The Metro Vancouver housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1% decrease from the 3,727 sales recorded in February 2021, and a 49.8% increase from the 2,285 homes sold in January 2022. weLast month’s sales were 26.9% above the 10-year February sales average.

"As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year." - Taylor Biggar, Chair, Real Estate Board of Greater Vancouver

There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4% increase compared to the 5,048 homes listed in February 2021 and a 31.2% increase compared to January 2022 when 4,170 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3% decrease compared to February 2021 (8,358) and a 19.1% increase compared to January 2022 (5,663).

“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said.

For all property types, the sales-to-active listings ratio for February 2022 is 50.8%. By property type, the ratio is 34.9% for detached homes, 64.3% for townhomes, and 62.2% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7% increase over February 2021 and a 4.6% increase compared to January 2022.

“A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future,” Biggar said.

Sales of detached homes in February 2022 reached 1,010, an 18% decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25% increase from February 2021 and a 4.7% increase compared to January 2022.

Sales of apartment homes reached 1,854 in February 2022, a 5.4% increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9% increase from February 2021 and a 4.1% increase compared to January 2022.

Attached home sales in February 2022 totalled 560, a 24% decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2% increase from February 2021 and a 5.9% increase compared to January 2022.

Source: The Real Estate Board of Greater Vancouver

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The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4% decrease from the 2,389 sales recorded in January 2021, and a 15% decrease from the 2,688 homes sold in December 2021. 

Last month’s sales were 25.3% above the 10-year January sales average. 

There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2022. This represents a 6.9% decrease compared to the 4,480 homes listed in January 2021 and a 114.4% increase compared to December 2021 when 1,945 homes were listed.  

"Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices."Keith Stewart, REBGV economist

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,663, a 31.8% decrease compared to January 2021 (8,306) and an 8.2% increase compared to December 2021 (5,236). 

“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more homeowners will opt to become sellers in what’s traditionally the busiest season of the year,” Stewart said. “With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.” 

For all property types, the sales-to-active listings ratio for January 2022 is 40.3%. By property type, the ratio is 28% for detached homes, 51.6% for townhomes, and 49.7% for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,255,200. This represents a 18.5% increase over January 2021 and a two% increase compared to December 2021. 

Sales of detached homes in January 2022 reached 622, a 15.9% decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7% increase from January 2021 and a 2.2% increase compared to December 2021. 

Sales of apartment homes reached 1,315 in January 2022, a 10% increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14% increase from January 2021 and a 1.8% increase compared to December 2021. 

Attached home sales in January 2022 totalled 348, a 23.3% decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3% increase from January 2021 and a 2.5% increase compared to December 2021. 

Source: The Real Estate Board of Greater Vancouver

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Metro Vancouver home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2% increase from the 30,944 sales recorded in 2020, a 73.6% increase from the 25,351 homes sold in 2019, and a four% increase over the previous all-time sales record of 42,326 set in 2015. Last year’s sales total was 33.4% above the 10-year sales average.

"Home has been a focus for residents throughout the pandemic. With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options." - Keith Stewart, REBGV economist

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265 in 2021. This is a 14.7% increase compared to the 54,305 homes listed in 2020 and a 19.9% increase compared to the 51,918 homes listed in 2019. Last year’s listings total was 11% above the 10-year average. 

“While steady, home listing activity didn't keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” Stewart said.  

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,236, a 38.7% decrease compared to December 2020 (8,538) and a 26.7% decrease compared to November 2021 (7,144). 

“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,230,200. This is a 17.3% increase compared to December 2020. Both detached home and townhome benchmark prices increased 22% in the region last year, while apartments increased 12.8%.

Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7%, followed by Pitt Meadows (29.8%), and Whistler (27.8%).

Looking at area and property type, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2%, followed by detached homes (38.5%) and townhomes (35.2%) in Maple Ridge.

