{"id":8173,"date":"2018-02-02T10:44:54","date_gmt":"2018-02-02T18:44:54","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8173"},"modified":"2018-02-02T10:44:54","modified_gmt":"2018-02-02T18:44:54","slug":"home-buyer-demand-depends-on-property-type","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/home-buyer-demand-depends-on-property-type\/","title":{"rendered":"Home Buyer Demand Depends on Property Type"},"content":{"rendered":"<p style=\"text-align: justify;\">Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4% increase from the 1,523 sales recorded in January 2017, and a 9.8% decrease compared to December 2017 when 2,016 homes sold.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 7.1% above the 10-year January sales average. By property type, detached sales were down 24.8% from the 10-year January average, attached sales increased 14.3% and apartment sales were up 31.6% over the same period.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,\u201d Jill Oudil, REBGV president said. \u201cBuyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it\u2019s important to set prices that reflect today\u2019s market trends.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 3,796 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in January 2018. This represents an 8.3% decrease compared to the 4,140 homes listed in January 2017 and a 100.7% increase compared to December 2017 when 1,891 homes were listed.<\/p>\n<p style=\"text-align: justify;\">The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 6,947, a 4% decrease compared to January 2017 (7,238) and a 0.2% decrease compared to December 2017 (6,958).<\/p>\n<p style=\"text-align: justify;\">For all property types, the sales-to-active listings ratio for January 2018 is 26.2%. By property type, the ratio is 11.6% for detached homes, 32.8% for townhomes, and 57.2% for condominiums.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,056,500. This represents a 16.6% increase over January 2017 and a 0.6% increase compared to December 2017.<\/p>\n<p style=\"text-align: justify;\">Detached home sales in January 2018 reached 487, a 9.7% increase from the 444 detached sales recorded in January 2017. The benchmark price for detached properties is $1,601,500. This represents an 8.3% increase from January 2017 and a 0.3% decrease compared to December 2017.<\/p>\n<p style=\"text-align: justify;\">Apartment home sales reached 1,012 in January 2018, a 22.7% increase compared to the 825 sales in January 2017. The benchmark price of an apartment property is $665,400. This represents a 27.4% increase from January 2017 and a 1.5% increase compared to December 2017.<\/p>\n<p style=\"text-align: justify;\">Attached home sales in January 2018 totalled 319, a 25.6% increase compared to the 254 sales in January 2017. The benchmark price of an attached unit is $803,700. This represents a 17.5% increase from January 2017 and unchanged compared to December 2017.<\/p>\n<p><a href=\"http:\/\/www.rebgv.org\/sites\/default\/files\/REBGV-Stats-Pkg-January-2018.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the full stats package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today. The Real Estate Board of Greater Vancouver (REBGV) reports that residential &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/home-buyer-demand-depends-on-property-type\/\">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-8173","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>Home Buyer Demand Depends on Property Type &#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\/2018\/02\/home-buyer-demand-depends-on-property-type\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Buyer Demand Depends on Property Type &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today. 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