News: Vancouver Real Estate Market

   The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.

Note: This information is current to today, February 21, 2012 and has been verified with the Canada Revenue Agency, HST Branch. However, we have been advised that the information could change depending on HST rulings to come.

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Vancouver, BC – February 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC dipped 7.6 per cent to $2.1 billion in January compared to the same month last year. A total of 3,976 homes traded hands on the MLS® over the same period, down 3.9 per cent. The average MLS® residential price was 3.8 per cent lower at $527,219 compared to January 2011.

"Increased market activity...

OTTAWA — Canada's housing market will remain steady this year and through 2013, with home prices expected to rise moderately, Canada Mortgage and Housing Corp. said Monday

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   Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability and less fluctuation compared to the beginning of 2011.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease...

The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below...

   I wrote the following post for BMO SmartSteps - click here to view:

Consistently ranked as one of the very best cities to live in the World, living in Vancouver will unfortunately come at a price - it’s the trade-off for an incredible lifestyle. Price however, as we all know, is relative. From a Canadian perspective, Vancouver real estate prices may seem high, but not when compared to the global real estate market.

To give you a taste of what you can buy in downtown Vancouver...

   Below is an extract from the latest news release by Canada Mortgage and Housing Corporation (CMHC) about their fall Rental Market Survey.

The average rental apartment vacancy rate in Canada's 35 major centres decreased slightly to 2.2 per cent in October 2011, from 2.6 per cent in October 2010, according to the fall Rental Market Survey released today by Canada Mortgage and Housing Corporation (CMHC).

“Modestly higher levels of employment among persons...

   Canadian economic growth rebounded strongly in the third quarter of 2011 following a slight contraction in Q2. Real GDP data released this morning showed that the economy grew a robust 3.5 per cent last quarter, propelled higher by surging exports. However, domestic demand moderated as consumers and businesses reigned in spending.

Our forecast is for economic growth to slow in the fourth quarter and through much of 2012, likely to an average rate of between 1.5 and 2.5 per cent....

Vancouver, BC – November 8, 2011. The British Columbia Real Estate Association (BCREA) released its 2011 Fourth Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to rise 3.2 per cent from 74,640 units in 2010 to 77,000 units this year, increasing a further 3.9 per cent to 80,000 units in 2012.

“Low mortgage interest rates are expected to persist through 2012 keeping affordability on an even keel,” said Cameron...

With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337...

The following real estate statistics use the Sales-to-List ratio to determine which of the following areas are Buyers Markets. The stats also divide each area by product type. The areas include Burnaby, Port Moody, Coquitlam and Port Coquitlam.  Click here to download stats package.

   As was universally anticipated, the Bank of Canada opted to hold its target overnight rate at 1 per cent this morning.  Ongoing uncertainty in the Euro-zone continues to weigh heavily on the Bank's outlook. In its statement accompanying the interest rate decision, it was noted that the bank is now projecting a contained Euro-crisis, but also a brief recession in the Euro-area due to ongoing deleveraging and fiscal austerity. The Bank also expects continued weakness, but no recession,...

Canada Mortgage and Housing Corporation defended its methodology of evaluating properties on Thursday, after a newspaper report questioned whether the practice has led to artificially inflated home prices.

"CMHC looks at the specific characteristics of the property in question," the federal agency said in a statement Thursday.

The CMHC, which is tasked with overseeing Canada's housing market, said it uses different sources of information to assess the value of a specific property.

 ...

   Canadian housing starts in increased in September, climbing to 7 per cent to a seasonally adjusted annual rate of 205,900 units. New home construction in BC also increased, rising 18.5 per cent from last month to a seasonally adjusted annual rate of 27,400 units.  Total third quarter housing starts in BC were 6,844 compared with 6,316 starts in the third quarter of last year. New home construction continues to be centered around multi-family units which accounted for...

   Softening seen in some regions but suggestions of impending US-style correction unfounded, according to Royal LePage

The Royal LePage House Price Survey released today showed the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011, compared to the previous year. The strength of home price appreciation in the third quarter defied expectations as very low interest rates buoyed consumer confidence in a comparatively stable Canadian...

Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,246 in September, a 1.2 per cent increase compared to the 2,220 sales in September 2010. Those sales also...

Vancouver, BC – September 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 16.4 per cent to 6,504 units in August compared to the same month last year. The average MLS® residential price climbed 10.7 per cent to $539,953 last month compared to August 2010.

"BC home sales edged up one per cent in August compared to July on a seasonally adjusted basis,” said Cameron...

The Bank of Canada opted to hold the Bank's target rate at 1 per cent this morning.  Market volatility over the summer and incoming data indicating very weak economic growth has prompted an abrupt change in the policy stance at the Bank of Canada. Whereas just a few short weeks ago it was widely expected that interest rates were set to rise this fall, those rate hikes have been pushed out, possibly to as far as next summer.  The major economies of the world are dangerously close...

