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.

July’s residential housing sales in Metro Vancouver reached their lowest levels for that month since the year 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold.

Last month’s sales were 29.3 per cent below the 10-year July sales average.

“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, REBGV president said. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.”

There were 4,770 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2018. This represents a 9.2 per cent decrease compared to the 5,256 homes listed in July 2017 and a 9.6 per cent decrease compared to June 2018 when 5,279 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,137, a 32 per cent increase compared to July 2017 (9,194) and a 1.6 per cent increase compared to June 2018 (11,947).

“Summer is traditionally a quieter time of year in real estate. This is particularly true this year,” Moore said. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.”

For all property types, the sales-to-active listings ratio for July 2018 is 17.1 per cent. By property type, the ratio is 9.9 per cent for detached homes, 20.2 per cent for townhomes, and 27.3 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 $1,087,500. This represents a 6.7 per cent increase over July 2017 and a 0.6 per cent decrease compared to June 2018.

Sales of detached properties in July 2018 reached 637, a decrease of 32.9 per cent from the 949 detached sales recorded in July 2017. The benchmark price for detached properties is $1,588,400. This represents a 1.5 per cent decrease from July 2017 and a 0.6 per cent decrease compared to June 2018.

Sales of apartment properties reached 1,079 in July 2018, a decrease of 26.5 per cent compared to the 1,468 sales in July 2017. The benchmark price of an apartment property is $700,500. This represents a 13.6 per cent increase from July 2017 and a 0.5 per cent decrease compared to June 2018.

Attached property sales in July 2018 totalled 354, a decrease of 34.8 per cent compared to the 543 sales in July 2017. The benchmark price of an attached unit is $856,000. This represents a 12.1 per cent increase from July 2017 and a 0.4 per cent decrease compared to June 2018.

Click here to download the full package.

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 demand continues to decline across the Metro Vancouver housing market.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.

 

Last month’s sales were 19.3 per cent below the 10-year May sales average.

 

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

 

There were 6,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2018. This represents a 5.5 per cent increase compared to the 6,044 homes listed in May 2017 and a 9.5 per cent increase compared to April 2018 when 5,820 homes were listed.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,292, a 38.2 per cent increase compared to May 2017 (8,168) and a 15 per cent increase compared to April 2018 (9,822).

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

 

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

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

“For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing,” Moore said. “It’s also important to work with your local Realtor to better understand these changing conditions.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,094,000. This is an 11.5 per cent increase over May 2017 and a 0.2 per cent increase compared to April 2018.

 

Sales of detached properties in May 2018 reached 926, a 40.2 per cent decrease from the 1,548 detached sales recorded in May 2017. The benchmark price for detached properties is $1,608,000. This is a 2.4 per cent increase from May 2017 and a 0.1 per cent increase compared to April 2018.

 

Sales of apartment properties reached 1,431 in May 2018, a 29.3 per cent decrease from the 2,025 sales in May 2017. The benchmark price of an apartment property is $701,700. This is a 20.2 per cent increase from May 2017 and a 0.1 per cent increase compared to April 2018.

 

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

 

Click here to download the full package.

The Metro Vancouver housing market saw fewer home buyers and more home sellers in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,579 in April 2018, a 27.4 per cent decrease from the 3,553 sales recorded in April 2017, and a 2.5 per cent increase compared to March 2018 when 2,517 homes sold.

 

Last month’s sales were 22.5 per cent below the 10-year April sales average.

 

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, REBGV president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”

 

There were 5,820 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2018. This represents an 18.6 per cent increase compared to the 4,907 homes listed in April 2017 and a 30.8 per cent increase compared to March 2018 when 4,450 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,822, a 25.7 per cent increase compared to April 2017 (7,813) and a 17.2 per cent increase compared to March 2018 (8,380).

