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by Maggie Chandler Maggie Chandler No Comments

BC Property Real Estate Update

Vancouver, BC – April 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 9,826 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, down 21.8 per cent from the same period last year. Total sales dollar volume was $6.79 billion, down 30 per cent from March 2016. The average MLS® residential price in the province was $690,597, a 10.5 per cent decrease from the same period last year.

“Consumer demand continues to normalize following blockbuster home sales in 2016,” says Brendon Ogmundson, BCREA Economist. “However, the supply of homes available for sale has not recovered and is still declining in many markets around the province.”

Although the average price in BC was down year-over-year due to a shift in the composition of sales away from higher-priced homes in Greater Vancouver, home prices in most markets are being pushed higher due to severe supply constraints. This is particularly true for the Victoria region, which currently has just over one month of inventory for sale, as well as for the apartment and townhouse market in the Lower Mainland.

Year-to-date, BC residential sales dollar volume was down 34.7 per cent to $14.1 billion, when compared with the same period in 2016. Residential unit sales declined 25.5 per cent to 20,893 units, while the average MLS® residential price was down 12.4 per cent to $674,856.

 

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Property Sales & Prices Rise in March

East Vancouver Property Sales & Prices Rise in March but listings remain flat. The average sale price for houses is the same as a year ago, having peaked in July, corrected and started to uptrend in January this year. Now $1.583.000. Townhomes are 11% higher than a year ago, now at $851.000 and condos are up 18% from a year ago, now at $571,000.

East Van real estate sales are down 18% from a year ago. with houses taking the biggest hit at 24%, townhomes at 14% and condos at 9%. Average days on market are 36 for houses, 22 for townhomes and 19 for condos. Sales bottomed in January and have been trending upwards since.

Sales to listing ratio is 22% for houses, 59% for townhomes and 87% for condos.

Percentage of original price – houses are 98%, townhomes 101% and condos 102%.

East Vancouver property listings are 39% higher than a year ago. Houses are up 65%, townhomes 81% and condos 11%. Houses have the largest selection and are trending upwards but condos are trending downwards.

Put Maggie’s decades of local knowledge to work for you! Call today!

by Maggie Chandler Maggie Chandler No Comments

Vancouver West Side Real Estate Prices and Sales Up But Listings Flat in March

Vancouver West Side Real Estate Prices and Sales Up but Listings Flat in March. Condos are outshining houses and townhomes. Condo continue to be popular due to the affordability factor and very low inventory. Whereas, the selection in houses is good.

Here’s the average sale price graph for houses, townhomes and condos for March 2017. Compared to Mar’17 house prices increased from $3.7M to $3.9M. Townhomes dropped from $1.5M to $1.294.000 and condos increased from $855,000 to $862,000.

Solds – houses peaked in April 2016 and bottomed in Jan’17. Townhomes and condos peaked in Mar’16 and bottomed in Jan’17. Only houses didn’t increase over March 2017.

Listings –  at the lowest point they’ve been for the last 5 years.

 

Average days on market – houses 35, townhomes 32 and condos 24.

Percentage of original price – houses 95%, townhomes 101% and condos 100.7%

Sales to active ratio – houses are only 16%, townhomes 51% and condos 69%

Planning to make a move? Put Maggie’s decades of local knowledge to work for you! Call today!

 

by Maggie Chandler Maggie Chandler No Comments

BC Home Sales Return to a Typical Level

BCREA – March 15, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 6,580 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, down 31.7 per cent from the same period last year. Total sales dollar volume was $4.53 billion, down 39.7 per cent from February 2016. The average MLS® residential price in the province was $688,117, an 11.7 per cent decrease from the same period last year.

“Consumer demand has returned to a more typical level over the first two months of the year,” said Cameron Muir, BCREA Chief Economist. “While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month’s activity reflected the average for the month February since the year 2000.”

“The average MLS® residential price for the province was down nearly 12 per cent from a record $779,419 in February 2016. However, this change is largely the result of a decline in the proportion of provincial sales originating from the Vancouver region. Last month, 37 per cent of BC home sales occurred in the Real Estate Board of Greater Vancouver’s area, compared to 44 per cent in February 2016.

