Vancouver Homes Sales Decline

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015;

10.2 per cent less than the 2,771 sales in August 2014;

and one per cent less than the 2,514 sales in August 2013.

August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.

 

From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said.

 

"Sales have been trending  downward in Metro Vancouver for a few months.

 

The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

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MARK YOUR CALENDARS!

 Vancouver Home + Design Show returns

October 27-30, 2016!

The Vancouver Home + Design Show is a must-see fall event.
Find fresh inspiration, helpful tips, innovative products and fantastic deals! ​
People in Vancouver visit the home show to become inspired, informed and energized with helpful advice, thousands of solutions and the coolest new products.

Thursday, October 27, 2016  ​4 p.m. - 9:00 p.m.
Friday, ​October 28, 2016  NOON - 9:00 p.m.
Saturday, ​October 29, 2016  10:00 a.m. - 9:00 p.m.
Sunday, ​​October 30, 2016  10:00 a.m. - 6:00 p.m

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Thinking of buying an investment suite?  Here are features you should consider.


The geographic boundaries in which you intend to invest will be mostly restricted by whether you intend to outsource property management services or manage the property yourself. If the latter is the desired route, you are going to want to look for properties that are within a relatively close travelling distance. If you are contracting outside property management services, this is less of a factor.


Here are 10 features that investors should evaluate and consider when hunting for that perfect real estate investment property.


1. Employment Opportunities: Locations with a growing job market tend to attract more people. More people mean more renters, especially if you target an area with a large rent/own ration. You can visit Statistics Canada for reliable and timely data on the labour market for the area you are considering. If you notice a large corporation moving to the area, migration will follow. College towns are now also a viable option as there is the steady flow of students needing off-campus housing, although the demand may only be strong for the September to April school year.

 

2. Location, Location, Location: The quality of the location will influence the type of renters attracted to your rental property. Look at criteria, such as the Walk Score, proximity to transportation, hospitals, proximity to universities and colleges, major business centres, local restaurants and shopping. The more central the location, the greater the demand.

 

3. Rent: For income properties, your monthly rent is your staple. Find out what the average rental rates are in the area. Can you achieve above or below the average? At the very least, you are going to want to cover your mortgage payment, taxes and miscellaneous expenses like insurance. If this can be achieved, then you can move on.

 

4. Safety: No one wants to live in an unsafe neighbourhood. You can inquire about crime rates. Again, Statistics Canada is a great resource, and even the local police department can tell you whether the neighbourhood is safe and secure.

 

5. Amenities: What attractions are nearby that will both be a draw and requirement for renters? Things that must be considered are shopping malls, parks, movie theatres, gyms and access to public transportation.

 

6. Schools: One of the top considerations for your renters may hinge on the school district and specific schools that they want their children attend. Researching the local schools will be a key variable which can increase your renter pool as well as significantly impact the overall appreciation of your investment property.

 

7. Future Development: What developments are planned for the area which would positively or negatively impact the value of your investment property? Is it a high-growth area or one that is currently in decline? A neighbourhood in the early stages of gentrification might result in a faster and higher appreciation for your investment property.

 

8. Inventory: Is there a lot of inventory available on the market? Make sure you look at market trends for the last few years as you don’t want to be in a seasonal trend only when making your investment decision. You have to review the vacancy rates that have existed based on inventory levels and how this may impact your monthly rental rates.

9. Property Taxes: These costs affect your bottom line. Review the taxes and the current market value assessments and determine if they are high, and if so, whether there’s a reason.

10. Insurance: These are additional costs that erode your bottom line returns. Of course, you don’t want to invest in areas where you cannot get insurance, like flood plains or possible proximity to natural disasters. You can do your research with your insurance agent to determine the risks of claims that might exist and if you can get coverage at all.

 

The easiest and possibly best investment properties for beginners are residential single family homes and condominiums. Condos are low maintenance, as generally the condo corporation is responsible for external repairs. You must keep an eye out for high maintenance fees which are generally charged on a cost per square foot per month basis. Do your research and comparative analysis to ensure these costs are in line for the building in question.