 

“Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

 

For all property types, the sales-to-active listings ratio for April 2018 is 26.3 per cent. By property type, the ratio is 14.1 per cent for detached homes, 36.1 per cent for townhomes, and 46.7 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,092,000. This represents a 14.3 per cent increase over April 2017 and a 0.7 per cent increase compared to March 2018.

 

Sales of detached properties in April 2018 reached 807, a 33.4 per cent decrease from the 1,211 detached sales recorded in April 2017. The benchmark price for detached properties is $1,605,800. This represents a 5.1 per cent increase from April 2017 and a 0.2 per cent decrease compared to March 2018.

 

Sales of apartment properties reached 1,308 in April 2018, a 24 per cent decrease from the 1,722 sales in April 2017. The benchmark price of an apartment property is $701,000. This represents a 23.7 per cent increase from April 2017 and a 1.1 per cent increase compared to March 2018.

 

Attached property sales in April 2018 totalled 464, a 25.2 per cent decrease compared to the 620 sales in April 2017. The benchmark price of an attached unit is $854,200. This represents a 17.7 per cent increase from April 2017 and a 2.3 per cent increase compared to March 2018.

 

Click here to download the full package.

• On a quarter-over-quarter basis, home prices decline slightly in half of key markets
• Condominiums continue to appreciate at fastest rate among housing types studied in the Royal LePage National House Price Composite

TORONTO, April 13, 2018 – According to the Royal LePage House Price Survey[1] released today, home prices in Canada saw slowing year-over-year increases in the first three months of 2018. On a quarter-over-quarter basis for the same period, home prices in many markets across the country remained relatively flat, with approximately half of the markets studied by Royal LePage posting slight declines. These declines were most prevalent in the Greater Toronto Area (GTA), and to a lesser degree in the Greater Vancouver detached home segment. Eroding housing affordability and the impact of government measures restricting access to mortgage financing have led to dips in demand and softening of price appreciation across the nation. While the 2018 spring market has started slowly in the GTA and Greater Vancouver, a return to normal activity levels is anticipated in the second half of the year.

 

The Royal LePage National House Price Composite[2], compiled from proprietary property data in 63 of the nation’s largest real estate markets, showed that the price of a home in Canada increased 6.2 per cent year-over-year to $605,512 in the first quarter of 2018. When broken out by housing type, the median price of a two-storey home rose 5.7 per cent year-over-year to $715,726 and the median price of a bungalow climbed 4.5 per cent to $501,985. Condominiums continued to witness the highest price appreciation rates among housing types studied, rising 10.3 per cent to $418,245, driven by significant year-over-year price gains in the country’s largest housing markets.

 

Greater Vancouver witnessed the most significant condominium price gains among Canada’s major metropolitan areas, posting a 19.8 per cent increase to a median price of $668,342, while several suburban regions including North Vancouver, Burnaby, Coquitlam, Langley, Richmond and Surrey surpassed the 20 per cent mark in annualized condo price gains. In the GTA, the median price of a condominium increased 11.9 per cent year-over-year to $471,854 in the first quarter, and decreased slightly on a quarter-over-quarter basis, decreasing 1.3 per cent. In contrast, the median price of a two-storey home in the GTA increased 1.8 per cent year-over-year to $939,610 and depreciated 2.4 per cent quarter-over-quarter, while bungalows appreciated 1.1 per cent year-over-year to $788,501 and depreciated 2.1 per cent quarter-over-quarter. Bucking this trend, condominiums in the Greater Montreal Area appreciated 3.5 per cent to $314,554 year-over-year compared to two-storey homes, which appreciated 8.3 per cent to $492,751, due to the relative affordability of two-storey homes in the region.

 

“We are experiencing a broad-based, residential housing correction in Canada, triggered by federal and provincial intervention,” said Phil Soper, president and CEO, Royal LePage. “Strong house price gains in the first half of 2017 mask some of the recent market shifts when comparing year-over-year home value trends. As is the norm in our huge nation, regional themes play out differently, with economically expanding, affordable markets seeing less change than areas where home prices overshot. Regulators were concerned primarily with the large GTA market, and it is there we are seeing the most pronounced short-term changes.”

