Connie McGinley

Cell: 604-916-9656 |

There were 1,633 homes sold of all types in Greater Vancouver in November this year compared with 2,831 sales in November last year and 2,255 homes sold in November 2016. This was 35 per cent below the 10-year average for November and the lowest level of sales in November since 2008 which had 930 homes sold that month. The second lowest amount for November was 2012 which saw 1,733 sales. While we are seeing the active listings decline to close out 2018, buyers who recognize opportunities are engaging while others await what they feel is the right time to engage in buying or selling to make a move to another home. There is significant pent up demand building in the market as a result. There were 518 Detached Houses sold in November 2018 down from 846 (down 38 per cent) in November 2017 in Greater Vancouver, and down from 643 in November 2016. For townhouses there were 282 sales in November 2018 compared to 446 in November 2017 (down 36 per cent), down from 446 November 2016 and for condos there were 810 sales in November 2018, a decrease in sales from 1,508 in November 2017 (down 46 per cent) and compared to 1,508 in November 2016. Detached sales amounts were more consistent so far this fall compared to the fall of 2017, it is the townhouse and apartment market where we are seeing the more significant declines in sales volumes.


As for supply in the market, there was a decrease in the number of new listings in November compared to October this year and November of last year. There were 3,553 new listings in November in Greater Vancouver, down 29 per cent from October and down 16 per cent from November last year. The number of new listings in November 2018 were 4 per cent above the 10-year average for November. Active Listings are at 12,978 for month end (up 38 per cent compared to November 2017). Active Listings are staying mostly stagnant year over year for detached properties but are up for townhouse and apartments. The number of active listings for detached are up 9 per cent year over year in Greater Vancouver while townhouses are up 56 per cent and apartments are up 106 per cent year over year.


“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, Real Estate Board of Greater Vancouver president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year. Home prices have declined between four and seven per cent over the last six months depending on property type.”



East of the Fraser River, the Fraser Valley Real Estate Board processed 1,028 sales of all property types on its Multiple Listing Service® in November, a decrease of 41 per cent compared to 1,743 sales in November of last year, and a 11 per cent increase compared to sales in October 2018. Of the 1,028 sales processed last month 241 were townhouses and 286 were apartments and 383 were detached homes. “Lessening demand continues to impact our market significantly,” said John Barbisan, Board President. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2018 was 1,633 – down from 1,995 (18%) in October 2018, down from 2,831 (42%) in November 2017, down from 2,255 (28%) in November 2016; Active Listings are at 12,978 compared to 9,369 (up 39%) at this time last year; New Listings in November 2018 were down 16% compared to November 2017 and up 10% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 46% compared to 67% in November 2017.


Vancouver Westside Residential: Total Units Sold in November 2018 was 298 – down from 381 (22%) in October 2018, down from 505 (41%) in November 2017, down from 408 (27%) in November 2016; Active Listings are at 2,361 compared to 1,607 (up 47%) at this time last year; New Listings in November 2018 were down 4% compared to November 2017 and up 22% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 69% in November 2017.


Vancouver Eastside Residential: Total Units Sold in November 2018 was 181 – down from 234 (23%) in October 2018, down from 315 (43%) in November 2017, down from 251 (28%) in November 2016; Active Listings are at 1,314 compared to 1,153 (up 14%) at this time last year; New Listings in November 2018 were down 26% compared to November 2017 and down 8% compared to November 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 61% in November 2017.


North Vancouver Residential Total Units Sold in November 2018 was 139 – down from 173 (20%) in October 2018, down from 250 (45%) in November 2017, down from 173 (20%) in November 2016; Active Listings are at 854 compared to 595 (up 44%) at this time last year; New Listings in November 2018 were down 23% compared to November 2017 and up 32% compared to November 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 66% in November 2017.


West Vancouver Houses: Total Units Sold in November 2018 was 30 – down from 55 (45%) in October 2018, down from 57 (47%) in November 2017, down from 44 (32%) in November 2016; Active Listings are at 705 compared to 626 (up 13%) at this time last year; New Listings in November 2018 were down 17% compared to November 2017 and up 29% compared to November 2016; Month’s Supply of Total Residential Listings is up to 24 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 21% compared to 33% in November 2017.


Richmond Residential: Total Units Sold in November 2018 was 178 – down from 230 (23%) in October 2018, down from 350 (49%) in November 2017, down from 262 (32%) in November 2016; Active Listings are at 1,809 compared to 1,419 (up 27%) at this time last year; New Listings in November 2018 were down 27% compared to November 2017 and up 7% compared to November 2016; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 56% in November 2017.


