News: Vancouver Real Estate MarketCanadian Newcomers are buying one in five homes
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,... Market keeps momentum into fall
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,... A rise in demand helps to balance the housing market
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... Metro Vancouver real estate market sees an uptick in sales
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... Summer sees an increase in real estate sales
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... June showed an increase in housing supply and a decrease in sales and prices.
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... Sales in BC are forecast to rise in 2020
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... May sees a 5 year high in housing supply and a modest increase in home sales.
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... #4-10974 Barnston View Rd, Pitt Meadows Townhouse for sale in Osprey VillageGorgeous 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...
Another month of reduced demand, and increased supply
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,... Is home staging worth the money?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... Government policy keeps prospective home buyers on the sidelinesMetro 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... Vancouver real estate market update: Now is a great time to trade up!
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... It's a buyers market! Less competition. More time. More selection.
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... What have Coquitlam MLS home prices done over the last year?
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Coquitlam MLS home prices
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.
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. Coquitlam real estate update Feb 2019The 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... Home listings increase while buyers remain in holding pattern
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... Metro Vancouver home sales decline below historical averages in 2018
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... 2018 BC Assessment Sample Property Value Changes in Greater VancouverProperty 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 Home buyer demand remains below long-term historical averages in the Metro Vancouver* housing market.
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... Balanced Conditions Prevail in BC Housing Market
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... Home listings at four-year October high as sales remain below typical levels
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... ROI on Renovations
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,"... More supply and less demand seen across Metro Vancouver housing market 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... Home buyer demand stays below historical averages in August
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... Housing supply up, demand down across Metro Vancouver
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... RECBC Rule Change Notice to Consumers
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... Home seller supply grows as demand declines
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.... Canadian Recreational Property Prices Forecast to Appreciate 5.8% in 2018Retiring 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... Reduced demand is allowing housing supply to accumulate
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.... Slower Growth Expected for Economy and Housing Market in the Second Quarter of 2018
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... Home sales down, listings up across Metro Vancouver
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... The Economic Fallout of Housing Price ShocksApril 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... BC Housing Demand to Slow Through 2019
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... Fewer home sales and listings in the first quarter of 2018
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... Major impact to B.C. real estate market expected from proposed taxes
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... New Mortgage Qualification Rules Temper Housing Demand
Vancouver, BC – March 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,206 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) across the province in February, a 5.7 per cent decrease from the same period last year. The average MLS® residential price in BC was $748,327, up 8.8 per cent from the previous year. Total sales dollar volume was $4.64 billion, a 2.6 per cent increase from February 2017.
"More stringent... Home buyers were less active in February
VANCOUVER, BC – March 2, 2018 – Metro Vancouver* home sales dipped below the longterm historical average in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a nine per cent decrease from the 2,424 sales recorded in February 2017, and a 21.4 per cent increase compared to January 2018 when 1,818 homes sold.
Last month’s sales were 14.4 per cent below the 10-year February... Government Needs Transitional Rules For All Transactions Impacted By Taxes Introduced In Budget 2018New taxes unlikely to stabilize housing market
Victoria, BC – February 20, 2018. The British Columbia Real Estate Association calls on government to introduce transitional rules for all transactions impacted by the new tax measures introduced in Budget 2018. The new tax measures come into effect on February 21, 2018. The Property Transfer Tax (PTT) increase to 5% for properties over $3 million, as well as the increase to 20% and expansion of the Foreign Buyer's Tax to other parts of the... Home buyer demand depends on property type
VANCOUVER, BC – February 2, 2018 – Attached and apartment homes are in demand across Metro Vancouver* while detached home buyers are facing less competition today.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.
Last month’s sales... BC Home Sales Above 100,000 for Third Consecutive Year
"Robust... Low Inventory Levels Drive Home Values Higher in Greater Vancouver During the Fourth Quarter of 2017While competition within the region's condominium market stiffened, two-storey home values came back to life during the quarter, posting strong year-over-year gains New Office of the Superintendent of Financial Institutions' rules boost price appreciation and sales activity in the region's overheated entry-level market
VANCOUVER, January 10, 2018 – According to the Royal LePage House Price Survey1 released today, exceptionally low inventory levels and growing demand fueled home price... Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market VANCOUVER, BC – January 3, 2018 – After reaching record levels in 2015 and 2016, Metro Vancouver* home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS® ) in 2017, a 9.9 per cent decrease from the 39,943... 2018 Royal LePage Market Survey ForecastNew OSFI Stress Test Set to Limit National Home Price Appreciation to 4.9% in 2018 December 13, 2017
TORONTO, December 13, 2017 – According to the Royal LePage Market... Strong Economy Supporting Elevated Housing Demand
Vancouver, BC – December 12, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4 per cent from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1 per cent from November 2016.The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.
"November was the third ... Metro Vancouver continues to experience above-average demand and below-average supply
VANCOUVER, BC – December 4, 2017 – Metro Vancouver saw modest home listing changes and steady demand in November. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,795 in November 2017, a 26.2 per cent increase from the 2,214 sales recorded in November 2016, and a 7.5 per cent decrease compared to October 2017 when 3,022 homes sold.
Last month’s sales were 17 per cent above the 10-year November sales average.... Housing Market Facing Headwinds Despite Strong Economy
Vancouver, BC – November 28, 2017. The British Columbia Real Estate Association (BCREA) released its 2017 Fourth Quarter Housing Forecast today.
Multiple Listing Service® (MLS® ) residential sales in the province are forecast to decline 10.4 per cent to 91,700 units in 2018, after an expected 8.8 per cent decrease this year. A record 112,209 unit sales were recorded in 2016. The ten-year average for MLS® residential sales in BC is 84,700 units. Strong economic and demographic... Where are BC's Best Bets for Real Estate Investment?
The rapidly growing city of Surrey is once again ranked as the best bet to invest your buck in real estate, according to an annual ranking by the Real Estate Investment Network (REIN). The 2017 survey identifies the top 10 cities in the province for real estate investment, based on REIN's research. REIN's methodology includes "all economic and demographic fundamental key drivers combined... October sales exceed historical average
VANCOUVER, BC – November 2, 2017 – Metro Vancouver* home sales exceeded typical historical levels in October with the majority concentrated in the townhouse and apartment markets.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,022 in October 2017, a 35.3 per cent increase from the 2,233 sales recorded in October 2016, and an increase of 7.1 per cent compared to September 2017 when 2,821 homes sold.
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According to the British Columbia Real Estate Association (BCREA), sales in BC are forecast to rise next year.
Vancouver, BC – January 12, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 103,763 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) across the province in 2017, a decline of 7.5 per cent from a record 112,211 unit sales in 2016. The average MLS® residential price in BC was $709,579 in 2017, up 2.7 per cent from the previous year. Total sales dollar volume was $73.63 billion, down 5.1 per cent from 2016.
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