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REBGV STATS & REPORTS


The summer housing market remains active in Greater Vancouver

September 4, 2013 – August activity in the Greater Vancouver housing market finished well above last year’s pace and slightly below the 10-year average for the month.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,514 on the Multiple Listing Service® (MLS®) in August 2013.  This represents a 52.5 per cent increase compared to the 1,649 sales recorded in August 2012, and a 14.7 per cent decline compared to the 2,946 sales in July 2013.  Last month’s sales were 4.6 per cent below the 10-year sales average for the month.  “We’ve seen a healthy amount of demand in the marketplace this summer compared to the number of homes listed for sale,” Sandra Wyant, REBGV president said. “The market today is much stronger than we saw last year and is consistent with our long-term averages for this time of year.”  New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,186 in August. This represents a 3.5 per cent increase compared to the 4,044 new listings reported in August 2012 and a 13.8 per cent decline from the 4,854 new listings in July of this year.


The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,027, which is an 8.8 per cent  decrease compared to August 2012 and a 3.6 per cent decline from July 2013.  The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This ratio remains consistent with balanced market conditions.  “People entering the market should not confuse stronger sales activity with rising prices. Home prices have been quite stable and consistent for much of this year,” Wyant said.  


The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,500. This represents a 1.3 per cent decline compared to August 2012 and an increase of 2.3 per cent since the beginning of 2013.  Sales of detached properties reached 1,052 in August 2013, an increase of 69 per cent from the 624 detached sales recorded in August 2012, and a 3.1 per cent increase from the 1,020 units sold in August 2011. The benchmark price for detached properties decreased 2 per cent from August 2012 to $923,700.


Sales of apartment properties reached 1,018 in August 2013, an increase of 40.4 per cent compared to the 725 sales in August 2012, and an increase of 6.6 per cent compared to the 955 sales in August 2011. The benchmark price of an apartment property decreased 1.1 per cent from August 2012 to $366,100.


Attached property sales in August 2013 totalled 444, an increase of 48 per cent compared to the 300 sales in August 2012, and a 10.2 per cent increase from the 403 attached properties sold in August 2011. The benchmark price of an attached unit decreased 1.1 per cent between August 2012 and 2013 to $457,000.

 

Full Stats Package

July home sale activity increases in Greater Vancouver

Aug 2, 2013

 

Sunny weather did not slow the pace of home sale activity in July. Last month was the highest selling month of the year in Greater Vancouver and the highest selling July since 2009.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,946 on the Multiple Listing Service® (MLS®) in July 2013. This represents a 40.4 per cent increase compared to the 2,098 sales recorded in July 2012, and an 11.5 per cent increase compared to the 2,642 sales in June 2013.  Last month’s sales were 0.1 percent above the 10-year sales average for the month.


“Demand has strengthened in our market in the last few months, which can, in part, be attributed to pent-up demand from the slowdown in sales activity we saw at the end of last year,” Sandra Wyant, REBGV president said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,854 in July. This represents a 1.1 percent increase compared to the 4,802 new listings reported in July 2012 and a 0.4 percent decline from the 4,874 new listings in June of this year.

 

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,618, which is an 8.1 percent decrease compared to July 2012 and a 3.9 percent decline from June 2013.  The sales-to-active-listings ratio rose two and-a-half percentage points between June and July to 17.7 percent in Greater Vancouver. This is the highest this ratio has been in Greater Vancouver since April 2012.


The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 2.3 percent compared to this time last year and an increase of 2.3 percent over the last six months.  “Home prices continue to experience considerable stability with minimal fluctuation throughout much of this year,” Wyant said. “This stability in price brings greater certainty to the home buying and selling process.”


Sales of detached properties reached 1,249 in July 2013, an increase of 59 percent from the 787 detached sales recorded in July 2012, and a 13.7 percent increase from the 1,099 units sold in July 2011. The benchmark price for detached properties decreased 3.1 percent from July 2012 to $920,500.

 

Sales of apartment properties reached 1,210 in July 2013, an increase of 31 percent compared to the 927 sales in July 2012, and an increase of 16.3 percent compared to the 1,040 sales in July 2011. The benchmark price of an apartment property decreased 1.6 per cent from July 2012 to $368,300.

 

Attached property sales in July 2013 totalled 487, an increase of 27 percent compared to the 384 sales in July 2012, and a 12.7 percent increase from the 432 attached properties sold in July 2011. The benchmark price of an attached unit decreased 2.6 percent between July 2012 and 2013 to $456,700.

 

Full Stats Package

 

Balanced Conditions Provide a Stable Backdrop for Today’s Home Buyers and Sellers

Vancouver BC-  July 3, 2013  - The Greater Vancouver housing market continues to maintain a relative balance between the number of homes for sale and the number of people looking to purchase a home in the region today. 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,642 on the Multiple Listing Service® (MLS®) in June 2013. This represents an 11.9 percent increase compared to the 2,362 sales recorded in June 2012, and an 8.3 percent decline compared to the 2,882 sales in May 2013. 

 

Last month’s sales were 22.2 percent below the 10-year sales average for the month, while new listings for the month were 11.5 percent below the 10-year average. “As the term suggests, a balanced market means that many of the key housing market indicators, such as price, are stable and conditions therefore don’t tilt in favour of buyers or sellers,” Sandra Wyant, REBGV president said. “If you plan to enter the market today, identify your needs, consult your REALTOR® and work to build a ‘win-win’ scenario with the people on the other side of the sale.” 

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,874 in June. This represents a 13.2 per cent decline compared to the 5,617 new listings reported in June 2012 and a 13.8 per cent decline from the 5,656 new listings in May of this year. The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 17,289, a 6 per cent decrease compared to June 2012 and a 0.4 per cent increase compared to May 2013. 

 

The sales-to-active-listings ratio currently sits at 15 per cent in Greater Vancouver. This is the fourth straight month that this ratio has been at or above 15 per cent. The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of three percent compared to this time last year and an increase of 2.3 per cent compared to January 2013. 

 

Sales of detached properties reached 1,102 in June 2013, an increase of 19.7 percent from the 921 detached sales recorded in June 2012, and a 25.1 per cent decrease from the 1,471 units soldin June 2011. The benchmark price for detached properties decreased 4.3 per cent from June 2012 to $919,900. 

 

Sales of apartment properties reached 1,068 in June 2013, an increase of 4.1 per cent compared to the 1,026 sales in June 2012, and a decrease of 15.6 per cent compared to the 1,266 sales in June 2011. The benchmark price of an apartment property decreased 1.9 per cent from June 2012 to $369,100. Attached property sales in June 2013 totalled 472, an increase of 13.7 per cent compared to the 415 sales in June 2012, and a 10.1 per cent decrease from the 525 attached properties sold in June 2011.

 

The benchmark price of an attached unit decreased 2.4 per cent between June 2012 and 2013 to $457,000.

 

FULL STATS PACKAGE



Spring months bring balance to Greater Vancouver housing market

VANCOUVER, B.C. – June 4, 2013 – While the number of home sales in Greater Vancouver

continued to trend below the 10-year average in May, the balance of sales and listings meant
continued market stability this spring.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,882 on the Multiple Listing Service® (MLS®) in May 2013. This
represents a one per cent increase compared to the 2,853 sales recorded in May 2012, and a 9.7
per cent increase compared to the 2,627 sales in April 2013.

 

Last month’s sales were 19.4 per cent below the 10-year sales average for the month, while new
listings for the month were 7.4 percent below the 10-year average.

 

“We’ve seen some steadying trends over the last three months,” Sandra Wyant, REBGV
president said. “The number of homes listed for sale has been keeping pace with the number of
property sales, leading to a balanced sales-to-listings ratio. This is having a stabilizing influence
on home price activity.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,656
in May. This represents an 18.3 per cent decline compared to the 6,927 new listings reported in
May 2012 and a 3.7 per cent decline from the 5,876 new listings in April of this year.

 

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is
17,222, a 3.4 per cent decrease compared to May 2012 and a 2.9 per cent increase compared to
April 2013.

 

The sales-to-active-listings ratio currently sits at 17 per cent in Greater Vancouver. This is the
third straight month that this ratio has been above 15 per cent. Previous to this, May 2012 was
the last time this ratio was above 15 per cent.

 

The MLS® Home Price Index composite benchmark price for all residential properties in
Greater Vancouver is currently $598,400. This represents a decline of 4.3 per cent compared to
this time last year and an increase of 1.8 per cent compared to January 2013.

 

Sales of detached properties reached 1,212 in May 2013, an increase of 2.7 per cent from the
1,180 detached sales recorded in May 2012, and a 22.8 per cent decrease from the 1,570 units
sold in May 2011. The benchmark price for detached properties decreased 5.2 per cent from May
2012 to $917,200.

 

Continued Sales of apartment properties reached 1,136 in May 2013, a decline of 1.7 per cent compared to
the 1,156 sales in May 2012, and a decrease of 7.5 per cent compared to the 1,228 sales in May
2011. The benchmark price of an apartment property decreased 3.7 per cent from May 2012 to
$365,600.

 

Attached property sales in May 2013 totalled 534, an increase of 3.3 per cent compared to the
517 sales in May 2012, and a 7.8 per cent decrease from the 579 attached properties sold in May
2011. The benchmark price of an attached unit decreased 3.2 per cent between May 2012 and
2013 to $454,900.

 

Courtesy of BCREA

 

Spring delivers greater balance to the Greater Vancouver housing market

May 2, 2013


A closer relationship between home buyer demand and the supply of homes for sale has been having a stabilizing impact on home prices in the Greater Vancouver housing market over the last three months. 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,627 on the Multiple Listing Service® (MLS®) in April 2013. This represents a 6.1 percent decrease compared to the 2,799 sales recorded in April 2012, and an 11.9 percent increase compared to the 2,347 sales in March 2013. 

 

Last month’s sales equate to the lowest April total in the region since 2001 and 20.9 percent below the 10-year sales average for the month. 

 

“While the number of home sales remains below average, properties that are priced right are selling and we’re seeing greater balance between buyer demand and the number of homes listed for sale. This is having a steadying influence on home prices in the region,” says Sandra Wyant, REBGV president. 

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,876 in April. This represents a three percent decline compared to the 6,056 new listings reported in April 2012 and a 21.4 per cent increase from the 4,839 new listings in March of this year. Last month’s new listing count was 0.4 percent above the region’s 10-year new listing average for the month. 

 

The total number of properties listed for sale on the MLS® in Greater Vancouver is 16,730, a 1.2 percent increase compared to April 2012 and an 8.2 percent increase compared to March 2013. 

 

The sales-to-active-listings ratio currently sits at 15.7 percent in Greater Vancouver. This is the second consecutive month that this ratio has been above 15 percent. Previous to this, May 2012 was the last time this ratio was above 15 percent.  “There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately five to six percent in Greater Vancouver during the last half of 2012,” Wyant said.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $597,300. This represents a decline of 3.9 percent compared to this time last year and an increase of 1.6 percent compared to January 2013. 

 

Sales of detached properties reached 1,064 in April 2013, a decrease of 5.5 percent from the 1,126 detached sales recorded in April 2012, and a 24.1 percent decrease from the 1,402 units sold in April 2011. The benchmark price for detached properties decreased 5.2 percent from April 2012 to $914,000. Since January the benchmark price of a detached home has increased 1.4 percent. 

