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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Image Credit: Wonderlane

The latest numbers for the September 2016 market are available from the Real Estate Board of Greater Vancouver. Below are snapshots of the Vancouver East and Vancouver West real estate market statistics. The full reports are available in PDF form for download.

Download the full reports:

Vancouver East

Vancouver West

As we get into the full swing of fall, the Vancouver real estate market is starting to show some effects of the recently implemented Foreign Buyer’s Tax and the impending proposed Vacancy Tax. September’s sales were 9.6% below the 10-year sales average for the month.

“Changing market conditions are easing upward pressure on home prices in our region,” REBGV president Dan Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a realtor.”

Vancouver’s top realtor is pleased to assist potential home sellers in determining their home’s market value. Especially in the condo and townhome market, which is seeing a higher demand these days. Home sales of all types reached 2,253 last month, a 32.6% decrease from September 2015 and a 9.5% decrease from August 2016.

The September Vancouver Real Estate Market Stats:

New Listings (detached, attached, and apartment): 4,799
1% decrease from September 2015
11.8% increase from August 2016

Total Active listings on MLS®: 9,354
13.4% decrease from September 2015
10% increase from August 2016

Sales-to-Active-Listings ratio: 24.1%
Lowest since February 2015

Benchmark price for all residential properties: $931,900
28.9% increase from September 2015
0.1% decrease from August 2016

Benchmark price for a detached property is $1,579,400
33.7% increase from September 2015
0.1% increase from August 2016

Detached property sales totaled 666

47.6% decrease from September 2015

Benchmark price for an apartment property is $511,800

23.5% increase from September 2015
0.5% decrease from August 2016

Apartment property sales totaled 1,218
20.3% decrease from September 2015

Benchmark price for an attached unit is $677,000
29.1% increase from September 2015
0.1% decrease from August 2016

Attached property sales totaled 369
32.2% decrease from September 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.

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

Summer started below recent averages in the Vancouver real estate market, and registered home sales were below 4,000 for the first time since January. The Real Estate Board of Greater Vancouver’s president Dan Morrison stated that after a record-breaking start to the year, home-buyer demand returned to more “normal” levels in-line with previous years.

“We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.” Morrison concluded, as July’s sales were still 6.5% above the 10-year sales average for the month. And with the recent introduction of the new BC Foreign Buyer’s Tax by the Canadian government, only time will tell what’s in store for the Vancouver market.

July 2016 By The Numbers:

New Listings (detached, attached, and apartment): 5,241
2.5% increase from July 2015
10.8% decrease from June 2016

Total Active listings on MLS®: 8,351
27.4% decline from July 2015
6.9% increase from June 2016

Sales-to-Active-Listings ratio: 38.6%

Benchmark price for all residential properties: $930,400
32.6% increase from July 2015

Benchmark price for a detached property is $1,578,300
38% increase from July 2015

Detached property sales totaled 1,077
30.9% decrease from July 2015

Benchmark price for an apartment property is $510,600
27.4% increase from July 2015

Apartment property sales totaled 1,602
7.3% decrease from July 2015

Benchmark price for an attached unit is $669,000
29.4% increase from July 2015

Attached property sales totaled 547
20.7% decrease from July 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.

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

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

As of August 2nd, 2016, the BC government put into law an additional tax on foreign buyers in the Greater Vancouver Regional District. Once a property is registered at the Land Title Office, the tax applies with no exceptions and strict non-compliance penalties. The tax’s sudden introduction with seeming little-to-no consultation from real estate professionals in the Vancouver market left a lot of people in uncertain waters over the August long weekend.

What Is The Foreign Buyers Tax?

The 15% Property Transfer Tax applies to all residential property transfers to foreign entities. It is important to note that this is in addition to the general property transfer tax that is already in place. Failure to pay or providing incorrect information to avoid the tax can result in up to $100,000 in fines or two years in prison.

Who’s Affected?

Foreign entity transferees including: foreign nationals, foreign corporations, and taxable trustees. This additional tax is applicable on the foreign entity’s proportionate share of any residential property transfer, and on transactions that were previously exempt from property transfer taxes such as a transfer between related individuals.

However, the new tax does not apply to mutual fund trusts, real estate investment trusts, or specified investment flow-through trusts.

For further information on filing, paying, and avoidance penalties, see the Ministry of Finance’s Tax Information Sheet.

What Does The REBGV Have To Say?

President Dan Morrison of the Real Estate Board of Greater Vancouver states, “We must ensure we’re doing what we can to help our clients understand and comply with the new tax.” For a more in-depth look at the REBGV’s stance, see their official statement.

If you have any questions regarding the new tax or its impact on the selling or purchase of your home, please don’t hesitate to contact us.

The Real Estate Board of Greater Vancouver’s June numbers are in, and it’s still clearly a seller’s market out there. “While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” said Dan Morrison, REBGV president.

While the sales-to-active listings ratio was lower last month than it has been since February, overall last month’s residential property sales were 28.1% above the 10-year sales average for June, totalling 4,400. It ranks as the highest selling June on record. “Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison concluded.

June 2016 By The Numbers:

New Listings (detached, attached, and apartment): 5,875

1.2% increase from June 2015

6.6% decrease from May 2016

Total Active Listings on MLS®: 7,812

35.9% decline from June 2015

1.1% increase from May 2016

Sales-to-Active-Listings ratio: 56.3%

Benchmark price for all residential properties: $917,800

32.1% increase from June 2015

Benchmark price for a detached property: $1,561,500

38.7% increase from June 2015

Detached property sales: 1,562

18.6% decrease from June 2015

Benchmark price for apartment property: $501,100

25.3% increase from June 2015

Apartment property sales: 2,108

18.8% increase from June 2015

Benchmark price for an attached unit: $656,900

28.1% increase from June 2015

Attached property sales: 730

7.2% increase from June 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.