Neighbourhood Search

Real Estate Matters Blog

VANCOUVER, BC – July 4, 2018 – 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 percent decline from the 3,893 sales recorded in June 2017, and a 14.4 percent decrease compared to May 2018 when 2,833 homes sold.

Last month’s sales were 28.7 percent below the 10-year June sales average.

“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, REBGV president said. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”

There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2018. This represents a 7.7 percent decrease compared to the 5,721 homes listed in June 2017 and a 17.2 percent decrease compared to May 2018 when 6,375 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,947, a 40.3 percent increase compared to June 2017 (8,515) and a 5.8 percent increase compared to May 2018 (11,292). This is the highest this total has been since June 2015.

“With reduced demand, detached homes are entering a buyers’ market and price growth in our townhome and apartment markets is showing signs of decelerating.”

For all property types, the sales-to-active listings ratio for June 2018 is 20.3 percent. By property type, the ratio is 11.7 percent for detached homes, 24.9 percent for townhomes, and 33.4 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,093,600. This represents a 9.5 percent increase over June 2017 and is virtually unchanged from May 2018.

Sales of detached homes in June 2018 reached 766, a 42 percent decrease from the 1,320 detached sales recorded in June 2017. The benchmark price for a detached home is $1,598,200. This represents a 0.7 percent increase from June 2017 and a 0.6 percent decrease compared to May 2018.

Sales of apartment homes reached 1,240 in June 2018, a 34.9 percent decrease compared to the 1,905 sales in June 2017. The benchmark price for an apartment is $704,200. This represents a 17.2 percent increase from June 2017 and a 0.4 percent increase compared to May 2018.

Attached home sales in June 2018 totalled 419, a 37.3 percent decrease compared to the 668 sales in June 2017. The benchmark price of an attached home is $859,800. This represents a 15.3 percent increase from June 2017 and is virtually unchanged from May 2018.



Download The Full Market Report Here

Read full post

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 percent decrease from the 4,364 sales recorded in May 2017, and a 9.8 percent increase compared to April 2018 when 2,579 homes sold.

Last month’s sales were 19.3 percent below the 10-year May sales average.

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

There were 6,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2018. This represents a 5.5 percent increase compared to the 6,044 homes listed in May 2017 and a 9.5 percent increase compared to April 2018 when 5,820 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,292, a 38.2 percent increase compared to May 2017 (8,168) and a 15 percent increase compared to April 2018 (9,822).

The total number of listings available today is 17.2 percent below the 10-year May average.

For all property types, the sales-to-active listings ratio for May 2018 is 25.1 percent. By property type, the ratio is 14.7 percent for detached homes, 30.8 percent for townhomes, and 41.7 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.

“For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing,” Moore said. “It’s also important to work with your local Realtor to better understand these changing conditions.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,094,000. This is an 11.5 percent increase over May 2017 and a 0.2 percent increase compared to April 2018.

Sales of detached properties in May 2018 reached 926, a 40.2 percent decrease from the 1,548 detached sales recorded in May 2017. The benchmark price for detached properties is $1,608,000. This is a 2.4 percent increase from May 2017 and a 0.1 per cent increase compared to April 2018.

Sales of apartment properties reached 1,431 in May 2018, a 29.3 per cent decrease from the 2,025 sales in May 2017. The benchmark price of an apartment property is $701,700. This is a 20.2 percent increase from May 2017 and a 0.1 percent increase compared to April 2018.

Attached property sales in May 2018 totalled 476, a 39.8 percent decrease from the 791 sales in May 2017. The benchmark price of an attached unit is $859,500. This represents a 16 percent increase from May 2017 and a 0.6 percent increase compared to April 2018.

 

 

Download The Full Market Report Here

Read full post

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 percent decrease from the 3,553 sales recorded in April 2017, and a 2.5 percent 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 average.

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, REBGV president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”

There were 5,820 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2018. This represents an 18.6 percent increase compared to the 4,907 homes listed in April 2017 and a 30.8 percent increase compared to March 2018 when 4,450 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,822, a 25.7 percent increase compared to April 2017 (7,813) and a 17.2 percent increase compared to March 2018 (8,380).

“Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

For all property types, the sales-to-active listings ratio for April 2018 is 26.3 percent. By property type, the ratio is 14.1 percent for detached homes, 36.1 percent for townhomes, and 46.7 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,092,000. This represents a 14.3 percent increase over April 2017 and a 0.7 percent increase compared to March 2018.