 

Sales of apartment properties reached 1,052 in April 2013, a decline of 11.6 percent compared to the 1,190 sales in April 2012, and a decrease of 12.4 percent compared to the 1,201 sales in April 2011. The benchmark price of an apartment property decreased 2.6 percent from April 2012 to $365,900. Since January the benchmark price of an apartment home has increased 2.1 percent. 

 

Attached property sales in April 2013 totalled 511, an increase of 5.8 percent compared to the 483 sales in April 2012, and a 17.8 percent decrease from the 622 attached properties sold in April 2011. The benchmark price of an attached unit decreased 3.5 percent between April 2012 and 2013 to $455,200. Since January the benchmark price of an attached home has increased 1.2 percent.


Courtesy of BCREA


Home sale activity improves but remains below historical averages

April 3, 2013

 

Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 per cent increase compared to the 1,797 sales in February 2013. 

 

Last month’s sales were the second lowest March total in the region since 2001 and 30.2 per cent below the 10-year sales average for the month. 

 

“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said. 

 

The sales-to-active-listings ratio currently sits at 15.2 per cent in Greater Vancouver, a three per cent increase from last month. This is the first time this ratio has been above 15 per cent since May 2012.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839 in March. This represents a 17.2 per cent decline compared to the 5,843 new listings reported in March 2012 and a 0.1 per cent increase from the 4,833 new listings in February of this year. Last month’s new listing count was 14.4 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® in Greater Vancouver is 15,460, a 1.5 per cent increase compared to March 2012 and a 4.5 per cent increase compared to February 2013. 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $593,100. This represents a decline of 3.9 per cent compared to this time last year and an increase of 0.9 per cent compared to January 2013. 

 

Sales of detached properties reached 933 in March 2013, a decrease of 21.1 per cent from the 1,183 detached sales recorded in March 2012, and a 48 per cent decrease from the 1,795 units sold in March 2011. The benchmark price for detached properties decreased 5 per cent from March 2012 to $906,900. 

 

Sales of apartment properties reached 982 in March 2013, a decline of 17.5 per cent compared to the 1,191 sales in March 2012, and a decrease of 39.5 per cent compared to the 1,622 sales in March 2011. The benchmark price of an apartment property decreased 3.3 per cent from March 2012 to $362,100. 

 

Attached property sales in March 2013 totalled 432, a decline of 13.6 per cent compared to the 500 sales in March 2012, and a 34.8 per cent decrease from the 663 attached properties sold in March 2011. The benchmark price of an attached unit decreased 2.5 per cent between March 2012 and 2013 to $454,300. 

 

April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that:


• sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per cent under the HST; and
• tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the HST. 

 

These reduced tax rates apply to transactions payable on or after April 1.

 

Courtesy of BCREA


Canadian Housing Starts and Labour Force Survey - Housing Starts

 February 8, 2013

Canadian housing starts registered 160,577 units at a seasonally adjusted annual rate (SAAR) in January, down from nearly 200,000 (SAAR) in December. Year-over-year, housing starts were 24 per cent lower in January.

New home construction in BC urban centres rose nearly 8 per cent month-over-month in January to a seasonally adjusted annual rate of 21,856 units. However, on a year-over-year basis, total starts were 19 per cent lower than January 2012. Single-detached starts were 8 per cent higher over last year, while multiples fell 27 per cent compared to January 2012.

Looking at census metropolitan areas (CMA) in BC, Vancouver CMA starts fell 20 per cent year-over-year in January. Single-detached starts were 19 per cent higher than last year, while multiples were almost 30 per cent lower. New home construction in the Abbotsford CMA was up 25 per cent compared to January 2012. Housing starts in both Kelowna and Victoria were up 12 per cent compared to last January.

Employment

After two months of strong gains, the Canadian economy shed 22,000 jobs in January, though a decline in people looking for work pushed the unemployment rate lower by 0.1 points to 7 per cent.

Employment growth in BC is off to an difficult start as employment fell by 16,000 jobs in January. However, an out-sized contraction of the labour force prompted a decline in the unemployment rate to 6.3 per cent. 


Courtesy of BCREA ECONOMICS NOW

 

BC Home Sales Forecast to Grow in 2013
BCREA 2012 Fourth Quarter Housing Forecast

 

Vancouver, BC – October 26, 2012. The British Columbia Real Estate Association (BCREA) released its 2012 Fourth Quarter Housing Forecast today.

 

 

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 9.8 per cent to 69,200 units this year, before increasing 8.3 per cent to 74,920 units in 2013. The fifteen-year average is 79,000 unit sales, while a record 106,300 MLS® residential sales were recorded in 2005.

 

 

"Despite stronger consumer demand in the interior, BC home sales will fall short of last year’s total,” said Cameron Muir, BCREA Chief Economist. “A moderating trend in Vancouver has recently been exacerbated by tighter high-ratio mortgage regulation. The resulting decline in purchasing power has squeezed some potential buyers out of the market. However, strong full-time employment growth, persistently low mortgage interest rates and an expanding population base point to more robust consumer demand in 2013."

 

 

"While the average MLS® residential price is forecast to decline 7.6 per cent to $518,600 this year, the change is largely the result of luxury home sales returning to more normal levels after an unusually active 2011,” added Muir. In addition, the Lower Mainland’s share of provincial home sales is expected to decline to 57 per cent this year from 62 per cent in 2011.The average MLS® residential price in BC is forecast to edge up 0.7 per cent to $522,000 in 2013.


Conditions continue to favour buyers in the Greater Vancouver
housing market

 

VANCOUVER, B.C. – October 2, 2012 – The summer of 2012 drew to a close in September with home sale
activity well below historical averages in the Greater Vancouver housing market.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached
and apartment properties reached 1,516 in September, a 32.5 per cent decline compared to the 2,246 sales
in September 2011 and an 8.1 per cent decline compared to the 1,649 sales in August 2012.

 

September sales were 41.6 per cent below the 10-year September sales average of 2,597.“There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” Eugen Klein, REBGV president said. “This makes homes less affordable for the people of the region.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,321 in September.
This represents a 6.3 per cent decline compared to September 2011 when 5,680 properties were listed for sale on
the MLS® and a 31.6 per cent increase compared to the 4,044 new listings in August 2012.

 

At 18,350, the total number of residential property listings on the MLS® increased 14.1 per cent from this time
last year and increased 4.5 per cent compared to August 2012.“Today, our sales-to-active-listings ratio sits at 8 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

The MLS HPI® composite benchmark price for all residential properties in Greater Vancouver is $606,100.


This represents a decline of 0.8 per cent compared to this time last year and a decline of 2.3 per cent over last
three months.“Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two,” Klein said. Sales of detached properties on the MLS® in September 2012 reached 594, a decrease of 37.9 per cent from the 957 detached sales recorded in September 2011, and a 31.4 per cent decrease from the 866 units sold in September 2010. The benchmark price for detached properties decreased 0.5 per cent from September 2011 to $935,600.

 

Sales of apartment properties reached 676 in September 2012, a 26.7 per cent decrease compared to the 922
sales in September 2011, and a decrease of 30.4 per cent compared to the 971 sales in September 2010. The
benchmark price of an apartment property decreased 0.7 per cent from September 2011 to $368,600.

 

Attached property sales in September 2012 totalled 246, a 33 per cent decrease compared to the 367 sales in
September 2011, and a 35.8 per cent decrease from the 383 attached properties sold in September 2010. The
benchmark price of an attached unit decreased 2.7 per cent between September 2011 and 2012 to $458,600.

Courtesy of BCREA 

Home sellers continue to outnumber buyers in Greater Vancouver’s summer housing market

September 5, 2012

 

Home sale activity remained below long-term averages in the Greater Vancouver housing market in August.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.

 

 

August sales were the second lowest total for the month in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.

 

 

“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices,” Eugen Klein, REBGV president said.

 

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August. This represents a 13.7 per cent decline compared to August 2011 when 4,685 properties were listed for sale on the MLS® and a 15.8 per cent decline compared to the 4,802 new listings in July 2012.

 

 

“For sellers it’s critical to work with your REALTOR® to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell on the MLS® in Greater Vancouver today.”

 

At 17,567, the total number of residential property listings on the MLS® increased 13.8 per cent from this time last year and declined 2.8 per cent compared to July 2012.

 

 

“Today, our sales-to-active-listings ratio sits at 9 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

 

 

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.

 

Sales of detached properties on the MLS® in August 2012 reached 624, a decrease of 38.8 per cent from the 1,020 detached sales recorded in August 2011, and a 30.1 per cent decrease from the 893 units sold in August 2010. The benchmark price for detached properties increased 0.2 per cent from August 2011 to $942,100.

 

 

Sales of apartment properties reached 725 in August 2012, a 24.1 per cent decrease compared to the 955 sales in August 2011, and a decrease of 22.5 per cent compared to the 935 sales in August 2010. The benchmark price of an apartment property decreased 0.9 per cent from August 2011 to $370,100.

 

 

Attached property sales in August 2012 totalled 300, a 25.6 per cent decrease compared to the 403 sales in August 2011, and a 19.8 per cent decrease from the 374 attached properties sold in August 2010. The benchmark price of an attached unit decreased 1.9 per cent between August 2011 and 2012 to $462,300.

 

courtesy of BCREA

Home Sales Decline in Vancouver, but Surge in Rest of BC

Vancouver, BC – August 14, 2012.

 

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 12.9 per cent to $3.1 billion in July compared to the same month last year. A total of 6,482 MLS® residential unit sales were recorded over the same period, down 0.8 per cent from July 2011. The average MLS® residential price was $474,954, 12.2 per cent lower than a year ago.

 

"While some potential homebuyers in Vancouver are taking a breather over the summer months, stronger consumer demand continues across the rest of the province,” said Cameron Muir, BCREA Chief Economist. MLS® residential unit sales outside of Vancouver were up 11 per cent in July over a year ago. In contrast, home sales through the Real Estate Board of Greater Vancouver were down 18 per cent over the same period.

 

Year-to-date, BC residential sales dollar volume declined 16.5 per cent to $23.5 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 44,794 units, while the average MLS® residential price was 9.4 per cent lower at $525,183.

 

Courtesy of  BCREA

 

Greater Vancouver Housing Market Hits Summer Lull

VANCOUVER, B.C. – August 2, 2012 

 

 

Residential property sales in Greater Vancouver remained at a 10-year low in July, while the number of properties being listed for sale continued to edge down and prices remained relatively stable.

 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that there were 2,098 residential property sales of
detached, attached and apartment properties in July. That’s an 18.4 per cent decline compared to the 2,571 sales in
July 2011 and an 11.2 per cent decline compared to the previous month’s 2,362 sales.

 

 

July sales were the lowest total for that month in the region since 2000. They were 31.2 per cent below the 10-year
July sales average of 3,051.

 

 

“People appear to be cautious about making significant financial decisions right now. While our local economy appears to be quite robust, there may be some concern about the impact of international markets and the federal government’s tightening of mortgage regulations,” says Eugen Klein, REBGV president.

 

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,802 in July, the lowest number of new listings for any month this year. This represents a 5.8 per cent decline compared to July 2011 when 5,097 properties were newly listed for sale on the Multiple Listing Service® (MLS®) and a 14.5 per cent decline compared to the 5,617 new listings reported in June 2012.

 

 

At 18,081, the total number of active residential property listings on the MLS® increased 18.8 per cent from this
time last year and decreased 2.2 per cent compared to the previous month.

