GREATER VANCOUVER REAL ESTATE MARKET STATISTICS – JULY 2017

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

Vancouver

In the Vancouver Westside, there were 74 sales of detached homes and 768 active listings at the end of the month. The benchmark sale price was $3,666,200, with an average days on market of 36. The hottest markets for sales were Dunbar and South Granville with 9 sales each.

In comparison, the condo market had 397 sales, 797 active listings and a benchmark sale price of $783,700 with an average of 17 days on market. The hottest market for sales was Downtown VW, 100 sales.

Townhome sales were 40, active listings were 146. The benchmark sale price was $1,232,000 with an average days on market of 14. Fairview VW with 9 sales was the hottest market in July.

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

MarketHotSheet_July2017_VanWest

The Vancouver Eastside had 110 sales and 822 active listings for detached homes at the end of the month. The benchmark sales price was $1,561,700, and the average days on market were 22. The hottest sales market was Renfrew Heights with 15 sales.

The condo market featured 151 sales, 178 active listing, and a benchmark sales price was $524,700. The average days on market were 15 days, and the hottest market for sales was Mount Pleasant VE with 43 sales.

The townhome market, on the other hand, had 32 sales and 58 active listings. The benchmark sale price was $854,900 with 20 average days on market. Mount Pleasant VE, 9 sales, had the most sales in June.

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

MarketHotSheet_July2017_VanEast

North Shore

In June, the North Vancouver market had 81 sales and 344 active listings for detached homes. The benchmark sale price was $1,716,800 with an average days on market of 23. Canyon Heights NV and Lynn Valley with 10 sales had the most sales activity.

There were 79 sales and 136 active listings for condos. The benchmark sale price was $545,100 with 10 average days on market. The neighbourhoods of Lower Lonsdale with 27 sales was the hottest sales market.

Townhome sales were 37, active listings were 61, the benchmark sale price was $950,300, and the average days on market were 12. Central Lonsdale with 6 sales had the most sales activity.

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

MarketHotSheet_July2017_NorthVan

The West Vancouver market had 41 sales and 500 active listings for detached homes. The benchmark sale price was $3,180,000 with 64 average days on market. Ambleside with 6 sales was the neighbourhood with the most sales activity.

Condo sales were 11 and active listings were 56 at the end of the month. The benchmark sales price was $1,137,400 with an average days on market of 21. Ambleside had the most sales at 5.

In comparison, townhome market had 4 sales and 15 active listings; the average days on market were 14.

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

MarketHotSheet_July2017_WestVan

Tri Cities

In the Coquitlam market, there were 92 sales and 405 active listings for detached homes at the end of the month. The benchmark sale price was $1,276,500, and the average days on market were 25. Central Coquitlam with 27 sales experienced the most sales activity.

The condo market had 139 sales and 147 active listings. The benchmark sale price was $459,400 with 15 average days on market. The hottest market for sales was North Coquitlam, 60 sales.

Townhome featured 40 sales and 60 active listings. The benchmark sales price was $631,000 with an average days on market of 23. Burke Mountain with 14 sales had the most sales activity.

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

MarketHotSheet_July2017_Coquitlam

The Port Coquitlam had 44 sales and 115 active listings for detached homes. The benchmark sale price was $995,400 with an average days on market of 23. Glenwood PQ with 10 sales experienced the most sales activity of the month.

Condo featured 46 sales, 37 active listings, a $401,000 benchmark sales price, and 13 average days on 10market. Central Pt Coquitlam had the most sales activity at 30.

In comparison, townhome had 26 sales and 25 active listings. The benchmark sales price was $625,300 with an average days on market of 9. Riverwood was the hottest market with 12 sales.

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

MarketHotSheet_July2017_PortCoquitlam

There were 18 sales and 104 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,446,300, and the average days on market were 60. Anmore with 4 sales had the most sales activity.

