Greater Vancouver Real Estate Market Statistics – April 2018

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in April 2018.

Vancouver-West

In the Vancouver Westside, there were 71 sales of detached homes and 874 active listings at the end of the month. The benchmark sale price was $3,404,200, with average days on market of 50. The hottest markets for sales were Point Grey and Dunbar with 10 and 11 sales respectively.

In comparison, the condo market had 351 sales, 928 active listings and a benchmark sale price of $841,700 with an average of 19 days on market. The hottest market for sales was Downtown VW, 72 sales.

Townhome sales were 42, active listings were 169. The benchmark sale price was $1,302,200 with an average days on market of 21. Kitsilano with 12 sales was the hottest market of the month.

It’s a seller’s market for condos and townhomes in Vancouver-West.

MarketHotSheet_April2018_VancouverWest

Vancouver-East

The Vancouver Eastside had 104 sales and 823 active listings for detached homes at the end of the month. The benchmark sales price was $1,544,100, and the average days on market were 32. The hottest sales market was Renfrew VE with 15 sales.

The condo market featured 145 sales, 262 active listing, and a benchmark sales price was $574,700. The average days on market were 20 days, and the hottest market for sales was Mount Pleasant VE with 36 sales each.

The townhome market, on the other hand, had 35 sales and 85 active listings. The benchmark sale price was $933,500 with 19 average days on market. Champlain Heights, with 9 sales had the most sales of the month.

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

MarketHotSheet_April2018_VancouverEast

North Shore

In April, the North Vancouver market had 78 sales and 406 active listings for detached homes. The benchmark sale price was $1,703,400 with an average days on market of 29. Lynn Valley and Upper Lonsdale with 9 sales each had the most sales activity.

There were 101 sales and 160 active listings for condos. The benchmark sale price was $611,900 with 15 average days on market. The neighbourhood of Lower Lonsdale with 34 sales was the hottest sales market.

Townhome sales were 35, active listings were 61, the benchmark sale price was $1,030,900, and the average days on market were 16. Lynnmour and Central Lonsdale with 6 and 5 sales respectively had the most sales activity.

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

MarketHotSheet_April2018_NorthVancouver

West Vancouver

The West Vancouver market had 32 sales and 543 active listings for detached homes. The benchmark sale price was $3,054,400 with 42 average days on market. Ambleside with 5 sales was the neighborhood with the most sales activity.

Condo sales were 20 and active listings were 72 at the end of the month. The benchmark sales price was $1,295,900 with an average days on market of 30. Ambleside had the most sales at 11.

In comparison, townhome market had 1 sales and 28 active listings.

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

MarketHotSheet_April2018_WestVancouver

Coquitlam

In the Coquitlam market, there were 77 sales and 445 active listings for detached homes at the end of the month. The benchmark sale price was $1,304,900, and the average days on market were 29. Central Coquitlam with 19 sales experienced the most sales activity.

The condo market had 93 sales and 152 active listings. The benchmark sale price was $543,600 with 13 average days on market. The hottest market for sales was Coquitlam West, 29 sales.

Townhome featured 24 sales and 54 active listings. The benchmark sales price was $701,600 with an average days on market of 17. Burke Mountain, with 8 sales, had the most sales activity.

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

MarketHotSheet_April2018_Coquitlam

Port Coquitlam

The Port Coquitlam had 34 sales and 122 active listings for detached homes. The benchmark sale price was $1,037,000 with an average days on market of 16. Glenwood PQ with 10 sales experienced the most sales activities of the month.

Condo featured 48 sales, 41 active listings, a $481,400 benchmark sales price, and 12 average days on market. Central Pt Coquitlam had the most sales activity at 34.

In comparison, townhome had 18 sales and 38 active listings. The benchmark sales price was $688,900 with an average days on market of 19. Central Pt Coquitlam was the hottest markets with 6 sales.

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

MarketHotSheet_April2018_PortCoquitlam

Port Moody

There were 21 sales and 87 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,510,200, and the average days on market were 44. Anmore and Port Moody Centre with 5 sales each had the most sales activities.

The condo market featured 17 sales, 37 active listings, $692,300 benchmark sale price, and 19 average days on market. Port Moody Centre, 12 sales, had most sales activity.

In comparison, townhome sales were 15, active listings were 25 and the benchmark sale price was $662,200. The average days on market were 9. Port Moody Centre with 5 sales each were the hottest market for sales.

