October 2, 2017
Brisk condo sales are driving Greater Vancouver's real estate market while the pace of price gains has slowed to a crawl in the once-mighty segment of detached houses.
The benchmark price for condos sold in September reached $635,800, up 21.7 per cent from the same month last year, the Real Estate Board of Greater Vancouver said Tuesday. The benchmark price is an industry representation of the typical home sold in an area.
Continued demand for attached homes brings second strongest August historically
September 5, 2017
Persistent and growing demand for townhomes and apartments in the Fraser Valley led to the second strongest August historically in terms of sales.
The Fraser Valley Real Estate Board processed 1,879 sales of all property types on its Multiple Listing Service® (MLS®) in August, an increase of 10.9 per cent compared to the 1,694 sales in August of last year, and a 3 per cent decrease compared to the 1,937 sales in July 2017.
Of the total sales processed 470 were townhouses and 548 were apartments, together representing 54% of market activity in August.
Condominium sales drive August activity
September 1, 2017
Competition for condominiums and townhomes pushed Metro Vancouver home sales above typical levels in August. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 per cent increase from the 2,489 sales recorded in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.
Last month’s sales were 19.6 per cent above the 10-year August sales average.
“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”
Metro Vancouver sees fewer home sales and more listings in July
August 2, 2017
Home buyer activity returned to more typical summer levels in Metro Vancouver last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.
Last month’s sales were 0.7 per cent above the 10-year July sales average.
“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”
Fraser Valley home sales still strong despite summer slowdown
August 2, 2017
Sales activity remained strong in July, despite month-over-month decreases for each of the three major residential property types. This was the sixth strongest July historically for the Fraser Valley Real Estate Board.
The Fraser Valley Real Estate Board processed 1,937 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a 24.7 per cent decrease compared to the 2,571 sales in June 2017.
Market activity picks up in May
June 2, 2017
Home buyer activity returned to near record levels across the Metro Vancouver housing market in May. Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 percent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 percent compared to April 2017 when 3,553 homes sold.
Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third-highest selling May on record.
"Demand for condominiums and townhomes are 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 percent decrease compared to the 6,289 units listed in May 2016 and a 23.2 percent 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 percent, followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.
Growing sales in Fraser Valley met with bump in new inventory
June 2, 2017
The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in the region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically.
The Fraser Valley Real Estate Board processed 2,707 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 7 percent compared to the 2,911 sales in May of last year, and a 21.4 percent increase compared to the 2,230 sales in April 2017.
Condominiums and townhomes in high demand across Metro Vancouver
May 3, 2017
Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market. Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017.
April sales were 4.8 per cent above the 10-year average for the month. For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent average over the same period last year.
Another solid month for Fraser Valley real estate
May 2, 2017
The Fraser Valley real estate market continued to show strength in April, reaching the highest sales level for the region in the past ten months.
The Fraser Valley Real Estate Board processed 2,230 sales of all property types on its Multiple Listing Service® (MLS®) in April, a decrease of 24.9 per cent compared to the 2,969 sales this time last year and a 0.8 per cent increase compared to the 2,213 sales in March 2017. Of the 2,230 sales processed in April, 438 were townhouses and 567 were apartments.
Attached home sales thrive as overall inventory remains scarce
April 6, 2017
Propelled by significant activity in attached categories, March housing sales in the Fraser Valley reached their second highest point for the month in ten years, trailing only last year’s extraordinary market levels.
The Fraser Valley Real Estate Board processed 2,213 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 26.4 per cent compared to the 3,006 sales in March of last year, and a 58.5 per cent increase compared to the 1,396 sales in February 2017.
Demand for homes continues to outpace supply in Metro Vancouver
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.”
Low supply continues to limit Metro Vancouver home buyers
March 2, 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 2,424 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.
Fraser Valley enjoys healthy market in February
March 2, 2017
The Fraser Valley housing market returned to more typical levels in February, with sales and new listing intake on-par with the 10-year average for the month.
The Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 41.5 per cent compared to the record-breaking 2,387 sales in February of last year, and a 43 per cent increase compared to the 976 sales in January 2017. The 10-year average for February sales is currently 1,288 transactions. Of the 1,396 sales processed last month, 369 were townhouses and 391 were apartments.
Metro Vancouver housing market off to a quieter start
February 2, 2017
Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold.
Last month’s sales were 10.3 per cent below our 10-year January sales average.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”
Don't miss GVHBA's upcoming Homebuyer Forum
February 14, 2017
Are you wondering if you are eligible for the BC HOME loan? What is the mortgage stress-test and how it impacts your buying power? Where to buy and what it is like to live and raise a family in a condo?
Presented by BC Housing, the Greater Vancouver Home Builders' Association (GVHBA) Homebuyer Forum scheduled for March 1, 2017, is your chance to gain granular market information, not readily found on the internet, focused on purchasing a condo or townhome in Metro Vancouver...
A heated year for Metro Vancouver real estate draws to a close
January 4, 2017
The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005. Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.
“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.
Record-setting year for Fraser Valley real estate
January 4, 2017
Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.
The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.
Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.
Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year’s extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley.
Home buyers and sellers face changing market dynamics
October 5, 2016
Metro Vancouver home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014. Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.
Last month’s sales were 9.6 per cent below the 10-year sales average for the month.
“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”
Fraser Valley inventory reaches highest level in 2016 as sales settle for fall season
October 4, 2016
Housing sales in the Fraser Valley continued to slow throughout September, dropping below the ten-year sales average for the month for the first time this year.
The Fraser Valley Real Estate Board processed 1,305 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 24.4 per cent compared to the 1,727 sales in September of last year, and a 23 per cent decrease compared to the 1,694 sales in August 2016.
Island home sellers still in the driver's seat
October 3, 2016
Although a moderating trend in activity and prices is occurring in the Vancouver market, that slowdown is not affecting the Vancouver Island Real Estate Board (VIREB) area thus far. Prices in Vancouver and on the Lower Mainland have not dropped by much, but sales have taken a hit. This moderation might have been accelerated slightly by the Foreign Buyer Tax introduced at the beginning of August, but it is still too early to say whether this is a temporary cooling in sales activity or indicative of a larger trend.
However, foreign buyers are not turning to Vancouver Island in lieu of the Lower Mainland and are not the impetus behind VIREB’s robust housing market. As shown in our 2015 Buyer Profile, 54 per cent of purchasers were from Vancouver Island, 22 per cent from elsewhere in B.C., 22 per cent from elsewhere in Canada, and only two per cent were international buyers. Those demographics have likely not changed in 2016.
Metro Vancouver home sales return to typical August levels
September 2, 2016
For the second straight month, home buyer demand in Metro Vancouver moved off of the record-breaking pace seen earlier this year and returned to more typical levels.
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.
August 25, 2016
A new forecast by Central 1 Credit Union predicts B.C.'s hot real estate market will remain robust for the next two years, despite fears a tax on foreign buyers is chilling Metro Vancouver sales.
But market overseers say the trend will even out and benefit other parts of B.C.'s housing market in the short term, with B.C. sellers remaining in a strong position.
Senior economist Bryan Yu said the new foreign buyers tax announced by the provincial government in July and rolled out on Aug.2 will temporarily slow sales in Metro Vancouver by about 10 per cent.
Home sales move off of record-breaking pace in July
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,226 in July 2016, a decrease of 18.9 per cent from the 3,978 sales recorded in July 2015 and a decrease of 26.7 per cent compared to June 2016 when 4,400 homes sold.
This is the first time since January that home sales in the region have registered below 4,000 in a month.
“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.
Last month’s sales were 6.5 per cent above the 10-year sales average for the month.
Real estate reform in BC: What you need to know
June 29, 2016
British Columbia Premier Christy Clark says the province is taking away the real estate industry’s ability to regulate itself.
Wednesday’s announcement came a day after an independent panel appointed to review the industry released a report that made 28 recommendations aimed at toughening up rules for agents and protecting consumers. However, Ms. Clark said the Real Estate Council of B.C. can no longer be trusted to do the job and will instead transfer those powers to the province’s superintendent of real estate.
