Bob Sethi, B.Comm : Blog : Latest Blog Posts

I have sold a property at 5963 128a Street in Surrey

Fri, 23 May 2025 09:00:47 GMT

I have sold a property at 5963 128a Street in Surrey on May 2, 2023. See details here

Beautiful, one-owner family home located in desirable Panorama Ridge. 2,600 sq.ft. home on rare, above average 4,022 sq.ft. property in quiet cul-de-sac. Spacious floorplan boasts 5-bdrms, 3-1/2 bath plus 2-bedroom suite w/ r.i. kitchen below with private entry. Vaulted ceiling in master bedroom adds volume while fully-appointed ensuite bath & walk-in closet provide a luxurious retreat upstairs plus two more bedrooms and open office. Semi-open main floor features living & dining at front with full-sized kitchen w/ oversized island and family room w/ built-in & fireplace. Front door and porch face morning sun while sunny, grassed and fenced backyard with patio is west-facing inc. covered patio for year-round BBQ. Detached two-car garage plus carport at rear accessible by paved, lighted city

I have sold a property at 5963 128A ST in Surrey

Sat, 20 May 2023 09:00:38 GMT

I have sold a property at 5963 128A ST in Surrey. See details here

New property listed in Panorama Ridge, Surrey

Thu, 27 Apr 2023 09:00:35 GMT

I have listed a new property at 5963 128A ST in Surrey. See details here

I have sold a property at 5981 129 ST in Surrey

Sat, 07 Aug 2021 09:00:25 GMT

I have sold a property at 5981 129 ST in Surrey.

See details here

Beautiful home in thriving family-friendly neighborhood. Open floor plan w/ living, kitchen, dining, family rooms, study and bath on main. Three bedrooms plus two baths including Mbdrm w/ vaulted ceilings, WICLO and ensuite. Breezeway between the two-car garage and house contains a mud room & main laundry. Basement has living room, kitchen, two bedrooms plus bath and its' own laundry. Upgrades made to increase privacy between main floor and basement. Covered front deck and year-round back patio perfect for coming summer weather. Detached two-car garage with workbench plus extra parking pad. Very clean and well-kept single-owner home with room for extended family that's centrally located to schools, transit and parks plus quick access to Hwy 10, 91 and 99. You don't want to miss this house!

New property listed in Panorama Ridge, Surrey

Wed, 14 Apr 2021 09:00:25 GMT

I have listed a new property at 5981 129 ST in Surrey.

See details here

New property listed in Bolivar Heights, North Surrey

Tue, 29 Sep 2020 09:02:03 GMT

I have listed a new property at 419 10838 WHALLEY BLVD in Surrey.

See details here

MAVERICK is defined by durable materials, vibrant jolts of colour & clean, contemporary architecture complementing an evolving neighbourhood. The engaging five-storey design of highly functional homes with nearly 10,000 sq.ft. of private indoor/outdoor amenity spaces is a bridge between an historic past & vibrant future. Carefully designed homes provide places for privacy or entertaining with lots of space to stash your stuff. MAVERICK is the next chapter of the Whalley revival redefining urban living & destined be a thriving hub of diverse retail, entertainment, amenities, services, restaurants, rapid transit & acres of public space. Getting in before completion means you'll enjoy exceptional quality of living at a killer price smack dab in the heart of a cultural corridor at MAVERICK.

New property listed in Bolivar Heights, North Surrey

Tue, 29 Sep 2020 09:02:03 GMT

I have listed a new property at 422 10838 WHALLEY BLVD in Surrey.

See details here

New property listed in Bolivar Heights, North Surrey

Tue, 29 Sep 2020 09:02:03 GMT

I have listed a new property at 423 10838 WHALLEY BLVD in Surrey.

See details here

January 2020 Market Insights

Tue, 11 Feb 2020 19:45:35 GMT

View our January 2020 market update video featuring Real Estate Board of Greater Vancouver's President, Ashley Smith.

https://youtu.be/FEW2wh7XU_s

Strong finish for mediocre year in Fraser Valley real estate

Fri, 17 Jan 2020 18:11:00 GMT

Strong finish for mediocre year in Fraser Valley real estate

SURREY, BC – After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer and finished strong in December, but not enough to surpass last year’s sales totals.

The Board’s Multiple Listing Service® (MLS®) processed 15,487 sales in 2019, a 0.6 per cent decrease compared to 2018’s 15,586 sales and the lowest total sales volume for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.2 billion, dropping from $11.8 billion sold during the year prior.

In 2019, total sales of the three main residential property types – detached, townhome and apartment – was 13,773. Of that total, 5,770 were detached, 3,888 were townhouses and 4,115 were apartments. Year‐over‐year, sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent.

“Comparatively, 2019 was slower than normal for our region,” said Darin Germyn, President of the Board. “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above‐average levels.”

In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory finished at 4,686 units in December, 20.3 per cent lower than the 10‐year average for the month, with a total of 948 new listings entering the market throughout the month.

Germyn added, “Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you’re looking to enter the market in 2020, now is a good time. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices.”

A total of 30,568 new listings were received by the Board’s MLS® system in 2019. This year was the second lowest for new inventory for the Board in the last decade.

MLS® HPI Benchmark Price Activity:

Single Family Detached: At $953,700, the Benchmark price for a single‐family detached home in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 1.2 per cent compared to December 2018.
Townhomes: At $514,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley remained on par with November 2019 and decreased 3.2 per cent compared to December 2018.
Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 3.1 per cent compared to December 2018.

