Market activity picks up in May 

Home buyer activity returned to near record levels across the Metro Vancouver housing market in May.

 

 

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May 2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.

 

The month-over-month increase in new listings was led by detached homes at 27.1 per cent, followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase compared to April 2017 (7,813).

"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," Oudil said.

 

The sales-to-active listings ratio across all residential categories is 53.4 per cent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 per cent for condominiums.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

“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,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared to April 2017.

 

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase compared to April 2017.

 

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April 2017.

 

Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April 2017.

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Condominiums and townhomes in high demand across Metro
Vancouver 

 

 

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June 9, 2017

 

With very little Supply and High demand  Vancouver Housing Market “Ain’t Seen Nothing Yet”

 

The Vancouver real estate market, far from reaching its peak in terms of unaffordability and lack of housing, is merely “dancing on the edges of a massive problem,” according to one leading development marketer.

 

Speaking to a packed audience at the Urban Development Institute luncheon on new home marketing at the Fairmont Hotel Vancouver June 8, Cameron McNeill of MLA Canada added, “We ain’t seen nothing yet.”

The panel of well-known development marketing bosses, which also included Scott Brown of Fifth Avenue Real Estate Marketing and Daryl Simpson of Bosa Properties, discussed how blistering demand and a trickling supply of new housing is affecting the affordability of homes in the region.

 

Event moderator and UDI chair Jon Stovell of Reliance Properties asked the panel whether onerous building permit requirements and slow processing times were affecting home prices – to which the reply was unanimously “yes, absolutely, 100%.”

 

Cameron McNeill observed that the Metro Vancouver region is expected to grow by 250,000 people in next five years, and that it currently takes around six years to get a highrise residential project from conception to occupancy – “if it all goes well”. He said, “And that’s maybe 300 units. The city is 300,000 people bigger by that point.”

McNeill added, “We’re dancing on the edges of a massive, massive problem. And it’s not going to change. I just came back from Hong Kong and everybody I spoke to said to me, ‘That’s nothing.’ We ain’t seen nothing yet. This is just the tip of the iceberg for Vancouver.”

 

Daryl Simpson pointed out that population growth numbers, and therefore housing demand, would likely be even higher than projected, as projections are based solely on permanent residents and citizens. “One thing they rarely look at student visas and multiple-entry visas. There were 67,000 student visas in BC last year. And you have to think, if they’re flying to BC to study, these are students with means, maybe wealthy families. In 2016, there were 315,000 multiple entry visas – they last 10 years and allow people to fly back and forth. So you need to layer those on top of the permanent residents and citizen population growth.”

 

Scott Brown said, “You can’t fix demand. And if this is a housing crisis as the media says, where is the multi-stakeholder group figuring out how to speed up supply? If we were going to war we sure as hell would be working out how to arm up quickly. But we spend more time working out how to break things apart than how to fix things. We need to work together. We’re trying, but putting one project a time on the market, there’s so much demand, prices just keep escalating.”

 

Simpson added, “Look at the 450 acres in False Creek Flats, with 1,400 residential units in total earmarked for that area. That’s three homes per acre. That’s insane. Ask Ryan Holmes of Hootsuite what he needs, it’s not 450 acres of industrial land, its proximate residential units [so employees can afford to live in Vancouver close to work]. Ask Amazon, they’ll say the same thing. Go to Seattle, there are more residential units being built by Vancouver developers – Bosa, Westbank, Onni – right across the street from the Amazon HQ than will be built in the whole of the False Creek Flats.”