Sales of detached properties in April 2018 reached 807, a 33.4 percent decrease from the 1,211 detached sales recorded in April 2017. The benchmark price for detached properties is $1,605,800. This represents a 5.1 percent increase from April 2017 and a 0.2 percent decrease compared to March 2018.

Sales of apartment properties reached 1,308 in April 2018, a 24 percent decrease from the 1,722 sales in April 2017. The benchmark price of an apartment property is $701,000. This represents a 23.7 percent increase from April 2017 and a 1.1 percent increase compared to March 2018.

Attached property sales in April 2018 totalled 464, a 25.2 percent decrease compared to the 620 sales in April 2017. The benchmark price of an attached unit is $854,200. This represents a 17.7 percent increase from April 2017 and a 2.3 percent increase compared to March 2018.

 

 

Download The Full Market Report Here

Read full post

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 percent decrease from the 3,579 sales recorded in March 2017, and a 14 percent increase compared to February 2018 when 2,207 homes sold.

Last month’s sales were 23 percent below the 10-year March sales average.

There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter of 2018, a 13.1 percent decrease from the 7,527 sales over the same period last year. This represents the region’s lowest first-quarter sales total since 2013.

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

There were 4,450 detached, attached and apartment properties newly listed for sale in Metro Vancouver in March 2018. This represents a 6.6 percent decrease compared to the 4,762 homes listed in March 2017 and a 5.4 percent increase compared to February 2018 when 4,223 homes were listed.

There were 12,469 homes listed for sale in Metro Vancouver during the first quarter of 2018, a 0.8 percent decrease from the 12,568 sales over the same period last year. This represents the region’s lowest first-quarter new listings total since 2013.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,380, a 10.5 percent increase compared to March 2017 (7,586) and a 7.1 percent increase compared to February 2018 (7,822).

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

For all property types, the sales-to-active listings ratio for March 2018 is 30 percent. By property type, the ratio is 14.2 percent for detached homes, 39.9 percent for townhomes, and 61.6 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 16.1 percent increase over March 2017 and a 1.1 percent increase compared to February 2018.

Sales of detached properties in March 2018 reached 722, a decrease of 37 percent from the 1,150 detached sales recorded in March 2017. The benchmark price for detached properties is $1,608,500. This represents a 7.4 percent increase from March 2017 and a 0.4 percent increase compared to February 2018.

Sales of apartment properties reached 1,349 in March 2018, a decrease of 26.7 percent compared to the 1,841 sales in March 2017. The benchmark price of an apartment property is $693,500. This represents a 26.2 percent increase from March 2017 and a 1.6 percent increase compared to February 2018.

Attached property sales in March 2018 totalled 446, a decrease of 24.1 percent compared to the 588 sales in March 2017. The benchmark price of an attached unit is $835,300. This represents a 17.7 percent increase from March 2017 and a two percent increase compared to February 2018.

 

 

Download The Full Market Report Here

Read full post

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.

 

 

Download The Full Market Report Here

Read full post

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.

Read full post

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 percent from the 3,978 sales recorded in July 2015 and a decrease of 26.7 percent 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 in a month.

“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.

Last month’s sales were 6.5 percent above the 10-year sales average for the month.

“Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends,”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241 in July 2016. This represents a 2.5 percent increase compared to the 5,112 units listed in July 2015 and a 10.8 percent decrease compared to June 2016 when 5,875 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,351, a 27.4 percent decline compared to July 2015 (11,505) and a 6.9 percent increase compared to June 2016 (7,812).

The sales-to-active listings ratio for July 2016 is 38.6 percent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $930,400. This represents a 32.6 percent increase compared to July 2015.

Sales of detached properties in July 2016 reached 1,077, a decrease of 30.9 percent from the 1,559 detached sales recorded in July 2015. The benchmark price for detached properties increased 38 percent from July 2015 to $1,578,300.

Sales of apartment properties reached 1,602 in July 2016, a decrease of 7.3 percent compared to the 1,729 sales in July 2015.The benchmark price of an apartment property increased 27.4 percent from July 2015 to $510,600.

Attached property sales in July 2016 totalled 547, a decrease of 20.7 percent compared to the 690 sales in July 2015. The benchmark price of an attached unit increased 29.4 percent from July 2015 to $669,000.

