News: Vancouver Real Estate Market

What does it mean for B.C.?

The Greater Vancouver market saw signs of heading towards recovery in the fourth quarter, after a year-over-year decline. There was a 4.8% decrease in the aggregate price of a home in Greater Vancouver year-over-year to hit $1,107,719 in the fourth quarter of 2019. The aggregate price of a home in the third quarter of 2019, had decreased 5.2% compared to the same time last year.

Greater Vancouver's real estate market was fairly balanced in the fourth quarter according to...

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The Multiple Listing Service® (MLS®) recorded a total of 77,331 residential unit sales in 2019, a decrease of 1.5% from the 78,516 units sold in 2018 as reported by the British Columbia Real Estate Association (BCREA). Furthermore, the total sales dollar volume was $54.2 billion, a 3% decrease from 2018. The previous year saw an average annual MLS® residential price at $711,564, when compared to $700,460, a decrease of 1.6%.

According to the BCREA Cheif Economist Brendon Ogmundson, "Housing...

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Residential home sales in the region totalled 2016 in December 2019, an 88.1% increase from the 1,072 sales recorded in Dec 2018, and a 19.3% decrease from the 2,498 homes sold in November 2019.

Vancouver real estate sales in December 2019

Last month’s sales were 9.5% above the 10-year Dec sales average.

There were 1,588 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in Dec 2019. This represents a 12.9% increase compared to the 1,407 homes listed in Dec 2018 and a 46.8% decrease compared...

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What does this mean for us?

Greater Vancouver house prices will see a stabilization in 2020. The aggregate prices for homes is forecasted to hit $1,125,200, an increase if 1.5% in 2020. For two-storey homes the prices are expected to rise to $1,460,700, a rise of 1.25% year-over-year. Median prices for condominiums is also said to rise to $666,900, a 3.0% increase by the end of next year.

Greater Vancouver City View

According to Randy Ryalls, Managing Broker, Royal LePage Sterling Realty, "Sales have picked up significantly...

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According to the British Columbia Real Estate Association (BCREA) report, there were 6,616 residential unit sales recorded by the Multiple Listing Service® (MLS®) in November. This showed an increase of 27.5% from the same month last year. The MLS® recorded an average residential price in the province at $746,939, an increase of 5.5% from November 2018. The total sales volume saw a 34.4% increase to reach $4.94 billion, compared to the same month last year.

"After several months of strong...

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Home buyer activity has returned to more historically typical levels in Metro Vancouver, after a slow first half for 2019. According to The Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region totalled 2,498 in November 2019, a 55.3% increase from the 1,608 sales recorded in November 2018, and a 12.6% decline from the 2,858 homes sold in October 2019.

"We started to see more home buyer confidence in the summer and this trend continues today," says Ashley Smith, REBGV...

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Where does B.C. stand?

Kimberly situated in the Kootenay Rockies in British Columbia have had a surge of young buyers, contributing towards the demand of condominiums in the area. The average price of condos in the area increased to 9.8% year-by-year to reach $259,750 as the 12-month period ended on September 30, 2019.

"We are seeing young families return to Kimberley for the lifestyle offered by our four-season recreational region," said Darren Close, managing broker, Royal LePage East Kootenay Realty....

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According to the British Columbia Real Estate Association (BCREA), residential unit sales totalled 7,666 as recorded by the Multiple Listing Service® (MLS®) in October. This is an increase of 19.3% from the same month last year. The average MLS® residential price in the province increased 5.1% from October 2018, at $724,045. Total sales were also up by 25.4% at $5.55 billion, from the same month last year.

"Most markets around the province are returning to a more typical level of sales...

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According to the Multiple Listing Service® (MLS®)forecast, residential sales in the province are to decline 1.8% to about 77,100 units this year, compared to 78,505 residential sales in 2018. Residential sales on MLS® are forecast to increase 10.9% in 2020 and hit 85,500 units, just below the 10-year average for MLS® residential sales of 85,800 units.

"After a slow start to 2019, MLS® home sales in BC have embarked on a sustained upward trend since the spring," said Brendon Ogmundson,...

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There has been a pickup in home sale activity in the Metro Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales of detached, attached and apartment properties reached 2,858 in October 2019, a 45.4% increase from the 1,966 sales recorded in October 2018, and a 22.5% increase from the 2,333 homes sold in September 2019.