When you have the type of property you desire and the neighbourhood narrowed down, look for the best properties that have both appreciation potential and good projected cash flow. You should choose an experienced realtor who has a proven track record. You’ll want a successful realtor to help and advise you with this exciting opportunity.

Feel free to me at 604-724-0725 for more information and tips. 



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Government to introduce a 15 per cent foreign buyer tax effective August 2

 

Message from the Real estate board of Greater Vancouver:

 

The provincial government will implement a 15 per cent foreign buyer tax on all residential transactions effective August 2, 2016. The tax will be added to the Property Transfer Tax and will apply to all residential properties purchased by foreign nationals or foreign-controlled corporations.

 

The new tax will be payable on applicable transfers registered with the Land Title Office on or after August 2 regardless of when the deal was completed.

 

The tax will apply to any transferee that is a foreign national, foreign corporation, or taxable trustee. Foreign nationals are defined as people who aren’t Canadian citizens or don’t have permanent resident status in Canada. (Permanent residents will have a valid permanent resident card issued by the Canadian government.)

 

“Housing affordability concerns all of us who live in the region. Implementing a new real estate tax, however, with just eight days’ notice and no consultation with the professionals who serve home buyers and sellers every day needlessly injects uncertainty into the market,” Dan Morrison, Board president said. “Government has had a long time to take action on the affordability issue, yet they decide to bring this new tax in over a long weekend, with no notice, and no time to prepare. It would have been prudent to seek consultation from the people most knowledgeable about the impact.”

 

Under the new tax, for example, a foreign buyer or foreign-controlled entity will pay an additional $300,000 in tax on a $2 million home.

 

“To minimize short-term volatility in the market, we’re calling on government to exempt real estate transactions that are in the process of closing from this new tax,” Morrison said.  

 

Foreign corporations are any corporation not incorporated in Canada, or are incorporated in Canada but controlled in part, or wholly, by a foreign national or corporation. Publicly traded companies are excluded.

Commercial properties are excluded, and mixed-use properties will only pay the tax on the portion of the property’s value that’s for residential use.

 

For more information:

Read the government announcement here.

Read the government’s tax information sheet here.

We’ll continue to share information with you on this development as we learn more.

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Home buyers remain active across Metro Vancouver

Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market. 


Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold.

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

 

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.

 

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.  

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase compared to May 2016 (7,726).

The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 per cent increase compared to June 2015.

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500.

 

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per cent from June 2015 to $501,100.

 

Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from June 2015 to $656,900.

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Vancouver's Fairview sales at a glance! June 2016

 

Price band                          Inventory            Sales                     Sales Ratio

$400,001 – $500,000        36                           48                           100%

$500,001 – $600,000        41                           42                           100%

$600,001- $700,000          56                           49                           88%

$700,001-$800,000           35                           31                           89%

 

Overall in Fairview there were 59 attached homes listed for sale and there were 58 sales. This is a 98% Sales ratio!

 

What is sales ratio percent as reported in Fairview?

 

The speed of which the current inventory of homes are selling.  It is also known as the Sales-to-Active Listing Ratio and defines the official market type.

The formula: sales for the month ./. Active listings (Inventory) = % of Homes Selling Rate in Fairview

 

Fact: it is a sellers’ market when we have more than 21% sales or greater. We currently have 98% sales ratio across the raider in Fairview so the market is over heated.  

 

DAYS ON MARKET AVERAGE 11

The Most active price band is between $400,000 & $500,000 with average > 100% Sellers Ratio ( Sellers’ Market!)

 

If you are thinking of selling your Fairview home feel free to call me for a FREE  home evalutaion. 604-724-0725 

 

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           "Dear Erica:


We want to thank you for helping us smoothly sell our condo.  You have demonstrated experiences and professionalism in your timely communication, sound real estate knowledge and skills in negotiating offers and completing the contract.  Your comparative analysis of the market condition also helped us to lay out a realistic strategy which leads to a smooth conclusion of the sales of condo. We are lucky to have you as our realtor, who takes the real estate job seriously as a life-long career.


