The British Columbia Real Estate Association (BCREA) reports a 27% decline in residential unit sales from the same month last year (as per MLS®) which is a total of 4,533 residential unit sales recorded. The average MLS® residential price in the province was $678,625, a 9.3% decline from February 2018. Total sales dollar volume was $3.08 Billion, a 33.8% decline from the same month last year.
“Prospective homebuyers continue to be sidelined by the mortgage stress test,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “As a consequence, and despite a strong BC labour market, sales remained slow in February.”
Total MLS® residential active listings increased 36.5% to 30,891 units compared to the same month last year. The ratio of sales to active residential listings declined from 27.4% to 14.7% over the same period.
“Falling mortgage rates should provide some relief for homebuyers, providing a small boost to affordability heading into the spring,” added Ogmundson.
As per the Real Estate Board of Vancouver, the February statistics for Metro Vancouver can be seen below.
The Metro Vancouver* housing market saw increased supply and below average demand in February. The REBGV reports that home sales in the region saw a 32.8% from the same month last year (1,484 units in February 2019). Last month's sales were 42.5% below the 10-year February sales average.
"For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market. This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions." -- Phil Moore, REBGV president
* Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
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 firstname.lastname@example.org or alternatively, at 604-716-6155.
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.
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 email@example.com.
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 firstname.lastname@example.org.
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 email@example.com 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 firstname.lastname@example.org or alternatively at 604-801-6654.
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.
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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.