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)

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As we take a look at MLS® sales figures for February 2016, it is evident that there has been a substantial increase in residential unit sales in comparison to February 2015 numbers with a total increase of 44.7% (9,637 sales). There is a stark contrast in terms of total sales dollar volume from one year to the next with a total of $7.51 Billion which is a 76.4% increase. The average MLS® residential price in the province was up 21.9 per cent year-over-year, to $779,419.

"Housing demand is now at a break-neck pace," said Cameron Muir, BCREA Chief Economist. "Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province."

"Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly in Vancouver and the Fraser Valley," added Muir. "While home builders have responded with a record pace of housing starts for BC last month, the supply isn't expected alleviate the imbalance in these markets in the near term."

Looking at year-to-date data, residential sales dollar volume for BC has increased 73.6% to $11.9 Billion in contrast to the same period in 2015 whereas unit sales increased 40.1% to 15,468 units. At the rate this is going, it is no wonder why the intense housing demand is causing a shortage of supply. For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

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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.

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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

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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.

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Our last blog took a look at 2014 statistics in the realm of commercial real estate. Today we'll be exploring statistics for 2015 thus far. As noted in our last blog, commercial land sales have driven sales activity for the first quarter. It has been an upward trend for the past four years in terms of dollar value in land sales.

“It was the most active first quarter we’ve seen in our commercial market over the last five years,” Darcy McLeod, REBGV president said. “This activity reflects the growth we’re seeing in related sectors within our economy such as retail and manufacturing.”

Below you will find a comparison chart of Quarter 1 commercial real estate activity by category for the years 2014 and 2015. As you can see, the number of sales has seen an increase from 2014 to 2015 whereas the dollar value for each respective category has increased in some categories and decreased in others.

Category Classifications

Land - Includes properties that are holding properties, farmland, garden centres, redevelopment sites, land assembly sites, vineyards, etc.

Office and Retail - These properties are defined by the zoning according to each municipality and must have a building on the site. This includes office, office condo, retail, retail condo, shopping centre, gas station, car dealerships, banks, community centres, daycares, educational facility, institutional, golf courses, movie threatre, hotel, churches, restaurants, truck stops, etc.

Industrial - These are defined by the zoning according to each municipality and must have a building on the site. This includes warehouses, warehouse bays and multi-bay warehouses.

Multi-Family - These include nursing homes, high rises, low rises and any condo or townhome properties containing four or more units with at least one zoned for commercial use.

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Before diving into the statistics for the commercial real estate market in the Lower Mainland for 2015, let's back track and take a look at 2014. The Lower Mainland's commercial real estate market topped out at 1,963 sales allowing it to hit a five-year high in terms of the number and value of sales. The commercial real estate sales for 2014 were 4.4% above the region's five-year sales average totalling $6.086 billion in sales.

Ray Harris, REBGV president stated, "[o]ur commercial real estate market was up in 2014 thanks in large part to increased demand for raw land transactions within the development and investor community. An increase in land transactions is often a signal of confidence in the market because it required a multi-year investment."

Following in suit with the trend of growing sales in the area of raw land, an increase in raw land sales contributed to boosting commercial real estate totals for the first quarter of this year. Year over year, the commercial land sales has seen a significant increase in both number of sales and dollar value of sales. With the exception of the actual number of sales transactions in 2013, there have been continual increases from 2011 to 2014. Below you will find comparative data for the commercial land sales for the past four years.

The real estate market for 2015 so far has seen a positive start. In comparing 2014 Q1 and 2015 Q1 sales, the total dollar value of commercial sales in Vancouver has increased by 7.6%, totalling $1.5 billion. As for the number of sales transactions, there has been an increase of 8.6% compared between the first quarters of 2014 and 2015. “It was the most active first quarter we’ve seen in our commercial market over the last five years,” Darcy McLeod, REBGV president said. “This activity reflects the growth we’re seeing in related sectors within our economy such as retail and manufacturing.”

Stay tuned for our next blog post on the comparison of 2014 and 2015 first quarter commercial sales, broken down by category.

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

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Source: BC Real Estate Association (BCREA)

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.

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The Real Estate Board of Greater Vancouver (REBGV) provides us with an easy-to-understand video that depicts the specific insider trends in the housing market. Demand continues to outpace supply across Metro Vancouver resulting in seller market conditions.

In order to stay competitive in the marketplace, get connected with a knowledgeable realtor. With over 25 years in the industry, WeSellVancouver can provide advice on:

» Strategies for pricing
» What to include in the contract
» How to safeguard yourself

Whether you're buying or selling, we can assist you through the process. For all your real estate needs, contact us at info@wesellvancouver.ca or alternatively at 604-801-6654.

Source: Real Estate Board of Greater Vancouver

 

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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.

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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.

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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.