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VANCOUVER, B.C. – January 5, 2016 – In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.

The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.

Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8 percent increase from the 33,116 sales recorded in 2014, and a 48.4 percent increase over the 28,524 residential sales in 2013.

The total number of homes listed for sale on the MLS® in 2015 ranked fifth in the last ten years, while the MLS® Home Price Index (HPI) saw double-digit year-over-year price increases.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 percent compared to the 56,066 properties listed in 2014 and an increase of 4.6 percent compared to the 54,742 properties listed in 2013.

With sales-to-active-listings ratios above 25 percent for 11 months in 2015, the Metro Vancouver market experienced seller’s market conditions for much of the year.

"Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market," Darcy McLeod, REBGV president said. "Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Metro Vancouver last year."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 18.9 percent increase compared to December 2014.

“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 percent depending on property type.”

December summary

Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6 percent from the 2,116 sales recorded in December 2014 and a 19.8 percent decline compared to November 2015 when 3,524 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,021 in December 2015. This represents a 7 percent increase compared to the 1,888 units listed in December 2014 and a 40.4 percent decline compared to November 2015 when 3,392 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,024, a 41.6 percent decline compared to December 2014 and a 25.6 percent decrease compared to November 2015.

Sales of detached properties in December 2015 reached 1,136, an increase of 36.4 percent from the 833 detached sales recorded in December 2014. The benchmark price for detached properties increased 24.3 percent from December 2014 to $1,248,600.

Sales of apartment properties reached 1,225 in December 2015, an increase of 34.3 percent compared to the 912 sales in December 2014.The benchmark price of an apartment property increased 14 percent from December 2014 to $436,200.

Attached property sales in December 2015 totalled 466, an increase of 25.6 percent compared to the 371 sales in December 2014. The benchmark price of an attached unit increased 13.6 percent from December 2014 to $543,700.

 

 

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If you're watching the Vancouver real estate market you know there's huge demand for most types of real estate in Vancouver. Kitsilano condos, townhomes and 1/2 duplexes come to mind, along with Mt. Pleasant condos and Vancouver single family homes. One segment of the market that's been REALLY underserved for awhile now is 2 bed condos in Mount Pleasant! Please drop me a line if you're planning to sell your Mt. Pleasant condo. 

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VANCOUVER, B.C. – December 2, 2015 – Home sales reached near record levels in November even as home listings began the traditional year-end decline.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,524 on the Multiple Listing Service® (MLS®) in November 2015. This represents a 40.1 percent increase compared to the 2,516 sales recorded in November 2014, and a 3.3 percent decrease compared to the 3,646 sales in October 2015.

Last month’s sales were 46.2 percent above the 10-year sales average for the month and rank as the second highest November on record for residential property sales.

“November is typically one of the quietest months of the year in our housing market, but not this year,” Darcy McLeod, REBGV president said. “The ratio of sales to home’s available for sale reached 44 percent in November, which is the highest it’s been in our market in nine years.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,392 in November. This represents a 12.5 percent increase compared to the 3,016 new listings reported in November 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 8,096, a 35 percent decline compared to November 2014 and a 15.4 percent decline compared to October 2015.

“Demand remains strong and there are housing options at different price points throughout the region,” McLeod said. “It’s important to work with your REALTOR® to understand your options before you embark on your home buying journey.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $752,500. This represents a 17.8 percent increase compared to November 2014.

The sales-to-active-listings ratio in November was 43.5 percent. 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 November 2015 reached 1,335, an increase of 31.9 percent from the 1,012 detached sales recorded in November 2014, and a 44.2 percent increase from the 926 units sold in November 2013. The benchmark price for a detached property in Metro Vancouver increased 22.6 percent from November 2014 to $1,226,300.

Sales of apartment properties reached 1,553 in November 2015, an increase of 47.6 percent compared to the 1,052 sales in November 2014, and an increase of 60.3 percent compared to the 969 sales in November 2013. The benchmark price of an apartment property increased 14 percent from November 2014 to $435,000.

Attached property sales in November 2015 totalled 636, an increase of 40.7 percent compared to the 452 sales in November 2014, and a 49.3 percent increase from the 426 attached properties sold in November 2013. The benchmark price of an attached unit increased 11.3 percent between November 2014 and 2015 to $536,600.

 

 

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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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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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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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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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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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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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