Burnaby East: Total Units Sold in November 2018 was 17 – the same as October 2018, down from 30 (33%) in November 2017, down from 30 (33%) in November 2016; Active Listings are at 142 compared to 129 (up 10%) at this time last year; New Listings in November 2018 were down 36% compared to November 2017 and down 13% compared to November 2016; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 57% in November 2017.


Burnaby North: Total Units Sold in November 2018 was 71 – down from 76 (7%) in October 2018, down from 144 (51%) in November 2017, down from 121 (41%) in November 2016; Active Listings are at 547 compared to 331 (up 71%) at this time last year; New Listings in November 2018 were down 10% compared to November 2017 and up 21% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 42% compared to 76% in November 2017.


Burnaby South: Total Units Sold in November 2018 was 79 – down from 87 (9%) in October 2018, down from 148 (47%) in November 2017, down from 98 (20%) in November 2016; Active Listings are at 688 compared to 454 (up 51%) at this time last year; New Listings in November 2018 were down 24% compared to November 2017 and up 19% compared to November 2016; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 42% compared to 21% in November 2017.


New Westminster: Total Units Sold in November 2018 was 87 – down from 88 (1%) in October 2018, down from 184 (53%) in November 2017, down from 97 (10%) in November 2016; Active Listings are at 491 compared to 257 (up 91%) at this time last year; New Listings in November 2018 were down 11% compared to November 2017 and up 16% compared to November 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 53% compared to 91% in November 2017.


Coquitlam: Total Units Sold in November 2018 was 135 – down from 136 (2%) in October 2018, down from 228 (41%) in November 2017, down from 174 (22%) in November 2016; Active Listings are at 935 compared to 606 (up 54%) at this time last year; New Listings in November 2018 were down 19% compared to November 2017 and up 13% compared to November 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 71% in November 2017.


Port Moody: Total Units Sold in November 2018 was 33 – down from 36 (3%) in October 2018, down from 73 (55%) in November 2017, down from 38 (13%) in November 2016; Active Listings are at 219 compared to 139 (up 58%) at this time last year; New Listings in November 2018 were down 10% compared to November 2017 and the same compared to November 2016; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 94% in November 2017.


Port Coquitlam: Total Units Sold in November 2018 was 67 – down from 75 (11%) in October 2018, down from 94 (20%) in November 2017, down from 96 (30%) in November 2016; Active Listings are at 335 compared to 168 (up 99%) at this time last year; New Listings in November 2018 were down 2% compared to November 2017 and up 39% compared to November 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 55% compared to 75% in November 2017.


Ladner: Total Units Sold in November 2018 was 22 – down from 30 (27%) in October 2018, down from 26 (15%) in November 2017, down from 27 (19%) in November 2016; Active Listings are at 177 compared to 127 (up 39%) at this time last year; New Listings in November 2018 were up 10% compared to November 2017 and up 7% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 65% in November 2017.


Tsawwassen: Total Units Sold in November 2018 was 17 – down from 25 (32%) in October 2018, down from 24 (29%) in November 2017, down from 30 (43%) in November 2016; Active Listings are at 219 compared to 174 (up 26%) at this time last year; New Listings in November 2018 were down 21% compared to November 2017 and down 34% compared to November 2016; Month’s Supply of Total Residential Listings is up to 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 50% in November 2017.


Kevin Skipworth

Dexter Realty

Partner/Broker

Read full post

Attached are the Sales and Listings Stats updated to the end of October 2018. Two things came in October – rain and a few more sales in the market. As is the case with October, activity does increases as do the number of new listings.


There were 1,995 homes sold of all types in Greater Vancouver in October this year compared with 3,073 sales in October last year and 2,284 homes sold in October 2016. This was 27 per cent below the 10 year average for October and almost the same level as October 2012 at 1,979. In fact, when we look at 2012, so far, each month has tracked very similar for sales levels. With the main difference being the inventory levels. – much lower than in 2012. There continues to be a hesitation in the market right now While prices on the detached side of the market have been falling over the last year, we are now seeing this occur in the apartment and townhouse market in some areas and product types.  There were 642 Detached Houses sold in October 2018 down from 945 (down 38 per cent) in October 2017 in Greater Vancouver, and down from 659 in October 2016. For townhouses there were 344 sales in October 2018 compared to 550 in October 2017 (down 37 per cent), down from 403 October 2016 and for condos there were 985 sales in October 2018, a decrease in sales from 1,532 in October 2017 (down 36 per cent) and compared to 1,178 in September 2016. Overall there has been an increase in market activity for October compared to November as we typically see. Although the bigger increases in homes sold has been in Vancouver, North Vancouver and West Vancouver. Ladner actually saw less sales in October compared to September and areas like Burnaby, New Westminster and the Tri-Cities saw lower per centage gains in comparison. The average prices in those areas also dropped while Vancouver saw a gain.


