Home Inventory Slips as Sellers Hold Off for Fall Market

New home listings decline, edging down total of available homes for sale, #REWCAP data reveals
Joannah Connolly
August 31, 2017

It is likely a slowing of new listings, rather than increasing sales, that is bringing down Greater Vancouver’s number of available properties for sale, as our weekly market stats reveal.

There were 878 new MLS listings in the Real Estate Board of Greater Vancouver region the week of August 21-27 – the lowest it has been for many weeks. This is typical for mid- to late August, as listing agents advise potential sellers to hold off until after Labour Day, when the buying market typically picks up again.

The number of available homes for sale in the region as of August 31 is 8,850, compared with 9,194 as of the end of July.

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REWCap Aug 31

Greater Vancouver’s top-priced listed home right now – and indeed, currently Canada’s most expensive listing – is a luxury estate in the ultimate address, First Shaughnessy. This is a 53-acre view property with a lavish, six-bedroom, eight-bathroom mansion that boasts features such as a resort-style pool area with fireside lounge, outdoor kitchen and cabana, a 1,200-bottle wine room and a private elevator. It has been on the market for one week as of August 31, and is listed at $34.8 million.

Topping the condo listings price chart is a 3,050-square-foot Yaletown condo at swanky waterfront building The Concord. This luxury home has three bedrooms, four bathrooms and more than 800 square feet of outdoor living space with sweeping water and city views. It has been on the market for 62 days and is listed at $13 million.

The priciest home in the townhouse/duplex/rowhome category right now is an unusual, waterfront half-duplex on the “Golden Mile” in Point Grey, priced at just shy of $11.8 million. This 1994-built family home has 2,312 square feet of oceanview living space in one of the city’s most desirable spots, with a lot that extends down to the water at English Bay. It has been on the market for 100 days as of August 31.

Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.