 

 

“With a sales-to-actives-listing ratio of 11.6 per cent, conditions have favoured buyers in our marketplace in recent months,” Klein said. “That means buyers have more selection to choose from and more time to make a decision. For sellers,it’s important to price properties competitively. For information on local market prices, contact your REALTOR®.”

 

 

The MLS® Home Price Index (MLS® HPI) composite benchmark price for all residential properties in Greater
Vancouver over the last 12 months has increased 0.6% to $616,000 and declined 0.7% compared to last month.

 

Sales of detached properties on the MLS® in July 2012 reached 787, a decrease of 28.4 per cent from the 1,099 detached sales recorded in July 2011, and a 13.3 per cent decrease from the 908 units sold in July 2010. The benchmark price for detached properties increased 1.4 per cent from July 2011 to $950,200 and declined 1.2 per cent compared to last month.

 

 

Sales of apartment properties reached 927 in July 2012, a 10.9 per cent decrease compared to the 1,040 sales in July 2011, and a decrease of 5.3 per cent compared to the 979 sales in July 2010. The benchmark price of an apartment property remains unchanged compared to July 2011 at $374,300 and declined 0.5 per cent compared to last month.

 

 

Attached property sales in July 2012 totalled 384, an 11.1 per cent decrease compared to the 432 sales in July 2011, and a 4.3 per cent increase from the 368 attached properties sold in July 2010. The benchmark price of an attached unit decreased 0.5 per cent between July 2011 and 2012 to $468,700 and is relatively unchanged compared to last month.

 

Courtesy of REBGV


Federal Government Changes to Mortgage Lending

June 21, 2012


For the fourth time in the past four years, the Federal Government has announced further action to restrict mortgage credit. The new measures include:

 

  • The maximum amortization on a prime mortgage will be reduced from 30 to 25 years.
  • Mortgage insurance will not be provided for properties valued over $1 million.
  • Refinancing has been lowered from a maximum of 85% loan-to-value to a maximum of 80% loan-to-value.
  • The maximum gross debt service (GDS) and total debt service (TDS) will be limited to a maximum of 39% and 44% respectively. Currently, GDS does not apply to qualified borrowers with credit scores over 680.

 

These measures will take effect July 9, 2012.


Implications for the BC home market:


The new 25 year amortization will have a small but material impact on affordability for homebuyers. For a $300,000 mortgage, the shorter amortization period will add over $150 per month to mortgage carrying costs for homebuyers that would have instead opted for a 30 year amortization. This is equivalent to an approximately 1 per cent increase in mortgage rates.
Longer amortization period may also impact the rental market where investors have utilized longer amortization period to lower carrying costs.


Prohibiting mortgage insurance for properties over $1 million will impact Vancouver markets to a much greater extent than other Canadian jurisdictions. While this policy may have limited impact on credit access for high-ratio borrowers, it will tighten credit for the $1 million and over segment of the market through its impact on lenders risk management practices. This is particularly true in light of the CMHC already rationing portfolio insurance for low-ratio mortgages.

 

BCREA ECONOMICS NOW

 

Shifting Regional Demand Produces Similar Results

Vancouver, BC – June 15, 2012.

 

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 14.5 per cent to $4.0 billion in May compared to the same month last year. A total of 7,715 MLS® residential unit sales were recorded over the same period, down 1.8 per cent from May 2011. The average MLS® residential price was $519,923, 12.9 percent lower than a year ago.

 

 

"BC home sales were back on track in April and May compared with last year’s performance, after falling short of the unusually strong first quarter of 2011,” said Cameron Muir, BCREA Chief Economist."

 

 

"Recovery of the BC Interior housing markets continued unabated in May,” noted Muir. “Despite a nearly 16 per cent dip in home sales in Vancouver, provincial totals were down just 2 per cent from levels a year ago."

 

 

Year-to-date, BC residential sales dollar volume declined 15.5 per cent to $17 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 31,497 units, while the average MLS® residential price was 8.3 per cent lower at $540,270.


Canucks lead pack of investors to the U.S.

Written by  Kit Kadlec 

 

Wednesday, 13 June 2012

 

One in four purchases by a foreign buyer in the U.S. last year was made by a Canadian, according to an annual survey by the National Association of Realtors (NAR).

 

That was more than double the share of any other nationality for purchasers, with China coming in second at 11% of all international buyers. The survey counted the 12-month period ending March 31.

Canadians accounted for 24% of all international sales last year, compared to 23% in the 2011 survey, and as low as 11% in 2007. With a favourable exchange rate and sunken prices, Canadians have increasingly found U.S. real estate an affordable investment.

“Today’s advantageous market conditions have drawn more and more foreign buyers to the U.S. in recent years, signaling how desirable and profitable owning property in this country can be,” said NAR President Moe Veissi, broker-owner of Veissi & Associates, Inc. in Miami, Fla. “Low housing prices, a good inventory condition and increased buying power with today’s exchange rates help attract international clients.”

Most international investors have focused primarily in locations favoured by tourists. Arizona, California, Florida and Texas accounted for 51% of all U.S. purchases last year by foreign buyers.

But most states around the U.S. have seen at least some international purchases recently, said Jed Smith, NAR manager of Quantitative Analysis.

While proximity to relatives or other international investors was one leading factor for locations, the survey also pointed to an obvious reason for Canadians – warmth. “Canadians purchase second homes in Arizona because of the weather,” said the survey, quoting a Realtor.

Sales to buyers from outside the U.S. today account for about 5% of all sales.

The median price of foreign buyers has also increasingly edged higher than the typical median price. Currently, the median U.S. price is just under $170,000, but the median price of homes bought by households outside of the U.S. was $252,000, said Smith.

 

Courtesy of Canadian Real Estate Wealth magazine

TD: Housing correction put on hold

Written by Vernon Clement Jones


Tuesday, 12 June 2012

 

Oh, the sky is still falling on Toronto and Vancouver housing markets -- just not for another couple years -- say TD economists, updating an earlier prediction.


Both of those pricey real estate markets are primed for a fairly mild correction of about 15 per cent over the next two to three years, according to a report from the big bank’s market analysts.

But the full brunt of that drop in home values won’t likely be felt for few years, and not the more-immediate correction some bank economists described earlier this year as all but imminent.

This week’s quieter alarm bell comes amid fears that the Canadian economy is likely to remain stagnant over the next six months as Europe grapples with a debt crisis now spread to Spain.

The concern is those external forces will continue to tamp down on interest rates, essentially encouraging more Canadians to add to near-record levels of debt.

It also means that the kind of correction TD predicts will likely be put off until the cost of money increases. There’s growing indication that the Bank of Canada won’t make a move to raise its own overnight rate until next year.

The effect on home prices in T.O. and Vancouver may ultimately be to further stimulate them.

"In our view, Vancouver's market is likely to show increased stability over the remainder of this year,” write TD economists Derek Burleton and Leslie Preston in the report, released Monday, “Meanwhile, there appears to be little stopping Toronto's market from recording robust gains and continuing to play catch-up with its West Coast counterpart."

 

Courtesy of Canadian Real Estate Wealth magazine

Canadian rental market tightens

Wednesday, 13 June 2012

 

Good news? The rental market in Canada tightened slightly in April with the vacancy rate dropping and average rental rates increasing, according to Canada Mortgage and Housing Corporation.


The average rental apartment vacancy rate in Canada's 35 major centres decreased slightly to 2.3 per cent in April 2012, from 2.5 per cent in April 2011, according to the spring Rental Market Survey released by CMHC.

“An overall improving job market over the last year, in conjunction with new migrants coming to Canada’s major centres, are factors that are supporting rental demand in Canada,” said Mathieu Laberge, deputy chief economist at CMHC's Market Analysis Centre. “Immigrants, as well as young workers, usually tend to rent first and then move to homeownership.”

Year-over-year comparisons of average rents can be slightly misleading, according to CMHC, because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the April 2011 and April 2012 surveys provides a better indication of actual rent increases paid by tenants, said the report. Overall, the average rent for two-bedroom apartments in existing structures across Canada’s 35 major centres increased 2.2 per cent between April 2011 and April 2012, the same level that was observed between April 2010 and April 2011.

The results of CMHC’s spring survey reveal that, in April 2012, the major centres with the lowest vacancy rates were: Regina (0.6 per cent); Québec and Saguenay (0.7 per cent); and Guelph (1.0 per cent). At the provincial level, Manitoba has the lowest vacancy rate at 1.2 per cent.

The survey reveals that the major centres with the highest vacancy rates were: Saint John (8.4 per cent); Windsor (7.7 per cent); Kelowna (5.2 per cent); and Moncton and Charlottetown (5.0 per cent). On a provincial basis, the highest vacancy rate was in New Brunswick (6.2 per cent).

The Canadian average two-bedroom rent in both new and existing structures was $887 in April 2012, with highest rents seen in Vancouver ($1,210), Toronto ($1,164) an dCalgary ($1,113). Provincially, the highest average monthly rents were in Alberta ($1,055), British Columbia ($1,036) and Ontario ($1,014).

The lowest average monthly rents for two-bedroom apartments were seen in Trois-Rivières ($543), Saguenay ($553) and Sherbrooke ($581). On a provincial basis, the lowest monthly rents were in Quebec ($677), New Brunswick ($696) and Newfoundland and Labrador ($727).


Courtesy of Canadian Real Estate Wealth magazine

Spring activity remains balanced in the Greater Vancouver housing market

June 4, 2012

 

The number of properties listed for sale continued to increase in the Greater Vancouver housing market in May. The number of sales decreased year over year, but remained relatively constant compared to recent months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,853 on the Multiple Listing Service® (MLS®) in May 2012. This represents a 15.5 per cent decline compared to the 3,377 sales recorded in May 2011.

May sales were the lowest total for the month in the region since 2001 and 21.1 per cent below the 10-year May sales average of 3,617. However, sales have been constant throughout the spring months, with 2,874 sales in March and 2,799 sales in April.

“Home sellers have outpaced buyers in recent months, however, there continues to be an overall balance between supply and demand in our marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,927 in May 2012. This represents a 16.8 per cent increase compared to May 2011 when 5,931 homes were listed for sale and a 14.4 per cent increase compared to April 2012 when 6,056 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 15.3 per cent above the 10-year average for listings in Greater Vancouver for May.

At 17,835, the total number of homes listed for sale on the region’s MLS® increased 7.9 per cent in May compared to last month and increased 21 per cent from this time last year.

“Our sales-to-active-listing ratio sits at 16 per cent, which is indicative of balanced market conditions,” Klein said. “As a result of this stability, home prices at the regional level have seen little fluctuation over the last six month.”

The MLS® HPI benchmark price* for all residential properties in Greater Vancouver currently sits at $625,100, up 3.3 per cent compared to May 2011 and up 2.4 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland** is $558,300, which is a 3 per cent increase compared to May 2011 and a 2.3 per cent increase compared to three months ago.

Sales of detached properties on the MLS® in May 2012 reached 1,180, a decline of 24.8 per cent from the 1,570 detached sales recorded in May 2011, and a 6.1 per cent decrease from the 1,256 units sold in May 2010. The benchmark price for detached properties increased 5.1 per cent from May 2011 to $967,500.

Sales of apartment properties reached 1,156 in May 2012, a decline of 5.9 per cent compared to the 1,228 sales in May 2011, and a decrease of 14.6 per cent compared to the 1,354 sales in May 2010.The benchmark price of an apartment property increased 1.7 per cent from May 2011 to $379,700.

