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  • Vancouver Condo Prices Continue Climbing in July/17

    Author: Anoop Majithia Date: August 1, 2017

    As per the recently released REBGV report:

    The benchmark price of an apartment property is now $616,600. This represents an 18.5% increase from July 2016 and a 2.7% increase compared to June 2017.

    Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4% compared to the 1,602 sales in July 2016.

    For all property types, the sales-to-active listings ratio for July 2017 is 32.2%. By property type, the ratio is 16.9% for detached homes, 44.9% for townhomes, and 62% for condominiums.

    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.

    "Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location, Jill Oudil, REBGV president said. "For example, its taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.

    Vancouver Condo Prices

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Author : Anoop Majithia
Anoop Majithia is the Principal and Director of Plan A Real Estate Services Ltd. Anoop became a Chartered Accountant upon his graduation from the University of Toronto and subsequently completed his law degree at the University of Saskatchewan in 2001. Since that time, he has been a successful entrepreneur and avid investor in the downtown Vancouver condo real estate market. Anoop is a qualified Managing Broker with the BC Real Estate Association. Plan A Real Estate Services Ltd. is the culmination of his wealth of educational and personal experience, and his passion for real estate.