Vancouver

Median Detached Home Listing Price Breaches $2m Mark

By
REW.ca
September 21, 2017






One Wall Centre
The only penthouse in One Wall Centre in downtown Vancouver was listed last week. — Photo: Juliana Jiao, Macdonald Realty

Latest #REWCAP analysis also finds rise in total listings despite fewer new listings, which can only mean slower sales

The median listing price of a detached home across the entire Greater Vancouver Multiple Listing Service® has breached the $2 million mark, our latest #REWCAP market data analysis has found.

The median price of all 5,786 single-family homes currently listed on the MLS® across the whole region is $2,079,000, as of September 21.

Looking at just Vancouver proper, and that figure goes up to just $2 short of the $3 million mark, of 1,569 houses currently listed.

(Story continues below.)

Rewcap Sept 21

Greater Vancouver townhomes, duplexes, rowhomes and similar attached properties are at the same median listing price as the previous week, at $938K. But condo listing prices rose another $10K to a median of $688,000 across the whole region.

There were two headline new listings to come on the market that same week. The priciest was a 10,000-plus-square-foot, 2016-completed contemporary mansion up at UBC, with views to die for and a price to match. It was listed on September 12 at a jaw-dropping $26,980,000.

The only penthouse in One Wall Centre in downtown Vancouver was also listed last week. The 47th-floor, near-5,000-square-foot, super-prime condo takes up two levels of this iconic building, and has a grand spiral staircase, as well as 360-degree views of the Lower Mainland, mountains and ocean. It was listed for $12,888,000 (note the use of lucky number 8), also on September 12.

The rising real estate prices come despite an apparent slight slow-down in the market the week of September 11-17.

After a flurry of 1,319 new home listings following the Labour Day weekend, new listings arriving on the Greater Vancouver Multiple Listing Service® last week (September 11-17) slowed somewhat, although at a still-strong 1,265 new properties.

However, despite fewer new listings, last week saw a rise in total listings, to 9,531 homes from 9,370 the week before – which can only mean that sales slowed down.

What’s more, there were 412 price drops the week of September 11-17 – considerably higher than the 330 of the previous week, and the highest in many weeks. This figure also indicates a slightly more sluggish market.


Joannah Connolly has been editor and content manager of REW.ca since May 2014. Joannah has appeared on major local TV outlets as a real estate commentator, and has moderated and spoken on several industry panels. During this time, she also spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio 98.3FM. A dual Canadian-British citizen, Joannah has 20 years of journalism experience in Vancouver and London, with a prior background in construction, architecture and business media.
© Copyright 2017

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