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Home buyer demand increases across Greater Vancouver housing market

An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7 per cent increase compared to the 3,050 sales in April 2014.

Last month’s sales were 6.5 per cent below the 10-year sales average for May of 3,514.

The sales-to-active-listings ratio currently sits at 20.4 per cent in Greater Vancouver, which is the first time that this measure has been above 20 per cent since June 2011.

“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active marketplace we’ve seen since the spring of 2011,”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936 in May. This represents a 5 per cent increase compared to the 5,656 new listings in May 2013 and a 0.2 per cent decline from the 5,950 new listings in April. Last month’s new listing count was 2 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,072, a 6.7 per cent decline compared to May 2013 and a 3.6 per cent increase compared to April 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3 per cent increase compared to May 2013.

“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 per cent from the 1,212 detached sales recorded in May 2013, and a 23.1 per cent increase from the 1,180 units sold in May 2012. The benchmark price for detached properties increased 5.4 per cent from May 2013 to $966,500.

Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 per cent compared to the 1,136 sales in May 2013, and an 11.2 per cent increase compared to the 1,156 sales in May 2012. The benchmark price of an apartment property increased 3.2 per cent from May 2013 to $377,500.

Attached property sales in May 2014 totalled 547, a 2.4 per cent increase compared to the 534 sales in May 2013, and a 5.8 per cent increase over the 517 attached properties sold in May 2012. The benchmark price of an attached unit increased 3.1 per cent between May 2013 and 2014 to $469,100.

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

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

*Seasonally adjusted annual rate. Source: SCHL.

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

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

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

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

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

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

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

BE PREPARED FOR ANY EMERGENCY.

A GUIDE TO GETTING STARTED WITH YOUR DISASTER PREPAREDNESS PLAN.

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

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

• Click here for EPUB format (viewable on a variety of tablets and e-readers);
• or click here for PDF format.

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

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

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

April 15,2014

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

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

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

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

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

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

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

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