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May 2017 Market Update – Vancouver Real Estate

May 4, 2017

The month of April saw the Vancouver real estate market continue to firm up after a winter lull. By nearly any measure, April was a strong month. Prices are rising in nearly every segment, sales are strong (albeit, slightly below the 10 year average) and most importantly, inventory levels remain extremely low (now 35% below the 10 year average). As we predicted, even houses are now enjoying a resurgence (< $3,000,000).

The lack of inventory continues to push prices higher. Townhouse prices in both east and west sides were the biggest gainers with a 4% increase in the month. Condo price increases were not far behind at over 3%…which continues a trend we’ve noticed in recent months. The lower end of the market (mainly <$1,000,000) is where we are seeing the most activity and pressure…and that’s translating into the aforementioned spike of detached homes  (<3,000,000).

As we touched on last month, the provincial election is on the horizon and could throw a wrench in the current trend depending upon it’s outcome. Other than that, there’s no reason to believe that what we are seeing now won’t continue. If you’ve been thinking of upgrading to a house from a condo or townhouse, we believe that this could be an optimal time.

 

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