The latest Housing Price Index released by the Real Estate Board of Greater Vancouver shows a modest increase over the past year:

As mentioned in a previous post, the sales of detached homes are mainly driven by offshore buyers.  The neighborhoods of Oakridge, South Cambie, South Granville, Shaughnessy, and Southlands have seen the largest price gains, due to a demand for larger homes and larger building lots.  If we were to take those neighborhoods out of the equation, the gain in house prices would appear more modest.

The market overall has shown just a slight improvement from the summer doldrums.  On the Detached side, listings are down 28.5% and sales are up 12.6% from September.  Townhome listings are down 27.8% and sales are up 6.3% from the previous month.  Condominium listings are down 19.2% from September, and sales are up by 3.7%.

I expect to see the inventory in all categories tightening for the balance of the year, with a steady rate of sales until mid December, when things normally slow down.  The current market creates a more relaxed atmosphere for buyers in choosing the right home, and taking the time to be confident with their investment decision.