Year-to-date, BC residential sales dollar volume was down 38.5 per cent to $7.3 billion, when compared with the same period in 2016. Residential unit sales declined 28.5 per cent to 11,067 units, while the average MLS® residential price was down 14.1 per cent to $660,943.

Contact Maggie if you have a real estate question 604-328-0077 – put my decades of local knowledge to work for you!

 

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Real Estate Listings, Sales and Prices Trend Upwards in February

East Vancouver Real Estate Listings, Sales and Prices Trend Upwards in February.  Listings are not at a record low but remain a long way away from the record high. Sales are on the low end of the scale, similar to Feb’12. The overall sale price is now equal to Dec’15 at $936,000 but in fact only the price of house has slipped.

Listings edged up slightly in all categories. Now 924 compared to 672 a year ago, a 37% increase and lower than the average for this month over the last 10 years

Solds 224 , which is 31% less than Feb’16. Over the last 10 years 2013 was the record low for the month, with 151 sales.

Average Sale Price for all types of properties edged up slightly but remains 8.7% less than a year ago. Houses sit at $1.395.000, down 3% from a year ago. Townhomes $882,000, up 20% from a year ago and condos are at $564,00 also up 20% from a year ago. Both houses and townhomes increased from January but condos slipped a bit.

Days on Market was 26 in February. All categories were lower than January but are 23% higher than a year ago.

% of Original Price is 100% which is 4% less than a year ago. Houses are selling at 97% of list price, townhomes at 100.7% and condos at 102%.

Sales to Active Ratio is 12% for houses, 35% for townhomes and 60% for condos

Dollar Volume moved up in February but is 37% less than a year ago.

BUYING OR SELLING? put my decades of local knowledge to work for you! Call Maggie today!

 



by Maggie Chandler Maggie Chandler No Comments

BC Real Estate Sales in January Return to Long Term Average Levels

The British Columbia Real Estate Association (BCREA) reports that a total of 4,487 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, down 23 per cent from the same period last year. Total sales dollar volume was $2.79 billion, down 36.5 per cent from January 2016. The average MLS® residential price in the province was $621,093, a 17.5 per cent decrease from the same period last year.

“Housing demand across the province returned to long-term average levels last month,” said Cameron Muir, BCREA Chief Economist. “However, regional variations persist, with Victoria posting above average performance and Vancouver falling below the average.”

“A marked decrease in the average MLS® residential price is largely the result of relatively more home sales occurring outside of the Lower Mainland,” added Muir.

Home sales from Vancouver fell from 43 per cent of provincial transactions in January 2016 to 35 per cent last month. In addition, fewer detached home sales in Vancouver relative to multi-family units has skewed the average price statistic down in the province’s largest urban area. In contrast, the MLS® Residential Benchmark Price in the Real Estate Board of Greater Vancouver area has declined 3.7 per cent over the past six months, but is up 15.6 per cent from January 2016.

Contact Maggie if you have a real estate question

 

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Condos Outperform Houses and Townhomes in January 2017

East Vancouver Condos Outperform Houses and Townhomes in January 2017 with an increase in average sale price. Overall listings increased slightly but sales declined. The real estate market has returned to being better balanced. Clearly condos are benefiting from the affordability factor.

Listings –  listings bottomed in Dec’15 at 500 and now sit at 841, up 37% from a year ago. Houses sit at 624,up 81% from a year ago the highest inventory since Aug’13.Townhomes are 35, down 3% from a year ago and condos are 182, down 21% from a year ago. Condo and Townhome supply is at an all time low.

New Listings – increased for all property types

Sales – 136 for the month and continued on a downward trend and equal to Dec’08. Down 30% from last January.

Average Days on Market – 37 which is 5% less than a year ago. Houses 55. Townhomes 42 and condos take 23 days to sell.

Percentage of Original Price – houses sell at 96% , which is 6.6% less than a year ago. Townhomes sell at 101% which is equal to a year ago and condos sell at 101% which is also equal to a year ago.