Townhome property sales in May 2012 totalled 517, a decline of 10.7 per cent compared to the 579 sales in May 2011, and a 5.3 per cent decrease from the 546 townhome properties sold in May 2010. The benchmark price of a townhome unit increased 0.9 per cent between May 2011 and 2012 to $470,000.

*Editor’s Note: Benchmark prices underwent a re-calculation this month in order to more accurately reflect trends measured by the MLS® Home Price Index. There were no changes to the calculation of index values.

This re-calculation involved aggregating benchmark prices using the sales weighted approach for the reference period (i.e. January 2005) and thereafter linking movements in aggregate benchmark prices to their corresponding MLS® HPI.

 

Home Sales Surge in Interior/North

Vancouver, BC – May 15, 2012.

 

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 12.5 percent to $3.8 billion in April compared to the same month last year. A total of 7,058 MLS® residential unit sales were recorded over the same period, down 1.8 percent from April 2011. The average MLS® residential price was $532,855, 10.9 percent lower than a year ago.

 

"A ten per cent dip in Lower Mainland home sales offset a 14 percent increase across the rest of the province,” said Cameron Muir, BCREA Chief Economist. “Kamloops, the Okanagan and the North all posted double-digit increases in home sales in April compared to levels one year ago."

 

"The share of provincial sales garnered by Vancouver and the Fraser Valley declined from 65 percent in April 2011 to 60 percent last month,” added Muir. “A larger proportion of homes sold in less expensive regions contributed to the average BC sales price dipping nearly 11 percent."

 

Year-to-date, BC residential sales dollar volume declined 15.8 percent to $15 billion, compared to the same period last year. Residential unit sales dipped 9.7 percent to 23,782 units, while the average MLS® residential price was 6.8 percent lower at $546,870.

 

Greater Vancouver housing market maintains a steady spring pace

May 2, 2012

 

Home sale and listing activity has maintained a consistent pace on the Multiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market. 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 percent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 percent compared to the 2,874 sales in March 2012. 

 

April sales were the lowest total for the month in the region since 2001 and 16.9 percent below the 10-year April sales average of 3,369. 

 

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 percent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said. 

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 percent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®. 

 

Last month’s new listing total was 6.7 percent above the 10-year average for listings in Greater Vancouver for April.

 

At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5 percent in April compared to last month and increased 16 percent from this time last year.

 

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.” 

 

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up 3.7 percent compared to April 2011 and an increase of 2.8 percent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 percent increase compared to April 2011 and a 2.6 percent increase compared to three months ago. 

 

Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 percent from the 1,402 detached sales recorded in April 2011, and a 17.8 percent decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3 percent from April 2011 to $1,064,800. 

 

Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9 percent compared to the 1,201 sales in April 2011, and a decrease of 22 percent compared to the 1,526 sales in April 2010.The benchmark price of an apartment property increased 1.1 percent from April 2011 to $375,900. 

 

Townhome property sales in April 2012 totalled 483, a decline of 22.3 percent compared to the 622 sales in April 2011, and a 21.6 percent decrease from the 616 townhome properties sold in April 2010. The benchmark price of a townhome unit increased 1.7 percent between April 2011 and 2012 to $487,300.


Increased selection helps maintain balance in Greater Vancouver housing market

April 3, 2012 - Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 percent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 percent compared to the 4,080 sales in March 2011 and an 8.4 percent decline compared to the 3,137 home sales in March 2010.

 

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 percent below the 10-year sales average for the month.

 

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 percent increase compared to February when 5,552 homes were listed and a 14 percent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

 

Last month’s new listing total was 4.5 percent above the 10-year average for listings in Greater Vancouver for March.

At 15,236, the total number of residential property listings on the MLS® increased 8.4 percent in March compared to last month and increased 16 percent from this time last year.

 

“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 percent compared to March 2011 and an increase of 1.1 percent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 percent compared to March 2011.

 

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 percent from the 1,795 detached sales recorded in March 2011, and an 11.5 percent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.

 

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 percent compared to the 1,622 sales in March 2011, and a decrease of 4.9 percent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 percent from March 2011 to $375,100.

 

Townhome property sales in March 2012 totalled 500, a decline of 24.6 percent compared to the 663 sales in March 2011, and an 8.9 percent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.

 

REBGV

 Greater Vancouver housing market trends near long-term averages as spring market approaches

VANCOUVER, B.C. – March 2, 2012 – Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 percent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 percent compared to the 3,097 sales in February 2011 and a 2.9 percent increase from the 2,473 home sales in February 2010.

 

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.  “With a sales-to-active-listings ratio of over 18 percent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 percent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 percent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.

 

Last month’s new listing count was the second highest February total in Greater Vancouver since 1996.  At 14,055, the total number of residential property listings on the MLS® increased 12 percent in February compared to last month and increased 17.9 percent from this time last year.

 

“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.

 

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6 percent compared to February 2011 and an increase of 0.9 percent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 percent compared to February 2011.

 

Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 percent from the 1,402 detached sales recorded in February 2011, and a 12 percent increase from the 983 units sold in February 2010.

The benchmark price for detached properties increased 10.5 percent from February 2011 to $1,042,900.

 

Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 percent compared to the 1,206 sales in February 2011, and a decrease of 5 percent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 percent from February 2011 to $373,300.

 

Townhome property sales in February 2012 totalled 424, a decline of 13.3 percent compared to the 489 sales in February 2011, and a 1.9 percent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit increased 0.7 per cent between February 2011 and 2012 to $472,800

 

 The New HST/PST Housing Transitional Rules 

 The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.  


Click here for more info.....


Government announces new HST/PST housing transitional rules  

February 17, 2012

 

The government today announced the HST/PST transitional rules on new homes.

As the province transitions back to the PST, which will replace the HST effective April 1, 2013, measures to ease the HST burden on new home buyers include:


The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90% of newly built homes will now be eligible for a provincial HST rebate effective April 1, 2012.


The maximum rebate will increase to $42,500 from $26,250 effective April 1, 2012.


Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012.


For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the 7% provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of 2% on the full house price.

HST/PST transition rules will help ensure that whenever purchasers buy a new home they will all pay a consistent and equitable amount of tax, whether the home is built:

  • entirely under the HST;
  • entirely under the PST; or 
  • partly under HST and partly under the PST.

The temporary housing transition measures will be in place until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.

REBGV successfully advocated for the following:

  • An increase in the threshold value of homes to be covered by the rebate;
  • An increase in the rebate amount;
  • An announcement of the transition rules for new homes as early as possible.

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

Home Sales Rise Outside Lower Mainland

Vancouver, BC – February 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC dipped 7.6 per cent to $2.1 billion in January compared to the same month last year. A total of 3,976 homes traded hands on the MLS® over the same period, down 3.9 percent. The average MLS® residential price was 3.8 percent lower at $527,219 compared to January 2011.

 

"Increased market activity outside the Lower Mainland in January was offset by fewer sales in Vancouver and the Fraser Valley,” said Cameron Muir, BCREA Chief Economist. MLS® Residential sales rose 7 percent to 1,620 units outside the Lower Mainland, while declining 10 percent to 2,356 units in Vancouver and the Fraser Valley.

 

"While provincial sales activity was down in January  from year ago levels, consumer demand has posted modest improvement since  last fall, driven by low mortgage interest rates and gradually improving  economic conditions,” added Muir.

 

 Courtesy of The British Columbia Real Estate Association (BCREA) 

 

Selection broadens and Demand Eases to Kich off 2012 in the Greater Vancouver Housing Market


VANCOUVER, B.C. – February 6, 2012 – Greater Vancouver home sellers were more active than buyers in January and
overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability
and less fluctuation compared to the beginning of 2011.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached
1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 percent decrease compared to the
1,658 sales recorded in December 2011, a decrease of 13.3 percent compared to the 1,819 sales in January 2011 and an 18
percent decline from the 1,923 home sales in January 2010.


January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales
below the 10-year average.


“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing
compared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competition
amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do
their homework, consult with their REALTOR®, and make a decision.”


New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents
a 19.9 percent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 percent increase
compared to the 1,629 new listings reported in December 2011.


Last month’s new listing count was the highest January total in Greater Vancouver since 1995.


The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 percent increase
compared to December 2011 and an increase of 20.2 percent compared to January 2011.


New MLS® Home Price Index launches in Canada
Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way of determining price trends in
the housing market. The MLS® HPI was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley,
Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted
with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by those
boards.


The new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley
REALTORS® since the mid 1990s. MLS® HPI statistics should not be compared with previous MLSLink HPI statistics.1
“The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to understand
home price trends across the country,” Setticasi said.


The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 percent compared to January 2011 and down 0.1 percent compared to December 2011. The MLS® HPI also tracks home prices
across the Lower Mainland.2 The benchmark price for all residential properties in the Lower Mainland is $593,300, an increase
of 5 percent compared to January 2011.


Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 percent from the 793 detached
sales recorded in January 2011, and a 6.5 percent decrease from the 705 units sold in January 2010. The benchmark price for
detached properties increased 11.3 percent from January 2011 to $1,034,700.


Sales of apartment properties reached 657 in January 2012, a decline of 7.9 percent compared to the 713 sales in January
2011, and a decrease of 26.3 percent compared to the 891 sales in January 2010.The benchmark price of an apartment property
increased 2.4 percent from January 2011 to $371,500.


Attached property sales in January 2012 totalled 261, a decline of 16.6 percent compared to the 313 sales in January 2011,
and a 20.2 percent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome
unit declined 0.5 percent between January 2011 and 2012 to $468,000.


Editor’s notes:
1. The new MLS® HPI will be indexed to equal 100 in January 2005. The previous MLSLink HPI was indexed to 2001.
Sales prior to 2005 will not be considered in the MLS® HPI. Click here to view more detailed information on the MLS®
HPI.
2. The Lower Mainland includes the areas serviced by both the Real Estate Board of Greater Vancouver and the Fraser Valley
Real Estate Board, and is comprised of communities from Whistler to Abbotsford.
3. Townhome properties are similar to attached properties, a category that was used in the previous MLSLink HPI, but do
not included duplexes.


The real estate industry is a key economic driver in British Columbia. In 2011, 32,390 homes changed ownership in the Board's
area, generating $1.36 billion in spin-off activity and 9,069.2 jobs. The total dollar value of residential sales transacted through
the MLS® system in Greater Vancouver totalled $21 billion in 2010. The Real Estate Board of Greater Vancouver is an association representing more than 10,900 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®.For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org. 

Average Performance for Housing Market in 2012

BCREA 2012 First Quarter Housing Forecast Update

Vancouver, BC – January 27, 2012. The British Columbia Real Estate Association (BCREA) released its 2012 First Quarter Housing Forecast Update today.

 

“Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013,” said Cameron Muir, BCREA Chief Economist.

 

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 2.1 per  cent from 76,817 units in 2011 to 78,400 units this year, increasing a  further 2.7 per cent to 80,500 units in 2013. The 15-year average is 79,000 unit sales. A record 106,310 MLS® residential sales were recorded in 2005.

 

"While European sovereign debt concerns and a sluggish US economy will continue to  impact consumer confidence, strong demand in the bond market is expected to  keep mortgage interest rates at or near record lows for most of 2012,” added  Muir.

 

Home prices in most BC markets are forecast to experience little change over the next 24 months as the supply of homes for sale more closely matches consumer demand. 

