Jeff Benna

VANCOUVER, BC – July 5, 2017 – The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 percent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 percent compared to May 2017 when 4,364 homes sold.

Last month’s sales were 14.5 percent above the 10-year June sales average.

“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.

There were 5,721 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2017. This represents a 2.6 percent decrease compared to the 5,875 homes listed in June 2016 and a 5.3 per cent decrease compared to May 2017 when 6,044 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,515, a nine percent increase compared to June 2016 (7,812) and a 4.2 percent increase compared to May 2017 (8,168).

“Home buyers have more selection to choose from in the detached market today while condominium listings are near an all-time low on the MLS®,” Oudil said. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”

For all property types, the sales-to-active listings ratio for June 2017 is 45.7 percent. By property type, the ratio is 24.5 percent for detached homes, 62 percent for townhomes, and 93.2 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“Market conditions will vary today depending on area and property type,” Oudil said. “It’s important to work with your local REALTOR® to help you understand the trends that are occurring in your community.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 7.9 percent increase over June 2016 and a 1.8 percent increase compared to May 2017.

Sales of detached properties in June 2017 reached 1,320, a decrease of 15.5 percent from the 1,562 detached sales recorded in June 2016. The benchmark price for detached properties is $1,587,900. This represents a 1.4 percent increase from June 2016 and a 1.1 percent increase compared to May 2017.

Sales of apartment properties reached 1,905 in June 2017, a decrease of 9.6 percent compared to the 2,108 sales in June 2016. The benchmark price of an apartment property is $600,700. This represents a 17.6 percent increase from June 2016 and a 2.9 percent increase compared to May 2017.

Attached property sales in June 2017 totalled 668, a decrease of 8.5 percent compared to the 730 sales in June 2016. The benchmark price of an attached unit is $745,700. This represents a 10.7 percent increase from June 2016 and a 0.6 percent increase compared to May 2017.

 

 

