscalating prices caused by low supply and strong home buyer demand brought more attention to the market then ever before,\u201d said Morrison. \u201cAs prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. It was an eventful year for real estate in Metro Vancouver.\u201d
\nAll the stats<\/a>\u00a0from a busy year in Vancouver real estate<\/a>
\nWrapping-up our record year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Slight price increases for detached houses, townhouses and condo apartments in New Westminster capped a busy year for Vancouver real estate. 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