Greater Vancouver Real Estate BlogRecently posted or modified blog posts by tag - Real Estate Market Statushttps://www.vancouverhousefinders.com/blog/Copyright VancouverHouseFinders.com2019-11-05T09:27:14-07:00tag:vancouverhousefinders.com,2012-09-20:5528Fraser Valley Real Estate at Its Peak Since 2018<img src="https://cdn.khohinhstock.com/images/image-207040210-101568.png" />
Fraser Valley Real Estate at its Peak since 2018
A rise of 38.8 per cent (total of 1,592) property sales of all property types on Multiple Listing Service® (MLS®) has been processed by the <a href="http://www.fvreb.bc.ca/">Fraser Valley Real Estate Board</a> since October last year’s 1,155 sales. This is also 18.5 per cent higher compared to the September 2019 sales.
Darin Germyn, President of the Board, remarked, “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped
Fraser Valley’s 7,398 total active listings by the end of October is 6.9 per cent decrease from the previous month and 4.5 per cent decrease compared to last year’s.
“Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.” Germyn explained.
Only a total of 2,383 new listings were obtained by the board this October 2019 which is a 13.9 per cent dive compared to the previous month’s 2,769 new property listings and also a 14.2 per cent decrease compared to last year’s.
“We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.” the board president added.
<img src="https://cdn.khohinhstock.com/images/image-1276348111-81264.png" />
MLS® HPI Benchmark Price Activity in the Fraser Valley
Single Family Detached: $952,600<br />3.5 per cent decrease from October 2018<br />0.3 per cent increase from September 2019<br /><br />Townhome: $516,600<br />4.2 per cent decrease from October 2018<br />0.8 per cent decrease from September 2019<br /><br />Apartments/Condos: $405,100<br />6.4 per cent decrease from October 2018<br />0.1 per cent decrease from September 2019
The average number of days to sell a property in the Fraser Valley region was also affected by this new pacing. Selling an apartment now averages to 34 days and townhomes for 37 days. Meanwhile, the Single family detached homes retain an average of 46 days in the market.
<a href="http://fvreb.bc.ca/statistics/Package201910.pdf">Fraser Valley October Statistics Package</a>
Resource: Fraser Valley Real Estate Board
Have Real Estate questions? <a href="https://app.acuityscheduling.com/schedule.php?owner=15579442">Book</a> an appointment today with Mr. Hani Faraj to learn more.2019-11-04T11:00:00-07:002019-11-05T09:27:14-07:00Hani Farajtag:vancouverhousefinders.com,2012-09-20:4340The April Housing Update Is Here!Last month, we witnessed fewer buyers and many more home sellers. The Real Estate Board of Greater Vancouver (REBGV) has reported that the residential property sales in the region have totaled to 2,579. This is a 27.4% decrease as recorded to the previous year which was 3,553 respectively. This is a 2.5% for when compared to the number of homes sold in March 2018 which equalled 2,517 homes.
April witnessed a 22.5% decrease when compared to the 10-year sales average for the same month.
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Phil Moore, REBGV president was quoted saying, “Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years. The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”
In terms of detached, attached and apartment properties, 5,820 homes were newly listed for sale on the Multiple Listing Service in Metro Vancouver. This is an 18.6% increase with respective to the 4,907 homes listed last year in the same month. It is also a 30.8% increase when compared to March 2018 wherein 4,450 homes were listed respectively.
On the MLS® system, the total number of properties listed for sale equal 9,822 homes in Metro Vancouver. This is in fact a 25.7% increase when compared to last year. It is also a 17.2% increase with respective to March wherein 8,380 homes were listed for sale. Moore also further stated, “Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against.”
The sales-to-active listings ratio, one of the most important indicators in this market was quoted at 26.3% in April. When broken down by property type, here are the ratios:
<img src="https://assets.site-static.com/userfiles/1084/image/29.JPG" width="448" height="153" />
It is generally believed that a downward pressure on the home prices occurs only when the ratio dips below 12% while as an upward pressure is experienced on the same when the ratio crosses 20% for a sustained period of time.
Another important indicator, The MLS® Home Price Index composite benchmark price for all residential properties was recorded at $1,092,000 in April 2018. This indicates a 14.3% increase when compared to last year and a 0.7% increase vis-à-vis March 2018.
Moving on to sales, a total of 807 detached properties were sold. This represents a 33.4% decrease from last year wherein 1,211 homes were sold. The benchmark price of the same is $1,605,800. A 5.1% increase from last year can be recorded as well as 0.2% decrease from March 2018.
Similarly, sales of apartment properties equaled 1,308. This is a 24% decrease from April 2017 wherein 1,722 homes were sold. The benchmark price for an apartment property is $701,000. This is a 23.7% increase from last year and a 1.1% increase when compared to March of this year.
In terms of attached property sales, a total of 464 homes were sold. This represents a 25.2% decrease when compared to the 620 homes sold last year. The benchmark price of an attached unit is $854,200. This is a 17.7% increase from April 2017 and a 2.3% increase when compared to March.
In conclusion, though most stats seem to showcase an increase, only time will tell how the economics of demand and supply play out in the market.2018-05-08T08:38:00-07:002018-10-18T01:49:19-07:00Hani Farajtag:vancouverhousefinders.com,2012-09-20:4333The first quarter of 2018 witnesses steady decline in home sales and listings<img src="https://assets.site-static.com/userfiles/1084/image/House.jpg" width="960" height="642" />
According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales witnessed a 29.7% decrease from last year. In March 2017, sales were recorded at 3579 homes sold which has now showcased a decline to 2517 homes in March 2018. But, it is indeed a 14% increase when compared to the 2027 homes sold in February 2018.