 

The new Office of the Superintendent of Financial Institutions (OSFI) mortgage rules came into effect in January 2018, which include a financing stress test for borrowers with uninsured loans, intended to ensure that home purchasers can withstand higher mortgage payments as interest rates rise. At the outset of the quarter, sales activity levels fell at both national and regional levels year-over-year, in part due to an observed “pull-ahead” in transactions at the end of 2017, as buyers sought to solidify home purchases before the new rules came into effect. As Royal LePage forecasted in its December 2017 Market Survey Forecast, the new measures have played into a slower housing market so far this year, as many people adjust their expectations and take a “wait and see” approach. In the GTA, this has somewhat prolonged softer market trends in the detached home segments – particularly in surrounding suburbs, which had previously been witnessing the highest appreciation rates in the region.

 

“The combination of declining affordability and government intervention has for the most part neutralized very high home price appreciation levels in the greater Vancouver and Toronto regions, relative to the extreme heights witnessed in recent periods,” said Soper. “However, those looking for this slowdown to translate into material year-over-year home price drops shouldn’t hold their breath. The demand for housing is so strong that the rate of home price appreciation is expected to pick up again in the second half of 2018.”

 

From low interest rates through to solid job creation, the fundamental conditions to support a strong housing market continue to remain in place. Canada’s economy is currently on solid footing. The Organisation for Economic Cooperation and Development (OECD) recently raised its Canadian growth projection for 2018. In the past year, the Canadian economy grew by an estimated three per cent, making it the fastest-growing among the G7 advanced economies.

 

“While we have recently seen both overshooting and corrections in Canada’s largest markets, on a national basis we believe the Canadian housing market is amidst a long-term expansionary cycle supported by strong economic fundamentals,” said Soper. “Canada’s stature is rising on a global scale. Our cities continue to be ranked among the most desired places to live in the world. Our economy is strong, our unemployment levels are the lowest they’ve been in four decades and we have one of the fastest-growing populations among advanced economies. These factors combined are incredibly supportive of long-term housing demand and valuations.

 

“Assuming that the economic outlook is not compromised by some unforeseen global event, such as a sustained trade war, we anticipate healthy, expanding Canadian housing market growth in the coming year,” continued Soper. “It is important to note that numerous Canadian regions are experiencing only modest economic growth and some are in a fragile state of recovery, and could get caught in the crossfire if regulators decide to take further measures aimed at Canada’s larger markets.”

 

In February, the British Columbia government introduced a slew of new tax measures targeting the region’s housing market. These included the introduction of a speculation tax on qualifying secondary homes, an increase to the foreign-buyer tax as well as an expanded list of affected regions and an increase to the property-related school taxes and land-transfer taxes on homes worth over $3 million.

 

“While policy instruments like foreign-buyer taxes will temper markets in the short-run, they are a diversion from the real issue,” concluded Soper. “Housing supply shortages in markets like B.C.’s Lower Mainland and the GTA remain at the heart of the problem. To avoid a return to the extreme market conditions of over 20 per cent annual home price increases, aggressive multiple offer scenarios and crumbling affordability, there is a need for sensible housing policy focused on creating a sustainable and diversified mix of supply. In condominiums, this includes the creation of larger units that are livable for families, especially as the Peak Millennial generation starts having families in increasing numbers.”

 

Provincial and City Summaries and Trends

British Columbia was a leading Canadian economic powerhouse in 2017, but its growth is expected to slow over the next two years as measures to curb the housing market set in. However, in turn, fewer home listings are expected to put continued upward pressure on prices. The province’s unemployment rate was 4.7 per cent in March, well below the national average. Furthermore, B.C. is one of the few provinces that is adding population via three core channels: natural increase, international immigrants, as well as through interprovincial in-migration, further supporting housing demand in the region.

