Rainscreened building at WestPointe, 3250 West Broadway, Vancouver. 2 large bedrooms, 2 full bathrooms and plenty of in suite storage in 954 square feet of...
Check out the latest statistics of sales and listings of attached and detached homes in the Greater Vancouver area. This video is courtesy of the Vancouver Real Estate Board.
The 17th Anual "REALTORS Care Blanket Drive' runs from Monday November 28 until Monday December 5th 2011. There are locations all over Vancouver and the lower main land where you can drop off clothes and blankets for those who need them most. Find one near you here: www.blanketdrive.ca
This video blog tells the REALTORS Care Blanket Drive story from the perspective of the volunteers, charities and commumity partners who make it happen:
Greater Vancouver at lower end of balanced housing market
With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.
“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.
The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 16.4 per cent to 6,504 units in August compared to the same month last year. The average MLS® residential price climbed 10.7 per cent to $539,953 last month compared to August 2010.
"BC home sales edged up one per cent in August compared to July on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates continued to underpin housing demand in the province last month."
"Total active listings in the province remained elevated in August,” added Muir. “Most regional markets exhibited buyer’s market conditions, meaning little upward pressure on home prices."
Year-to-date, BC residential sales dollar volume increased 17.7 per cent to $31.7 billion, compared to the same period last year. Residential unit sales increased 2.6 per cent to 55,132 units, while the average MLS® residential price rose 14.7 per cent to $574,962 over the same period.
August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.
“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years.
At 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent compared to this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010.
“Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”
Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.
Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.
Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.
I've been in the business eight years now, and since that time people have been saying the market is going to go down. Of course, predicting that a market will go down is like predicting winter, one day they'll be right.
But really, is now the time? If you actually read the articles, you'll notice they also have one thing in common, namely the following: “There is immense demand and very limited supply -fuelling higher and higher housing prices.” Immense demand. Limited supply. Unless that changes, why should anything else? That's the underlying reason why our prices are 'high' (but really, are they high? I can show you houses in Vancouver where you can live for under $1,000 a month. Click here to learn more)
There's not even consensus amongst the ones who supposedly "know"
Not to mention the infamous Chinese Fuel Vancouver Home Boom articles out there....Is that going to change? Or as more Chinese join the ranks of the millionaire club (262,000 new ones just this year, now over a million millionaires in China) will they start also picking up condos in the Westend and Whistler? Is Vancouver destined to become an enclave of Asia's richest people? Or will the sky fall on our heads and you can finally buy that house for 350k?
Basically, no one knows anything, including me. I do know this though: you'll always need a roof over your head. Buy conservatively, save your shekels and pay down your mortgage. If you love your home and you have no intention of selling, do you really care what it's worth day to day?
That being said, if you live in Richmond or Vancouver Westside, and you've been kicking around the idea of selling, let me be blunt: Now is a good time to sell your house. Find out how much your home is worth in this new market: Click Here
Just dropped this one $20,000 to get it sold, North Van townhome with a wicked layout, owner has moved and is ready to get it sold. Ira will be there tonight for a sneak peak from 5-7 pm! Click Here to learn more
1100 Sq. Ft. 2 bed 1 bath for 325k in Dunbar? I thought Vancouver was expensive? This Co-op is big like a house and in a phenomenal area: Open Sat. 2-4 pm. Click Here to learn more
How to be the first to get real estate listings, sometimes before they hit the MLS: Click Here
Remember, real estate is a contact sport. Who are you in contact with? Call us to make it happen in any market and thanks for reading and sharing.
******************************************************************** Other Links of Interest ********************************************************************
Metro Vancouver apartment Foreclosures: Click Here
******************************************************************** Congratulations to the Following Clients of the Harris Group ********************************************************************
GF who listed with us and we managed to sell his condo for $17,000 over the asking price after 1 day of showings.
M and A, who closed on a large 1 bedroom in Coquitlam perfect for a retirement from life in Edmonton (do they count as 'foreign buyers' I wonder...)
D who sold his investment property in the Westend in preparation for a move to Europe.
~~~~~~~~~~~~~~~~~~~~~~~ The Harris Group Contact Info ~~~~~~~~~~~~~~~~~~~~~~~
Thanks for reading and forwarding to friends and family!