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I have listed a new property at 2110 ETON ST in Vancouver.
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I have sold a property at 2103 1850 COMOX ST in Vancouver.
Absolutely beautiful ocean views overlooking English Bay, the city and the Mountains. Bright & open sunny SW corner suite w balcony. Watch the fireworks and sunsets. Resort-like EI Cid situated west of Denman & steps to Stanley Park, English Bay, the Seawall, & all coffee shops and rest's. Well respected concrete 27 story, prepaid leasehold to 2073. Over $6m work on the bldg has been done and paid for. 1 parking & 1 storage locker. Indoor heated pool with lovely patio outdoors, gym & sauna. Suite is freshly painted & all new carpets. MAINTENANCE FEE INCLUDES PROPERTY TAXES, heat & hot water. Unrestricted rentals w great revenue potential. The spectacular 27th flr common area has 360 degree view with rooftop deck. Must be seen to be appreciated. Available to view anytime.
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I have sold a property at 302 3787 PENDER ST in Burnaby.
WEDGEWOOD VILLA – Corner unit Completely & beautifully renovated bright ,sunny Two bedrooms w/ two ensuite bathrooms & 3rd bathroom/powder room on main floor.This two level townhome boasts a large private roof-top deck featuring Fantastic views day or night..Everything updated,Paint, flooring, counters, complete kitchen Reno ,all 3 bathrooms ..simply gorgeous top to bottom a must see!!Gas F/P in L/R incl. in fees,spacious bright kitchen w/S/Sl appliances & separate D/R. Insuite stacker laundry.Second largest townhome in this 28-unit complex comes with secure parking stall and Huge locker. Well managed building just competed major envelope replacement ,new windows & Roof only 7 years old.Steps to all amenities, bus loop, PNE. OPEN HOUSE: SUNDAY, APRIL 16TH, 2-4 PM.
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Demand for homes continues to outpace supply in Metro Vancouver


VANCOUVER, BC – April 4, 2017 – A shortage of residential property listings coupled with
strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s
housing market in March.


Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent
from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent
compared to February 2017 when 2,425 homes sold.


Last month’s sales were 7.9 per cent above the 10-year sales average for the month.
“While demand in March was below the record high of last year, we saw demand increase
month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver
(REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making
for stiff competition among home buyers.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762
in March 2017. This represents a decrease of 24.1 per cent compared to the 6,278 units listed in
March 2016 and a 29.9 per cent increase compared to February 2017 when 3,666 properties were
listed.

 


This is the lowest number of new listings in March since 2009.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease
compared to February 2017 (7,594).

 


The sales-to-active listings ratio for March 2017 is 47.2 per cent, a 15-point increase over
February. Generally, analysts say that downward pressure on home prices occurs when the ratio
dips below the 12 per cent mark for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over several months.
“Home prices will likely continue to increase until we see more housing supply coming on to the
market,” Oudil said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $919,300. This represents a 0.8 per cent decrease over the past six
months and a 1.4 per cent increase compared to February 2017.
Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 per cent from the
2,135 detached sales recorded in March 2016. The benchmark price for detached properties is
$1,489,400.

This represents a 5.0 per cent decrease over the past six months and a one per cent
increase compared to February 2017.


Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 per cent
compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is
$537,400. This represents a 5.2 per cent increase over the past six months and a 2.1 per cent
increase compared to February 2017.


Attached property sales in March 2017 totalled 588, a decrease of 25.2 per cent compared to the
786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a
1.3 per cent increase over the past six months and a 1.4 per cent increase compared to February
2017.

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SOLD : April 20 2017 MLS R2155660 #ericarealtor 

 

WEDGEWOOD VILLA – Corner unit Completely & beautifully renovated bright ,sunny Two bedrooms w/ two ensuite bathrooms & 3rd bathroom/powder room on main floor.

 

This two level townhome boasts a large private roof-top deck featuring Fantastic views day or night.. 

 

Everything updated,Paint, flooring, counters, complete kitchen Reno ,all 3 bathrooms ..simply gorgeous top to bottom a must see!!Gas F/P in L/R incl. in fees,spacious bright kitchen w/S/Sl appliances & separate D/R.

 

Insuite stacker laundry.Second largest townhome in this 28-unit complex comes with secure parking stall and Huge locker.

 

Well managed building just competed major envelope replacement ,new windows & Roof only 7 years old.Steps to all amenities, bus loop,