Sales for last month were 9.8% above the 10-year October sales average."Home buyers have more confidence today than we saw...

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Costumes and candy are some of the perks you get on Halloween, but did you know that Halloween also has an impact on your home's value!

“Anyone who has done renovations or rebuilt their homes know it can be a rewarding experience, but few people realise October 31 is the date when your efforts pay off,” says Assessor Tina Ireland. “That’s because October 31 is the date when any changes to your buildings or the use of your property are reflected in the upcoming property assessments....

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It is hard to believe that it’s been 24 years since I moved to Vancouver. Like everyone, purchasing a home was something that I always wanted to accomplish.  As part of the process in finding my first home , I researched and learnt everything I could about buying real estate. I was lucky though. My father was a real estate agent. He helped guide me through the process to ensure I made the right decisions and protected my interests. Obviously not everyone has a father in the business they...

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The Royal LePage 2019 Newcomer Survey, shows that Canadian newcomers are heading to make 680,000 home purcahses over the next five years. British Columbia is the third most popular destination for international migration.

There is a 32% homeownership rate in Greater Vancouver. “Greater Vancouver is one of the most desirable places in the world to live and we attract newcomers who are optimistic about what the city has to offer in terms of both lifestyle and employment,” said Randy Ryalls,...

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The British Columbia Real Estate Association (BCREA)reports shows residential unit sales reached a total of 6,938 as recorded by the Multiple Listing Service® (MLS®) in September, a 24% increase from the same month last year.

The average MLS® residential price in the province was $697,943, a 2.1% increase from September 2018. Additioanally, total sales dollar volume was $4.84 billion, an incerase of 26.5% from the same month last year.

According to Brendon Ogmundson, the BCREA Chief Economist,...

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Home buyer demand has returned to more usual levels in Metro Vancouver over the last three months.

The residential home sales in the area has reached 2,333 in September 2019, when compared to 1,595 in September 2018, causing an increase of 46.3%. Last month"s sales peaked at 1.7%, which was below the 10 year September sales average.

According to Ashley Smith, REBGV president, "we're seeing more balanced housing market conditions over the last three months compared to what we saw at this time last...

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Sales activity increased to more typical levels in Metro Vancouver during the summer months.

According to the Real Estate Board of Greater Vancouver (REBGV)residential home sales totalled 2,231 in August 2019, a 15.7% increase from the 1,929 sales recorded in August last year, and a 12.7% decrease from the 2,557 homes sold in July 2019.

August sales were 9.2% below the 10-year August sales average.

"Home sales returned to more historically normal levels over the last 2 months compared to what we saw...

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The Vancouver real estate market saw an increase in demand, pushing July (a typically quieter time of the year) to the second highest selling month so far in 2019.

There has been a substantive increase in residential home sales in the region as per The Real Estate Board of Greater Vancouver (REBGV). The market saw a 23.5 %, increase compared to the 2,070 sales record in July 2018, and a 23.1 % increase compared to the 2,077 homes sold in June 2019.

The sales for last month capped at 7.8%, which was...

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With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to grow in Metro Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4% decrease from the 2,425 sales recorded in June 2018. Last month's sales were 34.7% below the 10-year June sales average, the lowest total for the month since 2000.

"We're continuing to see an expectation gap between home buyers and...

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BC real estate housing forecastAccording to the British Columbia Real Estate Association (BCREA), sales in BC are forecast to rise next year.

Multiple Listing Service® (MLS®) residential sales in the province are expected to decline 9% to 71,400 units in 2019, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14% to 81,700 units in 2020.

"The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing demand...

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Metro Vancouver home sales exceed 2,000 for the first time in 2019, while buyer demand remains below averages.

The Real Estate Board of Greater Vancouver (REBGV) reports residential sales in Metro Vancouver area totaled 2,638 in May 2019, a 44.2% increase from the 1,829 homes sold in April 2019.

"High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today," Ashley...

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Gorgeous Georgian style 2 bedroom and den (or possible third bedroom) townhouse in the quaint Osprey Village, nestled along the shore of the Fraser River and Pitt Meadows' scenic river walk. The bright loft-inspired interior features 9 foot ceilings, huge windows, custom built-ins, laminate floors throughout and a unique open-riser staircase creating an airy ambiance and a sense of space. White contemporary kitchen with soft close cabinetry, stainless steel...
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Vancouver

photo by Aditya Chinchure

Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver* housing market.

