When looking specifically at the North Shore market, the difference between detached markets and condo/townhouse markets are quite clear. For example, detached listings in North Vancouver were up 58% in September 2016 when compared to the previous month, while sales totals are half of what they were in September 2015 (see graphic above). With listing inventory on the rise and sales on the decline it is natural to assume that prices will slide.
Many of the current listings are being priced as if the market is still at the levels we saw in Spring 2016. Those that adjust their pricing accordingly are still selling quickly. Although we are in an uncertain market, there are solid values for both buyers and sellers but expectations must be adjusted.
Contrary to the detached house market, the condo and townhome markets are still very strong. As demonstrated in the North Vancouver condo and townhouse graphic above, prices and sales are on the rise while listing inventory has seen only modest increases. Overall, the listing inventory in this section of the market is still well below the levels in September 2015.
The recent mortgage changes may have a greater impact on this section of the market given the entry-level home buyers will be impacted most by the new qualification rules. We should have a better idea of any impact in the coming months.
I will continue to advise and guide you through your real estate requirements and am happy to discuss relevant market conditions with you in detail. Please contact me at any time if you have any questions or concerns.