As for supply in the market, there was an increase in the number of new listings in October compared to October of last year. There were 5,026 new listings in October in Greater Vancouver, up 8 per cent from October last year and up from 4,066 or 23 per cent from October 2016. The number of new listings in September 2018 were just above the 11 year average for September. Active Listings are at 13,682 for month end (up 36 per cent compared to October). Active Listings fell from 13,760 in September 2018 and will continue to do so as the year finishes. At the end of October 2012, the Active Listing count was 18,519 – 35 per cent higher than in today’s market. A significant difference from the last down market and indicative of strength in the market overall.


“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, Real Estate Board of Greater Vancouver president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace. Home prices have edged down between three and fiver per cent, depending on housing type, in our region since June. This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.



East of the Fraser River, the Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® in October, a decrease of 36 per cent compared to 1,779 sales in October of last year, and a 12 per cent increase compared to sales in September 2018. Of the 1,155 sales processed last month 306 were townhouses and 292 were apartments and 438 were detached homes. While slight, this is the first time since May that sales here have been on the upswing,” said John Barbisan, Board President. “We’re beneath typical activity levels for this time of year but it’s good to see that buyers and sellers are still finding success this season.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in October 2018 was 1,995 – up from 1,634 (22%) in September 2018, down from 3,073 (35%) in October 2017, down from 2,284 (13%) in October 2016; Active Listings are at 13,682 compared to 9,768 (up 40%) at this time last year; New Listings in October 2018 were up 8% compared to October 2017 and up 24% compared to October 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 66% in October 2017.


Vancouver Westside Residential: Total Units Sold in October 2018 was 381 – up from 280 (36%) in September 2018, down from 556 (31%) in October 2017, down from 408 (7%) in October 2016; Active Listings are at 2,459 compared to 1,725 (up 43%) at this time last year; New Listings in October 2018 were up 10% compared to October 2017 and up 35% compared to October 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 60% in October 2017.


Vancouver Eastside Residential: Total Units Sold in October 2018 was 234 – up from 195 (20%) in September 2018, down from 298 (21%) in October 2017, up from 202 (16%) in October 2016; Active Listings are at 1,409 compared to 1,168 (up 21%) at this time last year; New Listings in October 2018 were down 5% compared to October 2017 and up 6% compared to October 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 54% in October 2017.


North Vancouver Residential Total Units Sold in October 2018 was 173 – up from 120 (44%) in September 2018, down from 250 (31%) in October 2017, up from 170 (2%) in October 2016; Active Listings are at 938 compared to 604 (up 55%) at this time last year; New Listings in October 2018 were up 15% compared to October 2017 and up 50% compared to October 2016; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 37% compared to 61% in October 2017.


West Vancouver Houses: Total Units Sold in October 2018 was 55 – up from 34 (62%) in September 2018, up from 46 (20%) in October 2017, up from 35 (57%) in October 2016; Active Listings are at 743 compared to 652 (up 14%) at this time last year; New Listings in October 2018 were up 6% compared to October 2017 and up 48% compared to October 2016; Month’s Supply of Total Residential Listings is down to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 23% in October 2017.


Richmond Residential: Total Units Sold in October 2018 was 230 – up from 196 (17%) in September 2018, down from 411 (44%) in October 2017, down from 290 (20%) in October 2016; Active Listings are at 1,878 compared to 1,408 (up 33%) at this time last year; New Listings in October 2018 were down 6% compared to October 2017 and up 15% compared to October 2016; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 66% in October 2017.


Burnaby East: Total Units Sold in October 2018 was 17 – up from 11 (54%) in September 2018, down from 22 (45%) in October 2017, down from 22 (45%) in October 2016; Active Listings are at 148 compared to 127 (up 17%) at this time last year; New Listings in October 2018 were down 13% compared to October 2017 and up 8% compared to October 2016; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 37% in October 2017.


Burnaby North: Total Units Sold in October 2018 was 76 – down from 83 (8%) in September 2018, down from 161 (53%) in October 2017, down from 121 (40%) in October 2016; Active Listings are at 556 compared to 383 (up 45%) at this time last year; New Listings in October 2018 were up 28% compared to October 2017 and up 26% compared to October 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 82% in October 2017.


Burnaby South: Total Units Sold in October 2018 was 87 – up from 82 (6%) in September 2018, down from 184 (53%) in October 2017, down from 103 (16%) in October 2016; Active Listings are at 693 compared to 450 (up 54%) at this time last year; New Listings in October 2018 were up 25% compared to October 2017 and up 57% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 81% in October 2017.


