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by Maggie Chandler Maggie Chandler No Comments

East Vancouver Townhome Prices Outshine Houses and Condos in June 2017

Average Sale price – In June house prices levelled at $1.7M. It hit $1M in May 2014.Townhomes increased from $950,000 to $990,000 and condos were flat at $602,000

Listings – house listings are still increasing and are now 40% more than a year ago, clocking in at 817. Townhomes are 39% more than a year ago, with 60 listings but condo listings declined from 232 in May to 159 in June and are 25% less than a year ago.

New Listings – only houses increased in June. Townhomes and condos decreased.

Sales – 159 houses sold in May which is equal to a year ago. Townhomes had 42 sales which is 8% more than a year ago and condos had 237 sales which is 285 more than a year ago.

% of Original Price – house sold at an average of full price, whilst townhomes and condos sold at 103% of list price

Average Days on Market – houses were 26 which is 73% more than a year ago, townhomes 17 which is 21% more than a year ago and condos 15 which is equal to a year ago.

Sales to Active Ratio – houses sit at 20%, which is 26% less than a year ago. Townhomes at 70% which is 22% less than a year ago and condos at 1.49% which is 70% more than a year ago.

Dollar Volume – houses were equal to a year ago but townhomes were up 35% and condos were up 48%.

Clearly the affordability factor has kicked in and townhomes and condos are benefitting.

Buying or Selling? Put my 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 Up But Sales Decrease in June 2017

Vancouver’s West Side Real Estate Prices were up in June compared to May but Sales declined. The hot market is definitely returning to being better balanced but the inventory remains low, so the lower end is still experiencing multiple offers, but not as many.

Average Sale Price – Houses climbed from $3.8M in May to $4.0M in June. Townhomes declined from $1.410.000 to $1.320.000 and condos climbed from $960,000 to $990,000.

Listings – houses climbed from 662 in May to 745 in June, up 10% from a year ago. Townhomes climbed from 118 to 123, up 26% from a year ago and condos were flat at 711 but down 16% from a year ago.

New Listings – total new listings were up from 859 in January to 1064 in June.

Sales – house sales are 25% lower than a year ago, clocking in at 114 sales for June. Townhomes had 61 sales which is 5% less than a year ago and condos had 460 which is 20% less than a year ago.

Sales to Active Ratio – houses sit at 15% which is down 32% from a year ago, townhomes 50% which is 25% less than a year ago and condos 66% which is 5% less than a year ago.

Average Days on Market – houses took 29 days, townhomes 19 days and condos 17 days. Only condos are selling faster than a year ago.

% of Original Price – houses sold at 97% of list price, townhomes at 103% and condos at 102%

Dollar volume is down 16% from a year ago

Buying or Selling? Put my decades of knowledge to work for you! Call Maggie 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

BC Housing Demand Remains Above Long Term Average in June

July 13, 2017. The The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, down 9.6 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent increase from the same period last year.

“Although home sales remain well off the record pace set last year, demand is still quite robust,” said Brendon Ogmundson, BCREA Economist. “That demand is supported by a strong provincial economy and vigorous job growth.”

“But, supply remains a challenge, which means most areas are seeing tight market conditions and significant upward pressure on prices,” said Ogmundson. Total active listings in the province were down 6.2 per cent to 29,651 units from June 2016.

Year-to-date, BC residential sales dollar volume was down 21.7 per cent to $39.1 billion, when compared with the same period in 2016. Residential unit sales declined 18.6 per cent to 54,830 units, while the average MLS® residential price was down 3.8 per cent to $712,993.

 

by Maggie Chandler Maggie Chandler No Comments

BCREA Real Estate Forecast for 2017 Second Quarter

Vancouver, BC – June 19, 2017. The British Columbia Real Estate Association (BCREA) released its 2017 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 101,000 units this year, after reaching a record 112,209 units in 2016. Housing demand gained strength this spring, as some of the effects of federal and provincial policy efforts to tamp it down dissipate. In addition, strong market fundamentals continue to underpin an elevated level of home sales. The ten-year average for MLS residential sales in the province is 84,700 units.

