Greater Vancouver Real Estate Market Statistics – December 2017

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in November 2017.

Vancouver

In the Vancouver Westside, there were 37 sales of detached homes and 553 active listings at the end of the month. The benchmark sale price was $3,556,100, with an average days on market of 64. The hottest markets for sales were Kerrisdale and Kitsliano with 5 sales each.

In comparison, the condo market had 253 sales, 511 active listings and a benchmark sale price of $807,100 with an average of 22 days on market. The hottest market for sales was Downtown VW, 65 sales.

Townhome sales were 22, active listings were 98. The benchmark sale price was $1,242,400 with an average days on market of 29. Downtown VW with 3 sales was the hottest market of the month.

It’s a seller’s market for condos.

MarketHotSheet_December2017_VanWest

The Vancouver Eastside had 88 sales and 575 active listings for detached homes at the end of the month. The benchmark sales price was $1,559,900, and the average days on market were 39. The hottest sales market was Grandview with 14 sales.

The condo market featured 116 sales, 127 active listing, and a benchmark sales price was $545,600. The average days on market were 16 days, and the hottest markets for sales were Collingwood VE and Mount Pleasant VE with 21 sales each.

The townhome market, on the other hand, had 20 sales and 68 active listings. The benchmark sale price was $879,200 with 21 average days on market. Collingwood VE and Mount Pleasant VE, with 4 sales each, had the most sales of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_December2017_VanEast

North Shore

In December, the North Vancouver market had 70 sales and 214 active listings for detached homes. The benchmark sale price was $1,679,700 with an average days on market of 35. Lynn Valley with 13 sales had the most sales activity.

There were 78 sales and 111 active listings for condos. The benchmark sale price was $560,600 with 22 average days on market. The neighbourhoods of Lower Lonsdale with 38 sales was the hottest sales market.

Townhome sales were 16, active listings were 48, the benchmark sale price was $982,800, and the average days on market were 36. Central Lonsdale with 5 sales had the most sales activity.

It’s a seller’s market for all product types.

MarketHotSheet_December2017_NorthVan

The West Vancouver market had 30 sales and 388 active listings for detached homes. The benchmark sale price was $3,093,200 with 71 average days on market. British Properties with 6 sales was the neighbourhood with the most sales activity.

Condo sales were 10 and active listings were 53 at the end of the month. The benchmark sales price was $1,171,000 with an average days on market of 29. Dundarave had the most sales at 4.

In comparison, townhome market had 1 sales and 14 active listings.

It’s a buyer’s market for single family homes and townhomes.

MarketHotSheet_December2017_WestVan

Tri Cities

In the Coquitlam market, there were 50 sales and 302 active listings for detached homes at the end of the month. The benchmark sale price was $1,282,800, and the average days on market were 34. Central Coquitlam with 10 sales experienced the most sales activity.

The condo market had 80 sales and 106 active listings. The benchmark sale price was $502,900 with 19 average days on market. The hottest market for sales was North Coquitlam, 31 sales.

Townhome featured 30 sales and 27 active listings. The benchmark sales price was $662,600 with an average days on market of 15. Westwood Plateau, with 9 sales, had the most sales activity.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_December2017_Coquitlam

The Port Coquitlam had 20 sales and 82 active listings for detached homes. The benchmark sale price was $995,800 with an average days on market of 18. Glenwood PQ and Lincoln Park PQ, with 5 sales each, experienced the most sales activities of the month.

Condo featured 33 sales, 25 active listings, a $411,600 benchmark sales price, and 12 average days on market. Central Pt Coquitlam had the most sales activity at 21.

In comparison, townhome had 16 sales and 24 active listings. The benchmark sales price was $632,700 with an average days on market of 13. Citadel PQ and Glenwood PQ were the hottest markets with 4 sales each.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_December2017_PortCoquitlam

There were 10 sales and 55 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,501,600, and the average days on market were 53. Glenayre and Port Moody Centre, with 2 sales each, had the most sales activities.

The condo market featured 11 sales, 28 active listings, $632,800 benchmark sale price, and 19 average days on market. Port Moody Centre, 9 sales, had most sales activity.

In comparison, townhome sales were 14, active listings were 20 and the benchmark sale price was $629,100. The average days on market were 15. College Park PM with 4 sales was the hottest market for sales.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_December2017_PortMoody

Maple Ridge

In the Maple Ridge market, there were 72 sales and 258 active listings for detached homes at the end of the month. The benchmark sale price was $827,000, and the average days on market were 38. Albion with 13 sales experienced the most sales activity.