The panel was formed following several investigations by The Globe and Mail, in particular one that revealed a practice that’s become known as “shadow flipping,” in which homes are flipped during the closing period of a sale.
June 2, 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. 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.
June 1, 2016
As micro-condos continue to fuel Vancouver’s real estate market, a growing number of residents are turning their backs on small-space living and looking to purchase larger format homes in established neighbourhoods throughout the city.
With the Cambie Corridor earning a reputation for saying no to small, Pennyfarthing Homes is spearheading this approach with their newest project, The Cambie Collection.
May 30, 2016
The idea of a starter home may be a thing of the past in Toronto and Vancouver, as an increasing number of homeowners looking to "trade up" are finding themselves priced out of the market, according to a new report from the TD Bank Group.
Chief Economist Beata Caranci says homeowners in Canada's two hottest housing markets are faced with "buyer's gridlock" after purchasing entry-level homes and later discovering that upgrading to a larger property is difficult.
May 14, 2016
Have you heard about the red-hot real estate market … in Parksville?
While the Vancouver's market has been in the spotlight for its rapidly rising values, these sky-high growth rates are now trickling out to surrounding locations.
Cameron Muir, chief economist of the British Columbia Real Estate Association, says the entire province experienced a record setting month for real estate sales in April, in part due to B.C.'s strong economy.
May 3, 2016
Residential property sales in the region totalled 4,781 in April 2016, an increase of 14.4 per cent from the 4,179 sales recorded in April 2015 and a decrease of 7.6 per cent compared to March 2016 when 5,173 homes sold. April sales were 41.7 per cent above the 10-year sales average for the month.
“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said. “Whether you’re a home buyer or seller, it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,127 in April 2016. This represents an increase of 3.9 per cent compared to the 5,897 units listed in April 2015 and a 2.4 per cent decline compared to March 2016 when 6,278 properties were listed.
"While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace," Morrison said.
May 3, 2016
The insanity, it seems, is not over. Despite ongoing warnings from the CMHC that the Vancouver housing prices are overvalued and have outpaced the economic fundamentals in the city, they keep climbing.
In the past year, the benchmark price for a detached home in the region — not just the City of Vancouver itself — has climbed 30.1 per cent, to $1.4-million, according to new numbers from the Real Estate Board of Greater Vancouver.
The "benchmark" price is a measure used by the board to describe what it calls a "typical property" in the market, taking into account bedrooms, lot size, and other factors, and is not an average or median price. To put that in context, the median family income in the Vancouver metropolitan area is $73,390 — lower than the Canadian average, according to the latest census numbers available.
May 2, 2016
Greater Victoria’s frenzied real estate market hit a fever pitch in April, new numbers show. It was the single busiest sales month in the region’s history since the Victoria Real Estate Board started tracking sales in 1990.
A total of 1,286 properties were sold in April – a 53 per cent jump compared to the same month last year. But there are far fewer houses being listed this year, meaning competiton for property is at an all-time high.
April 14, 2016
New home prices in Canada rose by 0.2 per cent in February from January, pushed up by continuing strength in the major regions of Toronto and Vancouver, Statistics Canada said on Thursday. Analysts in a Reuters poll had forecast a 0.1 per cent increase from January. Compared with February 2015, prices grew by 1.8 per cent.
The Toronto and Oshawa region, which accounts for 27.9 per cent of the entire Canadian market, posted a 0.4 per cent advance. Prices in Vancouver, which makes up 13.0 per cent of the market, rose by 0.8 per cent, the most since September 2009.
Builders in both regions cited new list prices and market conditions as the main reasons for strength.
The western city of Calgary, capital of Canada’s struggling energy industry, saw prices fall by 0.5 per cent, the largest decline since July 2011.
The new housing price index excludes apartments and condominiums, which the government says are a particular cause for concern and which account for one-third of new housing.
April 14, 2016
Residential real estate is turning into a global commodity market with specific hot spots like Vancouver, says Richard Koss, the director of theInternational Monetary Fund's Global Housing Watch initiative.