Sales to Active Ratio – 16% overall which is 50% less than a year ago. Only 8% of houses listed are selling 22% of townhomes and 41% of condos.

Average Sale Price – levelled at $900,000 but houses continue to drop, now down to $1.393.000 , compared to $1.447.000 the previous month and 7.5% less than a year ago. Townhomes sit at $731,000, down from $814,000 the previous month and 7.5% less than a year ago. Condos are $580,000, up 31% from a year ago and up from $543,000 in Dec’16.

Dollar Volume – continues to decline and is now 36% less than a year ago. The lowest it’s been since Nov’12.

View the average sale price graph for the last 5 years

as per stats from REBGV Feb 3/17.

put my decades of hyper-local knowledge to work for you!

 

by Maggie Chandler Maggie Chandler No Comments

Only Vancouver’s West Side House Prices Decline January 2017 And Overall Sales Drop

Vancouver’s West Side House Prices decline in January 2017 as did sales, but listings saw an uptick..

Listings – House listings are 595, up 14% from a year ago. Townhomes are 87, down 10% from a year ago and condos sit at 691 which is 15% less than a year ago. 1373 listings in total, which is 4.6% less than a year ago.

New Listings – January saw 862 new listings which is 10.7% less than a year ago.

Sales – totalled 269 for the month, a drop of 42% from a year ago and equal to October’08.  Only 37 West Side house sales for the month, a 72% drop from Jan’16 and down from 64 in December. Condos had 213 sales, a 30% drop from a year ago and townhomes had 19 sales, a 38% drop from a year ago. This is the lowest month for sales since Dec’12.

Average Sale Price – for all property types is down 27% from a year ago and equal to Feb’13. Houses topped in July’16 at $4.2M and are down to $3.4M, a 10% decline from a year ago. Townhomes and condos are more stable. Townhomes sit at $1.16M which is 6% higher than a year ago and condos sit at $843,000, also 6% higher than a year ago. Overall the average sale price is now equal to Sept’15 and is due to the drop in houses.

Best Selling Price Range – for condos 4500,000-$600,000. Townhomes $1.3-$1.4M,  houses over $3M.

Days on Market – 35 overall. Houses averaged 51, townhomes 28 and condos 33

Sales to Active Ratio – only 6% for houses compared to the peak the in May last year when it was 30%. Townhomes are 21% and condos 30%

Percentage of Original Price –on average houses are selling at 95%, townhomes and condos are 98.5%.

Dollar Volume – total dollar volume is down 58% from a year ago and the lowest its been since Dec’12.

as per REBGV stats feb 2/17

put my decades of hyper-local knowledge to work for you!

by Maggie Chandler Maggie Chandler No Comments

Greater Vancouver Real Estate Prices and Sales Decline in January 2017

Greater Vancouver’s Real Estate prices and sales decline in Janaury 2017. Overall the average sale price is down 19% from a year ago ($1.106.000 to $881.900)  Listings turned up slightly. The market is returning to being better balanced.

Listings – were 6,482 in December and moved to 7,421 in January. They are 0.9% less than a year ago.

New listings -increased in January but are 7% lower than a year ago.

Sales peaked in Mar’16 at 5,067 and January had 1,503, a 39% decline and equal to Jan’12.  Houses are down  57% from a year ago, townhomes 31% and condos 24%. The market hit bottom in January 2009 with 746 – after the Wall Street Crash.

Sales to active ratio is only 10% for houses,  28% for townhomes and  37% for condos. Analysts say that upward pressure on prices occurs when the ratio is above 20% and downward pressure when is it below 12%. The peak was March at 65%, currently it is 23% overall and is down 38% from a year ago.

Best Selling Price Range – condos $300,000-$500,000. Townhomes $500,00-$600,000 and houses over $900,000-$1M.

Average days on market sits at 43 and continues to climb.  Houses are taking the longest to sell, with an average of 58, townhomes are 43 and condos 35  The peak was January 2009 with an average of 76 days to sell and the bottom was June 2016 at 22.

