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Recently Sold Listing 6e - 139 Drake Street, Vancouver, BC


R2269150 - 6e - 139 Drake Street, Vancouver, BC, CANADAI have just recently sold this listing at 6e - 139 Drake Street, Vancouver.

May 2018 Stats from Real Estate Board of Greater Vancouver


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June 4, 2018

Reduced demand is allowing housing supply to accumulate

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

Last month’s sales were 19.3 per cent 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 per cent increase compared to the 6,044 homes listed in May 2017 and a 9.5 per cent 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 per cent increase compared to May 2017 (8,168) and a 15 per cent increase compared to April 2018 (9,822).

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

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

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent 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 per cent increase over May 2017 and a 0.2 per cent increase compared to April 2018.

Sales of detached properties in May 2018 reached 926, a 40.2 per cent 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 per cent 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 per cent increase from May 2017 and a 0.1 per cent increase compared to April 2018.

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

click here for full stats package

rebgv stats pkg may 2018



New Listing 6e - 139 Drake Street, Vancouver, BC


R2269150 - 6e - 139 Drake Street, Vancouver, BC, CANADAView my new listing for sale SOLD at 6e - 139 Drake Street, Vancouver and currently listed at $1,099,000.SOLD

Lovely and spacious 2 bedroom and den with treed outlook in Concordia II at the foot of Drake Street and just half a block to the False Creek seawall, David Lam Park, Elsie Roy Elementary and the Roundhouse Community Center. Skytrain station is just 1 block away as are restaurants, Urban Fare, and all manner of shops. Nicely maintained bright apartment with Eastern and Southern exposure, bamboo floors in principal rooms and carpet in bedrooms. The den is spacious-works as office or possible 3rd bedroom for a child. Parking included. 2 pets allowed, only 1 dog though, rentals min 3 months.

More Provincial Government Intervention in B.C. Housing Sector


 

B.C. takes three more bold steps to fix the housing crisis



“speculation” tax update


New Speculation Tax Information
On March 26, the BC Government announced that the proposed speculation tax will now focus on urban centres. Here’s a map.

Exemptions remain for principal residences and long-term rentals (rented for at least six months, in increments of at least 30 days). And exemptions have been added for specific circumstances, including death and long-term medical care. The government is considering temporarily grandfathering strata units where rentals aren’t allowed, but there’s no firm decision on that, yet.

The tax rate has also been adjusted. In 2018, it will be 0.5 per cent for all applicable properties. Here’s how it will apply in 2019:

  • for British Columbians with second homes in the affected urban areas: 0.5 per cent (though, homes valued up to $400,000 will be exempt),
  • for Canadians outside BC, 1 per cent,
  • for non-Canadians and “satellite” families, 2 per cent.

BCREA continues to ask questions and help shape the tax.

More info:



Market Update February 2018


FOR DATA BY AREA AND HOUSING TYPE SEE OUR STATS AT THE LINK BELOW:

https://www.dropbox.com/sh/z7dtb497t3yjqyu/AACk18Caw4sVCKZURBQilLZja?dl=0

 

There were 2,241 homes sold in Greater Vancouver in February this year compared with 2,461 sales in a record February last year and 4,254 homes sold in February 2016. This was 14 per cent below the 20 year average for February. Detached houses have seen a significant drop in sales with there being 622 sold in February 2018, 749 in February 2017 and 1,784 in February 2016. This was most pronounced in Vancouver’s West Side with there being 53 sales in February 2018, 93 sales in February 2017 and 226 sales in February 2016. In Richmond it was a similar story with 52 Detached Houses sold in February 2018, 92 sold in February 2017 and 204 in February 2016. It seems that the detached market lost all the speculation from it far before the provincial government stepped in. In February 2016, detached homes sales made up 42 per cent of all sales, in February 2017 they were only 30 per cent of all sales while this year that decline continued to 27 per cent. While the percentage of attached homes remained consistent between the three years, apartments made up 42 per cent of sales in February 2016 and 52 per cent of sales in February 2017 and 53 per cent this year.

 

There were 4,363 new listings in February in Greater Vancouver, up 16 percent from February last year and down from 27 per cent from February 2016. The amount of new listings in February 2018 were 9 per cent below the 20 year average for February. While detached homes are increasing in numbers, townhouse and apartment properties still remain in short supply with apartments seeing more instances of multiple offers than townhouses. Detached houses are entering buyer’s market conditions, certainly in the higher price points. With the implementation of the new taxes, the above $3 Million market will likely go deeper into a buyer’s market. With the lower end of the market in the attached side becoming more competitive and prices will continue to climb. Affordability certainly won’t be achieved by these government changes. And the Speculation Tax may decrease the rental supply even more as landlords decide to sell instead of paying the tax, even B.C Residents who could get a tax credit but would still have to pay the tax up front. We’ll await the final details of the tax in the coming months.

 

“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing  power, particularly for those at the entry level or our market,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyer’s market territory.”

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,385 sales of all property types on its Multiple Listing Service® in February, a decrease of 0.8 per cent compared to 1,396 sales in February of last year, and 14.5 per cent increase compared to the 1,210 sales in January 2018. Of the 1,385 sales processed last month 336 were townhouses and 379 were apartments, together representing 52 per cent of all transactions in February.

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in February 2018 was 2,241 – up from 1,846 (21%) in January 2018, down from 2,461 (9%) in February 2017, down from 4,254 (47%) in February 2016; Active Listings are at 8,421 compared to 8,200 at this time last year; New Listings in February 2018 were up 16% compared to February 2017 and down 27% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 65% in February 2017.

 

Vancouver Westside Residential: Total Units Sold in February 2018 was 429 – up from 1,846 (37%) in January 2018, down from 505 (15%) in February 2017, down from 852 (50%) in February 2016; Active Listings are at 1,553 compared to 1,376 at this time last year; New Listings in February 2018 were up 29% compared to February 2017 and down 26% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 48% compared to 73% in February 2017.

 

Vancouver Eastside Residential: Total Units Sold in February 2018 was 244 – up from 137 (78%) in January 2018, up from 229 (7%) in February 2017, down from 342 (29%) in February 2016; Active Listings are at 981 compared to 966 at this time last year; New Listings in February 2018 were up 17% compared to February 2017 and down 8% compared to February 2016; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 56% in February 2017.

 

North Vancouver Residential Total Units Sold in February 2018 was 166 – up from 132 (26%) in January 2018, down from 216 (23%) in February 2017, down from 346 (52%) in February 2016; Active Listings are at 494 compared to 414 at this time last year; New Listings in February 2018 were up 9% compared to February 2017 and down 34% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 52% compared to 73% in February 2017.

 

West Vancouver Houses: Total Units Sold in February 2018 was 42 – down from 43 (2%) in January 2018, down from 57 (26%) in February 2017, down from 169 (75%) in February 2016; Active Listings are at 570 compared to 448 at this time last year; New Listings in February 2018 were up 36% compared to February 2017 and down 25% compared to February 2016; Month’s Supply of Total Residential Listings is steady up to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 20% compared to 38% in February 2017.

 

Richmond Residential: Total Units Sold in February 2018 was 262 – down from 275 (5%) in January 2018, down from 338 (23%) in February 2017, down from 533 (51%) in February 2016; Active Listings are at 1,290 compared to 1,182 at this time last year; New Listings in February 2018 were up 28% compared to February 2017 and down 15% compared to February 2016; Month’s Supply of Total Residential Listings is steady up to 5 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 41% compared to 67% in February 2017.

 

Burnaby East: Total Units Sold in February 2018 was 34 – up from 29 (17%) in January 2018, up from 17 (200%) in February 2017, down from 43 (21%) in February 2016; Active Listings are at 121 compared to 92 at this time last year; New Listings in February 2018 were up 40% compared to February 2017 and up 3% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 35% in February 2017.

 

Burnaby North: Total Units Sold in February 2018 was 89 – up from 73 (22%) in January 2018, down from 113 (21%) in February 2017, down from 195 (55%) in February 2016; Active Listings are at 297 compared to 332 at this time last year; New Listings in February 2018 were down 18% compared to February 2017 and down 41% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 54% in February 2017.

 

Burnaby South: Total Units Sold in February 2018 was 135 – up from 102 (32%) in January 2018, up from 95 (42%) in February 2017, down from 227 (40%) in February 2016; Active Listings are at 353 compared to 384 at this time last year; New Listings in February 2018 were up 3% compared to February 2017 and down 38% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 75% compared to 54% in February 2017.

 

New Westminster: Total Units Sold in February 2018 was 103 – up from 96 (7%) in January 2018, down from 108 (5%) in February 2017, down from 162 (36%) in February 2016; Active Listings are at 210 compared to 230 at this time last year; New Listings in February 2018 were up 6% compared to February 2017 and down 34% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 67% compared to 74% in February 2017.

 

Coquitlam: Total Units Sold in February 2018 was 178 – up from 156 (14%) in January 2018, down from 194 (8%) in February 2017, down from 372 (52%) in February 2016; Active Listings are at 511 compared to 455 at this time last year; New Listings in February 2018 were up 13% compared to February 2017 and down 36% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 60% compared to 73% in February 2017.

 

Port Moody: Total Units Sold in February 2018 was 42 – down from 46 (9%) in January 2018, down from 49 (14%) in February 2017, down from 87 (52%) in February 2016; Active Listings are at 131 compared to 123 at this time last year; New Listings in February 2018 were up 7% compared to February 2017 and down 39% compared to February 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 47% compared to 59% in February 2017.

 

Port Coquitlam: Total Units Sold in February 2018 was 84 – up from 58 (45%) in January 2018, up from 80 (5%) in February 2017, down from 190 (55%) in February 2016; Active Listings are at 168 compared to 185 at this time last year; New Listings in February 2018 were down 1% compared to February 2017 and down 44% compared to February 2016; Month’s Supply of Total Residential Listings is steady down to 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 65% compared to 61% in February 2017.

 

Ladner: Total Units Sold in February 2018 was 19 – flat to 19 in January 2018, down from 47 (60%) in February 2017, down from 27 (30%) in February 2016; Active Listings are at 115 compared to 150 at this time last year; New Listings in February 2018 were down 15% compared to February 2017 and down 26% compared to February 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 42% compared to 89% in February 2017.

 

Tsawwassen: Total Units Sold in February 2018 was 29 – up from 16 (81%) in January 2018, up from 26 (11%) in February 2017, down from 60 (51%) in February 2016; Active Listings are at 173 compared to 192 at this time last year; New Listings in February 2018 were up 37% compared to February 2017 and down 55% compared to February 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 43% compared to 53% in February 2017.

 

FOR DATA BY AREA AND HOUSING TYPE SEE OUR STATS AT THE LINK BELOW:

https://www.dropbox.com/sh/z7dtb497t3yjqyu/AACk18Caw4sVCKZURBQilLZja?dl=0

 

 



NEW TAXES!!!


Changes announced in the February 20th Budget

 

 

The Property Transfer Tax (Stamp Duty) paid when purchasing residential property will be increased to 5% (from 3%) on the purchase price above $3,000,000 effective February 21st, 2018 for all properties in the Greater Vancouver Regional District and at this point it now appears to be regardless of the date the contract is written.

 

  • The effect? The market above $3,000,000 has already been quiet in Metro Vancouver. With the majority of properties in that price range in West Vancouver and Vancouver’s West Side, we’ve seen sales decline significantly in the last 2 years, even prior to the initial Foreign Buyer’s Tax coming in to place. The Property Transfer Tax was increased from 2% to 3% for properties above $2,000,000 in February 2016 which had an effect at that time. It will put greater pressure on prices below $3,000,000. The biggest effect will be the lack of transitional rules for properties in Greater Vancouver – meaning any written contracts completing after February 20th, 2018 will be subject to the increase.

 

The Foreign Buyer Tax has been increased to 20% as of February 21, 2018 and expanded to areas outside of the Greater Vancouver Regional District (Capital Regional District, Fraser Valley Regional District, Regional District of the Central Okanagan, Regional District of Nanaimo). The timelines for transitional rules are in the link below, but essentially the increased Foreign Buyer’s Tax is effective on all deals completing as of February 20, 2018 in Greater Vancouver and in the other areas affected if contracts were dated prior to February 21th, 2018 and complete prior to May 18, 2018 then they would be exempt. Outside those dates, all properties will be subject to the Foreign Buyer Tax of 20% in those areas noted.

 

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax#specified-areas

 

  • For Greater Vancouver, the tax isn’t new. While an increase of 5% will impact transactions the bigger effect will be in those areas that are new to the tax. Again, transitional rules were not put in place for Greater Vancouver. While Foreign Buyer numbers for all areas now affected by the tax show less than 5% being a Foreign Buyer, further measures on identifying beneficial owners may result in further taxation not accounted in these numbers. On the whole, the effects in Greater Vancouver will continue to push buyers to the lower end of the market, and continue to see the luxury property market soften. It may also push some buyers back to Greater Vancouver from other areas, specifically Victoria and Nanaimo who went there to buy and avoid the Foreign Buyer Tax.

 

 

 

For the first time, there is a speculation tax on properties owned by individuals not paying Income Tax in BC and that keep the property vacant. The tax will be 0.5% of assessed value in 2018 and increased to 2% in 2019 for all areas affected by the Foreign Buyer Tax. The speculation tax will be applied to all properties that are not owner occupied or qualify as a long-term rental property. There are still details of the Speculation Tax to be determined by the Provincial Government as to its implementation and potential exemptions. Details of the tax so far are in the link below.

 

https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/publications/is-2018-001-speculation-tax.pdf

 

  • The effect will likely see some rental properties being introduced into the market that have been vacant as well as some supply coming onto the resale market as owners that will be subject to the tax on their property decide to sell instead of renting their property or paying the tax. While the numbers of properties potentially affected are not known, and vacant homes owned from someone residing outside British Columbia are widely speculated it will take time to see any real effects. It may turn investment away from affected areas – especially vacation homes in the Central Okanagan which sees individuals from Alberta purchasing vacation homes there and already owning homes there – which they may look to sell instead of paying the tax.

 

The government will be raising the amount of school taxes for properties valued at $3,000,000 and more. Properties valued between $3,000,000 and $4,000,000 will be subject to a 0.2% tax and a 0.4% tax on the assessed value above $4,000,000 beginning next year.

 

  • Again, another measure which will weaken the luxury home market further and put pressure on prices to come down above $3,000,000 as the layered taxes take their toll. The areas mostly affected would be West Vancouver, Vancouver West and Richmond. Retired homeowners in these areas will be affected the most as this will be a significant increase in their taxes - $8,000 annually on a property assessed at $4,000,000. While they have an ability to defer their taxes, some may choose to sell or be forced to sell. This will add supply into a market with depressed demand.

 

In attempting to deal with money laundering and tax fraud, the Provincial Government is going to begin collecting information on pre-sales and assignments of contracts from developers. This data base will be shared with provincial and federal tax authorities. As well, additional information on beneficial owners of corporations will be required on property transfer forms. A registry of beneficially-owned properties will be established and publicly available through the Land Title Office.

 

  • While the Provincial Government didn’t put any controls or added taxes in place for pre-sale (off plan) sales including the assignment of contracts, this measure may be the first step into looking at some sort of taxation or demand side measure on those type of sales. The provincial government has indicated all the steps are the beginning of measures to be put in place, depending on the reaction of the market.

 

The Supply Side of the real estate equation was left mostly untouched by the government for resale and brand new properties. There was language to aid in providing more purpose built rental and affordable housing (114,000 units over the next 10 years) along with commitments to student housing and allowing post-secondary institutions to borrow to build student housing. But with labour shortages currently occurring to a large degree in the construction industry, any increased building outside market for sale units will only further restrict supply as labour is moved away from that type of construction. So while the government is looking to work with Mayors to increase density around transit hubs, the ability to build may become harder to do. And without any impact on speeding up the permitting process, delays will continue to be a factor.



Market Update January 2018


Market update from Real Estate Board of Greater Vancouver

 

january 2018 market summary 



2017 Review of Vancouver Real Estate Market


 

Click on the link for December 2017 stats

metro vancouver



New Qualifying Rules for Uninsured Mortgages


 

 

Government adds new qualifying requirements for uninsured mortgages

 

Effective January 1, 2018, buyers who don’t require mortgage insurance — those with a down payment of 20 per cent or more — must qualify for their mortgage at a higher rate.

This new stress test won’t apply to people renewing their uninsured mortgage.

Canada’s Office of the Superintendent of Financial Institutions (OSFI) announced these rule changes today. Draft changes were released in the summer for public feedback. (The Canadian Real Estate Association submitted this response to the draft rules in August on behalf of REALTORS® across the country.)

Under the new rules, the minimum qualifying rate for uninsured mortgages will be the greater of the Bank of Canada’s five-year benchmark rate or the contractual mortgage rate plus two per cent.

OSFI will also require lenders to enhance their loan-to-value (LTV) limits and restrict certain lending arrangements designed to circumvent LTV limits.

These changes apply to all federally regulated financial institutions.

This is the seventh time since 2008 that the federal government has made mortgage policy changes.

Read the government’s full announcement here.

Economic analysis from the BC Real Estate Association (BCREA):

“The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 per cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we’ve seen home sales decline in the three to nine months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year. However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past,” said Cameron Muir, BCREA chief economist