The condo market featured 36 sales, 34 active listings, $576,600 benchmark sale price, and 14 average days on market. Port Moody Centre, 29 sales, had most sales activity.

In comparison, townhome sales were 21, active listings were 18 and the benchmark sale price was $597,400. The average days on market were 11. North Shore Pt Moody with 8 sales was the hottest market for sales.

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

MarketHotSheet_July2017_PortMoody

Maple Ridge

In the Maple Ridge market, there were 118 sales and 388 active listings for detached homes at the end of the month. The benchmark sale price was $793,600, and the average days on market were 21. Southwest Maple Ridge with 20 sales experienced the most sales activity.

The condo market had 38 sales and 30 active listings. The benchmark sale price was $236,900 with 26 average days on market. The hottest market for sales was East Central, 18 sales.

Townhome featured 52 sales and 39 active listings. The benchmark sales price was $500,600 with an average days on market of 10. Cottonwood MR with 17 sales had the most sales activity.

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

MarketHotSheet_July2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_July2017_BurnabyEast

Burnaby North

MarketHotSheet_July2017_BurnabyNorth

Burnaby South

MarketHotSheet_July2017_BurnabySouth

New Westminster

MarketHotSheet_July2017_NewWest

Richmond

MarketHotSheet_July2017_Richmond

Ladner

MarketHotSheet_July2017_Ladner

Tsawwassen

MarketHotSheet_July2017_Tsawwassen

Pitt Meadows

MarketHotSheet_July2017_PittMeadows

Bowen Island

MarketHotSheet_July2017_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 speak with Bijan!

—–

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

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July 2017 Market Update

june vancouver real estate market

Metro Vancouver sees fewer home sales and more listings in July

Home buyer activity returned to more typical summer levels in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017.

Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.

Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.

Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017.

Capital Region Homeowners Consider Locking In After Interest-Rate Hikes | Times Colonist

b1-ray-jpg

Josh Ray is accompanied by his dog, Harley, outside his home in Saanich’s Glanford area on Wednesday. Photograph By DARREN STONE, Times Colonist

First-time homebuyers and owners about to renew their mortgages are nervous about the first benchmark interest-rate hike, a Victoria mortgage broker said Wednesday.

The increase, the first in nearly seven years, might prompt some people to lock in their mortgage rates, Colleen Flynn of Select Mortgage Group said. “It’s a concern for people. They are saying: ‘What’s this going to mean for me?’ ” she said. “I think more people are locking in to be cautious.”

Flynn said she’s also getting calls from homeowners who want to renew their mortgages early.

The Bank of Canada raised its key interest-rate target to 0.75 per cent from 0.5 per cent on Wednesday, prompting the five big banks to raise their prime rates a quarter of a percentage point. At the Royal Bank of Canada, that puts the prime rate at 2.95 per cent, up from 2.7 per cent.

Economists expect a gradual cycle of rate hikes amid rising confidence in the economy and projected growth.

Someone with a $540,000 mortgage over 25 years at an interest rate of 2.95 per cent would have monthly payments of $2,541, up from $2,473 at the lower rate. That $68 a month might not sound like a lot, Flynn said, but it takes earnings of $200 more a month to qualify for a mortgage at the higher rate.

“It’s going to affect their borrowing power,” she said.

Also, a greater share of the monthly payments will go toward interest, so the homeowner will pay $2,300 less toward their principal over five years, Flynn said.

Josh Ray and Nancy Schmidt, who are in their mid-30s, bought their first home in Saanich’s Glanford area on June 30.

Ray, a real estate agent and property manager, said the couple initially went with a variable rate of 2.3 per cent but switched to a fixed rate of 2.54 per cent once news broke of the rate hike.

The increased cost amounts to less than $100 a month and is manageable for them, since the home also has a rental suite.

“That’s still an amazing rate — it’s a no-brainer to lock into that,” Ray said. “They’re talking about raising [interest rates] two or three times this year.”

