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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

 

 



2017 Review of Vancouver Real Estate Market


 

Click on the link for December 2017 stats

metro vancouver



January Stats from Real Estate Board of Greater Vancouver


The West Side market remains a divided tale, slow on the detached side and fast on the condo and town home side.

 

Click to see sales and listing stats:

January Stats for West Side By Neighbourhood

 

January Stats for East Side By Neighbourhood

 

 

 



December Stats from Real Estate Board of Greater Vancouver


January 4, 2017

A heated year for Metro Vancouver real estate draws to a close

The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. 

“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 per cent compared to the 57,249 properties listed in 2015 and a 2.6 per cent increase compared to the 56,066 properties listed in 2014. 

“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.” 

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 per cent decrease over the past six months and a 17.8 per cent increase compared to December 2015. 

December summary

Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 per cent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 per cent compared to November 2016 when 2,214 homes sold.

Last month’s sales were 8.1 per cent below the 10-year sales average for the month.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 per cent compared to the 2,021 units listed in December 2015 and a 58.3 per cent decrease compared to November 2016 when 3,147 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 per cent increase compared to December 2015 (6,024) and a 24.3 per cent decrease compared to November 2016 (8,385).

Sales of detached properties in December 2016 reached 541, a decrease of 52.4 per cent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 per cent increase compared to December 2015 and a 1.8 per cent decrease compared to November 2016.

Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 per cent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 per cent increase compared to December 2015 and a 0.3 per cent decrease compared to November 2016.

Attached property sales in December 2016 totalled 258, a decrease of 44.6 per cent compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a 20.4 per cent increase compared to December 2015 and a 0.8 per cent decrease compared to November 2016.

Download the full December 2016 stats package by clicking here



September Market Update



New Lending Criteria Announced


 

  1. Home
  2. Publications and Reports
  3. Backgrounder: Ensuring a Stable Housing Market for All Canadians 

Backgrounder: Ensuring a Stable Housing Market for All Canadians 

Protecting the long-term financial security of Canadians is a cornerstone of the Government of Canada’s efforts to help the middle class and those working hard to join it. Recognizing that for many families, their homes are their most important asset, the Government is taking preventative measures today to ensure a healthy, competitive and stable housing market for all Canadians.

Today’s actions recognize the effect that years of low interest rates and shifting attitudes towards debt and indebtedness have had on the housing market. While the overall Canadian housing market is sound, house prices have risen significantly in some markets, notably Toronto and Vancouver, and some borrowers are taking on high levels of debt. In these circumstances, it is important to ensure that these debt levels are sustainable, that lenders are acting prudently, and that financial stability risks do not arise in the event of increases in interest rates or a housing market downturn.

The Minister of Finance has been actively engaged on the housing file. One of the Government’s first steps since being elected nearly a year ago was to address pockets of risk in the housing market by raising the minimum down payment for homes priced above $500,000. Since then, Department of Finance Canada officials have been further studying the housing market, and have led a working group with municipalities and provinces, as well as federal agencies such as the Office of the Superintendent of Financial Institutions and Canada Mortgage and Housing Corporation. 

This in-depth analysis, informed by the productive dialogue with our partners, has informed today’s announcement of three complementary measures designed to reinforce the Canadian housing finance system, to help protect the long-term financial security of borrowers, and to improve tax fairness for Canadian homeowners. Analysis and cooperation are ongoing as the Government continues to carefully monitor the situation. 

1. Bringing Consistency to Insured Mortgage Rules

“Mortgage rate stress test” for all insured borrowers:

To help ensure new homeowners can afford their mortgages even when interest rates begin to rise, mortgage insurance rules require in some cases that lenders “stress test” a borrower’s ability to make their mortgage payments at a higher interest rate. Currently, this requirement only applies to a subset of insured mortgages with variable interest rates or fixed interest rates with terms less than five years. Effective October 17, 2016, this requirement will apply to all insured mortgages, including fixed-rate mortgages with terms of five years and more. Homeowners with an existing insured mortgage or those renewing existing insured mortgages are not affected by this measure.