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I have sold a property at 1928 VENABLES ST in Vancouver.
1968 Vancouver Special at an unbeatable location off the Drive with Amazing views of the North Shore Mnts. Located in the sweet pocket of Grandview, this well maintained, one owner house is move in ready & waiting for your updates. Just East of Victoria Dr. this block is traffic calmed & not a through fare, beautifully landscaped and 2 blks to schools and the Drive. Main floor has 3 bdrms, full bathrm, huge South facing deck right off the kitchen expansive North Shore Mnts views form Lv/Dn rm W wood fire place. Lower floor is connected W open floor plan, full kitchen living rm W gas fireplace, 4 piece bath & 1 bdrm, laundry, work shop & attached one car garage.
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I have sold a property at 3480 VINMORE AVE in Richmond.
BEAUTIFUL 'SEAFAIR' NEIGHBOURHOOD! Brand new 3,988 sq ft executive home on huge 9,138 sq ft lot with SOUTH FACING backyard. Bright & spacious & well laid out, with high ceiling, lots of crown mouldings & detailings. 4 bedrooms up plus a 1 bedroom legal suite on the main & a home theatre. Gourmet kitchen with wok kitchen, granite counters thru-out, stainless steel appliances, hot water radiant heating, central air conditioning & HRV, video security alarm system & 3 car garage. Lovely private backyard with arbor & swing for your enjoyment & entertainment purpose. Great location, close to seafair shopping mall, the dyke, Hugh Boyd School, park & community centre, Steveston Village & transit. A pleasure to show!
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I have sold a property at 868 BLACKSTOCK RD in Port Moody.
Best Townhouse deal in Port Moody! First time buyers and Investors don't miss this Opportunity! Rentals allowed!! Two parking spots!! Located minutes from Newport Village, Rocky Point Park, transit, Skytrain, recreation and Mountain Meadows Elementary. This lovely three bedroom two level townhome would be perfect for your growing family. All three bedrooms are a good size. Southwest views off the patio with private small fenced backyard. The perfect place for your summer BBQs. There is even a storage shed. 1,038 square feet of living space. Bright kitchen with loads of cupboards and convenient pass thru to Dining area. OPEN HOUSE 2-4pm on June 17.
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I have listed a new property at 401 1967 BARCLAY ST in Vancouver.
THE PALASADES. West of Denman, one block from Stanley Park and a short stroll to English Bay. Smart studio layout in a freehold concrete building on a Gorgeous tree-lined street. Re-piped 2004. New elevator 2009. New roof 2015. Full exterior painting caulking and sealing 2016. This unit has hardwood parquet floors, big windows and a large balcony. Original condition makes the perfect opportunity to customize and design your own personal nest in the heart of the West End. Free Laundry. Parking available though strata $30-40/month. Pets OK. Rentals limited to 5. YOU'LL LOVE IT!
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Please visit our Open House at 401 1967 BARCLAY ST in Vancouver.
Open House on Thursday, June 22, 2017 5:00PM - 6:00PM
THE PALASADES. West of Denman, one block from Stanley Park and a short stroll to English Bay. Smart studio layout in a freehold concrete building on a Gorgeous tree-lined street. Re-piped 2004. New elevator 2009. New roof 2015. Full exterior painting caulking and sealing 2016. This unit has hardwood parquet floors, big windows and a large balcony. Original condition makes the perfect opportunity to customize and design your own personal nest in the heart of the West End. Free Laundry. Parking available though strata $30-40/month. Pets OK. Rentals limited to 5. YOU'LL LOVE IT!
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Please visit our Open House at 401 1967 BARCLAY ST in Vancouver.
Open House on Sunday, June 25, 2017 2:00PM - 4:00PM
THE PALASADES. West of Denman, one block from Stanley Park and a short stroll to English Bay. Smart studio layout in a freehold concrete building on a Gorgeous tree-lined street. Re-piped 2004. New elevator 2009. New roof 2015. Full exterior painting caulking and sealing 2016. This unit has hardwood parquet floors, big windows and a large balcony. Original condition makes the perfect opportunity to customize and design your own personal nest in the heart of the West End. Free Laundry. Parking available though strata $30-40/month. Pets OK. Rentals limited to 5. YOU'LL LOVE IT!
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Please visit our Open House at 2576 5TH AVE W in Vancouver.
Open House on Sunday, June 25, 2017 2:00PM - 4:00PM
Amazing two bedroom and den, three bath, upper unit half duplex in the heart of Kits. Gorgeous greenery lined street surrounded by character homes close to everything Vancouver offers. Over height vaulted ceilings with skylights, open floorplan, big and bright with a southwest balcony to let the sun shine in. Designed and finished as the builder's own home. Two masters with walk-in closets, A cozy office space for working from home, a massive great room family area, formal dining room and kitchen with island seating. Stainless steel appliances, gas range, tile back splash, quartz counter tops, concrete floors with radiant heat. Front garden shared space with lively landscaping. YOU'LL LOVE IT!
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I have sold a property at 904 2165 40TH AVE W in Vancouver.
THE VERONICA! This Southeast corner, one bedroom, co-op apartment with large balcony looks out to Vancouver Airport, The Gulf Islands and over Kerrisdale. This concrete building has undergone a complete upgrade including parking membrane, windows, exterior, balconies, roof, plumbing, boiler and elevator. A bright, open and efficient layout that wakes up with morning sun. Tidy kitchen. Carpeting throughout. This is a beautifully kept unit. Walk out of the lobby to a world of convenience; shopping, recreation and restaurants. Have a coffee with friends. Stroll, shop, eat, repeat. Unbeatable value for Westside living. YOU'LL LOVE IT!
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Please visit our Open House at 2576 5TH AVE W in Vancouver.
Open House on Sunday, June 11, 2017 2:00PM - 4:00PM
Amazing two bedroom and den, three bath, upper unit half duplex in the heart of Kits. Gorgeous greenery lined street surrounded by character homes close to everything Vancouver offers. Over height vaulted ceilings with skylights, open floorplan, big and bright with a southwest balcony to let the sun shine in. Designed and finished as the builder's own home. Two masters with walk-in closets, A cozy office space for working from home, a massive great room family area, formal dining room and kitchen with island seating. Stainless steel appliances, gas range, tile back splash, quartz counter tops, concrete floors with radiant heat. Front garden shared space with lively landscaping. YOU'LL LOVE IT!
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VANCOUVER, BC – June 2, 2017 – Home buyer activity returned to near record levels across the Metro Vancouver* housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 percent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 percent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 percent above the 10-year May sales average and is the thirdhighest selling May on record.

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 percent decrease compared to the 6,289 units listed in May 2016 and a 23.2 percent increase compared to April 2017 when 4,907 homes were listed.

The month-over-month increase in new listings was led by detached homes at 27.1 percent, followed by apartments at 22.7 percent and townhomes at 14.1 percent.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 percent increase compared to April 2017 (7,813).

"Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline," Oudil said.

The sales-to-active listings ratio across all residential categories is 53.4 percent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 percent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it's clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 percent increase over May 2016 and a 2.8 percent increase compared to April 2017.

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 percent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 percent increase over May 2016 and a 2.9 percent increase compared to April 2017.