Ara Balabanian, president of the Greater Victoria Real Estate Board, said the interest-rate hike could push would-be buyers into the market in an attempt to beat another rate increase.

“I think the effects might be more psychological than real financial,” said Balabanian, a Managing Broker with Macdonald Realty Victoria. “There’s a lot of people who have been sitting on the sidelines watching [the market] and they might think, the rates are beginning to move up, maybe this is the time to go forward and buy something and lock it in. This low interest-rate environment will not continue forever.”

The interest rate is only one factor influencing the real estate market, and Balabanian said he doesn’t anticipate a major change in Greater Victoria house prices.

Mortgage broker Maria Dominelli said most first-time homebuyers have fixed mortgage rates, so the rate hike will not immediately affect them.

Variable rates tend to be lower but riskier, since the rates could rise. Borrowers seeking a variable-rate mortgage would have to qualify at the Bank of Canada benchmark of 4.64 per cent, “so there’s already that cushion built in for those borrowers to handle the ups and downs and ride the wave,” Dominelli said.

She said a period of consistent rate hikes could make it harder for people to get into the market.

“Let’s put it this way: It’s not going to make their bottom line any easier,” she said. “A higher rate will mean they have to take on a slightly higher debt load.”

The “bigger bombshell,” Dominelli said, would be the new stress test for uninsured mortgages being proposed by Canada’s banking regulator.

The new rules would mean homebuyers with a down payment of 20 per cent or more will have to show they can handle their monthly payments if interest rates rise.

Currently, only homebuyers with less than 20 per cent down — who must be insured by Canada Mortgage and Housing Corporation — are required to face the test.

“When these new rules come in, it’s going to be a rude awakening,” she said.


The article was originally posted on Times Colonist, July 13, 2017. Written by Katie Derosa.

GREATER VANCOUVER REAL ESTATE MARKET STATISTICS – JUNE 2017

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

Vancouver

In the Vancouver Westside, there were 114 sales of detached homes and 744 active listings at the end of the month. The benchmark sale price was $3,627,200, with an average days on market of 29. The hottest markets for sales were Dunbar and Kitsilano with 17 sales each.

In comparison, the condo market had 462 sales, 685 active listings and a benchmark sale price of $772,900 with an average of 17 days on market. The hottest market for sales was Downtown VW, 96 sales.

Townhome sales were 61, active listings were 119. The benchmark sale price was $1,211,600 with an average days on market of 19. Fairview VW with 14 sales was the hottest market in June.

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

MarketHotSheet_June2017_VanWest

The Vancouver Eastside had 159 sales and 802 active listings for detached homes at the end of the month. The benchmark sales price was $1,534,100, and the average days on market were 26. The hottest sales market was Renfrew VE with 19 sales.

The condo market featured 237 sales, 153 active listing, and a benchmark sales price was $507,700. The average days on market were 15 days, and the hottest market for sales was Collingwood VE with 69 sales.

The townhome market, on the other hand, had 42 sales and 60 active listings. The benchmark sale price was $813,400 with 17 average days on market. Mount Pleasant VE, 11 sales, had the most sales in June.

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

MarketHotSheet_June2017_VanEast

North Shore

In June, the North Vancouver market had 122 sales and 333 active listings for detached homes. The benchmark sale price was $1,690,600 with an average days on market of 24. Lynn Valley with 17 sales had the most sales activity.

There were 127 sales and 100 active listings for condos. The benchmark sale price was $528,200 with 12 average days on market. The neighbourhoods of Central Lonsdale and Lower Lonsdale with 38 sales each were the hottest sales markets.

Townhome sales were 41, active listings were 52, the benchmark sale price was $938,300, and the average days on market were 11. Lynn Valley with 10 sales had the most sales activity.

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

MarketHotSheet_June2017_NorthVan

The West Vancouver market had 64 sales and 490 active listings for detached homes. The benchmark sale price was $3,127,100 with 38 average days on market. Eagle Harbour with 8 sales was the neighbourhood with the most sales activity.