 

The average MLS® residential price in the province is forecast to edge down 2.2 percent to $548,500 this year and remain relatively unchanged in 2013,  albeit increasing 0.8 per cent to $553,000.

 

To view the full BCREA Housing Forecast Update, click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.”

 

 

 

 

Bank of Canada Interest Rate Decision - January 17, 2012

For the 11th consecutive meeting, the Bank of Canada opted to hold its target overnight rate at 1 percent.  In the statement accompanying the decision, the Bank noted that the global economic outlook is deteriorating, largely due to an expected deep and prolonged recession in Europe. While the Bank expects the Euro-crisis to be contained, it will impact the Canadian economy this year, and the Bank is forecasting GDP growth of just 2 percent in 2012. On inflation, the Bank anticipates that both total and core inflation will moderate this year before rising to 2 percent by the third quarter of 2013.

 

Our view of the economy is largely in-line with the Bank of Canada; indeed our forecast for economic growth is almost identical. The Canadian economy is likely to face a number of headwinds in 2012, both externally from the Euro-debt saga and an uncertain US economy, and internally as traditional sources of growth begin to fade. Indeed, it is difficult to see where economic growth will come from in 2012 if, as expected, Canadian consumption slows, Governments begin address fiscal gaps and residential construction moderates. This leaves private business investment to drive the economy, but given a murky demand outlook, it is far from certain that businesses will be in the mood to take on significant new projects.  

 

Given the extent of downside risks to the Canadian economy, it is unlikely that the Bank of Canada will move on interest rates in 2012. Moreover, long-term rates will remain at historically low levels until confidence is restored in the sovereign debt of Europe.

 

“Copyright British Columbia Real Estate Association. Reprinted with permission.”

 

Home Sales Increase Last Year

 

Vancouver, BC – January 13, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC climbed 14.3 per cent to $43.1 billion in 2011. A total of 76,817 homes were sold in BC in 2011, up 2.9 percent from 2010. The average annual MLS® residential price climbed 11.1 per cent to $561,026 over the same period.

 

"Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year," said Cameron Muir, BCREA Chief Economist. "BC home sales came in about on par with their 15-year average, but fell well below their ten-year average of over 88,000 units."

 

Vancouver, the Fraser Valley and the North experienced the largest percentage increase in unit sales last year, while consumer demand edged lower in Victoria and on Vancouver Island.

 

BC residential unit sales in December dipped 1.7 per cent to 4,186 units, while the average MLS® residential price was 2.8 percent lower than in December 2010.

 

BCREA

 

Balanced real estate market prevailed through much of 2011

  January 4, 2012

 

The 2011 Greater Vancouver housing market began with heightened demand in regional  hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 percent increase from the 30,595 sales recorded in 2010, and a 9.2 percent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 percent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

 

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 percent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 percent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 percent  above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

 

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.

 

Residential  property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

 

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease    compared to the 1,897 sales in December 2007.

 

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 percent since hitting a peak of $630,921 in June 2011.

 

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,”   Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 percent decline compared to the 1,699 units listed in December 2010 and a 49.4 percent decline compared to November 2011 when 3,222 properties were listed.

 

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 percent from the 769 detached sales recorded in December 2010, and a 30.2 percent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

 

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 percent compared to the 811 sales in December 2010, and a decrease of 32.9 percent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

 

Attached   property sales in December 2011 totalled 254, a decline of 20.4 percent  compared to the 319 sales in December 2010, and a 44.7 percent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 percent between December 2010 and 2011 to $511,499.

 

 

       

Historically normal activity keeps the Greater Vancouver housing market in a balanced state 

 December 2,  2011   

 

The Greater Vancouver housing market saw relatively typical home sale and listing activity in November. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November.  This represents a 5.9 percent decline compared to the 2,509 sales in November 2010 and a 1.9 percent increase compared to the 2,317 sales recorded in October 2011.

 

Looking back further, last month’s residential sales total is 5.8 percent below the ten-year average for sales in November.

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 percent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

 

Looking back further, last month’s new listing total is 2.1 percent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

 

The MLSLink  Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 percent to $622,087 in November 2011 from $580,080 in November 2010.

 

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 percent. Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 percent from November 2010 to $890,204.

 

Sales of apartment properties reached 1,000 in November 2011, a 4.9 percent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 percent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 percent from November 2010 to $399,686.

 

Attached property sales in November 2011 totalled 444, a 9.1 percent increase compared to the 407 sales in November 2010, and a 15.1 percent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 percent between November 2010 and 2011 to $510,960.

copyright© real estate board of greater vancouver

 

British Columbia Real Estate Association Economics Now

 

Canadian  Retail Sales - November 22, 2011

Canadian retail sales jumped 1.0 per cent in September, the fifth increase in the last  six months and the largest increase since November  2010. The increase in sales was broad based with 9 out of 11 sectors reporting higher sales. The strong performance in retail sales was driven by the motor-vehicle and parts industry which rose 2.8 per cent  from August. Excluding auto-related sales, retail sales were up 0.5 per cent.  Retail sales in BC increased 0.2 per cent month-over-month or 2.6 percent over September 2010.

Provincial retail sales grew at a slightly faster pace in September, but are still running at a much lower rate compared to historical average. We anticipate that a combination of high debt burdens and weak full-time employment  growth is likely to keep retail spending relatively low through the end of  the year and into 2012.  

BCREA  ECONOMICS NOW 

 

Canadian Inflation - November 18, 2011

Canadian CPI inflation increased 2.9 per cent in October, a 0.3 point decline from last month. Once again, inflation was led by higher prices for gasoline and food which increased 18.2 per cent and 4.3 percent on a year over year basis.  The Bank of Canada's core inflation measure, which excludes food and energy prices, rose at a rate of 2.1 per cent, down from 2.2 per cent in September. Consumer prices in BC rose 2.4 per cent in September (year-over-year) following a 2.1 per cent increase in August.

Although economic growth to my surprise is on the upside for the third quarter, headline and core inflation are in line with the Bank of Canada's expectations of slower inflation over the next 12 months.  We expect that monetary policy will be more tied to risks in the global economy, which are still strongly tilted to the downside, than to month to month movements in inflation. As a result, the Bank of Canada sidelined for an extended period.

 


 

November    2, 2011

Greater Vancouver at lower end of balanced housing market 

 

With a sales-to-active property listings ratio of 15 per cent, the Greater  Vancouver housing market continues to hover at the lower end of a balanced  market and has been trending in that direction over the past five months.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property  sales of detached, attached and apartment properties on the region’s  Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 percent decrease compared to the 2,337 sales in October 2010 and a 3.2 percent increase compared to the previous month.  Those sales rank as the second lowest total for October over the last 10 years.

 

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 percent decrease compared to the 5,680 new listings reported in September 2011.

 

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

 

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 percent to $622,955 in October 2011 from $579,349 in October 2010.  However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 percent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

 

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 percent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

 

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to    $519,455, and increased half a percent compared to the previous month. 

 

October    4, 2011

Home listings continue to rise in the Greater Vancouver housing market

Consistent  increases in property listings and fewer home sales over the summer months  has helped move the Greater Vancouver housing market into the upper end of a buyers’ market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,246 in September, a 1.2 per cent increase compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10 years.

“There's more competition amongst home sellers in today's market, providing more options for prospective buyers," Rosario Setticasi, REBGV president said.  "Buyers now have more properties to choose from and more time to make decisions compared to the spring season.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1 per cent increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 per cent increase compared to the 4,685 new listings reported in August 2011.

The number of properties listed for sale on the Greater Vancouver MLS® system has increased each month since the beginning of the year. At 16,085, the total number of residential property listings on the MLS® increased 4.6 percent in September compared to August 2011 and rose 4.4 per cent compared tothis time last year.

“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential  properties in Greater Vancouver over the last 12 months has increased 8.8 per cent to $627,994 in September 2011 from $577,174 in September 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 0.5 per cent.

Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866 detached sales recorded in September 2010,    and a 32.8 per cent decrease from the 1,423 units sold in September 2009.  The benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701.

Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 percent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 per cent from September 2010 to $405,569. 

Attached property sales in September 2011 totalled 367, a 4.2 per cent decrease  compared to the 383 sales in September 2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 per cent between September 2010 and2011 to $516,697.

 
September 2, 2011

Greater Vancouver home sales trend toward buyers’ market over summer

 August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years. At 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010. “Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”

Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.

Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.

Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.

 

VANCOUVER, B.C. – August 3, 2011

 

Active home sellers bring greater selection to the Greater Vancouver housing market

 

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.

 

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.

 

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.

 

At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.

 

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.

 

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.

 

Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.

 

Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.

 

Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.

 

 
 July 5, 2011

 

Summer housing market trends toward balance after an active spring season

 

Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.

 

Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.

“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.”

 

At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from this time last year.

 

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010.

“The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”

 

Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.

Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.

 

Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.



 

Greater Vancouver housing market holds steady and favours sellers in May

 

VANCOUVER, B.C. – June 2, 2011 – Home sales remained at typical springtime levels on the Multiple Listing Service®  (MLS®) in Greater Vancouver in May. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011. Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.

 

“With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011. At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year. The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.

 

“We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.” Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were

located throughout the entire Board area.

 

Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.

Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.

Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.
 

 


 


Greater Vancouver housing market sees typical spring activity in April

 May 3, 2011

Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.

Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.

“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.

At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.

“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to date market evaluation.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.

Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.

Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.

Attached property sales in April 2011 totaled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.

 

www.rebgv.org.


Full Stats Package

 


April 4, 2011

 

Home buyers and sellers enter the housing market at near record pace in March

 

–Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent increase from the 2,265 home sales in March 2009. The all-time sales record for March occurred in 2004 when 4,371 transactions were recorded.

“Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totaled 6,797 in March 2011. This represents a 3 per cent decline compared to March 2010 when 7,004 properties were listed for sale on the MLS®, an all-time record for March. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase. At, 13,110, the total number of residential property listings on the MLS® increased 9.9 per cent in March compared to last month and declined 3 per cent from this time last year. “Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said. 

 

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010.  Sales of detached properties on the MLS® in March 2011 reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in March 2009.

 

The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806.

Sales of apartment properties reached 1,622 in March 2011, a 29.6 per cent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885.  Attached property sales in March 2011 totaled 663, a 20.8 per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 per cent between March 2010 and 2011 to $511,039.


March 2, 2011

 

REBGV reports increased housing demand in February

 

Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside.  For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February’s 3,097 home sales outpace the 2,742 home-sale average recorded in the region over the last ten years.

 

“We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). “The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace.”

 

Between November 2010 and February 2011, the MLSLink® Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679; in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645.

“To effectively analyse real estate statistics for the purpose of buying or selling a home, it’s critical to focus on your neighbourhood of choice because, like we see today, conditions and prices can fluctuate significantly within the same city or municipality,” Moldowan said.

 

Looking across the region, the REBGV reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,097 on the MLS® in February 2011. This represents a 70.3 per cent increase compared to the 1,819 sales recorded in January 2011, an increase of 25.2 per cent compared to the 2,473 sales in February 2010 and a 109.3 per cent increase from the 1,480 home sales in February 2009.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,693 in February 2011. This represents a 23.6 per cent increase compared to February 2010 when 4,606 properties were listed, and an 18.6 per cent increase compared to January 2011 when 4,801 homes were added to the MLS® in Greater Vancouver.

“With a sizeable increase in the number of properties coming onto the market for sale, there’s a good selection out there for buyers to choose from,” Moldowan said.

