In West Vancouver sales were up 18.9% from October 2016 yet were down 21.4% from September and 48.7% below the 10 year Oct average.
New listings were up 36.9% from last year and are 13.5% above the 10 year Oct average.
Total listings have steadily risen throughout the year and are now nearly back in line with historical levels, down only 3.6% from the 10 year Oct average.
The result, West Vancouver real estate remains firmly a buyer’s market, with a sales-to-active listing ratio of 6.9% (below 12% is a buyer’s market). The average sale price of a house in West Vancouver in October was $2,518,000.
Why the jump in sales in October? A lot of the activity can likely be explained to buyer’s purchasing with expiring mortgage rate preapprovals. (lenders will typically hold an interest rate for 60-90days)
On top of this, many buyers are trying to get into the market before the new mortgage lending rules come into effect in January 2018.
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