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VANCOUVER, BC – June 2, 2017 – Home buyer activity returned to near record levels across the Metro Vancouver* housing market in May.

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

Last month’s sales were 23.7 percent 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 (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 percent decrease compared to the 6,289 units listed in May 2016 and a 23.2 percent increase compared to April 2017 when 4,907 homes were listed.

The month-over-month increase in new listings was led by detached homes at 27.1 percent, followed by apartments at 22.7 percent and townhomes at 14.1 percent.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 percent increase compared to April 2017 (7,813).

"Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline," Oudil said.

The sales-to-active listings ratio across all residential categories is 53.4 percent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it's clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 percent increase over May 2016 and a 2.8 percent increase compared to April 2017.

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 percent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 percent increase over May 2016 and a 2.9 percent increase compared to April 2017.

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 percent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 percent increase over May 2016 and a 3.1 percent increase compared to April 2017.

Attached property sales in May 2017 totalled 791, an increase of 4.9 percent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 percent increase over May 2016 and a 1.9 percent increase compared to April 2017.

 

 

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I have listed a new property at 202 325 3RD ST W in North Vancouver.
Enjoy this cheerful, spacious 2 bedroom apartment on the quiet side of this well-maintained building in trendy Lower Lonsdale. Relax with a morning coffee or evening BBQ on the large south-facing balcony with peek-a-boo views of the water. Perfect opportunity for adding equity by updating the kitchen and bathrooms. Fantastic location, walk to the sea bus and shopping in 9 minutes. Parking, storage, heating, & free laundry included, and pet friendly!
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I have listed a new property at 102 1549 KITCHENER ST in Vancouver.
Live by "the Drive" on a beautiful tree lined street in Dharma Digs. This charming garden level one bedroom suite has all you need; an open plan, updated kitchen, wood floors, and spacious living room. Bask in the sun on the south-facing and private 300+ square foot patio off the living room - it's perfect for entertaining! Dharma Digs is a well maintained complex with an 8 year old roof and plumbing completed in 2016. Your pets and rental opportunities are welcomed. The suite comes complete with secured parking, shared laundry on the same floor and in-suite storage- you have the option to install in-suite laundry with strata approval. Situated in a perfect location, minutes from Britannia Community Centre and pool and one block to Commercial Drive's famous café's, restaurants and fresh markets.
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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 percent decline compared to April 2016 when 4,781 homes sold and a 0.7 percent decrease from the 3,579 sales recorded in March 2017.

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

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 percent, on average, of all residential sales. This is up 10 percent from the 58.2 percent average over the same period last year.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907 in April 2017. This represents a decrease of 19.9 percent compared to the 6,127 units listed in April 2016 and a three pe cent increase compared to March 2017 when 4,762 properties were listed.

The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5 percent increase compared to April 2016 (7,550) and a three percent increase compared to March 2017 (7,586).

The sales-to-active listings ratio for April 2017 is 45.5 percent for all property types. This is two percent below March 2017 and is indicative of a sellers’ market. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

By property type, the sales-to-active listings ratio is 26 per cent for detached homes, 58.2 percent for townhomes, and 82.2 percent for condominiums.

“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $941,100. This represents a five percent increase over the past three months and an 11.4 percent increase compared to April 2016.

Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2 percent, followed by townhomes at 5.3 per cent, and detached homes at 2.8 percent.

“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”

Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8 percent from the 1,979 detached sales recorded in April 2016. The benchmark price for detached properties is $1,516,500. This represents an 8.1 percent increase over the last 12 months and a 1.8 percent increase compared to March 2017.

Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3 percent compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100. This represents a 16.6 percent increase over the past 12 months and a 3.1 percent increase compared to March 2017.

Attached, or townhome, property sales in April 2017 totalled 620, a decrease of 10.8 percent compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800. This represents a 15.3 percent increase over the past 12 months and a 2.4 percent increase compared to March 2017.

 

 

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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 percent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 percent compared to February 2017 when 2,425 homes sold.

Last month’s sales were 7.9 percent above the 10-year sales average for the month.

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 percent compared to the 6,278 units listed in March 2016 and a 29.9 percent increase compared to February 2017 when 3,666 properties were listed.

This is the lowest number of new listings in March since 2009.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 percent increase compared to March 2016 (7,358) and a 0.1 percent decrease compared to February 2017 (7,594).

The sales-to-active listings ratio for March 2017 is 47.2 percent, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 percent decrease over the past six months and a 1.4 percent increase compared to February 2017.

Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 percent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 percent decrease over the past six months and a one percent increase compared to February 2017.

Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 percent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 percent increase over the past six months and a 2.1 percent increase compared to February 2017.