New Westminster: Total Units Sold in October 2018 was 88 – up from 81 (9%) in September 2018, down from 152 (53%) in October 2017, down from 106 (17%) in October 2016; Active Listings are at 511 compared to 282 (up 81%) at this time last year; New Listings in October 2018 were up 22% compared to October 2017 and up 62% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 77% in October 2017.


Coquitlam: Total Units Sold in October 2018 was 136 – up from 131 (4%) in September 2018, down from 248 (55%) in October 2017, down from 183 (26%) in October 2016; Active Listings are at 1,026 compared to 662 (up 55%) at this time last year; New Listings in October 2018 were up 9% compared to October 2017 and up 18% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 73% in October 2017.


Port Moody: Total Units Sold in October 2018 was 36 – up from 34 (6%) in September 2018, down from 76 (53%) in October 2017, down from 65 (45%) in October 2016; Active Listings are at 242 compared to 160 (up 51%) at this time last year; New Listings in October 2018 were down 30% compared to October 2017 and down 20% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 75% in October 2017.


Port Coquitlam: Total Units Sold in October 2018 was 75 – up from 73 (3%) in September 2018, down from 120 (37%) in October 2017, down from 93 (19%) in October 2016; Active Listings are at 357 compared to 170 (up 110%) at this time last year; New Listings in October 2018 were up 23% compared to October 2017 and up 9% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 46% compared to 91% in October 2017.


Ladner: Total Units Sold in October 2018 was 21 – down from 30 (30%) in September 2018, down from 31 (33%) in October 2017, down from 27 (23%) in October 2016; Active Listings are at 187 compared to 121 (up 55%) at this time last year; New Listings in October 2018 were up 29% compared to October 2017 and down 3% compared to October 2016; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 61% in October 2017.


Tsawwassen: Total Units Sold in October 2018 was 25 – the same as September 2018, down from 40 (37%) in October 2017, up from 24 (24%) in October 2016; Active Listings are at 230 compared to 179 (up 28%) at this time last year; New Listings in October 2018 were up 6% compared to October 2017 and up 36% compared to October 2016; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 63% in October 2017.



Kevin Skipworth

Dexter Realty

Partner/Broker

Read full post


The ten principles of applying for a Mortgage
 

  1. Do not change jobs, become self-employed or quit your job.

A strong and steady employment history is essential.
 

  1. Do not buy a car, truck or van (or you may be living in it!!)

Some lenders will check your credit just prior to funding the mortgage. If anything shows up that hinders your ability to repay their new mortgage to you, such as a new car loan, they could refuse to fund the mortgage.
 

  1. Do not use credit cards excessively or let current accounts fall behind.

If there have been substantial changes in any of your credit cards, bank loans or lines of credit, this could alter your purchasing power.
 

  1. Set aside money for closing costs at the start of the process.

In addition to the down payment on the purchase, you will need to pay the lawyer/notary all of the closing costs. Closing costs include: Property Transfer Tax (if applicable), property tax adjustments, strata fee adjustments, and the legal fees.
 

  1. Do not omit debts or liabilities from your loan application.

They will show up on the credit bureau.
 

  1. Do not ‘go shopping’ for a mortgage with multiple applications.

Submitting a second application with a different broker will have negative results. If you have questions, ask your broker!
 

  1. Do not originate multiple inquiries into your credit.

If you have applied for a couple of new credit cards or accepted the new bank account with a large overdraft privilege, you may appear as a ‘credit seeker’ and that could compromise your ability to repay a new mortgage.
 

  1. Do not make large cash deposits or transfers without checking with your mortgage broker.


  1. Do not change bank accounts.

Financial history has to be provided for down payment funds, in some cases up to 90 days
 

  1. Do not co-sign a loan for anyone else.

If the person you co-signed for is unable to make their payments (for whatever reason) that lender is coming after you for the payments and/or the balance of the loan.
 

Read full post

Today was the last full day at our Dexter Realty Kerrisdale offices at 43rd and East Boulevard!
29 years at this location and over 35 years of helping #buyers and #sellers
#beyondexpectations
Can't wait to be our brand new offices at:
#560-2608 Granville Street (at 10th Avenue above the #potterybarn ) 
#southgranville
#vancouver
#realestate
Serving #greatervancouver
#lovewhereyouwork
#lovewhatyoudo
#lovewhereyoulive❤️
#DexterRealtySince1983
#aboldmove
 
Read full post

Attached are the Sales and Listings Stats updated to the end of September 2018. Buyer’s Market! Two words we haven’t seen throughout the market in Metro Vancouver since 2012 and 2013. While the detached housing market was seeing Buyer’s Market conditions over the last months, townhouses and apartments are slipping into those conditions now too.