“The province is in its fourth year of above-trend economic growth,” said Cameron Muir, BCREA Chief Economist. “Strong employment growth, consumer confidence and an influx of inter-provincial migrants are important drivers of the housing market this year.” In addition, with the millennial generation now entering their household forming years, the condominium market in major urban centres is experiencing pressure on supply.

The average MLS® residential price in the province is forecast to decline 1.1 per cent to $683,500 this year, and increase 5.2 per cent to $719,100 in 2018. The decline in the provincial average price is largely due to rising demand for more affordable condominiums and a larger proportion of home sales occurring outside the Metro Vancouver region. The supply of homes for sale is at a 20-year low in the province, with sellers’ market conditions prevelant across most BC regions and home types.

 

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Real Estate Sales & Prices Hit a Record High in May 2017

East Vancouver Real Estate Sales & Prices Hit a Record High in May, as listings level and remain slightly lower than Nov’16.

Average Sale Price – May hita record high at $1.122.000. The last peak was May 2016 at $1.107.000. Houses sit at $1.713.000 which is up 4% over the last year.Townhomes at $950,000, up 22% over the last year and condos at $602.000 which is 20% higher than a year ago.

Listings – total inventory is same as April, however, house listings are 1,048 which is slightly less than Oct’16 and the highest its been since Nov 2014.. Townhomes increased from 43 in April to 60 in May and condos sit at 221, down from 232 in May.

Sales – hit a record high and have been on an upward climb since January and are up 4% from a year ago, to 467. However, house sales dropped 9% from a year ago, but townhomes increased 55% and condos increased 17%.

% of Original Sale Price – 101% for houses and townhomes and 103% for condos – so all categories are averaging an above list price percentage

Sales/Active Ratio – 43% which is back to Oct’15 levels. Houses are the lowest with only 26% of listings selling. Townhomes sit at 70% and condos at a whopping 97%, indicating a strong sellers market for townhomes and condos.

Average Days on Market – 29 for houses, 19 for townhomes and 18 for condos. Only houses and townhomes are taking longer to sell than they were a year ago, condos are selling faster.

Planning on making a move? Put my decades of knowledge to work for you! Call Maggie 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side House Prices Trend Upwards Again in May

Vancouver’s West Side House Prices Trend Upwards Again in May increasing from $3.690.000 in April to $3.876.000. Townhomes moved from $1.348.000 to $1.4M and condos declined from $978,000 to $959,000. Houses are 2% lower than a year ago, townhomes are 10% higher and condos are 8% higher. Has the implementation of the Foreign Buyers Tax in Toronto sent some buyers back to Vancouver?

Sales clocked in at 783, down 6% from a year ago but increased from 607 in April. House sales were down 1% from a year ago, townhomes down 10% and condos down 8%. All categories increased from April but are lower than a year ago.

Sales/Active Ratio sits at 55% which is 3% higher than a year ago and up from 42% in April. Condos performed the best with a sales/active ratio of 79%, townhomes 61% and houses only at 29%.

Listings – only 1,414 properties for sale in Vancouver’s West Side, which is 9.5% less than a year ago! In January there were 1448 properties for sale – very unusual not to see a spike in listings in Spring. Listings peaked in May 2012 at 3,974 and have been on the decline since then.

Percentage of Original Price – on average houses are selling at 97% of List Price. Townhomes and condos are selling at 102%. All categories are lower than a year ago.

Average Days of Market – 42 for houses, 22 for townhomes and 20 for condos


Planning to make a move? Put Maggies decades of hyper-local experience to work for you! Call 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

BC Property Listings at a 20 Year Low

May 15, 2017 courtest of BCREA

The British Columbia Real Estate Association (BCREA) that a total of 9,865 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, down 23.9 per cent from the same period last year. Total sales dollar volume was $7.19 billion, down 25.4 per cent from April 2016. The average MLS® residential price in the province was $728,955, a 2 per cent decrease from the same period last year.