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

MarketHotSheet_April2018_PortMoody

Maple Ridge

In the Maple Ridge market, there were 112 sales and 327 active listings for detached homes at the end of the month. The benchmark sale price was $868,400, and the average days on market were 32. East Central with 20 sales experienced the most sales activity.

The condo market had 48 sales and 88 active listings. The benchmark sale price was $316,100 with 9 average days on market. The hottest market for sales was East Central, 18 sales.

Townhome featured 37 sales and 76 active listings. The benchmark sales price was $575,100 with an average days on market of 19. East Central with 11 sales had the most sales activity.

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

MarketHotSheet_April2018_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_April2018_BurnabyEast

Burnaby North

MarketHotSheet_April2018_BurnabyNorth

Burnaby South

MarketHotSheet_April2018_BurnabySouth

New Westminster

MarketHotSheet_April2018_NewWestminster

Richmond

MarketHotSheet_April2018_Richmond

Ladner

MarketHotSheet_April2018_Ladner

Tsawwassen

MarketHotSheet_April2018_Tsawwassen

Pitt Meadows

MarketHotSheet_April2018_PittMeadows

Bowen Island

MarketHotSheet_April2018_BowenIsland

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

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

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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.rebgvkv.org

Greater Vancouver Real Estate Market Statistics – March 2018

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in March 2018.

Vancouver – West

In the Vancouver Westside, there were 54 sales of detached homes and 800 active listings at the end of the month. The benchmark sale price was $3,449,000, with average days on market of 37. The hottest markets for sales were Kitsliano and Dunbar with 11 and 8 sales respectively.

In comparison, the condo market had 352 sales, 719 active listings and a benchmark sale price of $844,700 with an average of 18 days on market. The hottest market for sales was Downtown VW, 72 sales.

Townhome sales were 31, active listings were 142. The benchmark sale price was $3,449,000 with an average days on market of 16. Fairview VW with 6 sales was the hottest market of the month.

It’s a seller’s market for condos in Vancouver-West.

MarketHotSheet_March2018_VancouverWest

Vancouver – East

The Vancouver Eastside had 84 sales and 715 active listings for detached homes at the end of the month. The benchmark sales price was $1,553,100, and the average days on market were 42. The hottest sales market was Kilarney with 11 sales.

The condo market featured 156 sales, 197 active listing, and a benchmark sales price was $577,600. The average days on market were 19 days, and the hottest market for sales was Mount Pleasant VE with 50 sales each.

The townhome market, on the other hand, had 31 sales and 65 active listings. The benchmark sale price was $908,200 with 21 average days on market. Fraser VE and Mount Pleasant VE, with 5 sales each, had the most sales of the month.

It’s a seller’s market for condos and townhomes.MarketHotSheet_March2018_VancouverEast

North Shore

In March, the North Vancouver market had 67 sales and 341 active listings for detached homes. The benchmark sale price was $1,723,200 with an average days on market of 38. Lynn Valley with 12 sales had the most sales activity.

There were 117 sales and 127 active listings for condos. The benchmark sale price was $601,400 with 14 average days on market. The neighbourhood of Lower Lonsdale with 31 sales was the hottest sales market.

Townhome sales were 29, active listings were 54, the benchmark sale price was $1,005,400, and the average days on market were 20. Lynnmour and Central Lonsdale with 7 and 6 sales respectively had the most sales activity.

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

MarketHotSheet_March2018_NorthVancouver

West Vancouver

The West Vancouver market had 26 sales and 479 active listings for detached homes. The benchmark sale price was $3,115,400 with 48 average days on market. Ambleside and West Bay with 4 sales each were the neighborhoods with the most sales activity.

Condo sales were 14 and active listings were 62 at the end of the month. The benchmark sales price was $1,278,600 with an average days on market of 24. Ambleside had the most sales at 8.

In comparison, townhome market had 2 sales and 25 active listings.

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

MarketHotSheet_March2018_WestVancouver

Tri Cities

In the Coquitlam market, there were 79 sales and 392 active listings for detached homes at the end of the month. The benchmark sale price was $1,290,900, and the average days on market were 35. Burke Mountain with 19 sales experienced the most sales activity.

The condo market had 91 sales and 107 active listings. The benchmark sale price was $536,300 with 12 average days on market. The hottest market for sales was North Coquitlam, 41 sales.

Townhome featured 31 sales and 32 active listings. The benchmark sales price was $689,300 with an average days on market of 12. Westwood Plateau, with 13 sales, had the most sales activity.