The Fraser Valley Real Estate Board is an association of 3,691 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB will mark its 100‐year anniversary in 2021.

Home sales decline below long-term averages in 2019 despite increased demand to end the year

Thu, 16 Jan 2020 17:59:58 GMT

Home sales decline below long-term averages in 2019 despite increased demand to end the year

VANCOUVER, BC – January 3, 2020 – The Metro Vancouver* housing market experienced below average sales activity and moderate price declines in 2019.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment homes reached 25,351 in 2019, a three per cent increase from the 24,619 sales recorded in 2018, and a 29.6 per cent decrease over the 35,993 residential sales in 2017.

Last year’s sales total was 20.3 per cent below the region’s 10-year sales average.

“We didn’t see typical seasonal patterns in 2019. Home buyer demand was quieter in the normally busy spring season and it picked up in the second half of the year,” Ashley Smith, REBGV president said. “In terms of home values, prices dipped between two and four per cent across the region last year depending on property type.”

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 51,918 in 2019. This is a 3.2 per cent decrease compared to the 53,614 homes listed in 2018 and a five per cent decrease compared to the 54,655 homes listed in 2017.

Last year’s listings total was 7.6 per cent below the 10-year average.

“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” Smith said. “Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,001,000. This is a 3.1 per cent decrease compared to December 2018.

The benchmark price of apartments decreased 2.7 per cent in the region last year. Townhomes decreased 2.4 per cent and detached homes decreased four per cent.

December summary

REBGV reports that residential home sales in the region totalled 2,016 in December 2019, an 88.1 per cent increase from the 1,072 sales recorded in December 2018, and a 19.3 per cent decrease from the 2,498 homes sold in November 2019.

Last month’s sales were 9.5 per cent above the 10-year December sales average. There were 1,588 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2019. This represents a 12.9 per cent increase compared to the 1,407 homes listed in December 2018 and a 46.8 per cent decrease compared to November 2019 when 2,987 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,603, a 16.3 per cent decrease compared to December 2018 (10,275) and a 20.1 per cent decrease compared to November 2019 (10,770).

For all property types, the sales-to-active listings ratio for December 2019 is 23.4 per cent. By property type, the ratio is 15.2 per cent for detached homes, 25.7 per cent for townhomes, and 32.5 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.

Sales of detached homes in December 2019 reached 599, a 72.1 per cent increase from the 348 detached sales recorded in December 2018. The benchmark price for detached properties is $1,423,500. This represents a four per cent decrease from December 2018, and a 0.6 per cent increase compared to November 2019.

Sales of apartment homes reached 1,053 in December 2019, a 96.8 per cent increase compared to the 535 sales in December 2018. The benchmark price of an apartment property is $656,700. This represents a 2.7 per cent decrease from December 2018, and a 0.8 per cent increase compared to November 2019.

Attached home sales in December 2019 totalled 364, a 92.6 per cent increase compared to the 189 sales in December 2018. The benchmark price of an attached home is $778,400. This represents a 2.4 per cent decrease from December 2018, and a 0.7 per cent increase compared to November 2019. -30-

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. The Real Estate Board of Greater Vancouver is an association representing more than 14,000 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.

Metro Vancouver home sales return to historically typical levels

Tue, 03 Dec 2019 20:02:22 GMT

December 3, 2019

Metro Vancouver home sales return to historically typical levels

After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,498 in November 2019, a 55.3 per cent increase from the 1,608 sales recorded in November 2018, and a 12.6 per cent decline from the 2,858 homes sold in October 2019.

Last month’s sales were four per cent above the 10-year November sales average.

“We started to see more home buyer confidence in the summer and this trend continues today,” says Ashley Smith, REBGV president. “It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand.”

There were 2,987 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2019. This represents a 13.7 per cent decrease compared to the 3,461 homes listed in November 2018 and a 26.7 per cent decrease compared to October 2019 when 4,074 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,770, a 12.5 per cent decrease compared to November 2018 (12,307) and a 12 per cent decrease compared to October 2019 (12,236).

For all property types, the sales-to-active listings ratio for November 2019 is 23.2 per cent. By property type, the ratio is 17.2 per cent for detached homes, 24.9 per cent for townhomes, and 29.3 per cent for apartments.

Generally, analysts say 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.

“In today’s market, the intensity of home buyer demand depends on neighbourhood, property type, and price point,” Smith said. “To better understand the changing trends in your neighbourhood and property type of choice, it’s important to work with your local REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,700. This represents a 4.6 per cent decrease from November 2018 and a 1.3 per cent decrease over the past six months.

Sales of detached homes in November 2019 reached 825, a 59.9 per cent increase from the 516 detached sales recorded in November 2018. The benchmark price for a detached home is $1,415,400. This represents a 5.8 per cent decrease from November 2018, a 0.5 per cent decrease over the past six months, and a 0.3 per cent increase compared to October 2019.

Sales of apartment homes reached 1,222 in November 2019, a 50.9 per cent increase compared to the 810 sales in November 2018. The benchmark price of an apartment home is $651,500. This represents a 3.8 per cent decrease from November 2018, a 1.9 per cent decrease over the past six months, and a 0.2 per cent decline compared to October 2019.

Attached home sales in November 2019 totalled 451, a 59.9 per cent increase compared to the 282 sales in November 2018. The benchmark price of an attached home is $772,800. This represents a 4.4 per cent decrease from November 2018, a 0.8 per cent decrease over the past six months, and a 0.2 per cent increase compared to October 2019.

