May 2017 Market Update Video

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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.

Download the full stats package here

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.

Macdonald Realty Luxury Homes Magazine | Summer 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 Summer 2017 issue include an exceptional “Architectural Masterpiece” in West Vancouver, an exceptional residence that is captivating to the eyes!

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

Luxury Homes in Vancouver

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.

Real Estate Terms Explained

Glossary of Real Estate Terms

Here are some useful real estate terms to help you navigate your way.

Adjustment Date

The date agreed to by both parties for the allocation and adjustment of property taxes, interest, utilities, rents and other appropriate items. This date is usually the same as the possession date. (See Seller’s and Buyer’s statements).


Agreement For Sale

The Seller agrees to sell the property to a Buyer on credit terms. Normally the Seller carries the financing himself and the Buyer arranges a payment with the Seller. The Seller remains on the title as registered owner. Very similar to a first mortgage. The agreement for sale is the registered contract.


Amortization

The paying off of debt with a fixed repayment schedule in regular installments over a period of time. Consumers are most likely to encounter amortization with a mortgage or car loan.


Appraised Value

A report made by a qualified person giving an estimate of value, based on experience, comparable sales and pertinent data relating to the property.


Asking Price

The price placed on the property for sale by the Seller.


Assessed Value

Used for the purpose of assessing property tax by a local municipality, this property value is assessed by the B.C. Assessment Authority.


Blended Payments

Payments consisting of principal and interest components, paid during the amortization period of a mortgage.


Buy Down

A mortgage financing technique where the buyer attempts to obtain a lower interest rate for at least the first few years of the mortgage.


Buyer’s Agent

The Buyers’s Agent represents the Buyer in the transaction with the Seller.


Caveat

A note placed on the register in the Land Titles Office at the instigation of a person who claims a certain interest in the land. In B.C., a caveat remains in force for only 2 months, then lapses.


Chattels

Personal property not attached or affixed to the land or property. Also refers to appliances, etc. in a rental property.


CMHC

Canada Mortgage and Housing Corporation. A Crown corporation which provides information services and mortgage loan insurance.


Co-Op Suite

A co-op is a company formed to create and operate defined living spaces within a building. A Buyer purchases shares in the company that normally owns the building. The purchase of these shares usually entitles the owner to the sole use of a suite in a co-op building through a long term lease or shareholder’s agreement.


Commissions

In B.C. it is illegal to receive “net” commissions (i.e. any amount of money given on the sale of the property over and above the agreed price.)


Completion Date

The date on which the Seller is entitled to the net proceeds of the sale and the Buyer is entitled to the transfer of the title. Real Estate commissions and legal fees are paid out at this time.


Consideration

Something done or promised (i.e. deposit money) to be done by one party in return for something done or promised to be done by the other party (i.e. the transfer of title to the property).


CTAM

Cash to a new mortgage to be arranged.


Debt-Service Ratio

The measurement of debt payments to gross household income which may include, in addition to the main wage earner’s salary, salaries of other wage earners, commissions, bonuses, overtime, etc.


Deposit

Money taken at the time of acceptance or upon final subject removal as a sign of good faith. This money is held in a real estate company’s trust account pending the completion of the purchase and are credited towards the purchase price.


Designated Agency

The essence of the system of “designated agency” is that the brokerage has contractual duties to the buyer or seller who has engaged it and agency duties are provided by the REALTOR® appointed by the brokerage as the “Designated Agent” for that client.


Dual Agent

A real estate broker or salesperson who acts as agent for both the Seller and the Buyer in the same transaction. Both Buyer and Seller are the agent’s clients.


Encumbrances

Anything that affects or limits the title to property such as a mortgage, lease, easement, etc.


Equity

The difference between the price for which a property could be sold and the total debts and mortgages registered against it.


Fixtures

All things attached to the property or growing on it. To avoid this dispute, specify in writing any items that will not be included in the sale of the property. Better yet, remove them prior to offering the property for sale.


FSR

Floor Space Ratio. A City zoning term that defines the maximum allowable square footage to be built or occupied in a building in relation to its lot size.


Gross Debt Service

The amount of money needed to pay principal, interest, taxes and sometimes, energy costs. If the dwelling unit is a condominium, all or a portion of common fees are included, depending on what expenses are covered.


Gross Debt Service Ratio

The percentage of gross annual income needed to cover payments associated with housing payments. (Mortgage, principal and interest, taxes, secondary financing). Primarily used by the mortgagee (lender). Most lenders prefer the GDS be no more than 30% of a purchaser’s gross annual income (before deductions).


Gross Taxes

The total amount of taxes owing as per your B.C. Assessment and municipal property tax bill before any deductions are made.


High Ratio Mortgage

A situation where the loan exceeds 80% of the appraised value (or the selling price – whichever is lower). This loan must be insured by C.M.H.C., G.E. Capital (Mortgage Insurance Canada) or other insuring agencies for a fee.


