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Download your copy of the April 2018 Vancouver Market Update, courtesy of Francis Piché.
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Dear Friends,

Happy long weekend!

I am amazed by the two speeds of the market that we are seeing. I was looking at the Sales Ratio of the Attached market (Condos & Townhomes) vs Detached market this morning and it's fascinating, especially when you look at variance between different locations.

Here are the strongest markets for Detached Homes:
***Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
***All stats are available to you in the complimentary SnapStats Report.

Pitt Meadows: 48%
Maple Ridge: 43%
Port Coquitlam: 34%
New Westminster: 29%
North vancouver: 20%

Here are the strongest markets for Attached Homes:

Port Coquitlam: 90%
New Westminster: 69%
North Vancouver: 64%
Coquitlam: 59%
Burnaby: 57%
Vancouver East: 53%
Port Moody: 53%
Maple Ridge: 52%

And when you look at the overall picture, here is what we notice:



Despite the real divide between the Detached and Attached markets, some Detached market areas are still very healthy.

Below, we can see how the pricing has changed over one year. Once again, the Condos and Townhomes markets have experienced a noticeable increase vs Detached homes.


***It is very important to pay attention to local market trends as they tend to be VERY different. Look at the SnapStats Report and consult your realtor to establish the best winning strategies either for selling or buying. The SnapStats Report is a phenomenal report that you can consult for free to get familiar with the latest trends. Download the SnapStats Report here

If you have any questions, please send me an email and I would be happy to help you for your Buying or Selling needs.

Watch the Real Estate Board of Greater Vancouver video below for the overall monthly summary or get the market speed for your home in your neighborhood with Market Speedo and the SnapStats report.

Happy read, happy watch and happy Victoria Day!

Cheers,

Francis
PS: If you are around, let's go for coffee and let me introduce you to all my complimentary tools to best serve you. FREE (coffee included + no obligation) is good right? :)  

Watch The Video! - Housing April 2018 Market Update

From the Real Estate Board of Greater Vancouver

SnapStats Market Speedo Reports

Click to Watch



 

Metro Vancouver    Greater Vancouver     Fraser Valley

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 Curious About What The Home Down The Street Sold For?




BONUS: Your Personalized Trends With Market Snapshot

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Home Sales Down, Listings Up Across Metro Vancouver

The Metro Vancouver housing market saw fewer home buyers and more home sellers in April. 

Last month’s sales were 22.5 per cent below the 10-year April sales average.
 
“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, REBGV president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”

“Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

April’s Statistics


Number of Sales: 2,579 or a 27.4% decrease compared to April 2017 when 3,553 home sold, and an increase of 2.5 per cent compared to March 2018 when 2,517 homes sold. Sales of detached properties in April 2018 reached 807, a decrease of 33.4 per cent from April 2017 when 1,211 homes sold. Sales of apartment properties reached 1,308 in April 2018, a decrease of 24 per cent compared to the 1,722 sales in April 2017. Last month’s sales were 22.5 per cent below the 10-year March sales average.

Percent of Original List Price Received at Sales: 99.3% vs 100% for the month of February and March 2018. 

Sales-to-Active-Listings Ratio: For all property types, the sales-to-active listings ratio for April 2018 is 26.3 per cent. By property type, the ratio is 14.1 per cent for detached homes, 36.1 per cent for townhomes, and 46.7 per cent for condominiums. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
 
Total Inventory: 9,822 a 25.7 per cent increase compared to April 2017 (7,813) and a 17.2 per cent increase compared to March 2018 (8,380). There were 5,820 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2018. This represents an 18.6 per cent increase compared to the 4,907 homes listed in April 2017 and a 30.8 per cent increase compared to March 2018 when 4,450 homes were listed.

Benchmark Price: $1,092,000. This represents a 14.3 per cent increase over April 2017 and a 0.7 per cent increase compared to March 2018. The benchmark price for detached properties is $1,605,800. This represents a 5.1 per cent increase from April 2017 and a 0.2 per cent decrease compared to March 2018. The benchmark price of an apartment property is $701,000. This represents a 23.7 per cent increase from April 2017 and a 1.1 per cent increase compared to March 2018.

Median Days on Market: 11 days vs 10 days in February and March 2018. If we take a closer look at Downtown Vancouver, the Median Days on Market in April 2018 was 9 days for the last three months. For more information about your neighbourhoods' sales and price statistics, I strongly encourage you to download the latest SnapStats Report.

Enjoy this Month's Featured Video!
WEST COAST HOMEMADE ISLAND
 
For the past two decades, Catherine King and Wayne Adams have been slowly building a floating fortress in a secluded cove near Tofino, British Columbia.

It all began 24 years ago, when a wicked storm blew in a pile of wood near their beach-side cabin. When the owner of the lumber gifted the couple the stormy bounty, King and Adams decided to follow their dream and the result is 'Freedom Cove.'
Don't keep me a secret...
Your referrals are my best compliment!

FrancisPiche
778.558.9948  |  francis@francispiche.com


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