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VANCOUVER, B.C. – October 2, 2015 – Conditions continue to favour home sellers across *Metro Vancouver’s housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,345 on the Multiple Listing Service® (MLS®) in September 2015. This represents a 14.5 percent increase compared to the 2,922 sales recorded in September 2014, and a 0.5 percent decrease compared to the 3,362 sales in August 2015.

Last month’s sales were 32.9 percent above the 10-year sales average for the month.

“Residential home sales have been trending at 25 to 30 percent above the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,846 in September. This represents a 7.9 percent decline compared to the 5,259 new listings reported in September 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 10,805, a 27 percent decline compared to September 2014 and a 0.8 percent decline compared to August 2015.

“At no point this year has the number of homes listed for sale exceeded 14,000, which is the first time this has occurred in the region since 2007,” McLeod said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $722,300. This represents a 13.7 percent increase compared to September 2014.

The sales-to-active-listings ratio in September was 31 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 percent mark, while home prices often experience upward pressure when it reaches 20 percent, or higher, in a particular community for a sustained period of time.

Sales of detached properties in September 2015 reached 1,272, an increase of 0.2 percent from the 1,270 detached sales recorded in September 2014, and a 24.3 percent increase from the 1,023 units sold in September 2013. The benchmark price for a detached property in Metro Vancouver increased 18.9 percent from September 2014 to $1,179,700.

Sales of apartment properties reached 1,529 in September 2015, an increase of 28.7 percent compared to the 1,188 sales in September 2014, and an increase of 50.2 percent compared to the 1,018 sales in September 2013. The benchmark price of an apartment property increased nine percent from September 2014 to $415,100.

Attached property sales in September 2015 totalled 544, an increase of 17.2 percent compared to the 464 sales in September 2014, and a 23.1 percent increase from the 442 attached properties sold in September 2013. The benchmark price of an attached unit increased 8.1 percent between September 2014 and 2015 to $518,600.

 

 

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Check out the benchmark prices at any point in time by hovering over the graphs. Kits condos, Kitsilano house prices, and changes to Kits townhouses all included:

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VANCOUVER, B.C. – September 2, 2015 – Metro Vancouver* home buyers spent the summer months searching for their next home. Between June and August, home sales were between 25 and 30 percent above the ten-year sales average.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,362 on the Multiple Listing Service® (MLS®) in August 2015. This represents a 21.3 percent increase compared to the 2,771 sales recorded in August 2014, and a decrease of 15.5 percent compared to the 3,978 sales in July 2015.

Last month’s sales were 27.9 percent above the 10-year sales average for the month.

“There was no summer lull in our market this year. Home buyers have been working with their REALTORS® throughout the summer months,” Darcy McLeod, REBGV president said. “They’re motivated, but they’re competing for a smaller supply of homes for sale than is typical for this time of year — that’s the dynamic driving our market right now.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,281 in August. This represents an 8.7 percent increase compared to the 3,940 new listings reported in August 2014.

The total number of properties currently listed for sale on the region’s MLS® is 10,897, a 26.2 percent decline compared to August 2014 and a 5.3 percent decline compared to July 2015.

“Those who have a sound buying strategy and an understanding of current price trends are having the most success in today’s market,” McLeod said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $708,500. This represents a 12 percent increase compared to August 2014.

The sales-to-active-listings ratio in August was 30.9 percent. This is the sixth consecutive month that this ratio has been above 30 percent in Metro Vancouver.

Sales of detached properties in August 2015 reached 1,290, an increase of 11.4 percent from the 1,158 detached sales recorded in August 2014, and a 22.6 percent increase from the 1,052 units sold in August 2013. The benchmark price for a detached property in Metro Vancouver increased 17.5 percent from August 2014 to $1,159,600.

Sales of apartment properties reached 1,494 in August 2015, an increase of 32.7 percent compared to the 1,126 sales in August 2014, and an increase of 46.8 percent compared to the 1,018 sales in August 2013. The benchmark price of an apartment property increased 6.3 percent from August 2014 to $405,400.

Attached property sales in August 2015 totalled 578, an increase of 18.7 percent compared to the 487 sales in August 2014, and a 30.2 percent increase from the 444 attached properties sold in August 2013. The benchmark price of an attached unit increased 7.3 percent between August 2014 and 2015 to $511,500.

