The Real Estate of Greater Vancouver has released the latest statistical reports for Vancouver.
Click here to view the latest Stats Centre Report for Vancouver East.
Click here to view the latest Stats Centre Report for Vancouver West.
Home buyer activity returned to more typical summer levels in Metro Vancouver last month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.
Last month’s sales were 0.7 per cent above the 10-year July sales average.
“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”
There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).
“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.
For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017.
Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.
Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.
Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017.
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Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*.
Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.
Last month’s sales were 15 per cent below the 10-year October sales average.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.
Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).
The sales-to-active listings ratio for October 2016 is 24.4 per cent. 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.
“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.
Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.
Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.
Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.
source and copyright© real estate board of greater vancouver. all rights reserved.
On a Personal Note – Giving Back to the Community
Giving back to the city where I have lived my whole life has always been important to me. The Royal LePage Shelter Foundation has provided a great opportunity to get involved at both the national and local level in ensuring that women experiencing domestic violence have a safe place from which they and their children can make a transition to a better life. When my children were younger, together we volunteered, working with the families at Spring House and raising money for shelters through the annual Royal LePage garage sale. I continue to donate a portion of each sale to this important cause.
Three years ago, I agreed to join the Board of the Arts Club Theatre Company. ACTC was founded in 1958 as a private club for artists, musicians, and actors, and officially became the Arts Club Theatre in 1964 when the company opened its first stage, a converted gospel hall at Seymour Street and Davie. ACTC is now the largest theatre company in Western Canada offering over a dozen productions on three different stages to over a quarter of a million audience members each year.
One of the reasons I was enthusiastic about getting involved is that I appreciate ACTC’s deep connection to the community. Most Vancouverites have had memorable moments at Arts Club productions. In fact my history with ACTC goes back to 1973 when I had my first date there (!), and over the years I have enjoyed many of their fine productions. It is a privilege and a great responsibility to be a trustee of an organization that plays such a key role in the lower mainland.
The ‘Hood – Olympic Village
Long before I was involved with Arts Club and when the Olympic Village was still a bit of a ghost town, I could see the potential for a great neighbourhood located on the southeast corner of False Creek and close to downtown. The Olympic Village offered approximately 1000 residential units, area parks, a stunning waterfront walkway, and delightful public art installations. The Village is now fulfilling its promise. Today, along with the BMO Theatre Centre of which I am so proud, there is a great choice of restaurants, shops, and businesses.
The Village offers attractive townhouses and apartments at a range of price points from affordable to luxury, and appeals to a wide variety of buyers: downsizers, young people entering the market, and investors. This summer, one of my favourite developers launched The Creek. Calling it “Quintessential Vancouver”, Concert Properties quickly sold out Voda, the first phase of this five building development which is on the very last site on southeast False Creek. Development around the Village is also rapid with an additional 4000 residential units planned and under construction. Mountain Equipment Co-op, our beloved homegrown outdoor adventure store, has chosen a site next door to the Village for the location of its 45,000 sq. ft. flagship store scheduled to open in summer of 2018.
Vancouver’s Favourite Topic – “How’s the Market?
Every day we are seeing and hearing news about the Vancouver housing market. We’ve become a national and international news story about rising property prices, foreign investment, densification to accommodate a growing population, and character designation by-laws that seek to retain Vancouver’s heritage. In brief, there is concern about the affordability of housing in Vancouver. Although at the current time, we are seeing a very brisk market and rising prices, this is just part of a much longer term trend for Vancouver. Having been close to the market for many years, I have seen some slower times, but over the years, prices have continued to rise in what is a very attractive city. For me, the challenge remains the same. My job is to help my clients find housing that meets their needs, and fits with their lifestyle and budget. Some of you are finding opportunities with townhomes and apartments; some of you are finding that going a little farther afield works very well; and some of you are collaborating with friends and family to try out co-ownership
On a Personal Note – Change
“The secret of change is to focus all of your energy, not on fighting the old, but on building the new” – Socrates
When I first meet you my valued clients usually you are in the process of change, a new city, a new job an addition to the family or a change of lifestyle. These are exciting and stressful times and I feel so very lucky to be able to be part of the process and help you through these transitions.
Over the past couple of years I have had a some changes of my own, where I call home, what my family looks like and over the past several months a change in my office environment. Due to a situation beyond my control, I was forced to look at other options for a professional and productive environment to work from. I am very happy to say I have been able to find a solution with Royal LePage. I am very excited to now be part of Royal LePage Sussex! My new contact details are here, but of course you can always get me in the same ways as you did before, my cell, website and email remain the same.
Change is all around us. As I drive around this beautiful city of ours every day, I am witness to so much development.
The Hobbit House on West King Edward with its storybook architecture has been rescued from demolition and will become the stand alone house as part of the King Edward Green.
This character home in Point Grey that has been home to one family for over 50 years is wrapped in HAZMAT protection in preparation for demolition.