There were 1,634 homes sold of all types in Greater Vancouver in September this year compared with 2,881 sales in September last year and 2,554 homes sold in September 2016. This was 36 per cent below the 10 year average for September and the lowest amount of sales in September since 2012 at 1,536. It’s a very stuck market right now with both sellers and buyers waiting to see who is going to blink first. And with active listings well below the last two buyer’s markets, so far there has been little blinking.  There were 509 Detached Houses sold in September 2018 down from 865 (down 41 per cent) in September 2017 in Greater Vancouver, and down from 672 in September 2016. For townhouses there were 275 sales in September 2018 compared to 518 in September 2017 (down 47 per cent), down from 370 September 2016 and for condos there were 812 sales in September 2018, a decrease in sales from 1,451 in September 2017 (down 46 per cent) and compared to 1,219 in September 2016. The attached market has slowed considerably over the summer and into September.


As for supply in the market, there was a decrease in the amount of new listings in September compared to September of last year. There were 5,365 new listings in September in Greater Vancouver, down 2 per cent from September last year but up from 4,947 or 8 per cent from September 2016. The amount of new listings in September 2018 were just above the 10 year average for September. Active Listings are at 13,760 for month end (up 36 per cent compared to September). In looking back at the last two Buyer’s Markets in Greater Vancouver, in September 2013 there were 17,157 active listings, in 2012 there were 19,278 active listings and in 2008 there were 20,590 active listings. So there are far fewer listings in today’s market, with likely 10 to 15 per cent of those listings properties being sold as single detached homes that are part of land assemblies. And with the stock of single detached homes dwindling across the region, price corrections may be somewhat limited. At some point, activity will return and buyers take advantage of the new prices, confidence returns and the dynamics of financing allow for those on the sidelines to come in and enjoy more inventory of all types of homes. By the end of the year there will be more active listings, but not at the levels of previous buyer’s markets.


“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, Real Estate Board of Greater Vancouver president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”



East of the Fraser River, the Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service® in September, a decrease of 36.1 per cent compared to 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018. Of the 1,035 sales processed last month 250 were townhouses and 274 were apartments and 376 were detached homes. This was the lowest amount of sales for each category in 2018. Active inventory for the Fraser Valley finished at 7,647, increasing 4.2 per cent month-over-month and 30.6 per cent when compared to September 2017. “Buyer remain reluctant as the market continues to adjust,” said John Barbisan, Board President. “We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in September 2018 was 1,634 – down from 1,961 (17%) in August 2018, down from 2,881 (43%) in September 2017, down from 2,304 (29%) in September 2016; Active Listings are at 13,760 compared to 10,122 (up 36%) at this time last year; New Listings in September 2018 were down 2% compared to September 2017 and up 8% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 53% in September 2017.


Vancouver Westside Residential: Total Units Sold in September 2018 was 280 – down from 371 (25%) in August 2018, down from 540 (48%) in September 2017, down from 426 (36%) in September 2016; Active Listings are at 2,433 compared to 1,744 (up 40%) at this time last year; New Listings in September 2018 were down 2% compared to September 2017 and up 8% compared to September 2016; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 27% compared to 51% in September 2017.


Vancouver Eastside Residential: Total Units Sold in September 2018 was 195 – up from 191 (2%) in August 2018, down from 268 (27%) in September 2017, down from 200 (2%) in September 2016; Active Listings are at 1,494 compared to 1,107 (up 37%) at this time last year; New Listings in September 2018 were down 8% compared to September 2017 and up 10% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 47% in September 2017.


North Vancouver Residential Total Units Sold in September 2018 was 120 – down from 131 (8%) in August 2018, down from 210 (43%) in September 2017, down from 182 (34%) in September 2016; Active Listings are at 933 compared to 600 (up 56%) at this time last year; New Listings in September 2018 were up 15% compared to September 2017 and up 22% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 22% compared to 45% in September 2017.


West Vancouver Houses: Total Units Sold in September 2018 was 34 – down from 46 (26%) in August 2018, down from 56 (39%) in September 2017, down from 39 (13%) in September 2016; Active Listings are at 764 compared to 636 (up 20%) at this time last year; New Listings in September 2018 were down 15% compared to September 2017 and up 15% compared to September 2016; Month’s Supply of Total Residential Listings is up to 22 Month’s Supply (Extreme Buyer’s Market) and a Sales to Listings Ratio of 14% compared to 20% in September 2017.


Richmond Residential: Total Units Sold in September 2018 was 196 – down from 266 (26%) in August 2018, down from 379 (48%) in September 2017, down from 269 (27%) in September 2016; Active Listings are at 1,915 compared to 1,482 (up 29%) at this time last year; New Listings in September 2018 were down 8% compared to September 2017 and up 17% compared to September 2016; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 53% in September 2017.