Source. Real Estate Board of Greater Vancouver

The 2020 Housing Market Outlook released!

Wed, 27 Nov 2019 17:50:40 GMT

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.

The Metro Vancouver housing market is experiencing a fall pickup in home sale activity.

Thu, 14 Nov 2019 23:20:32 GMT

November 4, 2019

HOME BUYER ACTIVITY INCREASES IN OCTOBER

The Metro Vancouver housing market is experiencing a fall pickup in home sale activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.

Last month’s sales were 9.8 per cent above the 10-year October sales average.

“Home buyers have more confidence today than we saw in the first half of the year,” says Ashley Smith, REBGV president. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”

There were 4,074 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2019. This represents a 16.4 per cent decrease compared to the 4,873 homes listed in October 2018 and a 16.3 per cent decrease compared to September 2019 when 4,866 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,236, a 5.8 per cent decrease compared to October 2018 (12,984) and a nine per cent decrease compared to September 2019 (13,439).

For all property types, the sales-to-active listings ratio for October 2019 is 23.4 per cent. By property type, the ratio is 17.3 per cent for detached homes, 26.2 per cent for townhomes, and 29 per cent for apartments.

“The recent uptick in home sales is moving us into a more historically typical market,” Smith said. “Both sale and listing activity is trending around our long-term averages in recent months.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $992,900. This represents a 6.4 per cent decrease from October 2018, a 1.7 per cent decrease over the past six months, and a 0.2 per cent increase compared to September 2019.

Sales of detached homes in October 2019 reached 938, a 47.3 per cent increase from the 637 detached sales recorded in October 2018. The benchmark price for a detached home is $1,410,500. This represents a 7.5 per cent decrease from October 2018, a 1.3 per cent decrease over the past six months, and a 0.3 per cent increase compared to September 2019.

Sales of apartment homes reached 1,384 in October 2019, a 40.5 per cent increase compared to the 985 sales in October 2018. The benchmark price of an apartment home is $652,500. This represents a 5.9 per cent decrease from October 2018, a 2.2 per cent decrease over the past six months, and a 0.2 per cent increase compared to September 2019.

Attached home sales in October 2019 totalled 536, a 55.8 per cent increase compared to the 344 sales in October 2018. The benchmark price of an attached home is $771,600. This represents a 5.8 per cent decrease from October 2018, a 0.4 per cent decrease over the past six months, and a 0.5 per cent increase compared to September 2019.

Increased demand helps housing market reach balanced territory

Wed, 02 Oct 2019 18:52:31 GMT

October 2, 2019

Increased demand helps housing market reach balanced territory

Home buyer demand has returned to more historically typical levels in Metro Vancouver over the last three months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3 per cent increase from the 1,595 sales recorded in September 2018, and a 4.6 per cent increase from the 2,231 homes sold in August 2019.

Last month’s sales were 1.7 per cent below the 10-year September sales average.

“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashley Smith, REBGV president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”

There were 4,866 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This represents a 7.8 per cent decrease compared to the 5,279 homes listed in September 2018 and a 29.9 per cent increase compared to August 2019 when 3,747 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,439, a 2.7 per cent increase compared to September 2018 (13,084) and a 0.3 per cent increase compared to August 2019 (13,396).

For all property types, the sales-to-active listings ratio for September 2019 is 17.4 per cent. By property type, the ratio is 12.7 per cent for detached homes, 18.9 per cent for townhomes, and 21.9 per cent for apartments.

“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $990,600. This represents a 7.3 per cent decrease over September 2018 and a 0.3 per cent decrease compared to August 2019.

Sales of detached homes in September 2019 reached 745, a 46.7 per cent increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200. This represents an 8.6 per cent decrease from September 2018 and is virtually unchanged compared to August 2019.

Sales of apartment homes reached 1,166 in September 2019, a 43.6 per cent increase compared to the 812 sales in September 2018. The benchmark price of an apartment property is $651,500. This represents a 6.5 per cent decrease from September 2018 and a 0.4 per cent decrease compared to August 2019.

Attached home sales in September 2019 totalled 422, a 53.5 per cent increase compared to the 275 sales in September 2018. The benchmark price of an attached home is $767,500. This represents a 7.2 per cent decrease from September 2018 and a 0.6 per cent decrease compared to August 2019.

Source: Real Estate Board of Greater Vancouver, 2019.10.02

Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.

Wed, 04 Sep 2019 18:02:47 GMT

September 4th, 2019

Metro Vancouver housing market sees summer uptick in sales

Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.

Last month’s sales were 9.2 per cent below the 10-year August sales average.

“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith.

There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).

For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By property type, the ratio is 12 per cent for detached homes, 18.4 per cent for townhomes, and 21.2 per cent for apartments.

“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3 per cent decrease over August 2018 and a 0.2 per cent decrease compared to July 2019.

Sales of detached homes in August 2019 reached 706, a 24.5 per cent increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and a 0.7 per cent decrease compared to July 2019.

Sales of apartment homes reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.

Attached home sales in August 2019 totalled 409, a 21.4 per cent increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000. This represents a 7.8 per cent decrease from August 2018, a 0.2 per cent increase compared to July 2019.

For more information bob@bobsethi.com

Housing supply up, home sales and prices down in June

Wed, 03 Jul 2019 19:13:08 GMT

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.

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.

Canadians Love Where They Live

Mon, 10 Jun 2019 20:11:19 GMT

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.