And what will become of The Little Yellow House that once hosted so many special occasions in its life as Il Giardino. While Umberto has opened up again on the same block much to the joy of us Vancouverites, The Little Yellow House stands alone to face, I am not sure, what.
I am not sure who said this, maybe it was my Mom, “A change is as good as a rest”. I am rested and energized and look forward to hearing from you! As always I welcome hearing from you about the changes in your world.
The ‘Hood – Main Street
As the prices continue to rise, particularly in the Single Family market on the Westside of Vancouver, the local market is considering options to the East. The single family market in this neighbourhood is HOT! For young couples looking to buy a home in this very competitive market, the Thursday night “Sneak Peak“ has become part of the pattern of the week. They drink coffee at the new Artigiano or one of the many special independent cafes, enjoy the lovely Prince Edward Park or mingle with the masses at Car Free days with all the wonderful sights, sounds and food. And speaking of food, the options are many from the laid back casual fare at The Locus, 4121 Main Street (one of my go to spots for many years) to Burdock & Co., 2702 Main Street which has been around for a few years now and continually shows up on the best places to eat lists that I love to follow. The vibe here is electric.
Congratulations to Suki and Ian on the most unique sale price I have ever seen in my 27 years and lucky them, they were successful in the hunt for a beautiful new home in the hood, I can’t wait for the celebration!
Vancouver’s Favourite Topic – “How’s the Market?
Well again I report , activity and prices are up! Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver. With Detached homes in Metro Vancouver hitting an average price over 1.1 million the townhouse market is heated with buyers who want to stay in the city but can not reach the price of a single family home as well as those downsizing from the family home and looking for a new lifestyle. And my predictions that the condo market is way over due to follow appears to be in the works! As always I am here to discuss how this all effects you.
On a Personal Note – Vancouver is a Great Place to Call Home
This past month took me to Toronto for the Royal LePage National Sales Conference. I had a fun filled week of reconnecting and strengthening the relationships that I enjoy with my colleagues from across the country who honour and trust me with referrals of their clients moving to Vancouver.
Prior to the conference, I spent some time with some of these colleagues outside of Toronto discovering a part of Canada that is new to me – the Niagara region and cottage country. The famous autumn colours of northern Ontario were at their peak and I was quite taken with the beauty of the landscape.
When I returned home to Vancouver, I realized once again just how amazing it is that we can enjoy our stunning west coast landscape right in the centre of our city. Last week, showing condos in Coal Harbour, I was wowed by scene in front of me, a lush carpet of red and gold leaves over the green grass. I realize at moments like this that Vancouver is the place where I feel most at home. It always fills me with pride to show new clients what this city has to offer.
This spring and summer were extremely busy, and as I catch my breath this fall, I have taken time to reconnect and spend time with some of you who I worked with earlier this year. My relationship with you does not end at point of sale or purchase. It is important to me to stay in touch and find out how you have settled into your new space, what you have discovered about your neighbourhood, or what steps you are considering next. Most importantly, whether you are just starting out on an exciting new path as first-time buyers or are making a strategic decision to purchase an investment property, I want to know whether you are happy with your decisions and if I have helped you to achieve your goals.
The ‘Hood – Coal Harbour
Coal Harbour is a resort like neighbourhood in the centre of the city surrounded by mountains, trees, water, and my favourite sailboats. With Stanley Park and the Burrard Inlet in its front yard, the vibrancy of the restaurants and shops of the West End in its backyard, and downtown right next door, Coal Harbour is ideally positioned. One of my favourite spots to spend time is Lift Bar and Grill, a uniquely west coast restaurant with a fabulous rooftop space that extends over the water – which always makes me feel like I am spending time on my (imaginary) yacht. Also on the marina at Coal Harbour Quay is Cardero’s Restaurant, a comfortable, warm and lively place with a fresh fish and seafood menu. Another of my favourite places to meet friends is the Lobby Lounge Fairmont Pacific Rim Hotel, an open cosmopolitan space with soaring ceilings, a commanding central fireplace, and contemporary live music that provides just the right ambience.
Coal Harbour was developed as a residential neighbourhood over the past 20 years, with the last phase just being completed. As a planned community, it has a cohesive feel with a mix of highrises and townhouses connected by the seawall and walking paths. Public spaces are beautifully landscaped and feature a variety of interesting public art installations. Retail spaces have been well planned and include an Urban Fare, a gym or two, and specialty shops offering everything from gelato to high end home décor. And the price tag to get into this neighbourhood? Listings range from the low $400,000’s for a cool first-time space or pied à terre at the Qube to the record-breaking sale of Penthouse One at the Fairmont Pacific Rim for $25 million! Of course, there are many options in between – the residents of Coal Harbour span from young professionals, mature buyers wanting to downsize or have a second home to enjoy city lifestyle, to international investors who appreciate and understand the value that this neighbourhood offers.
Vancouver’s Favourite Topic – “How’s The Market?”