 

 

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

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

Last month’s sales were 33.5 percent above the 10-year sales average for the month.

“Today’s activity continues to benefit sellers as home buyers compete for the homes available for sale,” Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,112 in July. This represents a 3.8 percent increase compared to the 4,925 new listings reported in July 2014.

The total number of properties currently listed for sale on the region’s MLS® is 11,505, a 26.3 percent decline compared to July 2014 and a 5.5 percent decline compared to June 2015.

"Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” McLeod said. “We have about 5,000 to 6,000 fewer homes for sale today than we've seen at this time of year over the last five to six years,"

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $700,500. This represents an 11.2 percent increase compared to July 2014.

With the sales-to-active-listings ratio at 34.6 percent, the region remains in seller’s market territory.

“Although there aren’t as many homes for sale today compared to recent years, home buyers continue to have a range of housing options, at different price points, to choose from across Metro Vancouver,” McLeod said. “The diversity of housing options is part of what’s driving today’s demand.”

Sales of detached properties in July 2015 reached 1,559, an increase of 17.9 percent from the 1,322 detached sales recorded in July 2014, and a 24.8 percent increase from the 1,249 units sold in July 2013. The benchmark price for a detached property in Metro Vancouver increased 16.2 percent from July 2014 to $1,141,800.

Sales of apartment properties reached 1,729 in July 2015, an increase of 42.7 percent compared to the 1,212 sales in July 2014, and an increase of 42.9 percent compared to the 1,210 sales in July 2013. The benchmark price of an apartment property increased 5.9 percent from July 2014 to $400,900.

Attached property sales in July 2015 totalled 690, an increase of 30.9 percent compared to the 527 sales in July 2014, and a 41.7 percent increase from the 487 attached properties sold in July 2013. The benchmark price of an attached unit increased 7.8 per cent between July 2014 and 2015 to $511,500.

 

 

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Check out this interactive graph for Kits condo average prices over the past 3 years!

 

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The average price of 1 and 2 bedroom condos in Mount Pleasant has been fairly stable for a few years but in the past year (since June 2014) the average price of a Mt. Pleasant condo is up 7%! Check out this interactive graph:

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VANCOUVER real estate. – July 3, 2015 – Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).

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

Last month’s sales were 29.1 percent above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.

“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 percent increase compared to June 2014.

“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors.

"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highlydesirable region," McLeod said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 percent increase compared to the 5,339 new listings reported in June 2014.

"We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.

The total number of properties currently listed for sale on the region’s MLS® is 12,181, a 23.9 percent decline compared to June 2014 and a 1.3 percent decline compared to May 2015. This is the lowest active listing total for June since 2006.

The sales-to-active-listings ratio in June was 35.9 percent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20 percent for a sustained period of time.

“The competition in today’s market means that buyers have less time to make decisions,” McLeod said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”

Sales of detached properties in June 2015 reached 1,920, an increase of 31.3 percent from the 1,462 detached sales recorded in June 2014, and a 74.2 percent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 percent from June 2014 to $1,123,900.

Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 percent compared to the 1,308 sales in June 2014, and an increase of 66.1 percent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 percent from June 2014 to $400,200.

Attached property sales in June 2015 totalled 681, an increase of 7.1 percent compared to the 636 sales in June 2014, and a 44.3 percent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 percent between June 2014 and 2015 to $506,900.

 

 

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One of a kind Mt. Pleasant condo offered for sale next week: a truly special top floor junior 1 bedroom in an excellent Mt. Pleasant building. You'll love it!

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Kitsilano townhome (including Kits 1/2 duplexes) prices are up 7.1% from this time last year while Kits condo prices are stable with just a 1% increase. Prices for both types of Kitsilano real estate are up hugely over the past 10 years - anyone living or buying in the Kits neighbourhood can attest to that! Here's the interactive graph where you can check out pretty much any point in time.