Reduced demand and increased supply remain the trend across Metro Vancouver’s housing market

Fri, 03 May 2019 18:09:52 GMT

Reduced demand and increased supply remain the trend across Metro Vancouver’s housing market

Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,829 in April 2019, a 29.1 per cent decrease from the 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019.

Last month’s sales were 43.1 per cent below the 10-year April sales average.

“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” Ashley Smith, REBGV president said.

“Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”

There were 5,742 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2019. This represents a 1.3 per cent decrease compared to the 5,820 homes listed in April 2018 and a 16 per cent increase compared to March 2019 when 4,949 homes were listed.

The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 14,357, a 46.2 per cent increase compared to April 2018 (9,822) and a 12.4 per cent increase compared to March 2019 (12,774).

“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.”

The overall sales-to-active listings ratio for April 2019 is 12.7 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.4 per cent for townhomes, and 15.3 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,400. This represents an 8.5 per cent decrease over April 2018, and a 0.3 per cent decrease compared to March 2019.

Detached home sales totalled 586 in April 2019, a 27.4 per cent decrease from the 807 detached sales in April 2018. The benchmark price for a detached home is $1,425,200. This represents an 11.1 per cent decrease from April 2018, a 0.8 per cent decrease compared to March 2019.

Apartment home sales totalled 885 in April 2019, a 32.3 per cent decrease compared to the 1,308 sales in April 2018. The benchmark price of an apartment is $656,900 in the region. This represents a 6.9 per cent decrease from April 2018 and is unchanged from March 2019.

Attached home sales totalled 358 in April 2019, a 22.8 per cent decrease compared to the 464 sales in April 2018. The benchmark price of an attached home is $783,300. This represents a 7.5 per cent decrease from April 2018 and is unchanged from March 2019.

Source. Real Estate Board of Greater Vancouver - May 02nd, 2019.

New property listed in Whalley, North Surrey

Wed, 03 Apr 2019 09:02:09 GMT

I have listed a new property at 330 13733 107A AVE in Surrey.

See details here

First-time Homebuyers and Investors look no further! Original owner 2 bedroom, 2 bathroom home in Quattro with open living space plus a private balcony. Kitchen with stainless-steel appliance package and granite countertops with bar seating off kitchen. High-ceilings throughout add volume to the open living floorplan finished with laminate flooring. Rentals and pets welcome. Comes with secure underground parking plus a metal storage locker, accessible by fob. Only a 7-minute walk to Gateway Skytrain Station, bus service around the corner plus shopping and amenities in walking distance. *Homebuyers have your Realtor call today for more information or showing.

Homeowners: Opt-out or you'll pay the Speculation Tax

Thu, 17 Jan 2019 18:39:22 GMT

B.C. government opens exemption process for speculation tax

Estimated two-thirds of those who will pay the Speculation Tax will not be out-of-province speculators, but British Columbians.

The NDP's "Speculation Tax" being charged to all homeowners in BC's largest urban centres - whether they're speculators or not.

It's up to those affected homeowners to apply for exemptions by March 31, 2019 or wait up to 6 years (yes, years) for a rebate if they fail to opt-out.

Metro Vancouver home sales decline below historical averages in 2018

Thu, 03 Jan 2019 19:30:26 GMT

Metro Vancouver home sales decline below historical averages in 2018

Metro Vancouver home sales in 2018 were the lowest annual total in the region since 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.

Last year’s sales total was 25 per cent below the region’s 10-year sales average.

“This past year has been a transition period for the Metro Vancouver housing market away from the sellers’ market conditions we experienced in previous years,” Phil Moore, REBGV president said. “High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”

Home listings in Metro Vancouver reached 53,614 in 2018. This is a 1.9 per cent decrease compared to 54,655 homes listed in 2017 and a 6.9 per cent decrease compared to the 57,596 homes listed in 2016.
“The supply of homes for sale will be an important indicator to follow in 2019. We’ve had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region,” Moore said.

The MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400. This is a 2.7 per cent decrease compared to December 2017.

“As the total supply of homes for sale began to accumulate in the spring, we began to see downward pressure on prices across all home types throughout the latter half of the year,” Moore said.

The benchmark price of detached homes in the region declined 7.8 per cent over the last 12 months and 7.3 per cent since June 2018. Apartment homes increased 0.6 per cent over the last 12 months and have declined 6.4 per cent since June 2018. The benchmark price for townhomes in Metro Vancouver have increased 1.3 per cent since December 2017 and have decreased 5.3 per cent over the last six months.

December summary

REBGV reports that residential home sales in the region totalled 1,072 in December 2018, a 46.8 per cent decrease from the 2,016 sales recorded in December 2017, and a 33.3 per cent decrease from November 2018 when 1,608 homes sold.

Last month’s sales were 43.3 per cent below the 10-year December sales average.

There were 1,407 detached, attached and apartment homes newly listed for sale on the MLS® in Metro Vancouver in December 2018. This represents a 25.6 per cent decrease compared to the 1,891 homes listed in December 2017 and a 59.3 per cent decrease compared to November 2018 when 3,461 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,275, a 47.7 per cent increase compared to December 2017 (6,958) and a 16.5 per cent decrease compared to November 2018 (12,307).

For all property types, the sales-to-active listings ratio for December 2018 is 10.4 per cent. By property type, the ratio is 7.1 per cent for detached homes, 12 per cent for townhomes, and 14.2 per cent for apartments.

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 homes in December 2018 reached 348, a 43.6 per cent decrease from the 617 detached sales recorded in December 2017. The benchmark price for a detached home is $1,479,000. This represents a 7.8 per cent decrease from December 2017 and a 1.4 per cent decrease compared to November 2018.

