VANCOUVER, BC – December 2, 2016 – Home buyer and seller activity remains near historical averages in the Metro Vancouver* housing market.

Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold.

Last month’s sales were 7.6 per cent below the 10-year sales average for the month.

“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties were listed.

Last month’s new listing count was 1.2 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent from last month (24.4 per cent). Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 per cent over several months.

“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month and a 20.5 per cent increase compared to November 2015.

Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the 652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015. The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline compared to last month and a 23 per cent increase compared to November 2015.

Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 per cent increase compared to November 2015.

Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease compared to last month and a 23 per cent increase compared to November 2015.

*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge and South Delta.

Download the full stats package here.

Image Credit: Wonderlane

The changing Metro Vancouver real estate market dynamics that started to see a decline in homes sales earlier this fall continued last month. Less homes were listed, and fewer sales were made, resulting in a 38.8% decrease from 3,646 sales in October 2015 to 2,233 in October 2016. It’s also a marginal 0.9% decrease from September 2016. Overall, October sales were 15% below the 10-year average for the month.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

Morrison went into further detail by stating the detached market has seen the largest reduction in homebuyer demand. He concluded with the tip: “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

October Real Estate Market Stats:

New Listings (detached, attached, and apartment): 3,981
3.5% decrease from October 2015
17% decrease from September 2016
9.5% below 10-year average for October

Total Active listings on MLS®: 9,143
4.5% decrease from October 2015
2.3% decrease from September 2016

Sales-to-Active-Listings ratio: 24.4%

Benchmark price for all residential properties: $919,300
24.8% increase from October 2015
0.8% decrease from September 2016

Benchmark price for a detached property is $1,545,800
28.9% increase from October 2015
1.4% increase from September 2016

Detached property sales totaled 652
54.6% decrease from October 2015

Benchmark price for an apartment property is $512,300
20.5% increase from October 2015
0.3% increase from September 2016

Apartment property sales totaled 1,178
23.7% decrease from October 2015

Benchmark price for an attached unit is $669,200
25.7% increase from October 2015
1.1% decrease from September 2016

Attached property sales totaled 403
39.5% decrease from October 2015

For a complete comparison, visitrebgv.org. Want to sell, buy, or require a consultation? Contact me today.

Correction notice:

Altus Group, provider of the national MLS® Home Price Index (MLS® HPI), miscalculated in their September 2016 reporting which resulted in variances of between 0.1% and 5% in the benchmark prices the REBGV released last month. Click here for the updated report.

*REBGV Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

VANCOUVER, BC – November 2, 2016 – Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*.

Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.

Last month’s sales were 15 per cent below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and- see approach to try and better understand what these changes mean for them.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.

Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).

The sales-to-active listings ratio for October 2016 is 24.4 per cent. 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.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.

Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.

Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.

Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.

Download the complete stats package here.

Correction Notice:

Altus Group, the provider of the national MLS® Home Price Index (MLS® HPI), discovered a calculation error in their September 2016 reporting. This error resulted in variances of between 0.1 and 5 per cent in the benchmark prices the REBGV released for September 2016. Corrected September MLS® HPI numbers can be found at here.

*Editor’s Note:

Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

The real estate industry is a key economic driver in British Columbia. In 2015, 42,326 homes changed ownership in the Board’s area, generating $2.7 billion in economic spin-off activity and an estimated 19,000 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $39 billion in 2015.

The Real Estate Board of Greater Vancouver is an association representing more than 13,000 REALTORS® and their companies. The Board provides a variety of member 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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Photo: popejon2

August saw Vancouver home buyers on a decline as sales were 3.5% below the 10-year average for the month. The Real Estate Board of Greater Vancouver’s president Dan Morrison attributes the downward trend in Metro Vancouver during recent months to the new foreign buyer tax. He stated that “the record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August.” Residential property sales totalled 2,489 in Metro Vancouver last month; a 26% decline compared to August 2015 and a 22.8% decline to last month’s sales, while only 1% less than August 2013 sales.

It’s also important to note that while the imbalance between supply and demand continues, fewer detached sales at the high price points, and detached home sales in general, are skewing the average sale prices towards ‘decline’ while benchmark prices remain.

It’ll be some time yet before the true impact of the new tax on the Vancouver real estate market is evident, though in the meantime Morrison admitted, “It’s reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.”

Get the scoop on all the August numbers below:

New Listings (detached, attached, and apartment): 4,293
0.3% increase from August 2015
18.1% decrease from July 2016

Total Active listings on MLS®: 8,506
21.9% decline from August 2015
1.9% increase from July 2016

Sales-to-Active-Listings ratio: 29.3%

Benchmark price for all residential properties: $933,100
31.4% increase from August 2015

Benchmark price for a detached property is $1,577,300
35.8% increase from August 2015

Detached property sales totaled 715
44.6% decrease from August 2015

Benchmark price for an apartment property is $514,300
26.9% increase from August 2015

Apartment property sales totaled 1,343
10.1% decrease from August 2015

Benchmark price for an attached unit is $677,600
31.1% increase from August 2015

Attached property sales totaled 431
25.4% decrease from August 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*REBGV Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

The complete August 2016 REALTOR® Report for Vancouver East and Vancouver West are available for download:

• Vancouver East
• Vancouver West

The Real Estate Board of Greater Vancouver released their May numbers, which show no signs of slowing. Though they’re still being outpaced by home buyer demand, sellers are increasing their activity to the point where sales were 35.3% above the 10-year sales average for the month -- the highest sales on record for May.

There were 4,769 residential property sales listed on MLS®, a 17.6% increase from May 2015 and only a marginal 0.3% decline from April this year. REBGV president Dan Morrison attributes sales to our strong economy. “Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity,” Morrison said. The result: more record-breaking numbers.

May 2016 By The Numbers:

New Listings (detached, attached, and apartment): 6,289

11.5% increase from May 2015

2.6% decrease from April 2016

Total Active listings on MLS®: 7,726

37.3% decline from May 2015

2.3% increase from April 2016

Sales-to-Active-Listings ratio: 61.7%

Benchmark price for all residential properties: $889,100

29.7% increase from May 2015

Benchmark price for a detached property is $1,513,800

36.9% increase from May 2015

Detached property sales totaled 1,865

8.2% increase from May 2015

Benchmark price for an apartment property is $485,000

22.3% increase from May 2015

Apartment property sales totaled 2,150

34.4% increase from May 2015

Benchmark price for an attached unit is $632,400

24.9% increase from May 2015

Attached property sales totaled 754

2.9% increase from May 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.

* This represents the total of the Vancouver - West area, not the sum of the areas above.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures

* This represents the total of the Vancouver - West area, not the sum of the areas above.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.

* This represents the total of the Vancouver - West area, not the sum of the areas above.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures

Note: $0 means that there is no sales activity, not $0 as an MLS® HPI Benchmark Price.

Note: $0 means that there is no sales activity, not $0 as an Average Price Per Square Foot.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.