Surprise, More Empty Home Tax For City of Vancouver

November 28, 2019

Well, it isn't as bad as what was proposed for you pied a terre owners, but the City of Vancouver has passed a resolution to raise the amount of the Empty Homes Tax from 1% to 1.25% in 2020 and another .25%/annum for the following 2 years.

Full story below:

https://www.vancouverisawesome.com/2019/11/28/empty-homes-tax-increase-2020-vancouver/

Declarations must be made by February 4th, 2020 for the 2019 tax year:

https://vancouver.ca/home-property-development/empty-homes-tax.aspx

New Recreation Facilities Planned by Vancouver Parks Board

November 17, 2019

Get ready for some first class community centres and pools! Read all about it here:

https://dailyhive.com/vancouver/vancouver-park-board-swimming-pools-beaches

Green Housing... Not

November 15, 2019

The False Promise of Green Housing

One designer is challenging the conventional wisdom about environmentally friendly construction

BY VIVIANE FAIRBANK
ARTWORK BY IRMA KNIIVILA

Read the article here

BCREA Market Update

November 13, 2019

For the complete news release, including detailed statistics, click here.

For immediate release

Home Sales Continue Normalization Trend in October

Vancouver, BC – November 13, 2019.

The British Columbia Real Estate Association (BCREA) reports that a total of 7,666 residential unit sales were recorded by the Multiple Listing Service^® (MLS^®) in October, an increase of 19.3 per cent from the same month last year. The average MLS^® residential price in the province was $724,045, an increase of 5.1 per cent from October 2018. Total sales dollar volume was $5.55 billion, a 25.4 per cent increase from the same month last year.

“Most markets around the province are returning to a more typical level of sales activity,” said BCREA Chief Economist Brendon Ogmundson. “That recovery in sales and slower listings activity is putting upward pressure on prices in many markets.”

MLS^® residential active listings in the province were up 1 per cent from September 2018 to 36,567 units, although down slightly when compared on a seasonally adjusted basis. With sales and listings down, overall market conditions in the province have tightened, with a sales-to-active listings ratio of 21 per cent.

Year-to-date, BC residential sales dollar volume was down 9 per cent to $45.3 billion, compared with the same period in 2018. Residential unit sales were 6.2 per cent lower at 65,468 units, while the average MLS^®residential price was down 3 per cent year-to-date at $691,618.

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For more information, please contact:

Brendon Ogmundson
Chief Economist
Direct: 604.742.2769
Mobile: 778.505.6793
Email: [email protected]

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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

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October Statistics from Real Estate Board of Greater Vancouver

November 5, 2019

Home buyer activity increases in October VANCOUVER, BC – November 4, 2019 – The Metro Vancouver* housing market is experiencing a fall pickup in home sale activity.

Click here for details from Real Estate Board of Greater Vancouver

Click here for october dexter stats

Mid-October Market Activity

October 15, 2019

Sales and listings stats as of October 14, 2019. The trend is continuing so far in October as we’ve seen over the last three months with the number of sales ahead year over year. The total number of active listings are actually down from last year for the first time in over two years in Greater Vancouver.

Greater Vancouver –1,132 Units Sold so far in October 2019 compared to 898 Units Sold by October 15, 2018 and 1,368 Units Sold by October 15, 2017. Total New Listings so far in October are 1,802 compared to 2,302 by the same time last year and 2,054 at this time on October 2017. Total Active Listings are at 13,627 (13,604 at the same time in October 2018), Sales To Listings Ratio is at 63% compared to 39% at this time in October 2018.

Vancouver West – 186 Units Sold so far in October 2019 compared to 164 Units Sold by October 15, 2018 and 255 Units Sold by October 15, 2017. Total New Listings so far in October are 363 compared to 459 by the same time last year and 441 at this time on October 2017. Total Active Listings are at 2,382 (2,450 at the same time in October 2018), Sales To Listings Ratio is at 51% compared to 36% at this time in October 2018.

Vancouver East – 120 Units Sold so far in October 2019 compared to 107 Units Sold by October 15, 2018, and 125 Units Sold by October 15, 2017. Total New Listings so far in October are 180 compared to 228 by the same time last year, and 228 at this time on October 2017. Total Active Listings are at 1,239 (1,431 at the same time in October 2018), Sales To Listings Ratio is at 67% compared to 47% at this time in October 2018.