Safer lending:

There are currently different rules in place depending on what proportion of the value of the property is covered by a loan. For example, mortgage insurance criteria for a loan that represents 80 per cent of the value of the property or less (low loan-to-value ratio mortgages) are not as stringent as for high loan-to-value ratio mortgages (loans that represent more than 80 per cent of the value of the property). This could lead to increased risk for the taxpayers who ultimately back insured mortgages. To help ensure that taxpayer support for mortgage funding is targeted towards safer lending, effective November 30, 2016, mortgages insured by lenders through portfolio insurance and other low loan-to-value ratio mortgage insurance must meet the same loan eligibility criteria as high loan-to-value insured mortgages. 

2. Improving Tax Fairness and Closing Loopholes

The Government is committed to tax fairness, and to ensuring that the exemption from capital gains tax on the sale of a principal residence is available only in appropriate cases. Proposed changes to the tax rules would ensure that the principal residence capital gains exemption is not abused, including by non-residents buying and selling a property in the same year. An additional measure would improve compliance and administration of the tax system with respect to dispositions of real estate, including the sale of a principal residence. 

3. Managing Risk and Protecting Taxpayers

The Government continuously monitors the housing market and is committed to implementing policy measures that maintain a healthy, competitive and stable housing market. As a part of this effort, the Government is looking at whether the distribution of risk in Canada’s housing finance system is balanced, and appropriately reflects all parties’ abilities to share in the management of housing risks.

To this end, the Government will launch a consultation process with market participants this fall on lender risk sharing, a potential policy option that would require mortgage lenders to manage a portion of loan losses on insured mortgages that default. Currently, lenders are able to transfer virtually all of the risk of insured mortgages to mortgage insurers, and indirectly to taxpayers through the government guarantee.

Date modified: 2016-10-03


Market Sats For September 2016 from The Real Estate Board of Greater Vancouver


October 4, 2016

Home buyers and sellers face changing market dynamics

Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014.

Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.

Last month’s sales were 9.6 per cent below the 10-year sales average for the month.

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).

The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.

Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.

Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

Download the complete stats package by clicking here. 



Market Trends


 

From Real Estate Board of Greater Vancouver:

 

august 2016 market summary a

 



August 2016 Stats From The Real Estate Board of Greater Vancouver


Metro Vancouver home sales return to typical August levels

VANCOUVER, BC – September 2, 2016 – For the second straight month, home buyer demand in Metro Vancouver* moved off of the record-breaking pace seen earlier this year and returned to more typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 per cent less than the 2,771 sales in August 2014; and one per cent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.

From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 per cent compared to the 4,281 units listed in August 2015 and an 18.1 per cent decrease compared to July 2016 when 5,241 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 per cent decline compared to August 2015 (10,897) and a 1.9 per cent increase from July 2016 (8,351).

The sales-to-active listings ratio for August 2016 is 29.3 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 per cent increase compared to August 2015 and a 4.9 per cent increase over the last three months.

“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”

The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time.

Sales of detached properties in August 2016 reached 715, a decrease of 44.6 per cent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 per cent from August 2015 to $1,577,300. This represents a 4.2 per cent increase over the last three months.

Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 per cent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 per cent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months.

Attached property sales in August 2016 totalled 431, a decrease of 25.4 per cent compared to the 578 sales in August 2015. The benchmark price of an attached home increased 31.1 per cent from August 2015 to $677,600. This represents a 7.1 per cent increase over the last three months. 

 

Click for full stats package

 

8 rebgv stats pkg august 2016

 

 

 



June Review of Market Conditions



Still A Seller's Market


sales and listings report all regional may 15 2016

 

The phenomenon of low supply and high demand continues apace this month, though anecdotally Realtors are murmuring some evidence of a teeny slowing in light of prices having reached the stratosphere and, as a result, some Buyers have backed away or moved to other markets.  Personally, every deal I've been party to this month has been a multiple offer situation but perhaps not as many competing offers on some properties as we've been accustomed to in recent months.  Still, as you can see from the above sales and listing report, there is a dearth of supply on the West and East Sides of Vancouver with only 1 or 2 months supply.  So, we are squarely in a Seller's market still.