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

MarketHotSheet_March2018_Coquitlam

The Port Coquitlam had 31 sales and 102 active listings for detached homes. The benchmark sale price was $1,028,000 with an average days on market of 24. Glenwood PQ with 9 sales experienced the most sales activities of the month.

Condo featured 41 sales, 36 active listings, a $478,600 benchmark sales price, and 24 average days on market. Central Pt Coquitlam had the most sales activity at 29.

In comparison, townhome had 27 sales and 26 active listings. The benchmark sales price was $673,600 with an average days on market of 11. Riverwood was the hottest markets with 15 sales..

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

MarketHotSheet_March2018_PortCoquitlam

There were 7 sales and 84 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,484,800, and the average days on market were 47. Anmore with 3 sales had the most sales activities.

The condo market featured 33 sales, 26 active listings, $675,000 benchmark sale price, and 15 average days on market. Port Moody Centre, 26 sales, had most sales activity.

In comparison, townhome sales were 16, active listings were 20 and the benchmark sale price was $659,800. The average days on market were 9. College Park PM, North Shore Pt Moody and Port Moody Centre with 4 sales each were the hottest market for sales.

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

MarketHotSheet_March2018_PortMoody

Maple Ridge

In the Maple Ridge market, there were 103 sales and 297 active listings for detached homes at the end of the month. The benchmark sale price was $852,300, and the average days on market were 32. East Central with 23 sales experienced the most sales activity.

The condo market had 39 sales and 54 active listings. The benchmark sale price was $316,100 with 9 average days on market. The hottest market for sales was East Central, 18 sales.

Townhome featured 37 sales and 76 active listings. The benchmark sales price was $575,100 with an average days on market of 19. East Central with 11 sales had the most sales activity.

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

MarketHotSheet_March2018_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_March2018_BurnabyEast

Burnaby North

MarketHotSheet_March2018_BurnabyNorth

Burnaby South

MarketHotSheet_March2018_BurnabySouth

New Westminster

MarketHotSheet_March2018_NewWestminster

Richmond

MarketHotSheet_March2018_Richmond

Ladner

MarketHotSheet_March2018_Ladner

Tsawwassen

MarketHotSheet_March2018_Tsawwassen

Pitt Meadows

MarketHotSheet_March2018_PittMeadows

Bowen Island

MarketHotSheet_March2018_BowenIsland

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

Macdonald Realty has offices across the Greater Vancouver. Please email bijan@macrealty.com or call 1-604-365-0185 to speak with Bijan Nagy.

—–

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.rebgvkv.org

 

Macdonald Realty Luxury Homes Magazine | Spring 2018

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

Our Luxury Homes Collection Magazine has reached its sixth year of production and continues to showcase fantastic properties from across our regions in British Columbia. We are proud to present this Spring 2018 edition featuring a diverse range of specialized homes, luxury living and custom details, there is something for everyone.

It’s been interesting to observe all the changes in ever-evolving BC real estate industry and how the market was able to adjust to the numerous shifts. These changes will likely continue to happen in 2018 as well with the new government policies, advancement of the industry standards and the economy itself. Only time will tell the impact of the new property tax rate on the real estate luxury market and the industry on the whole.

Read the inside cover message from our CEO Lynn Hsu and her insights on the market trends and how Macdonald Real Estate Group showcased outstanding growth and an incredible number of sales over the years. We are inspired for another great year of new achievements and success for our clients, realtors, staff and management teams.

Our Cover Story is a custom designed modern dream home in Vancouver Point Grey. This contemporary home is a collective effort of designers and landscapers featuring open-space concept, simple yet elegant details and quality of materials. Among the modern amenities are; covered and outdoor patios, infinity pool, entertainment room and gym, private yards and in-home hi-tech systems. Conveniently located in a close proximity to renowned private schools, UBC and golf course.
Simply click the cover image below to see the digital version!

Cover

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.

Luxury Brokers in Vancouver Wary as Property Taxes Hiked | Mansion Global

Parliament

Vancouver’s luxury market, already experiencing a downturn since 2016, will likely take another hit with the introduction of higher tax rates for foreign and luxury home buyers, experts say.

The provincial government of British Columbia on Tuesday announced a basket of measures as part of its 2018 budget; among them was a hike, effective immediately, on property transfer taxes for foreign buyers and buyers of $3-million-plus homes (US$2.36 million and above).

Starting Wednesday, tax rates for foreign buyers were raised to 20% from 15%, while all C$3-million-plus home purchasers must now pay 5%, instead of the current 3% property transfer tax.