Condo sales were 21 and active listings were 54 at the end of the month. The benchmark sales price was $1,168,000 with an average days on market of 18. Ambleside had the most sales at 8.

In comparison, townhome market had 5 sales and 21 active listings; the average days on market were 43.

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

MarketHotSheet_June2017_WestVan

Tri Cities

In the Coquitlam market, there were 128 sales and 377 active listings for detached homes at the end of the month. The benchmark sale price was $1,256,700, and the average days on market were 24. Central Coquitlam with 27 sales experienced the most sales activity.

The condo market had 143 sales and 135 active listings. The benchmark sale price was $442,600 with 16 average days on market. The hottest market for sales was North Coquitlam, 61 sales.

Townhome featured 42 sales and 44 active listings. The benchmark sales price was $617,400 with an average days on market of 16. Burke Mountain with 13 sales had the most sales activity.

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

MarketHotSheet_June2017_Coquitlam

The Port Coquitlam had 66 sales and 97 active listings for detached homes. The benchmark sale price was $990,500 with an average days on market of 15. Glenwood PQ with 19 sales experienced the most sales activity of the month.

Condo featured 69 sales, 42 active listings, a $386,900 benchmark sales price, and 13 average days on market. Central Pt Coquitlam had the most sales activity at 56.

In comparison, townhome had 38 sales and 30 active listings. The benchmark sales price was $591,400 with an average days on market of 13. Riverwood was the hottest market with 16 sales.

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

MarketHotSheet_June2017_PortCoquitlam

There were 21 sales and 97 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,444,700, and the average days on market were 21. Anmore with 6 sales had the most sales activity.

The condo market featured 50 sales, 37 active listings, $554,500 benchmark sale price, and 12 average days on market. Port Moody Centre, 35 sales, had most sales activity.

In comparison, townhome sales were 19, active listings were 18 and the benchmark sale price was $584,400. The average days on market were 14. Port Moody Centre with 6 sales was the hottest market for sales.

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

MarketHotSheet_June2017_PortMoody

Maple Ridge

In the Maple Ridge market, there were 142 sales and 350 active listings for detached homes at the end of the month. The benchmark sale price was $776,100, and the average days on market were 23. East Central with 24 sales experienced the most sales activity.

The condo market had 42 sales and 36 active listings. The benchmark sale price was $232,600 with 46 average days on market. The hottest market for sales was East Central, 24 sales.

Townhome featured 59 sales and 31 active listings. The benchmark sales price was $471,300 with an average days on market of 20. Cottonwood MR with 22 sales had the most sales activity.

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

MarketHotSheet_June2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_June2017_BurnabyEast

Burnaby North

MarketHotSheet_June2017_BurnabyNorth

Burnaby South

MarketHotSheet_June2017_BurnabySouth

New Westminster

MarketHotSheet_June2017_NewWest

Richmond

MarketHotSheet_June2017_Richmond

Ladner

MarketHotSheet_June2017_Ladner

Tsawwassen

MarketHotSheet_June2017_Tsawwassen

Pitt Meadows

MarketHotSheet_June2017_PittMeadows

Bowen Island

MarketHotSheet_June2017_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.

—–

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

June 2017 Market Update

june vancouver real estate market
Demand for condominiums continues to outstrip supply
In this market update, the imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 per cent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 per cent compared to May 2017 when 4,364 homes sold.

Last month’s sales were 14.5 per cent above the 10-year June sales average.

“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.

There were 5,721 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2017. This represents a 2.6 per cent decrease compared to the 5,875 homes listed in June 2016 and a 5.3 per cent decrease compared to May 2017 when 6,044 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,515, a nine per cent increase compared to June 2016 (7,812) and a 4.2 per cent increase compared to May 2017 (8,168).

