Want a way to measure home price trends in a chosen area? MLS has designed a tool that does just that. The MLS Home Price Index (HPI) allows users to measure home price trends in the Greater Vancouver region and other major markets in the country. The HPI follows a similar concept to the economic tool called the Consumer Price Index (CPI). With the HPI, it measures inflation or deflation as well as the change in the price of housing features. It "tracks price levels at a point in time relative to price levels in a base (reference) period for one- and two-storey single family homes, townhouse/row units and apartment units". 

The MLS HPI model is typically utilized to calculate Benchmark Prices. A "benchmark home" is one with similar attributes to those in the surrounding area in which it is located. Relative Benchmark Prices measure the percentage by which the Benchmark Price in a particular area and category is in relation to the overall market at any specific point in time.

The tools put out by MLS are there at your disposal and for your convenience. Check out their website here for all these handy tools. For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

Read Full Story

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.

Read Full Story

Metro Vancouver's real estate prices are steadily increasing, making the housing costs less affordable. Despite the decline in fixed mortgage rates, housing affordability in Metro Vancouver is slowly diminishing. The increase in real estate prices is not isolated to Vancouver only as affordability for homes has decreased for the province as a whole. On a more positive note, the market seems to be back on track due to the increase in real estate prices. Not only is it back on track, it appears to be the strongest it's ever been in the past 3 years. While this is great news for the market, it isn't for home buyers. There has been a recent increase in home buyer demand which puts Greater Vancouver in the upper reaches of a balanced housing market.

The graph below shows ownership costs as a percentage of household income. Essentially, it is the percentage of pre-tax income that the average Vancouverite needs to service the costs of owning a home. Condos are the only home type that are an anomaly in the increasing trend in housing prices in that it remains relatively stable in affordability. Owners are spending 39.9% of pre-tax income on condos which is a slight decrease in contrast to the previous quarter. Two-storey housing units are sitting at about 86.5% and bungalows are slightly lower at 82.4%. It is said that the average British Columbian must spend 68.4% of their income for housing. 
 

*Source: RBC Housing Trends and Affordability

For more information on this quarter's current real estate market and economic factors that affect it, check out the Q1 State of the Market Report produced by Urban Analytics Inc.