Not only will these taxes be applied to homes in Metro Vancouver, but they’ll also be levied in the Capital Regional District, the Fraser Valley, the Central Okanagan and the Nanaimo Regional District.

The taxes are expected to have a direct, negative impact on the area’s luxury markets, many brokers say.

“They are going to kill an already very, very slow market,” said Brock Smeaton, a veteran broker with Royal LePage West Vancouver.

In West Vancouver, arguably the most expensive housing market in British Columbia and even across Canada, according to Mr. Smeaton, there were only 505 single-family sales in 2017, down from 817 in 2016. On busy years, it used to reach 1,000 sales.

The area’s homes, for which an estimated 80% to 90% of buyers are Chinese, have a starting price point of C$2 million (US$1.58 million) and an average price of over C$3 million, Mr. Smeaton said.

“The market has been extremely slow ever since July 2016, when the 15% foreign buyers’ tax was introduced,” he said, “So far this year, only 18 homes were sold in the area, the lowest level on record since the 1980s; adding 5% transfer tax for foreign buyers will make it worse.”

In 2016, British Columbia imposed the extra 15% on foreign buyers in Metro Vancouver and hiked the “luxury home” tax rate to 3% from the previous 2%, amidst public outcry that foreign buyers pushed up home prices to levels locals couldn’t afford.

The New Democratic Party government was formed last May and promised to prioritize the housing affordability issues.

The new budget plan lays out “a comprehensive housing plan that introduces new taxation measures to tackle foreign and domestic speculation, to close loopholes and crack down tax fraud, and to stabilize housing prices,” said Finance Minister Carole James in a news release.

A speculation tax, a levy on non-resident property buyers who own vacant homes, will be revealed later this year.

However, while all of these taxes were put in place to improve housing affordability, they’re going to do just the opposite, said Dan Scarrow, vice president of Macdonald Realty, an affiliate with Leading Real Estate Companies of the World.

“They will slow down the luxury segment of C$3 million and above but increase competition for homes at a lower price range,” he said.

To Mr. Scarrow, the housing affordability crisis in Greater Vancouver was caused by a lack of supply. “We have many millennials living in the basement of their parents’ houses, but not many starter homes are being built. The supply constraints need to be alleviated,” he said.

The British Columbia Real Estate Association, which represents approximately 23,000 realtors in the western province, took a similar stand.

“The new tax measures introduced by the government to ‘stabilize the housing market’ are unlikely to achieve the intended objective,” the association said in a news release Tuesday.

“Additional taxes, whether targeted at foreign buyers or speculators, do not reduce the gap between when a housing project starts, and when it is available to purchase,” it stated.

This article was originally posted on mansionglobal.com | February 21, 2018. | Written by Fang Block. | Please click on the link to view original

Greater Vancouver Real Estate Market Statistics – February 2018

Here are the latest Greater Vancouver Real Estate Market statistics from Macdonald Realty on the Greater Vancouver listings and sales in February 2018.

Vancouver – Westside

In the Vancouver Westside, there were 53 sales of detached homes and 772 active listings at the end of the month. The benchmark sale price was $3,500,600, with an average days on market of 52. The hottest market for sales was Dunbar with 8 sales.

In comparison, the condo market had 331 sales, 665 active listings and a benchmark sale price of $835,800 with an average of 21 days on market. The hottest market for sales was Downtown VW, 84 sales.

Townhome sales were 34, active listings were 129. The benchmark sale price was $1,250,100 with an average days on market of 21. Fairview and Kitsilano with 7 sales each were the hottest markets of the month.

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

MarketHotSheet_February2018_Vancouver-West

Vancouver – Eastside

The Vancouver Eastside had 77 sales and 661 active listings for detached homes at the end of the month. The benchmark sales price was $1,560,400, and the average days on market were 45. The hottest sales markets were Renfrew Heights and Renfrew VE with 11 sales each.

The condo market featured 127 sales, 184 active listing, and a benchmark sales price was $565,300. The average days on market were 16 days, and the hottest market for sales was Mount Pleasant with 38 sales.

The townhome market, on the other hand, had 26 sales and 71 active listings. The benchmark sale price was $868,900 with 22 average days on market. Mount Pleasant VE, with 7 sales, had the most sales of the month.

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

MarketHotSheet_February2018_Vancouver-East

North Shore

In February, the North Vancouver market had 58 sales and 324 active listings for detached homes. The benchmark sale price was $1,686,800 with an average days on market of 37. Upper Lonsdale and Lynn Valley with 6 sales each had the most sales activityThere were 88 sales and 141 active listings for condos. The benchmark sale price was $580,700 with 32 average days on market. The neighborhoods of Lower Lonsdale with 36 sales was the hottest sales market.

