VANCOUVER, BC – January 3, 2019 –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.


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.


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Each year, the Real Estate Board of Greater Vancouver (REBGV) celebrates the achievements of its top-producing Realtors on the Mul-tiple Listing Service® (MLS®) with the Medallion Club and President’s Club awards.

 

The 2016 Medallion Club represents the top 10 per cent of the more than 13,500 members partici-pating on the MLS® in the region. The President’s Club represents the top one per cent.

 

The idea of a “multiple list-ing service” was born from the need to create an infrastructure through which Realtors could compete and cooperate at the same time. It’s variously been called a “listing exchange,” “cooperative listing service” and today’s “MLS®.”

 

The MLS® today is a sign of quality. Home listing information originating from the MLS® is the most reliable and compre-hensive source of real estate in-formation in Canada.

 

The Real Estate Board of Greater Vancouver is proud to also recognize one of its newest Life Member of the Medallion Club, Jeff Benna. Life membership is earned by Realtors who achieve Medallion Club status for 20 years. Jeff Benna earned Life Member status in 2016.

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Only a FEA designation prepares you for the complexities of family enterprise. FEA designated advisors see the whole picture in dealing with business families because they understand the nuanced and complex issues that are uniques to family enterprise. Congratulations to Jeff Benna on his FEA Designation.

 

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Season's Greetings & Happy New Year!

 

Cheers to eggnog, good times and stimulating conversation with family and friends!

 

All the best from my family to yours, wishing you a safe and happy holiday season.

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VANCOUVER, B.C. – October 2, 2013 – Home buyer and seller activity in the Greater Vancouver housing market continues to far outpace 2012, yet is in line with the region’s 10-year averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in September 2013. This represents a 63.8 percent increase compared to the 1,516 sales recorded in September 2012, and a 1.2 percent decline compared to the 2,514 sales in August 2013.

Last month’s sales were 1 per cent below the 10-year sales average for the month, while new listings for the month were 3.5 percent below the 10-year average.

“While sales are up considerably from last year, it’s important to note that September 2012 sales were among the lowest we’ve seen in nearly three decades,” Sandra Wyant, REBGV said. “Home sale and listing activity this September were in line with the 10-year average for the month.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,030 in September. This represents a 5.5 percent decline compared to the 5,321 new listings reported in September 2012 and a 20.2 percent increase compared to the 4,186 new listings in August of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,115, a 12.2 percent decrease compared to September 2012 and a 0.5 percent increase compared to August 2013.

The sales-to-active-listings ratio currently sits at 15.4 percent in Greater Vancouver.

“It’s important to remember that stronger sales activity does not necessarily equate to rising home prices. In fact, home prices have not fluctuated much in our market this year,” Wyant said.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 0.7 percent compared to this time last year and an increase of 2.3 percent compared to January 2013.

Sales of detached properties reached 1,023 in September 2013, an increase of 72.2 percent from the 594 detached sales recorded in September 2012, and a 6.9 percent increase from the 957 units sold in September 2011. The benchmark price for detached properties decreased 1.4 percent from September 2012 to $922,600.

Sales of apartment properties reached 1,018 in September 2013, an increase of 50.6 percent compared to the 676 sales in September 2012, and an increase of 10.4 percent compared to the 922 sales in September 2011. The benchmark price of an apartment property decreased 0.5 percent from September 2012 to $366,600

Attached property sales in September 2013 totalled 442, an increase of 79.7 percent compared to the 246 sales in September 2012, and a 20.4 percent increase from the 367 attached properties sold in September 2011. The benchmark price of an attached unit is currently $458,300, which is unchanged from September 2012.

 

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