Sincerely,

Sherry & Erwin

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Demands remains elevated across the Metro Vancouver housing market June 2016

Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region.

Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold.

 

Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May.

 

"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said.

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties were listed.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 per cent decline compared to May 2015 (12,336) and a 2.3 per cent increase compared to April 2016 (7,550).

"Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity," Morrison said.

 

The sales-to-active listings ratio for May 2016 is 61.7 per cent. This is indicative of a seller’s market.

 

Download the full stats package by clicking here

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Don't forget to claim your BC Home Owner Grant! 

You should have received your Property Tax Notice in the mail last week.
Don’t forget to claim your home owner grant to reduce your property tax!
If you are eligible, BC will reduce your taxes by the grant amount. You must apply for your Home Owner Grant every year (by the July due date of your main property tax bill) in order to avoid penalties. 

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The annual ritual of spring cleaning is upon us – but it can seem a daunting task. Here's how to break it into easy pieces: 

Kishor’s Top 10 Spring Cleaning Jobs

1. To begin Kishor always suggests working room by room and working from top to bottom and left to right. This helps one keep on task.

 

2. Remove items to be taken to dry cleaning or washed, such as drapes and decorative bedding. Many draperies and curtains are machine washable, but check labels first. Dry-clean fabric shades. Wipe down wooden blinds with a damp cloth and warm water mixed with a little mild dishwashing liquid – this also works well and safely on metal and vinyl blinds.

 

3. Damp-dust places that are not part of your regular housecleaning, such as high shelves, window ledges and art.

 

4. Wipe down walls and ceilings – concentrating on fingerprints and soiled areas. No need for chemicals – simply use a bit of water and baking soda to get scuff marks off. However, if you have really stubborn surface grime, especially prevalent in kitchens, tackle it with a solvent-free degreaser (it’s a good idea to test it first in an inconspicuous area to ensure it won’t mar the surface).

 

5. Clean, vacuum and treat upholstered and leather furniture to bring a new life and longevity.

 

6. Clean and treat wood furniture to bring it back to its original shine. Do you have heat damaged wood or stubborn rings (often caused by wet glasses) on your favourite wood table? They may be removed by rubbing a mixture of equal parts of distilled vinegar and a quarter cup of baking soda with a gallon of warm water. Then wipe off and apply wood protector of your choice. Voila! Back to new.

 

7. When vacuuming and cleaning floors and/or rugs, move furniture that has been in place during the winter season and clean underneath; perhaps move things around to get a new perspective. Synthetic carpets and rugs with waterproof backings can be deep-cleaned with a rotary shampoo machine and a hot-water extraction machine. However, rugs without backings, such as those expensive oriental rugs, require professional cleaning.

 

8. Pull out items in cabinets and drawers, vacuum out debris and wipe down both the inside of the drawers and the items in them, then return them back in place. This is a great way to downsize and feel lighter.

 

9. Wash down windows and window sills. For streak-free windows, mix equal parts of distilled vinegar and warm water. Use either a dry cloth or newspaper … yes, this REW.ca writer has tried using newspaper and it really works. To clean out winter’s stale air, open the windows and breathe in that fresh air. There is nothing like the smell of spring to lift your spirits.


10. Head outside to sweep away old man winter and spray down decks and sidewalks. A pressure washer can be rented from tool and equipment rental shops or at some hardware stores. P.S. For another sense of renewal, consider buying a new door mat to welcome in the new season.

 

For more information and tips on Home Organizing go to www.everythingorganized.net.

 

Source: © 2016 Real Estate Weekly (REW.ca)

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March sales set an all-time record

Metro Vancouver home sales eclipsed 5,000 in March for the first time on record.


Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.


Last month’s sales were 56 per cent above the 10-year sales average for the month.


"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV president said. “Today's demand is broad based. Home buyers are active in neighbourhoods across our region."