The condo market had 25 sales and 66 active listings. The benchmark sale price was $282,200 with 12 average days on market. The hottest market for sales was East Central, 16 sales.

Townhome featured 30 sales and 58 active listings. The benchmark sales price was $527,500 with an average days on market of 19. Cottonwood MR with 9 sales had the most sales activity.

It’s a seller’s market for all product types.

MarketHotSheet_December2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_December2017_BurnabyEast

Burnaby North

MarketHotSheet_December2017_BurnabyNorth

Burnaby South

MarketHotSheet_December2017_BurnabySouth

New Westminster

MarketHotSheet_December2017_NewWest

Richmond

MarketHotSheet_December2017_Richmond

Ladner

MarketHotSheet_December2017_Ladner

Tsawwassen

MarketHotSheet_December2017_Tsawwasen

Pitt Meadows

MarketHotSheet_December2017_PittMeadows

Bowen Island

MarketHotSheet_December2017_BowenIsland

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?

Macdonald Realty has offices across the Greater Vancouver. Please email bijan@macrealty.com or call 1-604-365-0185 to speak with Bijan Nagy, the local expert in your area!

—–

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

December 2017 Market Update

june vancouver real estate market

After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential sales in 2015.

Last year’s sales total was, however, 9.7 per cent above the 10-year sales average.

“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”

Home listings in Metro Vancouver reached 54,655 in 2017. This is a 5.1 per cent decrease compared to the 57,596 homes listed in 2016 and a 4.5 per cent decrease compared to the 57,249 homes listed in 2015.

Last year’s listings total was 4.4 per cent below the 10-year listings average.

“Market activity differed considerably this year based on property type,” Oudil said. “Competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state, giving home buyers more selection to choose from and more time to make decisions.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9 per cent compared to December 2016.

The benchmark price of condominiums increased 25.9 per cent in the region last year. Townhomes increased 18.5 per cent and detached homes increased 7.9 per cent.

“Strong economic growth, low interest rates, declining unemployment, increasing wages and a growing population all helped boost home buyer demand in our region last year,” Oudil said.

December summary

Sales of detached, attached, and apartment properties totalled 2,016 in the region in December 2017, a 17.6 per cent increase from the 1,714 sales recorded in December 2016 and a 27.9 per cent decrease compared to November 2017 when 2,795 homes sold.

Last month’s sales were 7.5 per cent above the 10-year sales average for the month.

“As we move into 2018, REALTORS® are working with their clients to help them understand how changing interest rates and the federal government’s new mortgage qualifications could affect their purchasing power,” Oudil said. “Only time will tell what impact these rules will have on the market.

“Home buyers today should get pre-approved before making an offer to ensure that your home buying goals align with your financial situation,” Oudil said.

There were 1,891 residential homes newly listed for sale in December 2017. This represents a 44.1 per cent increase compared to the 1,312 homes listed in December 2016 and a 54 per cent decrease compared to November 2017 when 4,109 properties were listed.

The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 6,958, a 9.7 per cent increase compared to December 2016 (6,345) and a 20.5 per cent decrease compared to November 2017 (8,747).

The sales-to-active listings ratio for December 2017 is 29 per cent. By property type, the ratio is 14.4 per cent for detached homes, 38.8 per cent for townhomes, and 59.6 per cent for condominiums.

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

Sales of detached properties in December 2017 reached 617, a 14 per cent increase from the 541 detached sales recorded in December 2016. The benchmark price for a detached home in the region is $1,605,800. This represents a 7.9 per cent increase compared to December 2016.

Sales of apartment homes reached 1,028 in December 2017, a 12.3 per cent increase compared to the 915 sales in December 2016.The benchmark price of an apartment in the region is $655,400. This represents a 25.9 per cent increase compared to December 2016.

Attached (or townhome) property sales in December 2017 totalled 371, a 43.8 per cent increase compared to the 258 sales in December 2016. The benchmark price of an attached home in the region is $803,700. This represents an 18.5 per cent increase compared to December 2016.

Macdonald Realty Luxury Homes Magazine | Winter 2017

The latest edition of Macdonald Realty’s Luxury Homes Collection luxury homes magazine is now available! This publication showcases unique and luxurious homes listed with my company across the province.