Burnaby East: Total Units Sold in September 2018 was 11 – down from 21 (48%) in August 2018, down from 30 (63%) in September 2017, down from 20 (45%) in September 2016; Active Listings are at 140 compared to 124 (up 13%) at this time last year; New Listings in September 2018 were down 15% compared to September 2017 and down 2% compared to September 2016; Month’s Supply of Total Residential Listings is up to 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 21% compared to 46% in September 2017.


Burnaby North: Total Units Sold in September 2018 was 83 – up from 82 (1%) in August 2018, down from 129 (36%) in September 2017, down from 116 (28%) in September 2016; Active Listings are at 533 compared to 426 (up 25%) at this time last year; New Listings in September 2018 were down 8% compared to September 2017 and up 14% compared to September 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 48% in September 2017.


Burnaby South: Total Units Sold in September 2018 was 82 – down from 94 (13%) in August 2018, down from 164 (50%) in September 2017, down from 120 (32%) in September 2016; Active Listings are at 656 compared to 520 (up 26%) at this time last year; New Listings in September 2018 were down 21% compared to September 2017 and up 3% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 53% in September 2017.


New Westminster: Total Units Sold in September 2018 was 81 – down from 90 (10%) in August 2018, down from 155 (48%) in September 2017, down from 115 (30%) in September 2016; Active Listings are at 460 compared to 289 (up 59%) at this time last year; New Listings in September 2018 were down 6% compared to September 2017 and up 40% compared to September 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 60% in September 2017.


Coquitlam: Total Units Sold in September 2018 was 131 – down from 183 (28%) in August 2018, down from 230 (43%) in September 2017, down from 165 (21%) in September 2016; Active Listings are at 1,056 compared to 698 (up 51%) at this time last year; New Listings in September 2018 were up 3% compared to September 2017 and up 24% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 52% in September 2017.


Port Moody: Total Units Sold in September 2018 was 34 – up from 29 (17%) in August 2018, down from 55 (38%) in September 2017, down from 59 (42%) in September 2016; Active Listings are at 245 compared to 170 (up 44%) at this time last year; New Listings in September 2018 were down 3% compared to September 2017 and up 3% compared to September 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 46% in September 2017.


Port Coquitlam: Total Units Sold in September 2018 was 73 – down from 72 (1%) in August 2018, down from 124 (41%) in September 2017, down from 99 (26%) in September 2016; Active Listings are at 345 compared to 201 (up 72%) at this time last year; New Listings in September 2018 were up 3% compared to September 2017 and down 15% compared to September 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 45% compared to 78% in September 2017.


Ladner: Total Units Sold in September 2018 was 30 – down from 23 (30%) in August 2018, flat at 23 in September 2017, down from 31 (3%) in September 2016; Active Listings are at 177 compared to 123 (up 44%) at this time last year; New Listings in September 2018 were down 32% compared to September 2017 and up 49% compared to September 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 38% in September 2017.


Tsawwassen: Total Units Sold in September 2018 was 25 – down from 25 in August 2018, down from 33 (24%) in September 2017, up from 18 (39%) in September 2016; Active Listings are at 242 compared to 196 (up 23%) at this time last year; New Listings in September 2018 were down 5% compared to September 2017 and up 21% compared to September 2016; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 38% in September 2017.



Kevin Skipworth

Dexter Associates Realty

Partner/Broker



 
 
 
 
 
 
 
 
Read full post


 
 

“Do not wait to strike till iron is hot; but make it hot by striking.” W.B. Yeats

 

Sales and listings stats are attached as of September 16, 2018. It can only get better! The night is darker before the dawn, always look on the bright side of life! It’s all been said before, and after a slower than average summer in terms of sales, and a slower than average start in September, it’s clear the real estate market in Greater Vancouver is not what it’s been over the last two to three years. Sales in Greater Vancouver are down 47 per cent compared to the same time in September of last year, while new listings are down 2 per cent. Sales in Vancouver’s Westside are down 57 per cent compared to September last year at this time while new listings are down 11 per cent. It seems the market is a little more stuck both in terms of sales and listings, keeping inventories in check for the most part. So buyers are benefitting from some inventories increases, but are benefitting more from the lack of competition. Making for opportunities that haven’t been seen since 2012 and 2013.


Here is a summary of the activity so far:


Greater Vancouver –717 Units Sold so far in September 2018 compared to 1,361 Units Sold at this time in September 2017. Total New Listings so far in September are 2,918 compared to 2,988 at this time in September 2017. Total Active Listings are at 13,242 (9,968 at the same time in September 2017), Sales To Listings Ratio is at 25% compared to 46% at this time in September 2017.