Percentage of original price – houses sit at  95%, townhomes at 98% and condos at 98%. April was the top at 104% and it now sits at 97.5%. Dec’16 was the bottom

Dollar volume hit a record in March this year at 1,587,730,189 and has been on a downward trend since, now at  1,325,618,338, a 50% drop from a year ago

put my decades of hyper-local experience to work for you!

updated November 5, 2016 as per REBGV stats

by Maggie Chandler Maggie Chandler No Comments

Where is Affordable Real Estate in Greater Vancouver?

Where is Affordable Real Estate in Greater Vancouver? 2016 was by far the hottest real estate market I have ever experienced in my 35 year career. It did, of course, benefit home sellers rather than home buyers but if you were selling your home and wishing to buy another it was a challenge to say the least, due to the demand far outstripping the supply.

The BC Government’s 15% foreign buyers tax introduced on August l, 2016 put the brakes on the market. In fact, property sales were already decreasing due to the affordability factor. Then City Hall passed the Empty Home Tax, which takes effect on January 1, 2017 and will present a challenge to people who live outside of the city and own a pied-a-terre in Vancouver for their own use. They will have to pay a 1% tax of assessed value if the property is left vacant for more than six months. In addition, Ottawa tightened mortgage qualifying rules – yet again, which presents a  challenge for local buyers.

Vancouver is obviously trending up the unaffordable real estate ladder, whereby the younger buyers who aren’t lucky enough to tap into the Bank of Mum will be faced with renting or moving to the far away suburbs and commuting by public transportation or having to drive, which also increases your overhead,  if they have a City job.

First I’ll look at houses -just because they are part of the real estate equation but only a small percentage of local people can afford a house in Vancouver – even on the East Side. Townhomes have become an alternative to houses and then of course there’s condos which remain the most affordable type of real estate to own, providing you’re not on the waterfront or the luxury Downtown hotel/condo complexes!

Townhomes reached a benchmark price of $661,000 at the end of December 2016, which is a 20% increase for the year. Over the last ten years the Lower Mainland has seen a 56% increase in townhome prices and a 39% increase over the last five years. Squamish townhomes won the race last year, boasting a 33% increase, closely followed by Whistler with a 32% increase and Maple Ridge with a 28% increase Currently the suburbs with the most affordable townhomes are Maple Ridge with a benchmark price of $391,000, followed by Pitt Meadows at $477,000 and Coquitlam at $504,000. Clearly townhomes are benefiting from the high cost of a house. In Squamish the benchmark price of a house is $813,000.

So that leaves condos as the only choice for young buyers. Alternatively, the Province could grow the economy in Surrey and create more jobs for people working out there. These properties saw a 52% increase over the last ten years in the Lower Mainland. East Van won this race with a 73% hike. Currently the least expensive condos in the Lower Mainland are in Maple Ridge with a benchmark price $208,000, then Port Coquitlam at $303,000, followed by Pitt Meadows at $310,000. Coquitlam is also affordable at $346,000. Consider a joint venture with a friend and buy a two bedroom condo with both of you paying the mortgage and sharing the profit when you sell. You can still find some two bedrooms in Richmond, Coquitlam or Burnaby that sell for less than $350,000. So getting some assistance from the Bank of Mum may be possible for first time buyers.

Consider Ladner which has a bus to the City and maybe in the long run the BC Gov’t will extend the Skytrain from Richmond to cross the new bridge which is due for completion in 2022.

Greater Vancouver 2016 Market Recap

In my entire career I have never seen anything close to 2016. Back in the good old days a hot market which favoured sellers would produce three or maybe four offers on the same property. Last March I was in an 18 offer presentation and every offer had at least another eight buyers competing for the property. I have also never seen properties sell for such a large amount over the list price. So it is healthy to see the market return to normal. If the Mainlanders return to buying real estate for the Chinese New Year which is at the end of January, that will stabilize prices. If they don’t we may well see a small decline, particularly in house prices. The sales to active ratio peaked at 61% and now sits at 27%. Listings peaked after the Wall Street crash in 2008 at 20,000 and now sits at 6,200. Prices generally decrease when the supply is high, but we have never had this degree of unaffordability.