 

At, 11,925, the total number of residential property listings on the MLS® increased 14.2 per cent in February compared to last month and increased 5 per cent from this time last year.

 

Sales of detached properties on the MLS® in February 2011 reached 1,402, an increase of 42.6 per cent from the 983 detached sales recorded in February 2010, and a 138.9 per cent increase from the 587 units sold in February 2009. The benchmark price for detached properties increased 6 per cent from February 2010 to $848,645.

 

Sales of apartment properties reached 1,206 in February 2011, a 12.3 per cent increase compared to the 1,074 sales in February 2010, and an increase of 85.5 per cent compared to the 650 sales in February 2009. The benchmark price of an apartment property increased 2.2 per cent from February 2010 to $399,397.

Attached property sales in February 2011 totalled 489, a 17.5 per cent increase compared to the 416 sales in February 2010, and a 101.2 per cent increase from the 243 attached properties sold in February 2009. The benchmark price of an attached unit increased 2.3 per cent between February 2010 and 2011 to $507,118.

 

 

February 2, 2011

 

Stability and regional ‘hot spots’ characterize January housing market

 

 

The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region’s largest communities.

 

The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January.

 

“There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). "We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.”

 

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.

 

“When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood,” Moldowan said. 

 

Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009.

From a historical perspective, January’s 1,819 homes sales slightly surpassed the 1,790 home sale average recorded in the region over the last ten years.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,801 in January 2011. This represents a 6.7 per cent decrease compared to January 2010 when 5,147 properties were listed, and a 182 per cent increase compared to December 2010 when 1,699 homes were added to the MLS® in Greater Vancouver.

 

At 10,438, the total number of residential property listings on the MLS® increased 5.8 per cent in January compared to last month and increased 2.2 per cent from this time last year.

 

Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 per cent from the 705 detached sales recorded in January 2010, and a 171.6 per cent increase from the 292 units sold in January 2009. The benchmark price for detached properties increased 2.7 per cent from January 2010 to $810,045.

 

Sales of apartment properties reached 713 in January 2011, a decline of 20.8 per cent compared to the 891 sales in January 2010, and an increase of 97.5 per cent compared to the 361 sales in January 2009.The benchmark price of an apartment property increased 1.4 per cent from January 2010 to $390,935.

 

Attached property sales in January 2011 totalled 313, a decline of 4.3 per cent compared to the 327 sales in January 2010, and a 187.2 per cent increase from the 109 attached properties sold in January 2009. The benchmark price of an attached unit increased 2.6 per cent between January 2010 and 2011 to $495,140.

 

 

 

January 5, 2011

 

Real estate market stable at year-end

 

The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

 

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.

 

“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”

 

Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred. 

 

More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.

 

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of $593,419 in April 2010.

 

“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.

Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.

 

Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.

 

Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December 2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.

 

 

December 2, 2010


MLS® stats show more sales, fewer property listings in November

 

Greater Vancouver residential home sales improved in November compared to the previous four months, with the number of sales posted on the Multiple Listing Service® (MLS®) coming in slightly higher than the 10-year average for that month.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October 2010 and an 18.6 per cent decline from the 3,083 sales in November 2009.


Looking back further, last month’s residential sales represent a 187.1 per cent increase over the 874 residential sales in November 2008, a 13 per cent decline compared to November 2007’s 2,883 sales, and a 6.4 per cent increase compared to the 2,358 sales in November 2006.

“Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,” Jake Moldowan, REBGV president said.


Total active residential property listings in Greater Vancouver currently sit at 12,384, a 12.1 per cent decline from last month and a 12 per cent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 per cent to 3,030 in November 2010 compared to November 2009 when 3,653 new units were listed.
“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” Moldowan said. “It’s the homes priced accurately for today’s market that are receiving a lot of attention and selling right now.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.1 per cent to $580,080 in November 2010 from $557,384 in November 2009. This price has remained virtually unchanged since June of this year.

Sales of detached properties on the MLS® in November 2010 reached 1,050, a decrease of 9.8 per cent from the 1,164 detached sales recorded in November 2009, and a 226.1 per cent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 per cent from November 2009 to $799,312.


Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 per cent compared to the 1,396 sales in November 2009, and an increase of 156.6 per cent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 per cent from November 2009 to $389,168.


Attached property sales in November 2010 totalled 407, a decline of 22.2 per cent compared to the 523 sales in November 2009, and a 186.6 per cent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 per cent between November 2009 and 2010 to $488,733.

 

 

November 2, 2010

 

Home sales remain steady in Greater Vancouver

 

Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.

 

According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.

 

“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.

Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.

 

More broadly, last month’s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in October 2008, a 22.8 per cent decline compared to October 2007’s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in October 2006.

 

“As we enter the final two months of the year, buyer demand is in closer alignment with supply than we’ve seen for most of 2010,” Moldowan said. “Those buying today recognize that they still have a chance to enter the market with near-record low interest rates, while gradual reductions in inventory have eased downward pressure on prices.”

 

Total active listings on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, an 8.6 per cent decline from last month and a 16.4 per cent increase from October 2009. New listings for detached, attached and apartment properties declined 25.7 per cent to 3,698 in October 2010 compared to October 2009 when 4,977 new units were listed.

 

Sales of detached properties in October 2010 reached 976, a decrease of 34.4 per cent from the 1,487 detached sales recorded in October 2009, and a 98 per cent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 per cent from October 2009 to $796,883.

Sales of apartment properties reached 984 in October 2010, a decline of 38.8 per cent compared to the 1,607 sales in October 2009, and an increase of 52.1 per cent compared to the 647 sales in October 2008.The benchmark price of an apartment property increased 2.4 per cent from October 2009 to $390,074.

Attached property sales in October 2010 totalled 377, a decline of 38.2 per cent compared to the 610 sales in October 2009, and a 68.3 per cent increase from the 224 attached properties sold in October 2008. The benchmark price of an attached unit increased 4 per cent between October 2009 and 2010 to $487,530.

 

  

Novemeber 2, 2010

How does HST affect Residential Real Estate?

http://www.bcrealestatelawyers.com/faqs/basicinformationhst.htm

 

 

October 4, 2010

 

Housing market factors indicate stability in recent months

 

September home sales in Greater Vancouver were consistent with activity experienced in the preceding two months across most categories. The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales inGreater Vancouver totalled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010and 37.6 per cent decline from the 3,559 sales in September 2009.

 

In comparison, last month’s residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007’s 2,776 sales, and an 11.9 per cent decline compared to September 2006’s 2,519 sales.

 

“We’ve seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices,” Jake Moldowan, REBGV president said.  Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April when the MLSLink® Housing Price Index (HPI) residential benchmark price was $593,419. The overall benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5 per cent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 per cent between August and September 2010.

 

Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 15,401, basically unchanged compared to last month and a 22 per cent increase from September 2009. Over the last three months, active listings in the region have declined 12.3 per cent.

 

New residential property listings posted in September declined 17.6 per cent to 4,731 compared to September 2009 when 5,746 new units were listed.

“We saw signs of more stability in our marketplace last month than we have seen since spring based on a variety of indicators that we look at each month,” Moldowan said. “At 56 days, it took, on average, three days less to sell a home!"

 

Sales of detached properties in September 2010 reached 866, a decrease of 39.1 per cent from the 1,423 detached sales recorded in September 2009, and a 58.6 per cent increase from the 546 units sold in September 2008. The benchmark price for detached properties increased 6.7 per cent from September 2009 to $790,992.

Sales of apartment properties reached 971 in September 2010, a decline of 34.7 per cent compared to the 1,489 sales in September 2009, and an increase of 27.1 per cent compared to the 764 sales in September 2008.The benchmark price of an apartment property increased 3.7 per cent from September 2009 to $388,373.

Attached property sales in September 2010 totalled 383, a decline of 40.1 per cent compared to the 647 sales in September 2009, and a 39.3 per cent increase from the 275 attached properties sold in September 2008. The benchmark price of an attached unit increased 5.2 per cent between September 2009 and 2010 to $490,385.

 

Buyer’s market conditions continue in Greater Vancouver

Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010.

 

 From a wider perspective, last month’s residential sales represent a 40.4 per cent increase over the 1,568 residential sales in August 2008, a 34.9 per cent decline compared to August 2007’s 3,384 sales, and a 26.6 per cent decline compared to August 2006’s 2,998 sales.

New listings for detached, attached and apartment properties declined 17.5 per cent to 3,750 in August 2010 compared to August 2009 when 4,544 new units were listed. Total active listings in Greater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 per cent increase from August 2009.

 

“We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply in our marketplace, all variables that favour those looking to purchase a home,” Jake Moldowan, REBGV president said. “The last few months have also shown some stability when it comes to price fluctuations in the region, which is a welcome trend after reaching record highs in April.”

 

Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.9 per cent to $576,597 in August 2010 from $539,600 in August 2009.

 

“Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market,” Moldowan said.

Sales of detached properties in August 2010 reached 893, a decrease of 34.7 per cent from the 1,367 detached sales recorded in August 2009 and a 66.9 per cent increase from the 535 units sold in August 2008. The benchmark price for detached properties increased 8.5 per cent from August 2009 to $795,076.

 

Sales of apartment properties reached 935 in August 2010, a decline of 36.1 per cent compared to the 1,464 sales in August 2009 and an increase of 26.4 per cent compared to the 740 sales in August 2008.The benchmark price of an apartment property increased 4.5 per cent from August 2009 to $385,968.

 

Attached property sales in August 2010 totalled 374, a decline of 38.7 per cent compared to the 610 sales in August 2009 and a 27.6 per cent increase from the 293 attached properties sold in August 2008. The benchmark price of an attached unit increased 6.6 per cent between August 2009 and 2010 to $489,511

 

August 4, 2010

Homebuyers and sellers less active in July

 
Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010.


Looking back further, last month’s residential sales represent a 3.7 per cent increase over the 2,174 residential sales in July 2008, a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per cent decline compared to July 2006’s 2,732 sales.


“With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability,” Jake Moldowan, REBGV president said. “Activity in today’s marketplace is clearly trending in favour of buyers.”


The number of properties listed for sale on the market has been trending downward since spring, with 4,138 new listings in July compared to April’s peak of 7,648. New listings for detached, attached and apartment properties in Greater Vancouver on the Multiple Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared to July 2009, when 5,041 properties were listed for sale.


At 16,431, the total number of property listings on the MLS® in July declined 6.5 per cent compared to last month and increased 33 per cent compared to July 2009.

“It’s currently taking home sellers who work with a REALTOR®, on average, 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction,” Moldowan said.
Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from $528,821 in July 2009.


Sales of detached properties in July 2010 reached 908, a decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009 and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark price for detached properties increased 11.5 per cent from July 2009 to $793,193.


Sales of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the 966 sales in July 2008.The benchmark price of an apartment property increased 6.2 per cent from July 2009 to $387,879.


Attached property sales in July 2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July 2009 and a 3.4 per cent decline from the 381 attached properties sold in July 2008. The benchmark price of an attached unit increased 8.6 per cent between July 2009 and 2010 to $490,995.


Real Estate Board of Greater Vancouver

 

  

July 2, 2010

Activity steady to start the summer season

The Greater Vancouver housing market experienced steady activity to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.


“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.  Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals.


“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.” 

New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS®.
At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year.


“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said.  Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.
Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025.


Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment property increased 9.7 per cent from June 2009 to $391,528.

Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861.