Attached property sales in March 2017 totalled 588, a decrease of 25.2 percent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 percent increase over the past six months and a 1.4 percent increase compared to February 2017.

 

 

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I have sold a property at 302 444 6TH AVE E in Vancouver.
This TOP FLOOR NE CORNER 2 BR is a special place to call home. In addition to the coveted top floor corner aspect it offers a great view of the North Shore mountains, tons of natural light, and a 2 piece ensuite for the master bedroom. This spacious suite has been really well maintained by it's long term owner - add your personal stamp at your own pace. A wrap-around balcony, one underground parking stall and locker are included. The bylaws allow one pet (2nd pet with strata approval) and no rentals in this very well maintained building. The perfect Mt. Pleasant location on a quiet street just a few blocks to transit and all the great Main Street amenities. Open Thursday 9th 5:00 - 6:00 & Saturday 11th 1:30 - 3:30. See you there!
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VANCOUVER, BC – March 2, 2017 – Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 percent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 percent compared to January 2017 when 1,523 homes sold.

Last month’s sales were 7.7 percent below the 10-year February sales average.

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 percent decrease compared to the 5,812 units listed in February 2016 and an 11.4 percent decrease compared to January 2017 when 4,140 properties were listed.

This is the lowest number of new listings registered in February since 2003.

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 percent increase compared to January 2017 (7,238).

The region’s sales-to-active listings ratio for February 2017 is 31.9 percent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“While home sales are not happening at the pace we experienced last year, home seller supply isstill struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 percent decrease over the past six months and a 1.2 percent increase compared to January 2017.

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 percent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 percent decrease over the past six months and is unchanged compared to January 2017.

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 percent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 percent increase over the past six months and a 2.7 percent increase compared to January 2017.

Attached property sales in February 2017 totalled 404, a decrease of 33.1 percent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 percent decrease over the past six months and a 1.3 percent increase compared to January 2017.

 

 

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I have sold a property at 2360 WATERLOO ST in Vancouver.
Rare, completely renovated 3 level Kitsilano 1/2 duplex. Gorgeous over-sized garden and patio - very private and fully fenced. The main floor features custom hardwood floor, open plan living room with gas fireplace, dining and kitchen with french doors opening to huge sunny patio and lush gardens complete with built-in irrigation system. The spacious kitchen offers lots of counter space and a gas stove. Upstairs are 2 bedrooms, both with vaulted ceilings and a spacious brand new bathroom, also with vaulted ceiling and huge skylight. The master bedroom also enjoys a walk-in closet. The large 3rd floor loft level is easily big enough to accomodate a 3rd bedroom and still have office space. Meticulously maintained with freshly painted exterior and many new vinyl windows. Det'd single garage. All this and a great Kitsilano location!
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I have listed a new property at 302 444 6TH AVE E in Vancouver.
This TOP FLOOR NE CORNER 2 BR is a special place to call home. In addition to the coveted top floor corner aspect it offers a great view of the North Shore mountains, tons of natural light, and a 2 piece ensuite for the master bedroom. This spacious suite has been really well maintained by it's long term owner - add your personal stamp at your own pace. A wrap-around balcony, one underground parking stall and locker are included. The bylaws allow one pet (2nd pet with strata approval) and no rentals in this very well maintained building. The perfect Mt. Pleasant location on a quiet street just a few blocks to transit and all the great Main Street amenities. Open Thursday 9th 5:30 - 6:30 & Saturday 11th 1:30 - 3:30. See you there!
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Please visit our Open House at 302 444 6TH AVE E in Vancouver.
Open House on Thursday, March 9, 2017 5:00PM - 6:00PM
This TOP FLOOR NE CORNER 2 BR is a special place to call home. In addition to the coveted top floor corner aspect it offers a great view of the North Shore mountains, tons of natural light, and a 2 piece ensuite for the master bedroom. This spacious suite has been really well maintained by it's long term owner - add your personal stamp at your own pace. A wrap-around balcony, one underground parking stall and locker are included. The bylaws allow one pet (2nd pet with strata approval) and no rentals in this very well maintained building. The perfect Mt. Pleasant location on a quiet street just a few blocks to transit and all the great Main Street amenities. Open Thursday 9th 5:30 - 6:30 & Saturday 11th 1:30 - 3:30. See you there!
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Please visit our Open House at 302 444 6TH AVE E in Vancouver.
Open House on Saturday, March 11, 2017 1:30PM - 3:30PM
This TOP FLOOR NE CORNER 2 BR is a special place to call home. In addition to the coveted top floor corner aspect it offers a great view of the North Shore mountains, tons of natural light, and a 2 piece ensuite for the master bedroom. This spacious suite has been really well maintained by it's long term owner - add your personal stamp at your own pace. A wrap-around balcony, one underground parking stall and locker are included. The bylaws allow one pet (2nd pet with strata approval) and no rentals in this very well maintained building. The perfect Mt. Pleasant location on a quiet street just a few blocks to transit and all the great Main Street amenities. Open Thursday 9th 5:30 - 6:30 & Saturday 11th 1:30 - 3:30. See you there!
Read Full Story

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 percent decrease from the 2,519 sales recorded in January 2016 and an 11.1 percent decrease compared to December 2016 when 1,714 homes sold.

