Posted on
May 20, 2023
by
Bob Sethi (RE/MAX Westcoast)
I have sold a property at 5963 128A ST in Surrey. 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 laneway w/ potential for laneway house. Finished 2-bdrm basement w/ r.i. kitchen and separate entry. This home w/ mortgage helper looks like new and is move-in ready for your family.
Posted on
April 27, 2023
by
Bob Sethi (RE/MAX Westcoast)
I have listed a new property at 5963 128A ST in Surrey. 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 laneway w/ potential for laneway house. Finished 2-bdrm basement w/ r.i. kitchen and separate entry. This home w/ mortgage helper looks like new and is move-in ready for your family.
Posted on
August 7, 2021
by
Bob Sethi (RE/MAX Westcoast)
I have sold a property at 5981 129 ST in Surrey.
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!
Posted on
April 14, 2021
by
Bob Sethi (RE/MAX Westcoast)
I have listed a new property at 5981 129 ST in Surrey.
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!
Posted on
September 29, 2020
by
Bob Sethi (RE/MAX Westcoast)
I have listed a new property at 419 10838 WHALLEY BLVD in Surrey.
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.
Posted on
September 29, 2020
by
Bob Sethi (RE/MAX Westcoast)
I have listed a new property at 422 10838 WHALLEY BLVD in Surrey.
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.
Posted on
September 29, 2020
by
Bob Sethi (RE/MAX Westcoast)
I have listed a new property at 423 10838 WHALLEY BLVD in Surrey.
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.
Posted on
February 11, 2020
by
Bob Sethi (RE/MAX Westcoast)
View our January 2020 market update video featuring Real Estate Board of Greater Vancouver's President, Ashley Smith.
Posted on
January 17, 2020
by
Bob Sethi (RE/MAX Westcoast)
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.
Posted on
January 16, 2020
by
Bob Sethi (RE/MAX Westcoast)
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.
Posted on
December 3, 2019
by
Bob Sethi (RE/MAX Westcoast)
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
Posted on
November 27, 2019
by
Bob Sethi (RE/MAX Westcoast)
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.
Posted on
November 14, 2019
by
Bob Sethi (RE/MAX Westcoast)
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.
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.
“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.
Posted on
October 2, 2019
by
Bob Sethi (RE/MAX Westcoast)
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.
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.
“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
Posted on
September 4, 2019
by
Bob Sethi (RE/MAX Westcoast)
Posted in
bc, condo, condominium, detached, home, home sales, Metro Vancouver, multi family, real estate, richmond, single family, stats, summer, vancouver, yvr
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.
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.
“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
Posted on
July 3, 2019
by
Bob Sethi (RE/MAX Westcoast)
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.
Posted on
June 10, 2019
by
Bob Sethi (RE/MAX Westcoast)
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.
Posted on
May 3, 2019
by
Bob Sethi (RE/MAX Westcoast)
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.
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.
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.
Posted on
April 3, 2019
by
Bob Sethi (RE/MAX Westcoast)
I have listed a new property at 330 13733 107A AVE in Surrey.
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.
Posted on
January 17, 2019
by
Bob Sethi (RE/MAX Westcoast)
Posted in
Abbotsford, B, BC, BC re, BC Real Estate, British Columbia, Greater Vancouver, Kelowna, Metro Vancouver, Mission, Nanaimo, NDP, say no, speculation tax, Victoria
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.
Read more from The Province here.
Note - Declaration forms are being mailed by the NDP - if you haven't received your's by mid-February I recommend you visit the Speculation and Vacancy Tax page to contact the Provincial Government.
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