“Home buyers have more selection to choose from in the detached market today while condominium listings are near an all-time low on the MLS®,” Oudil said. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”

For all property types, the sales-to-active listings ratio for June 2017 is 45.7 per cent. By property type, the ratio is 24.5 per cent for detached homes, 62 per cent for townhomes, and 93.2 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.

“Market conditions will vary today depending on area and property type,” Oudil said. “It’s important to work with your local REALTOR® to help you understand the trends that are occurring in your community.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 7.9 per cent increase over June 2016 and a 1.8 per cent increase compared to May 2017.

Sales of detached properties in June 2017 reached 1,320, a decrease of 15.5 per cent from the 1,562 detached sales recorded in June 2016. The benchmark price for detached properties is $1,587,900. This represents a 1.4 per cent increase from June 2016 and a 1.1 per cent increase compared to May 2017.

Sales of apartment properties reached 1,905 in June 2017, a decrease of 9.6 per cent compared to the 2,108 sales in June 2016. The benchmark price of an apartment property is $600,700. This represents a 17.6 per cent increase from June 2016 and a 2.9 per cent increase compared to May 2017.

Attached property sales in June 2017 totalled 668, a decrease of 8.5 per cent compared to the 730 sales in June 2016. The benchmark price of an attached unit is $745,700. This represents a 10.7 per cent increase from June 2016 and a 0.6 per cent increase compared to May 2017.

May 2017 Market Update Video

YouTube Preview Image

Market activity picks up in May
Home buyer activity returned to near record levels across the Metro Vancouver housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third-highest selling May on record.

“Demand for condominiums and townhomes is driving today’s activity,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May 2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.

The month-over-month increase in new listings was led by detached homes at 27.1 per cent, followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase compared to April 2017 (7,813).

“Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline,” Oudil said.

The sales-to-active listings ratio across all residential categories is 53.4 per cent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 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.

“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it’s clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared to April 2017.

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase compared to April 2017.

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April 2017.

Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April 2017.

Download the full stats package here

GREATER VANCOUVER REAL ESTATE MARKET STATISTICS – MAY 2017

Here are the latest Vancouver Real Estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in May 2017.

Vancouver

In the Vancouver Westside, there were 188 sales of detached homes and 635 active listings at the end of the month. The benchmark sale price was $3,588,300, with an average days on market of 42. The hottest market for sales was Kitsilano with 25 sales.

In comparison, the condo market had 528 sales, 664 active listings and a benchmark sale price of $737,500 with an average of 20 days on market. The hottest market for sales was Downtown VW, 112 sales.

Townhome sales were 67, active listings were 110. The benchmark sale price was $1,154,200 with an average days on market of 24. Kitsilano with 19 sales was the hottest market in May.

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

MarketHotSheet_May2017_VanWest

The Vancouver Eastside had 200 sales and 765 active listings for detached homes at the end of the month. The benchmark sales price was $1,513,800, and the average days on market were 29. The hottest sales market was Knight with 25 sales.

The condo market featured 213 sales, 220 active listing, and a benchmark sales price was $496,800. The average days on market were 18 days, and the hottest market for sales was and Mount Pleasant VE with 67 sales.

The townhome market, on the other hand, had 42 sales and 60 active listings. The benchmark sale price was $792,300 with 19 average days on market. Mount Pleasant VE, 8 sales, had the most sales in May.

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

MarketHotSheet_May2017_VanEast

North Shore

In May, the North Vancouver market had 139 sales and 334 active listings for detached homes. The benchmark sale price was $1,656,500 with an average days on market of 22. Lynn Valley with 19 sales had the most sales activity.

There were 135 sales and 118 active listings for condos. The benchmark sale price was $502,200 with 16 average days on market. The neighbourhood of Lower Lonsdale with 50 sales was the hottest sales market.

Townhome sales were 42, active listings were 38, the benchmark sale price was $917,500, and the average days on market were 10. Central Lonsdale with 7 sales had the most sales activity.