 

In the first quarter of 2018, the aggregate price of a home in Greater Vancouver rose 10.3 per cent year-over-year to $1,280,014, while the City of Vancouver saw an increase of 10.1 per cent to $1,487,048. Meanwhile, surrounding suburbs continued to see relatively high year-over-year appreciation as a result of increasing demand for lower-priced properties outside the city center. During the same period, Langley, Surrey, Coquitlam and Burnaby posted home price increases of 18.5 per cent, 16.3 per cent, 15.3 per cent and 11.7 per cent to an aggregate price of $933,725, $879,848, $1,088,334 and $1,132,570, respectively.

 

Alberta led the country in economic growth in 2017, according to the provincial government which estimated that the economy grew by 4.7 per cent. For 2018, solid growth is expected, with the province raising its forecast to 2.8 per cent, citing oil production, manufacturing, population growth and spending as key drivers of economic activity. Employment in the province is now higher than it was prior to the downturn in oil-price during 2014. As of March 2018, the province’s unemployment rate was 6.3 per cent, down from the peak of nine per cent reached in the fall of 2016, contributing to relatively stable year-over-year home prices in the region. In the first quarter of 2018, the aggregate home price in Calgary increased 2.4 per cent year-over-year to $475,160, while the price of a home in Edmonton decreased a slight 0.6 per cent to $377,986.

 

Like Alberta, Saskatchewan is recovering from its oil-price induced downturn and is expected to grow at a pace above the national average in 2018, with agriculture, mining and manufacturing expected to be top contributors to the province’s expansion. In March, the unemployment rate in the province was 5.8 per cent, the same as the national average. Over the past year, employment has been virtually flat. Data from the first few quarters of 2017 suggest that the province is losing population to other provinces, although international migration has helped lift the overall population to a record level. Still, the economy is struggling to recover from the dislocations of recent years – which has been a drag on housing demand and market expansion the region. The aggregate price of a home in Regina and Saskatoon decreased 1.0 per cent year-over-year in the first quarter, to $329,727 and $376,111, respectively.

 

Following several years of growth that were boosted by large scale infrastructure projects, Manitoba’s economy is now slipping back into what the provincial government is referring to as “the new normal.” As a result, most forecasters expect provincial growth to be slightly under the Canadian average for the near term. As of March, the unemployment rate in the province was 6.2 per cent, above the national average of 5.8 per cent. Although employment has grown over the past year, full-time jobs have declined, also suggesting that the province is going into a slightly slower growth mode. In the first quarter, the price of a home in Winnipeg rose 5.1 per cent year-over-year to $291,671.

 

In the first quarter, Ontario continued to benefit from roaring economic strength in the U.S., which has boosted the province’s exports and manufacturing sector. Although growth may come down from that high this year, the economy is expected to continue a solid expansion. While many Ontario cities have done well in recent years, in 2017, the Greater Toronto Area led employment growth in the province, adding 69,700 jobs[3]. Like B.C., Ontario is adding population via natural increase, international immigration and interprovincial migration – in contrast to most of the previous decade where Ontario lost population to other provinces such as Alberta.

 

In the first quarter of 2018, the aggregate price of a home in the Greater Toronto Area rose 3.1 per cent to $802,252, while the City of Toronto saw an increase of 6.3 per cent year-over-year to $814,992. A number of surrounding suburbs, which had previously been outpacing the core, posted much lower year-over-year rates of appreciation than in recent quarters. The aggregate price of a home in Whitby, Ajax, Pickering and Oshawa rose 1.6 per cent to $660,618, 2.1 per cent to $664,578, 1.9 per cent to $690,884 and 3.0 per cent to $531,079, respectively. During the same period, the price of a home in Richmond Hill decreased 6.0 per cent year-over-year to $1,142,577, while the price of a home in Markham decreased 3.5 per cent to $991,068. Meanwhile, other nearby regions in the Golden Horseshoe including Niagara/St. Catharines, Kitchener/Waterloo/Cambridge and London maintained substantial year-over-year home price appreciation of 17.9 per cent, 15.4 per cent and 10.9 per cent to $397,807, $474,437 and $352,907, respectively – though, like many markets in the region, London and Kitchener/Waterloo/Cambridge saw price decreases on a quarter-over-quarter basis.  In the nation’s capital, Ottawa home prices continued to appreciate at a healthy pace, rising 4.7 per cent year-over-year to an aggregate price of $437,243.

