Price of a typical composite Greater Vancouver home rises above the million-dollar mark for first time at $1,019,400. In July, there were 2,960 home sales in the Greater Vancouver area. Across all property types, the sales-to-active listings ratio for July 2017 is 32.2% – still a strong seller’s market, but an easing-off compared with June’s 45.5%. 

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” said Jill Oudil, REBGV president. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

As of July 2017, the benchmark price for detached properties is $1,612,400. This is a slight 1.9% increase compared with July 2016 and a rise of 1.5% in the month since June 2017. The benchmark price of an attached unit such as a townhouse or rowhome is $763,700 – 11.9% higher than July 2016 and a rise of 2.4% over June. The price of a typical condo-apartment in Greater Vancouver has risen to $616,600 – an 18.5% year over year increase and a 2.7% lift in a single month. 

Source: REW.ca

For detailed information on benchmark prices broken down by area and property type, take a look at the statistics package put out by the Real Estate Board of Greater Vancouver here. For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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Oakridge Centre has changed hands from Ivanhoe Cambridge to QuadReal Property Group and the new owners have plans to do a major redesign for a mixed-use development. QuadReal has selected Westbank as their partner for this redevelopment. 

"Along with QuadReal, we have an opportunity to bring to fruition a new standard of urban living about which we have long been passionate - a cultural hub that takes every element of a vibrant multicultural city and shares them with our community and millions of visitors a year," said Ian Gillespie, Founder of Westbank. "We believe the future of Oakridge Centre will be even more dynamic than its past. We have few opportunities in life to create world-class projects - this will be one."

The new Oakridge Centre will be a true mixed-use community. As a prototype for inspiring city-making, it will be a culturally and environmentally sustainable model that harnesses the potential of a large urban site situated at a transit hub. The variety and diversity of retail will be increased to allow Oakridge to better serve new residents and the neighbourhood at large. A new outdoor shopping street, High Street, will bring about a different type of retail experience with cafés and restaurants spilling out onto the street which will enliven the community after the interior retail closes for the day. 

A consolidated amenity building with a seniors’ centre, a library, and multipurpose rooms will be adjacent to 9 acres of public open space. This expansive area will feature activity fields, urban agriculture, quiet gardens, a reflecting pool, sport courts, a running track, and more... a space for everybody to enjoy. The rezoning approved by the City of Vancouver in 2014. Estimated completion is 2025 as per Westbank and new redevelopment plans will be available to the public for review in the fall.

More details here: Oakridge Redevelopment.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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The British Columbia government is reviewing the foreign buyers’ tax in the Vancouver area and the interest-free loan program to first-time homebuyers to determine whether they have helped improve affordability, BC's new housing minister says. A year ago, the Liberal government implemented a 15% tax on foreign nationals purchasing property in Metro Vancouver in an effort to cool skyrocketing house prices. This tax isn’t applied to commercial properties, only residential properties.

Selina Robinson and BC Finance Minister, Carole James, will review real estate transaction data to determine whether the 15% foreign tax should be kept, revised or scrapped altogether. The data will be analyzed in order to determine whether it has been beneficial in housing affordability.

“I don’t know that we have any plans to eliminate it,” Robinson said of the 15 per cent foreign buyers’ levy, nearly a year after the previous Liberal government introduced it for Metro Vancouver. “There’s certainly enough data that would help us to understand its value, and so, we have to look at that data.”

According to data from the B.C. Ministry of Finance, during the period of June 10 - August 1, 2016, 13.2% of all property transfer transactions in Metro Vancouver were involving foreign buyers. Once the foreign tax took effect, that figure fell to 2.6% during the period of August 2 - December 31, 2016. Figures recently released revealed that the government took in $102 million in revenue from the implementation of the foreign buyers' tax between August 2, 2016 to March 31, 2017.

In the months after the tax, there were signs of cooling in Vancouver’s housing market, with the number of transactions falling. However, there have been signs that the market may be rebounding, as prices continue to creep up. The Multiple Listing Service composite benchmark price for all properties in Metro Vancouver was $998,700 in June, an increase of 7.9% from the same month last year.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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