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

MarketHotSheet_May2017_NorthVan

The West Vancouver market had 63 sales and 482 active listings for detached homes. The benchmark sale price was $3,080,600 with 38 average days on market. Ambleside and British Properties, with 9 sales each, were the neighbourhood with the most sales activities.

Condo sales were 28 and active listings were 46 at the end of the month. The benchmark sales price was $1,033,000 with an average days on market of 17. Ambleside had the most sales in May at 10.

In comparison, townhome market had 4 sales and 19 active listings; the average days on market were 22.

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

MarketHotSheet_May2017_WestVan

Tri Cities

In the Coquitlam market, there were 144 sales and 351 active listings for detached homes at the end of May. The benchmark sale price was $1,231,200, and the average days on market were 21. Central Coquitlam with 27 sales experienced the most sales activity.

The condo market had 140 sales and 127 active listings. The benchmark sale price was $397,100 with 13 average days on market. The hottest market for sales was North Coquitlam, 52 sales.

Townhome featured 58 sales and 46 active listings. The benchmark sales price was $565,100 with an average days on market of 13. Burke Mountain with 18 sales had the most sales activity in May.

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

MarketHotSheet_May2017_Coquitlam

The Port Coquitlam had 68 sales and 106 active listings for detached homes. The benchmark sale price was $967,600 with an average days on market of 14. Oxford Heights with 19 sales experienced the most sales activity of the month.

Condo featured 60 sales, 48 active listings, a $349,900 benchmark sales price, and 13 average days on market. Central Pt Coquitlam had the most sales activity at 41.

In comparison, townhome had 40 sales and 38 active listings. The benchmark sales price was $574,100 with an average days on market of 18. Riverwood was the hottest market with 12 sales.

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

MarketHotSheet_May2017_PortCoquitlam

There were 30 sales and 82 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,430,100, and the average days on market were 23. Anmore with 7 sales had the most sales activity.

The condo market featured 42 sales, 46 active listings, $545,900 benchmark sale price, and 13 average days on market. Port Moody Centre, 29 sales, had most sales activity.

In comparison, townhome sales were 33, active listings were 19 and the benchmark sale price was $561,000. The average days on market were 13. North Shore Port Moody with 9 sales was the hottest market for sales.

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

MarketHotSheet_May2017_PortMoody

Maple Ridge

In the Maple Ridge market, there were 162 sales and 321 active listings for detached homes at the end of the month. The benchmark sale price was $760,300, and the average days on market were 33. Albion and East Central, with 26 sales each, experienced the most sales activity.

The condo market had 54 sales and 47 active listings. The benchmark sale price was $225,700 with 35 average days on market. The hottest market for sales was West Central, 34 sales.

Townhome featured 73 sales and 45 active listings. The benchmark sales price was $431,200 with an average days on market of 21. East Central with 16 sales had the most sales activity in May.

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

MarketHotSheet_May2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_May2017_BurnabyEast

Burnaby North

MarketHotSheet_May2017_BurnabyNorth

Burnaby South

MarketHotSheet_May2017_BurnabySouth

New Westminster

MarketHotSheet_May2017_NewWest

Richmond

MarketHotSheet_May2017_Richmond

Ladner

MarketHotSheet_May2017_Ladner

Tsawwassen

MarketHotSheet_May2017_Tsawwassen

Pitt Meadows

MarketHotSheet_May2017_PittMeadows

Bowen Island

MarketHotSheet_May2017_BowenIsland

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver? Please email Bijan or call 1-604-365-0185.

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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

 

May 2017 Market Update

vancouver real estate
Market activity picks up in May
Home buyer activity returned to near record levels across the Metro Vancouver housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third-highest selling May on record.

“Demand for condominiums and townhomes is driving today’s activity,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May 2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.

The month-over-month increase in new listings was led by detached homes at 27.1 per cent, followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase compared to April 2017 (7,813).

“Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline,” Oudil said.

The sales-to-active listings ratio across all residential categories is 53.4 per cent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 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.

