The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2021, an increase of 63.3% over January 2020 and over a thousand sales higher than the previous record for the month of January. The average MLS® residential price in BC was $845,169, a 16.1% increase from $728,269 recorded in January 2020. Total sales dollar volume was $6.1 Billion, an 89.6% increase from last year.

"It was once again a record-setting month for the provincial housing market," said BCREA Chief Economist Brendon Ogmundson. "While sales were strong across all regions of the province, the Fraser Valley, Interior and Vancouver Island regions shattered previous sales records and pushed January sales to new heights."

Total active residential listings were down 21.5% to 20,254 units in January, the lowest level of provincial active listings on record, going back to 2000. With strong sales and so few listings, market conditions are exceptionally tight with less than three months of total supply. 

"The supply of listings continues to be held back by the pandemic," added Ogmundson. "With so few listings, markets are starved for supply and prices are under extraordinary pressure."

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Last month, the British Columbia Real Estate Association (BCREA) reports that a total of 10,172 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 42.8% from the same month last year. There was a 12.7% increase in the average MLS® residential price in BC bringing it to $771,309 ($684,093 recorded the previous year). Total sales dollar volume in August was $7.8 billion, a 61.1% increase over 2019.

“Very strong provincial home sales continued in August,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.”

Total provincial active listings are still down more than 10% year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low. As a result, prices are sharply rising around the province. Year-to-date, BC residential sales dollar volume was up 15.8% to $40.4 billion, compared with the same period in 2019. Residential unit sales were up 4.9% to 53,336 units, while the average MLS® residential price was up 10.4% to $757,504.   

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association

For April 2020, there was a 50.8% decline in residential unit sales recorded by MLS^® compared to April 2019 (3,284 units). The average MLS^® residential price in BC was $737,834, a 7.8% increase from $684,430 recorded the previous year. 

"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”

While the supply of homes available for sale generally rises through the spring, this year was a bit different. Supply was down close to 10% on a seasonally adjusted basis and down 23.7% year-over-year. Prices remained firm despite the large decline in sales.

Year-to-date, there has been a 9.6% increase in the sale dollar volume for BC residential units bringing it to $15.3 Billion (compared to the same period last year). Residential unit sales are down 1.7% bringing it to 20,164 units while the average MLS^® residential price was up 11.6% to $758,614.

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association

Looking back at March 2020 housing figures, the British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 17.2% from the same month last year. There was 15.1% increase in the average MLS® residential price in BC bringing it to $789,548 compared to March 2019's average of $685,892. For the total sales dollar volume, it hit $5.3 Billion which is a 35% increase over 2019.

“Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,” said BCREA Chief Economist Brendon Ogmundson. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.”

“While we don’t know when this unprecedented period will end, markets will be boosted by pentup demand and historically low interest rates when it does,” added Ogmundson. “The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.”

The year-to-date BC residential sales dollar volume totals $12.9 Billion. In comparison to the same period in 2019, this is an 37.1% increase. The residential unit sales totals 16,866 which is an increase of 21.7% from last year. The average MLS® residential price totals $763,031 which is an increase of 12.6% from last year.

Source: British Columbia Real Estate Association

2018 is a wrap and today, we bring you the December 2018 Metro Vancouver Housing Market Report. Overall, Metro Vancouver home sales last year were the lowest annual total in the region since 2000. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on MLS® in 2018 which is 31.6% decrease from 2017 and a 38.4% decrease from 2016. The sales total in 2018 was 25% below the region's 10-year sales average.

Below is an infographic put out by the REBGV highlighting some key elements.

“This past year has been a transition period for the Metro Vancouver housing market away from the sellers’ market conditions we experienced in previous years,” Phil Moore, REBGV president said. “High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”

“The supply of homes for sale will be an important indicator to follow in 2019. We’ve had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region,” Moore said.

The MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400. This is a 2.7% decrease compared to December 2017.

Looking at residential home sales in the Greater Vancouver region, there was a 46.8% decrease in comparison to December 2017 from 2,016 sales to 1,072. This is 43.3% below the 10-year December sales average.

For a detailed look at the December 2018 statistics package, click here.

For all your real estate needs, contact our office at info@wesellvancouver.ca or alternatively, at 604-716-6155.

Based on projections for the remainder of the year, MLS® residential sales are expected to decline 9% to 94,200 units compared to 103,700 units in 2017. As well, 2019 and 2020 forecasts predict sales to decrease to 94,000 and 84,800 units, respectively.

The Lower Mainland - Southwest region of the province (which includes the Greater Vancouver Area, the Fraser Valley and Chilliwack) constitutes ~60% of the housing demand in BC. Housing demand fell sharply in the first four months of 2018 as a result of tighter mortgage qualifications. There was minimal impact on home prices as a result of the slower housing demand.

The type of housing market varies depending on housing type. The detached market in Vancouver and the Fraser Valley is showing a balanced market whereas the attached and apartment markets remain significantly undersupplied. 

