News: Vancouver Real Estate Market

TORONTO, May 12, 2016 – Canada’s luxury residential real estate market has seen a notable increase in foreign buyer[1] activity over the last ten years, according to a survey of real estate advisors released today in the Royal LePage Carriage Trade Luxury Properties Report.

When asked about activity over the last decade, 66 per cent of real estate advisors believe foreign buyer activity increased in their region since 2005. Almost a quarter (24 per cent) of advisors...

Home sales remain at record levels across Metro Vancouver

VANCOUVER, BC – May 3, 2016 –Last month was the highest selling April on record for Metro Vancouver.*

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...

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...

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...

Property Transfer Tax (PTT)

• a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and
• a partial exemption will apply on newly built homes priced $750,000 to $800,000.
• a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance.

These changes will take effect on February...

The British Columbia Real Estate Association (BCREA) reports that a total of 5,831 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 33.2 per cent from January of last year. Total sales dollar volume was $4.39 billion in January, up 69.1 per cent compared to the previous year.

The average MLS® residential price in the province was up 26.9 per cent year-over-year, to $752,906.

"The BC housing market continues to build on momentum from...

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.

"...

The British Columbia Real Estate Association (BCREA) released 2016 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to edge back 6.2 per cent to 96,100 units this year, after reaching 102,517 units in 2015. Strong consumer demand is expected to push MLS® residential sales up by 2 per cent to 98,000 units in 2017.  

Housing demand in the province is being supported by a relatively robust economy,...

The British Columbia Real Estate Association (BCREA) reports that a record number of home sales were recorded in the province for the month of December. A total of 6,590 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 29.8 per cent from the same month the previous year. Total sales dollar volume hit a record $4.62 billion for the month of December, up 55.4 per cent compared to the previous year.

The average MLS® residential price...

Canada’s residential real estate market showed strong growth in the fourth quarter of 2015, led by hot Vancouver and Toronto markets according to the Royal LePage House Price Survey[1] and Market Survey Forecast[2] released today. Looking forward to 2016, Royal LePage expects continued price increases in most markets, but not at the pace that has been the recent norm. Instead, the national real estate market is expected to slow later this year, principally due to the effects of a dampened economy...

David Reimers with Royal LePage West Real Estate Services has earned the prestigious Certified Luxury Home Marketing Specialist® designation in recognition of his experience, knowledge and expertise in the luxury home market.

"David Reimers is an example of a real estate professional who has worked to develop market knowledge and the special skills and competencies necessary to provide exceptional service in the fine homes and estates marketplace," said Institute President Laurie Moore-Moore,...

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,...

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...

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...

VANCOUVER, B.C. - October 2, 2015 - 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...

Metro Vancouver* home buyers spent the summer months searching for their next home. Between June and August, home sales were between 25 and 30 per cent above the ten-year sales average.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,362 on the Multiple Listing Service® (MLS®) in August 2015. This represents a 21.3 per cent increase compared to the 2,771 sales recorded in August 2014, and a decrease of 15.5...

Metro Vancouver home sales were more than a third above the 10-year average in July, while the number of homes listed for sale continues to trend below recent years.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver* reached 3,978 on the Multiple Listing Service® (MLS®) in July 2015. This represents a 30 per cent increase compared to the 3,061 sales recorded in July 2014, and a decrease of 9.1 per cent compared to the...

 A laneway house is a small detached residential infill house that typically fronts on the lane of a larger principal house.

It’s important for property owners to understand their options before building a laneway house or buying a property with a laneway house. If you are looking for information about the tax implications of laneway houses, read about these scenarios outlined by the Canada Revenue Agency (CRA).

1. You own a principal residence and you hire a builder...

Part of Vancouver's new River District, One Town Centre will consist of a 19-storey residential tower, a townhome and retail podium, a midrise residential structure, and CLUB CENTRAL amenities building.

ARCHITECTURE

• All elements are distinct yet complementary, creating a cohesive architectural form • Facades feature metal cladding and glass elements that reflect a modern interpretation of the area’s industrial heritage
• The quality concrete buildings feature highly sustainable...

Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).

The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

Last month’s...

It continues to be a competitive spring market for Metro Vancouver* home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9 per...

 Vancouver, BC – June 1, 2015. The British Columbia Real Estate Association (BCREA) released its 2015 Second

Quarter Housing Forecast today.

