January 1st to June 30th, 2011 (Cumulative)
NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver, Fraser Valley, Victoria and Vancouver Island, Okanagan Mainline, South Okanagan, and BC Northern, which assume no responsibility for its accuracy.
Changes to Canadian Immigration Rules
On June 24, the federal government instituted rule changes related to new applications under the Federal Immigrant Investor Program (IIP), the Federal Skilled Worker Program (FSW) and the Federal Entrepreneur Program. The changes are as follows:
BC, and Vancouver in particular, has been one of the primary recipients of immigrants under the IIP, accounting for half of total Canadian investor class immigration. From 2005 to 2010, over 30,000 investor class immigrants have located in BC, an average of about 5,000 per year. This number relates to roughly 2,000 households per year.
The Government's stated reason for instituting the application cap is to reduce a backlog in applications and to shorten wait times. In 2010 there were 3,223 applications approved under the IIP and the government has indicated that it has received applications well in excess of that number in recent years, creating a large backlog of applications. It has not indicated that it wishes to lower the number of immigrants processed under the IIP, but simply to reduce the current backlog.
Therefore, as old applications are still being processed, the implementation of the new rules may not have an impact on the number of immigrants entering under the IIP and therefore may not have a material impact on BC housing markets.
To view Citizenship and Immigration Canada's (CIC) press release, visit:
For more information about the Federal Immigrant Investor Program, visit:
For more information about the Federal Entrepreneur Program, visit:
For more information about the Skilled Worker Program, visit:
To view CIC's Frequently Asked Questions, visit:
All information subject to verification by independent legal advice.
Active home sellers bring greater selection to the Greater Vancouver housing market
While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.
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 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.
“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.
Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.
At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.
“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.
Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.
Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.
Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.
Courtesy Real Estate Board of Greater Vancouver.
May 2011 Stats
Greater Vancouver housing market holds steady and favours sellers in May
Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.
Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.
“With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011.
At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.
“We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”
Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.
Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.
Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.
Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.
Stats taken from the Real Estate Board of Greater Vancouver, all rights reserved.
Summer housing market trends toward balance after an active spring season
Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.
Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.
“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.”
At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from 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 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010.
“The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”
Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.
Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.
Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.
Courtesy of Real Estate Board of Greater Vancouver.
Why Realtors are great problem solvers
By Ari Lahdekorpi
Mar 1, 2011 - REM Newspaper
If nothing else, Realtors are skilled problem solvers. The one trait that glues together all of the successful agents across Canada is the ability to work through the myriad of roadblocks that confront what seems like a simple task – that of bringing buyers and sellers together on a transaction within a given time frame.
Keeping a real estate deal together and navigating through the increasingly complex minefield of laws and restrictions that surround the industry is not a task that can be accomplished effectively without logical and creative problem solving skills, along with a strong emotional foundation.
I commented to one of our seasoned agents on how unflappable he seemed in the face of the activity that surrounds him. His response was a shrug of the shoulder and the comment, “If there is an obstacle, you just have to work around it, that’s all.” That sums up nicely one of the key skill sets to an effective long-term real estate career.
It is so very true that although you can’t control the circumstances around you, you can control their impact on you. There is nothing more valuable than clear-headed thinking in a time of crisis. The ability to not throw up your hands in surrender or run away when the bullets are flying around you can come only with experience, training and mental attitude. The storybook and film maker image of the steady handed protagonist who guides the frightened hoards through a crisis is not entirely fictitious. The hero of the real estate deal is a real-life agent who doesn’t allow emotional pressure to impact on his rational and logistical task of serving his client’s best interests through to the completion of the transaction.
Problem solving is a mental process. Considered the most complex of all intellectual functions, problem solving has been defined as a higher-order cognitive process. It is a process that has been studied by psychologists over the last hundred years, as well as by computer programmers trying to perfect the latest artificial intelligence algorithms. The key to Internet giant Google’s success is in the top secret A.I. code that they have perfected to solve the problem of searching the Internet for information that is not tainted by spammer tricks. Make no mistake; problem solving is an intelligence marker of the highest order.
Early experimental work centered on simple tasks so that researchers could analyze and capture real-world problems by understanding the cognitive processes involved. In clinical psychology, researchers have focused on the role of emotions in problem solving. D’Zurilla, Goldfried and Nezu published findings in the early ’70s and ’80s demonstrating that poor emotional control can disrupt focus on a target task and impede problem solving.
Human problem solving consists of two related processes: problem orientation, (the motivational/attitudinal/affective approach to problematic situations) and problem-solving skills (the actual cognitive-behavioural steps, which, if successfully implemented, lead to effective problem resolution). Researchers in neuropsychology have found that frontal lobe injuries will cause deficiencies in emotional control and reasoning. Those findings have concluded that one’s emotional state can impact on the ability to solve problems.
Researchers have also learned that the problem-solving process differs across domains and levels of expertise and emotional wellness. There can be no universal answer to why one can resolve problems under a crisis management mode more efficiently than another. It is clear however, that experience in problem solving in a given discipline helps to calm the emotional impact of confronting problems.
Difficult problems have some typical characteristics, such as lack of clarity of the situation, multiple objectives, decisions hierarchy, communication breakdown and dynamic unpredictability. In all of these characteristics the resolution of difficult problems requires a direct attack on each that is encountered.
Even more than the emotional steadiness and expertise that a skilled problem solver must have is the creative mental process of creating a solution to a problem. Creative problem solving is a special form of problem solving in which the solution is independently created rather than learned with assistance.
Creative problem solving always involves using the creative side of the brain. To qualify as creative problem solving, the solution must either have value, clearly solve the stated problem or be appreciated by someone for whom the situation improves. These are all traits that apply readily to the real estate trade. The situation prior to the solution might not even be recognized as a problem. Alternate labels for hidden problems include words like a “challenge, an opportunity or room for improvement”.
A good Realtor knows from experience that one must be aware of the unintended consequences in any action or inaction. Sometimes a small detail can impact on many elements of a successful transaction with a ripple effect. This is pre-emptive problem solving that can only be done through experience or training.
The value of a real estate professional is much deeper than the average consumer sees on the surface of a problem-free transaction. It could be stated that a good agent is a problem cognoscente in the best sense of the word.
Ari Lahdekorpi is managing broker at Re/Max Select Properties in Vancouver.
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