Greater Vancouver Real Estate Market Statistics – January 2018

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in January 2018.

Vancouver

In the Vancouver Westside, there were 46 sales of detached homes and 672 active listings at the end of the month. The benchmark sale price was $3,548,400, with an average days on market of 68. The hottest markets for sales were Dunbar and Point Grey with 8 sales each.

In comparison, the condo market had 245 sales, 579 active listings and a benchmark sale price of $812,400 with an average of 28 days on market. The hottest market for sales was Downtown VW, 54 sales.

Townhome sales were 18, active listings were 105. The benchmark sale price was $1,247,900 with an average days on market of 26. Yaletown with 6 sales was the hottest market of the month.

It’s a seller’s market for condos.

MarketHotSheet_January2018_Vancouver-West

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Housing tax not as painful in Maple Ridge | Maple Ridge News

Currently, the real estate industry is in the middle of its usual summer slowdown. - Phil Melnychuk/THE NEWS

Currently, the real estate industry is in the middle of its usual summer slowdown. — Image Credit: Phil Melnychuk/THE NEWS

Slapping another 15-per-cent sales tax on homes to foreign buyers could cool the red-hot real estate market in higher priced areas of Richmond or Vancouver, but it might take longer to learn of any effect in Maple Ridge and Pitt Meadows.

The announcement by the B.C. government last week saw a rush to complete deals by the Aug. 2 deadline, but Tom Garvey, managing broker with Macdonald Realty, says it will be at least a month before the full effect of the tax is known in Maple Ridge.

“There’s not a huge amount of foreign buyers who are coming out to Maple Ridge,” said Garvey, who said he hasn’t noticed any effect so far in the local market.

But it’s early yet and time will tell.

“Let’s see what happens over the next two to four weeks.”

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