 

Quebec’s economy was operating on all cylinders in 2017, with strong growth expected to continue throughout 2018. Last year, several industries were operating at close to capacity including construction, manufacturing and mining. Strong job creation has supported income growth, which has been further accentuated by a provincial tax cut. In March, the unemployment rate in Quebec was below the national average at 5.6 per cent, and down a full percentage point from March 2017. Notably, full-time job growth in Quebec over the past year has been a very strong 4.5 per cent, which translates into 150,000 full-time jobs. Overall, Montreal industries, particularly manufacturing and tourism, are expected to gain from the strong U.S. economy, along with stable economic conditions in the balance of Canada. The proportion[4] of Quebec consumers who feel that the time is right to make a major purchase, such as a property, remained stable in March at 37 per cent. Montreal’s residential real estate market is expected to continue to do well this year as demand increases, especially in the single-family home segment where supply shortage puts upward pressure on prices.

 

The aggregate price of a home in the Greater Montreal Area rose 6.1 per cent year-over-year to $389,197 in the first quarter. Montreal West and Montreal Centre saw the highest rates of appreciation in the region, rising 10.7 per cent and 9.2 per cent year-over-year to $460,657 and $493,244, respectively. In other parts of the province, the aggregate price of a home in Sherbrooke rose 6.1 per cent to $259,155, while the price of a home in Quebec City increased 1.0 per cent to $297,198. During the same period, the aggregate price of a home in Trois-Rivières fell 3.5 per cent year-over-year to $197,736. Meanwhile the price of a home in Gatineau increased 5.1 per cent year-over-year to $269,973.

 

In Atlantic Canada, economic performance and housing market trends varied province by province. Newfoundland and Labrador’s economy is expected to remain weak in 2018, while the government remains in a tight fiscal situation. However, the housing market in St. John’s was active in the first quarter, with the aggregate price of a home increasing 5.5 per cent year-over-year $344,699. During the same period, Moncton and Fredericton posted slight price increases of 2.2 and 1.4 per cent to $189,981 and $251,194, respectively, while Saint John continued to see a decline in the city’s aggregate price, decreasing 1.5 per cent to $205,196. In Nova Scotia’s capital, the aggregate price of a home in Halifax rose 2.1 per cent year-over-year to $311,841. Prince Edward Island performed better than most provinces in 2017, with steady economic growth expected for the coming year. In the first quarter, the aggregate price of a home in Charlottetown saw among the highest year-over-year growth in the country, rising 14.8 per cent to $267,498.

 

About the Royal LePage House Price Survey

The Royal LePage House Price Survey provides information on the three most common types of housing in Canada, in 63 of the nation’s largest real estate markets. Housing values in the House Price Survey are based on the Royal LePage National House Price Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada.  Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

 

About Royal LePage       

Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of close to 18,000 real estate professionals in more than 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women’s and children’s shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.

 

For more information visit: www.royallepage.ca.

 

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.

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.    

Download the complete stats package by clicking here. 

source and copyright© real estate board of greater vancouver. all rights reserved.

 

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.

 

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.
 

Download the complete stats package by clicking here. 

source and copyright© real estate board of greater vancouver. all rights reserved.

On a Personal Note – Giving Back to the Community  

 

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