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.

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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.

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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.

For more information please contact us.

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The papers are signed, you’ve got the keys, and the moving van is set to deliver your things to your new dream home. Everything important has been covered, but what about the little things? Where’s the best take-out in your new neighbourhood and what yoga studio will you go to now? Here’s a few things to put on your Moving Checklist both before you move and after you get there.

Mail Forwarding, etc.

Set up your change of address in advance so you won’t miss anything important. Leave your new address with the people who have bought your current place so they can forward any stray mail. Don’t forget to notify institutions like your bank, employer, any subscriptions, credit card and utility companies of your change of address, as well. We like this Real Simple Moving Checklist that covers all of the nitty-gritty details to keep in mind, laid out by week leading up to Moving Day.

Pack a First Night Box

You won’t get to everything on the first day, so why not have the essentials at your fingertips? Martha Stewart has a great checklist that covers everything you might need the first night in your new home. Put these key items in one box that’s easily accessible, and you won’t feel rushed to go through everything upon arrival.

Schedule the Cleaners

Designate a day after everything’s been packed-up to have the professionals come in and give your home a once-over to leave it sparkling for the new owners. Then have their number on speed-dial in case you need a spare set of hands at your new place!

Get To Know Your Neighbourhood

There are a multitude of Vancouver blogs out there, but the Daily Hive, an evolution of VanCity Buzz, is your best bet for local news. We’ve also covered Kitsilano, the Dunbar area, and Shaughnessy on our own blog for a brief history and cultural vibe.

Fitness + Food

Research what yoga studios, cross-fit gyms or fitness trend of choice is in your neighbourhood before moving, so you’ll be ready to drop-in as soon as you arrive--a good excuse to take a break from unpacking! Then, the Georgia Straight offers up great restaurant reviews so you can dial-up take-out when you’re ready to crash after a long day of moving.

Happy Moving Day!

For a printable version of the REALTOR® Report, please click here.

Known fondly around town as “Kits”, the neighbourhood has undergone several personality shifts since the early 1800s when the Squamish people moved into the area. Named for their chief August Jack Khatsahlano, the area stretches between West Point Grey, Fairview and is bordered by the south shore of English Bay. Largely residential, the remnants of a 1920s apartment boom is still apparent in the Tudor Revival along Cornwall Ave. But beyond the eclectic mix of architectural styles that make up the neighbourhood, Kits is better known for its two main retail areas along West 4th Avenue and West Broadway, restaurants, and organic specialty stores.

History

Two of Kitsilano’s best known landmarks were constructed in the 1930s: the outdoor saltwater public pool right on Kits Beach and the Burrard Bridge that irrevocably expanded downtown Vancouver to the Westside. After the Squamish people relinquished their hold on the reserve land to the federal government in 1946, Kits went through a hippy phase in the 60s as an inexpensive place to live. The Naam restaurant at 4th and Macdonald still stands as a reminder of those days, serving up vegetarian, vegan and natural foods.

Today

Kits still plays host to Greek Day and the outdoor Shakespeare festival Bard on the Beach in Vanier Park as a testament to the area’s varied cultural past. Slowly gentrified by yuppies and young families, the neighbourhood retains a relaxed atmosphere with easy access to 17 beaches, parks, and close in proximity to both downtown and Granville Island. It’s also home to current and former famous residents David Suzuki, actors Ryan Reynolds and Joshua Jackson, and hockey players Trevor Linden and Ryan Kesler. Not to mention that Kitsilano is fittingly the birthplace of famed yoga brand Lululemon Athletica.

Keep an eye out for our listings in lovely Kitsilano! Looking for something even more posh? Read our spotlight on Shaughnessy. You can always contact us for a consultation, as well.

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.