Townhome sales were 18, active listings were 46, the benchmark sale price was $998,400, and the average days on market were 45. Lower Lonsdale with 4 sales had the most sales activity.

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

MarketHotSheet_February2018_North-Vancouver

West Vancouver

The West Vancouver market had 24 sales and 494 active listings for detached homes. The benchmark sale price was $3,141,900 with 33 average days on market. Ambleside, Caulfeild, Cedardale and Chartwell with 3 sales each, were the neighbourhoods with the most sales activities.

Condo sales were 12 and active listings were 62 at the end of the month. The benchmark sales price was $1,237,100 with an average days on market of 31. Dundarave and Panorama Village had the most sales at 5 each.

In comparison, townhome market had 2 sales and 22 active listings.

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

MarketHotSheet_February2018_West-Vancouver

Tri Cities:

Coquitlam

In the Coquitlam market, there were 61 sales and 353 active listings for detached homes at the end of the month. The benchmark sale price was $1,277,900, and the average days on market were 29. Central Coquitlam with 15 sales experienced the most sales activity.

The condo market had 87 sales and 100 active listings. The benchmark sale price was $525,300 with 14 average days on market. The hottest market for sales was North Coquitlam, 35 sales.

Townhome featured 25 sales and 34 active listings. The benchmark sales price was $680,600 with an average days on market of 13. Burke Mountain, with 8 sales, had the most sales activity.

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

MarketHotSheet_February2018_Coquitlam

Port Coquitlam

The Port Coquitlam had 27 sales and 98 active listings for detached homes. The benchmark sale price was $986,400 with an average days on market of 19. Glenwood PQ and Citadel PQ with 6 sales each, experienced the most sales activities of the month.

Condo featured 40 sales, 36 active listings, a $468,000 benchmark sales price, and 13 average days on market. Central Pt Coquitlam had the most sales activity at 30.

In comparison, townhome had 16 sales and 33 active listings. The benchmark sales price was $656,100 with an average days on market of 18. Riverwood was the hottest market with 7 sales.

It’s a seller’s market in Port Coquitlam.

MarketHotSheet_February2018_Port-Coquitlam

Port Moody

There were 8 sales and 80 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,483,700, and the average days on market were 48. College Park PM, with 3 sales, had the most sales activity.

The condo market featured 22 sales, 30 active listings, $668,300 benchmark sale price, and 23 average days on market. Port Moody Centre, 17 sales, had most sales activity.

In comparison, townhome sales were 12, active listings were 20 and the benchmark sale price was $644,800. The average days on market were 10. College Park PM, North Shore Pt Moody and Port Moody Centre, with 3 sales each, were the hottest markets for sales.

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

MarketHotSheet_February2018_Port-Moody

Maple Ridge

In the Maple Ridge market, there were 82 sales and 266 active listings for detached homes at the end of the month. The benchmark sale price was $847,700, and the average days on market were 35. East Central with 14 sales experienced the most sales activity.

The condo market had 44 sales and 41 active listings. The benchmark sale price was $307,800 with 16 average days on market. The hottest market for sales was East Central, 31 sales.

Townhome featured 31 sales and 70 active listings. The benchmark sales price was $551,400 with an average days on market of 22. Cottonwood MR with 9 sales had the most sales activity.

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

MarketHotSheet_February2018_Maple-Ridge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_February2018_Burnaby-East

Burnaby North

MarketHotSheet_February2018_Burnaby-North

Burnaby South

MarketHotSheet_February2018_Burnaby-South

New Westminster

MarketHotSheet_February2018_New-Westminster

Richmond

MarketHotSheet_February2018_Richmond

Ladner

MarketHotSheet_February2018_Ladner

Tsawwassen

MarketHotSheet_February2018_Tsawwassen

Pitt Meadows

MarketHotSheet_February2018_Pitt-Meadows

Bowen Island

MarketHotSheet_February2018_Bowen-Island

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

Macdonald Realty has offices across the Greater Vancouver. Please email bijan@macrealty.com or call 1-604-365-0185.

—–

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.rebgvkv.org

BC Budget Announcement

greater vancouver real estate news

BC budget includes new real estate taxes and spending commitments.

Housing was the dominant issue in today’s provincial budget.