Sales of apartment homes reached 535 in December 2018, a 34 per cent decrease compared to the 1,028 sales in December 2017. The benchmark price of an apartment home is $664,100. This represents a 0.6 per cent increase from December 2017 and a 0.6 per cent decrease compared to November 2018.

Attached home sales in December 2018 totalled 189, a 49.1 per cent decrease compared to the 371 sales in December 2017. The benchmark price of an attached home is $809,700. This represents a 1.3 per cent increase from December 2017 and a 1.1 per cent decrease compared to November 2018.

Source. Real Estate Board of Greater Vancouver

Wait-and-see leads to more inventory and moderating prices

Tue, 04 Dec 2018 18:39:12 GMT

December 4, 2018

Metro Vancouver homes sales down across all property types

Home buyer demand remains below long-term historical averages in the Metro Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018 when 1,966 homes sold.

Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.

“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”

There were 3,461 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2018. This represents a 15.8 per cent decrease compared to the 4,109 homes listed in November 2017 and a 29 per cent decrease compared to October 2018 when 4,873 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,307, a 40.7 per cent increase compared to November 2017 (8,747) and a 5.2 per cent decrease compared to October 2018 (12,984).

For all property types, the sales-to-active listings ratio for November 2018 is 13.1 per cent. By property type, the ratio is 8.9 per cent for detached homes, 14.7 per cent for townhomes, and 17.6 per cent for apartments.

“Home prices have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,“ Moore said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,100. This represents a 1.4 per cent decrease over November 2017 and a 1.9 per cent decrease compared to October 2018.

Detached home sales in November 2018 reached 516, a 38.6 per cent decrease from the 841 detached sales recorded in November 2017. The benchmark price for detached homes is $1,500,100. This represents a 6.5 per cent decrease from November 2017 and a 1.6 per cent decrease compared to October 2018.

Apartment home sales reached 810 in November 2018, a 46.3 per cent decrease compared to the 1,508 sales in November 2017. The benchmark price of an apartment property is $667,800. This represents a 2.3 per cent increase from November 2017 and a 2.3 per cent decrease compared to October 2018.

Attached home sales in November 2018 totalled 282, a 36.8 per cent decrease compared to the 446 sales in November 2017. The benchmark price of an attached home is $818,500. This represents a 2.6 per cent increase from November 2017 and a 1.3 per cent decrease compared to October 2018.

Source. Real Estate Board of Greater Vancouver. December 4th, 2018.

Home buyer demand stays below historical averages in August

Fri, 07 Sep 2018 18:18:56 GMT

Home buyer demand stays below historical averages in August

The Metro Vancouver* housing market continues to experience reduced demand across all housing types.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.

Last month’s sales were 25.2 per cent below the 10-year August sales average.

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”

There were 3,881 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2018. This represents an 8.6 per cent decrease compared to the 4,245 homes listed in August 2017 and an 18.6 per cent decrease compared to July 2018 when 4,770 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,824, a 34.3 per cent increase compared to August 2017 (8,807) and a 2.6 per cent decrease compared to July 2018 (12,137).

The sales-to-active listings ratio for August 2018 is 16.3 per cent. By housing type, the ratio is 9.2 per cent for detached homes, 19.4 per cent for townhomes, and 26.6 per cent for apartments.

“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” Moore said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,083,400. This represents a 4.1 per cent increase over August 2017 and a 1.9 per cent decrease since May 2018.

Sales of detached properties in August 2018 reached 567, a 37.1 per cent decrease from the 901 detached sales recorded in August 2017. The benchmark price for detached properties is $1,561,000. This represents a 3.1 per cent decrease from August 2017 and a 2.8 per cent decrease since May 2018.

Sales of apartment properties reached 1,025 in August 2018, 36.5 per cent decrease compared to the 1,613 sales in August 2017. The benchmark price of an apartment property is $695,500. This represents a 10.3 per cent increase from August 2017 and a 1.6 per cent decrease since May 2018.

Attached property sales in August 2018 totalled 337, a 36.3 per cent decrease compared to the 529 sales in August 2017. The benchmark price of an attached unit is $846,100. This represents a 7.9 per cent increase from August 2017 and a 0.8 per cent decrease since May 2018.

Real Estate Board of Greater Vancouver - September 5, 2018.

New property listed in Whalley, North Surrey

Thu, 03 May 2018 09:01:39 GMT

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Bank of Canada raising rates again

Wed, 17 Jan 2018 17:45:15 GMT

Bank of Canada Raising Rates Again

2018 01 17

The Bank of Canada, led by governor Stephen Poloz, has hiked its benchmark lending rate to 1.25 per cent.(Bloomberg)

The Bank of Canada is raising its' key interest rate as economic pieces fall into place including strong job gains, consumer spending, housing investment and the energy sector.

Forward growth is predicted to come from business investment and exports as opposed to consumers and home construction.

What does this mean for you?

Buying or selling it's prudent to arrange a mortgage pre-approval from an expert - email me today for a referral to protect your interests.

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

Tue, 19 Dec 2017 18:06:26 GMT

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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Thu, 09 Nov 2017 09:01:20 GMT

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New property listed in Whalley, North Surrey

Sat, 21 Oct 2017 09:01:18 GMT

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Home buyer demand continues to differ based on housing type

Tue, 03 Oct 2017 16:43:09 GMT

Home buyer demand continues to differ based on housing type

Apartment and townhome activity is outpacing the detached home market across Metro Vancouver. This activity helped push total residential sales above the historical average in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold.