August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents...

OTTAWA, August 24, 2011 — Housing starts are forecast to remain steady in 2011 and 2012, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition.¹

“Housing starts have been strong in the last few months, but are forecast to moderate closer in line with demographic fundamentals,” said Mathieu Laberge, Deputy Chief Economist for CMHC. “Despite recent financial uncertainty, factors such as employment, immigration...

he Residential Construction Performance Guide sets out the minimum required performance of new homes covered by home warranty insurance in British Columbia. Homeowners can search this free online Guide to help determine whether a possible defect in design, labour or materials in their new home may be covered by home warranty insurance. The Guide is designed primarily for conventional low-rise, wood-frame homes which is the predominant method of residential construction in B.C. The guide was created...

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 12.9 per cent to 6,533 units in July compared to the same month last year. The average MLS® residential price climbed 10 per cent to $540,877 last month compared to July 2010.

"BC home sales edged down 4 per cent from June to July, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Less frenetic buying...

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2...

 The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic expansion is proceeding broadly as projected in the Bank’s April Monetary Policy Report (MPR), with modest growth in major advanced economies and robust expansions in emerging economies.  The U.S. economy has grown at a slower pace than expected and continues to be...

Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.

New listings for detached, attached and apartment...

Vancouver, BC – June 30, 2011. The British Columbia Real Estate Association (BCREA) released its 2011 Second Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5 per cent from 74,640 units in 2010 to 78,200 units this year, before increasing a further 3.1 per cent to 80,700 units in 2012.

"Home sales will post some modest gains over the next two years," said Cameron Muir, BCREA Chief Economist. "However, positive...

OTTAWA, June 29, 2011 — An estimated 1.9 million households, surveyed in 10 major centres, indicated they completed renovations last year, a slight decrease from the 2.1 million households that completed a renovation in 2009. This represents 42 per cent of homeowner households (down from 50 per cent in 2009), according to the Renovation and Home Purchase Survey released today by Canada Mortgage and Housing Corporation (CMHC). The average cost of renovations was $12,972.

 ...

Bob Rennie's address to the Urban Development Institute (UDI). As always, information-packed statistics came thick and fast, often generating a collective gasp of amazement. This year, Rennie focused on a question that's long been part of ongoing debate around dinner tables and office water coolers : is Vancouver the best place to live as The Economist and other publications suggest? Or are we the least affordable place to live as reported by the Frontier Centre for Public Policy in Winnipeg who ranked...

Where is the best place to find Vancouver open houses? When is the best time to search for open houses. Timing is important! Plus etiquette when visiting open houses.

Vancouver, BC – June 15, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province edged down one per cent to 7,857 units in May compared to the same month last year. The average MLS® residential price climbed 20 per cent to $596,872 last month compared to May 2010.

"Tighter mortgage rules, tepid employment growth and advance buying during the first quarter kept BC home sales on a lower note...

Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.

Looking back further, last month’s residential...

 Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared...

Why Coquitlam? A few reasons why Coquitlam is a great place to live.

Vancouver, BC – April 18, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province continued to climb higher in March. Compared to March of 2010, MLS® residential unit sales increased 11.5 per cent to 8,600 units. The average MLS® residential price rose 15 per cent to $594,157 in March compared to the same month last year.

"We continue to observe a two-speed market in BC, with surging consumer...

Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011,...

 With rising costs of borrowing on the bond market the big banks (TD and RBC) decided to raise mortgage rates.

The biggest increase in rates are the 5 to 10 year closed mortgages , which will increase by 0.35 percentage points starting Tuesday.

The rate for a five-year closed mortgage will rise to 5.69 percent.

The move comes three weeks after TD cut mortgage rates, citing lower bond yields.

RBC's five-year closed mortgage moved up 0.35 percentage...

Home prices are approaching bubble territory, although a cool-off is expected.

OTTAWA - Canada's housing market is reaching the limits of sustainability and could tumble if there is no moderation, the Bank of Montreal says.

The bank notes Canada's hot housing market is still not in the red zone for prices, but it's getting there. (Click here to download full story in PDF)

VANCOUVER - Richmond and Vancouver's west side housing markets are red hot, according to a monthly real estate report released Wednesday.

"It's a huge sellers' market, the strongest in those areas I've ever seen," Real Estate Board of Greater Vancouver president Jake Moldowan said in an interview. "And there's no question that it's the offshore market that's focused on these two areas." (Click here to download full story in PDF)

Buying real estate? A few grow-op warning signs.

Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside.

For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February’s 3,097 home sales outpace the 2,742 home-sale average recorded in the region over the last ten years....

Congratulations to all the 2010 Royal LePage Coronation West award winners as advertised in the Tri-City News this week.