March 2018 has witnessed a sale record which is 23% below the 10-year March sales average. The Multiple Listing Service®(MLS®) in Metro Vancouver witnessed a solid 6542 homes for sale on its network in the first quarter of 2018. This in turn is a 13.1% decrease from the 7.527 homes which were put up during the same time in 2017. Alarmingly, this is the region’s lowest total first-quarter sales since 2013.
REBGV president, Phil Moore believed that the less demand from the buyers and even lesser homes listed for sale has led to this statistic. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”
Moving on to detached, attached and apartment properties, 4450 homes were listed for sale in the region in March 2018. This is a 6.6% decrease from last year which recorded 4762 homes for sale. But, this in fact is a 5.4% increase when compared to February 2018 in which 4223 homes were up for sale. In total, 12469 homes were listed for sale in the Metro Vancouver region in the first quarter of 2018 which is a 0.8% decrease from the same period in 2017 wherein 12568 homes were up for sale. Again, it’s the region’s lowest ever since 2013.
According to the MLS® system, the total number of homes listed for sale is equal to 8,380. This represents a 10.5% increase from March 2017, wherein 7,586 homes were up for sale. This is also a 7.1% increase when compared to February 2018.
Moore further commented saying, “Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low. Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and town-home segments, of homes for sale remains well below historical norms.”
An important indicator in the real estate biz, sales-to-active ratio for March 2018 for all property types was recorded at 30%. Breaking it down further by property type:
Detached homes – 14.2%
Town-homes – 39.9%
Condominiums – 61.6%
The general belief is that downward pressure on home prices occurs when the ratio falls below 12% for a consistent period of time, while as an upward pressure is experienced when the ratio shoots above 20% for a sustained period.
The MLS® Home Price Index composite benchmark price for all the residential properties is quoted at $1,084,000 in Metro Vancouver. This showcases a 16.1% increase over the last year and a 1.1% increase over February 2018.
While as in March 2018, sale of detached properties witnessed a decrease of 37% from 1150 in 2017 to 722. The benchmark price for the same was recorded at $1,608,500 which is a 7.4% increase from 2017 and a 0.4% increase from the previous month.
Similarly, the sale of apartment properties witnessed a 26.7% (1349) decrease when compared to last year which sold 1841 homes. Also, the benchmark price for the same was recorded at $693,500. This in turn is a 26.2% increase from the previous year and 1.6% increase when compared to February 2018.
Lastly, the sale for property sales in March 2018 equalled 446 which is a 24.1% decrease when compared to the 588 homes sold in 2017. The benchmark price for an attached unit was recorded at $835,300. This again is a 17.7% and 2% increase when compared to last year as well as February 2018 respectively.
The market may improve in the second quarter but that is owing to some reform changes and potential investments in the sector. We can only wait and watch.2018-04-09T20:47:00-07:002018-10-17T23:51:20-07:00Hani Farajtag:vancouverhousefinders.com,2012-09-20:4306Sales in March 2017 fare better than February with a 47.6% increase.The new monthly update brought by the Real Estate Board of Greater Vancouver showcases a significant drop in sales in March 2017 when compared to last year.
The total sales in March equal to only 3,579 homes as compared to the 5,173 homes sold in March 2016. This records a 30.8% drop in sales over the past 1 year. But, on the plus side, the figures of March have witnessed a 47.6% from February this year where only 2,425 homes were sold in Metro Vancouver alone. Though the demand in March was below the record high of last year, the market witnessed a significant increase month-to-month for sales of condos and townhouses.
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It seems that the seller’s are still reluctant to put MVR Market Highlight 2017their homes on the market, which is creating quite a competition for those who wish to purchase homes. New listings for all types of homes in March were recorded at 24.1% which when compared to last year have dropped from 6,278 to 4,762 listings respectively. The Board estimated that this is the lowest number of new listings ever recorded in March since 2009.
In totality, the sales-to-active listings ratio for March stands at 47.2%. Many analysts believe that home prices will fall when this ratio falls below 12%. But, as witnessed in the past few months, home prices are likely to only continue increasing unless there is an inflow of supply of homes in the market. The composite benchmark price as calculated by the <a href="http://www.rebgv.org/mls%C2%AE-home-price-index-explained">MLS Home Price Index</a> indicates the cost of a typical property in Metro Vancouver, which is currently set at $919,300. It represents a 0.8% decrease over the past 6 months.
On the other hand, the sales of detached homes fell by 46.1% when compared to March last year. Also, the benchmark price fell to $1,489,400, another 5% decrease over the past 6 months. Also, apartment sales have also witnessed a decline of over 18.3% when compared to last year. But, the benchmark price has in fact recorded a 5.2% increase at $537,400. The sales of townhouses were also at a down low dropping to 25.2% as compared to February last year with a benchmark price of $685,100, another 1.3% increase over the period of 6 months.
Hence, the market is anticipating an increase in the supply of homes such that prices would decline and sales would showcase an eventual increase as well and equilibrium could be achieved.2017-04-06T00:40:00-07:002018-10-23T12:53:02-07:00Hani Faraj