Last month’s sales were 10.3 per cent below our 10-year January sales average.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,140 in January 2017. This represents a 6.8 percent decrease compared to the 4,442 homes listed in January 2016 and a 215.5 percent increase compared to December 2016 when 1,312 properties were listed.

The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,238, a 9.1 percent increase compared to January 2016 (6,635) and a 14.1 percent increase compared to December 2016 (6,345).

The sales-to-active listings ratio for January 2017 is 21 percent. This is the lowest the ratio has been in the region since January 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“Conditions within the market vary depending on property type. The townhome and condominium markets are more active than the detached market at the moment,” Morrison said. “As a result, detached home prices declined about 7 percent since peaking in July while townhome and condominium prices held steady over this period.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $896,000. This represents a 3.7 percent decline over the past six months and a 0.2 percent decrease compared to December 2016.

Sales of detached properties in January 2017 reached 444, a decrease of 57.6 percent from the 1,047 detached sales recorded in January 2016. The benchmark price for detached properties is $1,474,800. This represents a 6.6 percent decline over the last six months and a 0.6 percent decrease compared to December 2016.

Sales of apartment properties reached 825 in January 2017, a decrease of 24.7 percent compared to the 1,096 sales in January 2016.The benchmark price of an apartment property is $512,300. This represents a 0.3 percent increase over the last six months and a 0.4 percent increase compared to December 2016.

Attached property sales in January 2017 totalled 254, a decrease of 32.4 percent compared to the 376 sales in January 2016. The benchmark price of an attached unit is $666,500. This represents a 0.4 percent decline over the last six months and a 0.7 percent increase compared to December 2016.

 

 

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VANCOUVER, BC – January 4, 2017 – The Metro Vancouver* housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 percent decrease from the 42,326 sales recorded in 2015, and a 20.6 percent increase over the 33,116 residential sales in 2014.

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.

“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 percent compared to the 57,249 properties listed in 2015 and a 2.6 percent increase compared to the 56,066 properties listed in 2014.

“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.”

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 percent decrease over the past six months and a 17.8 percent increase compared to December 2015.

December summary

Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 percent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 percent compared to November 2016 when 2,214 homes sold.

Last month’s sales were 8.1 percent below the 10-year sales average for the month.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 percent compared to the 2,021 units listed in December 2015 and a 58.3 percent decrease compared to November 2016 when 3,147 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 percent increase compared to December 2015 (6,024) and a 24.3 percent decrease compared to November 2016 (8,385).

Sales of detached properties in December 2016 reached 541, a decrease of 52.4 percent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 percent increase compared to December 2015 and a 1.8 percent decrease compared to November 2016.

Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 percent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 percent increase compared to December 2015 and a 0.3 percent decrease compared to November 2016.

 

 

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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 percent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 percent compared to November 2015 when 3,524 homes sold.

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

“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9 percent compared to the 3,981 units listed in October 2016 and a 7.2 percent decrease compared to November 2015 when 3,392 properties were listed.

Last month’s new listing count was 1.2 percent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 percent decrease compared to October 2016 (9,143) and a 3.6 percent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4 percent. This is up two percent from last month (24.4 percent).

Downward pressure on home prices can occur when the ratio dips below the 12 percent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 percent over several months.

“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 percent decrease compared to last month and a 20.5 percent increase compared to November 2015.

Sales of detached properties in November 2016 reached 638, a decrease of 2.1 percent from the 652 detached sales recorded in October 2016 and a 52.2 percent decline over November 2015.The benchmark price for detached properties is $1,511,100. This represents a 2.2 percent decline compared to last month and a 23 percent increase compared to November 2015.

Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 percent compared to the 1,178 sales in October 2016 and a 22.7 percent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 percent increase compared to November 2015.

Attached property sales in November 2016 totalled 376, a decrease of 6.7 percent compared to the 403 sales in October 2016 and a 40.9 percent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 percent decrease compared to last month and a 23 per cent increase compared to November 2015.