The government released a 30-point housing strategy aimed at reducing housing demand, curbing tax fraud, building affordable housing, and increasing security for renters.

New tax measures include increasing property taxes and property transfer taxes on residential properties valued above $3 million, expanding the foreign buyer tax, and implementing a housing speculation tax.

“We welcome the provincial government’s commitment to address money laundering concerns and increase the supply of affordable, social, and rental housing in our province,” Jill Oudil, Board president said. “We’re concerned, however, about the series of tax measures announced today. The budget introduces new taxes, hints at future taxes, and hikes existing taxes on housing. Taxes don’t make homes more affordable.”

Below is a summary of the key real estate measures announced today. There’s considerable information to go through. We’re analyzing each item to understand the implications to you and your clients and will report back with more information and analysis in future communications.

Affordable housing

The province is investing $6 billion in affordable housing to create 114,000 homes over the next 10 years.
The province will enhance local government capacity to build and retain affordable housing.
The province will require developers to collect and report comprehensive information about the assignment of pre-sale condo purchases.
The province intends to track beneficial ownership information.
The province will collect additional information to increase transparency and strengthen enforcement in real estate.
Tax measures

Speculation tax

The province will implement a new speculation tax on residential properties, targeting foreign and domestic homeowners who don’t pay income tax in BC. This includes those who leave homes vacant.
The tax will apply to the Metro Vancouver, Fraser Valley, Capital, and Nanaimo Regional districts and in the municipalities of Kelowna and West Kelowna.
In 2018, the tax rate will be $5 per $1,000 of assessed value. In 2019, the tax rate will rise to $20 per $1,000 of assessed value.
The province will administer the tax and will collect data to enforce it including, social insurance numbers, household information, and world-wide income information.

Foreign buyer tax

Effective Feb. 21, 2018, the foreign buyer tax will increase to 20 per cent from 15 per cent and will be extended to the Fraser Valley, Capital, Nanaimo, and Central Okanagan Regional Districts.
If the property is located in the Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan, or Nanaimo Regional District, and the property transfer is registered on or after February 21, 2018, there are transitional rules available here.

Property Transfer Tax

Effective Feb. 21, 2018, the Property Transfer Tax on residential properties above $3 million will increase to five per cent from three per cent.

Provincial School Tax

Beginning in 2019, the provincial school tax will increase on most residential properties in excess of $3 million.

Database on pre-sale condo assignments

The province will require developers to collect and report comprehensive information about the assignment of pre-sale condo purchases. The information will be reported to a designated government office and shared with federal and provincial tax authorities to ensure taxes are paid.

Online accommodation PST and MRDT

Online accommodation platforms are enabled to collect and remit the Provincial Sales Tax and Municipal and Regional District Tax (Hotel Room Tax).

Property tax treatment for ALR land

As part of the Agricultural Land Reserve (ALR) review, the province is examining residential land in the ALR to ensure land is used for farming.

Clarity of property ownership
Compelling access to MLS®

The province plans to enable tax administrators to compel access to information relevant to property transfers, such as information held in a MLS® database. (We’re asking government for clarification.)

Beneficial land ownership registry

The province will require additional information about beneficial ownership on the PTT form.

Administered by the LTSA, the information will be publicly available and shared with federal and provincial tax and law enforcement authorities. Legislation will be introduced to require BC corporations to hold accurate and up to date information on beneficial owners in their own record offices available to law enforcement, tax and other authorities.

Task force on money laundering and tax evasion

The province will work with the federal government to formalize a multi-agency working group on tax evasion, money laundering and housing.

Residential Tenancy Branch

Increased funding to the Residential Tenancy Branch to reduce wait time, improve service and deal with disputes more quickly, as well as strengthening the Residential Tenancy Act and the penalties for those who repeatedly break the law.

Greater Vancouver Real Estate Market Statistics – January 2018

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in January 2018.

Vancouver

In the Vancouver Westside, there were 46 sales of detached homes and 672 active listings at the end of the month. The benchmark sale price was $3,548,400, with an average days on market of 68. The hottest markets for sales were Dunbar and Point Grey with 8 sales each.

In comparison, the condo market had 245 sales, 579 active listings and a benchmark sale price of $812,400 with an average of 28 days on market. The hottest market for sales was Downtown VW, 54 sales.

Townhome sales were 18, active listings were 105. The benchmark sale price was $1,247,900 with an average days on market of 26. Yaletown with 6 sales was the hottest market of the month.

It’s a seller’s market for condos.