 

 

Download The Full Market Report Here

Read full post

VANCOUVER, BC – July 5, 2016 – Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 percent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 percent compared to May 2016 when 4,769 homes sold.

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 percent compared to the 5,803 units listed in June 2015 and a 6.6 percent decrease compared to May 2016 when 6,289 properties were listed.

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 percent decline compared to June 2015 (12,181) and a 1.1 percent increase compared to May 2016 (7,726).

The sales-to-active listings ratio for June 2016 is 56.3 percent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

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 of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 percent increase compared to June 2015.

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 percent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 percent from June 2015 to $1,561,500.

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 percent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 percent from June 2015 to $501,100.

Attached property sales in June 2016 totalled 730, an increase of 7.2 percent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 percent from June 2015 to $656,900.

 

 

Download The Full Market Report Here

Read full post

VANCOUVER, BC – Last month was the highest selling April on record for Metro Vancouver* and were 41.7% above the 10-year sales average for the month. And we've seen some pretty good April's over the past 10 years!

Residential property sales totalled 4,781 in April 2016, up 14.4% from the 4,179 sales recorded in April 2015 and down 7.6% compared to March 2016 when 5,173 homes sold.

“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said. “Whether you’re a home buyer or seller, it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,127 in April 2016. This represents an increase of 3.9 percent compared to the 5,897 units listed in April 2015 and a 2.4 percent decline compared to March 2016 when 6,278 properties were listed.

"While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace," Morrison said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,550, a 39.3 percent decline compared to April 2015 (12,436) and a 2.6 percent increase compared to March 2016 (7,358).

The sales-to-active listings ratio for April 2016 is 63.3 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 of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $844,800. This represents a 25.3 percent increase compared to April 2015.

Sales of detached properties in April 2016 reached 1,979, an increase of 9 percent from the 1,815 detached sales recorded in April 2015. The benchmark price for detached properties increased 30.1 percent from April 2015 to $1,403,200.

Sales of apartment properties reached 2,107 in April 2016, an increase of 33.4 percent compared to the 1,579 sales in April 2015.The benchmark price of an apartment property increased 20.6 percent from April 2015 to $475,000.

Attached property sales in April 2016 totalled 695, a decrease of 11.5 percent compared to the 785 sales in April 2015. The benchmark price of an attached unit increased 22.1 percent from April 2015 to $608,600.

 

 

Download The Full Market Report Here

Read full post

This chart shows the annual variances for attached properties in the various of the Vancouver real estate market. It includes Vancouver condos, townhomes, and Vancouver 1/2 duplexes. The price change ranges from minus 49% in North Delta to a high of +30% for downtown Vancouver attached properties and +34% in Tsawwassen.

Read full post

Home buyer activity remains at near record levels across the Metro Vancouver real estate market.

Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of 31.7% from sales recorded in January 2015 and a 10.9% decline compared to December 2015 when 2,827 home sales occurred.

Last month’s sales were 46% above the 10-year sales average for the month and rank as the second highest January on record.

“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,442 in January 2016 - down 6.2% decline compared to January 2015 and a 120% percent increase compared to December 2015. 

“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,635, a 38.6% decline compared to January 2015 (10,811) and a 10% increase compared to December 2015.

The sales-to-active listings ratio for January 2016 is 38%. This is indicative of a seller’s market. Generally, downward pressure on home prices occurs when the ratio dips below the 12% mark, while home prices often experience upward pressure when it reaches the 20 to 22% range for a sustained period of time.

Sales of detached properties in January 2016 reached 1,047, an increase of 34% from detached sales recorded in January 2015. The benchmark price for detached properties increased 28% from January 2015 to $1,293,700.

Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5% compared to January 2015.The benchmark price of an apartment property increased 19.4% from January 2015 to $456,600.

Attached property sales in January 2016 totalled 376, an increase of 16.4% compared to January 2015. The benchmark price of an attached unit increased 16.4% from January 2015 to $563,700.

 

 

Download The Full Market Report Here

Read full post

A great way to determine and compare value is selling price per square foot (psf). Mt. Pleasant resale condos are selling at $580psf and Mount Pleasant townhomes selling at $628psf. Here's a graph showing price details of Mt. Pleasant condos and townhouses and the price trends over the past ten years (in a nutshell: up!).

Read full post