The British Columbia Real Estate Association reports that a total of 9,416 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2020, an increase of 42.1% from November 2019. The average MLS® residential price in BC set a record of $816,074, a 9.3% increase from $746,310 recorded the previous year. Total sales dollar volume in November was $7.68 Billion, a 55.4% increase over 2019.
“Home sales were once again unseasonably strong in November with several markets setting records for the month,” said BCREA Chief Economist Brendon Ogmundson. “While demand continues to be strong, the supply of listings has reached near-record lows in several parts of the province, with prices rising sharply as a result."
Active listings were down close to 14% year-over-year in November, which contributed to a 34.8% sales-to-active listings ratio. Consequently, the provincial average price rose 9.3% compared to this time last year with many markets seeing even stronger price growth.
Year-to-date, BC residential sales dollar volume was up 32.3% to $66.43 Billion, compared with the same period in 2019. Residential unit sales were up 18.7% to 85,625 units, while the average MLS® residential price was up 11.4% to $775,845.
The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:
In September 2020, the British Columbia Real Estate Association (BCREA) reports that a total of 11,368 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 63.3% from September 2019. The average MLS® residential price in BC set a monthly record of $803,210, a 15.3% increase from $696,647 recorded the previous year. Total sales dollar volume in August was $9.1 billion, an 88.3% increase over 2019.
“The provincial housing market had a record-setting September,” said BCREA Chief Economist Brendon Ogmundson. “Both total sales and average prices were the highest ever for the month of September as pent-up demand from the spring pushes into the fall.” “Average prices are skewing higher as demand for space during the pandemic drives sales of single-detached homes,” added Ogmundson.
Total provincial active listings are still down about 12% year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low. Year-to-date, BC residential sales dollar volume was up 25.1% to $49.7 billion, compared with the same period in 2019. Residential unit sales were up 12.5% to 65,023 units, while the average MLS® residential price was up 11.2% to $764,298.
The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:
There is a forecasted 6.5% increase in the Multiple Listing Service® (MLS®) residential sales in the province bringing it to 82,830 units this year from 77,351 residential sales last year. There is a forecasted 17.6% increase to 96,860 units in 2021.
“The outlook for the BC housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.”
Many housing markets are beginning to see sharply rising average prices despite the weak provincial economy. Residential sales have fully recovered and are seeing above pre-COVID-19 levels. There is a forecasted 7.7% increase to the provincial MLS® average price for the remainder of the year and a further forecasted 3.7% increase in 2021.
Residential sales in the Metro Vancouver area has seen a decrease of 32.6% in September 2016 compared to the same month last year (from 3,345 down to 2,253) and a decrease of 9.5% compared to August 2016. Sales from last month were 9.6% below the 10-year sales average for the month.
“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”
There was a total of 4,799 new listings for detached, attached and apartment properties in Metro Vancouver for September 2016 which is a 1% decrease from the 4,846 units listed in September 2015. On the other hand, it was an 11.8% increase compared to August 2016 (4,293 listings). Current homes listed for sale on MLS® in the Metro Vancouver area has seen a 13.4% decrease (9,354 listings) compared to September 2015 and a 10% increase (8,506 listings) compared to August 2016. The sales-to-active listings ratio has been the lowest since February 2015 with a ratio of 24.1%.
“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016. As for specific statistics on detached homes, apartments and townhouses from last month, you can refer to the image above. Detached property sales saw a decrease of 47.6% compared to September 2015 while their benchmark price increased by 33.7%. Sales for apartments saw a decrease of 20.3% and benchmark price increased by 23.5% in contrast to September 2015. Lastly, attached properties sales decreased by 32.2% and their benchmark price increased by 29.1% compared to September 2015.
For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.
Up until the end of June, we've seen an ongoing trend of residential sales going through the roof. However, it's a different story for July! When comparing July 2016 residential property sales to July 2015 figures, we see a decrease of 18.9% (3,226 vs. 3,978 sales) and a decrease of 26.7% from last month. For the first half of the year, home sales have registered at over 4,000 units per month. July was the first time this year that home sales did not hit the 4,000 mark.
“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said. “Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”
In July 2016, new listings for detached, attached and apartment properties in Metro Vancouver have seen an increase of 2.5% totalling 5,241 units in comparison to the same month last year and a 10.8 decrease in comparison to last month. There has been a 27.4% decline in total number of properties currently listed for sale on MLS® compared to July 2015 and a 6.9% increase compared to June 2016.
Take a look below at the comparables in the MLS® HPI Composite Benchmark Price from July 2015 to July 2016.
Click on the photo below to enlarge it for better viewing. For a more detailed look at the MLS® Sales Facts, click here.
For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.
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.
