Steady sales and diminished listings
characterized Metro Vancouver's housing
market in 2017 homebuyers purchased
nearly 36 thousand homes last year
that's ten percent above our 10-year
sales average and ranks as the third
highest selling year over the last
decade strong economic growth low
interest rates declining unemployment
increasing wages and a growing
population all help boost home buyer
demand last year home sellers weren't as 
active in 2017 there were just over
54,000 homes listed for sale on the
region's MLS this is 4% below our
ten-year home listings average and is
the second lowest total over that period
market activity differed considerably in
2017 depending on property type
competition was intense in the condo and
townhome markets making multiple offer
situations and rising prices commonplace
the detached home market on the other
hand was more balanced detached home
buyers had more selection to choose from
in 2017 and more time to make decisions
as you can see here the detached home
market still experienced price increases
region-wide in 2017 but to a much lesser
extent compared to the double-digit
price increases experienced in the condo
and townhome market looking forward to
2018 there will be three key factors we
will be watching for the first is new
supply there is a record number of
strata homes under construction in our
region today some of these homes will be
complete and available for sale over the
next twelve months this can improve the
supply shortage we face in the
condominium market today
interest rates are the second key factor
some analysts are predicting more
interest rate increases in 2018 rising
rates affect home buyers purchasing
power and could impact both supply and
demand in the housing market
lastly new mortgage rules came into
effect on January 1st
these changes are making it more
difficult for some buyers to get
approved and for some homeowners to
renew their mortgages only time will
tell what long-term impact these changes
will have on the market it's important
to work with your local realtor to help
you navigate these changes and to advise
you through your home buying or selling
journey for further housing and market
information go to the news and
statistics section of this website for
the Real Estate Board of Greater
Vancouver