REBGV January 2016 Market Update Video

Here's the minutes:

  • home buyer activity remain at near record levels across Metro Vancouver
  • there were 2,519 sales on the MLS in January (2016)...up 31.7% from last year
  • January 2016 sales were 46% above the 10-year average
  • ranks as the 2nd highest selling January month on record
  • there were 4,442 new home listings added to the MLS in January (2016)...a 6.2% decrease from STLY
  • in total, there are currently 6.635 listings on MLS in January (2016)...38% decrease from of the lowest totals we've seen in many years
  • benchmark price for all residential homes rose to $775,300 in January (2016)...up 20.6% from STLY...broken down by: +25.9% increase for detached homes; +15.9% for condos; +14.6% for townhomes.
  • DEMAND divided by SUPPLY = SALES-TO-ACTIVE LISTINGS RATIO (2,519 sales in January divided by 6,635 total listings in January = 38% absorption)
  • analyst say downward pressure on home prices occurs when the sales-to-active listing ratio dips below the 12% mark
  • home prices experience upward pressure when sales-to-active listing ratio reaches 20%+ in a particular community for a sustained amount of time

HOME BUYER DEMAND (3 factors):

  1. Supply & Demand: +31.7% sales vs. -38% total listings = +20.6% MLS HPI Index (diminishing supply)
  2. Provincial Economy: BC's economy is out-performing the rest of Canada, strengthening consumer confidence (growing economy)
  3. Population Growth: Metro Vancouver continues to grow approx. 30,000 new people per year.

Thanks for reading and viewing.

Please call me if you have any questions.


Phil (604-754-6678)

advisor insight

“… Timeless design, World class views, elegant homes…”

Phil Chang
Personal Real Estate Corporation
advisor insight

Our 2021 rennie leaders are comprised of 30 top producing rennie advisors both within our brokerage and the real estate industry. While each advisor has honed their craft and built their business in very different ways—some over a few years, others over decades—the similarity that each in this rema…

Phil Chang
Personal Real Estate Corporation
advisor insight

Canada House On The Water -- rare opportunity, rare Plan D, 2138 sq.ft on one level with 3 outlooks, 3 balconies.

Phil Chang
Personal Real Estate Corporation