As of November, 2014 

Overall MLS Market Conditions

MLS High Rise Market Synopsis

MLS High Rise Trends

November MLS sales in all the major high rise markets, except for Eastside Vancouver were off from the previous month. Sales and flips of new units in Eastside Vancouver helped boost sales in that market. Overall, November MLS high rise sales added up to almost 360 sales, down from 418 sales in October. YTD sales are now about 27% ahead of 2013 but if present trends continue, 2015 MLS high rise sales could be down by 10%. 

Increasing MLS high rise prices and an expected hike in interest rates in 2015 will put a damper on sales of all product types in Greater Vancouver. The average MLS high rise selling price in November was $569,000 or $640 per square foot. This is up by almost 12% from a year ago but overall, average MLS high rise prices are expected to show a 7% increase over 2013 by year-end. 

Over the past few months, market condition in terms of sales and prices appear to have improved in New Westminster and North Surrey. But sales are slowing in the Richmond market. Price increases have also moderated in this market over the past few months so that may result in improved sales in the first quarter of next year. 

A more detailed summary of MLS high rise sales and price trends can be obtained by looking at MLS market areas with the Residential Price Calculator. 

MLS Low Rise Market Synopsis 




While the new low rise market in Greater Vancouver is not in good shape (see Low Rise Market Update), the MLS low rise market still has about a 50% share of the resale apartment market. But sales are trending down and prices continue to increase in many of the MLS low rise markets and this doesn't bode well for sales in 2015. Total sales this year will likely end up being 22% more than in 2013, which was an off year. Present trends indicate that total sales in 2015 could be off by 12% when compared to sales in 2014. 

Average MLS low rise selling prices in November were $330,000 or $367 per square foot. This up by just 3% from last year. The overall price increase for MLS low rise condos in 2014 is expected to be just 3%. This doesn't sound like much but most buyers in the low rise resale market are price sensitive and an additional $10,000 price increase plus a 1% or 2% interest rate hike will leave many of them on the sidelines. 

A more detailed summary of MLS low rise sales and price trends can be obtained by looking at MLS market areas with the Residential Price Calculator. 

MLS Townhouse Market Synopsis 



MLS townhouse sales have been slipping since the beginning of the year. Over the past few months, sales in South Surrey-White Rock and Langley have declined thanks to increasing prices. Total MLS townhouse sales in November were just over 300 units. This will put YTD sales about 25% ahead of last year but don't expect continued sales increases in 2015. Right now it looks as if total MLS townhouse sales in 2015 will be down by about 13% compared to 2014. 

The average MLS selling price for townhouse condos in November was $491,000 or $320 per square foot. This is up by about $7,000 from October and up by 3% from one year ago. Overall, MLS townhouse prices are expected to stay flat in 2015 except for Langley, Maple Ridge and Coquitlam where prices could continue to increase. 

A more detailed summary of MLS townhouse sales and price trends can be obtained by looking at MLS market areas with the Residential Price Calculator. 

Overall MLS Market Conditions

MLS High Rise Market Synopsis

MLS High Rise Trends

November MLS sales in all the major high rise markets, except for Eastside Vancouver were off from the previous month. Sales and flips of new units in Eastside Vancouver helped boost sales in that market. Overall, November MLS high rise sales added up to almost 360 sales, down from 418 sales in October. YTD sales are now about 27% ahead of 2013 but if present trends continue, 2015 MLS high rise sales could be down by 10%. 

Increasing MLS high rise prices and an expected hike in interest rates in 2015 will put a damper on sales of all product types in Greater Vancouver. The average MLS high rise selling price in November was $569,000 or $640 per square foot. This is up by almost 12% from a year ago but overall, average MLS high rise prices are expected to show a 7% increase over 2013 by year-end. 

Over the past few months, market condition in terms of sales and prices appear to have improved in New Westminster and North Surrey. But sales are slowing in the Richmond market. Price increases have also moderated in this market over the past few months so that may result in improved sales in the first quarter of next year. 

A more detailed summary of MLS high rise sales and price trends can be obtained by looking at MLS market areas with the Residential Price Calculator. 

MLS Low Rise Market Synopsis 




While the new low rise market in Greater Vancouver is not in good shape (see Low Rise Market Update), the MLS low rise market still has about a 50% share of the resale apartment market. But sales are trending down and prices continue to increase in many of the MLS low rise markets and this doesn't bode well for sales in 2015. Total sales this year will likely end up being 22% more than in 2013, which was an off year. Present trends indicate that total sales in 2015 could be off by 12% when compared to sales in 2014. 

Average MLS low rise selling prices in November were $330,000 or $367 per square foot. This up by just 3% from last year. The overall price increase for MLS low rise condos in 2014 is expected to be just 3%. This doesn't sound like much but most buyers in the low rise resale market are price sensitive and an additional $10,000 price increase plus a 1% or 2% interest rate hike will leave many of them on the sidelines. 

A more detailed summary of MLS low rise sales and price trends can be obtained by looking at MLS market areas with the Residential Price Calculator. 

MLS Townhouse Market Synopsis 



MLS townhouse sales have been slipping since the beginning of the year. Over the past few months, sales in South Surrey-White Rock and Langley have declined thanks to increasing prices. Total MLS townhouse sales in November were just over 300 units. This will put YTD sales about 25% ahead of last year but don't expect continued sales increases in 2015. Right now it looks as if total MLS townhouse sales in 2015 will be down by about 13% compared to 2014. 

The average MLS selling price for townhouse condos in November was $491,000 or $320 per square foot. This is up by about $7,000 from October and up by 3% from one year ago. Overall, MLS townhouse prices are expected to stay flat in 2015 except for Langley, Maple Ridge and Coquitlam where prices could continue to increase. 

A more detailed summary of MLS townhouse sales and price trends can be obtained by looking at MLS market areas with the Residential Price Calculator. Please do not hesitate to contact me for your specific needs and analysis for a any market area in Greater vancouver.

 

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