Demand for condominiums and townhomes is driving today’s activity. First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing. Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline.
While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it's clear that townhomes and condominiums are leading the way. It’s important to work with your local REALTOR® to understand the different factors affecting the market today.
For more in-depth information on May's market, please click below:
Greater Vancouver: REBGV May 2017 Stats Package
Fraser Valley: FVREB May 2017 Stats Package