It's no surprise that the ongoing trend of housing demand outpacing supply has followed us into the month of May. Let's look back at April 2016 statistics to solidify our understanding of the housing market.
There has been an increase of 30.3% residential unit sales when comparing April 2016 to April 2015 with a total of 12,969 units recorded. The total sales dollar volume was $9.64 Billion which is a 52.7% increase compared to the same period in time last year. Looking at the average MLS® residential price in BC of $743,640 shows a year-over-year increase of 17.2%.
“Housing demand is exceptionally strong across the southern regions of the province,” said Cameron Muir, BCREA Chief Economist. “Consumers appear to be particularly active in the Vancouver Island, the Fraser Valley and the Thompson/Okanagan regions.” “Strong employment growth is helping underpin consumer confidence,” added Muir.
Despite what appears to be a period of higher than normal unemployment, there has been an additional 78,000 workers employed in BC in the first quarter of 2016 which is a 3.5% increase in comparison to the same period last year. Looking at the year-to-date statistics, the BC residential sales dollar volume is sitting at $31.2 Billion (64.3% increase), unit sales total 28,028 units (36.2% increase) and the average MLS® residential price is currently $761,860 (20.6% increase). Take a look below for a regional breakdown of MLS comparative data and the changes from April 2015 to April 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.
Residential sales for the month of March 2016 set an all-time record with a total of 12,560 unit sales which is a 38% increase in comparison to March 2015. In respect to last month's sales, the dollar volume totalled $9.69 Billion which is a 66.9% increase from last year. The average MLS® residential price increased 20.2% year-over-year to $771,620.
"Housing demand has never been stronger in the province," said Cameron Muir, BCREA Chief Economist. "Most large population centres of the province are now experiencing record levels of housing demand." "Strong employment growth, rising wages and a marked increase in net inter-provincial migration is fueling consumer confidence," added Muir.
Strong consumer demand has been a trend in 2016 with not enough homes on the market to supply that demand. Consequently, inventory of homes for sale is at decade-long lows in many regions within BC. Looking at year-to-date data, BC residential sales dollar volume totals $21.59 Billion which is a drastic jump of 70.1% in comparison to the same period last year. Unit sales increased by 39.2% to 28,028 units with an average MLS® residential price of $770,408 (22.2% increase).
If you're looking to buy or sell, we've got you covered. Contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.
Source: British Columbia Real Estate Association (BCREA)
With the booming real estate market in Vancouver, it is no doubt that prices have appreciated due to the high demand. What's interesting is the asymmetrical price appreciation seen in the housing market. More expensive properties are seeing prices rise at a faster rate than those of their less expensive counterparts. Price gaps seen between houses, condominiums and detached homes are beginning to widen with Vancouver leading the biggest home price gap increases within Canada. This could be the result of foreign investment activity in Vancouver, especially within the luxury market segment. Housing priced in the higher end of the spectrum are more vulnerable to price adjustments.
The asymmetrical price appreciation has been evident in Vancouver for the past ten years which is predominantly caused by the rapid price increase of luxury homes. Housing prices have seen an overall increase, however, luxury home prices are leading the pack with the rate of increase nearly quadrupling the rates of those in the lower end of the spectrum. Homeowners within the move up market are primarily affected by this asymmetry. This phenomenon is limiting the ability for homeowners to "move up" into a bigger home and is even affecting first-time homeowners as well.
As a result of the inability to move up, homeowners are beginning to invest more in renovations as it is seen to be a more cost effective measure. Stay tuned for our next blog which tackles the issue of how to renovate your home while remaining on budget. For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively at 604-618-7000.
Cameron Muir, Chief Economist of the BC Real Estate Association (BCREA), gives a quick, yet detailed overview of the May 2015 statistics. Looking at the statistics, seller market conditions are prevailing. In the first time since 2007, MLS residential sales within BC surpassed 10,000 units in the month of May with an astonishing 10,174 residential unit sales recorded. Looking back at the first five months of the year, there has been a 22% increase in home sales and a 35% increase in the dollar volume bringing it to $25.4 billion. In contrast, there has been a 14% decrease in inventory of homes for sale from the previous year at approximately 45,000 units. This is the lowest level for the month of May since 2007.
"Home sales for the month were at an eight year high for the month of May," said Cameron Muir, BCREA Chief Economist. "Strong consumer demand is pushing home sales up in most of the large urban areas of the province."
Average home prices for BC have seen an increase of 12% year over year at $632,000 and the price for a typical home increased over 9% in Vancouver. Moving over to the commercial side of real estate, retail sales have grown more than 8% through the first quarter of 2015. This growth rate has been the highest in the past five years.
For all your real estate needs, contact us at info@wesellvancouver.ca or alternatively at 604-801-6654.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.