Last month’s sales were 13.1 per cent above the 10-year September sales average.

“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12 per cent increase compared to the 4,799 homes listed in September 2016 and a 26.6 per cent increase compared to August 2017 when 4,245 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent increase compared to August 2017 (8,807).

“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”

For all property types, the sales-to-active listings ratio for September 2017 is 29.8 per cent. By property type, the ratio is 14.6 per cent for detached homes, 42.3 per cent for townhomes, and 60.4 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 per cent increase over September 2016 and a 0.7 per cent increase compared to August 2017.

Sales of detached properties in September 2017 reached 852, a 27.9 per cent increase from the sales recorded in September 2016 (666), a decrease of 33 per cent from September 2015 (1,272), and a decrease of 32.9 per cent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1 per cent increase compared to August 2017.

Sales of apartment properties reached 1,451 in September 2017, a 19.1 per cent increase compared from the sales recorded in September 2016 (1,218), a 5.1 per cent decrease from September 2015 (1,529), and a 22.1 per cent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 per cent increase from September 2016 and a 1.4 per cent increase compared to August 2017.

Attached property sales in September 2017 totalled 518, a 40.4 per cent increase compared to the sales recorded in September 2016 (369), a 4.8 per cent decrease from September 2015 (544), and an 11.6 per cent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 per cent increase from September 2016 and a 1.1 per cent increase compared to August 2017.

Real Estate Board of Greater Vancouver. October 3rd, 2017.

BC government to offer up to $37,500 down payment loans for first-time buyers

Fri, 16 Dec 2016 17:37:26 GMT

BC government to offer up to $37,500 down payment loans for first-time home buyers

Premier Christy Clark unveiled a new loan program today to help first-time home buyers come up with their down payment.

The BC Home Owner Mortgage and Equity (HOME) Partnership program will offer qualifying home buyers loans of up to $37,500, interest and payment free, for five years.

The province will begin accepting applications on January 16, 2017.

To qualify, buyers must:

be buying their first home;
obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price;
have a combined gross household income not exceeding $150,000;
have saved a down payment amount at least equal to the loan amount;
be a Canadian citizen or permanent resident for at least five years; and
have lived in BC for at least the full year preceding their application.

The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.

Key facts:

The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price.
The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees).
After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.
Loans through the program are due after 25 years.

“This program will boost sales to first-time home buyers. Without question, they’ll take advantage of it wherever they can,” said Helmut Pastrick, Central 1 Credit Union chief economist.

The province estimates this initiative will help at least 42,000 buyers or households province-wide over the next three years. About half of these buyers will be in the Lower Mainland, according to Pastrick.

Home buyers and sellers face changing market dynamics

Tue, 04 Oct 2016 17:13:27 GMT

VANCOUVER, BC – October 4, 2016 – Metro Vancouver* home sales dipped below the 10- year monthly sales average last month. This is the first time this has occurred in the region since May 2014.

Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.

Last month’s sales were 9.6 per cent below the 10-year sales average for the month.

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).

The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.

Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.

Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

The real estate industry is a key economic driver in British Columbia. In 2015, 42,326 homes changed ownership in the Board’s area, generating $2.7 billion in economic spin-off activity and an estimated 19,000 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $39 billion in 2015. The Real Estate Board of Greater Vancouver is an association representing more than 13,000 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.

New property listed in Westwind, Richmond

Sat, 14 May 2016 09:01:14 GMT

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Sat, 14 May 2016 09:01:14 GMT

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Open House on Sunday, May 15, 2016 2:00 PM - 4:00 PM

Will more taxes solve housing affordability challenges? History says no and so do we.

Fri, 05 Jun 2015 22:02:00 GMT

Will more taxes solve housing affordability challenges? History says no and so do we.

The rising cost of homes in our region is well-documented. Metro Vancouver home prices have increased nearly 80 per cent since 2005. Detached home prices have increased over 100 per cent.

We worry about how our children can afford a home and how the most vulnerable among us can find basic shelter. These concerns have led to public debate about possible solutions.

One suggestion is for government to introduce new taxes. Some believe government should tax non-Canadian investors who buy properties. Mayor Robertson believes there should be a "luxury housing" tax on the sale of the most expensive homes in Vancouver.

We believe more taxes won’t help. Taxes bring unintended consequences. There’s little to no evidence that a luxury or foreign buyer tax would make homes more affordable.

History tells us that taxes like this fail to have the desired impact and succeed in permanently adding to government coffers.

In 1987, the provincial government implemented what was advertised as a “wealth tax”. It was supposed to apply to the sale of the most expensive five per cent of homes sold in BC. It's been 28 years since that tax was introduced and the thresholds have never been adjusted for inflation.

Today, that tax is known as the Property Transfer Tax (PTT). It’s applied to 95 per cent of all residential property sales in the province. This tax makes housing less affordable.

The home is where many people’s financial net worth resides. It's one of the last major assets that residents can sell and not pay a tax on the revenue. A little mentioned fact is that we already have tax disincentives for foreign owners. If a foreign home owner wants to sell a property in Canada, they are unable to receive a capital gains exemption.

The picture of affordability and home ownership is changing in Metro Vancouver. Our region's affordability challenges are complicated and, unfortunately, there isn't a single action that can solve them. Economists will tell you that offshore investment is a factor in today’s market. To what extent, no one has the data to know.

What we do know is that local conditions have a much more significant impact. We live in one of the most beautiful, progressive and prosperous areas of the world. There are more people who want to live here than there are homes available. This causes prices to rise.