September and October sales have been above average in all sectors of the market with the detached market continuing to lead the way. Vancouver continues to hold the reputation to be a good safe place for wealthy foreign investors to put their money, and all indications look to a good solid market going forward. What does this mean for you? I would agree with Phil Soper, President and CEO of Royal LePage Canada who confirms that across the country, most housing markets have recovered from the 2008 economic crisis, and have now entered a “Goldilocks Market” – not too hot, not too cold. This would accurately describe what you, my clients, can expect. The Vancouver market is moving but not overheated. Whether you are buying or selling, we can work together and take the time you need to make solid informed decisions.
On a Personal Note – Where Have I Been???
You may have noticed that there has been a bit of a gap in time since my last newsletter – so where have I been? The simple answer to this question is that I have been working right here in Vancouver! This year has been one of my busiest on record and I have been working with many clients, both old and new. It has been a very exciting and rewarding time seeing clients find and sell homes. A shout out to a few clients who have found new homes: All the best to Tracey and Steve who made the decision to embrace the city lifestyle! All the best to Stephanie, who after a long hard search for “the perfect one”, decided on a great space and location and took sledgehammer to it!! (I cannot wait to see the results of your renos Stephanie.) And heartfelt good wishes to Olga who after 50 years in her home in Point Grey, made the big move to a lovely apartment. Olga was very clear about what she needs in a home: light!! We worked together until she found exactly that – a beautiful home full of natural light, and we celebrated with a special lunch. Over the past month, one of my tasks has been sorting, scanning, and shredding my files of the past 26 years. What I realized as I revisited client files and lists is how often I think of each of you. When I work with you through the process of buying and/or selling a home, a relationship develops – through conversation, exploration of needs and values, and decision-making. When the process ends, I miss you. That is why it is so important to me to stay in touch with you through this newsletter (even if a little sporadically).
Connecting is always important to me but there are moments when I am reminded that the long term and close relationships that I have established through my work are a great blessing. This summer marked the passing of my remaining parent – my dad who lived for many years in the Okanagan. Losing my dad is a very important passage in my life, one that I know a number of you have experienced. As well as the personal loss, there is the overwhelming task of sorting through papers and personal belongings and getting his property ready for sale. I appreciate all that I have learned from those of you who have already had the same experience, and my great colleagues both here and elsewhere who stepped in to help me with my business.
On a happy note, earlier this year, I had some new adventures: cooking school in Tuscany, driving on the Amalfi coast, and yes – a week in Paris! This travel fulfills a long time dream and I may have just rekindled my travel bug. One of the greatest delights of these adventures has been exchanging travel stories with some of you – another way that we can share experience and get to know each other better.
The ‘Hood -- Kitsilano
After a year back in Kitsilano, I am very much enjoying being a “Kits girl” again. I bought a bike and have started doing a little yoga at the beach. It’s a lifestyle like no other in Vancouver. I am now experiencing the bike lanes from a cyclist’s point of view! The long bike paths around False Creek and English Bay are a joy that offer plenty of opportunities for refreshment stops for coffee, a glass of wine, or a delicious snack. I have always been an enthusiastic cook but my interest in food has been reignited in Kitsilano. While I loved every minute of food and wine in Italy and France, coming home I am reminded of how very fortunate we are in this neighbourhood and in this city. There is an abundance of fresh produce, meat, and fish at Granville Island and Farmers’ Markets to prepare feasts for family and friends, and within walking distance there is an overwhelming choice of restaurants featuring cuisines from all over the world. One of my current favourites is Nook at Kits beach where they make simple but beautiful Italian fare in a casual sociable setting that reflects the ambience of the neighbourhood. Another is Vij’s, where inspired Indian food is served in a such a loving way that you feel like you are a valued guest in Vikram Vij’s home. I also really enjoy Edible Canada, a food retail outlet and bistro that serves fresh beautifully presented local fare in a comfortable contemporary setting with a great patio in the centre of Granville Island.
Kitsilano is special in a number of ways but particularly for its strong sense of community. In the summer, we welcome thousands of tourists from all over the world as well as the lower mainland who gather here to enjoy the beach, the parks, the patios, the fireworks, and the general laid back ambience. However, for those of us who live here, no matter what the season, it is just the ‘hood.
Vancouver’s Favourite Topic – “How’s The Market?”
Spring and summer sales have continued at a very good healthy pace. The detached market which is much more driven by Asian investors and new immigrants has continued to be brisk while townhomes and condos move at a more even pace with well priced product still moving fairly quickly. The latest stats show the highest month over month sales since 2011. For those of you who sold homes during this period, we were able to get quick multiple offers that achieved great prices. For those of you who have bought, we have still been able to negotiate favourable prices and terms. Overall, the outlook for the fall is a good steady stable market.
My name is Michele. I am a mother of two and a Royal LePage real estate agent in Vancouver. As I read through the stories of the previous Moms of the Month, it is easy to find that many have a common thread of trying to find the right balance for her family. Of course, some days we all feel like a Mom of the Month and some days we don't. Being a working mom has its own challenges and when you keep non-traditional working hours, like I do, you have to always be resourceful. more