Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in January 2018.
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.
Vancouver’s sky-high real estate prices are changing the shape of its retail districts – with pricey neighbourhoods feeling some pain, and formerly neglected pockets of the city getting a boost.
Several long-time businesses on the city’s expensive west side are either closing down or moving as retail strips transform under the pressures of rent and tax increases, redevelopment and a shifting demographic. The shopping strip along West Broadway, in the once-trendy heart of Upper Kitsilano, suddenly has vacant storefronts. Long-time shops are moving or shutting down.
“There is something wrong with West Broadway – an unprecedented number of businesses are closing their doors,” said Marion Jamieson, director of the Upper Kitsilano Residents Association. “I think the kinds of issues we’re facing in the residential areas of gentrification are also having an impact on commercial areas.”