2016 Vancouver West Side Real Estate Recap

The year saw the BC Government introduce the 15% foreign buyers tax on August 1, 2016 and City of Vancouver passing the Empty Home Tax effective January 1, 2017.

Sales actually peaked in March at 1,005 and declined to 325 in December, with a sales to active ratio falling from 66% to 28%.

Average days on market bottomed at 18 and is now up to 37.

There are only 1,049 properties listed for sale on the West Side. This is an all time low.

The average sale price of a house is now $3.7M, up 11% over the last year. Townhomes sit at k$1,287,000 up 16% over the last year and condos are $856,000 up 14% over the last year.

Ten years ago the average house price was $1.2M, townhomes $570,000 and condos $420,000. Houses have outperformed and perhaps that’ll be where the correction will be.

2016 East Vancouver Real Estate Recap

East Van average sale price is down to $1.452.000 for houses, which is equal to a year ago. It peaked at $1.726.000 in April. Townhomes are $814,000, up 21% from a year ago and condos are $543,000 up 22% from a year ago. Clearly East Van is benefiting from the very expensive West Side.

Ten years ago the average house price was $540,000, townhomes was $330,000 and condos $231,000. Cheap or what!!

Sales to active ratio is now 25%.

Currently 712 properties listed. The low was Dec’15 with 500.

Average days on market is 36.

Some economists are predicting that prices will correct by ten or even 20%, or only house prices will correct, and some are saying prices will sit flat for the time being. In truth, no-one knows and time shall tell! History shows that long term investors always do well.

Let my decades of hyper-local knowledge help you find the right home! Call Maggie at 604-328-0077

 

by Maggie Chandler Maggie Chandler No Comments

BCREA Predicts BC Home Sales & Prices to Decline in 2017

November 29, 2016.

The British Columbia Real Estate Association (BCREA) just released its 2016 Fourth Quarter Housing Forecast

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent to 96,300 units in 2017. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.

“”Housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers,” said Cameron Muir, BCREA Chief Economist. “However, while home sales are not expected to repeat this year’s record performance, consumer demand is expected to remain well above the ten-year average.”

The average MLS® residential price in the province is forecast to increase 9.8 per cent to $698,900 this year. The supply of homes for sale is expected to trend higher next year as moderating demand is met with added new home completions. A trend toward more balance in the market will unfold next year and exert less upward pressure on home prices. In addition, a larger contraction in the number high-end home sales will contribute to moving the aggregate average price statistic lower. As a result, the average MLS® residential price in the province is forecast to decline 6.4 per cent to $654,200 in 2017.

We are returning to a balanced market.

 

by Maggie Chandler Maggie Chandler No Comments

BC Real Estate Sales Decline

 November 15, 2016

The British Columbia Real Estate Association (BCREA) reports that 7,272 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, down 16.7 per cent from the same month last year. Total sales dollar volume was $4.4 billion in October, down 24.2 per cent compared to the previous year. The average MLS® residential price in the province was $606,787, a decline of 9.1 per cent compared to the same month last year.

“Housing demand remained mixed across the province in October,” said Cameron Muir, BCREA Chief Economist. “Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month to month basis. In contrast, home sales on Vancouver Island and in the interior of the province continue to post strong year-over-year gains.”

“The decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver,” added Muir. Home sales through the Real Estate Board of Greater Vancouver fell to 31.4 percent of BC transactions last month, compared to 42.6 per cent a year ago.

Average sale price is up 10% from a year ago.

 

 

by Maggie Chandler Maggie Chandler No Comments

Average Sale Price of Greater Vancouver’s Condo Neighbourhoods

What is the Average Sale Price of Greater Vancouver’s Condo Neighbourhoods? Looking for an alternative neighbourhood the buy a condo in, that is less expensive than Vancouver West Side or East Vancouver?  Check out the below graphs for resale condos in October 2016.