“BC home sales are on an upward trend this spring, led by a sharp increase in consumer demand in the Lower Mainland,” said Cameron Muir, BCREA Chief Economist. The seasonally adjusted annual rate (SAAR) of home sales was over 106,000 units in April, significantly above the five-year SAAR for April of 89,000 units.

The supply of homes for sale declined 17 per cent from April 2016. On a seasonally adjusted basis, active residential listings have declined 50 per cent since 2012 and are now at their lowest level in over 20 years. The imbalance between supply and demand is continuing to drive home prices higher in most regions, further eroding affordability.

Year-to-date, BC residential sales dollar volume was down 31.8 per cent to $21.3 billion, when compared with the same period in 2016. Residential unit sales declined 25.0 per cent to 30,757 units, while the average MLS® residential price was down 9.2 per cent to $692,220.

 

 

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Real Estate Prices level in April 2017

April saw East Vancouver property listings increase, sales down slightly and the average sale price flat

Average sale price for houses is $1.620.000 which is 2% less than a year ago and equal to Apr’16. Townhomes sit at $847,000 which is 3.4% higher than a year ago and equal to July’16. Condos are at $572,000, up a whopping 20% from a year ago and equal to January.

Listings houses sit at 759, up 66% from a year ago, townhomes are at 43, up 72% from a year ago and condos are at 217 which is 3% less than a year ago.

New Listings are up in all categories and are 2% higher than a year ago

Sales clocked in at 346 which is down 14% from a year ago

Days on Market averaged 25, which is 56% higher than a year ago.

Percentage of Original Price all categories are selling at a lower percentage of list price than a year ago. Houses are at 99.6% – down 7%. Townhomes are at 103% – down 4% and condos are at 102.7% – down 1% from a year ago

Sales/Active Ratio all categories are at 33%, which is 40% less than a year ago. Houses sit at 19% and are down 52% from a year ago. Townhomes are at 90% and are down 21% from a year ago and condos sit at 75% and are down 15% from a year ago.

Dollar Volume is currently 13% less than a year ago and is back to March 2015 level.

 

Planning a move? Put my decades of local knowledge to work for you! Call Maggie 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side House Prices Fall in April But Condos & Townhomes Rise

Average Sale Prices -April saw Vancouver’s West Side house prices dip from $3.922.000 to $3.694.000, which is in line with February 2016 levels and down 11% from a year ago. Townhomes climbed from $1.294.000 to $1.348.000, up 15% from a year ago  and condos climbed from $862.000 to $969.000, up 15% from a year ago.

Listings dropped from 1,404 to 1,386 which is 12% less than a year ago and up from 1,166 in December.

New Listings rose slightly but remain 25% less than a year ago

Sales totalled 608, equal to March and 30% less than a year ago. House sales are down 51% from a year ago, townhomes are down 24% and condos are down 21%. Sales peaked in March 2016 at 981. Sales are equal to March 2008, which was a few months prior to the Wall Street Crash.

Overall days on the market was 27, up 12.5% from a year ago. On average houses are taking 51 days to sell which is up 75% from a year ago, townhomes 21 days, which is 16% more than a year ago and condos 21 days, which is 8% less than a year ago.

Sales to active ratio is 17% for houses, 50% for townhomes and 68% for condos.

Houses are selling at 95% of original price which is 10% less than a year ago. Townhomes are selling at 102% of original price which is 3.5% less than a year ago and condos are at 101.5%, which is 2% less than a year ago.

Total dollar volume is down 38% from a year ago and equal to July 2016.


Planning a move? Put my decades of local knowledge to work for you! Call Maggie at 604-328-0077

 

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.

 

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