North Vancouver – 96 Units Sold so far in October 2019 compared to 68 Units Sold by October 15, 2018, and 104 Units Sold by October 15, 2017. Total New Listings so far in October are 130 compared to 219 by the same time last year, and 189 at this time on October 2017. Total Active Listings are at 824 (940 at the same time in October 2018), Sales To Listings Ratio is at 74% compared to 31% at this time in October 2018.

West Vancouver – 32 Units Sold so far in October 2019 compared to 24 Units Sold by October 15, 2018, and 24 Units Sold by October 15, 2017. Total New Listings so far in October are 67 compared to 97 by the same time last year, and 93 at this time on October 2017. Total Active Listings are at 689 (748 at the same time in October 2018), Sales To Listings Ratio is at 48% compared to 25% at this time in October 2018.

Richmond – 136 Units Sold so far in October 2019 compared to 111 Units Sold by October 15, 2018, and 195 Units Sold by October 15, 2017. Total New Listings so far in October are 232 compared to 270 by the same time last year, and 287 at this time on October 2017. Total Active Listings are at 2,041 (1,870 at the same time in October 2018), Sales To Listings Ratio is at 59% compared to 41% at this time in October 2018.

Burnaby East - 11 Units Sold so far in October 2019 compared to 11 Units Sold by October 15, 2018, and 11 Units Sold by October 15, 2017. Total New Listings so far in October are 21 compared to 24 by the same time last year, and 28 at this time on October 2017. Total Active Listings are at 152 (140 at the same time in October 2018), Sales To Listings Ratio is at 52% compared to 46% at this time in October 2018.

Burnaby North - 60 Units Sold so far in October 2019 compared to 39 Units Sold by October 15, 2018, and 71 Units Sold by October 15, 2017. Total New Listings so far in October are 86 compared to 107 by the same time last year, and 77 at this time on October 2017. Total Active Listings are at 550 (538 at the same time in October 2018), Sales To Listings Ratio is at 70% compared to 36% at this time in October 2018.

Burnaby South - 62 Units Sold so far in October 2019 compared to 35 Units Sold by October 15, 2018, and 77 Units Sold by October 15, 2017. Total New Listings so far in October are 93 compared to 134 by the same time last year, and 93 at this time on October 2017. Total Active Listings are at 722 (671 at the same time in October 2018), Sales To Listings Ratio is at 67% compared to 26% at this time in October 2018.

New Westminster - 51 Units Sold so far in October 2019 compared to 43 Units Sold by October 15, 2018, 57 Units Sold by October 15, 2017. Total New Listings so far in October are 80 compared to 114 by the same time last year, and 81 at this time on October 2017. Total Active Listings are at 473 (480 at the same time in October 2018), Sales To Listings Ratio is at 64% compared to 38% at this time in October 2018.

Coquitlam - 98 Units Sold so far in October 2019 compared to 60 Units Sold by October 15, 2018, and 108 Units Sold by October 15, 2017. Total New Listings so far in October are 139 compared to 170 by the same time last year, and 147 at this time on October 2017. Total Active Listings are at 944 (1,024 at the same time in October 2018), Sales To Listings Ratio is at 71% compared to 35% at this time in October 2018.

Port Moody - 32 Units Sold so far in October 2019 compared to 17 Units Sold by October 15, 2018, and 37 Units Sold by October 15, 2017. Total New Listings so far in October are 35 compared to 26 by the same time last year, and 46 at this time on October 2017. Total Active Listings are at 217 (233 at the same time in October 2018), Sales To Listings Ratio is at 91% compared to 65% at this time in October 2018.

Port Coquitlam - 49 Units Sold so far in October 2019 compared to 39 Units Sold by October 15, 2018, and 64 Units Sold by October 15, 2017. Total New Listings so far in October are 49 compared to 76 by the same time last year, and 53 at this time on October 2017. Total Active Listings are at 308 (345 at the same time in October 2018), Sales To Listings Ratio is at 100% compared to 51% at this time in October 2018.