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Please visit our Open House at 2103 1850 COMOX ST in Vancouver.
Open House on Saturday, April 1, 2017 2:00PM - 4:00PM
Absolutely beautiful ocean views overlooking English Bay, the city and the Mountains. Bright & open sunny SW corner suite w balcony. Watch the fireworks and sunsets. Resort-like EI Cid situated west of Denman & steps to Stanley Park, English Bay, the Seawall, & all coffee shops and rest's. Well respected concrete 27 story, prepaid leasehold to 2073. Over $6m work on the bldg has been done and paid for. 1 parking & 1 storage locker. Indoor heated pool with lovely patio outdoors, gym & sauna. Suite is freshly painted & all new carpets. MAINTENANCE FEE INCLUDES PROPERTY TAXES, heat & hot water. Unrestricted rentals w great revenue potential. The spectacular 27th flr common area has 360 degree view with rooftop deck. Must be seen to be appreciated. Viewings on Saturday April 1st by appt 2:00 - 4:00pm.
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Please visit our Open House at 2103 1850 COMOX ST in Vancouver.
Open House on Saturday, March 25, 2017 2:00PM - 4:00PM
Absolutely beautiful ocean views overlooking English Bay, the city and the Mountains. Bright & open sunny SW corner suite w balcony. Watch the fireworks and sunsets. Resort-like EI Cid situated west of Denman & steps to Stanley Park, English Bay, the Seawall, & all coffee shops and rest's. Well respected concrete 27 story, prepaid leasehold to 2073. Over $6m work on the bldg has been done and paid for. 1 parking & 1 storage locker. Indoor heated pool with lovely patio outdoors, gym & sauna. Suite is freshly painted & all new carpets. MAINTENANCE FEE INCLUDES PROPERTY TAXES, heat & hot water. Unrestricted rentals w great revenue potential. The spectacular 27th flr common area has 360 degree view with rooftop deck. Must be seen to be appreciated. Viewing by appointment Mar 25/ 26th 2:00-4:00
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Please visit our Open House at 2103 1850 COMOX ST in Vancouver.
Open House on Sunday, March 26, 2017 2:00PM - 4:00PM
Absolutely beautiful ocean views overlooking English Bay, the city and the Mountains. Bright & open sunny SW corner suite w balcony. Watch the fireworks and sunsets. Resort-like EI Cid situated west of Denman & steps to Stanley Park, English Bay, the Seawall, & all coffee shops and rest's. Well respected concrete 27 story, prepaid leasehold to 2073. Over $6m work on the bldg has been done and paid for. 1 parking & 1 storage locker. Indoor heated pool with lovely patio outdoors, gym & sauna. Suite is freshly painted & all new carpets. MAINTENANCE FEE INCLUDES PROPERTY TAXES, heat & hot water. Unrestricted rentals w great revenue potential. The spectacular 27th flr common area has 360 degree view with rooftop deck. Must be seen to be appreciated. Viewing by appointment Mar 25/ 26th 2:00-4:00
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I have listed a new property at 215 618 COMO LAKE AVE in Coquitlam.
The EMERSON BY MOSAIC. Corner unit with quality materials built in 2014 by an excellent developer. The largest floorplan available at 1077 sqft 2 bedroom plus den gives you a home that is spacious 10ft overheight ceilings and a foodie dream kitchen with full size stainless steel appliances and composite stone countertops. Spacious master bedroom with private & spacious ensuite with walk-in shower, second bathroom features soaker tub/showerhead. High quality flooring with. This home Shows like new and GST is paid. A very special Unit sure to tick all the boxes in booming West Coquitlam. Steps to the evergreen line skytrain and all the new shopping and amenities. Open houses: Sun Mar 12th 2-4pm.
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Please visit our Open House at 2103 1850 COMOX ST in Vancouver.
Open House on Sunday, March 26, 2017 2:00PM - 4:00PM
Absolutely beautiful ocean views overlooking English Bay, the city and the Mountains. Bright & open sunny SW corner suite w balcony. Watch the fireworks and sunsets. Resort-like EI Cid situated west of Denman & steps to Stanley Park, English Bay, the Seawall, & all coffee shops and rest's. Well respected concrete 27 story, prepaid leasehold to 2073. Over $6m work on the bldg has been done and paid for. 1 parking & 1 storage locker. Indoor heated pool with lovely patio outdoors, gym & sauna. Suite is freshly painted & all new carpets. MAINTENANCE FEE INCLUDES PROPERTY TAXES, heat & hot water. Unrestricted rentals w great revenue potential. The spectacular 27th flr common area has 360 degree view with rooftop deck. Must be seen to be appreciated. Open house sat and sun Mar 25th/26th 2:00-4:00.
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Please visit our Open House at 2103 1850 COMOX ST in Vancouver.
Open House on Saturday, March 25, 2017 2:00PM - 4:00PM
Absolutely beautiful ocean views overlooking English Bay, the city and the Mountains. Bright & open sunny SW corner suite w balcony. Watch the fireworks and sunsets. Resort-like EI Cid situated west of Denman & steps to Stanley Park, English Bay, the Seawall, & all coffee shops and rest's. Well respected concrete 27 story, prepaid leasehold to 2073. Over $6m work on the bldg has been done and paid for. 1 parking & 1 storage locker. Indoor heated pool with lovely patio outdoors, gym & sauna. Suite is freshly painted & all new carpets. MAINTENANCE FEE INCLUDES PROPERTY TAXES, heat & hot water. Unrestricted rentals w great revenue potential. The spectacular 27th flr common area has 360 degree view with rooftop deck. Must be seen to be appreciated.
Read Full Story
I have listed a new property at 2103 1850 COMOX ST in Vancouver.
Absolutely beautiful ocean views overlooking English Bay, the city and the Mountains. Bright & open sunny SW corner suite w balcony. Watch the fireworks and sunsets. Resort-like EI Cid situated west of Denman & steps to Stanley Park, English Bay, the Seawall, & all coffee shops and rest's. Well respected concrete 27 story, prepaid leasehold to 2073. Over $6m work on the bldg has been done and paid for. 1 parking & 1 storage locker. Indoor heated pool with lovely patio outdoors, gym & sauna. Suite is freshly painted & all new carpets. MAINTENANCE FEE INCLUDES PROPERTY TAXES, heat & hot water. Unrestricted rentals w great revenue potential. The spectacular 27th flr common area has 360 degree view with rooftop deck. Must be seen to be appreciated.
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I have sold a property at 308 2215 DUNDAS ST in Vancouver.
Quality finishing throughout this mellow, immaculate 1 bdrm suite, blocks walk from ever popular East Village shopping, restaurants and some of Vancouver's best craft breweries. Engineered honey-hued hardwood floors throughout, Industrial themed, uber efficient kitchen w/ stainless steel, pristine appliances living/dining area w/walk out balcony. Generous bedroom accommodates house sized bed w/side tables. Tastefully updated bathroom soothes, relaxes, regenerates. Pet and investor friendly, proactive liberal strata, low maintenance fee includes heat and hot water, only minutes to downtown, the North Shore and the hwy. Immediate possession available, ACT NOW!
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Quality finishing throughout this mellow, immaculate 1 bdrm suite, blocks walk from ever popular East Village shopping, restaurants and some of Vancouver's best craft breweries. Asking $379K