The natural solution would be to create more supply, but we're constrained by mountains to the north, an ocean to the west, and a border to the south.

Despite the headlines, the majority of home sales in Metro Vancouver are not $1-million and beyond. Based on our Multiple Listing Service (MLS) statistics, nearly 70 per cent of all sales in the region last year were below $800,000.

The price of condominiums today ranges between $200,000 and $600,000 depending on size and location. Townhomes range between $300,000 and $800,000 in the region.

Detached homes in the City of Vancouver are at the high-end of our market. Recent activity has pushed homes on the Vancouver Westside above $2.5 million.

It’s a different story in neighbouring communities. The benchmark price of a detached home in Maple Ridge today is $499,100; in Ladner the benchmark price is $713,200; in Coquitlam the benchmark price is $845,400.

Affordability challenges exist. But there are also more options and aspects to the story than is typically discussed in the media. Certainly more than the mayor is putting forward.

Sincerely,

J. Darcy McLeod
President of the Real Estate Board of Greater Vancouver

New property listed in Granville, Richmond

Sat, 16 May 2015 09:01:24 GMT

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Metro Vancouver home buyers out in force in March

Thu, 02 Apr 2015 20:42:00 GMT

Metro Vancouver home buyers out in force in March

Demand continued to rise across Metro Vancouver's housing market in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 4,060 on the Multiple Listing Service® (MLS®) in March 2015. This represents a 53.7 per cent increase compared to the 2,641 sales recorded in March 2014, and a 32.6 per cent increase compared to the 3,061 sales in February 2015.

Last month’s sales were 26.8 per cent above the 10-year sales average for the month.

"We're seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” Darcy McLeod, REBGV president said. “For sellers, this means that it's taking less time, on average, for your home to sell if you have it priced correctly for today's market."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,968 in March. This represents a 13 per cent increase compared to the 5,281 new listings reported in March 2014.

Last month’s new listing count was 4.7 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the REBGV MLS® is 12,376, a 14.5 per cent decline compared to March 2014 and a 4 per cent increase compared to February 2015.

“The number of homes for sale today is below what’s typical for this time of year,” McLeod said. “If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $660,700. This represents a 7.2 per cent increase compared to March 2014.

The sales-to-active-listings ratio in March was 32.8 per cent. This is the highest that this ratio has been in Metro Vancouver since July 2007.

Sales of detached properties in March 2015 reached 1,711, an increase of 53.3 per cent from the 1,116 detached sales recorded in March 2014, and an 83.4 per cent increase from the 933 units sold in March 2013. The benchmark price for a detached property in Metro Vancouver increased 11.2 per cent from March 2014 to $1,052,800.

Sales of apartment properties reached 1,627 in March 2015, an increase of 47.1 per cent compared to the 1,106 sales in March 2014, and an increase of 65.7 per cent compared to the 982 sales in March 2013. The benchmark price of an apartment property increased 3.3 per cent from March 2014 to $390,200.

Attached property sales in March 2015 totalled 722, an increase of 72.3 per cent compared to the 419 sales in March 2014, and a 67.1 per cent increase from the 432 attached properties sold in March 2013. The benchmark price of an attached unit increased 4.9 per cent between March 2014 and 2015 to $484,900.

*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Copyright Real Estate Board of Greater Vancouver.

New property listed in Granville, Richmond

Fri, 06 Feb 2015 09:02:37 GMT

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ATTENTION GRADE 12's! Win one of sixteen $1,000 bursaries!

Thu, 29 Jan 2015 22:17:00 GMT

What is RE/MAX Quest for Excellence?

The Quest for Excellence Program is a bursary program for grade 12 students in Western Canada. It was established by RE/MAX of Western Canada to recognize the success and ongoing pursuits of Western Canadian students in regards to leadership and community contribution initiatives.

What is awarded?

RE/MAX of Western Canada will award 16 bursaries of $1,000 each to qualifying Grade 12 students. In addition, the 16 bursary winners will be entered into a draw and one lucky recipient will receive a RE/MAX Hot Air Balloon ride for two. Bursary winners will be notified and all winners will be posted in April 2015.

Who Can Participate?

The Quest for Excellence is open to all Grade 12 students attending high school from September, 2014 - March, 2015. Grade 12 students may not have participated in graduation commencement ceremonies in the past. Applicants must be a resident of one of the following provinces/territories.

    British Columbia
    Alberta
    Saskatchewan
    Manitoba
    Yukon Territory

What is Required?

Students are to convey the contributions they have made to their communities in a short online essay, maximum 1,250 words. Key qualities students should demonstrate are leadership, motivation and communication skills. Other attributes may include volunteering, participation in charitable events or fundraising, and contributions that enrich the lives of others and their communities.

Note: All entries become the property of RE/MAX of Western Canada and photos and names of winners may be used in print publications and media.

Submission Instructions

Complete the following on-line application form.
Deadline for entry is March 9th, 2015.
A maximum of one on-line essay per student.

To print a Quest for Excellence information flyer, click here

If you have any questions regarding this program, please email Kelsey Woodliffe, kwoodliffe@remax.netat RE/MAX of Western Canada.

Note: All entries become the property of RE/MAX of Western Canada and photos and names of winners may be used in print publications and media.