"The increase in home prices is modest in most countries," said Koss. "What's difficult is why are some markets picked more than others?"
Koss spoke as part of a panel on global real estate investment on Thursday evening organized by the University of British Columbia'sCentre for Urban Economics and Real Estate and the Centre for Chinese Research. Moderator Christopher Rea, the director of the Centre for Chinese Research, said the goal of the event was to "share perspectives" on Vancouver's booming real estate market. The event attracted about 200 people.
Other panelists included UBC professors Tsur Somerville and David Ley and real estate developer Shao Long Li. Kosh said his research shows that high-stress real estate markets often show in cities and regions like Edmonton and Calgary with high commodity production.
April 12, 2016
The most expensive housing market in North America is not where you’d think. It’s not New York City or Orange County, California, but Vancouver, British Columbia. Now, Vancouver is a beautiful city—a thriving deep-water port, a popular site for TV and movie shoots. By all accounts, it is a wonderful place to live. But nothing about its economy explains why—in a city where the median income is only around seventy grand—single-family houses now sell for close to a million dollars apiece and ordinary condos go for five or six hundred thousand dollars.
“If you look at per-capita incomes, we look like Reno or Nashville,” Andy Yan, an urban planner at the Vancouver-based firm Bing Thom Architects, told me. “But our housing prices easily compete with San Francisco’s.”
April 7, 2016
The rapid price increases in Vancouver's real estate market are highlighted in a new survey released by Royal LePage - and the numbers seem almost unreal. The survey shows the average price of a Metro Vancouver two storey house jumped to 23.6 per cent in one year, to $1.42 million.
Detached bungalows increased by a whopping 25.7 per cent, to an average price of $1.12 million. Condominium prices shot up 9.5 per cent to an average price of $487,300.
April 4, 2016
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.
April 4, 2016
Buyer demand is outpacing supply and pushing prices higher in the Vancouver Island Real Estate Board area, which covers all areas of the Island except Greater Victoria.
In March, the benchmark price of a single-family home in the Island board’s area was $350,400, up seven per cent from one year ago, while the average price of a single-family home was $397,375, a 13 per cent increase. Most real estate boards incorporate the Multiple Listing Service Home Price Index to report on property values. The index uses the concept of the benchmark home, which has attributes of typical homes in a defined area.
The March benchmark price of a single-family home in the Campbell River area was $281,800, a 2.61 per cent increase over the same month a year ago. In the Comox Valley, the benchmark price was $354,100, up 9.39 per cent while Duncan reported a benchmark price of $310,700, an increase of 8.23 per cent.
Nanaimo’s benchmark price rose 5.95 per cent to $367,000 while the Parksville-Qualicum area saw its benchmark price rise by 8.66 per cent to $391,400. The price for a benchmark home in Port Alberni was $193,900, an increase of 3.36 per cent over March 2015.
Last month, 520 single-family homes sold compared to 420 during the same month a year ago, an increase of 24 per cent. Month over month, sales were up by 29 per cent from the 406 sales processed in February 2016. Last month’s active listings totalled 1,599, down 26 per cent from the 2,167 reported in March 2015.
March 24, 2016
A new report set tongues wagging Wednesday for its back-of-the-envelope calculation that estimated of the $38 billion in Vancouver residential real estate sales in 2015, Chinese buyers were responsible for a third.
By comparison, the report said Chinese investors accounted for $9 billion of the $63 billion in deals in Toronto or 14 per cent of the purchase volume.
March 13, 2016
A new report into the 2015 global luxury real estate market ranks Vancouver as the top performing city worldwide. In a top 100 list that includes Shanghai, San Francisco and Monaco, Vancouver is the clear leader, with prices accelerating 24.5 per cent last year.
Sydney, ranked second, grew just 14.8 per cent in the same time period. Toronto placed at number 12, with an eight per cent rise.
March 9, 2016
MAC Marketing Solutions and BLVD Marketing Group, two local established real estate project marketing companies, announce a merger to form Western Canada’s largest real estate marketing organization, McNeill Lalonde & Associates. Effective March 3, 2016, the two companies entered into an agreement to merge the two competitors with the purpose of providing a higher quality of service to both clients and employees and position themselves as the leaders in the industry nationwide.