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Low supply continues to limit Metro Vancouver home buyers   March 2017

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

 

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.

 

Last month’s sales were 7.7 per cent below the 10-year February sales average.

 

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.

This is the lowest number of new listings registered in February since 2003.

 

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).

The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said. 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.

 

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.

 

Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.

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I have sold a property at 102 1633 11TH AVE W in Vancouver.
EXTRA LARGE GARDEN SUITE IN PRIME SOUTH GRANVILLE. SW facing, incredibly quiet and very private. Efficient floor plan with open living/dining area great for entertaining. Features include cozy real wood burning fp, granite countertops, h/w floors , insuite laundry & more. Amazing 640+ sq. ft. deck comes to life in the Spring. Expect azalea, rhododendrons & climbing hydrangeas to be out. Walkers paradise. 5 minutes to everything, shopping, theatres, restaurants, short walk to Granville Island & close to downtown. One small dog or 2 cats. Parking and storage included. Well managed building. Call today to book your private showing. Age rest. to 19+ to occupy. Open House Feb. 11th & 12th 2:00-4:00pm.
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Please visit our Open House at 102 1633 11TH AVE W in Vancouver.
Open House on Saturday, February 18, 2017 2:00PM - 4:00PM
EXTRA LARGE GARDEN SUITE IN PRIME SOUTH GRANVILLE. SW facing, incredibly quiet and very private. Efficient floor plan with open living/dining area great for entertaining. Features include cozy real wood burning fp, granite countertops, h/w floors , insuite laundry & more. Amazing 640+ sq. ft. deck comes to life in the Spring. Expect azalea, rhododendrons & climbing hydrangeas to be out. Walkers paradise. 5 minutes to everything, shopping, theatres, restaurants, short walk to Granville Island & close to downtown. One small dog or 2 cats. Parking and storage included. Well managed building. Call today to book your private showing. Age rest. to 19+ to occupy. Open House Feb. 11th & 12th 2:00-4:00pm.
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