Highlight Sheet / Feature Sheet

An information and marketing sheet given to the public and other sales agents that outlines details of the property for sale.


Lease

A lease is a rental for a fixed period of time. Leases over 3 years duration should be registered in the Land Titles Office.


Listing Agreement

A contract between a Seller and a real estate company whereby the real estate agent agrees to find a ready, willing and able Buyer for a listed property on certain terms stipulated by the Seller. The Seller agrees to pay a stated amount of commission if the salesperson is successful.


Market Value

The highest price paid for a piece of property which has been exposed ‘for sale’ in the open market allowing a reasonable time to find a Buyer.


MLS® Listing

Multiple Listing Service. A listing service handled by the Real Estate Board that issues print and online listing information comprising details of properties for sale on MLS® in our market areas.


Mortgage

A specific form of security for a debt, more specifically, property or chattels as security for payment of a debt. The borrower is the mortgagor and the lender is the mortgagee.


Mortgage Insurer

In Canada, high-ratio mortgages (those representing greater than 80% of the property value) must be insured against default by either CMHC or private insurers. The borrower must arrange and pay for the insurance, which protects the lender against default.


Mortgagee

The person or financial institution lending the money, secured by a mortgage.


Mortgagor

The property owner borrowing the money, secured by a mortgage.


Net Taxes

The amount owing after allowable deductions made such as homeowners’ grant and senior citizen’s deductions.


Offer

Offer to Purchase. A promise made by one party, the offeror, to another party, the offeree. A legal agreement which offers a certain price for a specified piece of real estate.


Open Houses/Agents’ Opens

An agent’s open is an open arranged by the listing agent to allow all other agents in the area to view the property for their prospective Buyers, normally on a weekday morning. A public open house is usually held for a two hour time period between 1 and 5 p.m. on weekends when the listing agent will be present and potential Buyers will be encouraged to drop in. (Sellers are advised to be absent during these times.)


P.C.D.S. or P.D.S.

See Property Disclosure Statement.


P.I.T.

Principal, Interest and Taxes. A method of combined mortgage payment.


Possession Date

The date the Buyer is entitled to possession of the property at twelve noon that day, subject to existing tenancies.


Pre-Approved Mortgage

A situation where a mortgagee (lender) will appraise a property prior to putting it on the market and set the ceiling mortgage funds that it will lend to a Buyer who meets its internal qualifications.


Property Disclosure Statement

The Property Disclosure Statement is designed to protect all persons involved in real estate transactions. It provides a written record of representations made and, as importantly, not made, allowing the Buyer the opportunity to review the condition of your property so you’re less likely to overlook a defect. Disclosure can make the property more attractive to potential Buyers who often require completion of this form to reduce any risk of misunderstanding.


Seller Take-Back Mortgage

A situation where a Seller will agree to hold the mortgage in the case of a Buyer who may or may not qualify for a conventional mortgage, or as a way to attract Buyers by offering a lower interest rate. The Seller must be secured in his loan.


Seller’s Agent

The Seller’s Agent, also known as a Listing Agent, represents the Seller under the listing agreement with the Seller, typically through the MLS® system. In dealing with prospective Buyers — customers– the Seller’s Agent can provide a variety of information and services to assist the Buyer in his/her decision-making. The Seller’s Agent does not represent the Buyer.


Seller’s Statement Of Adjustments

The statement indicates the balance of cash to be forwarded to the Seller after all adjustments.


Seventy-Two Hour Clause

A protection clause for the Seller who accepts an offer which is subject to the sale of a property that the Buyer owns. The Buyer must remove his subjects within 72 hours or the Seller has the right to deal with the new offer to purchase. This clause is sometimes written as either a 24 or 48 hour clause.

Five Condos in the Lower Mainland below 200k

vancouver condo
It is no lie finding a decent, clean & newer condo anywhere in the Fraser Valley & Metro Vancouver is challenging for any first-time homebuyer. Condos have represented more than half of all total MLS® sales in the past few months, making them one the hottest property type across the board, rivalled only by townhomes, which have seen staggering price increases as well. Below are 5 condos that are less than 10 years old, and currently on the market for less than $200,000.

First Time Home Buyers’ Program

The BC Government launched their First Time Home Buyers’ Program. For assistance in determining if you qualify for their First Time Home Buyers Program, read their program information below (copied from their website) or speak to a Mortgage Adviser. Click here to view a search of all lower mainland homes under $750,000 that qualify for this new program.

BC Home Partnership

The First Time Home Buyers’ Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.

If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.

For example, if you qualify and purchase a property with a fair market value of $400,000 with a person who doesn’t qualify you would still qualify. If you owned a 60% interest in the property, 60% of the tax amount would be eligible for the exemption.