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 percent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 percent increase over May 2016 and a 3.1 percent increase compared to April 2017.

Attached property sales in May 2017 totalled 791, an increase of 4.9 percent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 percent increase over May 2016 and a 1.9 percent increase compared to April 2017.

 

 

Download The Full Market Report Here

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I have listed a new property at 904 2165 40TH AVE W in Vancouver.
THE VERONICA! This Southeast corner, one bedroom, co-op apartment with large balcony looks out to Vancouver Airport, The Gulf Islands and over Kerrisdale. This concrete building has undergone a complete upgrade including parking membrane, windows, exterior, balconies, roof, plumbing, boiler and elevator. A bright, open and efficient layout that wakes up with morning sun. Tidy kitchen. Carpeting throughout. This is a beautifully kept unit. Walk out of the lobby to a world of convenience; shopping, recreation and restaurants. Have a coffee with friends. Stroll, shop, eat, repeat. Unbeatable value for Westside living. YOU'LL LOVE IT!
Read Full Story

I have listed a new property at 857 45TH AVE E in Vancouver.
Super building lot or renovation project with a 33 acre backyard. This is a 61x66 foot, RS-1 zoned lot that backs right on to South Memorial Park. Very unique location to design and build your dream house or bring this charming three bedroom up, three level home, with generous rooms, back to it's original splendor. Gorgeous mature hedge for privacy. On the 45th AV bike route. Close to schools, shopping, and transportation. This is the opportunity you have been waiting for in the neighborhood you know. YOU’LL LOVE IT!
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I have sold a property at 311 2057 3RD AVE W in Vancouver.
Make your next home this exquisite 1 bedroom condo in the Sausalito, a solid, rain screened building nestled in the heart of Kitsilano, one of Vancouver’s most desirable neighbourhoods. Extensively renovated, this bright, south facing unit features high end laminate flooring, designer paint, dramatic crown moldings & baseboards, elegant lighting, custom closets with organizers, a beautifully remodelled open plan kitchen with stainless appliances, in-suite laundry, and a wonderful bay window overlooking a quiet, tree-lined street. Located only 2 blocks from the beach, and 1 block North of 4th avenue shopping, transit & cafes this home has it all!
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I have sold a property at 1058 13TH AVE E in Vancouver.
MOUNT PLEASANT 33X132 RT-5 LOT with FOUR SUITE HOUSE. This is an excellent opportunity for builders, renovators and investors to acquire a home on a quiet, family oriented street in the heart of Vancouver. The original home was built in 1912 and renovated over the years. Currently it has two legal dwelling units with two additional garden suites. There is a top floor, two bedroom with a four piece bath. The Main has two bedrooms + den and a four piece bath. Downstairs are a one bedroom unit with four piece and one bedroom with three piece bath. The house is in an advanced state of deferred maintenance and in need of extensive renovation. The lot has a South backyard with a single garage. YOU’LL LOVE IT!
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I have listed a new property at 2918 13TH AVE W in Vancouver.
Super six bedroom craftsman, family home on a beautiful tree-lined street in the heart of Upper Kits. Large open floor plan kitchen with island and nook. Family room plus spacious formal living and dining rooms. French doors open onto the cedar deck overlooking the sunny South facing backyard. Four bedrooms upstairs, a den on the main and a two bedroom suite down with high ceilings. Walnut hardwood floors, European mosaic tiles, granite kitchen countertops and stainless steel appliances. Twelve foot ceilings up and nine foot ceiling on the main. Easy walk and bike to shopping, parks, schools and the community center. Two car garage and lane access. YOU'LL LOVE IT!
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VANCOUVER, BC – May 2, 2017 – Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market.

Residential property sales in the region totalled 3,553 in April 2017, a 25.7 percent decline compared to April 2016 when 4,781 homes sold and a 0.7 percent decrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 percent above the 10-year average for the month.

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 percent, on average, of all residential sales. This is up 10 percent from the 58.2 percent average over the same period last year.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907 in April 2017. This represents a decrease of 19.9 percent compared to the 6,127 units listed in April 2016 and a three pe cent increase compared to March 2017 when 4,762 properties were listed.

The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5 percent increase compared to April 2016 (7,550) and a three percent increase compared to March 2017 (7,586).

The sales-to-active listings ratio for April 2017 is 45.5 percent for all property types. This is two percent below March 2017 and is indicative of a sellers’ market. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

By property type, the sales-to-active listings ratio is 26 per cent for detached homes, 58.2 percent for townhomes, and 82.2 percent for condominiums.

“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $941,100. This represents a five percent increase over the past three months and an 11.4 percent increase compared to April 2016.

Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2 percent, followed by townhomes at 5.3 per cent, and detached homes at 2.8 percent.

“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”

Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8 percent from the 1,979 detached sales recorded in April 2016. The benchmark price for detached properties is $1,516,500. This represents an 8.1 percent increase over the last 12 months and a 1.8 percent increase compared to March 2017.

Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3 percent compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100. This represents a 16.6 percent increase over the past 12 months and a 3.1 percent increase compared to March 2017.

Attached, or townhome, property sales in April 2017 totalled 620, a decrease of 10.8 percent compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800. This represents a 15.3 percent increase over the past 12 months and a 2.4 percent increase compared to March 2017.

 

 

Download The Full Market Report Here

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Please visit our Open House at 2576 5TH AVE W in Vancouver.
Open House on Tuesday, May 9, 2017 10:30AM - 12:00PM
Amazing two bedroom and den, three bath, upper unit half duplex in the heart of Kits. Gorgeous greenery lined street surrounded by character homes close to everything Vancouver offers. Over height vaulted ceilings with skylights, open floorplan, big and bright with a southwest balcony to let the sun shine in. Designed and finished as the builder's own home. Two masters with walk-in closets, A cozy office space for working from home, a massive great room family area, formal dining room and kitchen with island seating. Stainless steel appliances, gas range, tile back splash, quartz counter tops, concrete floors with radiant heat. Front garden shared space with lively landscaping. YOU'LL LOVE IT!
Read Full Story

I have listed a new property at 2576 5TH AVE W in Vancouver.
Amazing two bedroom and den, three bath, upper unit half duplex in the heart of Kits. Gorgeous greenery lined street surrounded by character homes close to everything Vancouver offers. Over height vaulted ceilings with skylights, open floorplan, big and bright with a southwest balcony to let the sun shine in. Designed and finished as the builder's own home. Two masters with walk-in closets, A cozy office space for working from home, a massive great room family area, formal dining room and kitchen with island seating. Stainless steel appliances, gas range, tile back splash, quartz counter tops, concrete floors with radiant heat. YOU'LL LOVE IT!
Read Full Story

The city of Vancouver passed a tax on vacant homes. This is one of a number of initiatives different levels of government are implementing to help ease the current housing challenges in the City. The summary below was taken from the City of Vancouver Website and offers some basic facts about the new tax. It is not meant to be exhaustive. For a complete view please visit http://vancouver.ca/home-property-development/empty-homes-tax.aspx
Homes that are deemed empty will be subject to a tax of 1% of the property’s assessed value. Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented on a long-term basis. The Empty Homes Tax will come into effect in January 2017, but it will not be assessed and payable until 2018.

The purpose of the Empty Homes Tax is to:

  • • Return empty or under-utilized properties to use as long-term rental homes for people who live and work in Vancouver.
  • • Help relieve pressure on Vancouver’s rental housing market by making more homes available for rent as our city is facing a rental housing crisis, with the lowest rental vacancy rate and highest rental costs in Canada.

Will Your Home Be Taxed?

All owners of residential property in Vancouver will be required to make a property status declaration, which will determine if they are affected by the Empty Homes Tax. Most properties will not be subject to the Empty Homes Tax, including those:

  • • Being used as a principal residence by the owner or his/her family member. 
  • • Rented for a total of 180 days of the year, in periods of at least 30 consecutive days.
  • • Meeting the criteria for one of the permissible exemptions listed below.

What is a Principal Residence?

A principal residence is defined as: “… the usual place where an individual lives, makes his or her home and conducts his or her daily affairs, including, without limitation, paying bills and receiving mail, and is generally the residential address used on documentation related to billing, identification, taxation and insurance purposes, including, without limitation, income tax returns, Medical Services Plan documentation, driver’s licenses, personal identification, vehicle registration and utility bills.”

Permissible Exemptions

For your property to be eligible for an exemption, you must submit supporting evidence at the time of your property status declaration.

Exemptions

  • • Your home is being used for a minimum of six months of the year for work purposes within the City of Vancouver, but you claim your principal residence elsewhere.
  • • You or your tenant is receiving long-term, in-patient medical or supportive care.
  • • The owner is deceased and a grant of probate or administration is pending.
  • • The ownership of the property changed during the year.
  • • The property is undergoing major renovations, or is under construction or redevelopment and permits have been issued.
  • • The property was subject to strata rental restrictions as of November 16, 2016.
  • • The property is under a court order prohibiting occupancy.
  • • The property’s use is limited to vehicle parking, or the shape, size, or other aspect of the property precludes the ability to construct a residential building.
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Jeff Benna

 


 

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