{"id":7663,"date":"2017-12-13T10:10:49","date_gmt":"2017-12-13T18:10:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7663"},"modified":"2017-12-05T16:27:22","modified_gmt":"2017-12-06T00:27:22","slug":"metro-vancouvers-housing-supply-demand-gap","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/12\/metro-vancouvers-housing-supply-demand-gap\/","title":{"rendered":"Metro Vancouver&#8217;s Housing Supply &#038; Demand Gap"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver saw a modest improvement in home listings in November, but demand continued to outweigh supply.<\/p>\n<p style=\"text-align: justify;\">Last month, there were 4,109 new listings for detached, attached and apartment properties, surging roughly 31% compared to a year ago and down 9.5% from October 2017, according to the Real Estate Board of Greater Vancouver\u2019s (REBGV) latest data, published on Monday.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile we\u2019re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels,\u201d says Jill Oudil, REBGV president, in a statement.<\/p>\n<p style=\"text-align: justify;\">Although home listings saw a year-over-year increase, it was met with soaring home sales last month.<\/p>\n<p style=\"text-align: justify;\">In November, a total of 2,795 properties changed hands in the region, a 26% increase from the 2,214 sales seen in November 2016 and a 7.5% drop from October 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re seeing steady demand in today\u2019s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,\u201d says Oudil.<\/p>\n<p style=\"text-align: justify;\">Here are 11 more facts that show how demand exceeded supply in November from REBGV\u2019s latest market data release :<\/p>\n<p style=\"text-align: justify;\">1. Last month\u2019s sales were 17% above the 10-year November sales average.<\/p>\n<p style=\"text-align: justify;\">2. In November, a total of 8,747 homes were listed for sale in Metro Vancouver, up 4.3% compared to a year ago and down 4.3 per cent from October 2017.<\/p>\n<p style=\"text-align: justify;\">3. The sales-to-active listings ratio was 32%, a three per cent increase from September 2017. REBGV says home prices experience downward pressure when the ratio falls below 12% for a sustained period of time. Conversely, home prices often experience upward pressure when the ratio exceeds 20 per cent over a prolonged period of time.<\/p>\n<p style=\"text-align: justify;\">4. Based on property type, the sales-to-active listings ratio is roughly 16 per cent for detached homes, 36% for townhomes and nearly 68 per cent for condos.<\/p>\n<p style=\"text-align: justify;\">5. As a result of demand outweighing supply, the benchmark price for all residential properties in Metro Vancouver was $1,046,900, a 14% increase over November 2016 and a 0.4% uptick from October 2017.<\/p>\n<p style=\"text-align: justify;\">6. In the condo segment, a total of 1,508 units sold in November, up roughly 26% compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">7. The benchmark price of a condo was $648,200, soaring nearly 24% from November 2016.<\/p>\n<p style=\"text-align: justify;\">8. A total of 446 attached properties sold last month, representing an increase of roughly 19% compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">9. The benchmark price of an attached property hit $805,200, up 18% from November 2016.<\/p>\n<p style=\"text-align: justify;\">10. In the detached segment, a total of 841 units sold last month, up nearly 32% from a year ago.<\/p>\n<p style=\"text-align: justify;\">11. The benchmark price of a detached home was $1,608,000, a 6% increase from November 2016.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/12\/11-facts-metro-vancouvers-supply-demand-gap.html\" target=\"_blank\" rel=\"noopener\">11 Facts That Illustrate Metro Vancouver&#8217;s Housing Supply &amp; Demand Gap<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver saw a modest improvement in home listings in November, but demand continued to outweigh supply. Last month, there were 4,109 new listings for detached, attached and apartment properties, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/metro-vancouvers-housing-supply-demand-gap\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-7663","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver&#039;s Housing Supply &amp; Demand Gap &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/metro-vancouvers-housing-supply-demand-gap\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver&#039;s Housing Supply &amp; Demand Gap &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver saw a modest improvement in home listings in November, but demand continued to outweigh supply. 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