While the housing market is slowing in growth, it is still continuing to be supported by a strong economy. Looking at the health of BC's economy has been promising. The economy has expanded at an above-trend growth rate for four consecutive years resulting in increased interprovincial migration, employment growth and overall strong consumer confidence. Early 2018 data has been consistent with the interpretation that the "BC economy will continue to produce the remarkable economic and employment growth enjoyed since 2014".

Currently, there are over 60,000 residential units under construction in BC. The increase in new home completions coupled with the slowing housing demand will result in trending most BC markets towards balanced conditions this year, and lead to less upward pressure on home prices.

For a more detailed look at the housing and economic forecast, click here. For all your real estate needs, contact our offices at 604-801-6654 or alternatively at info@wesellvancouver.ca.

Source: British Columbia Real Estate Association (BCREA)

The announcement of Canada's first National Housing Strategy was announced by Justin Trudeau on November 22, 2017, which promises $40 billion of investment in affordable homes.

Prime Minister Trudeau said, “We need to change our approach to housing and stop thinking about housing as a problem. Housing is actually a solution. It’s the best tool we have for some really significant challenges, whether that’s for health, crime, climate change, unemployment, or reconciliation... Affordable housing has made all the difference for folks from all walks of life. But in recent decades, our housing stock has aged and the federal government’s role has diminished.”

This strategy is making housing a priority and the $40 Billion investment, spread over a 10-year period, will be funded jointly by the federal, provincial and territorial governments. It addresses a large range of challenges and covers the entire housing continuum.

With this joint investment, there are targets that this strategy hopes to attain which include 100,000 new housing units created, 300,000 existing units repaired and renewed, 300,000 households supported through the Canada Housing Benefit amongst others seen below.

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

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.

The City of Vancouver has a desire to redevelop the Cambie Corridor and launched the three-phase planning program in 2009 with the purpose of guiding long-term, transit-oriented growth. The Cambie Corridor is located in central south Vancouver and encompasses approximately 2,471 acres. This area extends 6km from West 16th Avenue to the Fraser River and is bordered by Oak Street and Ontario Street. The Cambie Corridor has roughly the same population as the West End, but five times the land area. 4 out of the 9 Canada Line stations are within the Cambie Corridor. Map view can be found below.

Source: City of Vancouver, Cambie Corridor Phase 3 Community Profile

Currently, Phase 3 is underway by building on the plan, focusing on land use and new housing opportunities while remaining within close proximity to the Canada Line stations. On June 12, 2017, the City announced that there are 11,500 new homes planned for the Cambie Corridor, of which more than 4,000 are intended to be "affordable" homes, including social and rental units that are linked to residents' incomes.

“The third phase of the Cambie Corridor Plan is the first of many exciting steps that puts the City’s Housing Strategy into action with vision for the neighbourhood that delivers a housing mix that meets peoples’ needs,” said Vancouver Mayor Gregor Robertson. “I’ve heard loud and clear that people want a mix of housing – rental, townhomes and row houses – near schools, parks and transit in Vancouver’s low-density neighbourhoods. This plan for the Cambie Corridor provides that and more.”

According to the City, the new interim 10-year housing targets will create housing that is "based on what people can afford, in new locations, and in housing forms that will meet the needs of our diverse population". These housing targets will be refined throughout the fall and will form part of the final Housing Vancouver Strategy.

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

The Canadian Mortgage and Housing Corporation (CMHC) has useful tools for homebuyers to get a better understanding of the housing market.

Mortgage Calculator

Some homebuying tools the CMHC has includes the Debt Service Calculator which gives homebuyers the opportunity to evaluate their current financial situation in order to determine how much they can comfortably afford to spend on a mortgage. Another tool is the Mortgage Payment Calculator that calculates the mortgage amounts and their frequency. For a look at more tools, click here.

Ready Set Home

This mobile app put out by the CMHC allows homebuyers, especially first-time homebuyers, to make informed choices during the homebuying process. This is available to iOS, Android and Blackberry.

Housing for Newcomers

This resource provides information for newcomers in regards to renting or purchasing a home in Canada.

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

Join us as we dive into the residential sales statistics for the month of May. There has been a record number of sales of 13,458 residential units which is a 32.3% increase from May 2015 and a 3.77% increase from April 2016. The total sales dollar volume shot up by 51.1% compared to the same period last year to $9.72 Billion. In relation to the average MLS® residential price in BC, it increased 14.2% year-over-year to $722,146.

"Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions," said Cameron Muir, BCREA Chief Economist. "Total active residential listings across the province are nearly 30 per cent lower than twelve months ago."

"New home construction activity is at a near record pace in the province," added Muir. "Once the current crop of homes are ready for occupancy there will likely be more selection for home buyers and less upward pressure on home prices."

As a result of the ongoing trend of demand outpacing supply, there are a record number of homes under construction in the Metro Vancouver market. The BC residential sales dollar volume on a year-to-date basis has jumped to $41 Billion which is an increase of 62% in relation to the same period in 2015. The residential unit sales increased by 35.2% to 54,455 units and the average MLS® residential price increased by 19% to $752,105.

Take a look below for a regional breakdown of MLS comparative data and the changes from May 2015 to May 2016. 