The exemption doesn’t apply to the additional property transfer tax on residential transfers to foreign nationals or foreign corporations.

Do I Qualify?

To qualify for a full exemption, at the time the property is registered you must:

  • be a Canadian citizen or permanent resident
  • have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
  • have never owned an interest in a principal residence anywhere in the world at any time
  • have never received a first time home buyers’ exemption or refund

and the property must:

  • be located in B.C.
  • only be used as your principal residence
  • have a fair market value of:
    • $425,000 or less if registered on or before February 18, 2014, or
    • $475,000 or less if registered on or after February 19, 2014
  • be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

Find out the amount of your exemption if you qualify.

If you don’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the property transfer tax. To apply for a property transfer tax refund in this case, call (250) 387-0604. However, if you’re a foreign national or foreign corporation, you can’t be refunded any additional property transfer tax you may have paid.

Apply

To apply for the First Time Home Buyers’ Program you need to complete the First Time Home Buyers’ Property Transfer Tax Return when you or your legal professional register the property transfer.

After you have applied you must meet additional requirements during the first year you own the property to keep the tax exemption.

Penalty for False Declaration

All applications are reviewed. You will be charged a penalty equal to double the tax if you falsely declare that:

  • you have never owned an interest in a principal residence anywhere in the world at any time, or
  • you have never received a first time home buyers’ exemption or refund

First Year of Ownership

At the end of the first year you own the property you will receive a letter. The letter is to conditionally confirm that you meet the occupancy and property value requirements after you:

Existing Home

To keep the tax exemption you must have:

  • moved into your home within 92 days of the date the property was registered
  • continued to occupy the property as your principal residence for the remainder of the first year

You may keep part of the exemption if you moved out before the end of the first year.

If the owner passed away, or the property is transferred because of a separation agreement or a court order under the Family Law Act before the end of the first year, you still qualify to keep the tax exemption.

Built New Home

If you registered a vacant lot and built your own home, to keep the tax exemption:

  • the fair market value of the land when you registered the property plus the cost to build your home must be:
    • $450,000 or less if registered on or before February 18, 2014, or
    • $500,000 or less if registered on or after February 19, 2014
  • you must have built and moved into your home within 1 year of the date the property was registered
  • you must have continued to occupy the property as your principal residence for the remainder of the first year

You may keep part of the exemption if you moved out before the end of the first year.

If the owner passed away, or the property is transferred because of a separation agreement or a court order under the Family Law Act before the end of the first year, you still qualify to keep the tax exemption.

April 2017 Market Update Video

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Condominiums and townhomes in high demand across Metro Vancouver
Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market.

Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 per cent above the 10-year average for the month.

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent average over the same period last year.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907 in April 2017. This represents a decrease of 19.9 per cent compared to the 6,127 units listed in April 2016 and a three per cent increase compared to March 2017 when 4,762 properties were listed.

The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5 per cent increase compared to April 2016 (7,550) and a three per cent increase compared to March 2017 (7,586).

The sales-to-active listings ratio for April 2017 is 45.5 per cent for all property types. This is two per cent below March 2017 and is indicative of a sellers’ market. 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.

By property type, the sales-to-active listings ratio is 26 per cent for detached homes, 58.2 per cent for townhomes, and 82.2 per cent for condominiums.

“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $941,100. This represents a five per cent increase over the past three months and an 11.4 per cent increase compared to April 2016.

Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2 per cent, followed by townhomes at 5.3 per cent, and detached homes at 2.8 per cent.

“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”

Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8 per cent from the 1,979 detached sales recorded in April 2016. The benchmark price for detached properties is $1,516,500. This represents an 8.1 per cent increase over the last 12 months and a 1.8 per cent increase compared to March 2017.

Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3 per cent compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100. This represents a 16.6 per cent increase over the past 12 months and a 3.1 per cent increase compared to March 2017.

Attached, or townhome, property sales in April 2017 totalled 620, a decrease of 10.8 per cent compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800. This represents a 15.3 per cent increase over the past 12 months and a 2.4 per cent increase compared to March 2017.

Download the full April 2017 stats package here

GREATER VANCOUVER REAL ESTATE MARKET STATISTICS – APRIL 2017

Here are the latest Greater Vancouver Real Estate Market Statistics for April 2017 from Macdonald Realty.

Vancouver

In the Vancouver Westside, there were 111 sales of detached homes and 627 active listings at the end of the month. The benchmark sale price was $3,495,800, with an average days on market of 51. The hottest market for sales was Dunbar with 18 sales.

In comparison, the condo market had 441 sales, 641 active listings and a benchmark sale price of $718,400 with an average of 21 days on market. The hottest market for sales was Downtown VW, 101 sales.

Townhome sales were 57, active listings were 114. The benchmark sale price was $1,124,600 with an average days on market of 21. Fairview VW with 13 sales was the hottest market in April.