MarketHotSheet_January2018_Vancouver-West

 

The Vancouver Eastside had 45 sales and 625 active listings for detached homes at the end of the month. The benchmark sales price was $1,564,000, and the average days on market were 48. The hottest sales market was Grandview with 9 sales.

The condo market featured 68 sales, 162 active listing, and a benchmark sales price was $552,300. The average days on market were 21 days, and the hottest markets for sales were Champlain Heights with 14 sales.

The townhome market, on the other hand, had 20 sales and 61 active listings. The benchmark sale price was $857,600 with 40 average days on market. Mount Pleasant VE, with 5 sales, had the most sales of the month.

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

MarketHotSheet_January2018_Vancouver-East

North Shore

In January, the North Vancouver market had 30 sales and 267 active listings for detached homes. The benchmark sale price was $1,670,100 with an average days on market of 30. Upper Lonsdale with 6 sales had the most sales activity.

There were 76 sales and 118 active listings for condos. The benchmark sale price was $567,200 with 32 average days on market. The neighbourhoods of Lower Lonsdale with 20 sales was the hottest sales market.

Townhome sales were 25, active listings were 37, the benchmark sale price was $991,800, and the average days on market were 27. Central Lonsdale with 5 sales had the most sales activity.

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

MarketHotSheet_January2018_NorthVancouver

The West Vancouver market had 15 sales and 424 active listings for detached homes. The benchmark sale price was $3,099,500 with 72 average days on market. British Properties and Caulfeild, with 3 sales each, were the neighbourhoods with the most sales activities.

Condo sales were 23 and active listings were 50 at the end of the month. The benchmark sales price was $1,179,400 with an average days on market of 49. Ambleside had the most sales at 8.

In comparison, townhome market had 1 sales and 16 active listings.

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

MarketHotSheet_January2018_WestVancouver

Tri Cities

In the Coquitlam market, there were 56 sales and 326 active listings for detached homes at the end of the month. The benchmark sale price was $1,280,600, and the average days on market were 52. Central Coquitlam with 10 sales experienced the most sales activity.

The condo market had 80 sales and 88 active listings. The benchmark sale price was $512,600 with 29 average days on market. The hottest market for sales was North Coquitlam, 34 sales.

Townhome featured 18 sales and 28 active listings. The benchmark sales price was $662,600 with an average days on market of 22. Westwood Plateau, with 6 sales, had the most sales activity.

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

MarketHotSheet_January2018_Coquitlam

The Port Coquitlam had 13 sales and 93 active listings for detached homes. The benchmark sale price was $978,500 with an average days on market of 29. Glenwood PQ with 3 sales, experienced the most sales activities of the month.

Condo featured 29 sales, 32 active listings, a $451,700 benchmark sales price, and 16 average days on market. Central Pt Coquitlam had the most sales activity at 21.

In comparison, townhome had 14 sales and 30 active listings. The benchmark sales price was $635,600 with an average days on market of 22. Riverwood was the hottest market with 5 sales.

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

MarketHotSheet_January2018_PortCoquitlam

There were 3 sales and 65 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,494,500, and the average days on market were 22. Heritage Mountain, with 2 sales, had the most sales activity.

The condo market featured 32 sales, 23 active listings, $642,600 benchmark sale price, and 21 average days on market. North Shore Port Moody, 7 sales, had most sales activity.

In comparison, townhome sales were 11, active listings were 16 and the benchmark sale price was $632,600. The average days on market were 29. Heritage Woods PM and Port Moody Centre, with 4 sales each, were the hottest markets for sales.

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

MarketHotSheet_January2018_PortMoody

Maple Ridge

In the Maple Ridge market, there were 70 sales and 248 active listings for detached homes at the end of the month. The benchmark sale price was $833,600, and the average days on market were 50. Silver Valley with 15 sales experienced the most sales activity.

The condo market had 72 sales and 34 active listings. The benchmark sale price was $291,500 with 13 average days on market. The hottest market for sales was West Central, 51 sales.

Townhome featured 38 sales and 65 active listings. The benchmark sales price was $533,800 with an average days on market of 25. East Central with 10 sales had the most sales activity.