"More robust economic growth, strong consumer confidence and rock-bottom mortgage interest rates are expected to push housing demand this year to its highest level since 2007," said Cameron Muir, BCREA Chief Economist.

Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units...

Spectacular NW corner 871 sf, 2 bdrm & den, 2 bthrm at the award winning Residences on Georgia w/ panoramic views of English Bay, Lions Gate Bridge, Coal Harbour & mountains. Efficient floor plan featuring floor to ceiling windows,air conditioning, HW flrs, granite in the kitchen & marble counters in bathrooms. Entertainment sized balcony is a perfect vantage to enjoy the vistas. Built in 1997 the building features 24 hour concierge service, an exercise centre, meeting rms &more. A...

ABOUT: Nestled alongside the Cambie Corridor, Bennington House connects the luxury of an established community with the vibrancy of downtown. Discover the enticing design and engaging character of 42 refined homes coming spring 2015 to one of Vancouver’s most prominent neighbourhoods.

LOCATION: 4080 Yukon St, Vancouver V5Y 2J4 (at King Edward Avenue, one block from the Canada Line's King Edward Station).

# OF STOREYS: 4

CONSTRUCTION: Woodframe

# OF UNITS: 42...

Demand continued to rise across Metro Vancouver's housing market in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 4,060 on the Multiple Listing Service® (MLS®) in March 2015. This represents a 53.7 per cent increase compared to the 2,641 sales recorded in March 2014, and a 32.6 per cent increase compared to the 3,061 sales in February 2015.

Last month's sales were 26.8 per cent above the 10-year...

It's a Seller's market. Demand is high. Multiple offers are rampant and homes are selling like "hot cakes" within a few days above the asking price. You are ready to buy a home. You've engaged the services of a real estate agent and have spoken to your mortgage broker to confirm financing. After a few weeks of browsing all the newly listed properties you see a home that you really like. You've been advised that given all the interest the home will likely sell very quickly. You decide to make...

Parc Elise is Vancouver Westside's most luxurious parkside homes. Parc Elise is a collection of 1, 2 & 3 bedroom homes.

INVITING INTERIORS

• Airy 9' ceilings
• Air conditioning for hot summer days
• Recessed pot lighting provides extra space and the ideal ambiance
• Engineered hardwood flooring in the main living areas
• Plush wool blend loop pile carpeting in the bedrooms

ELEGANT KITCHENS

• Kitchens with polished quartz countertops
• Contemporary, high gloss European cabinetry
• Stainless steel...

Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region's ten-year average for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent...

Vancouver, BC – February 13, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 4,377 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, up 3.1 per cent from the same month last year. Total sales dollar volume was $2.6 billion, an increase of 8.3 per cent compared to a year ago. The average MLS® residential price in the province rose to $593,155, up 5.0 per cent from the same month last year.

"Last month...

Introducing The Independent, a landmark project that will bring 258 additional homes to the vibrant Mount Pleasant community. The Independent will be a building unlike any other in Vancouver, a focal point of community and an evocative architectural expression as unique as the neighbourhood itself.

1 Bedrooms from $279,900
2 Bedrooms from $389,900
Townhouses in the low $800's
Penthouses up to $1.7M

With 68% of homes under $500K and 15% of homes over 1,000 sq.ft., The Independent at Main has...

The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7 per cent increase compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December...

Steep oil price declines expected to impact key markets

TORONTO, January 14, 2015 – Across the country, average home prices showed modest to healthy year-over-year gains in most markets in the fourth quarter of 2014, according to the Royal LePage House Price Survey and Market Survey Forecast released today.

During the quarter, the average price of a home in Canada increased between 4.5 per cent and 6.7 per cent year-over-year. Nationally, the average price of detached bungalows rose 6.7...

   The numbers below are updated monthly.

For more information regarding new construction please don't hesitate to ask.

It was a typical year for the Metro Vancouver housing market in certain respects. The regions home sale and listing totals for 2014 both rank fifth when compared against the past 10 years of activity, while home prices increased.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 per cent increase from the 28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential...

This article was originally posted in August 2012. I thought it appropriate to repost with the following guide that was recently published to help homeowner's: A Homeowner’s Guide to Radon

What is radon?

Radon is a radioactive gas that causes cancer. Radon is found in rock, soil, water, some building materials, and natural gas. You can't see, taste, or smell it.

How does radon exposure occur?