 

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We saw an increase of 5.3% for benchmark prices for all types of Kitsilano real estate - this includes Kits detached, Kitsilano townhouses, and Kits condos. Over the past 10 years, that increase is 72% - pretty impressive. Here's the picture (hover over various points on the graph to get a snapshot for that point in time):

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The price increase in the previous post was for all types of Mount Pleasant real estate. If we look at Mt. Pleasant condos and townhouses then the increase in prices year over year for these types of properties is pretty much the same at 4.6% and 4.4% respectively. And pretty darn impressive over 10 years at 84% for Mt. Pleasant condos, and 75% for Mount Pleasant townhomes.  

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The benchmark price for Mt. Pleasant real estate rose 4.4% from this time last year and a whopping (but not surprising) 86% since 2005. Check out all the details benchmark price in Mount Pleasant in this cool interactive graph.

 

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Coming later this week: a great Mt. Pleasant 1 BR condo in a totally upgraded building. Spacious interior and a large fenced patio - great for your pets! Watch for more details & photos later this week, or contact me for more details. info@jenniferhill.com

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Are you wondering about price trends in other areas of Vancouver real estate? Maybe you're thinking of moving to a condo in Lower Lonsdale or a house in Grandview/Commercial Drive, or you're just curious. I'm happy to send you my 5 Year Price Trend Report for all areas of Vancouver real estate - no obligation of course!

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Both Kits condos, and Kits townhomes show stable prices over the past year. Both categories are up about 1% year over year. If we separate out Kitsilano 1/2 duplexes I think we'll see a bigger increase. I've noticed the market for good Kits 1/2 duplexes is really active with strong demand and limited inventory for home buyers to choose from.

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Mount Pleasant condos (apartments) have seen a moderate price increase of the past 3 years of 2.5%, and up 1.6% from last year. If we separate the older and newer buildings, the increase will be more pronounced in the newer Mt. Pleasant condos.  Mt. Pleasant townhouses are up 10% over the past 3 years, although prices took a bit of a dip last year  - I think this was an anomoly - the trend for Mount Pleasant townhomes is upward! Please give me a call for more details - I look forward to helping you.

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Feb 3, 2015 – The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels.

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

Last month’s sales were 14.9 percent above the 10-year sales average for the month.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

New listings for detached, attached and apartment properties in Metro Vancouver1 totalled 4,737 in January. This represents an 11.4 percent decline compared to the 5,345 new listings reported in January 2014.

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

The total number of properties currently listed for sale on the REBGV MLS® is 10,811, a 14.2 percent decline compared to January 2014 and a 4.8 percent increase compared to December 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,60022. This represents a 5.5 percent increase compared to January 2014.

With the sales-to-active-listings ratio at 17.7 percent, the region remains in balanced market territory.

“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

Sales of detached properties in January 2015 reached 781, an increase of 7.3 percent from the 728 detached sales recorded in January 2014, and a 44.1 percent increase from the 542 units sold in January 2013. The benchmark price for a detached property in Metro Vancouver increased 8.4 percent from January 2014 to $1,010,000.

Sales of apartment properties reached 809 in January 2015, an increase of 7.4 percent compared to the 753 sales in January 2014, and an increase of 40.5 percent compared to the 576 sales in January 2013. The benchmark price of an apartment property increased 2.5 percent from January 2014 to $382,800.

Attached property sales in January 2015 totalled 323, an increase of 15.8 percent compared to the 279 sales in January 2014, and a 38.6 percent increase from the 233 attached properties sold in January 2013. The benchmark price of an attached unit increased 4.3 percent between January 2014 and 2015 to $479,600.

 

 

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Amazingly, as I write this, there are no 2 bedroom condos in Mt. Pleasant priced between $300,000 and $400,000. Check back Monday afternoon as we'll have one with fantastic up-side: a spacious corner suite overlooking a park with mountain view in winter. Tons of windows for great light and a working woodburning fireplace. If you have the imagination for renovations - this is the suite!

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Happy New Year! The Vancouver real estate market typically slows dramatically over the holidays - time for rest and recharging, & friends and family. Now that we've welcomed 2015, beat the Spring real estate rush and start your real estate search now! I'll soon have a great 1 bedroom condo to offer, on my favourite street in Commercial Drive neighbourhood. It comes with insuite laundry, gas fireplace and a fully fenced private patio. Check back soon or drop me a line. 

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