2017 was a very dynamic year for luxury real estate in British Columbia, with new markets and regions entering into the luxury domain. Our luxury homes collection featured a variety of styles, areas and residences with exceptional quality. Trends, both modern and traditional coordinate within these pages to create inspiration and beautiful homes to choose from. We checked in with our affiliates at Luxury Portfolio, the authority of luxury marketing, to discover the trends in luxury and the shape of the market. Read the inside cover message to learn about where the wealthy populations reside, and the movement of what luxury means to the affluent consumer. Our Cover Story is a stunning equestrian estate in Saanich on Vancouver Island, located just outside of our capital city Victoria. From formal living spaces to exacting outdoor landscaping, this property has ample room and luxury. Our Wine Not features wines to celebrate with, please check out the recommendations to round out your holiday events.
Simply click the cover image below to see the digital version!

Autumn 2017 Luxury Homes Collection Magazine

If you have a luxury home that you are considering selling and would like featured in the next edition of Luxury Homes Collection, check out my Luxury Home Marketing Program.

Greater Vancouver Real Estate Market Statistics – November 2017

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in November 2017.

Vancouver

In the Vancouver Westside, there were 84 sales of detached homes and 796 active listings at the end of the month. The benchmark sale price was $3,573,700, with an average days on market of 47. The hottest market for sales was Dunbar with 15 sales.

In comparison, the condo market had 381 sales, 717 active listings and a benchmark sale price of $811,200 with an average of 22 days on market. The hottest market for sales was Downtown VW, 87 sales.

Townhome sales were 40, active listings were 128. The benchmark sale price was $1,268,200 with an average days on market of 16. Kitsliano with 14 sales was the hottest market of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_November2017_VanWest

The Vancouver Eastside had 94 sales and 801 active listings for detached homes at the end of the month. The benchmark sales price was $1,573,500, and the average days on market were 30. The hottest sales market was Renfrew VE with 15 sales.

The condo market featured 172 sales, 182 active listing, and a benchmark sales price was $540,300. The average days on market were 16 days, and the hottest market for sales was Mount Pleasant VE with 59 sales.

The townhome market, on the other hand, had 30 sales and 85 active listings. The benchmark sale price was $861,900 with 19 average days on market. Mount Pleasant VE, with 8 sales each, had the most sales of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_November2017_VanEast

North Shore

In November, the North Vancouver market had 76 sales and 357 active listings for detached homes. The benchmark sale price was $1,697,600 with an average days on market of 24. Lynn Valley with 10 sales had the most sales activity.

There were 136 sales and 168 active listings for condos. The benchmark sale price was $566,500 with 19 average days on market. The neighbourhoods of Lower Lonsdale with 45 sales was the hottest sales market.

Townhome sales were 32, active listings were 56, the benchmark sale price was $983,600, and the average days on market were 12. Lynn Valley with 7 sales had the most sales activity.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_November2017_NorthVan

The West Vancouver market had 37 sales and 541 active listings for detached homes. The benchmark sale price was $3,146,100 with 37 average days on market. British Properties with 7 sales was the neighbourhood with the most sales activity.

Condo sales were 13 and active listings were 64 at the end of the month. The benchmark sales price was $1,154,700 with an average days on market of 17. Ambleside had the most sales at 4.

In comparison, townhome market had 3 sales and 16 active listings.

It’s a buyer’s market for single family homes.

MarketHotSheet_November2017_WestVan

Tri Cities

In the Coquitlam market, there were 81 sales and 421 active listings for detached homes at the end of the month. The benchmark sale price was $1,284,200, and the average days on market were 35. Central Coquitlam with 22 sales experienced the most sales activity.

The condo market had 108 sales and 127 active listings. The benchmark sale price was $493,500 with 21 average days on market. The hottest market for sales was North Coquitlam, 49 sales.

Townhome featured 38 sales and 52 active listings. The benchmark sales price was $658,000 with an average days on market of 28. Burke Mountain, with 12 sales, had the most sales activity.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_November2017_Coquitlam

The Port Coquitlam had 27 sales and 104 active listings for detached homes. The benchmark sale price was $1,000,300 with an average days on market of 20. Glenwood PQ with 7 sales experienced the most sales activity of the month.

Condo featured 43 sales, 30 active listings, a $435,900 benchmark sales price, and 14 average days on market. Central Pt Coquitlam had the most sales activity at 33.

In comparison, townhome had 22 sales and 33 active listings. The benchmark sales price was $636,200 with an average days on market of 12. Riverwood was the hottest market with 6 sales.

It’s a seller’s market for all product types.