Read Full Story
Categories: 1940s | 2011 | 2012 | 2013 | 2014 | Active Listings | Affordability | Affordable Housing | Amalia Liapis | Apartment | Arbutus | Assignments | Average Price | Awards | Bakery | Balanced Budget | Bank of Canada | banking | BC | BC Building Code | BC Government | BCREA | Beauty Salon | Benchmark | Benchmark Price | Bonds | Boundary Road | Bowen Island, Bowen Island Real Estate | Brentwood Park | Brighouse, Richmond Real Estate | British Columbia | Budget | Budget Friendly | Budget Renovation | Building Management | Burnaby | Burnaby North Real Estate | Burquitlam | Business | Business Owner | Buying | Buying Property | Cafe | Cambie | Cambie Corridor | Cambie, Vancouver West Real Estate | Canada | Capilano Highlands, North Vancouver Real Estate | Cedar Cottage | Cedar Hills, North Surrey Real Estate | Central Park BS, Burnaby South Real Estate | Champlain Heights, Vancouver East Real Estate | Character Building | Character Home | Cheap | Chilliwack | Chinatown | Christy Clark | City of Vancouver | Civil Resolution | Civil Resolution Tribunal | CLI | Closing Costs | CMHC | Coal Harbour | Coal Harbour, Vancouver West Real Estate | Collingwood | Collingwood Vancouver East, Vancouver East Real Estate | Collingwood VE, Vancouver East Real Estate | Commerce | Commercial | Commercial Building | Commercial Property | Commercial Real Estate | Commercial Sales | Commercial Space | Commercial Units | Commodity | Communities | Community | Community Profile | Como Lake | Concrete Building | Condo | Condominiums | condos | Construction | Contract | Coquitlam | Coquitlam West, Coquitlam Real Estate | CPI | Creative | CRT | Current Demand | Custom Built | Custom Home | Decor | Demand | Demolition | Detached Home | Detached Properties | Development | Dispute | DIY | Downpayment | Downtown | Downtown Eastside | Downtown NW | Downtown NW, New Westminster Real Estate | Downtown Vancouver | Downtown VE, Vancouver East Real Estate | Downtown VW, Vancouver West Real Estate | DTES | Dunbar | Dunbar, Vancouver West Real Estate | Duplex | East Hastings | East Pender | East Vancouver | Eastside | Economic | Economic Growth | Economics | Economy | Employment | Energy | Energy Efficient | Entrepreneur | Environmentally Friendly | Equity | Fairview VW, Vancouver West Real Estate | False Creek | False Creek, Vancouver West Real Estate | Family | Federal Government | Finance | Financial | Financial Market | Financial Outlook | financing | First Nations | First Time Buyer | First Time Home Buyerr | First-Time Buyer | Fiscal Policy | Fitness Studio | For Lease | For Sale | forecast | Foreign Activity | Foreign Buyers Tax | Foreign Tax | Forest Glen BS, Burnaby South Real Estate | Fraser Valley | Fraser VE | Fraser VE, Vancouver East Real Estate | Gastown | GDP | Gentrification | Glenayre, Port Moody Real Estate | Global | Government | Government Sites | Grants | Greater Vancouver | Green | Gym | Hastings | Hastings Crossing | Hastings, Vancouver East Real Estate | Heritage | Heritage Building | Hidden Costs | Historic Chinatown | Home | Home Decor | Home Owner Grant | Home Price Index | Home Problems | Home Renovation | Home Sales | Home Upgrade | Homebuying | Homeowner | Homeowner Tips | House | House For Sale | Housing | Housing Demand | Housing Market | Housing Stats | Housing Trends | Housing Update | HPI | HST | Increasing Value | Industrial | Inexpensive | Inflation | Inflation Control | Insurance | Interest | Interest Free | Interest Rate | Interest Rates | International | Investment | investments | Justin Trudeau | Kensington Gardens | Kensington Heights | Kerrisdale, Vancouver West Real Estate | Killarney | King Edward | Kingsway | Kitsilano | Kitsilano, Vancouver West Real Estate | Kiwassa | Knight, Vancouver East Real Estate | Land | Land Redevelopment | Land Sales | Laneway House | Lease | Lease Agreements | Leased Space | Leasehold Property | Leasing | Legal | Legislation | Listing | Listings | Loan | Loan Program | Location | Lower Lonsdale, North Vancouver Real Estate | Lower Mainland | Luxury Home | Luxury Market | Lynn Valley, North Vancouver Real Estate | Main Street | Main, Vancouver East Real Estate | Management | Marine Way | Market | Market Demand | Market Statistics | Market Stats | market trends | Marpole, Vancouver West Real Estate | McNair, Richmond Real Estate | Metro Vancouver | Metrotown | Metrotown, Burnaby South Real Estate | Mixed-Use | Mixed-Use Complex | MLS | MLS Listings | MLS Stats | Monetary Policy | Money Savings | mortgage | Mortgage Rate | Mortgage Rates | Mount Pleasant | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW, Vancouver West Real Estate | Multi-Family | Multi-Use | National Housing Strategy | Neighbourhood | Neighbourhood Project | New Business | New Development | New Home | New Listing | New West | New Westminster | Oakridge | Office | Office Project | Office Space | Offshore | Olympic Village | Online Tribunal | Open House | Open Space | Otter District, Langley Real Estate | Partnership | Point Grey | Point Grey, Vancouver West Real Estate | Port Moody Centre, Port Moody Real Estate | Portfolio | Price Gap | Price Trends | Prices | Professional Business | Projections | Property | Property Management | Property Owners | Property Taxes | Property Transfer Tax | Purchase | QuadReal | Queens, West Vancouver Real Estate | Quilchena | Quilchena, Vancouver West Real Estate | Railtown | Real Estate | Rebates | REBGV | REBGV Report | Recycle | Redevelopment | Regulations | Renfrew | Renfrew Heights | Renfrew Heights, Vancouver East Real Estate | Renovated | Renovation | Renovations | Rental | Report | Residential | Residential Building | Residential Sales | Restaurant | Restrictions | Retail | Retail Level | Retail Space | River District | Sale | Sales | Sales Report | Salmon River, Langley Real Estate | Savings | Selling | Sentinel Hill, West Vancouver Real Estate | Sequel 138 | Shaughnessy | Silk Building | Silver Valley, Maple Ridge Real Estate | Single Family | Single Storey | South Burnaby | South Granville | South Granville, Vancouver West Real Estate | South Vancouver | South Vancouver, Vancouver East Real Estate | Southeast Vancouver | Southlands, Vancouver West Real Estate | Statistics | Stats | strata | Strata Owner | Strathcona | Streetfront | Streetfront Retail | Suburbs | Summer | Sunnyside Park Surrey, South Surrey White Rock Real Estate | Supply | Surrey | Survey | Tax Savings | Taxes | Tech Space | Tenant | Tofino Real Estate | Townhomes | Townhouse | Transit | Two Storey | University VW, Vancouver West Real Estate | Update | Upgrades | Value | Vancouver | Vancouver East | Vancouver Housing | Vancouver Property Values | Vancouver Real Estate | Vancouver West | Vancouver West Real Estate | Vancouver] | Victoria | Victoria VE, Vancouver East Real Estate | Views | Water View | Waterfront | WeRentVancouver | West End | West End VW, Vancouver West Real Estate | West Vancouver | West Vancouver Real Estate | Westbank | Westender | Westside | Willoughby Heights, Langley Real Estate | Yaletown | Yaletown, Vancouver West Real Estate | YVR | Zoning