2016 Year in Review
2016 started strongly with overall sales outpacing 2015 (the highest year on record) from January to May. Sales slowed through the later half of 2016 following the introduction of the Foreign Buyer’s Tax by the provincial government and new mortgage qualification rules introduced by the federal government.
Vancouver West – All Residential (Units Sold)
Vancouver East – All Residential (Units Sold)
While sales slowed during the last 6 months of 2016, the Benchmark Price continued to climb throughout the year, peaking in September, then declining slightly from October to December. The most notable increase was in detached homes, but sale prices for townhomes and condos continued to increase as well.
Vancouver West – All Residential (Benchmark Price)
Vancouver East – All Residential (Benchmark Price)
Demand continued to outpace supply across Vancouver during 2016. Interventions by the provincial and federal government created uncertainty in the market resulting in fewer listings and, consequently, fewer sales. However, increased competition for available properties continued to push prices higher throughout the year.
As demand for Vancouver real estate continues, sellers should see strong returns in 2017. With listings down year-over-year, competition is strong for available properties.
For buyers, looking earlier in the year (Jan-Mar) or later in the year (Sep-Dec) is a good strategy as market activity and price generally increases steadily to July before levelling and dropping slightly in the fall.