MarketHotSheet_November2017_PortCoquitlam

There were 18 sales and 87 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,501,000, and the average days on market were 44. Heritage Woods PM with 4 sales each had the most sales activity.

The condo market featured 39 sales, 36 active listings, $622,700 benchmark sale price, and 18 average days on market. Port Moody Centre, 32 sales, had most sales activity.

In comparison, townhome sales were 15, active listings were 24 and the benchmark sale price was $620,200. The average days on market were 25. Heritage Mountain with 4 sales was the hottest market for sales.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_November2017_PortMoody

Maple Ridge

In the Maple Ridge market, there were 105 sales and 334 active listings for detached homes at the end of the month. The benchmark sale price was $815,000, and the average days on market were 41. East Central with 25 sales experienced the most sales activity.

The condo market had 40 sales and 28 active listings. The benchmark sale price was $279,600 with 17 average days on market. The hottest market for sales was East Central, 21 sales.

Townhome featured 33 sales and 67 active listings. The benchmark sales price was $532,900 with an average days on market of 23. Cottonwood MR with 13 sales had the most sales activity.

It’s a seller’s market for all product types.

MarketHotSheet_November2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_November2017_BurnabyEast

Burnaby North

MarketHotSheet_November2017_BurnabyNorth

Burnaby South

MarketHotSheet_November2017_BurnabySouth

New Westminster

MarketHotSheet_November2017_NewWest

Richmond

MarketHotSheet_November2017_Richmond

Ladner

MarketHotSheet_November2017_Ladner

Tsawwassen

MarketHotSheet_November2017_Tsawwassen

Pitt Meadows

MarketHotSheet_November2017_PittMeadows

Bowen Island

MarketHotSheet_November2017_BowenIsland

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?

Macdonald Realty has offices across the Greater Vancouver. Please email bijan@macrealty.com or call 1-604-365-0185 to be matched with a REALTOR® working in your area.

—–

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

Greater Vancouver Real Estate Market Statistics – October 2017

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in October 2017.

Vancouver

In the Vancouver Westside, there were 108 sales of detached homes and 852 active listings at the end of the month. The benchmark sale price was $3,626,300, with an average days on market of 49. The hottest market for sales was Dunbar with 16 sales.

In comparison, the condo market had 393 sales, 769 active listings and a benchmark sale price of $806,500 with an average of 21 days on market. The hottest market for sales was Downtown VW, 90 sales.

Townhome sales were 45, active listings were 136. The benchmark sale price was $1,265,100 with an average days on market of 29. Kitsliano with 15 sales was the hottest market of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_October2017_VanWest

The Vancouver Eastside had 107 sales and 798 active listings for detached homes at the end of the month. The benchmark sales price was $1,566,700, and the average days on market were 26. The hottest sales markets were Collingwood VE, Fraser VE, Grandview VE, and Killarney VE with 11 sales each.

The condo market featured 151 sales, 202 active listing, and a benchmark sales price was $538,500. The average days on market were 15 days, and the hottest market for sales was Mount Pleasant VE with 69 sales.

The townhome market, on the other hand, had 30 sales and 79 active listings. The benchmark sale price was $855,200 with 23 average days on market. Champlain Heights, Mount Pleasant VE and Victoria VE, with 5 sales each, had the most sales of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_October2017_VanEast

North Shore

In October, the North Vancouver market had 81 sales and 367 active listings for detached homes. The benchmark sale price was $1,700,200 with an average days on market of 26. Lynn Valley with 15 sales had the most sales activity.

There were 125 sales and 167 active listings for condos. The benchmark sale price was $556,900 with 18 average days on market. The neighbourhoods of Lower Lonsdale with 42 sales was the hottest sales market.

Townhome sales were 37, active listings were 52, the benchmark sale price was $977,000, and the average days on market were 26. Lynn Valley with 6 sales had the most sales activity.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_October2017_NorthVan

The West Vancouver market had 29 sales and 552 active listings for detached homes. The benchmark sale price was $3,095,300 with 37 average days on market. Ambleside with 6 sales was the neighbourhood with the most sales activity.

Condo sales were 8 and active listings were 59 at the end of the month. The benchmark sales price was $1,163,100 with an average days on market of 40. Ambleside had the most sales at 4.

In comparison, townhome market had 6 sales and 15 active listings.

It’s a buyer’s market for single family homes and condos.

MarketHotSheet_October2017_WestVan

Tri Cities

In the Coquitlam market, there were 89 sales and 447 active listings for detached homes at the end of the month. The benchmark sale price was $1,277,400, and the average days on market were 29. Central Coquitlam with 19 sales experienced the most sales activity.

