Looking back at the market results for June, there has been an overall decline in home sales and prices while the supply of homes continued to accumulate in Metro Vancouver. As per the Real Estate Board of Greater Vancouver (REBGV), there were 2,077 residential homes sold in June 2019 which is a 14.4% decline from the 2,425 homes in May 2019. Sales were 34.7% below the 10-year June sales average, which is the lowest total for the month since 2000.

“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”

There were 4,751 detached, attached and apartment properties newly listed for sale on MLS® last month which is a 10% decrease compared to June 2018 and an 18.9% decrease compared to May 2019. Overall, there is a total of 14,968 listings on MLS® which is a 25.3% increase compared to June 2018 and a 1.9% increase compared to May 2019.

“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”

For June 2019, the sales-to-active listings ratio is 13.9% for all property types. Broken down, it is 11.4% for detached homes, 15.8% for townhomes and 15.7% for apartments. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver dropped 9.6% from the same month last year to $998,700. This is the first time since May 2017 that the composite benchmark dropped below the $1 Million mark.

Detached Homes: 746 units sold (2.6% decrease from June 2018). The benchmark price decreased by 10.9% from June 2018 and increased by 0.1% from May 2019 to $1,423,500.

Apartments: 941 units sold (24.1% decrease from June 2018). The benchmark price decreased by 8.9% from June 2018 and decreased by 1.4% from May 2019 to $654,700.

Attached Homes: 390 units sold (6.9% decrease from June 2018). The benchmark price decreased by 8.6% from June 2018 and decreased by 0.6% from May 2019 to $774,700.

For all your real estate needs, contact our office at info@wesellvancouver.ca or alternatively, at 604-716-6155.

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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.

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Below you will find a snapshot of June and July 2018 figures in contrast to the same month last year broken down by detached properties, condos and townhomes.
 
Source: Real Estate Board of Greater Vancouver
 
For a more detailed look at the July 2018 Metro Vancouver report, click here. For all your real estate needs, contact our offices at 604-801-6654 or alternatively at info@wesellvancouver.ca.
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Buying a home involves sneaky hidden costs that are often overlooked. Be prepared for fees that go beyond the mortgage. The time for you to budget for those "end" expenses is now!

MANDATORY FEES
Deposit: Prepare ~5% of the purchase price readily available in cash.

Legal Fees: Lawyer and notary fees are dependent on the complexity of the transactions. A lawyer or notary public represents your needs and interests and will facilitate transactions between you, the seller and the bank on closing day. For straightforward transactions, the average cost will range from $600 to $1,200.

Property Transfer Tax (PTT): For the first $200,000, you pay 1% and 2% for the remaining balance.

Great News for First-Time Home Buyers! Effective as of February 19, 2014, the government has announced a reduction in the tax burden for first-time buyers. Under the PTT First-Time Home Buyers' Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. 

More information regarding the reduced tax burden can be found on our previously published blog post: Government Reduces Tax Burden on First-Time Buyers

Stay tuned for additional hidden fees of buying a home in subsequent posts!

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Leasehold properties allow home buyers to climb the property ladder in a much more affordable manner. With savings of $100K or more, choosing this route seems like a wise decision, especially in this day and age where housing costs seem to be increasing exponentially. But what exactly is a leasehold property?

In layman's terms, a leasehold property is basically an ownership agreement in which you purchase the home but rent the land. In Vancouver, this type of ownership is not as common as freehold ownership but it is more prominent in certain areas of the West End, False Creek and UBC. In contrast to their freehold counterparts, leasehold properties are, generally speaking, more attractively priced, more spacious and in better neighbourhoods.

Getting into the technical details, leasehold properties are owned by the city, governments, First Nations bands, universities and other approved public authorities. The land is leased out to a developer typically between 50 to 99 years. The land is used for developing housing which is then sold or rented out to homeowners at a far more affordable price in comparison to freehold ownerships.

For all your real estate needs, contact us today by email at amalia@wesellvancouver.ca or by phone at 604-618-7000!

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This quick & easy guide will pinpoint affordable housing in a city that is known for its exorbitant housing prices.

- For first-time buyers searching for affordable single family homes, Hastings Sunrise is an excellent neighbourhood due to its easy access to downtown Vancouver, its affordability and its surrounding amenities. 

- Many of the homes in Hastings Sunrise have potential suites which can double as rental income in helping you reduce your mortgage faster.

- This neighbourhood is home to lots of upcoming development. Homes in this area average around a little under $1M.

- For those searching for condos, the up-and-coming neighbourhoods are Mount Pleasant, Fraser Street & Chinatown. With Mount Pleasant being the Main Street renaissance, Fraser Street being the next Main Street and Chinatown being situated near the Olympic Village and the Seawall, these areas are considered to be a part of Vancouver's hot neighbourhoods.

- Prices in these three neighbourhoods average around $350K which will buy you a small one-bedroom in a newer building.

Do your research and consider the aforementioned booming neighbourhoods to see which area best meets all of your needs. For any questions on real estate, contact us today by email at amalia@wesellvancouver.ca or by phone at 604-618-7000!

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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.