What’s life like in Canada’s third most populated metropolitan district? Life on the West Coast is a dream of many, and for good reason. Vancouver has a lot to offer as a city. Although one of Canada’s most expensive housing markets, Vancouver is also one in the top lists of best cities to live. Just a 45 minute drive to the U.S., this city is conveniently located and the weather’s nice too. From mild winters to warm summers, Vancouver is a top choice in British Columbia. It’s no surprise that homes sell fast in Vancouver, so let’s take a look at Vancouver’s real estate from trends in the market.
The real estate trends for 2017 in Vancouver have seen much success. There are currently about 899 new listings on Vancouver’s market, with 528 sold in the last 28 days. The average number of days a listing remained on the market for the month of August is only a mere 17 days, which is an extremely quick sale for real estate. Included in that success is the incredible increases both condos and townhomes have seen as far as prices. When comparing prices from August to 3 months ago, condos saw a 15% increase and townhomes saw an estimated 20% increase. The average price selling in Vancouver is currently $1.2 million, with the median price at $838 thousand.
North Vancouver real estate is a popular location among Canadian residents. With a low unemployment rate, Vancouver has seen a 2.2% growth in population. Compared to other areas, North Vancouver has a higher rate of homeownership with a total of 81% of it’s population owning their home. Continuing with trends in the market, the median price listing is at $898 thousand with the selling ratio to be at 100%. Although North Vancouver has seen some fluctuation in listing prices, the average day for a listing to remain on market is only 20 days.
West Vancouver has population of around 43 thousand residence. The West Vancouver real estate market is thriving with gorgeous homes. Like North Vancouver, West Vancouver has a high rate of homeownership, with a total of 79% of residents owning their home. West Vancouver has a great reputation of being a great place to set roots. The median listing price is $2.6 million while the selling price is slightly higher at $2.8 million. That’s a 107.78% selling ratio. Compared to other areas of Vancouver, listings remain on the market a little longer in West Vancouver. The average number of days for listings to remain on the market is 28 days.