Bob Sethi, B.Comm | 604.273.2828

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November 27, 2019


RE/MAX releases 2020 Housing Market Outlook



RE/MAX's annual housing market outlook is calling for a leveling out of the market with more opportunities for Canadian homebuyers and modest price increases for sellers:

  • Average home price expected to rise by 3.7% next year;
  • Increased consumer confidence could be a key factor affecting the housing market in 2020;
  • 51% of Canadians are considering a home purchase in the next five years, up from 36% at the same time last year; and
  • Only two in 10 Canadians say that the mortgage stress test negatively affected their ability to purchase a home in 2019.
Click here for the full report.


 


 
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July 3rd, 2019


Housing supply up, home sales and prices down in June


With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.


Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.


“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”


On the supply side, there were 4,751 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2019. This represents a 10 per cent decrease compared to the 5,279 homes listed in June 2018 and an 18.9 per cent decrease compared to May 2019 when 5,861 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 per cent increase compared to June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685).


“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”


For all property types, the sales-to-active listings ratio for June 2019 is 13.9 per cent. By property type, the ratio is 11.4 per cent for detached homes, 15.8 per cent for townhomes, and 15.7 per cent for apartments.


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


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019.


This is the first time the composite benchmark has been below $1 million since May 2017.


Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.


Sales of apartment homes reached 941 in June 2019, a 24.1 per cent decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment property is $654,700. This represents an 8.9 per cent decrease from June 2018 and a 1.4 per cent decrease compared to May 2019.


Attached home sales in June 2019 totalled 390, a 6.9 per cent decrease compared to the 419 sales in June 2018. The benchmark price of an attached unit is $774,700. This represents an 8.6 per cent decrease from June 2018 and a 0.6 per cent decrease compared to May 2019.


Source. Real Estate Board of Greater Vancouver.

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Best Places to Live: Canada Liveability Report


Canadians genuinely celebrate the liveability factors — the qualities that give each homeowner the true satisfaction of his/her home within the context of a neighbourhood — when it comes to choosing a property to buy and live in. In fact, 89 per cent of Canadians would recommend their neighbourhood to others according to a recent RE/MAX survey conducted by Leger.


The latest RE/MAX report examined a variety of quality of life factors and how they impact Canadians’ home-buying decisions.


Read more here. 





Read more here. 


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The RE/MAX 2018 Housing Market Outlook Report is out!

 

 

"The 2018 average residential sale price expectation for Canada is an increase of 2.5 per cent as the desire for home ownership remains strong, particularly among Canadian millennials."

 

"This past year saw the single-family detached home and condo markets diverge on distinctly different paths in Canada’s two highest-priced real estate markets, Greater Vancouver and the Greater Toronto Area (GTA). The trend is expected to continue into 2018 as a mix of relative affordability for condo units and price appreciation for detached homes in recent years, combined with government policy changes in both markets, has helped push an infl ux of buyers toward condo ownership."

 

Download the full report: http://blog.remax.ca/remax-2018-housing-market-outlook/

 

 

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VANCOUVER, May 8, 2014 — Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 18,682 units in April compared to 18,729 in March, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.


“The trend was relatively stable in April, with a marginal increase in single-detached home starts balanced by a small decline in multiple-family construction,” said Robyn Adamache, CMHC’s Senior Market Analyst for Vancouver.


Vancouver CMA Housing Starts April 2014

*Seasonally adjusted annual rate. Source: SCHL.


CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.


The standalone monthly SAAR was 17,681 units in April, down from 20,594 in March. This decrease is the result of a decline in multiple housing starts, notably in apartment construction.


Housing starts in the Abbotsford-Mission CMA were trending at 629 units in April from 463 units in March.


Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

 

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.


For more information, contact me at bob@bobsethi.com with subject line, "CMHC". 


All information taken from sources believed to be reliable. Reproduced from CMHC news release. 1 All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

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BE PREPARED FOR ANY EMERGENCY.

A GUIDE TO GETTING STARTED WITH YOUR DISASTER PREPAREDNESS PLAN.

 

Google map of BC's 6.7 earthquake


April 23, 2014. Today's 6.7 magnitude earthquake, striking off the coast of Vancouver Island's Port Hardy, serves as a reminder to be prepared. In an emergency it may not be possible for emergency workers to reach you right away. We should all be able to care for ourselves and loved ones for a minimum period of 72 hours.


Luckily, getting prepared has become significantly easier. Try starting with the Government of Canada's free download, "Your Emergency Preparedness Guide":

 Your Emergency Preparedness Guide

 

Once you've got the basics ready, customize your plan and supplies to suit your needs. And please don't forget to prepare for your pets!

 

If you have any comments or suggestions please leave a post.

 

 

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RE/MAX Spring Market Trends Report 2014
Canada's real estate poised for robust spring and summer

April 15,2014


The RE/MAX Spring Market Trends Report 2014 is now out, highlighted by an increase in Western Canada's housing market. The Vancouver area has already shown year-over-year price gains with a 5.4% increase in year-over-year prices by the end of March. These gains have been balanced between home inventory levels and demand, creating a balanced market that's proven beneficial to both home buyers and sellers.



Our unique combination of temperate climate, social, cultural and economic links to China along with our stunning sea to mountain scenery continues to drive the desire to live here. Now, there's a a growing selection of home affordability that includes tradtional single family homes in the suburbsto those with rental suites, multi-generational homes, laneway housing and innovative townhome and condo designs that opens up home ownership to more people than ever.

So whether you're buying or selling this season the market is in your favor.


Want to learn more? Email me today at bob@bobsethi.com for your free copy of the full RE/MAX Spring Market Trend Report 2014.


Home Sellers, click here to see what neighborhood homes like yours are selling for.

Home Buyers, click here to find the home you're looking for before other homebuyers.

*Need help with these free services? Don't hesitate to call or email me today.



All information from sources believed to be reliable. For more information, please contact the author.

 

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Free Download: RE/MAX Housing Market Outlook Report 2014


December 11, 2013.


Today RE/MAX released our Housing Market Outlook Report 2014. If you want to know what's going on in Canadian Real Estate watch the video above and download the full report below for free!

http://www.remax-western.ca/blog/wp-content/uploads/2013/12/REMAXHousingMarketOutlook2014.FNL_.pdf

 


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NEW September 2011 stats just out.  RE/MAX continues to dominate local markets with more sales per associate than any other company.  The following graph illustrates why you want a RE/MAX Realtor to help you buy or sell real estate in Richmond:
 
September 2011 RE/MAX Market Share
 
The importance of properly pricing your home for sale proves more important.  Only 12% of Richmond properties listed in September sold the same month (sell-through-rate) vs 25% of properties listed for sale in East Vancouver. 
 
September 2011 Sell Through Rate
 
Take advantage of market knowledge - call or email me to find out how to buy or sell your home faster and for more money in today's market:
 
Bob Sethi
RE/MAX Westcoast
604-273-2828
 
 
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September stats continue to show RE/MAX sells more homes in Richmond than any other company with a dominating 15.7% market share:
 
RE/MAX Market Share - August 2011
 
The following graph illustrates the Sell-Through-Rate, or the number of homes listed that sold in the month of August:
 
Sell through rate August 2011
 
Interested how this information can help you buy or sell a home?  Call/email today:
 
Bob Sethi
604-273-2828
 
 
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Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.