June 4, 2010

                                May market offers buyers greater selection

 
The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.

In terms of number of property listings, last month marked the third consecutive month during which more than 7,000 homes were listed for sale on the Multiple Listing Service (MLS®) in Greater Vancouver.


New listings for detached, attached and apartment properties totalled 7,014 in May 2010, a 48.2 per cent increase compared to May 2009 when 4,733 new units were listed, and an 8.3 per cent decline compared to April 2010 when 7,648 properties were added to the MLS®.  At 17,492, the total number of property listings on the MLS® increased 10 per cent in May compared to last month, and is up 28.2 per cent compared to this time last year.


“Prospective home buyers in today’s market have a broad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.
Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7 per cent to $590,662 from $506,201 in May 2009.

“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.


Sales of detached properties in May 2010 reached 1,256, a decrease of 10.4 per cent from the 1,402 detached sales recorded in May 2009 and a 4.4 per cent increase from the 1,203 units sold in May 2008. The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.


Sales of apartment properties reached 1,354 in May 2010, a decline of 7.1 per cent compared to the 1,458 sales in May 2009 and an increase of 8.8 per cent compared to the 1,244 sales in May 2008.The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.  Attached property sales in May 2010 totalled 546, a decline of 17.8 per cent compared to the 664 sales in May 2009 and a 1.6 per cent decline from the 555 attached properties sold in May 2008. The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.

May 28,2010

 Interest Rate Alert   

  
The Bank of Canada will increase its policy rate to 0.50% from 0.25% on Tuesday June 1. A 0.50% increase to 0.75% is possible but unlikely as is the option of no change in the target rate. The prime lending rate increases to 2.50%.
 
Canada’s economy is approaching one year since the end of its recession and nearly all the economic indicators are recording growth, particularly for the domestic economy. Employment, industrial production, retail sales, housing construction and other sectors are well above their recession lows. Financial conditions are much improved and credit availability is no longer an issue. The emergency conditions following the financial crisis and economic recession of 2008 are no longer present and a near-zero target rate is not needed for the current state of the economy and its likely future state.
 
The Euro sovereign debt crisis should not keep the Bank from initiating its first rate increase on June 1 and to begin a rate-normalization phase. Markets are nervous and choppy about the next problem to surface from Europe but the negative fallout on Canada’s economy is small. A silver lining is a lower US-Canada exchange rate.
 
This is the first of a series of rate increases. Another 0.25% increase in the target rate is expected at the next announcement on July 20. The target rate by the end of the year is seen at 1.50%.

INTEREST RATE ALERT FROM HELMUT PASTRICK, CHIEF ECONOMIST

 

 

May 4, 2010

Home buyer and seller activity increases in busy spring market 

 

 

The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent compared to the 2,963 sales in April 2009; 9.1 per cent more than April 2008’s 3,218 sales; and 3.7 per cent more than April 2007’s 3,387 sales. April 2010 sales also represent a 12 per cent increase compared to last month.

“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).

At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year.

 

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 per cent to $593,419 from $499,021 in April 2009.

“It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan said.

 

Sales of detached properties in April 2010 reached 1,370, an increase of 15.1 per cent from the 1,190 detached sales recorded in April 2009 and a six per cent increase from the 1,293 units sold in April 2008. The benchmark price for detached properties increased 21.2 per cent from April 2009 to $818,403.

 

Sales of apartment properties reached 1,526 in April 2010, an increase of 29.4 per cent compared to the 1,179 sales in April 2009 and an increase of 15.9 per cent compared to the 1,317 sales in April 2008.The benchmark price of an apartment property increased 16.9 per cent from April 2009 to $397,779.

 

Attached property sales in April 2010 totalled 616, an increase of 3.7 per cent compared to the 594 sales in April 2009 and a 1.3 per cent increase from the 608 attached properties sold in April 2008. The benchmark price of an attached unit increased 16.4 per cent between April 2009 and 2010 to $502,399.

Real Estate Board of Greater Vancouver

REBGV Stats May 4, 2010

 

 April 2010

Home listings rise to start the spring season 

 

A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).

 

At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 per cent in March compared to last month, but remains 7.6 per cent below this time last year.

“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said.

 

Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010.

“With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.

 

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

Sales of detached properties in March 2010 reached 1,336, an increase of 49 per cent from the 897 detached sales recorded in March 2009 and a 19.7 per cent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 per cent from March 2009 to $800,341, but declined 0.6 per cent compared to last month when the benchmark price was $800,796.

 

Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 per cent from March 2009 to $395,507 and is up 1.2 per cent compared to last month when the benchmark price was $390,899.

 

Attached property sales in March 2010 totalled 549, an increase of 40.1 per cent compared to the 392 sales in March 2009 and a 7.4 per cent increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3 per cent between March 2009 and 2010 to $493,263, but declined 0.5 per cent compared to last month when the benchmark price was $495,496.

 

The Real Estate Board of Greater Vancouver.

 

Rants vs Raves, Hoorays vs Nays, a lack of snow but here we go.... Let the games begin and Lets get in on the action!

 

Click here to view an interesting article of how The Olympics may affect Real Estate in the Greater Vancouver area.

Finance Minister Tightens Mortgage Rules in Canada:

How Does it Affect You?
Today the Finance Minister announced the new mortgage rules that will take affect in Canada on April 19 of this year. Below is a summary of the 3 major rule changes and how it could affect you....
 
1. Borrowers will need to qualify using a 5-year fixed rate regardless of what term they choose. If you want a 1.90% variable rate, for example, you will need to show that you can afford payments at a higher fixed rate, like 4.09%.
REASON: This will help Canadians prepare for higher interest rates in the future and ensure they can still afford the payment in the event their rates rise at renewal or if in a variable rate mortgage.
 
2. 90% Maximum Refinancing - No longer will you be able to refinance your home to 95% of it's value. 90% will be the new maximum.
REASON: To ensure borrowers are not using all their home equity in order to consolidate high interest debts with lower mortgage rates. This will also help home owners from going into a negative equity position if the market begins to drop.
 
3. Minimum 20% Down Payment required for investment properties. People buying non-owner occupied rental properties will need to put down 20% to get an insured mortgage, versus 5% currently.
REASON: This measure is likely aimed at tempering speculative buying of real estate by reducing the leverage available to buyers.
 
These new guidelines will take affect on April 19 but as we've seen in the past with a lot of lenders, they won't all necessarily wait before implementing these new changes. If you are in the market and fall into one of the categories above, you may want act sooner than later.
 

In my opinion, I don't think it's going to have a major effect on the overall mortgage approval process and/or approval rates for clients. If you would like to discuss personally how this may affect you, please don't hesitate to call or email.

At this point, there has not been any changes made to the minimum down payment requirements or maximum amortization periods. Buyers can still purchase with as little as 5% down for owner occupied properties and maximum amortization is still 35 years.
 
Go Canada Go!
Trish Pigott, AMP
Mortgage Broker
Meridian Coastal Mortgages
 
VANCOUVER, B.C. – February 2, 2010
Housing supply and demand reach closer alignment in January
 
 
 
– Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009. In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.
 
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
 
“Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today,” Jake Moldowan, REBGV president-elect said. “There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the salesto-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver. At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.

“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.

In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.

Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487. Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.
 
VANCOUVER, B.C. – January 5, 2010
Slow start, strong finish for housing market in 2009
 
 
– After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.
 
The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.
 
“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence
led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”
 
Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.
 
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.
 

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (see graph on page two for more detail). Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.
 
Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.
 

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.

The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Boardprovides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics,and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
 
January 7, 2010
CANADA’S REAL ESTATE MARKET EXPECTED TO CONTINUE STRONG GAINS INTO THE FIRST HALF OF 2010
 
Demand and supply finding balance in the second half of the year
 
 – Canada’s residential real estate market is forecast to remain unusually strong through the first half of 2010 as economic conditions across the country improve and the stimulus impact of low interest rates continues to stoke demand, according to today’s Royal LePage House Price Survey and Market Survey Forecast. As confidence in the recovery builds in early 2010, increases in average house price levels and overall market activity are expected to continue. The gradual erosion of affordability driven by higher house prices and the expected late-year modest upward movement of interest rates, together with an improvement in listings supply as confidence improves, are expected to bring the market back into balance in the second half of the year, when home price increases are expected to moderate.
 
“The Canadian real estate market enters 2010 with considerable momentum from a unusually strong finish to the previous year, said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity levels to new highs. This demand, coupled with a typical seasonal undersupply of homes for sale, should cause home prices to continue to appreciate significantly during the early months of the year. Improving supply as the year unfolds and easing demand as the cost of home ownership rises should moderate home price increases in the second half of 2010.”
 
In contrast to the difficult months during the worst of the recession, house prices appreciated during the later part of 2009, with fourth quarter price averages surpassing averages from the fourth quarter 2008. The average price of detached bungalows rose to $315,055 (up 6.0%), the price of standard two-storey homes rose to $353,026 (up 5.2%), and the price of a standard condominium rose to $205, 756 (up 6.4%). The first two quarters of 2009 saw significant year-over-year price declines across the housing types surveyed and the third quarter provided the first signs saw a strong rebound in Canadian home values.
 
Regions that saw the strongest declines during the recession are now showing marked gains. Those regions include Toronto and the Lower Mainland, B.C. Vancouver in particular experienced a robust quarter, with home prices rising across all housing types surveyed.
 
“No other sector of the economy has been as highly affected by economic stimulus as housing,” commented Soper. “As consumer confidence has improved, Canadians have shown a lingering reluctance to acquire depreciating assets such as consumer durables, but have embraced the opportunity to invest in real property. Predictably, the regions benefiting most from this renewed interest in home ownership are those with lower average house prices and strong economic confidence, such as Winnipeg and parts of Atlantic Canada.”

Soper added, “Our forecast is built upon an expectation that interest rates will ease upward before the year’s end, which should have a dampening effect on demand, allowing it to come into balance with the supply of resale homes on the market. Further, we expect to see an increasing number of homes listed for sale as the year progresses – as Canadians regain confidence in the economy, they should be more willing to enter into a large financial transaction such as the sale of a home.”

The Real Estate Board of Greater Vancouver is an association representing more than 9,600 REALTORS®. The Real
Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact Cory O'Brien at
cory@coryo.ca

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Attention First time buyers!!!!

The finance minister has announced the threshold for the 'First Time Buyer's Exemption' has been increased.

For more information view thisProperty Tax Exemption report.

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Mortgage News

June 10, 2009 Many people have a misconception that because prime has not moved fixed rates will not fluctuate, unfortunately that is not the case.....

How Banks make their money on the fixed rates is called the spread. The spread is the difference between what they can secure the money for and what they can turn around and sell it to the public for. This difference, or spread, is their profit and the rate at which they can secure the money at is mostly based on the bond rate. Every time the bond rate increases it puts more pressure for the Banks to increase the rates so that they can still get the profits they want.

So I’ve never been one for the doom and gloom so here are some positives on rates rising. For some who are experiencing extremely high payout penalties because of IRD will have some relief because the lower the rates go the higher the penalty generally is. Those that invest and their investments are based on the bond rate will then have an increase in rate of return as well. And generally the rates go down to stimulate the economy which shows that the economy seems to be doing better than expected.