The condo market had 116 sales and 152 active listings. The benchmark sale price was $486,700 with 17 average days on market. The hottest market for sales was North Coquitlam, 44 sales.

Townhome featured 37 sales and 65 active listings. The benchmark sales price was $650,600 with an average days on market of 23. Burke Mountain and Millardville, with 10 sales each, had the most sales activities.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_October2017_Coquitlam

The Port Coquitlam had 31 sales and 100 active listings for detached homes. The benchmark sale price was $994,600 with an average days on market of 25. Oxford Heights with 9 sales experienced the most sales activity of the month.

Condo featured 66 sales, 39 active listings, a $418,200 benchmark sales price, and 14 average days on market. Central Pt Coquitlam had the most sales activity at 52.

In comparison, townhome had 21 sales and 31 active listings. The benchmark sales price was $643,300 with an average days on market of 19. Riverwood was the hottest market with 11 sales.

It’s a seller’s market for all product types.

MarketHotSheet_October2017_PortCoquitlam

There were 22 sales and 93 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,509,100, and the average days on market were 39. Heritage Woods PM with 6 sales each had the most sales activity.

The condo market featured 36 sales, 49 active listings, $613,300 benchmark sale price, and 14 average days on market. Port Moody Centre, 33 sales, had most sales activity.

In comparison, townhome sales were 15, active listings were 22 and the benchmark sale price was $606,300. The average days on market were 20. College Park PM, Heritage Mountain, Heritage Woods PM, North Shore Pt Moody, and Port Moody Centre, with 3 sales each, were the hottest markets for sales.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_October2017_PortMoody

Maple Ridge

In the Maple Ridge market, there were 115 sales and 357 active listings for detached homes at the end of the month. The benchmark sale price was $811,500, and the average days on market were 32. Albion, East Central, Northwest Maple Ridge, and Southwest Maple Ridge, with 17 sales each, experienced the most sales activities.

The condo market had 33 sales and 38 active listings. The benchmark sale price was $269,300 with 18 average days on market. The hottest market for sales was West Central, 14 sales.

Townhome featured 38 sales and 69 active listings. The benchmark sales price was $529,700 with an average days on market of 17. Cottonwood MR and East Central, with 11 sales each, had the most sales activities.

It’s a seller’s market for all product types.

MarketHotSheet_October2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_October2017_BurnabyEast

Burnaby North

MarketHotSheet_October2017_BurnabyNorth

Burnaby South

MarketHotSheet_October2017_BurnabySouth

New Westminster

MarketHotSheet_October2017_NewWest

Richmond

MarketHotSheet_October2017_Richmond

Ladner

MarketHotSheet_October2017_Ladner

Tsawwassen

MarketHotSheet_October2017_Tsawwassen

Pitt Meadows

MarketHotSheet_October2017_PittMeadows

Bowen Island

MarketHotSheet_October2017_BowenIsland

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?

Please email bijan@macrealty.com or call 1-604-365-0185 to be matched with a REALTOR® working in your area.

—–

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

Government adds new qualifying requirements for uninsured mortgages

june vancouver real estate market

Effective January 1, 2018, home buyers who don’t require mortgage insurance — those with a down payment of 20 per cent or more — must qualify for their mortgage at a higher rate.

mortgage rules ad

This new stress test won’t apply to people renewing their uninsured mortgage.

Canada’s Office of the Superintendent of Financial Institutions (OSFI) announced these rule changes today. Draft changes were released in the summer for public feedback. (The Canadian Real Estate Association submitted this response to the draft rules in August on behalf of REALTORS® across the country.)

Under the new rules, the minimum qualifying rate for uninsured mortgages will be the greater of the Bank of Canada’s five-year benchmark rate or the contractual mortgage rate plus two per cent.

OSFI will also require lenders to enhance their loan-to-value (LTV) limits and restrict certain lending arrangements designed to circumvent LTV limits.

These changes apply to all federally regulated financial institutions.

This is the seventh time since 2008 that the federal government has made mortgage policy changes.

Read the government’s full announcement here.

Economic analysis from the BC Real Estate Association (BCREA):

“The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 per cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we’ve seen home sales decline in the three to nine months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year. However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past,” said Cameron Muir, BCREA chief economist.

Greater Vancouver Real Estate Market Statistics – September 2017

Here are the latest Greater Vancouver real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in September 2017.

