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September 2020 Stats for Greater Vancouver


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News Release

FOR IMMEDIATE RELEASE:

Metro Vancouver home sales and listings surge in September VANCOUVER, BC – October 2, 2020 – Home sale and new listing activity reached record

levels in Metro Vancouver* in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.

Last month’s sales were 44.8 per cent above the 10-year September sales average and is the highest total on record for the month.

“We've seen robust home sale and listing activity across Metro Vancouver throughout the summer months," Colette Gerber, REBGV Chair said. "This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic."

There were 6,402 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2020. This represents a 31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent increase compared to August 2020 when 5,813 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,096, a 2.6 per cent decrease compared to September 2019 (13,439) and a 2.3 per cent increase compared to August 2020 (12,803).

"While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down," Gerber said. "This is creating upward pressure on home prices, which have been edging up since the spring."

For all property types, the sales-to-active listings ratio for September 2020 is 27.8 per cent. By property type, the ratio is 28.3 per cent for detached homes, 36.1 per cent for townhomes, and 24.8 per cent for apartments.

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

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020.

Sales of detached homes in September 2020 reached 1,317, a 76.8 per cent increase from the 745 detached sales recorded in September 2019. The benchmark price for detached properties is $1,507,500. This represents a 7.8 per cent increase from September 2019 and a 1.1 per cent increase compared to August 2020.

Sales of apartment homes reached 1,596 in September 2020, a 36.9 per cent increase compared to the 1,166 sales in September 2019. The benchmark price of an apartment property is $683,500. This represents a 4.5 per cent increase from September 2019 and a 0.3 per cent decrease compared to August 2020.

Attached home sales in September 2020 totalled 730, a 73 per cent increase compared to the 422 sales in September 2019. The benchmark price of an attached unit is $809,900. This represents a 5.2 per cent increase from September 2019 and a 0.4 per cent increase compared to August 2020.

 

FULL STATS PACKAGE

 

 

 

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

 

 



Stats for August 2020 Greater Vancouver


H-Info-August-2020

Home sale and new listing activity reached record levels in Metro Vancouver in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.

Last month’s sales were 44.8 per cent above the 10-year September sales average and is the highest total on record for the month.

“We've seen robust home sale and listing activity across Metro Vancouver throughout the summer months," Colette Gerber, REBGV Chair said. "This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic."

There were 6,402 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2020. This represents a 31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent increase compared to August 2020 when 5,813 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,096, a 2.6 per cent decrease compared to September 2019 (13,439) and a 2.3 per cent increase compared to August 2020 (12,803).

"While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down," Gerber said. "This is creating upward pressure on home prices, which have been edging up since the spring."

For all property types, the sales-to-active listings ratio for September 2020 is 27.8 per cent. By property type, the ratio is 28.3 per cent for detached homes, 36.1 per cent for townhomes, and 24.8 per cent for apartments.

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

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020.

Sales of detached homes in September 2020 reached 1,317, a 76.8 per cent increase from the 745 detached sales recorded in September 2019. The benchmark price for detached properties is $1,507,500. This represents a 7.8 per cent increase from September 2019 and a 1.1 per cent increase compared to August 2020.

Sales of apartment homes reached 1,596 in September 2020, a 36.9 per cent increase compared to the 1,166 sales in September 2019. The benchmark price of an apartment property is $683,500. This represents a 4.5 per cent increase from September 2019 and a 0.3 per cent decrease compared to August 2020.

Attached home sales in September 2020 totalled 730, a 73 per cent increase compared to the 422 sales in September 2019. The benchmark price of an attached unit is $809,900. This represents a 5.2 per cent increase from September 2019 and a 0.4 per cent increase compared to August 2020.       

Note:

Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.



July Home Sales Break Records Across Canada


 

 

From Western Investor:

 

Blowing past predictions from Canada’s housing agency, July home sales in Canada hit the highest level in history with a 26 per cent increase from a year earlier.

For the third month in a row, transactions were up on a month-to-month basis across the country, reports the Canadian Real Estate Association (CREA), with new listings also setting an all-time high.

Among Canada's largest markets, sales rose by 49.5 per cent in the Greater Toronto Area, 43.9 per cent in Greater Vancouver, 39.1 per cent in Montreal, 36.6 per cent in the Fraser Valley, 28.7 per cent in Ottawa, 15.7 per cent in Calgary, 12.1 per cent in Winnipeg and 9.7 per cent in Edmonton.

The 62,355 transactions recorded in July 2020 marked the highest monthly sales figure on record going back more than 40 years, according to CREA data.

"With more and more of regular everyday life opening back up, Realtors and their clients across Canada are making up for lost time, and it's been a very busy summer as a result," said Costa Poulopoulos, chair of CREA.

Record low mortgage rates are seen as a key driver of housing sales.

On August 14 the Bank of Canada lowered its five-year conventional mortgage rate from 4.94 per cent to 4.79 per cent, the second rate cut since May.

But actual rates are much lower.

HSBC Canada, Canada’s seventh largest bank, is offering a five-year, fixed rate mortgage of 1.89 per cent as of August 14, available for 120 days.

The current lowest five-year rates from Canada’s big six banks, on August 14, were 2.19 per cent at Royal Bank of Canada, Scotiabank and CIBC, according to RateSpy.

The number of newly listed homes climbed by another 7.6 per cent in July compared to June. New supply was up in about 60 per cent of markets.

The sales activity is far outpacing the recovery in new supply, as the national sales-to-new listings ratio tightened to 73.9 per cent in July compared to 63.1 per cent posted in June. It was one of the highest levels on record for this measure.