“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it’s clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared to April 2017.

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase compared to April 2017.

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April 2017.

Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April 2017.

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6 Upscale Suburban Neighbourhoods To Consider

Metro Vancouver is made up of several cities & district municipalities, to the North, South & East of the City of Vancouver. A short drive past Boundary Road into Burnaby will put you right into the land of the Suburbs, also known as “Suburbia” to geographers and urban planners. Suburban life is usually characterized as being quieter, with homes on cul-de-sacs and each neighbourhood with an elementary school within walking distance. Bus stops and transit hubs are plentiful here, as everyone commutes to work & learn in the big urban city. For some, the suburban lifestyle provides an opportunity to put down roots in a community when starting a family, and it is not surprising that the calm landscape and family oriented neighbourhoods attract families out to places like Coquitlam, Port Moody, Port Coquitlam and etc.
vancouver homes for sale MLS
The suburbs are also known to be more affordable than the urban neighbourhoods of Vancouver, which is certainly so. One quick glance at real estate market reports for the area will confirm this belief. However, a quick reference to data available from Statistics Canada will also tell you that some of these neighbourhoods are home to not just families looking for more affordable real estate outside the urban centres of Vancouver, but rather some of the wealthiest households in British Columbia. With this in mind, take a look at these six upscale neighbourhoods the next time you consider looking for your next home in the beautiful suburbs of Metro Vancouver. You might just be shocked at what you might find!

Westridge (Burnaby)

burnaby mls homes for sale
Set along the western slopes of Burnaby Mountain, the small neighbourhood of Westridge is comprised of a collection of executive single-family homes with panoramic views of the ocean. Located within minutes to shopping and transit, the area is popular with families looking for large view lots and magnificent homes in a quiet & tranquil setting, while being within a short drive to the beach.

Demographics:

    Median Age: 37.50
    Average Household Size: 2.98
    Average Household Income: $327,703
    Households without Children: 60%
    Households with Children: 40%



MLS® HPI Benchmark Price May 2017:

    All Property Types: $1,751,500
    Detached Single Family Homes: $1,751,500
    Apartment/Condo: N/A
    Townhomes: N/A


Belcarra (Port Moody)

belcarra mls homes for sale
A picturesque seaside community located deep within the forests of Port Moody, Belcarra real estate is prized for its many waterfront properties lining the shores of the Burrard Inlet. Located approximately in the centre of Metro Vancouver across the water from Deep Cove, Belcarra can be accessed via Barnet Highway from Vancouver & the North Shore. It is a mere 30 kilometers from the North Shore and only minutes away from the many shopping districts in Port Moody and Coquitlam.

Demographics:

    Median Age: 54.90
    Average Household Size: 2.22
    Average Household Income: $241,149
    Households without Children: 67%
    Households with Children: 33%



MLS® HPI Benchmark Price May 2017:

    All Property Types: $1,605,700
    Detached Single Family Homes: $1,605,700
    Apartment/Condo: N/A
    Townhomes: N/A


Citadel Heights (Port Coquitlam)

citadel heights mls homes for sale
Located in the South of Port Coquitlam is the master-planned community of Citadel Heights, a mixed collection of single-family homes as well as executive townhouse complexes, some of which are over 3,000 sqft! The area boasts numerous parks and trails for walking, cycling & picnicking, as well as a scenic boardwalk along the water. Here you can find executive homes ranging from 3,800 sqft all the way to 7,000 sqft mansions with panoramic views of the Fraser River. Perhaps the most desirable feature of this community is the ease of access to the Trans-Canada Freeway, which allows residents to get to Vancouver in less than 18 minutes!