 



BC Budget Brings Changes To Real Estate Purchases


BC Budget 2016 – the impact on you and your clients

The BC government introduced its 2016 budget today. The budget included a number of items intended to affect affordability and availability in the Lower Mainland’s housing market. 

Here’s a summary:

Property Transfer Tax (PTT)

• a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and

• a partial exemption will apply on newly built homes priced $750,000 to $800,000.

• a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance. 

These changes will take effect on February 17, 2016. 

 “While we applaud the government’s efforts to improve affordability for home buyers purchasing new housing, there’s more work to be done, including indexing PTT thresholds to keep pace with changes in home prices over time,” Darcy McLeod, Board president said. 

Data collection

Starting this summer, individuals and corporations buying property must disclose if they are Canadian citizens or permanent residents of Canada and if neither, their home country. These changes will provide information on the volume of foreign investment in BC. 

Your Board supports this change. We advocated for this initiative in a letter to the Finance Minister earlier this year. 

Home Owner Grant

The Home Owner Grant threshold will increase to $1.2 million from $1.1 million for the 2016 tax year.

Affordable housing

The province will invest $355 million to help the BC Housing Management Commission support more than 2,000 affordable housing units for residents with low-to-moderate incomes. 

Watch for more information on today’s budget in next week’s edition of our REALTOR® News.

Additional government resources:

Read the Housing Affordability Backgrounder. Read the Budget Speech. (Opens 24-page pdf)

 



2015 A Record Year


Metro Vancouver home sales set an all-time record in 2015

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 per cent increase from the 33,116 sales recorded in 2014, and a 48.4 per cent 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 per cent compared to the 56,066 properties listed in 2014 and an increase of 4.6 per cent compared to the 54,742 properties listed in 2013.

With sales-to-active-listings ratios above 25 per cent 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 per cent 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 per cent depending on property type.” 
     
December summary
Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6 per cent from the 2,116 sales recorded in December 2014 and a 19.8 per cent 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 per cent increase compared to the 1,888 units listed in December 2014 and a 40.4 per cent 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 per cent decline compared to December 2014 and a 25.6 per cent decrease compared to November 2015.

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

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

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

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December Sales Ramping Up While Inventory Continues To Decline


 December is showing a continued decline of home inventory in the market as sales are exceeding new listings coming on market Greater Vancouver and throughout the market. Demand continues to be strong and with the holidays approaching, once again more so than previous years and with the typical December listings lull total active listings come January are likely to be a record low. Here is a summary of the activity so far:

 

Greater Vancouver – 1,350 Units Sold so far in December 2015 compared to 2,173 Units Sold in December 2014. Total New Listings so far in November are 1,200 compared to 3,523 total in November 2015. Total Active Listings are at 8,184 (9,017 at the end of November). Sales To Listings Ratio is at 113% compared to 102% in November 2015.

 

Vancouver West - 250 Units Sold so far in December 2015 compared to 415 Units Sold in December 2014. Total New Listings so far in November are 211 compared to 646 total in November 2015. Total Active Listings are at 1,313 (1,466 at the end of November). Sales To Listings Ratio is at 118% compared to 107% in November 2015.

 

Vancouver East – 121 Units Sold so far in December 2015 compared to 266 Units Sold in December 2014. Total New Listings so far in November are 104 compared to 335 total in November 2015. Total Active Listings are at 558 (630 at the end of November). Sales To Listings Ratio is at 116% compared to 99% in November 2015.

 

North Vancouver – 107 Units Sold so far in December 2015 compared to 156 Units Sold in December 2014. Total New Listings so far in November are 89 compared to 269 total in November 2015. Total Active Listings are at 340 (399 at the end of November). Sales To Listings Ratio is at 120% compared to 102% in November 2015.

 

West Vancouver – 41 Units Sold so far in December 2015 compared to 66 Units Sold in December 2014. Total New Listings so far in November are 43 compared to 139 total in November 2015. Total Active Listings are at 409 (468 at the end of November). Sales To Listings Ratio is at 95% compared to 78% in November 2015.

