Condo Market Continues to Propell Vancouver Real Estate in October

A quick update for the middle of October. I’ve compiled sales and new listings for the period dating October 1-15. This provides a pretty good snapshot of where we stand, although it’s a relatively small data set and much can change by months end.

Vancouver Detached Market

The Vancouver detached market rebounded slightly on a year over year basis. Both sales and new listings increased. The 96 sales so far this month, are up from 71 for the same period a year ago. However, market conditions still tend to favour the buyer, select desired and well priced homes are still selling quickly.

Vancouver Detached activity october 2017
Vancouver Detached Activity

Vancouver Condo Market

Condo sales increased 27% from the same period a year ago. Keep in mind this is compared to October 2016 which was heavily impacted from the shock of a foreign buyers tax. Despite this, condo sales remain well above the ten year average and upwards pressure on prices continues.

Vancouver Condo Activity
Vancouver condo Activity October 1-15.

Vancouver Townhouse Market

New townhouse listings saw a huge jump compared to last October (up 53%) This is largely due to a bunch of new townhouses recently completing and hitting the market. The data set is also relatively small, so take these numbers with a grain of salt. The townhouse market remains quite hot overall.

Vancouver townhouse activity
Vancouver townhouse activity October 1-15