Home sale and listing activity reach historical norms in 2014

Mon, 05 Jan 2015 18:07:00 GMT

2014 Home sale & listing activity reach historical norms

It was a typical year for the Metro Vancouver housing market in certain respects. The region’s home sale and listing totals for 2014 both rank fifth when compared against the past 10 years of activity, while home prices increased.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 per cent increase from the 28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential sales in 2012.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver increased 2.4 per cent in 2014 to 56,066 compared to the 54,742 properties listed in 2013. Looking back further, last year’s total represents a four per cent decline compared to the 58,379 residential properties listed for sale in 2012.

“While home buyer and seller activity created balanced market conditions within the region, we also experienced some upward pressure on home prices over the course of the year,” Ray Harris, REBGV president said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8 per cent increase compared to December 2013.

“Detached homes continue to be the most sought after property type in our market,” Harris, said. “Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 per cent over the same period.”

December summary

Residential property sales in Greater Vancouver totalled 2,116 in December 2014, an increase of 8.3 per cent from the 1,953 sales recorded in December 2013 and a 15.9 per cent decline compared to November 2014 when 2,516 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,888 in December 2014. This represents a 1.7 per cent increase compared to the 1,856 units listed in December 2013 and a 37.4 per cent decline compared to November 2014 when 3,016 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,320, a 10.7 per cent decline compared to December 2013 and a 17.8 per cent decrease compared to November 2014.

Sales of detached properties in December 2014 reached 833, an increase of 9.3 per cent from the 762 detached sales recorded in December 2013. The benchmark price for detached properties increased 8.1 per cent from December 2013 to $1,002,200.

Sales of apartment properties reached 912 in December 2014, an increase of 7.3 per cent compared to the 850 sales in December 2013.The benchmark price of an apartment property increased 3.5 per cent from December 2013 to $380,700.

Attached property sales in December 2014 totalled 371, an increase of 8.8 per cent compared to the 341 sales in December 2013. The benchmark price of an attached unit increased 4.5 per cent between December 2013 and 2014 to $476,800.

Metro Vancouver home sales remain strong

Tue, 02 Dec 2014 18:27:00 GMT

Metro Vancouver home sales remain strong

December 2, 2014

Home buyers in Metro Vancouver remained active in November, a month that is traditionally a quieter time of year for real estate.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service® (MLS®) in November 2014. This represents an 8.4 per cent increase compared to the 2,321 sales in November 2013, and a 17.7 per cent decline compared to the 3,057 sales in October 2014.

Last month’s sales were 6.9 per cent above the 10-year sales average for November.

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“It’s been a more active fall than we typically see in the Metro Vancouver housing market,” Ray Harris, REBGV president said. “Home prices across the region have experienced steady gains in 2014 of between three and seven per cent depending on property type.”

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 3,016 in November. This represents a 7.1 per cent decrease compared to the 3,245 new listings in November 2013 and a 32.8 per cent decline from the 4,487 new listings in October.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,553, a 10.2 per cent decline compared to November 2013 and a 9.4 per cent decrease compared to October 2014.

“This is traditionally a low inventory time of year, so it’s a good time to list your home for sale if you want to face less competition in the marketplace,” Harris said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,300. This represents a 5.7 cent increase compared to November 2013.

Sales of detached properties in November 2014 reached 1,012, an increase of 9.3 per cent from the 926 detached sales recorded in November 2013, and a 60.9 per cent increase from the 629 units sold in November 2012. The benchmark price for detached properties increased 7.9 per cent from November 2013 to $997,800.

Sales of apartment properties reached 1,052 in November 2014, an increase of 8.6 per cent compared to the 969 sales in November 2013, and a 40.3 per cent increase compared to the 750 sales in November 2012. The benchmark price of an apartment property increased 3.2 per cent from November 2013 to $379,500.

Attached property sales in November 2014 totalled 452, a 6.1 per cent increase compared to the 426 sales in November 2013, and a 47.2 per cent increase over the 307 attached properties sold in November 2012. The benchmark price of an attached unit increased 4.8 per cent between November 2013 and 2014 to $480,200.

New property listed in Granville, Richmond

Fri, 14 Nov 2014 09:02:44 GMT

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Fri, 14 Nov 2014 09:02:44 GMT

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New property listed in Granville, Richmond

Fri, 14 Nov 2014 09:02:44 GMT

I have listed a new property at 20 9691 ALBERTA RD in Richmond.

See details here

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Fri, 14 Nov 2014 09:02:44 GMT

I have listed a new property at 23 9691 ALBERTA RD in Richmond.

See details here

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Tue, 11 Nov 2014 09:02:28 GMT

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Thu, 06 Nov 2014 09:02:39 GMT

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New property listed in Whalley, North Surrey

Thu, 06 Nov 2014 09:02:38 GMT

I have listed a new property at 201 13678 GROSVENOR RD in Surrey.

See details here

BALANCE by Tien Sher Homes. Come connect to City Centre, Metro Vancouver's fastest growing downtown hub rich with rapid transit, shopping, schools, Simon Fraser University, parks and amenities. The intelligent space saving designs atBalance maximize every square inch to create stylish and comfortable new homes finished with 9' ceilings, Euro-inpsired kitchen appliances, quartz countertops, laminate flooring plus more! Only an 8 minute walk from the Gateway Skytrain Station, come see Metro Vancouver's most affordable new homes here at Balance. Finally, home ownership that lets you live the vibrant lifestyle you crave in a walkable community without compromise! Showings by appointment only - Call today.

New property listed in Whalley, North Surrey

Thu, 06 Nov 2014 09:02:38 GMT

I have listed a new property at 127 10788 WHALLEY BLVD in Surrey.

See details here