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.

Read full post

Another month has come and gone which means we have more monthly statistics to bring you! Looking at the residential property sales, October saw a total of 2,233 units sold which is a 38.8% decrease compared to October 2015 and a 0.9% decrease compared to September 2016. Sales last month were 15% below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

New listings for Metro Vancouver detached, attached and apartment properties saw a decrease of 3.5% compared to October 2015 (from 4,126 down to 3,981 units) and a decrease of 17% from last month's 4,799 listed properties. There was a 4.5% decrease in total number of current properties in Metro Vancouver listed for sale on MLS® compared to October 2015 (from 9,569 to 9,143) and a 2.3% decrease from last month's 9,354 units.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8% increase compared to October 2015 and a 0.8% decline compared to September 2016.

Source: Real Estate Board of Greater Vancouver.

Read full post

The Real Estate Board of Greater Vancouver has a Listed vs. Sold section on their website which graphically represents the comparison between number of units listed vs. number of units actually sold. You have the ability to select a neighbourhood and property type within that neighbourhood to get a visual representation of that data in a graph format. Below is an example of the Vancouver West - Detached statistics.

The graph displays data for a one-year period and displays the following information on a month-to-month basis: units listed, units sold and active listings. To check out other neighbourhoods and property types, take a look at their website here.

Read full post

Looking back at the housing statistics of Metro Vancouver, there has been a steady increase in demand in the month of March. According to the Real Estate Board of Greater Vancouver (REBGV), residential property sales in Greater Vancouver topped out at 4,060 just last month. In comparison to the same month last year, there has been a 53.7% increase in unit sales and a 32.6% increase in comparison to February 2015. It has been noted that there has been strong competition amongst home buyers as there have been multiple offer situations and there has been some upward pressure on home prices. 

5,968 new listings in March for detached, attached and apartment properties within the Metro Vancouver area were recorded. In contrast to March 2014 totals, this represents a 13% increase. However, the total number of properties actively listed for sale on the Multiple Listing Service has moved in the opposite direction with a 14.5% decline in comparison to March 2015 listings.

According to the REBGV president, Darcy McLeod, "[t]he number of homes for sale today is below what's typical for this time of year. If you've been considering putting your property on the market, these market conditions indicate that now may be a good time to list".

The Metro Vancouver residential properties benchmark price is currently sitting at $660,700. The sales-to-active-listings ratio is at an all-time high since July 2007 with a ratio of 32.8%.

For all your real estate needs, contact us at info@wesellvancouver.ca or alternatively at 604-801-6654.

Read full post

In strata developments, parking areas and storage lockers are not all allocated in the same way. The specific rights of owners or tenants to use parking stalls or storage lockers vary depending on how the use of these areas has been allocated in the development.

Verifying use can be a puzzling problem for REALTORS®.

As of January 14, 2014, the process is easier because of changes to the Strata Property Act.

Strata corporations must now identify parking spaces and storage lockers associated with units on the new Information Certificate (Form B) given to potential buyers and anyone authorized by the
owner or buyer.

REALTORS® assisting clients buying or selling strata property should review the development’s strata plan to determine whether parking and storage areas are
designated as:
• a separate strata lot or part of a strata lot;
• limited common property; or
• common property.

The strata lot or part of a strata lot

This is any part of the registered strata plan identified with boundaries or as a separate strata lot and owned solely by the owner.
• Parking and storage areas may be designated on the strata plan as a separate strata lot or part of a strata lot.
• Parking and storage areas intended for commercial use can be designated as a separate strata lot, and will have their own strata lot number.
• Parking and storage areas intended to be used in conjunction with a residential strata lot can’t be a separate strata lot, but can be designated as part of the strata lot and so share the same strata lot number as the residential unit.
• A parking or storage area designated as part of a strata lot will always be owned by the strata lot owner, and a strata lot owner will transfer ownership of these areas to a purchaser upon the sale of their strata lot.

Limited common property (LCP)

Parking and storage areas are designated on the strata plan as LCP for the exclusive use of a particular strata lot. An owner with exclusive use doesn’t own the area, but has the exclusive right to use the area.
• LCP areas are common property owned by all of owners in the strata
corporation in proportion to each strata lot’s unit entitlement.
• If parking and storage areas are designated on the strata plan as common property and aren’t limited to the use of a specific strata lot, a strata corporation can create LCP designations by passing a resolution either by a unanimous vote or a 3/4 vote.
• The right to exclusive use of an LCP area attaches to the strata lot, not to the specific owner. When an owner sells their strata lot, the right to exclusive use of the LCP area automatically transfers to the new owner of the strata lot.

Common Property

Parking and storage areas may be designated on the strata plan as common property. Similar to LCP, common property is owned by all owners in a strata corporation in proportion to their respective unit entitlements.

The use of areas designated as common property can be allocated to owners in three different ways:

1. A grant of exclusive use. The strata corporation can give an owner exclusive rights to use parking and storage areas designated as common property for a maximum term of one year.
• The strata corporation can renew the term, alter conditions, and cancel at any point during the term by giving reasonable notice to the owner.
• The ability to use the common property attaches to the owner and not the strata lot. Vendors can’t contractually assign permission to use parking stalls or storage lockers to new owners, as with a lease.
• The new owner must ask the strata corporation for permission to use the
area exclusively.
• The strata corporation has discretion to grant exclusive use of the same or a different parking or storage area, or deny the new owner the right to use any parking or storage area.

2. An assignment of rights under a lease or licence. When a developer creates a strata development, the developer can grant a lease or licence over parking or storage areas to a related company or to itself (a head lease).
• The developer or related company can assign its lease or licence interest in individual parking or storage areas to buyers of a strata lot in the development.
• Head leases or licences of common property are created in developments with large underground parking and storage areas to enable the developer
to control which buyers are assigned which parking and storage areas after the strata plan is filed.
• Some head leases or licences are worded so the sale of a strata lot to
a buyer automatically triggers an assignment of the individual parking or
storage area to the new buyer. If this isn’t the case, the vendor can contractually assign their lease or licence in the contract of purchase and sale.

3. Common use of parking spaces. A strata plan may contain a parking area
designated as common property that is not allocated to the use of any specific owners.
• Owners can often use common property parking areas on a first-come first-served basis.
• There may also be strata corporation bylaws or rules governing how owners use the parking area.

-source: REBGV

Read full post
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 | December 2018 | 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 | Townhome | 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