Ladner - 10 Units Sold so far in October 2019 compared to 7 Units Sold by October 15, 2018, and 13 Units Sold by October 15, 2017. Total New Listings so far in October are 23 compared to 26 by the same time last year, and 18 at this time on October 2017. Total Active Listings are at 182 (172 at the same time in October 2018), Sales To Listings Ratio is at 43% compared to 27% at this time in October 2018.

Tsawwassen - 15 Units Sold so far in October 2019 compared to 13 Units Sold by October 15, 2018, and 15 Units Sold by October 15, 2017. Total New Listings so far in October are 29 compared to 25 by the same time last year, and 29 at this time on October 2017. Total Active Listings are at 289 (226 at the same time in October 2018), Sales To Listings Ratio is at 52% compared to 52% at this time in October 2018.

Recently Sold Listing 305 985 JERVIS STREET, Vancouver, BC

October 8, 2019

R2379085 - 305 985 JERVIS STREET, Vancouver, BC, CANADA

I have just recently sold this listing at 305 985 JERVIS STREET, Vancouver.

Recently Sold Listing 1973 W 33RD AVENUE, Vancouver, BC

October 8, 2019

R2338091 - 1973 W 33RD AVENUE, Vancouver, BC, CANADA

I have just recently sold this listing at 1973 W 33RD AVENUE, Vancouver.

September Stats Show Good Improvement in Market

October 4, 2019

Increased demand helps housing market reach balanced territory

Home buyer demand has returned to more historically typical levels in Metro Vancouver over the last three months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3 per cent increase from the 1,595 sales recorded in September 2018, and a 4.6 per cent increase from the 2,231 homes sold in August 2019.

Last month’s sales were 1.7 per cent below the 10-year September sales average.

“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashley Smith, REBGV president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”

There were 4,866 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This represents a 7.8 per cent decrease compared to the 5,279 homes listed in September 2018 and a 29.9 per cent increase compared to August 2019 when 3,747 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,439, a 2.7 per cent increase compared to September 2018 (13,084) and a 0.3 per cent increase compared to August 2019 (13,396).

For all property types, the sales-to-active listings ratio for September 2019 is 17.4 per cent. By property type, the ratio is 12.7 per cent for detached homes, 18.9 per cent for townhomes, and 21.9 per cent for apartments.

Generally, analysts say that 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.

“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $990,600. This represents a 7.3 per cent decrease over September 2018 and a 0.3 per cent decrease compared to August 2019.

Sales of detached homes in September 2019 reached 745, a 46.7 per cent increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200. This represents an 8.6 per cent decrease from September 2018 and is virtually unchanged compared to August 2019.

Sales of apartment homes reached 1,166 in September 2019, a 43.6 per cent increase compared to the 812 sales in September 2018. The benchmark price of an apartment property is $651,500. This represents a 6.5 per cent decrease from September 2018 and a 0.4 per cent decrease compared to August 2019.

Attached home sales in September 2019 totalled 422, a 53.5 per cent increase compared to the 275 sales in September 2018. The benchmark price of an attached home is $767,500. This represents a 7.2 per cent decrease from September 2018 and a 0.6 per cent decrease compared to August 2019.

Download the September 2019 stats package

Stats by housing type and price:

metro vancouver b

Relatively Robust Sales In August

September 4, 2019

From REBGV stats click rebgv stats pkg august 2019

Metro Vancouver housing market sees summer uptick in sales VANCOUVER, BC – September 4, 2019 – Home buyer activity increased to more typical
levels in Metro Vancouver* throughout the summer months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.
Last month’s sales were 9.2 per cent below the 10-year August sales average.
“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith.
There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).
For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By property type, the ratio is 12 per cent for detached homes, 18.4 per cent for townhomes, and 21.2 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.
“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3 per cent decrease over August 2018 and a 0.2 per cent decrease compared to July 2019.

Sales of detached homes in August 2019 reached 706, a 24.5 per cent increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and a 0.7 per cent decrease compared to July 2019.

Sales of apartment homes reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.

Attached home sales in August 2019 totalled 409, a 21.4 per cent increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000. This represents a 7.8 per cent decrease from August 2018, a 0.2 per cent increase compared to July 2019.

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