Vancouver

In the Vancouver Westside, there were 74 sales of detached homes and 871 active listings at the end of the month. The benchmark sale price was $3,653,500, with an average days on market of 59. The hottest market for sales was Dunbar with 12 sales.

In comparison, the condo market had 403 sales, 757 active listings and a benchmark sale price of $796,100 with an average of 26 days on market. The hottest market for sales was Downtown VW, 96 sales.

Townhome sales were 58, active listings were 129. The benchmark sale price was $1,265,100 with an average days on market of 29. Fairview VW and Kitsliano with 12 sales each were the hottest markets of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_September2017_VanWest

The Vancouver Eastside had 95 sales and 801 active listings for detached homes at the end of the month. The benchmark sales price was $1,564,900, and the average days on market were 32. The hottest sales market was Killarney VE with 13 sales.

The condo market featured 129 sales, 184 active listing, and a benchmark sales price was $535,600. The average days on market were 17 days, and the hottest market for sales was Mount Pleasant VE with 37 sales.

The townhome market, on the other hand, had 32 sales and 50 active listings. The benchmark sale price was $851,200 with 23 average days on market. Champlain Heights and Mount Pleasant VE, with 6 sales each, had the most sales of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_September2017_VanEast

North Shore

In September, the North Vancouver market had 74 sales and 376 active listings for detached homes. The benchmark sale price was $1,713,000 with an average days on market of 30. Lynn Valley with 13 sales had the most sales activity.

There were 108 sales and 156 active listings for condos. The benchmark sale price was $553,500 with 14 average days on market. The neighbourhoods of Lower Lonsdale with 31 sales was the hottest sales market.

Townhome sales were 23, active listings were 52, the benchmark sale price was $964,700, and the average days on market were 19. Edgemont with 3 sales had the most sales activity.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_September2017_NorthVan

The West Vancouver market had 35 sales and 551 active listings for detached homes. The benchmark sale price was $3,136,600 with 57 average days on market. Ambleside and Eagle Harbour with 5 sales each were the neighbourhoods with the most sales activities.

Condo sales were 17 and active listings were 54 at the end of the month. The benchmark sales price was $1,153,700 with an average days on market of 49. Ambleside had the most sales at 8.

In comparison, townhome market had 4 sales and 18 active listings.

It’s a buyer’s market for single family homes.

MarketHotSheet_September2017_WestVan

Tri Cities

In the Coquitlam market, there were 75 sales and 466 active listings for detached homes at the end of the month. The benchmark sale price was $1,280,600, and the average days on market were 34. Central Coquitlam with 19 sales experienced the most sales activity.

The condo market had 109 sales and 173 active listings. The benchmark sale price was $482,300 with 20 average days on market. The hottest market for sales was North Coquitlam, 50 sales.

Townhome featured 39 sales and 60 active listings. The benchmark sales price was $641,400 with an average days on market of 15. Burke Mountain with 14 sales had the most sales activity.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_September2017_Coquitlam

The Port Coquitlam had 41 sales and 99 active listings for detached homes. The benchmark sale price was $995,800 with an average days on market of 23. Mary Hill with 7 sales experienced the most sales activity of the month.

Condo featured 55 sales, 67 active listings, a $414,200 benchmark sales price, and 10 average days on market. Central Pt Coquitlam had the most sales activity at 47.

In comparison, townhome had 25 sales and 36 active listings. The benchmark sales price was $635,400 with an average days on market of 12. Riverwood was the hottest market with 13 sales.

It’s a seller’s market for all product types.

MarketHotSheet_September2017_PortCoquitlam

There were 17 sales and 104 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,497,200, and the average days on market were 44. Heritage Mountain with 3 sales each had the most sales activity.

The condo market featured 24 sales, 50 active listings, $601,300 benchmark sale price, and 12 average days on market. Port Moody Centre, 19 sales, had most sales activity.

In comparison, townhome sales were 12, active listings were 23 and the benchmark sale price was $605,400. The average days on market were 12. Heritage Woods PM and Port Moody Centre, with 4 sales each, were the hottest markets for sales.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_September2017_PortMoody

Maple Ridge

In the Maple Ridge market, there were 123 sales and 392 active listings for detached homes at the end of the month. The benchmark sale price was $812,600, and the average days on market were 31. Albion with 21 sales experienced the most sales activity.

The condo market had 24 sales and 36 active listings. The benchmark sale price was $262,400 with 14 average days on market. The hottest market for sales was West Central, 12 sales.