Vancouver West Side, East Vancouver, North Vancouver and Richmond

Burnaby North, South and East, New Westminster

Port Moody, Coquitlam, Port Coquitlam and Langley

 

 

Ladner, Tsawwassen White Rock and North Delta

 

Squamish, Maple Ridge and REBGV

 

Contact me if there’s a graph you like.

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Real Estate Prices and Sales Drop in October 2016

November 5, 2016, from REBGV stats

East Vancouver Real Estate Prices and Sales Drop in October 2016 whilst listings remained flat. The overall average sales price sits at $890,000 which is equal to November 2015. It peaked at $1.107.000 in May and has been sliding since then. Current market conditions favour buyers and I expect this will continue into next year. Overall the market has returned to being balanced and more normal than what we’ve seen over the last year.

Average Sales Price – houses are currently $1.564.000, down from $1.703.000 in July. Townhomes sit at $836,000, down from $905,000 in September and condos are flat at $495,000. Overall price is now the lowest it’s been since Jan’15. Houses are up 10% over the last year, townhomes 13% and condos 14%.

New Listings for the month of October were 435 with only condos increasing

Total Listings are up to 1,037 from the bottom in December of 500. The biggest increase is houses, which have doubled since January this year. This is the highest they’ve been since March 2014 and are 22% more than a year ago.

Sales now sit at 195 and have contined to decline since the peak in March at 408 and are 41% lower than Oct’15 and equal to December 2015.

Sales to Active Ratio currently sits at 19%, compared to 40% a year ago. It peaked in March at 67%.

Average Days on Market flat at 11 and equal to a year ago

Percentage of Original Price 99%, down from June’s peak of 105%. Currently the lowest it’s been since Jan’15.

Dollar Volume is about 60% less than the peak in May and 40% lower than a year ago. Almost back to Feb’14 levels.

View the average sale price since 2011

View sales since 2011

Put my decades of hyper-local knowledge to work for you! Call Maggie 604-328-0077.

 

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side Real Estate Prices, Listings and Sales Drop in October

Vancouver’s West Side Real Estate Prices, Listings and Sales Drop in October. Compared to the previous month, listings sales and prices declined. Compared to a year ago listings and sales are lower and average sale price is considerably higher for condos, lower for townhomes and up a tad for houses.

Listings dropped from 1,840 in September to 1,733 in October and are 13% less than a year ago. Usually listings decline in the Fall.

New listings are 10% less than a year ago and dropped from 932 in Septemberto 736 in October

Sales peaked in March at 981 and now sit at 404. Houses are down 51% from a year ago, townhomes 63% and condos 34%. House sales increased from 61 in September to 79 in October. Condos sales set a record in March at 683 for the month and were down to 301 in October. Townhomes peaked at 77 in March and are down to 24. The market hit bottom in November 2008 with only 171 West Side property sales

Sales to active ratio is only 12% for houses, 17% for townhomes and 32% for condos. Analysts say that upward pressure on prices occurs when the ratio is above 20% and downward pressure when is it below 12%. The peak was March at 65%, currently it is 23%.

Best Selling Price Range – condos $500,000-$600,000. townhomes $1.1M- $1.2M and houses over $3M.

Average days on market sits at 28 compared to 30 a year ago. From June to August it bottomed at 19 days. Houses are taking the longest to sell, with an average of 39, townhomes are 15 and condos 26. The peak was January 2009 with an average of 73 days to sell.

Percentage of original price – houses sit at 93%, townhomes at 103% and condos at 98%. April was the top at 104% and it has been declining since then, now down to 97%. This is the lowest its been since Feb’15.

Dollar volume hit a record in March this year at 1,587,730,189 and has been on a downward trend since, now at 568,531,740, approximately a 60% drop!

updated November 5, 2016 based on REBGV stats

 

by Maggie Chandler Maggie Chandler No Comments

What is CMHC’s Forecast for Vancouver Real Estate in 2017 and 2018?

Check out the latest CMHC forecast for Vancouver’s real estate market in 2017 and 2018, including sales, prices, the rental units and rental rates, new construction, demographics, immigration and mortgage rate forecast.

View the graph from January 2015 showing fewer detached home sales in Vancouver.