According to CREA, there were just 2.8 months of inventory on a national basis at the end of July 2020 – the lowest reading on record for this measure.

The national average price for homes sold in July 2020 hit a record high of $571,500, up 14.3 per cent from the same month last year.

When Greater Toronto and Metro Vancouver, the two most expensive housing markets in the country, are excluded, the average price falls to around $454,000.

In Calgary, for example, the average home price is now $411,200 and the average price in Regina, Saskatoon and Winnipeg is less than $300,000.

The sizzling housing market is in stark contrast to dire warnings from Canada Mortgage and Housing Corp. The federal housing agency has consistently forecast a sharp drop in housing sales and prices across Canada since the COVID-19 pandemic was declared in March.

 

 
 

 

Frank O'Brien
Frank O'Brien is the editor of Western Canada's biggest commercial real estate newspaper, Western Investor, as well as a contributing editor at West Coast Condominium, real estate contributor to Business in Vancouver and a regular media commentator on real estate investment.

 



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June province-wide Stats


A much stronger June than 2019 despite COVID!  It looks like the Spring market happened in June.

https://www.bcrea.bc.ca/wp-content/uploads/2020-06.pdf

 

 



Strata Insurance Update


 

 

Read all about average 50% increases to strata insurance in Vancouve:

 

soaring insurance rates puts condos at risk 1

 

 



April 2020 Statistics in Covid19 land



May 4, 2020

Home sales and listings down amid COVID-19, new tools and practices emerge to help buyers and sellers adapt

 

While Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, REALTORS® across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way. 

  

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,109 in April 2020, a 39.4 per cent decrease from the 1,829 sales recorded in April 2019, and a 56.1 per cent decrease from the 2,524 homes sold in March 2020. 

 

Last month’s sales were 62.7 per cent below the 10-year April sales average and was the lowest total for the month since 1982. 

 

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said. “People are, however, adapting. They’re working with their Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic.”  

 

Realtors have been named an essential service by the provincial government to help the home buying and selling community meet their housing needs during the pandemic. 

 

“We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle paperwork electronically,” Gerber said.  

 

There were 2,313 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April. This represents a 59.7 per cent decrease compared to the 5,742 homes listed in April 2019 and a 47.9 per cent decrease compared to March 2020 when 4,436 homes were listed. 

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,389, a 34.6 per cent decrease compared to April 2019 (14,357) and a 2.3 per cent decrease compared to March 2020 (9,606). 

 

For all property types, the sales-to-active listings ratio for April 2020 is 11.8 per cent. By property type, the ratio is 10 per cent for detached homes, 14.7 per cent for townhomes, and 12.4 per cent for apartments. 

 

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

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This represents a 2.5 per cent increase over April 2019 and a 0.2 per cent increase compared to March 2020. 

 

“Home prices have held relatively steady in our region since the COVID-19 situation worsened in March,” Gerber said.   

 

Sales of detached homes in April 2020 reached 388, a 33.8 per cent decrease from the 586 detached sales recorded in April 2019. The benchmark price for detached properties is $1,462,100. This represents a 2.3 per cent increase from April 2019 and a 0.8 per cent increase compared to March 2020. 

 

Sales of apartment homes reached 503 in April 2020, a 43.2 per cent decrease compared to the 885 sales in April 2019. The benchmark price of an apartment property is $685,500. This represents a 2.7 per cent increase from April 2019 and a 0.2 per cent decrease compared to March 2020. 

 

Attached home sales in April 2020 totalled 218, a 39.1 per cent decrease compared to the 358 sales in April 2019. The benchmark price of an attached home is $796,800. This represents a 2.8 per cent increase from April 2019 and a 0.6 per cent increase compared to March 2020. 



Strata Insurance Mayhem


Make sure you have adequate insurance for your strata corporation's current deductibles! 

 

How does this impact owners of strata units in B.C.?

 

Strata unit owners should be aware of impact on the building policy and their unit policy: If your strata corporation is faced with a substantial increase in insurance rates, the cost will be reflected in your annual budget that determines your annual strata fees. If the deductible is dramatically increased to $100,000, for example, it means any claims under $100,000 are not covered by insurance and, subject to your bylaws, each owner is likely responsible for damages to their strata lot with the strata corporation responsible for the cost to repair common property. The result is many of the repair and replacement costs that have been covered by the policy of insurance taken out by the strata corporation will now be downloaded onto the affected owners in the event of a claim. Coverage for owner liability more important than ever. The Strata Property Act establishes building insurance deductibles as a common expense, but also allows the strata to sue an owner to recover the cost of repair or the deductible portion of a claim if the owner was responsible for the loss. To save the potential legal costs of suing an owner to prove their negligence caused the loss, many stratas have passed bylaws making owners “strictly liable” for any losses that originated from their units. Review your strata bylaws: How does your strata approach this issue? Condo policies can include coverage for this transfer of the deductible costs to owners. If an owner is responsible for a claim (for example, their washing machine hose fails, and escaping water causes damage to other units and common areas), the owner could be responsible for the $100,000 deductible or the full cost of repair if it is less than the deductible. Now, more than ever, unit owners will want condo homeowner insurance that covers their liability in the event of a claim for damages to their unit, as well as the cost of a deductible or the risk of being sued by other owners if they cause a claim.

 

Read on:

strata premium faq



January Stats Package from Dexter Realty


 

Want to see out full stats package?  Click here:  sales and listings statistics for greater vancouver houses townhouses and condos