New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,278 in March 2016. This represents an increase of 5.2 per cent compared to the 5,968 units listed in March 2015 and an 8 per cent increase compared to February 2016 when 5,812 properties were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,358, a 40.5 per cent decline compared to March 2015 (12,376) and a 0.8 per cent increase compared to February 2016 (7,299).


“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity," Morrison said. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $815,000. This represents a 23.2 per cent increase compared to March 2015.


Sales of detached properties in March 2016 reached 2,135, an increase of 24.8 per cent from the 1,711 detached sales recorded in March 2015. The benchmark price for detached properties increased 27.4 per cent from March 2015 to $1,342,500.


Sales of apartment properties reached 2,252 in March 2016, an increase of 38.4 per cent compared to the 1,627 sales in March 2015.The benchmark price of an apartment property increased 18.8 per cent from March 2015 to $462,800.


Attached property sales in March 2016 totalled 786, an increase of 8.9 per cent compared to the 722 sales in March 2015. The benchmark price of an attached unit increased 20.1 per cent from March 2015 to $589,100.


Download the full stats package by clicking here. 

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PTT and First Time Home Buyer's Fact Sheet 

The Property Transfer Tax is a tax payable to the Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.

 

The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value and 2% on the remaining fair market value. For example, if the fair market value of the property is $200,000.00, the tax payable would be $2,000.00 (1% of $200,000.00). If the fair market value of the property is $250,000.00, the tax payable would be $3,000.00 (1% on the first $200,000.00 = $2,000.00 and 2% on the remaining $50,000.00 = $1,000.00).

 

“Fair Market Value” is best described as the price that would be paid for a property on the open market (which is usually the actual purchase price paid for the property).

 

There are a number of exemptions available to avoid this tax, the most common being for “First Time Home Buyers"

 

To qualify as a First Time Home Buyer, the following criteria must be met:

  • Purchaser must never have owned an interest in a principal residence anywhere in the world at any time;
  • Purchaser must be a citizen of or a permanent resident of Canada;
  • Purchaser must have resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;
  • To obtain full exemption, the purchase price must not exceed $475,000.00. A partial exemption is available for homes between $475,000.00 and $500,000.00 (see formula below);
  • Purchaser must move into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;
  • Pro rata exemption where property exceeds .5 hectares or a portion of the property is not residential (i.e. commercial lofts) – purchase price of entire property must not exceed the price limitations.
 
You can calculate the amount of tax payable on any price on Spagnuolo Group's Property Transfer Tax Calculator here.

Other exemptions exist as well, such as a transfer of a principal residence between family members. For details on this and other exemptions, go to http://www.rev.gov.bc.ca/RPT/ and pick the “Property Transfer Tax” button located on the right hand side on this screen.



Source: Copyright © 2008 by The Spagnuolo Group of Real Estate Law Firms. 

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Metro Vancouver home buyers set a record pace in February

Last month was the highest selling February on record for the Metro Vancouver housing market.


Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 home sales occurred.


Last month’s sales were 56.3 per cent above the 10-year sales average for the month and ranks as the highest February sales total on record.


"We're in a competitive, fast-moving market cycle that favours home sellers," Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,812 in February 2016. This represents an increase of 7.1 per cent compared to the 5,425 units listed in February 2015 and a 30.8 per cent increase compared to January 2016 when 4,442 properties were listed.


"We're beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today's demand,” McLeod said.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7 per cent decline compared to February 2015 (11,898) and a 10 per cent increase compared to January 2016 (6,635).


The sales-to-active listings ratio for February 2016 is 57.2 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $795,500. This represents a 22.2 per cent increase compared to February 2015.

Sales of detached properties in February 2016 reached 1,778, an increase of 37.2 per cent from the 1,296 detached sales recorded in February 2015. The benchmark price for detached properties increased 27 per cent from February 2015 to $1,305,600.


Sales of apartment properties reached 1,790 in February 2016, an increase of 43.9 per cent compared to the 1,244 sales in February 2015.The benchmark price of an apartment property increased 17.7 per cent from February 2015 to $454,600.


Attached property sales in February 2016 totalled 604, an increase of 15.9 per cent compared to the 521 sales in February 2015. The benchmark price of an attached unit increased 17 per cent from February 2015 to $569,600.