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BCREA Spring 2009 Housing Forecast
 
Vancouver, BC – May 26, 2009. As part of its Spring 2009 Housing Forecast, the British Columbia Real Estate Association (BCREA) reported today that housing market conditions have improved more rapidly than expected. As a result, BCREA has revised its home price forecast upwards, reflecting greater price stability through the balance of the year. The average Multiple Listing Service® (MLS®) residential price in British Columbia is forecast to decline eight per cent to $420,600 in 2009, instead of 13 per cent originally forecasted at the beginning of the year.
 
“The majority of the decline in home prices has already occurred,” said Cameron Muir, BCREA Chief Economist. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these areas.”
 
Home sales in the province have climbed out of a trough, posting double-digit percentage gains for three consecutive months (seasonally adjusted).
 
BC MLS® residential sales are forecast to decline 12 per cent to 60,755 units this year, as a result of a weak first quarter. However, stronger consumer demand is expected to continue for the balance of the year and through 2010. Residential sales in 2010 are forecast to climb 10 percent to 66,740 units.
 
Affordability reached a three-year high in April with lower home prices and record low interest rates reducing the carrying cost of the average priced home 24 per cent over the last year.
 
“A significant increase in affordability has brought many first-time buyers into the market,” added Muir. “First-time buyers were largely absent in the late fall and winter, making it more difficult for move-up buyers to sell their current homes. The chain of ownership is now being oiled.”
 
The full BCREA Housing Forecast is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

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BCREA Housing Forecast Update: Recessionary Conditions Slow Housing Market

For immediate release

Recessionary Conditions Slow Housing Market

BCREA Forecast Update - First Quarter 2009

Vancouver, BC – February 2, 2009. The British Columbia Real Estate Association (BCREA) Forecast Update for the first quarter of 2009 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 9 per cent from 68,923 units in 2008 to 62,650 units this year. Residential sales in 2010 are forecast to rebound 8 per cent to 68,000 units. The ten-year average is 82,800 units.

“The global financial crisis and world-wide recession will continue to take their toll on the BC economy this year,” said Cameron Muir, BCREA Chief Economist. “World events have pulled Canada and BC into a recession, where concern for job security and declining net worth are keeping many potential homebuyers on the sidelines.”
"A continuing imbalance between supply and demand will put some additional downward pressure on home prices this year,” added Muir.

The average MLS® residential price is forecast to decline 13 per cent to $396,600 in 2009. Home prices in the province are expected to be relatively stable in 2010, forecasted to average $389,000.

BC housing starts are forecast to fall 45 per cent to 19,000 units this year as a result of rising inventories, weak consumer demand and tight credit conditions.

Next year is expected to be a year of stabilization in the economy and the housing market. Real GDP growth in the province is forecast to rise a modest 1.5 per cent and job losses in 2009 are expected to give way to some gains in employment in 2010.
The full BCREA Housing Forecast is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board’s area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®.

 

MLS® home sales forecast revised May 14, 2009
Special Report
 
A Spring housing market that was more active than anticipated has prompted a change to the MLS® home sales forecast issued by The Canadian Real Estate Association for the rest of 2009, and for 2010.
 
National home sales activity is forecast to be down 14.7 per cent to 370,500 units in 2009. This is slightly less than the reduction in activity predicted in CREA’s forecast issued last February. The forecast decline in annual activity was trimmed to reflect a stronger than expected rebound in activity in British Columbia and Ontario in the first quarter of 2009. Forecast declines in annual activity were reduced for these provinces. They were also shaved for Manitoba, Quebec, New Brunswick, and Prince Edward Island to reflect stabilizing trends in sales activity in these provinces.
 

National MLS® home sales activity is forecast to rebound by 7.2 per cent to 397,000 units in 2010. This is a slightly weaker rebound than predicted in CREA’s previous forecast. The revision reflects recently downgraded forecasts for economic growth next year. The rebound in activity in 2010 is forecast to be biggest in British Columbia and Alberta.

New listings on MLS® systems in British Columbia, Alberta and Ontario are forecast to continue easing following the peak reached last year. New listings are also expected to shrink in Saskatchewan, Quebec, New Brunswick, and Nova Scotia. Fewer new listings will further stabilize the resale housing market as sales activity draws down inventories.

The national MLS® average home price is forecast to decrease 5.2 per cent in 2009, led by average price declines in British Columbia and Alberta. By contrast, the average home price is forecast to rise in Manitoba (4.3 per cent), Price Edward Island (4.2 per cent) and Newfoundland & Labrador (10.9 per cent). CREA’s previous forecast predicted a decline in the national average price of eight per cent in 2009.
 

The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price is forecast to decline 3.6 per cent in 2009, and hold steady in 2010. CREA’s previous forecast predicted the weighted national average price for MLS® homes sales would decline by 6.4 per cent.

“Monthly resale housing activity improved as the first quarter progressed, entering the second quarter on a rising trend and closing in on levels last seen before it fell sharply late last year,” said CREA Chief Economist Gregory Klump. “It will take time for housing inventories to be drawn down enough to put new home construction on a stronger footing, but the balance between resale housing supply and demand is improving in a number of major markets. The national average price has begun to rebound from the recent low reached in January, and is forecast to begin rising modestly above year-ago levels in the fourth quarter of 2009.” (CREA 14/05/09)
 
Prepared for you by:
 

Cory O’Brien, Royal LePage ShowcasePlus

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  8 Mistakes to Avoid When Buying a Home

You've been saving for awhile, weighing your options, looking around casually. Now you've finally decided to do it - you're ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?

  Benefits of Using a Realtor to Sell your Home

Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way.

  The Best Asking Price for your Home

Setting a realistic price for your home that reflects current market values will help sell your home quickly and for top dollar. When you price your home properly, you increase the chances that the offer you receive will nearly match your asking price, and that there will be competing offers - which may net you even more in the long run.

  Buy or Sell First?

If you are considering looking for a new house, and are a current home-owner, then chances are you're wondering what your strategy should be: do you wait to find the perfect new home before you put your current home on the market, or do you sell first and then look around? You have a few options. Use the following as a guide to explore what might be the best move for you.

  "Drive-Up Appeal": Get your Property Ready to Show

When preparing your property to show, work your way from the outside in. It is essential that your home possess a certain "drive-up appeal". Remember, a potential buyer's first impression of your house is formed while s/he is still sitting in the realtor's car. So, first you need to view your house from this perspective. Go stand on the opposite curb and observe your property. Compare it to surrounding properties.

  Buying a Home: What Expenses to Expect

Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other - sometimes unexpected - expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.

  Hire the Right Agent, For the Right Reasons: 8 Questions to Ask

Finding a real estate agent who is right for you requires doing a little homework, and asking the right questions. Choosing an agent is a decision that could ultimately cost or save you thousands of dollars. Keep in mind the individual you choose will be handling almost every maneuver in the biggest financial investment of your life. Experience, interests, and expertise vary from agent to agent, so you should be asking very specific questions in order to align your own needs with the abilities of an appropriate representative

  Home Inspections: Top Ten Problems

Each homebuyer has different ideas of what will constitute the ideal home for them, these notions often based on particular aesthetic preferences. But one thing that unites all potential homebuyers is the desire to find a home that is fundamentally sound - in areas beyond the immediate sweep of the eye - and that will provide a safe, comfortable, and efficient foundation for their life behind a new door.

  How to Get Top Dollar for your Home, Fast!

Your home is likely your largest asset, so selling it may be the biggest financial move you've ever made, one that requires significant thought and strategy. However, once you've entered the market, the process may move very quickly: your property has the best chance to sell within its first seven weeks on the market. Studies indicate that the longer a property stays on the market, the less it will ultimately sell for. So, you need to ensure you're ahead of the game. Get your property into top selling shape before it hits the market in order to increase its chances of selling within the desired window of time and drawing top dollar.

  How to Set an Offer Price

There is no set equation to determine how you'll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You'll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you're willing to offer.

  Know the Market before You Buy

The asking prices of most homes on the market indicate the current state of the market, and usually mirror the prices for which other similar homes in the area have recently sold. In deciding upon a selling price, a home-seller must establish a balance between the desire to draw the highest offer and finding a price that will be reasonable enough to attract an appropriate pool of prospects, and competitive offers. While most selling agents counsel their clients to consider this equation when pricing their home, keep in mind that some homes are not properly priced.

  7 Things to Look for in a New Neighbourhood

Whether seeking solace, activity, schools, churches, or green space, every homebuyer looks for a different combination of attributes in a new community. Choosing a neighbourhood that suits your needs and wants is one of the most important decisions you'll make in the home-buying process; your choice of environment will affect the way you experience your new home.

  A Manual to Prepare your Home for Selling

"You never get a second chance at a first impression." We've all heard this expression before. And now, while you are preparing your house to sell, it should not be far from your mind.

  Prepare the Inside of your House for Showing

Once you've minimized the clutter in your home, clearing out excess items and furniture, you'll be ready to concentrate on repairs, cleaning, and decoration. Your goal is to get each room looking its sharpest and most fresh - the better your house looks, the greater your chances that it will sell quickly and for top dollar. Concentrate on the following areas to get your home into selling shape.

  Second Time's a Charm!: Sell the House that Didn't Sell

Don't get discouraged if your property hasn't sold during its first appearance on the market. Your home may actually have been one of the most appealing listings of its kind - and the reasons it didn't sell may have nothing to do with the property itself or the market. Rather, a number of separate factors may have influenced the outcome. Take a step back, break your original selling method into parts, and allow yourself time to evaluate each one. Make a commitment. Establish a new approach. Stick to it. A reassessment of your system, and a shift in perspective, may be just what you need to realize your ultimate goals in the sale of your home.

  Showtime: Tips for Showing your Home

After putting in a huge amount of time and effort to get your home looking good and ready to sell, your hard work is finally going to pay off: your home is on the market - you're ready to begin showing. Your house should always be at-the-ready for a tour, as agents may bring clients by with very little notice. If they catch you unprepared and you aren't able to show the house on the spot, you could be losing out on a sale.

  Stop Paying Your Landlord!: Own Your Own Home

The thousands of dollars in rent you've already paid to your landlord may be a staggering figure - one you don't even want to think about. Buying a house just isn't possible for you right now. And it isn't in your financial cards for the foreseeable future. Or is it? The situation is common and widespread: countless people feel trapped in home rental, pouring thousands of dollars into a place that will never be their own - yet they think they're unable to produce a down payment for a home in order to escape this rental cycle. However, putting the buying process into motion isn't nearly as impossible as it may seem. No matter how dire you believe your financial situation to be, there are several little-known facts that may be key to helping you step from a renter’s rut to home-owning paradise!

  Tips for the Moving Process

It's official: you've signed the papers, dotted all the i's and crossed the t's - you own a new home! You've almost reached the end of your journey. However, now, faced with the daunting task of moving, it may seem as though the journey has just begun. Moving can be a time-consuming and stressful experience if you let yourself be overwhelmed by the job. Remember, though, having a successful move means taking care of the details, one by one. If you break the process down into steps and arrange your time accordingly, you can make it manageable.

  Top Legal Mistakes to Avoid

The process of buying or selling a house seems to involve a million details. It is important that you educate yourself on as many parts of this process as you can - this knowledge could mean the difference of thousands of dollars in the long-run. The legal issues involved in the process are often particularly intricate, ranging from matters of common knowledge to subtle details that might escape the untrained eye. Any of these issues, if not handled properly, could develop into larger problems

  Where to Start: Begin to Prepare your Home for Showing

"You never get a second chance at a first impression." We've all heard this expression before. And now, while you are preparing your house to sell, it should not be far from your mind.