 

Richmond – 185 Units Sold so far in December 2015 compared to 302 Units Sold in December 2014. Total New Listings so far in November are 232 compared to 539 total in November 2015. Total Active Listings are at 1,289 (1,348 at the end of November). Sales To Listings Ratio is at 80% compared to 93% in November 2015.

 

 

 


November Market Booming


November finished with 3,603 sales in Greater Vancouver – the only higher November for sales was 1989. Despite a shrinking inventory of homes for sale, the market remains very active. Total listings available as of November 30th were at 9,017 homes in Greater Vancouver. This past month Active Listings in Vancouver were a record low for the month of November, and in fact this November shattered that with 23% fewer properties on the market. Most other neighbourhoods followed suit. “November is typically one of the quietest months of the year in our housing market, but not this year,” Darcy McLeod, REBGV president said.

 

While most areas experienced a slight drop in sales in November compared to October, a few areas such as New Westminster, Richmond and Vancouver’s Westside were at the same level or above October sales. Sales to Listings Ratios in most markets were above 100% meaning that there were more sales in the month than new listings. Greater Vancouver saw a Sales to Listings Ratio at 102% in November, compared to 83% in November 2014 and 71% in November 2013. This contributes to the rapid decline in inventories throughout the region. This trend is actually being experienced across the province and country and was reported as a factor in the decline of resale properties for October and November in the United States.

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2015 was 3,603 – down from 3,714 (3%) in October 2015, up from 2,567 (40%) in November 2014, up from 2,390 (51%) in November 2013; Active Listings are at 9,017 compared to 13,698 at this time last year and 10,513 at the end of October; New Listings in November 2015 were down 17% compared to October 2015; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 102% compared to 88% in October 2015 and 83% in November 2014.

 

Vancouver Westside Residential: Total Units Sold in November 2015 was 694 – down from 700 (1%) in October 2015, up from 493 (41%) in November 2014, up from 488 (42%) in November 2013; Active Listings are at 1,466 compared to 2,349 at this time last year and 1,787 at the end of October; New Listings in November 2015 were down 23% compared to October 2015; Month’s Supply of Total Residential Listings is down to 2 Months (Seller’s Market) and a Sales to Listings Ratio of 107% compared to 84% in October 2015 and 84% in November 2014.

 

Vancouver Eastside Residential: Total Units Sold in November 2015 was 333 – down from 357 (7%) in October 2015, up from 284 (17%) in November 2014, up from 282 (17%) in November 2013; Active Listings are at 630 compared to 1,046 at this time last year and 753 at the end of October; New Listings in November 2015 were down 17% compared to October 2015; Month’s Supply of Total Residential Listings is steady at 2 Months (Seller’s Market) and a Sales to Listings Ratio of 99% compared to 89% in October 2015 and 89% in November 2014.

 

North Vancouver Residential: Total Units Sold in November 2015 was 274 – down from 289 (5%) in October 2015, up from 190 (44%) in November 2014, up from 197 (39%) in November 2013; Active Listings are at 399 compared to 753 at this time last year and 494 at the end of October; New Listings in November 2015 were down 7% compared to October 2015; Month’s Supply of Total Residential Listings is down to 1 Months (Seller’s Market) and a Sales to Listings Ratio of 102% compared to 100% in October 2015 and 89% in November 2014.

 

West Vancouver Residential: Total Units Sold in November 2015 was 108 – down from 148 (27%) in October 2015, up from 79 (37%) in November 2014, up from 89 (21%) in November 2013; Active Listings are at 468 compared to 568 at this time last year and 545 at the end of October; New Listings in November 2015 were down 29% compared to October 2015; Month’s Supply of Total Residential Listings is steady at 4 Months (Seller’s Market) and a Sales to Listings Ratio of 78% compared to 75% in October 2015 and 75% in November 2014.

 

Richmond Residential: Total Units Sold in November 2015 was 501 – up from 488 (3%) in October 2015, up from 330 (52%) in November 2014, up from 290 (73%) in November 2013; Active Listings are at 1,348 compared to 2,023 at this time last year and 1,529 at the end of October; New Listings in November 2015 were down 8% compared to October 2015; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 93% compared to 83% in October 2015 and 74% in November 2014.