Download the full stats package by clicking here. 

 

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February 2, 2016

Home buyer competition keeps home sellers in the driver’s seat

Home buyer activity remains at near record levels across the Metro Vancouver housing market.

Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of 31.7 per cent from the 1,913 sales recorded in January 2015 and a 10.9 per cent decline compared to December 2015 when 2,827 home sales occurred.

Last month’s sales were 46 per cent above the 10-year sales average for the month and rank as the second highest January on record.

“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,442 in January 2016. This represents a 6.2 per cent decline compared to the 4,737 units listed in January 2015 and a 119.8 per cent increase compared to December 2015 when 2,021 properties were listed.

“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,635, a 38.6 per cent decline compared to January 2015 (10,811) and a 10.1 per cent increase compared to December 2015 (6,024).

The sales-to-active listings ratio for January 2016 is 38 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

Sales of detached properties in January 2016 reached 1,047, an increase of 34.1 per cent from the 781 detached sales recorded in January 2015. The benchmark price for detached properties increased 27.9 per cent from January 2015 to $1,293,700.

Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5 per cent compared to the 809 sales in January 2015.The benchmark price of an apartment property increased 19.4 per cent from January 2015 to $456,600.

Attached property sales in January 2016 totalled 376, an increase of 16.4 per cent compared to the 323 sales in January 2015. The benchmark price of an attached unit increased 16.4 per cent from January 2015 to $563,700.

Download the full stats package by clicking here.
 

 

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Metro Vancouver home sales set an all-time record in 2015

In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.

The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.

Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8 per cent increase from the 33,116 sales recorded in 2014, and a 48.4 per cent increase over the 28,524 residential sales in 2013.

The total number of homes listed for sale on the MLS® in 2015 ranked fifth in the last ten years, while the MLS® Home Price Index (HPI) saw double-digit year-over-year price increases.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 per cent compared to the 56,066 properties listed in 2014 and an increase of 4.6 per cent compared to the 54,742 properties listed in 2013.

With sales-to-active-listings ratios above 25 per cent for 11 months in 2015, the Metro Vancouver market experienced seller’s market conditions for much of the year.

"Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market," Darcy McLeod, REBGV president said. "Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Metro Vancouver last year."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 18.9 per cent increase compared to December 2014.
     
“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent depending on property type.” 
     
December summary
Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6 per cent from the 2,116 sales recorded in December 2014 and a 19.8 per cent decline compared to November 2015 when 3,524 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,021 in December 2015. This represents a 7 per cent increase compared to the 1,888 units listed in December 2014 and a 40.4 per cent decline compared to November 2015 when 3,392 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,024, a 41.6 per cent decline compared to December 2014 and a 25.6 per cent decrease compared to November 2015.

Sales of detached properties in December 2015 reached 1,136, an increase of 36.4 per cent from the 833 detached sales recorded in December 2014. The benchmark price for detached properties increased 24.3 per cent from December 2014 to $1,248,600.

Sales of apartment properties reached 1,225 in December 2015, an increase of 34.3 per cent compared to the 912 sales in December 2014.The benchmark price of an apartment property increased 14 per cent from December 2014 to $436,200.

Attached property sales in December 2015 totalled 466, an increase of 25.6 per cent compared to the 371 sales in December 2014. The benchmark price of an attached unit increased 13.6 per cent from December 2014 to $543,700.

Download the complete stats package by clicking here.

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December 2, 2015

Housing demand remains strong despite diminishing supply

Home sales reached near record levels in November even as home listings began the traditional year-end decline.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,524 on the Multiple Listing Service® (MLS®) in November 2015. This represents a 40.1 per cent increase compared to the 2,516 sales recorded in November 2014, and a 3.3 per cent decrease compared to the 3,646 sales in October 2015.

Last month’s sales were 46.2 per cent above the 10-year sales average for the month and rank as the second highest November on record for residential property sales.