Last month’s sales were 43.1% below the 10-year April sales average.

"Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20%, which is causing people at the entry-level side of the market to struggle to secure financing," Ashley Smith,...

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In short, yes, absolutely! Home staging is critical to ensure your home looks and feels its best. Think of home staging like dressing a home. You dress it with complimentary "clothes" so it looks it's best.

Staged homes photograph better so when potential buyers see it online, or in print, they have already formed a positive opinion. Staged homes sell quicker, and because they sell quicker, they typically sell for a higher price. We highly recommend staging for all our properties and provide a free...

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I get asked this question all the time. The answer really depends on two factors. 1. The area. Despite what you may hear in the media, there is no Canadian real estate market. All real estate markets are hyper local. 2. The type of product. Are we talking about condos, town houses or single family homes.

If you would like the local real estate statistics for your area simply send me an email and I would be happy to forward you a copy.

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Metro Vancouver home sales were at the lowest levels seen in March in more than 3 decades.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,727 in March 2019, a year over year decrease of 31.4%.

Last month’s sales were 46.3% below the 10-year March sales average, the lowest total for the month since 1986.

"Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely...

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Greater Vancouver real estate market update


A quick follow-up to last month's issue when I chose to focus on the primary reason for the current buyer's market, which generally is attributed to the B-20 mortgage stress test that the federal government’s banking regulator (OSFI) imposed.


In the interest of time and realizing most of my audience are busy with limited time to read a lengthy explanation on all the reasons, I chose to focus on the "primary" reason - which is by no means the only reason. Obviously the Feds had their reasons...

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Greater Vancouver real estate prices. MLS home price index graph


According to the latest stats released by the Greater Vancouver Real Estate Board, February sales were 42.5% below the 10-year sales average which saw an increase of supply from sellers and lower than average demand from home buyers.


Well priced homes are in Metro Vancouver are attracting interest, with increased traffic at open houses. Time will tell however if this trend leads to higher sales activity during the spring market.


Detached homes sales in February 2019 reached 448, a 27.9% year over...

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Yes we've all heard it's a buyer's market. But what does that mean in regards to prices? Year over year prices are down. The closer you are to Vancouver the higher the percentage decrease. The following info graphic shows the percentage change for detached single family homes in Greater Vancouver and the Fraser Valley.


Year over year MLS prices for single family homes in Greater Vancouver


If you would like to know what prices are doing for condos, please get in touch and I would be happy to send you the info.

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The big question everyone is asking me is "what do you think the market is going to do over the next few months"?

What we know is the housing price trend is currently on a downward trajectory. The 2008 slide lasted 6 months, the 2011 slide lasted 7 months and the 2016 slide lasted 6 months. Currently the Greater Vancouver real estate market is in it’s 8 month of declining home prices which was primarily caused by the mortgage stress test that the federal government’s banking regulator...

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Home listings continue to increase across all housing categories in the Metro Vancouver housing market while home buyer activity remains below historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.

Last month's sales were 36.3 per cent below the 10-year January...

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Metro Vancouver* home sales in 2018 were the lowest annual total in the region since 2000.



The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.

Last year’s sales total was 25 per cent below the region’s...

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Property owners received their 2019 assessment notices last week. Overall, condominiums increased throughout Greater Vancouver while detached home values were mixed. Here’s a detailed table.



The deadline to appeal your assessment is January 31, 2019. For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1-866-valueBC (1-866-825-8322).


Table Source: BC Assessment

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The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018 when 1,966 homes sold.

Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.

"Home buyers have been taking a wait-and-see approach for most of 2018. This has...

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Vancouver, BC – October 11, 2018.The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017. Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017.

“BC home sales...

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Home sale activity across Metro Vancouver* remained below long-term historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.

Last month’s sales were 26.8 per cent below the 10-year October sales average.

"The supply of homes for sale today...

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According to a cross-Canada survey of over 750 Royal LePage real estate experts, a kitchen renovation is the clear upgrade of choice with the potential to boost a property’s value by more than 12.5 per cent.[1] Both ranking second, a finished basement or a new bathroom has the potential to increase a property’s value between 2.5 per cent and 12.5 per cent, depending on the investment.