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

MarketHotSheet_January2018_MapleRidge

 

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_January2018_Burnaby-East

Burnaby North

 

 

MarketHotSheet_January2018_Burnaby-North

Burnaby South

 

 

MarketHotSheet_January2018_Burnaby-South

 

 

Bowen Island

 

MarketHotSheet_January2018_BowenIsland

MarketHotSheet_January2018_NewWestminister

 

Ladner

 

 

MarketHotSheet_January2018_Lander

 

Tsawwassen

 

 

MarketHotSheet_January2018_Tsawwassen

 

Richmond

MarketHotSheet_January2018_Richmond

Pitt Meadows

MarketHotSheet_January2018_PittMeadows

 

 

New Westminster

MarketHotSheet_January2018_NewWestminister

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

Macdonald Realty has offices across the Greater Vancouver. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

—–

MLS® Home Price Index (HPI) Benchmark Price

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

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

A local brand inspires your indoor spaces with new colours and styles

Vancouver’s demand for fresh and fashionable home decor has never been stronger. Local brand Article is making an impact and winning fans across North America through a completely new furniture shopping experience. Operated from their Railtown head office, the online retailer offers quality furniture at a fraction of the cost of its brick and mortar counterparts, all delivered straight to customer’s doors (or living rooms). Right on trend, Article’s collection of mid-century modern and contemporary furniture will inspire you to rejuvenate your indoor spaces with new colours and styles.

MID-CENTURY MODERN

mid-century modern_blog

Sven leather sofa, $1,999

This style era’s combination of form and function continues to show up in modern living spaces. The Sven sofa captures the clean lines of the mid-century, but crafted with today’s modern comforts. Its 88” benchseat provides ample space for cozy family gatherings or enough room for one to stretch out for a nap. Like a favourite leather jacket, the sofa’s full-aniline leather comes with a vintage patina that just gets better with age and use. Style this piece for cooler months with a thickly knitted throw or a sheepskin rug. Sven leather sofa, $1999.

CHOCOLATE LEATHER

chocolate leather_blog

Sven ‘Charme Chocolat’ leather sofa, $1,999

For anyone who’s feeling greyed-out, deep chocolate is once again rising on the trend thermometer. You can go with the mid-century modern tufted Sven sofa, the soft sinkability of the all-feather Nirvana sofa or the traditional comfort of the Worthington sofa. We can assure you that once you melt into your chocolate sofa, those long winter nights will feel divine. Sven, Nirvana and Worthington leather sofas, $1999.

WALNUT

wood table

Amoeba ‘Wild Walnut’ coffee table, $399

The dominant wood trend this upcoming season falls on the dark side. Richly patterned walnut adds comfort, warmth and that mid-century vibe. Versatile enough to work in all areas of the home, Article’s selection of dining tables, coffee tables, sideboards and media units will bring a refined elegance to your spaces.

VELVET

velvet_blog

Sven ‘Grass Green’ velvet sectional, $2,699

Bring a luxurious statement piece into your home with a velvet sofa — one of the most popular fabric choices for Fall 2016. Rich tones like terracotta clay, jewelled garnet and fresh olive were all present on fashion runways and feature prominently in our upcoming furniture collection. Soft to the touch — these rich velvets bring serious style and glam for those cool nights spent at home.

Visit Article.com to browse their complete Fall 2016 lookbook.

Greater Vancouver Real Estate Market Statistics – December 2017

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

Vancouver

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

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

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

It’s a seller’s market for condos.

MarketHotSheet_December2017_VanWest

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

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

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

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

MarketHotSheet_December2017_VanEast

North Shore

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

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

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

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

MarketHotSheet_December2017_NorthVan

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

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

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

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

MarketHotSheet_December2017_WestVan

Tri Cities

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

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

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

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

MarketHotSheet_December2017_Coquitlam

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

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

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

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

MarketHotSheet_December2017_PortCoquitlam

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

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

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

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

MarketHotSheet_December2017_PortMoody

Maple Ridge

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

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

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

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

MarketHotSheet_December2017_MapleRidge

The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_December2017_BurnabyEast

Burnaby North

MarketHotSheet_December2017_BurnabyNorth

Burnaby South

MarketHotSheet_December2017_BurnabySouth

New Westminster

MarketHotSheet_December2017_NewWest

Richmond

MarketHotSheet_December2017_Richmond

Ladner

MarketHotSheet_December2017_Ladner

Tsawwassen

MarketHotSheet_December2017_Tsawwasen

Pitt Meadows

MarketHotSheet_December2017_PittMeadows

Bowen Island

MarketHotSheet_December2017_BowenIsland

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

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

—–

MLS® Home Price Index (HPI) Benchmark Price

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

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

December 2017 Market Update

june vancouver real estate market

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

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

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

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

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

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

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

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

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

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

December summary

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

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

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

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

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

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

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

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

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

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

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