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

MarketHotSheet_April2017_VanWest

The Vancouver Eastside had 142 sales and 759 active listings for detached homes at the end of the month. The benchmark sales price was $1,474,400, and the average days on market were 32. The hottest sales market was Killarney with 17 sales.

The condo market featured 165 sales, 217 active listing, and a benchmark sales price was $480,300. The average days on market were 22 days, and the hottest markets for sales were Collingwood VE and Mount Pleasant VE with 37 sales each.

The townhome market, on the other hand, had 39 sales and 43 active listings. The benchmark sale price was $763,800 with 18 average days on market. Champlain Heights, 8 sales, had the most sales in April.

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

MarketHotSheet_April2017_VanEast

North Shore

In April, the North Vancouver market had 110 sales and 276 active listings for detached homes. The benchmark sale price was $1,599,300 with an average days on market of 30. Canyon Heights NV with 16 sales had the most sales activity.

There were 106 sales and 121 active listings for condos. The benchmark sale price was $489,700 with 14 average days on market. The neighbourhood of Lower Lonsdale with 34 sales was the hottest sales market.

Townhome sales were 32, active listings were 39, the benchmark sale price was $887,800, and the average days on market were 13. Central Lonsdale with 11 sales had the most sales activity.

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

MarketHotSheet_April2017_NorthVan

The West Vancouver market had 66 sales and 432 active listings for detached homes. The benchmark sale price was $2,980,700 with 41 average days on market. British Properties, with 15 sales, was the neighbourhood with the most sales activities.

Condo sales were 22 and active listings were 48 at the end of the month. The benchmark sales price was $991,800 with an average days on market of 12. Ambleside had the most sales in April at 6.

In comparison, townhome market had 7 sales and 18 active listings; the average days on market were 9.

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

MarketHotSheet_April2017_WestVan

Tri Cities

In the Coquitlam market, there were 114 sales and 298 active listings for detached homes at the end of April. The benchmark sale price was $1,187,000, and the average days on market were 32. Central Coquitlam with 21 sales experienced the most sales activity.

The condo market had 127 sales and 114 active listings. The benchmark sale price was $383,300 with 16 average days on market. The hottest market for sales was North Coquitlam, 44 sales.

Townhome featured 47 sales and 56 active listings. The benchmark sales price was $554,500 with an average days on market of 23. Burke Mountain with 18 sales had the most sales activity in April.

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

MarketHotSheet_April2017_Coquitlam

The Port Coquitlam had 46 sales and 96 active listings for detached homes. The benchmark sale price was $915,900 with an average days on market of 36. Glenwood PQ with 19 sales experienced the most sales activity of the month.

Condo featured 48 sales, 45 active listings, a $334,900 benchmark sales price, and 16 average days on market. Central Pt Coquitlam had the most sales activity at 38.

In comparison, townhome had 27 sales and 31 active listings. The benchmark sales price was $557,000 with an average days on market of 15. Riverwood was the hottest market with 7 sales.

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

MarketHotSheet_April2017_PortCoquitlam

There were 22 sales and 77 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,367,800, and the average days on market were 33. College Park PM with 5 sales had the most sales activity.

The condo market featured 40 sales, 38 active listings, $531,300 benchmark sale price, and 12 average days on market. Port Moody Centre, 30 sales, had most sales activity.

In comparison, townhome sales were 19, active listings were 28 and the benchmark sale price was $546,800. The average days on market were 15. Heritage Woods PM with 6 sales was the hottest market for sales.

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

MarketHotSheet_April2017_PortMoody

Maple Ridge

In the Maple Ridge market, there were 124 sales and 286 active listings for detached homes at the end of the month. The benchmark sale price was $733,300, and the average days on market were 29. Albion with 29 sales experienced the most sales activity.

The condo market had 57 sales and 62 active listings. The benchmark sale price was $218,500 with 17 average days on market. The hottest market for sales was West Central, 26 sales.

Townhome featured 62 sales and 58 active listings. The benchmark sales price was $414,800 with an average days on market of 25. Cottonwood MR and East Central, with 16 sales each, had the most sales activity in April.

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

MarketHotSheet_April2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_April2017_BurnabyEast

Burnaby North

MarketHotSheet_April2017_BurnabyNorth

Burnaby South

MarketHotSheet_April2017_BurnabySouth

New Westminster

MarketHotSheet_April2017_NewWest

Richmond

MarketHotSheet_April2017_Richmond

Ladner

MarketHotSheet_April2017_Ladner

Tsawwassen

MarketHotSheet_April2017_Tsawwassen

Pitt Meadows

MarketHotSheet_April2017_PittMeadows

Bowen Island

MarketHotSheet_April2017_BowenIsland

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

Please email Bijan@macrealty.com or call 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