VANCOUVER, B.C. – July 4, 2012 – The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.

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June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.

“Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,617 in June. This represents a 3 per cent decline compared to June 2011 when 5,793 properties were listed for sale on the MLS® and an 18.9 per cent decline compared to the 6,927 new listings reported in May 2012.

At 18,493, the total number of residential property listings on the MLS® increased 22 per cent from this time last year and increased 3.7 per cent compared to May 2012.

“Today, our sales-to-active-listings ratio sits at 13 per cent, which puts us in the lower end of a balanced market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7% and declined 0.7% compared to last month.

Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per cent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600.

Sales of apartment properties reached 1,026 in June 2012, a 19 per cent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 per cent from June 2011 to $376,200.

Attached property sales in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales in June 2011, and a 27.8 per cent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400.
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These Are The Best Buying Conditions In Years?

There is a lot of a B.C. housing bubble talk again: usually from the same sources that have been forecasting a crash in the housing market for the past 10 years as prices continued to climb and sales continued to increase. It always makes for scary headlines and a topic for talking heads.
Now the slant is that higher interest rates will kill off sales and the long predicted fall in prices will finally happen.
Don't count on it. On virtually any measures, this spring offers some of the best home buying conditions in years - in some markets. In fact, if you are not investing in the housing market this spring you may be missing a great opportunity.
Look at mortgage rates: Even if rates rose 2% to 3% overnight, which is not likely, mortgage rates would still be near the lowest point in recent history. Right now, top mortgage brokers like Mortgage Alliance have five-year rates at 3.24% (the posted bank rate is 5.24%) one-rate rates at 2.74% and a variable rate 15 points below the 3% prime rate.
Look at housing prices. They are down from the peak in most of Metro Vancouver. If you are buying outside of major cities, current prices offer very good value.
Condo example: MLS: V932466 2 bedroom condo in Mallairdville, Coquitlam (Evergreen line coming) for $164,500.
Detached example: MLS F1203862 4 bedroom house with 2-bdrm (unauthorized) basement suite, North Surrey. 7,500 sq.ft lot. Price: $469,900.
Look at the inventory. There are 25,000 residential properties for sale across Metro Vancouver and this number will likely increase this month as the spring selling season gets into full swing. There are also about 8,500 new high-rise condos hitting the market and developers are offering presale incentives for first buyers in.
Examples: Onni has cut prices 3% in a new Parkside tower in New Westminster for first buyers. Salient Group is offering 100 new condos priced under $299,900 at its new 22-storey tower in downtown New Westminster.
Look at the rental vacancy rate: It is 2.5% or lower in most Metro Vancouver markets, providing rental investors with a stable market for tenants.
Look at Canada: International real estate investors see what most Canadians don't appreciate: we have a stable banking and political environment, a steady real estate market, natural resources the world needs and few social tensions. That is why immigrants are buying - and will continue to buy - real estate from Vancouver to Toronto.
Look at mortgage default: More than 99% of Canadian homeowners are paying their mortgage. Our banks are not dumping homes onto the market, so there is no downward pressure on prices.
Look at the income-to-price ratio: Another misleading statistic is that in major markets, like Vancouver, the average price of a home is now 10.6 times the income of the average Canadian. But, as economist Bryan Yu of Central 1 Credit Union explains, this ratio is out of whack because Vancouver area average home prices - the most widely reported - are skewed higher because of expensive homes in three markets that represent 37% of sales and ignore the Fraser Valley. As we have pointed out before, drive half-an-hour south or east from the West Side or Richmond and you can find homes priced nearly 50% less. "Correcting for geographic inaccuracies to better match the economic region (which is consistent with income) yields a significant lower price and hence price-income-ratio," Yu said.
As well, median incomes are not an accurate measurement in home buying. People on fixed incomes don't buy homes. And buyers are often leveraging from a home they are selling. A $700,000 house is more palatable when a buyer has just cashed out $300,000 in equity for a down payment.
Look at consumer debt: The warnings about rising debt ratios must also be challenged. The Governor of the Bank of Canada is worried that the average personal debt ratio is now 156% in Canada. This means a household making $100,000 per year, owes $156,000, two-thirds of which is mortgage debt. Why is this so bad? At an interest rate of 3% or even 5%, the amount needed to service the debt is manageable. Most people do not pay off their mortgages in one year.
Major Point: Take a deep breath. Meet with your lender or mortgage broker to figure out what you can afford before you start looking for an investment. It may be a good time to buy, but you need to buy smart, select a good area, a quality realtor, developer and make offers.

oz@jurock.com

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Tuesday, April 3, 2012

VANCOUVER, BC - Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.
At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.

“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 per cent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 per cent compared to March 2011.

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011, and an 11.5 per cent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011, and a decrease of 4.9 per cent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100.

Townhome property sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011, and an 8.9 per cent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.

The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS®. The Real Estate Board provides a variety of membership 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.
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Just Listed!!

Brand New 2 Bedroom View Condo in Mount Pleasant!

708-255 East 7th Avenue, Vancouver BC V5T 4R6

$559,900

Spectacular BRAND NEW 2 bedroom and den VIEW condo in the trendy up and coming South Main area! Priced to sell with unobstructed, breathtaking views of the North Shore Mountains and city skyline complete with gorgeous evening sunsets. This unit features top of the line finishing with walnut colour hardwood flooring, stone slab counter tops, porcelain floor tile, mosaic backsplash and your own private balcony. Residents have access to the buildings amazing amenities: gym, rooftop patio with 360 degree views with BBQ and a media room equipped with a wet bar. Located in the heart of South Main and steps away from some of the best shopping, restaurants and cafes Vancouver has to offer.

For information on this property or any Vancouver properties please call me, Tyler MacDonald 604-340-2538. www.tylermacdonald.ca


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Just Listed!! Brand New 2 Bedroom View Condo in Mount Pleasant! 708-255 East 7th Avenue, Vancouver BC V5T 4R6

Just Listed!!

Brand New 2 Bedroom View Condo in Mount Pleasant!

708-255 East 7th Avenue, Vancouver BC V5T 4R6

$559,900

Spectacular BRAND NEW 2 bedroom and den VIEW condo in the trendy up and coming South Main area! Priced to sell with unobstructed, breathtaking views of the North Shore Mountains and city skyline complete with gorgeous evening sunsets. This unit features top of the line finishing with walnut colour hardwood flooring, stone slab counter tops, porcelain floor tile, mosaic backsplash and your own private balcony. Residents have access to the buildings amazing amenities: gym, rooftop patio with 360 degree views with BBQ and a media room equipped with a wet bar. Located in the heart of South Main and steps away from some of the best shopping, restaurants and cafes Vancouver has to offer.

For information on this property or any Vancouver properties please call me, Tyler MacDonald 604-340-2538. www.tylermacdonald.ca


 

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