Vancouver West - 117 Units Sold so far in September 2018 compared to 271 Units Sold at this time in September 2017. Total New Listings so far in September are 544 compared to 607 at this time in September 2017. Total Active Listings are at 2,291 (1,724 at the same time in September 2017), Sales To Listings Ratio is at 22% compared to 45% at this time in September 2017.


Vancouver East – 82 Units Sold so far in September 2018 compared to 110 Units Sold at this time in September 2017. Total New Listings so far in September are 337 compared to 311 at this time in September 2017. Total Active Listings are at 1,448 (1,123 at the same time in September 2017), Sales To Listings Ratio is at 24% compared to 35% at this time in September 2017.


North Vancouver – 61 Units Sold so far in September 2018 compared to 91 Units Sold at this time in September 2017. Total New Listings so far in September are 286 compared to 256 at this time in September 2017. Total Active Listings are at 825 (563 at the same time in September 2017), Sales To Listings Ratio is at 21% compared to 36% at this time in September 2017.


West Vancouver – 11 Units Sold so far in September 2018 compared to 19 Units Sold at this time in September 2017. Total New Listings so far in September are 148 compared to 162 at this time in September 2017. Total Active Listings are at 752 (621 at the same time in September 2017), Sales To Listings Ratio is at 7% compared to 12% at this time in September 2017.


Richmond – 85 Units Sold so far in September 2018 compared to 195 Units Sold at this time in September 2017. Total New Listings so far in September are 358 compared to 381 at this time in September 2017. Total Active Listings are at 1,864 (1,442 at the same time in September 2017), Sales To Listings Ratio is at 24% compared to 51% at this time in September 2017.


Burnaby East - 3 Units Sold so far in September 2018 compared to 14 Units Sold at this time in September 2017. Total New Listings so far in September are 28 compared to 35 at this time in September 2017. Total Active Listings are at 134 (119 at the same time in September 2017), Sales To Listings Ratio is at 11% compared to 40% at this time in September 2017.


Burnaby North - 33 Units Sold so far in September 2018 compared to 56 Units Sold at this time in September 2017. Total New Listings so far in September are 137 compared to 146 at this time in September 2017. Total Active Listings are at 519 (409 at the same time in September 2017), Sales To Listings Ratio is at 24% compared to 38% at this time in September 2017.


Burnaby South - 45 Units Sold so far in September 2018 compared to 87 Units Sold at this time in September 2017. Total New Listings so far in September are 121 compared to 151 at this time in September 2017. Total Active Listings are at 619 (499 at the same time in September 2017), Sales To Listings Ratio is at 37% compared to 58% at this time in September 2017.


New Westminster - 35 Units Sold so far in September 2018 compared to 66 Units Sold at this time in September 2017. Total New Listings so far in September are 122 compared to 118 at this time in September 2017. Total Active Listings are at 425 (271 at the same time in September 2017), Sales To Listings Ratio is at 29% compared to 56% at this time in September 2017.


Coquitlam - 65 Units Sold so far in September 2018 compared to 102 Units Sold at this time in September 2017. Total New Listings so far in September are 243 compared to 243 at this time in September 2017. Total Active Listings are at 1,009 (687 at the same time in September 2017), Sales To Listings Ratio is at 27% compared to 42% at this time in September 2017.


Port Moody - 14 Units Sold so far in September 2018 compared to 16 Units Sold at this time in September 2017. Total New Listings so far in September are 58 compared to 69 at this time in September 2017. Total Active Listings are at 221 (178 at the same time in September 2017), Sales To Listings Ratio is at 24% compared to 23% at this time in September 2017.


Port Coquitlam - 36 Units Sold so far in September 2018 compared to 64 Units Sold at this time in September 2017. Total New Listings so far in September are 87 compared to 83 at this time in September 2017. Total Active Listings are at 335 (204 at the same time in September 2017), Sales To Listings Ratio is at 41% compared to 77% at this time in September 2017.


Ladner - 36 Units Sold so far in September 2018 compared to 8 Units Sold at this time in September 2017. Total New Listings so far in September are 87 compared to 41 at this time in September 2017. Total Active Listings are at 335 (125 at the same time in September 2017), Sales To Listings Ratio is at 41% compared to 20% at this time in September 2017.


Tsawwassen - 36 Units Sold so far in September 2018 compared to 12 Units Sold at this time in September 2017. Total New Listings so far in September are 87 compared to 46 at this time in September 2017. Total Active Listings are at 335 (187 at the same time in September 2017), Sales To Listings Ratio is at 41% compared to 26% at this time in September 2017.