After a record year of housing starts, new home construction is projected to settle lower but remain above the five-year average level, in line with population-based demand.

MLS®2 sales are forecast to slow to the end of 2016 with a further weakening of sales in 2017 before leveling off in 2018.

Average MLS® prices will be higher in 2016 with strong price growth in the first half of the year. Prices are expected to increase modestly in 2017

Here’s the article, published October 26, 2016.

Thinking of making a move? Put Maggie’s decades of hyper-local knowledge to work for you! Call 604-328-0077 today!

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side Sales & Average Price Decline in September 2016

Vancouver’s West Side Sales & Average Price declined in September 2016, pulled down mostly by houses whose average sale price peaked at $4.2M in July and now sits at $3.7M by still remain 17% higher than a year ago. Townhomes peaked in May at $1,279.000 and are now $1.119.000 equal to a year ago. Condos peaked in July at $911,000 and now sit at $820,000 still up 21% from a year ago. In Sept’10 you could still buy a West Side house for less than $2M.

Sales peaked in March at 981 and clocked in at 424 in September, down 29% from a year ago and almost back to January 2013 levels. House sales for the month were 50% less than Sept’15, townhomes were 24% less and condos 23% less.

Listings clocked in at 1,751 for the month, 21% less than a year ago and the lowest level since Dec’10.

Sales to active ratio peaked in March at 65% and now sits at 24% – down 10% from a year ago and equal to Feb’15 levels. Average days on the market for September sales is 22, up slightly from the low of 19 in June.

Percentage of original sale price is 94% for houses, 98% for townhomes and 99% for condos. April was the peak with an average of 104%.

Dollar volume peaked in March and is now a third less, as well as being 26% lower than a year ago, dragged down to a large extent by houses.

The new Government regulations has taken the heat out of the market and we are returning to a more balanced market.

Buying or Selling? Put my decades of hyper-local experience to work for you! Call Maggie!

 

 

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Property Prices and Listings Turn Up in September But Sales Decline

East Vancouver Property Prices and Listings Turn Up in September But Sales Decline

Average sale price for East Van peaked in May at $1.1M and now sits at $912,000, up 7% from a year ago. Houses sit at $1.6M which is 19% higher than a year ago, having peaked in July at $1.7M.  Townhomes are $905,000 , a whopping 37% higher than a year ago and currently a record high. Condos are $496,000 which is 14% higher than a year ago, having peaked in June at $525,000.

Listings continue to climb and are now the highest they’ve been for the year and up 3.6% from a year ago. Currently 984 in total. Still a lot less than the peak in Oct’08 which was over 2,000 listings.

Sales peaked in March this year and are now less than half that number, clocking in at 201 which is 38% lower than a year ago and equal to Jan’15 levels. Houses are 52% less than Sept’15, townhomes are 23% less and condos are 27% less.

Sales to active ratio sits at 20%, having peaked in March at 67% and is 40% lower than a year ago.

Days on the market average 24, which is 11% less than a year ago. It bottomed in June at 15.

Percentage of original price is 97% for houses and 101% for townhomes and condos.

Dollar volume is 33% lower than a year ago and less than half of what it was at the peak in May this year.

Buying or Selling? Put my decades of hyper-local experience to work for you! Call Maggie!

 

by Maggie Chandler Maggie Chandler No Comments

Metro Vancouver Real Estate Sales & Prices Dip in September

Metro Vancouver Real Estate Sales & Prices Dipped in September 2016 as a result of the foreign buyers tax implementation. Sales totalled 2,253, a decrease of 32% from a year ago and down 9.5% from the previous month and equal to March 2013.  September sales were 9.6% below the 10 year sales average for the month. Real estate sales peaked in March and are now less than 50% of that number.

The sales to active listings ratio sits at 24%, which is the lowest its been since February 2015.

New listings in Metro Vancouver totalled 4,799 in September which is a decrease of 1% compared to a year ago and 11.8% higher than the previous month.

Total listings are currently 13.4% less than a year ago but 10% more than August 2016. Listings are close to October 2015 level.

Average days on the market has turned upwards to 28, which is 33% less than a year ago.