Any home, school, office, or other building can have high levels of radon. Radon is found...

Sussex Realty joins forces with Royal LePage to expand powerhouse brokerage

TORONTO, December 3, 2014 – Royal LePage is pleased to announce the addition of Prudential Sussex Realty to the Royal LePage network. Operating as Royal LePage Sussex, its team of close to 300 agents joins Royal LePage’s company-owned brokerage operation, the number one brokerage in the nation.

“We are thrilled to welcome the Sussex team to the Royal LePage family,” said Phil Soper, President...

Home buyers in Metro Vancouver remained active in November, a month that is traditionally a quieter time of year for real estate.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service® (MLS®) in November 2014. This represents an 8.4 per cent increase compared to the 2,321 sales in November 2013, and a 17.7 per cent decline compared to the 3,057 sales in October 2014.

Last month's...

Home sales in the Metro Vancouver* housing market continue to outpace long-term averages for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 per cent increase compared to the 2,661 sales in October 2013, and a 4.6 per cent increase over the 2,922 sales in September 2014.

Last month’s sales were 16.6...

These days it seems quite common for parents to help their children buy real estate. When I look back over the last 3 years, I would say about a third of all the properties I've sold had the buyer's parents helping in some form or another. I am a prime example myself. My parents helped me with the down-payment of my very first home and I wouldn't be where I am today without their help. Thanks mum and dad :)

As a parent how can you help?

The easiest way for most parents to help...

   COQUITLAM, B.C. - October 14, 2014 - The annual Westwood Plateau Pumpkin Giveaway for Charity is coming up on October 18th, 2014 between 10am and 1pm at Westwood Plateau Village (1410 Parkway Blvd, Coquitlam). 200 Pumpkins will be given away to the first 200 kids to kick-off Reimers Group's annual Pumpkin Carving Contest. Be sure to arrive early to secure your pumpkin. At the same time donations will be collected for the Royal LePage Shelter Foundation which directly benefits ...

Home buyers were active in Metro Vancouver last month, with home sales well exceeding the 10-year average for September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,922 on the Multiple Listing Service® (MLS®) in September 2014. This represents a 17.7 per cent increase compared to the 2,483 sales in September 2013, and a 5.4 per cent increase over the 2,771 sales in August 2014.

Last month’s sales were 16.1...

   The British Columbia Real Estate Association (BCREA) reports that a total of 7,341 residential sales were recorded by the Multiple Listing Service® (MLS®) in August, up 7 per cent from August 2013. Total sales dollar volume was $4.1 billion, an increase of 12.4 per cent compared to a year ago. The average MLS® residential price in the province rose to $560,318, up 5 per cent from the same month last year.

“Consumer demand remained relatively robust in August,...

The Metro Vancouver housing market experienced steady home sale, listing, and pricing trends for the month of August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,771 on the Multiple Listing Service® (MLS®) in August 2014. This represents a 10.2 per cent increase compared to the 2,514 sales recorded in August 2013, and a 9.5 per cent decline compared to the 3,061 sales in July 2014.

“Activity this summer has...

The Greater Vancouver housing market continues to see slightly elevated demand from home buyers, steady levels of supply from home sellers and incremental gains in home values depending on the area and property type.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This represents a 3.9 per cent increase compared to the 2,946 sales recorded in July...

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7 per cent increase compared to the 3,286 sales in May 2014.

Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.

"Competition amongst home buyers today is as...

An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7 per cent increase compared to the 3,050 sales in April 2014.

Last month's sales were...

   Vancouver, BC – May 13, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 7,730 residential sales were recorded by the Multiple Listing Service® (MLS®) in April, up 12 per cent from April 2013. Total sales dollar volume was $4.3 billion, an increase of 19 per cent compared to a year ago. The average MLS® residential price in the province rose to $561,613, up 6.3 per cent from the same month last year.

"BC home sales trended higher...

Home buyers and sellers became more active in the Greater Vancouver housing market in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,050 on the Multiple Listing Service® (MLS®) in April 2014. This represents a 16.1 per cent increase compared to the 2,627 sales recorded in April 2013, and a 15.5 per cent increase compared to the 2,641 sales in March 2014.

Last month’s sales were 5.2 per cent...

In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014. This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent increase compared to the 1,760 sales in January 2014.

Last...

First-time home buyers received welcome news in today’s provincial budget. 

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional...