For Immediate ReleaseMay 2, 2024 VANCOUVER, B.C. — The Greater Vancouver Board of Trade commissioned The Business of Cities to conduct the inaugural Benchmarking Greater Vancouver Report, assessing how the Greater Vancouver region measures up to leading international peer cities on our economic performance, infrastructure & sustainability, and liveability. This inaugural benchmarking reveals that there is a significant gap between how Greater Vancouver is globally perceived and the region's actual performance. This gap in our performance shows our economy is underperforming, with our region rated 14th among 20 peer cities for 'Prosperity'. We have been unable to translate our highly skilled workforce and world-class post-secondary institutions into higher incomes and our productivity is in the bottom half of more than 100 global regions. Greater Vancouver is among the top half of its peers for the rate of start-ups, but early-stage capital and scale is a challenge. Housing still dominates local challenges as homeownership is the 3rd most unaffordable English-speaking housing market and the average renter spends more of their income on housing than in any other English-speaking peer city bar none. We continue to lead in environmental performance, ranking 3rd in 'Sustainability and Resilience', as a leader for clean energy, decarbonization and green space per person. Despite the strongest bounce back in public transit ridership of any major North American city region, reliance on the car has grown more quickly than the average peer city. Ranking 11th in 'Transport & Technology' suggests substantial demand and opportunities to increase the efficiency of transportation options to reduce congestion. While tourists and those from abroad love our city, locals and longer-term visitors are increasingly finding the city unaffordable and lacking in cultural amenities and nightlife experience. READ MORE HERE
11-05-2024
Vancouver Economy
From GREATER VANCOUVER REALTORS: https://www.gvrealtors.ca/news-archive/april-2024-market-insights.html
09-05-2024
Vancouver Real Estate Market Update
This is a re-post from The Daily Hive, April 18, 2024. After months of reviewing the Government of British Columbia’s various new legislation directing municipal governments to enact housing development reforms, the City of Vancouver has identified a path forward for meeting the wide range of new requirements. Read more here
18-04-2024
Vancouver Density Revisions
From Greater Vancouver Realtors: Increased seller activity is giving buyers more choice this spring The number of Metro Vancouver1 homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring. The Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512). “If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.” There were 5,002 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2024. This represents a 15.9 per cent increase compared to the 4,317 properties listed in March 2023. This was 9.5 per cent below the 10-year seasonal average (5,524). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5 per cent increase compared to March 2023 (8,617). This is 6.3 per cent above the 10-year seasonal average (9,923). Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 per cent for apartments. Analysis of the historical data suggests 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. “Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of one to two per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” Lis said. “With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This represents a 4.5 per cent increase over March 2023 and a 1.1 per cent increase compared to February 2024. Sales of detached homes in March 2024 reached 694, a 5.4 per cent decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4 per cent increase from March 2023 and a 1.8 per cent increase compared to February 2024. Sales of apartment homes reached 1,207 in March 2024, a 7.9 per cent decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7 per cent increase from March 2023 and a 0.9 per cent increase compared to February 2024. Attached home sales in March 2024 totalled 495, a 6.2 per cent increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5 per cent increase from March 2023 and a 1.7 per cent increase compared to February 2024. Download the March 2024 stats package
03-04-2024
Real Estate Market Update
I have just recently sold this listing at 401 2045 FRANKLIN STREET, Vancouver.
25-03-2024
Recently Sold
Listen to the market update on YouTube, click HERE
11-03-2024
Vancouver Real Estate Market Update
Home sellers awaken this spring, bringing much-needed inventory to the housing market While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market. Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,070 in February 2024, a 13.5 per cent increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699). “While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.” There were 4,560 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2024. This represents a 31.1 per cent increase compared to the 3,478 properties listed in February 2023. This was 0.2 per cent below the 10-year seasonal average (4,568). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,634, a 16.3 per cent increase compared to February 2023 (8,283). This is three per cent above the 10-year seasonal average (9,352). Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2024 is 22.4 per cent. By property type, the ratio is 16 per cent for detached homes, 27.9 per cent for attached, and 25.9 per cent for apartments. Analysis of the historical data suggests 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. “Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,183,300. This represents a 4.5 per cent increase over February 2023 and a 1.9 per cent increase compared to January 2024. Sales of detached homes in February 2024 reached 560, an 8.3 per cent increase from the 517 detached sales recorded in February 2023. The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. Sales of apartment homes reached 1,092 in February 2024, a 17.7 per cent increase compared to the 928 sales in February 2023. The benchmark price of an apartment home is $770,700. This represents a 5.6 per cent increase from February 2023 and a 2.5 per cent increase compared to January 2024. Attached home sales in February 2024 totalled 403, a 10.1 per cent increase compared to the 366 sales in February 2023. The benchmark price of a townhouse is $1,094,700. This represents a 4.2 per cent increase from February 2023 and a 2.6 per cent increase compared to January 2024. Click here for full stats package
04-03-2024
Vancouver Real Estate Market Update
This is a repost from U.D.I.'s website: February 21st, 2024 When B.C. Premier David Eby announced the Housing Supply Act (HSA), just three days after he became Premier in 2022, UDI was encouraged. Even though we knew that this was only one of many steps that could help get more housing built faster in B.C., we were optimistic. The HSA put B.C.’s housing needs front and center, where we believe they should be. This is something we have spent years advocating for, and it places a critical challenge before municipalities that were given targets. They have been tasked with clearing the path to increase housing development in step with their growing populations. As we head into the last weeks of February, we expect the Ministry of Housing to announce the next 10 communities soon and pose the same challenge to a new group of municipalities. What is the Housing Supply Act? click here to learn more
01-03-2024
Housing Supply Act
Skip to Content Vancouver City Council unanimously approves ʔəy҆alməxʷ/Iy҆álmexw/Jericho Lands Policy Statement Jan. 24, 2024 The MST Partnership and Canada Lands Company (MST-CLC) are pleased that Vancouver City Council unanimously approved the Policy Statement for ʔəy҆alməxʷ/Iy҆álmexw/Jericho Lands, which was developed in partnership with the City of Vancouver. Read more about the transformative nature of the ʔəy҆alməxʷ/Iy҆álmexw/Jericho Lands in the City of Vancouver’s news release, including quotes from Musqueam, Squamish, Tsleil-Waututh and Canada Lands Company leadership: ʔəy̓alməxʷ/Iy̓álmexw /Jericho Lands to become future complete community The ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands will become a new high-density, mixed-use, car-light community shaped by the culture of the MST Nations, after Vancouver City Council approved the Jericho Lands Policy Statement today. The Policy Statement sets directions for the redevelopment of the ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands, a 90-acre (36 hectare) site owned by the joint venture partnership of the xʷməθkʷəy̓əm (Musqueam Indian Band), Sḵwx̱wú7mesh (Squamish Nation), and səlilwətaɬ (Tsleil-Waututh Nation) (collectively the MST Nations) and Canada Lands Company (CLC). The redevelopment of the site will embrace its natural setting and be welcoming and inclusive to all, with approximately 13,000 new homes for around 24,000 residents, space for around 3,000 jobs, and a variety of community amenities, including about 30 acres (12 hectares) of parks and open spaces, and walking and cycling paths. Over the next 25-30 years, ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands will develop to include: 13,000 new homes for 24,000 residents, which includes ~2,600 units of social housing and ~1,300 secured market and below-market rentals Space for a variety of commercial, light industrial and retail businesses accommodating around 3,000 jobs 259 childcare spaces for 0-4 years olds and 240 spaces for 5-12 year olds 20 acres (eight hectares) of park space 10 acres (four hectares) of public open spaces Community centre Arts, cultural and social spaces, including MST Nations’ self-determined spaces (e.g. artist studios, spaces for carving, food, dance, music, weaving or other activities, and spaces for ceremonies, healing, employment training, youth, elders, families) Non-traditional library (House of Learning) Renewal and expansion of Firehall #19 Street upgrades, new walking and cycling connections, plazas, and transit integration Storm and potable water upgrades *New Vancouver School Board elementary school *Proposed UBCx Jericho Lands SkyTrain station (* to be delivered in partnership with other agencies) Background The ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands are a 90-acre (36 hectare) site in Vancouver’s West Point Grey neighbourhood, bounded by West 4th Avenue to the north, Highbury Street to the east, West 8th Ave/West Broadway to the south and Discovery Street/Trimble Park to the west. The Jericho Lands planning program was initiated by the City at the request of the landowners, the joint venture partnership between the MST Nations and Canada Lands Company (CLC). The comprehensive planning process began in 2019 and the Policy Statement was shaped through four phases of consultation with people across the city, xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish), and səlilwətaɬ (Tsleil-Waututh) Nations’ members, and other stakeholders. The Policy Statement is a guiding document that establishes principles, objectives, and policies on topics including Reconciliation, land uses and density, building types and heights, community amenities, mobility, sustainability and infrastructure, ecology, parks and open spaces, and development phasing. Following Council’s approval of the Policy Statement, staff will prepare the Official Development Plan for the future redevelopment of the site which will take place in phases over the next 25-30 years. In parallel, staff will also begin working with the landowners on the rezoning of the first phase of development. Learn more at: shapeyourcity.ca/jericho-lands Quotes Mayor Ken Sim: “We’re excited that this major Indigenous-led project will reflect the MST Nations’ culture, history and deep connection to the land and bring new opportunities for the prosperity of future generations of the xʷməθkʷəy̓əm, Sḵwx̱wú7mesh, and səlilwətaɬ Peoples. The ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands will also play an important role in our city by becoming a livable, sustainable neighbourhood, with a significant number of new homes for a range of incomes and amenities centred on rapid transit.” yəχʷyaχʷələq-Chief Wayne Sparrow, xʷməθkʷəy̓əm: “Our people have been on these lands for thousands of years. To own them again and to be redeveloping them for the benefit of our people is us returning home. Along with our Squamish and Tsleil-Waututh relatives, we look forward to this opportunity to reclaim our heritage, revitalize our lands, and shape a future that reflects our values and aspirations.” Sxwíxwtn-Wilson Williams, Spokesperson and General Councillor, Sḵwx̱wú7mesh: “We are proud of our culture and look forward to sharing our way of life and worldview with all who will live in and visit ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands. With this new sustainable neighbourhood, we are creating modern Indigenous communities, offering a vibrant and inclusive environment for residents and visitors to thrive.” Chief Jen Thomas, səlilwətaɬ: “In returning our culture to these lands, we honour our ancestors and Elders who taught us our traditions and stories. The efforts we make today, together with our relatives Squamish and Musqueam, are a once-in-a-lifetime opportunity to generate wealth that can be invested into our community to improve the quality of life for not only the current generations, but also for the next seven generations to come.” Stéphan Déry, President and CEO, Canada Lands Company: “Canada Lands Company welcomes Vancouver City Council’s endorsement of the Policy Statement for the Jericho Lands. This project has been years in the making, working together with MST and the City, and through significant engagement and hearing from so many diverse voices, deeply connected to this land. This is a plan that will deliver so many benefits for the City of Vancouver, including much needed housing, and we are excited about what’s to come.” Next ʔəy҆alməxʷ/Iy҆álmexw/Jericho Lands Policy Statement: A Major Milestone Stay up to date with ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands. Sign up
05-02-2024
Vancouver New Developments
January 2024 Media Stats Package While the Metro Vancouver market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the jump in home sales. The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788). “It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.” There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657). Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments. Analysis of the historical data suggests 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. “Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said. “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023. Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023. Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023. Attached home sales in January 2024 totalled 285, a 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023. Download the January 2024 stats package.
05-02-2024
Vancouver Real Estate Market Update