REBGV reports that residential home sales in the region totalled 2,688 in December 2021, a 13.1% decrease from the 3,093 sales recorded in December 2020, and a 21.6% decrease from the 3,428 homes sold in November 2021.

Last month’s sales were 33.4% above the 10-year December sales average.

There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3% decrease compared to the 2,409 homes listed in December 2020 and a 50.9% decrease compared to November 2021 when 3,964 homes were listed.

For all property types, the sales-to-active listings ratio for December 2021 is 51.3%. By property type, the ratio is 35.1% for detached homes, 75.6% for townhomes, and 60.8% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

Sales of detached homes in December 2021 reached 794, a 22.6% decrease from the 1,026 sales recorded in December 2020. The benchmark price for a detached home is $1,910,200. This represents a 22% increase from December 2020 and a 2.1% increase compared to November 2021.

Sales of apartment homes reached 1,464 in December 2021, a 1.4% decrease compared to the 1,474 sales in December 2020. The benchmark price of an apartment home is $761,800. This represents a 12.8% increase from December 2020 and a 1.2% increase compared to November 2021.

Attached home sales in December 2021 totalled 430, a 27.5% decrease compared to the 593 sales in December 2020. The benchmark price of an attached home is $1,004,900. This represents a 22% increase from December 2020 and a 1.5% increase compared to November 2021. 

Source: The Real Estate Board of Greater Vancouver

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As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s* housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9% increase from the 3,064 sales recorded in November 2020, and a 1.9% decrease from the 3,494 homes sold in October 2021. Last month’s sales were 33.6% above the 10-year November sales average.

"We expect home sale totals to end the year at or near an all-time record in our region. We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region." - Keith Stewart, REBGV economist

There were 3,964 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2021. This represents a 2.6% decrease compared to the 4,068 homes listed in November 2020 and a 2.1% decrease compared to October 2021 when 4,049 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,144, a 35.7% decrease compared to November 2020 (11,118) and a 11.1% decrease compared to October 2021 (8,034).

For all property types, the sales-to-active listings ratio for November 2021 is 48%. By property type, the ratio is 33.8% for detached homes, 74.3% for townhomes, and 53.7% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

“The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market,” Stewart said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200. This represents a 16% increase over November 2020 and a one% increase compared to October 2021.

Sales of detached homes in November 2021 reached 987, a seven% decrease from the 1,061 detached sales recorded in November 2020. The benchmark price for a detached home is $1,870,000. This represents a 20.8% increase from November 2020 and a 1.1% increase compared to October 2021.

Sales of apartment homes reached 1,828 in November 2021, a 33.3% increase compared to the 1,371 sales in November 2020. The benchmark price of an apartment home is $752,800. This represents an 11.4% increase from November 2020 and a 0.9% increase compared to October 2021.

Attached home sales in November 2021 totalled 613, a three% decrease compared to the 632 sales in November 2020. The benchmark price of an attached home is $990,300. This represents a 20.2% increase from November 2020 and a 1.6% increase compared to October 2021.

Source: The Real Estate Board of Greater Vancouver

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Home sale activity in Metro Vancouver remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,494 in October 2021, a 5.2% decrease from the 3,687 sales recorded in October 2020, and an 11% increase from the 3,149 homes sold in September 2021. Last month’s sales were 22.4% above the 10-year October sales average.

"Home sale activity continues to outpace what’s typical for this time of year and the pool of homes available for sale is in decline. This dynamic between supply and demand is causing home prices to continue to edge up across the region." - Keith Stewart, REBGV economist

There were 4,049 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2021. This represents a 27.3% decrease compared to the 5,571 homes listed in October 2020 and a 21.7% decrease compared to September 2021 when 5,171 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,034, a 35.3% decrease compared to October 2020 (12,416) and a 13% decrease compared to September 2021 (9,236).

“Rising fixed mortgage rates should eventually help ease demand, but for now sales remain strong and buyers with rate holds will remain motivated to find a property for the rest of the year,” Stewart said.