Source: British Columbia Real Estate Association (BCREA)

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

Come join us TOMORROW for an open house at 4561 Sardis Street - we can't wait to meet with you. For additional information on this property, contact us at info@wesellvancouver.ca or alternatively at 604-716-6155.

From a macro perspective, Canada's economy is going through a rough patch and growth is slowing down. Several variables contribute to this such as the equity markets being off to a historically bad start, the weak Canadian dollar and the oil prices struggling to find a floor. On the bright side, looking at BC's economy allows us to let out a bit of a sigh of relief. There seems to be a multitude of indicators that provide British Columbians with a glimmer of hope as these indicators point to significant momentum underlying our provincial economy.

The pace in which consumer spending and retail sales grew last year was the fastest pace in close to a decade. This key indicator proved to be the largest component of BC's economy. As a result of this, this growth largely reflected markedly improved labour market fundamentals. While employment growth has seen sluggish growth for the past few years, the last six months of 2015 proved to be a stark contrast. Growth was moving at more than a 2% rate over the latter half of the previous year. Full-time employment seeing an increase was the driver spearheading the growth seen.

With the growth demonstrated, it is no surprise that British Columbians were in a spending mood. Not only did consumption goods see an increase in sales but larger paychques and confidence in the BC economy resulted in the third highest year on record for provincial home sales. With the relative strength of the economy in BC, it is no wonder why we are seeing more interprovincial migration with workers moving to BC. Since 2013, there has been a net inflow of more than 30,000 people from other provinces, resulting in population growth and adding to an already strong housing and consumer demand.

With a strong housing demand comes a record low supply of re-sale and new housing in BC. Developers reacted to this lack of supply by breaking ground on over 30,000 new housing units last year making it the highest number of housing starts since 2008. All in all, BC's economy is forecasted to continue being a growth leader in Canada for this year and the years to come.

Source: BCREA Economics - Brendon Ogmundson

Come join us TOMORROW for an open house at 4561 Sardis Street - we can't wait to meet with you. For additional information on this property, contact us at info@wesellvancouver.ca or alternatively at 604-716-6155.

Just as predicted, the housing market in BC is off to a strong start with 5,831 recorded residential unit sales on MLS which is a 33.2% increase in relation to January 2015. Correlating to those sales was a total sales dollar volume of $4.39 Billion which is a 69.1% increase compared to January 2015. Looking at BC's average MLS residential price, there has been an increase of 26.9% year-over-year. Below you will find two charts with comparative data between January 2016 and January 2015 and their respective percentage changes.  

"The BC housing market continues to build on momentum from a very strong 2015. Heightened demand is being met with the lowest level of supply in a decade, resulting in increased pressure on prices in much of the province." -- BCREA Economist, Brendon Ogmundson 

Despite the strong housing demand, MLS residential sales are forecasted to see a slight 6.2% decline for 2016. Additional information for this year's projections can be found on our last blog here. 

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

2015 was the strongest in the past few years with 102,517 MLS residential sales. Economists believe that this year will follow suit with strong consumer demand, however, with a slight 6.2% decline in sales bringing it under the 100k mark to a projected 96,100 units in 2016 and 98,000 units in 2017. A visual representation of BC's MLS Residential Sales are shown below starting from 2005 to 2017F. 

BC's relatively robust economy coupled with strong net interprovincial migration has subsequently led to the strong housing demand that we have been seeing. Residential sales over the next two years are projected to remain well above the ten-year average of 83,200 units. In addition to strong housing demand, the average MLS residential price in BC is forecasted at $677,200 (6.4% increase) in 2016 and a further 4.1% to $705,300 in 2017.

"The inventory of homes for sale is now at its lowest level in almost a decade," said Cameron Muir, BCREA Chief Economist. "Fewer homes for sale and strong consumer demand are expected to push home prices higher in most BC regions this year and in 2017." 

In line with the strong housing demand and low inventory levels, new home construction activity is expected to be on the rise to combat the issues of not having enough inventory to supply the high demand. This issue is particularly present on the South Coast. 

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

Source: BCREA  Economics

According to the British Columbia Real Estate Association (BCREA), residential sales for December 2015 totalled 6,590 unit sales which is a 29.8% increase in comparison to December 2014 figures. As for the total sales dollar volume, it increased by a staggering 55.4%, ending the year off with an additional $4.62 billion in sales! Average MLS residential prices in BC hit a new record by going over the $700,000 threshold for the first time with prices averaging out at $700,943.

Take a look below at the BC Residential Unit Sales. As you can see, there has been rapid growth over the past few years with 2015 almost exceeding the record number of sales in 2005. At this rate, it looks like 2016 will be a promising year.

Source: British Columbia Real Estate Association

"The 2015 housing market finished in dramatic fashion, with record demand for the month of December," said Cameron Muir, BCREA Chief Economist. "BC home sales breeched the 100,000 unit threshold in 2015, and it was only the third time on record that this high watermark was achieved." 

The higher than normal average MLS residential prices in conjunction with the record annual unit sales allowed for $65.3 billion in sales for 2015, which is a 37% jump from 2014 figures. Last year was definitely a strong year in favour of the seller and this year looks no different. 

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