Demographics:

    Median Age: 44.50
    Average Household Size: 2.86
    Average Household Income: $202,833
    Households without Children: 41%
    Households with Children: 59%



MLS® HPI Benchmark Price May 2017:

    All Property Types: $817,300
    Detached Single Family Homes: $1,051,200
    Apartment/Condo: N/A
    Townhomes: $621,600


Northwest MR (Maple Ridge)

maple ridge mls homes for sale
Northwest Maple Ridge is located approximately 40 kilometers east of Vancouver and comprises of the northwest section of the city bordering Pitt Meadows. The area boasts some of the most wonderful views of the Golden Ears Mountains, and houses an outstanding collection of large executive single-family homes along tree-lined streets, as well as a small number of newer townhome & apartment complexes. The area is extremely popular and highly coveted by working professionals looking for an exceptional neighbourhood where the country meets the city.

Demographics:

    Median Age: 47.40
    Average Household Size: 2.67
    Average Household Income: $216,971
    Households without Children: 43%
    Households with Children: 57%



MLS® HPI Benchmark Price May 2017:

    All Property Types: $656,300
    Detached Single Family Homes: $788,900
    Apartment/Condo: $287,800
    Townhomes: $432,500


Westwood Plateau (Coquitlam)

westwood plateau mls homes for sale
Nestled along the slopes of Eagle Mountain in the north of Coquitlam is the vast neighbourhood of Westwood Plateau. One of the striking features of Westwood Plateau is the diversity of the types of housing one can find here. Apartments and townhomes can also be found in this unique area, including both medium-density residential units as well as detached single family dwellings. Another is the abundance of green space and trees that surround the neighbourhood along 3 sides. Drive up to the peak and you will find a beautiful golf course and pockets of homes nestled among the greenery. This provides homes in this area with magnificent unobstructed views of Pitt Meadows, the Pitt River, Mount Baker and the Fraser Valley. Drive along Pinetree Way and turn into any of the side streets and you will notice a trend in building styles here. Pillared entry ways, tile roofs, and vast driveways all attest to the prestigious nature of the area. For those looking for luxury mansions the best money can buy you will want to see Parkway and Plateau Boulevards, each known as the “Streets of Dreams”, houses along these corridors will not disappoint, and feature sweeping panoramic views across the city and down to the valley.

Demographics:

    Median Age: 40.80
    Average Household Size: 3.27
    Average Household Income: $126,254
    Households without Children: 30%
    Households with Children: 70%



MLS® HPI Benchmark Price May 2017:

    All Property Types: $985,500
    Detached Single Family Homes: $1,382,200
    Apartment/Condo: $486,400
    Townhomes: $688,800


Heritage Mountain (Port Moody)

heritage mountain mls homes for sale

Heritage Mountain is one of Port Moody’s newer neighbourhoods, located along the lower slopes of Eagle Mountain above Newport Village. The area is prized for its great schools and parks, as well as the abundant green-space and trees that have been preserved through the City’s comprehensive efforts to maintain the nature and greenery within the area. With its many cul-de-sacs, Heritage Mountain is the prime choice for families looking for an amazing neighbourhood to settle in. The area comprises mostly of single-family dwellings, while there a number of multi-family developments as well. Here you will find smaller starter homes as well as larger executive-style homes further up the slope, which offer panoramic views of the city and Burrard Inlet below.

Demographics:

    Median Age: 43.80
    Average Household Size: 2.83
    Average Household Income: $157,544
    Households without Children: 41%
    Households with Children: 59%



MLS® HPI Benchmark Price May 2017:

    All Property Types: $1,060,400
    Detached Single Family Homes: $1,613,100
    Apartment/Condo: N/A
    Townhomes: $605,500


Have questions about any of the above neighborhoods or curious about other neighborhoods? Send me a quick message below and I would be happy to help!

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The enclosed information, while deemed to be correct, is not guaranteed and no representations or warranties of any kind are made.MLS® HPI Benchmark Price sourced from information provided by the Real Estate Board of Greater Vancouver (REGBV). Demographic data has been provided by a 3rd party supplier based on census data from Statistics Canada. All demographic information is believed to be accurate but it is not guaranteed and should be independently verified. No warranties or representations of any kind are made.