For all property types, the sales-to-active listings ratio for October 2021 is 43.5%. By property type, the ratio is 33.6% for detached homes, 64.4% for townhomes, and 46.7% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is $1,199,400. This represents a 14.7% increase over October 2020 and a 1.1% increase compared to September 2021.

Sales of detached homes in October 2021 reached 1,090, an 18.4% decrease from the 1,335 detached sales recorded in October 2020. The benchmark price for a detached home is $1,850,500. This represents a 20.5% increase from October 2020 and a 1.2% increase compared to September 2021.

Sales of apartment homes reached 1,801 in October 2021, a 14.7% increase compared to the 1,570 sales in October 2020. The benchmark price of an apartment home is $746,400. This represents a 9.5% increase from October 2020 and a 1.1% increase compared to September 2021.

Attached home sales in October 2021 totalled 603, a 22.9% decrease compared to the 782 sales in October 2020. The benchmark price of an attached home is $975,000. This represents an 18.5% increase from October 2020 and a 1.2% increase compared to September 2021. 

Source: The Real Estate Board of Greater Vancouver

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Home sale activity remains elevated across Metro Vancouver’s* housing market while the pace of homes being listed for sale continues to follow long-term averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6% decrease from the 3,643 sales recorded in September 2020, and a 0.1% decrease from the 3,152 homes sold in August 2021. Last month’s sales were 20.8% above the 10-year September sales average.

There were 5,171 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2021. This represents a 19.2% decrease compared to the 6,402 homes listed in September 2020 and a 28.2% increase compared to August 2021 when 4,032 homes were listed.

September’s new listings were 1.2% below the 10-year average for the month.

"The summer trend of above-average home sales and historically typical new listings activity continued in Metro Vancouver last month. Although this is keeping the overall supply of homes for sale low, we’re not seeing the same upward intensity on home prices today as we did in the spring. Home price trends will, however, vary depending on property type and neighborhood, so it’s important to take a hyperlocal look at your location and property category of choice before making a home buying or selling decision." - Keith Stewart, REBGV economist

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,236. This is a 29.5% decrease compared to September 2020 (13,096), a 2.6% increase compared to August 2021 (9,005), and is 27.7% below the 10-year average for the month.

For all property types, the sales-to-active listings ratio for September 2021 is 34.1%. By property type, the ratio is 25.5% for detached homes, 53.1% for townhomes, and 36.7% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

“The total inventory of homes for sale remains insufficient to meet the demand in today’s market. This scarcity limits peoples’ purchasing options and ultimately adds upward pressure on home prices,” Stewart said. “With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $ 1,186,100. This represents a 13.8% increase over September 2020 and a 0.8% increase compared to August 2021.

Sales of detached homes in September 2021 reached 950, a 27.9% decrease from the 1,317 detached sales recorded in September 2020. The benchmark price for a detached home is $1,828,200. This represents a 20.4 percent increase from September 2020 and a 1.2% increase compared to August 2021.

Sales of apartment homes reached 1,621 in September 2021, a 1.6% increase compared to the 1,596 sales in September 2020. The benchmark price of an apartment home is $ 738,600. This represents an 8.4% increase from September 2020 and a 0.5% increase compared to August 2021.

Attached home sales in September 2021 totalled 578, a 20.8% decrease compared to the 730 sales in September 2020. The benchmark price of an attached home is $963,800. This represents a 17.5% increase from September 2020 and a 1.2% increase compared to August 2021.

Source: The Real Estate Board of Greater Vancouver

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While home buyers have remained active in Metro Vancouver throughout the summer, the supply of homes for sale has declined steadily since June. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4% increase from the 3,047 sales recorded in August 2020, and a 5.2% decrease from the 3,326 homes sold in July 2021. Last month’s sales were 20.4% above the 10-year August sales average.