Townhome featured 45 sales and 47 active listings. The benchmark sales price was $514,600 with an average days on market of 21. East Central with 18 sales had the most sales activity.

It’s a seller’s market for all product types.

MarketHotSheet_September2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_September2017_BurnabyEast

Burnaby North

MarketHotSheet_September2017_BurnabyNorth

Burnaby South

MarketHotSheet_September2017_BurnabySouth

New Westminster

MarketHotSheet_September2017_NewWest

Richmond

MarketHotSheet_September2017_Richmond

Ladner

MarketHotSheet_September2017_Ladner

Tsawwassen

MarketHotSheet_September2017_Tsawwassen

Pitt Meadows

MarketHotSheet_September2017_PittMeadows

Bowen Island

MarketHotSheet_September2017_BowenIsland

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?

Macdonald Realty has offices across the Greater Vancouver. Please email bijan@macrealty.com or call 1-604-365-0185 to reach a local expert in your area.

September 2017 Market Update

june vancouver real estate market

Home buyer demand continues to differ based on housing type.
Apartment and townhome activity is outpacing the detached home market across Metro Vancouver. This activity helped push total residential sales above the historical average in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold.

Last month’s sales were 13.1 per cent above the 10-year September sales average.

“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12 per cent increase compared to the 4,799 homes listed in September 2016 and a 26.6 per cent increase compared to August 2017 when 4,245 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent increase compared to August 2017 (8,807).

“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”

For all property types, the sales-to-active listings ratio for September 2017 is 29.8 per cent. By property type, the ratio is 14.6 per cent for detached homes, 42.3 per cent for townhomes, and 60.4 per cent for apartments.

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

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 per cent increase over September 2016 and a 0.7 per cent increase compared to August 2017.

Sales of detached properties in September 2017 reached 852, a 27.9 per cent increase from the sales recorded in September 2016 (666), a decrease of 33 per cent from September 2015 (1,272), and a decrease of 32.9 per cent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1 per cent increase compared to August 2017.

Sales of apartment properties reached 1,451 in September 2017, a 19.1 per cent increase compared from the sales recorded in September 2016 (1,218), a 5.1 per cent decrease from September 2015 (1,529), and a 22.1 per cent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 per cent increase from September 2016 and a 1.4 per cent increase compared to August 2017.

Attached property sales in September 2017 totalled 518, a 40.4 per cent increase compared to the sales recorded in September 2016 (369), a 4.8 per cent decrease from September 2015 (544), and an 11.6 per cent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 per cent increase from September 2016 and a 1.1 per cent increase compared to August 2017.

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Macdonald Realty Luxury Homes Magazine | Autumn 2017

The latest edition of Macdonald Realty’s Luxury Homes Collection digital luxury homes magazine is now available! This publication showcases unique and luxurious homes listed with my company across the province.

Highlights of this Autumn 2017 issue include an exceptional condo in Downtown Vancouver, with an ensuite wall that turns into a window from the bedroom!

Simply click the cover image below to see the digital version!

Autumn 2017 Luxury Homes Collection Magazine

If you have a luxury home that you are considering selling and would like featured in the next edition of Luxury Homes Collection, check out my Luxury Home Marketing Program.

Greater Vancouver Real Estate Market Statistics – August 2017

Here are the latest Greater Vancouver real estate market statistics from Macdonald Realty on sales in August 2017.

Vancouver

In the Vancouver Westside, there were 52 sales of detached homes and 789 active listings at the end of the month. The benchmark sale price was $3,654,500, with an average days on market of 36. The hottest market for sales was Dunbar with 12 sales.

In comparison, the condo market had 407 sales, 698 active listings and a benchmark sale price of $787,400 with an average of 21 days on market. The hottest market for sales was Downtown VW, 103 sales.

Townhome sales were 47, active listings were 136. The benchmark sale price was $1,254,200 with an average days on market of 22. Fairview VW and Kitsliano with 11 sales each were the hottest markets in August.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_August2017_VanWest

The Vancouver Eastside had 115 sales and 771 active listings for detached homes at the end of the month. The benchmark sales price was $1,565,300, and the average days on market were 28. The hottest sales market was Killarney VE with 17 sales.

The condo market featured 143 sales, 152 active listing, and a benchmark sales price was $529,400. The average days on market were 16 days, and the hottest market for sales was Mount Pleasant VE with 46 sales.