We are D'Arcy Harris, Grady Harris, Keltie Harris and Ira Gordon-Collins
P.S: Did you know that the #1 reason why pets are abandoned to the SPCA is because of landlords and pet restrictions? Are you a pet owner looking to buy a home? Sign up to get a list of all the pet friendly buildings for sale in the Metro Vancouver area: http://vancouverrealestateinfo.ca/gold_custom1.asp
Sutton Westcoast Realty 1508 W. Broadway, Vancouver BC Phone: 604 879 5545 fax 604 488 0885
We are in the Top 10% of all Agents in the City. Thank you to all our past clients for making us Medallion Club winners! 2006-2010
The sales have been brisk at the necently rebranded Olympic Village in Vancouver. Since the name change to "The Village" the receiver says occupancy will reach 70% by July 31, 2011.
Good article about it courtesy of the Vancouver Sun's Neal Hall HERE.
Here is an interesting article on the projected changes to the area of the city known as the "Cambie Corridor" which is roughly 16th Avenue all the way to the Fraser River. Think residential and commercial towers near Marine Drive and near Oakridge Centre....
– Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.
According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.
“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.
Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.
More broadly, last month’s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in October 2008, a 22.8 per cent decline compared to October 2007’s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in October 2006.
“As we enter the final two months of the year, buyer demand is in closer alignment with supply than we’ve seen for most of 2010,” Moldowan said. “Those buying today recognize that they still have a chance to enter the market with near-record low interest rates, while gradual reductions in inventory have eased downward pressure on prices.”
Total active listings on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, an 8.6 per cent decline from last month and a 16.4 per cent increase from October 2009. New listings for detached, attached and apartment properties declined 25.7 per cent to 3,698 in October 2010 compared to October 2009 when 4,977 new units were listed.
Sales of detached properties in October 2010 reached 976, a decrease of 34.4 per cent from the 1,487 detached sales recorded in October 2009, and a 98 per cent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 per cent from October 2009 to $796,883. Sales of apartment properties reached 984 in October 2010, a decline of 38.8 per cent compared to the 1,607 sales in October 2009, and an increase of 52.1 per cent compared to the 647 sales in October 2008.The benchmark price of an apartment property increased 2.4 per cent from October 2009 to $390,074.
Attached property sales in October 2010 totalled 377, a decline of 38.2 per cent compared to the 610 sales in October 2009, and a 68.3 per cent increase from the 224 attached properties sold in October 2008. The benchmark price of an attached unit increased 4 per cent between October 2009 and 2010 to $487,530.
The real estate industry is a key economic driver in British Columbia. In 2009, 35,669 homes changed hands in the Board's area, generating $1.49 billion in spin-off activity. The total dollar volume of residential sales transacted through the MLS® system in Greater Vancouver totalled $21.19 billion in 2009. The Real Estate Board of Greater Vancouver is an association representing more than 10,000 REALTORS® and their companies. The Board provides a variety of member services, including
the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
Plans on Wednesday? Come out and see us at the office for our open house! This Wednesday, November 3rd, come over and see us for drinks and appies from 5 til 8pm. Drop in, talk real estate, meet our favorite Edmonton Realtor Selena Cheung, and learn how investing in rental properties in Edmonton can get you one step closer to retiring rich.
Please reply and let us know if you'll be able to make it, and feel free to invite your friends, colleagues and joint venture partners...
Perfect Timing:
The Globe and Mail published this article on the growth potential of Edmonton vs. Calgary yesterday. Read it here
See you there!
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The Harris Group Real Estate Advisors Buy | Sell | Invest
D'Arcy Harris tel 604-771-1637 Grady Harris tel 604-781-7900 Keltie Harris tel 778-242-535
I know some of you were against the whole laneway housing idea (thanks for the feedback) but it appears that you are in the minority as the city of Vancouver has received over 170 applications to add the infill housing units. According to Vancouver's planning director...
Are you over 60 and counting on your home to fund all or part of your retirement? What happens if you think prices are going to drop? According to this article in the Globe and Mail you have two options...
For more info on any of these properties please email or call. Or even better, sign up for our VIP Buyer Program and be the first to receive all the new listings that match your criteria!
The Harris Group Real Estate Advisors Buy | Sell | Invest
D'Arcy Harris tel 604-771-1637 Grady Harris tel 604-781-7900 Keltie Harris tel 778-242-535
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