"August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied." - Keith Stewart, REBGV economist

There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6% decrease compared to the 5,813 homes listed in August 2020 and a 7.9% decrease compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7% decrease compared to August 2020 (12,803) and an 8.6% decrease compared to July 2021 (9,850).

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve people's home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”

For all property types, the sales-to-active listings ratio for August 2021 is 35%. By property type, the ratio is 25.3% for detached homes, 51.8% for townhomes, and 39.2% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,” Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 % increase over August 2020 and a 0.1% increase compared to July 2021.

Sales of detached homes in August 2021 reached 945, a 13.7% decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4% increase from August 2020 and a 0.3% increase compared to July 2021.

Sales of apartment homes reached 1,631 in August 2021, a 22.4% increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6% increase from August 2020 and a 0.2% decrease compared to July 2021.

Attached home sales in August 2021 totalled 576, a 7.1% decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5% increase from August 2020 and a 0.3% increase compared to July 2021.

Source: The Real Estate Board of Greater Vancouver

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Metro Vancouver’s housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3% increase from the 3,128 sales recorded in July 2020, and an 11.6% decrease from the 3,762 homes sold in June 2021.

Last month’s sales were 13.3% above the 10-year July sales average.

"Moderation was the name of the game in July. Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types." - Keith Stewart, REBGV economist

There were 4,377 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2021. This represents a 26.4% decrease compared to the 5,948 homes listed in July 2020 and a 25.2% decrease compared to June 2021 when 5,849 homes were listed.

July’s new listings were 12.3% below the 10-year average for the month.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,850, an 18.5% decrease compared to July 2020 (12,083) and a 9.1% decrease compared to June 2021 (10,839).

“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart said. "Home sales remain above average and we’re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends."

For all property types, the sales-to-active listings ratio for July 2021 is 33.8%. By property type, the ratio is 25.5% for detached homes, 47.8% for townhomes, and 37.3% for apartments.

 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,500. This represents a 13.8% increase over July 2020 and is unchanged from June 2021.

Sales of detached homes in July 2021 reached 1,050, a 6.3% decrease from the 1,121 detached sales recorded in July 2020. The benchmark price for a detached home is $1,801,100. This represents a 21% increase from July 2020 and is unchanged from June 2021.

Sales of apartment homes reached 1,666 in July 2021, a 19% increase compared to the 1,400 sales in July 2020. The benchmark price of an apartment property is $736,900. This represents an 8.4% increase from July 2020 and a 0.1% decrease compared to June 2021.

Attached home sales in July 2021 totalled 610, a 0.5% increase compared to the 607 sales in July 2020. The benchmark price of an attached home is $949,400. This represents a 16.7% increase from July 2020 and a 0.3% increase compared to June 2021.

Source: The Real Estate Board of Greater Vancouver

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There was a total of 7,093 residential unit sales recorded by the Multiple Listing Service® (MLS®) in August, which is a 4.9% increase from the same month last year. There was also an increase of 2.6% from the same month last year for the average MLS® residential price bringing it to $685,575. Total sales dollar volume saw an increase of 7.6% from the same month last year to $4.86 Billion.

"BC home sales continue to recover from a policy-driven downturn," said BCREA Deputy Chief Economist Brendon Ogmundson. "Home sales have been rising through the spring and summer, but still remain well below pre-B20 stress test levels."

MLS® residential active listings in the province were up 10% from August 2018 to 40,098 units and were essentially flat compared to July on a seasonally adjusted basis. Overall market conditions remained in a balanced range with a sales-to-active listings ratio of about 18%.

Year-to-date, BC residential sales dollar volume totalled $34.9 Billion which is a 16% decrease from the same period in 2018. Residential unit sales totalled 50,806 units which is a 12.2% decrease. The average MLS® residential price was down 4.4% year-to-date at $686,303.    

For a detailed look at the residential average prices, active listings and sales-to-active-listings data for August 2019, click here.

Source: British Columbia Real Estate Association (BCREA).

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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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