Dollar volume peaked in March and is now less than half of that amount, as well it is 29% less than a year ago.

The average sale price peaked at $1.106.000 in February and currently sits at $877,000, back to February 2015 level but up from $844,000 in August and 1.9% higher than a year ago. Metro Vancouver houses topped in January at $1.817.000 and now sit at $1.542.000, up 9% from a year ago. Townhomes topped in July at $735,000 and are now at $720,000, up 21% from a year ago. Condos topped in July at $573,000 and now sit at $549,000 , up 15% from a year ago.

Buying or Selling? Put my decades of hyper-local experience to work for you! Call Maggie!

 

by Maggie Chandler Maggie Chandler No Comments

Which Greater Vancouver Neighbourhood has the Best Priced Homes?

Looking for a house, townhome or condo to buy in Greater Vancouver and wondering where the best value is? Here’s which Greater Vancouver neighbourhood has the best priced homes.

Houses

Below is the Benchmark Price  and one year price change, as published by REBGV for August 2016

  • Bowen Island $797,000 +26%
  • Burnaby East $1.260.000 +33%
  • Burnaby North $1.596.000 + 33%
  • Burnaby South $1.700.000 +39%
  • Coquitlam $1.228.000 38%
  • Ladner 1.031.000 +34%
  • Maple Ridge $712,000 +37%
  • New West $1.104.000 +34%
  • North Van $1.689.000 +42%
  • Pitt Meadows $784,000 +34%
  • Port Coquitlam $907,000 +33%
  • Port Moody $1.394.000 +35%
  • Richmond $1.704.000 +43%
  • Squamish $800,000 +33%
  • Sunshine Coast $475,000 +26%
  • Tsawwassen $1.247.000 +36%
  • East Van $1.533.000 +35%
  • Vancouver West $3.617.000 +34%
  • West Vancouver $3.359.000 +38%
  • Whistler $1.322.000 +24%

Most expensive – Vancouver’s West Side. Least expensive Sunshine Coast

Townhomes

Benchmark Price at Augst 31, 2016 and one year change in price

  1. Burnaby East $511,000 + 15%
  2. Burnaby North $514,000 + 18%
  3. Burnaby South $562,000 +27%
  4. Coquitlam $516,000 +23%
  5. Ladner $638,000 +26%
  6. Maple Ridge $408,000 +41%
  7. New West $550,000 +25%
  8. North Van $900,000 +37%
  9. Pitt Meadows $479,000 +30%
  10. Port Coquitlam $550,000 +36%
  11. Port Moody $538,000 +17%
  12. Richmond $732,000 +31%
  13. Squamish $613,000 +31%
  14. Tsawwassen $640,000 +29%
  15. East Vancouver $785,000 +36%
  16. Vancouver West $1,107,000 +36%
  17. Whistler $762,000 +28%

Most expensive is Vancouver’s West Side and Best Value is Maple Ridge but if you wish to live closer to the City there is good value in Burnaby North and Burnaby East

Condos

Benchmark Price at August 31, 2016 as published by REBGV and one year change in price.

  1. Burnaby East $561,000 +26%
  2. Burnaby North $468,000 +30%
  3. Burnaby South $535,000 +29%
  4. Coquitlam $346,000 +28%
  5. Ladner $397,000 +12%
  6. Maple Ridge $200,000 +18%
  7. New WEst $275,000 +26%
  8. North Vancouver $467,000 +27%
  9. Pitt Meadows $299,000 +18%
  10. Port Coquitlam $310,000 +30%
  11. Port Moody $474,000 +29%
  12. Richmond $440,000 +21%
  13. Squamish $354,000 +30%
  14. Tsawwassen $411,000 +13%
  15. East Vancouver $439,000 +32%
  16. Vancouver West $691,000 +27%
  17. West Vancouver $906,000 +31%
  18. Whistler $375,000 +41%

Most expensive is West Vancouver and best affordability is Maple Ridge, followed by Port Coquitlam and Coquitlam.

Always happy to answer your real estate questions! Vancouver real estate since 1981!

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