 

 

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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 percent decrease from the 3,646 sales recorded in October 2015 and a 0.9 percent decrease compared to September 2016 when 2,253 homes sold.

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

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-andsee approach to try and better understand what these changes mean for them.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 percent compared to the 4,126 units listed in October 2015 and a 17 percent decrease compared to September 2016 when 4,799 properties were listed.

Last month’s new listing count was 9.5 percent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 percent decrease compared to October 2015 (9,569) and a 2.3 percent decrease compared to September 2016 (9,354).

The sales-to-active listings ratio for October 2016 is 24.4 percent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 percent increase compared to October 2015 and a 0.8 percent decline compared to September 2016.

Sales of detached properties in October 2016 reached 652, a decrease of 54.6 percent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 percent increase compared to October 2015 and a 1.4 percent decrease compared to September 2016.

Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 percent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 percent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.

Attached property sales in October 2016 totalled 403, a decrease of 39.5 percent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 percent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.

 

 

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VANCOUVER, BC – October 4, 2016 – 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 percent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 percent compared to August 2016 when 2,489 homes sold.

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

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one percent compared to the 4,846 units listed in September 2015 and an 11.8 percent increase compared to August 2016 when 4,293 properties were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 percent decline compared to September 2015 (10,805) and a 10 percent increase compared to August 2016 (8,506).

The sales-to-active listings ratio for September 2016 is 24.1 percent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period.

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 percent increase compared to September 2015 and a 0.1 percent decline compared to August 2016.

Sales of detached properties in September 2016 reached 666, a decrease of 47.6 percent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 percent increase compared to September 2015 and a 0.1 percent increase compared to August 2016.

Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 percent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 percent increase compared to September 2015 and a 0.5 percent decline compared to August 2016.

Attached property sales in September 2016 totalled 369, a decrease of 32.2 percent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 percent increase compared to September 2015 and a 0.1 percent decline compared to August 2016.

 

 

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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 percent less than the 2,771 sales in August 2014; and one percent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 percent decline compared to lastmonth’s sales.

From a historical perspective, last month’s sales were 3.5 percent below the 10-year sales average for the month.

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 percent compared to the 4,281 units listed in August 2015 and an 18.1 percent decrease compared to July 2016 when 5,241 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 percent decline compared to August 2015 (10,897) and a 1.9 percent increase from July 2016 (8,351).

The sales-to-active listings ratio for August 2016 is 29.3 percent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 percent increase compared to August 2015 and a 4.9 percent increase over the last three months.

“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”

The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time.

Sales of detached properties in August 2016 reached 715, a decrease of 44.6 percent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 percent from August 2015 to $1,577,300. This represents a 4.2 percent increase over the last three months.

Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 percent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 percent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months.

Attached property sales in August 2016 totalled 431, a decrease of 25.4 percent compared to the 578 sales in August 2015. The benchmark price of an attached home increased 31.1 percent from August 2015 to $677,600. This represents a 7.1 percent increase over the last three months.

 

 

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One month after introduction of the infamous 'foreign buyer tax' we're seeing a market that appears to be returning to stability after some frenetic-paced years (ok, let's just say it: CRAZY). As expected, Vancouver real estate sales were down in August compared to August 2015 in all categories: detached, townhouses, and apartments (condos). The number of detached sales were down 45%, townhomes -25% and condos -10%. Prices are still rising though, although at a slower pace, both year over year AND over the past 3 months. Vancouver detached prices are up 36% year over year and 4% over the past 3 months. Vancouver townhomes are +31% and +7% respectively, while condos prices are up +27% for the year and +6% over 3 months.

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Escape the heat and come visit our Open House at 2360 Waterloo on Saturday August 20th 2 to 4. This gorgeous Kits 1/2 duplex offers a completely renovated interior and exceptional outdoor space - and it's really private! See you tomorrow!

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I have listed a new property at 2360 WATERLOO ST in Vancouver.
Rare, completely renovated 3 level Kitsilano 1/2 duplex. Gorgeous over-sized garden and patio - very private and fully fenced. The main floor features custom hardwood floor, open plan living room with gas fireplace, dining and kitchen with french doors opening to huge sunny patio and lush gardens complete with built-in irrigation system. The spacious kitchen offers lots of counter space and a gas stove. Upstairs are 2 bedrooms, both with vaulted ceilings and a spacious brand new bathroom, also with vaulted ceiling and huge skylight. The master bedroom also enjoys a walk-in closet. The large 3rd floor loft level is easily big enough to accomodate a 3rd bedroom and still have office space. Meticulously maintained with freshly painted exterior and many new vinyl windows. Det'd single garage. All this and a great Kitsilano location!
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