“November is typically one of the quietest months of the year in our housing market, but not this year,” Darcy McLeod, REBGV president said. “The ratio of sales to home’s available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,392 in November. This represents a 12.5 per cent increase compared to the 3,016 new listings reported in November 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 8,096, a 35 per cent decline compared to November 2014 and a 15.4 per cent decline compared to October 2015.

“Demand remains strong and there are housing options at different price points throughout the region,” McLeod said. “It’s important to work with your REALTOR® to understand your options before you embark on your home buying journey.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $752,500. This represents a 17.8 per cent increase compared to November 2014.

The sales-to-active-listings ratio in November was 43.5 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time. 

Sales of detached properties in November 2015 reached 1,335, an increase of 31.9 per cent from the 1,012 detached sales recorded in November 2014, and a 44.2 per cent increase from the 926 units sold in November 2013. The benchmark price for a detached property in Metro Vancouver increased 22.6 per cent from November 2014 to $1,226,300. 

Sales of apartment properties reached 1,553 in November 2015, an increase of 47.6 per cent compared to the 1,052 sales in November 2014, and an increase of 60.3 per cent compared to the 969 sales in November 2013. The benchmark price of an apartment property increased 14 per cent from November 2014 to $435,000. 

Attached property sales in November 2015 totalled 636, an increase of 40.7 per cent compared to the 452 sales in November 2014, and a 49.3 per cent increase from the 426 attached properties sold in November 2013. The benchmark price of an attached unit increased 11.3 per cent between November 2014 and 2015 to $536,600.

*Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.


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November 3, 2015

Metro Vancouver home buyers push October sales above long-term averages

Home buyers remain active across Metro Vancouver despite a reduced supply of homes for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in *Metro Vancouver reached 3,646 on the Multiple Listing Service® (MLS®) in October 2015. This represents a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014, and a 9 per cent increase compared to the 3,345 sales in September 2015.

Last month’s sales were 36.2 per cent above the 10-year sales average for the month.

“Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” Darcy McLeod, REBGV president said. “This activity has created favourable market conditions for anyone considering selling their home today.” 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,126 in October. This represents an 8 per cent decline compared to the 4,487 new listings reported in October 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015.

This is the lowest active listing total in Metro Vancouver since December 2010.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $736,000. This represents a 15.3 per cent increase compared to October 2014.

The sales-to-active-listings ratio in October was 38.1 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.

Sales of detached properties in October 2015 reached 1,437, an increase of 13.1 per cent from the 1,271 detached sales recorded in October 2014, and a 34.7 per cent increase from the 1,067 units sold in October 2013. The benchmark price for a detached property in Metro Vancouver increased 20.1 per cent from October 2014 to $1,197,600.

Sales of apartment properties reached 1,543 in October 2015, an increase of 21.7 per cent compared to the 1,268 sales in October 2014, and an increase of 40.5 per cent compared to the 1,098 sales in October 2013. The benchmark price of an apartment property increased 11.4 per cent from October 2014 to $425,800.

Attached property sales in October 2015 totalled 666, an increase of 28.6 per cent compared to the 518 sales in October 2014, and a 34.3 per cent increase from the 496 attached properties sold in October 2013. The benchmark price of an attached unit increased 9.3 per cent between October 2014 and 2015 to $526,700.

*Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.


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Metro Vancouver home buyers compete for fewer home listings


Conditions continue to favour home sellers across *Metro Vancouver’s housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in

Metro Vancouver reached 3,345 on the Multiple Listing Service® (MLS®) in September 2015. This

represents a 14.5 per cent increase compared to the 2,922 sales recorded in September 2014, and

a 0.5 per cent decrease compared to the 3,362 sales in August 2015.

Last month’s sales were 32.9 per cent above the 10-year sales average for the month.

“Residential home sales have been trending at 25 to 30 per cent above the ten-year sales average

for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,

” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on

home prices, particularly in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,846

in September. This represents a 7.9 per cent decline compared to the 5,259 new listings reported

in September 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro

Vancouver is currently $722,300. This represents a 13.7 per cent increase compared to

September 2014.

 

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