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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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.

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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.

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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.

VANCOUVER, BC – April 4, 2017 – A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.

Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 percent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 percent compared to February 2017 when 2,425 homes sold.

Last month’s sales were 7.9 percent above the 10-year sales average for the month.

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 percent compared to the 6,278 units listed in March 2016 and a 29.9 percent increase compared to February 2017 when 3,666 properties were listed.

This is the lowest number of new listings in March since 2009.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 percent increase compared to March 2016 (7,358) and a 0.1 percent decrease compared to February 2017 (7,594).

The sales-to-active listings ratio for March 2017 is 47.2 percent, a 15-point increase over February. 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.

“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 percent decrease over the past six months and a 1.4 percent increase compared to February 2017.

Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 percent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 percent decrease over the past six months and a one percent increase compared to February 2017.

Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 percent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 percent increase over the past six months and a 2.1 percent increase compared to February 2017.

Attached property sales in March 2017 totalled 588, a decrease of 25.2 percent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 percent increase over the past six months and a 1.4 percent increase compared to February 2017.

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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.