Vancouver

  • Vancouver is 4th most expensive city of Canada
  • One of the fiercely competitive real estate market of Canada
  • Immigration and inter-provincial migration are forecasted to be the biggest drivers of the population growth
  • Average provincial GDP growth (2012-2017): 3.15%

Latest Vancouver Real Estate stats (Aug 23- Oct 16, 2018)

  • Average house price: $1,193,177
  • Listings available for sale: 1,388
  • Median days on market for home sale: 25 days
  • Average sold price: $1.2m, 0% (monthly), +0.6% (quarterly), +18.4% (yearly)
  • 5 year ROI: 13.08%; 10 year ROI: 10.43%
  • Sale: 399 homes

Average monthly sales price of all properties in last one year

Composite Properties Housing Price Index over last 13 years

Performance of Property Types in Vancouver (Aug -Sep 2018)

Single Family House

Town House

Condominimum

The Vancouver housing market is reflective of a strong BC and Canadian economy and the outlook for spring 2018 is positive too. As the King of unaffordability, Vancouver is suffering from a crushed housing market, big immigration, increased global trade, growing poverty and stagnant wages. The monthly stats send the same message each time.

New Constructions in Vancouver

Overall, new construction starts trended downward across Canada and its up slightly in greater Vancouver — the equivalent of a couple of buildings in a city of almost 2.5 million.

Across the country, there were 219,988 units started in July 2018, compared to 221,738 housing starts in June 2018.  In Vancouver, in August, there were 297 permits to build 852 residential units.  That’s a slight increase over the 279 permits issued to build 346 units in July 2018.

Growth during the summer: The Star Vancouver quotes CMHC as saying 14,719 new housing units were on sale in the Metro Vancouver market so far in 2018. That’s compared to 14671 this time last year. Rental housing was going strong too. Almost 3,890 units of rental housing were built in 2018, about 35% more than at this date in 2017.

All this inventory comes at a time when buyers are disappearing and more likely will leave the overpriced market facing an economic fallback.

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