The goal is to continue to build upon the foundations of both brands, while endeavoring to redefine industry leading analytics, marketing, sales, and advisory solutions throughout all major metropolitan centers across Canada. McNeill Lalonde & Associates will offer new, specialized service models for single‐family, townhome, low‐rise, mid‐rise and highrise product types along with a more robust platform for reporting, market intelligence, brokerage solutions, advisory services, and a greater pool of experienced and talented professionals. More importantly, a culture that fosters tenacity, pride and ongoing professional development will continue to be paramount.
Full transition to the new unified McNeill Lalonde & Associates will take 6‐12 months, but the current brands of MAC and BLVD will continue to exist and evolve.
Metro Vancouver home buyers set a record pace in February
March 2, 2016
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 homes sold. Last month’s sales were 56.3 per cent above the 10-year sales average for the month and rank 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).
BC Budget adjusts MSP rates, cuts property transfer tax
February 16, 2016
On the housing front, the government introduced a property transfer tax exemption on newly built houses and condominiums up to $750,000. Purchasers, who must be Canadian citizens or permanent residents, will save up to $13,000.
“These are significant dollars,” de Jong said. “We’re also hopeful that it will create an incentive and an impetus to construct more homes.”
Government will pay for the exemption by increasing the transfer tax rate from two per cent to three per cent on the fair market value of property over $2 million.
February 10, 2016
Imagine your realtor sold your home for $500,000 more than the price you agreed to — but you didn't see a penny of that extra cash. That's the situation for some Vancouverites, as exposed in a Globe and Mail feature.
A controversial sales technique called "shadow flipping" allows realtors to score two or even three times their standard commission on a single house by reassigning the sale to different owners at ever higher prices. But it's a practice that has left the original sellers feeling scammed.
February 3, 2016
With a 37.8% increase in typical house prices over the past year, the South Delta community of Tsawwassen is leading the entire Lower Mainland market in price appreciation, according to the latest real estate board statistics.
But the January stats show the entire market continues a white-hot pace with the benchmark price of a detached house in the Lower Mainland up 25.4% from a year ago to just over $1 million. In Greater Vancouver, the typical detached house sold in January for an all-time high of $1.29 million...
February 2, 2016
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.
New Year brings strongest January on record
February 2, 2016
Fraser Valley’s real estate market showed no signs of slowing down, producing the strongest sales for January on record.
The Fraser Valley Real Estate Board processed 1,338 sales on its Multiple Listing Service® (MLS®) in January, an increase of 57 per cent compared to January 2015 and 13 per cent fewer then were processed in December. Sales in January ranked at the top for the last ten years coming in 57 per cent over the 10-year average, and 5 per cent higher than the previous record of 1,270 sales in January 1992.
Jorda Maisey, President of the Board said, “Typically, we see January numbers slow down post-holiday season, but so far demand for Fraser Valley homes hasn’t let up. Homebuyers are reluctant to wait when the market is moving this fast.”
“There are a number of factors we can attribute this jump to, but most importantly, we’re seeing that the demand for owning a home continues to rise and inventory is struggling to keep up. Job creation and a strong BC economy are drawing more people to our region; and despite rising prices in some areas, many communities within the Fraser Valley remain affordable.”
February 3, 2016
Federal money for housing may be coming Vancouver's way in the next budget, but affordability in the city is going to get worse before it gets better, say housing experts.
Vancouver mayor Gregor Robertson announced yesterday the city isasking the federal government for half a billion dollars to build social housing on $250 million worth of city owned land — most of it vacant. He and 19 other Canadian mayors are in Ottawa this week, pitching their needs to the federal government before it releases its budget.
But one non-profit housing executive says that while the proposal puts Vancouver ahead of other cities when it comes to putting shovels to the ground, it will still take years to build more housing.
Metro Vancouver home sales set an all-time record in 2015
Tuesday, January 5, 2016
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.
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