October Sales statistics


Metro Vancouver home buyers push October sales above long-term averages

Home buyers remain active across Metro Vancouver despite a reduced supply of homes for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in *Metro Vancouver reached 3,646 on the Multiple Listing Service® (MLS®) in October 2015. This represents a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014, and a 9 per cent increase compared to the 3,345 sales in September 2015.

Last month’s sales were 36.2 per cent above the 10-year sales average for the month.

“Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” Darcy McLeod, REBGV president said. “This activity has created favourable market conditions for anyone considering selling their home today.” 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,126 in October. This represents an 8 per cent decline compared to the 4,487 new listings reported in October 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015.

This is the lowest active listing total in Metro Vancouver since December 2010.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $736,000. This represents a 15.3 per cent increase compared to October 2014.

The sales-to-active-listings ratio in October was 38.1 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.

Sales of detached properties in October 2015 reached 1,437, an increase of 13.1 per cent from the 1,271 detached sales recorded in October 2014, and a 34.7 per cent increase from the 1,067 units sold in October 2013. The benchmark price for a detached property in Metro Vancouver increased 20.1 per cent from October 2014 to $1,197,600.

Sales of apartment properties reached 1,543 in October 2015, an increase of 21.7 per cent compared to the 1,268 sales in October 2014, and an increase of 40.5 per cent compared to the 1,098 sales in October 2013. The benchmark price of an apartment property increased 11.4 per cent from October 2014 to $425,800.

Attached property sales in October 2015 totalled 666, an increase of 28.6 per cent compared to the 518 sales in October 2014, and a 34.3 per cent increase from the 496 attached properties sold in October 2013. The benchmark price of an attached unit increased 9.3 per cent between October 2014 and 2015 to $526,700.

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

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September stats from Real Estate Board of Greater Vancouver



August Stats from REBGV


Competition continues to drive Metro Vancouver’s housing market

Metro Vancouver* home buyers spent the summer months searching for their next home. Between June and August, home sales were between 25 and 30 per cent 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 per cent increase compared to the 2,771 sales recorded in August 2014, and a decrease of 15.5 per cent compared to the 3,978 sales in July 2015.

Last month’s sales were 27.9 per cent 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 per cent 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 per cent decline compared to August 2014 and a 5.3 per cent 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 per cent increase compared to August 2014.

The sales-to-active-listings ratio in August was 30.9 per cent. This is the sixth consecutive month that this ratio has been above 30 per cent in Metro Vancouver.

Sales of detached properties in August 2015 reached 1,290, an increase of 11.4 per cent from the 1,158 detached sales recorded in August 2014, and a 22.6 per cent increase from the 1,052 units sold in August 2013. The benchmark price for a detached property in Metro Vancouver increased 17.5 per cent from August 2014 to $1,159,600.

Sales of apartment properties reached 1,494 in August 2015, an increase of 32.7 per cent compared to the 1,126 sales in August 2014, and an increase of 46.8 per cent compared to the 1,018 sales in August 2013. The benchmark price of an apartment property increased 6.3 per cent from August 2014 to $405,400.

Attached property sales in August 2015 totalled 578, an increase of 18.7 per cent compared to the 487 sales in August 2014, and a 30.2 per cent increase from the 444 attached properties sold in August 2013. The benchmark price of an attached unit increased 7.3 per cent between August 2014 and 2015 to $511,500.

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

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Record breaking Year In Real Estate Continues



June 2015 stats,


From: The Real Estate Board of Greater Vancouver

Metro Vancouver home sales set record pace in June

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 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

Last month’s sales were 29.1 per cent 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 per cent 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 highly desirable region," McLeod said. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 per cent 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 per cent decline compared to June 2014 and a 1.3 per cent 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 per cent. 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 per cent 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 per cent from the 1,462 detached sales recorded in June 2014, and a 74.2 per cent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.

Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014, and an increase of 66.1 per cent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 per cent from June 2014 to $400,200.

Attached property sales in June 2015 totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014, and a 44.3 per cent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 per cent between June 2014 and 2015 to $506,900.

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

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