"To financially benefit from a home improvement project, you need to keep potential homebuyers in mind,"...

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The supply of homes for sale continued to increase across the Metro Vancouver housing market in September while home buyer demand remained below typical levels for this time of year.


Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.

Last month's sales were...

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The Metro Vancouver housing market continues to experience reduced demand across all housing types.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.

Last month’s sales were 25.2 per cent below the 10-year August sales average.

"Home buyers have been less active in recent...

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July's residential housing sales in Metro Vancouver* reached their lowest levels for that month since the year 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold.


Last month's sales were 29.3 per cent below the 10-year July sales average. "With fewer buyers active in...

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Changes to the Real Estate Council of British Columbia's disclosure requirements are designed to ensure that consumers have the information they need to make informed decisions in a real estate transaction. We want to make sure that all of our consumers have an opportunity to make an informed decision about their agency rights and options.


Effective June 15, 2018 all real estate agents (licensees) must make disclosures about the intent of providing services to consumers earlier than had previously...

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With home sale activity dipping below long-term historical averages, the supply of homes for sale in Metro Vancouver* reached a three-year high in June.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,425 in June 2018, a 37.7 per cent decline from the 3,893 sales recorded in June 2017, and a 14.4 per cent decrease compared to May 2018 when 2,833 homes sold.


Last month’s sales were 28.7 per cent below the 10-year June sales average....

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Retiring Baby Boomers and Gen-Xers drive the recreational property market

New speculation tax serves as a cold shower for would-be B.C. investors

 

TORONTO, June 6, 2018 – According to a cross-Canada survey of Royal LePage’s recreational property specialists, the nation’s recreational market is primed for healthy single-digit growth in 2018, as buyers across the land flock to lakes and streams, and the seaside and mountain tops, with an eye towards retirement or a secondary...

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VANCOUVER, BC – June 4, 2018 – Home buyer demand continues to decline across the Metro Vancouver* housing market.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.

 

Last month’s sales were 19.3 per cent below the 10-year May sales average....

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Vancouver, BC – May 31, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 Second Quarter Housing Forecast today.

 

Multiple Listing Service® (MLS® ) residential sales in the province are forecast to decline 9 per cent to 94,200 units this year, after posting 103,700 unit sales in 2017. MLS® residential sales are forecast to remain relatively unchanged in 2019, albeit down 0.2 per cent to 94,000 units. Housing demand is expected to remain above...

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VANCOUVER, BC – May 2, 2018 – The Metro Vancouver* housing market saw fewer home buyers and more home sellers in April.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,579 in April 2018, a 27.4 per cent decrease from the 3,553 sales recorded in April 2017, and a 2.5 per cent increase compared to March 2018 when 2,517 homes sold.

 

Last month’s sales were 22.5 per cent below the 10-year April sales...

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April 04, 2018 - The desire of some well-meaning British Columbians for government to drive down the price of homes through demand-side policy may sound practical at first blush. However, when you consider the broad and deep economic toll that a negative shock to home prices would exact on both homeowners and renters, it quickly becomes apparent that such an approach is at best, a mug’s game. BCREA Economics analysis* shows that even a relatively modest negative price shock will produce significant...

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First Quarter, March 2018 - HOUSING FORECAST UPDATE

 

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 per cent to 94,855 units this year, after recording 103,763 residential sales in 2017. MLS® residential sales are forecast to edge back a further 1 per cent to 94,025 units in 2019. Housing demand is expected to remain above the 10-year average of 84,800 units into 2020.Strong economic performance and favourable demographics...

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VANCOUVER, BC – April 4, 2018 – Home buyers and sellers were less active in Metro Vancouver* throughout the first quarter of 2018.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017, and a 14 per cent increase compared to February 2018 when 2,207 homes sold.

 

Last month’s sales were 23 per cent below the 10-year March sales...

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New tax policies put pressure on Canadians to sell their secondary properties within the province
 
Albertans anticipated to look within their own province and to the United States for secondary properties
 

TORONTO, March 29, 2018 – According to a Royal LePage advisor survey, which consolidated the views of 535 real estate professionals in British Columbia and Alberta, the implementation of new housing taxes outlined in British Columbia's 2018 budget have the potential to significantly...

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.