{"id":22597,"date":"2017-05-09T10:07:32","date_gmt":"2017-05-09T17:07:32","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=22597"},"modified":"2017-05-09T10:07:32","modified_gmt":"2017-05-09T17:07:32","slug":"greater-vancouver-condo-market-update-may-2017","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2017\/05\/09\/greater-vancouver-condo-market-update-may-2017\/","title":{"rendered":"Greater Vancouver Condo Market Update May 2017"},"content":{"rendered":"

MARKET UPDATE BY GREATER VANCOUVER REALTOR JAMES GARBUTT<\/span><\/h4>\n

May is here and it\u2019s time for a Greater Vancouver<\/a> condo market update.\u00a0It\u2019s been a bit of a crazy year, and, between the snow and the rain, the weather has been awful and it\u2019s held back the sales a little bit, or at least that\u2019s part of the reason for it. <\/span><\/p>\n

As of April 26, 2017, the year-to-date number of sales are down from this time last year in the same period. If I were to put an approximate figure on it, I would say it\u2019s down 30% in terms of number of sales. However, number of sales is just part of the equation for the market–prices are up considerably. Condos and townhouses are hot! They\u2019re more affordable than detached homes, and, as a result, have a lot more buyers.<\/span><\/p>\n

To get a good indication of how the market doing, we like to look at the sales ratio<\/a>. The sales ratio is the sales-to-active listings ratio or the number of sales that take place in a given month divided by the number of active listings. A seller\u2019s market is considered to have a sales ratio of 21% or higher. That usually means that prices don\u2019t back track. In Vancouver<\/a> right now, we\u2019re seeing a sales ratio of 60% over the last\u00a060 days. In Burnaby<\/a>, it\u2019s 66%, in New Westminster<\/a> it\u2019s 76%, and in the Tri-Cities it\u2019s 98%. These are strong seller\u2019s markets. <\/span><\/p>\n

If we isolate Vancouver condos north of $1.5 million, the sales ratio goes from 60% down to 22%, which is on the fringe of a seller\u2019s market. At that figure, it\u2019s definitely not a climbing market, but it\u2019s definitely not back tracking either. So, sales volume may be down, but the prices are up. According to the latest stats from the REBGV<\/a>, condo prices are up 16% across all of Greater Vancouver; however, in Burnaby, New Westminster and the Tri-Cities, we\u2019re seeing a figure that seems to be more in line with 25%. And, particularly newer condos built after 2000 that are entry price points in the market, they\u2019re smoking hot. The demand for affordable condos is high; the higher the price points, the lower the demand.<\/p>\n

Let\u2019s look at those percentages in a more practical way. Let\u2019s look at a ‘Yaletown<\/a>‘ 1 bedroom that\u2019s 550 sf mid-level, say 10 years old as well. Those are selling for $1100 a foot this year; in 2016 for $950sf, and the year before it would be $775. Back to back years of 20+% appreciation–that is a hot market. It\u2019s not sustainable, but it is smoking hot at the moment and I don\u2019t expect it to slow down any time soon.\u00a0<\/span><\/p>\n

https:\/\/youtu.be\/Nm3SKJoN77Y<\/p>\n

Some interesting stats for Greater Vancouver:<\/strong><\/span><\/p>\n

The highest sale as of April 26 2017 is $8.7 million. That was for a 3600sf condo in ‘Coal Harbour<\/a>‘. That\u2019s bigger than my house. In the Tri-Cities, a condo in Newport Village\u00a0sold for $1.4 million for 1800sf overlooking the water.<\/span><\/p>\n

Moving forward, I expect more of those to come; a lot of people that are downsizing are moving into these high end condos. So if you own a high end condo, now is a great time to consider listing. Basically, if you own any condo in Greater Vancouver, now is a great time to sell! The problem is, what are you going to buy? If you\u2019re buying another condo, you may have some challenges. <\/span><\/p>\n

Full Real Estate Board of Greater Vancouver Stat Package for April 2017<\/span><\/a><\/p>\n

If you\u2019re thinking of buying, selling or just curious about the value of a property, contact us today!<\/span><\/p>\n

Contact Us Today<\/a><\/p>\n

James Garbutt
\nBurnaby Realtor<\/p>\n

CLICK HERE FOR YOUR MAY 2017 GREATER VANCOUVER HOUSING MARKET UPDATE<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"

MARKET UPDATE BY GREATER VANCOUVER REALTOR JAMES GARBUTT May is here and it\u2019s time for a Greater Vancouver condo market update.\u00a0It\u2019s been a bit of a…<\/p>\n","protected":false},"author":3,"featured_media":22702,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[891],"tags":[311,314,315,428,627,762,765,811],"acf":[],"taxonomy_info":{"category":[{"value":891,"label":"Buyers"}],"post_tag":[{"value":311,"label":"greater vancouver condo"},{"value":314,"label":"Greater Vancouver Real Estate"},{"value":315,"label":"Greater Vancouver Realtor"},{"value":428,"label":"Market Update"},{"value":627,"label":"real estate agent"},{"value":762,"label":"top greater vanouver realtor"},{"value":765,"label":"top real estate agent"},{"value":811,"label":"Video Blog"}]},"featured_image_src_large":false,"author_info":{"display_name":"James Garbutt","author_link":"https:\/\/www.garbuttdumas.ca\/author\/james\/"},"comment_info":0,"category_info":[{"term_id":891,"name":"Buyers","slug":"buyers","term_group":0,"term_taxonomy_id":891,"taxonomy":"category","description":"","parent":0,"count":156,"filter":"raw","cat_ID":891,"category_count":156,"category_description":"","cat_name":"Buyers","category_nicename":"buyers","category_parent":0}],"tag_info":[{"term_id":311,"name":"greater vancouver condo","slug":"greater-vancouver-condo","term_group":0,"term_taxonomy_id":311,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":314,"name":"Greater Vancouver Real Estate","slug":"greater-vancouver-real-estate","term_group":0,"term_taxonomy_id":314,"taxonomy":"post_tag","description":"","parent":0,"count":8,"filter":"raw"},{"term_id":315,"name":"Greater Vancouver Realtor","slug":"greater-vancouver-realtor","term_group":0,"term_taxonomy_id":315,"taxonomy":"post_tag","description":"","parent":0,"count":24,"filter":"raw"},{"term_id":428,"name":"Market Update","slug":"market-update","term_group":0,"term_taxonomy_id":428,"taxonomy":"post_tag","description":"","parent":0,"count":61,"filter":"raw"},{"term_id":627,"name":"real estate agent","slug":"real-estate-agent","term_group":0,"term_taxonomy_id":627,"taxonomy":"post_tag","description":"","parent":0,"count":7,"filter":"raw"},{"term_id":762,"name":"top greater vanouver realtor","slug":"top-greater-vanouver-realtor","term_group":0,"term_taxonomy_id":762,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":765,"name":"top real estate agent","slug":"top-real-estate-agent","term_group":0,"term_taxonomy_id":765,"taxonomy":"post_tag","description":"","parent":0,"count":5,"filter":"raw"},{"term_id":811,"name":"Video Blog","slug":"video-blog","term_group":0,"term_taxonomy_id":811,"taxonomy":"post_tag","description":"","parent":0,"count":126,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22597"}],"collection":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/comments?post=22597"}],"version-history":[{"count":0,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22597\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=22597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=22597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=22597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}