The townhome market, on the other hand, had 24 sales and 53 active listings. The benchmark sale price was $858,500 with 17 average days on market. Champlain Heights with 6 sales had the most sales in August.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_August2017_VanEast

North Shore

In August, the North Vancouver market had 75 sales and 306 active listings for detached homes. The benchmark sale price was $1,711,100 with an average days on market of 31. Upper Lonsdale with 8 sales had the most sales activity.

There were 112 sales and 106 active listings for condos. The benchmark sale price was $551,000 with 17 average days on market. The neighbourhoods of Lower Lonsdale with 39 sales was the hottest sales market.

Townhome sales were 26, active listings were 49, the benchmark sale price was $968,400, and the average days on market were 15. Central Lonsdale, Hamilton Heights, Lower Lonsdale, and Lynn Valley, with 4 sales each, had the most sales activities.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_August2017_NorthVan

The West Vancouver market had 30 sales and 501 active listings for detached homes. The benchmark sale price was $3,189,500 with 40 average days on market. British Properties with 5 sales was the neighbourhood with the most sales activity.

Condo sales were 19 and active listings were 47 at the end of the month. The benchmark sales price was $1,128,000 with an average days on market of 36. Ambleside had the most sales at 11.

In comparison, townhome market had 0 sales and 13 active listings.

It’s a buyer’s market for single family homes and townhouses.

MarketHotSheet_August2017_WestVan

Tri Cities

In the Coquitlam market, there were 85 sales and 412 active listings for detached homes at the end of the month. The benchmark sale price was $1,279,200, and the average days on market were 34. Central Coquitlam with 19 sales experienced the most sales activity.

The condo market had 126 sales and 149 active listings. The benchmark sale price was $476,900 with 15 average days on market. The hottest market for sales was North Coquitlam, 46 sales.

Townhome featured 34 sales and 62 active listings. The benchmark sales price was $640,300 with an average days on market of 15. Burke Mountain with 11 sales had the most sales activity.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_August2017_Coquitlam

The Port Coquitlam had 48 sales and 117 active listings for detached homes. The benchmark sale price was $1,002,900 with an average days on market of 21. Glenwood PQ and Oxford Heights, with 7 sales each, experienced the most sales activities of the month.

Condo featured 45 sales, 50 active listings, a $412,200 benchmark sales price, and 12 average days on market. Central Pt Coquitlam had the most sales activity at 32.

In comparison, townhome had 18 sales and 38 active listings. The benchmark sales price was $642,800 with an average days on market of 23. Riverwood was the hottest market with 6 sales.

It’s a seller’s market for all product types.

MarketHotSheet_August2017_PortCoquitlam

There were 13 sales and 92 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,491,300, and the average days on market were 50. College Park PM and Heritage Woods PM with 3 sales each had the most sales activities.

The condo market featured 33 sales, 30 active listings, $580,700 benchmark sale price, and 17 average days on market. Port Moody Centre, 22 sales, had most sales activity.

In comparison, townhome sales were 19, active listings were 16 and the benchmark sale price was $608,700. The average days on market were 15. North Shore Pt Moody, Pt Moody, and Port Moody Centre, with 5 sales each, were the hottest markets for sales.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_August2017_PortMoody

Maple Ridge

In the Maple Ridge market, there were 120 sales and 393 active listings for detached homes at the end of the month. The benchmark sale price was $803,800, and the average days on market were 26. Cottonwood MR with 20 sales experienced the most sales activity.

The condo market had 29 sales and 28 active listings. The benchmark sale price was $252,000 with 12 average days on market. The hottest market for sales was East Central, 15 sales.

Townhome featured 47 sales and 44 active listings. The benchmark sales price was $508,100 with an average days on market of 11. Cottonwood MR with 14 sales had the most sales activity.

It’s a seller’s market for all product types.

MarketHotSheet_August2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_August2017_BurnabyEast

Burnaby North

MarketHotSheet_August2017_BurnabyNorth

Burnaby South

MarketHotSheet_August2017_BurnabySouth

New Westminster

MarketHotSheet_August2017_NewWest

Richmond

MarketHotSheet_August2017_Richmond

Ladner

MarketHotSheet_August2017_Ladner

Tsawwassen

MarketHotSheet_August2017_Tsawwassen

Pitt Meadows

MarketHotSheet_August2017_PittMeadows

Bowen Island

MarketHotSheet_August2017_BowenIsland

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?

Macdonald Realty has offices across the Greater Vancouver. Please email bijan@macrealty.com or call 1-604-365-0185 to be get in touch with Bijan, the trusted local realtor in the Tri-Cities .

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MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org