News: Vancouver Real Estate Market

VANCOUVER, BC – September 5, 2017 – Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 per cent increase from the 2,489 sales recorded in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.

Last month’s sales were 19.6 per cent above...

Greater Vancouver Home Price Appreciation Dips to Single-Digit Gains in Second Quarter of 2017 

Low inventory coupled with an uptick in buyers maintain the region's seller's market

VANCOUVER, July 13, 2017 – According to the Royal LePage House Price Survey1 and Market Survey Forecast released today, the aggregate price of a home in Greater Vancouver rose 2.6 per cent year-over-year to an aggregate 2 price of $1,181,309 – a marked slowdown from the double-digit year-over-year home...

 Vancouver, BC – July 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in June, down 9.6 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent increase from the same period last year.

"Although home...

VANCOUVER, BC – July 5, 2017 – The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 per cent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 per cent compared to May 2017 when 4,364 homes sold.

Last month’s...

 Vancouver, BC–June 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.

"Market conditions...

 June 2, 2017 - Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

Last month's sales were 23.7 per cent above the 10-year May sales average and is the thirdhighest selling May on record.

"Demand for condominiums and townhomes is driving today's activity," Jill Oudil, Real Estate Board of Greater...

VANCOUVER, BC - May 2, 2017 - Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market.

Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 per cent above the 10-year average for the month.

For the first four months of the year, condominium and townhome sales have comprised...

Over-heated Toronto market boils over into adjacent regions

Market slows in Vancouver, yet signs point to early rebound

TORONTO, April 18, 2017 – According to the Royal LePage House Price Survey[1] released today, Canada’s residential real estate market saw substantial price growth in the first quarter of 2017. While the majority of Canadian housing markets posted modest gains, price appreciation across much of Ontario significantly outpaced the rest of the country,...

VANCOUVER, BC – April 4, 2017 – A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.

Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold.

Last...

VANCOUVER, BC – April 4, 2017 – A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.

Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold.

Last month’s...

Vancouver, BC – February 22, 2017. On the heels of multiple government announcements in 2016 and early 2017, the British Columbia Real Estate Association (BCREA) welcomes the latest: an increase in the Property Transfer Tax exemption threshold for first-time buyers, announced in Budget 2017. The increase, to $500,000 from $475,000, takes effect today.

BCREA appreciates this government’s attention to the needs of first-time homebuyers. To keep pace with the dynamic real estate market...

Vancouver, BC – February 17, 2017.The British Columbia Real Estate Association (BCREA) released its 2017 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS® ) residential sales in the province are forecast to decline 14.1 per cent to 96,345 units this year, after reaching a record 112,209 units in 2016. A moderation trend that began early in 2016, combined with tougher federal government mortgage qualification rules and the foreign buyer tax in Vancouver,...

Vancouver, BC – February 15, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 4,487 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, down 23 per cent from the same period last year. Total sales dollar volume was $2.79 billion, down 36.5 per cent from January 2016. The average MLS® residential price in the province was $621,093, a 17.5 per cent decrease from the same period last year.

“Housing...

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VANCOUVER, BC – February 2, 2017 – Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the detached home market.

Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold.

Last month’s sales were 10.3 per cent below...

Vancouver, BC – January 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year. Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016.

“Broad-based consumer...

Vancouver, BC – December 15, 2016. The British Columbia Real Estate Association (BCREA) reports that 6,419 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, down 20.1 per cent from the same month last year. Total sales dollar volume was $4.02 billion in November, a decline of 25.2 per cent compared to the previous year. The average MLS® residential price in the province was $625,871, a decline of 6.4 per cent compared to the same...

During its first five days of operation, 45,000 Compass cards were used on the new Evergreen SkyTrain extension, according to early data from TransLink.

“We’ll be studying it more going forward, but it’s off to a pretty good start,” TransLink CEO Kevin Desmond said Thursday after a board of directors meeting, noting the figure is more than the populations of Port Moody, Anmore and Belcarra combined. “A lot of people are trying the system out.”...

VANCOUVER, BC – December 2, 2016 – Home buyer and seller activity remains near historical averages in the Metro Vancouver* housing market.

Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold.

Last month’s sales were 7.6 per cent below the 10-year sales average for the month.

“While...

Vancouver, BC – November 29, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent...

VANCOUVER, BC – November 2, 2016 – Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*.

Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.

Last month’s sales were 15 per cent below the 10-year October sales average.

“Changing...

Canada’s residential real estate market continued to grow in the third quarter of 2016, posting a double-digit year-over-year aggregate house price increase, according to the Royal LePage House Price Survey[1] released today. The Government of British Columbia’s new 15 per cent property transfer surtax on foreign nationals and foreign-controlled corporations, introduced early in the quarter, has contributed to slower sales activity but has had little impact to-date on Greater Vancouver...

Many, if not most, first-time buyers will experience a steep decline in housing affordability on October 17. New rules introduced by the Federal Government will cause the sharpest drop in the purchasing power of low Equity home buyers in years. At a time when housing affordability is a critical issue, deliberately chopping millennials’ purchasing power by as much as 20 per cent will only exacerbate a well-known problem.

Under current rules, insured mortgages with variable rates and fixed...

Metro Vancouver* home sales dipped below the 10-year monthly sales average last month.

Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.

Last month’s sales were 9.6 per cent below the 10-year sales average for the month.

“Supply and demand conditions differ today depending on property type,”...

The Federal Government announced significant changes to regulations for new-government backed insured mortgages today. Effective October 17, 2016, all insured homebuyers will have to qualify at the posted 5-year qualifying rate. This is a change from previous policy where only variable rate mortgages and mortgages with terms less than 5-years were subject to a higher qualifying rate.

With this move, the Federal Government has chosen to offset a modest risk to the taxpayer by severely eroding...

VANCOUVER, BC September 2, 2016 For the second straight month, home buyer demand in Metro Vancouver* moved off of the record-breaking pace seen earlier this year and returned to more typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 per cent less than the 2,771 sales in August 2014; and one per cent less than...

VANCOUVER, BC – August 3, 2016 – Metro Vancouver* homes sales resembled more typical levels in July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,226 in July 2016, a decrease of 18.9 per cent from the 3,978 sales recorded in July 2015 and a decrease of 26.7 per cent compared to June 2016 when 4,400 homes sold.

This is the first time since January that home sales in the region have registered below 4,000...