Kevin Skipworth

Dexter Associates Realty

Partner/Broker



 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
Read full post

While the weather has helped to take attention away from the real estate market, we continue to see the impacts of the mortgage stress test, rate increase and government intervention on the market. Along with the natural transition from a very busy market as demand wanes and it’s not surprising to see the market down 30 per cent in sales volume. Some interesting reports show the Toronto real estate market having its first year over year increase in sales since their market slowed. That certainly could be attributed to the election result which favored the party with less demand side measures to be taken on the real estate market. A report from Mortgage Professionals Canada As is typically the case, June sales volumes were less than that of May as consumers’ attentions shift towards graduations and summer vacations. The total number of homes sold in Pro showed that the tougher mortgage qualification rules are disqualifying 18 per cent of buyers who cannot purchase their preferred home even though they could afford it. That 18 per cent were among the 50 per cent of all homes buyers in the first half of the year. The report went on to say that most of those buyers still purchased but went on to purchase but had to buy lesser expensive homes.


There were 2,108 homes sold of all types in Greater Vancouver in July this year compared with 3,102 sales in July last year and 3,301 homes sold in July 2016. This was 33 per cent below the 10 year average for July and the lowest amount of sales in July since 2000. In fact, 1998 to 2000 saw some of the lowest amounts for sales in the month of July (1,758 in 2000, 2,217 in 1999 and 1,860 in 1998). Coincidentally the last three years of the NDP Government before the Liberals took over in 2001. While July is typically a slower month for sales on average, this year is certainly showing similar results when looking at monthly sales compared to 2017.  There were 645 Detached Houses sold in July 2018 down from 771 (down 16 per cent) in June in Greater Vancouver, but down from 954 in July 2017. For townhouses there were 354 sales in July 2018 compared to 419 in June (down 13 per cent) and for condos there were 1,079 sales in July, a decrease in sales from 1,240 in June (down 15 per cent) and compared to 1,468 in July 2017.


As for supply in the market, there was a decrease in the amount of new listings in July compared to last month. There were 4,896 new listings in July in Greater Vancouver, down 9 per cent from July last year and down 8 per cent from July 2016. The amount of new listings in July 2018 were 4 per cent below the 10 year average for July. Active Listings are at 12,848 for month end (up 30 per cent compared to July 2017). While the rise of active listings continued in July, the rate of growth slowed has slowed much more compared to previous months, keeping Active Listings below 13,000. August will continue to be slow for new listings with Active Listings likely to drop by the end of the month.


“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, Real Estate Board of Greater Vancouver president said. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years. Summer is traditionally a quieter time of year in real estate. This is particularly true this year,” Moore said. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.”



East of the Fraser River, the Fraser Valley Real Estate Board processed 1,290 sales of all property types on its Multiple Listing Service® in July, a decrease of 33.4 per cent compared to 1,937 sales in July of last year, and a 11.2 per cent decrease compared to the 1,452 sales in June 2018. Of the 1,290 sales processed last month 346 were townhouses and 337 were apartments, together representing 53 per cent of all transactions in July, a slightly bigger share of the market compared to June.  Active inventory for the Fraser Valley finished at 7,399, increasing 3.6 per cent month-over-month and 23.9 per cent when compared to July 2017. “Despite a much healthier level of inventory, demand continues to be influenced by pricing and market barriers such as the mortgage stress test and rising interest rates,” said John Barbisan, Board President. “On top of that, summer is busy for people and usually a slow season for real estate.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in July 2018 was 2,108 – down from 2,467 (15%) in June 2018, down from 3,012 (30%) in July 2017, down from 3,301 (37%) in July 2016; Active Listings are at 12,848 compared to 9,869 (up 30%) at this time last year; New Listings in July 2018 were down 9% compared to July 2017 and down 9% compared to July 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market with Attached shifting to Balanced Market conditions) and a Sales to Listings Ratio of 43% compared to 56% in July 2017.


Vancouver Westside Residential: Total Units Sold in July 2018 was 403 – down from 458 (12%) in June 2018, down from 525 (23%) in July 2017, down from 604 (33%) in July 2016; Active Listings are at 2,272 compared to 1,705 (up 33%) at this time last year; New Listings in July 2018 were down 10% compared to July 2017 and down 13% compared to July 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market with Attached shifting to Balanced Market conditions) and a Sales to Listings Ratio of 45% compared to 53% in July 2017.


Vancouver Eastside Residential: Total Units Sold in July 2018 was 227 – down from 282 (20%) in June 2018, down from 307 (26%) in July 2017, down from 290 (22%) in July 2016; Active Listings are at 1,391 compared to 1,135 (up 23%) at this time last year; New Listings in July 2018 were down 15% compared to July 2017 and up 1% compared to July 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market with Attached shifting to Balanced Market conditions) and a Sales to Listings Ratio of 42% compared to 56% in July 2017.


North Vancouver Residential Total Units Sold in July 2018 was 153 – down from 199 (23%) in June 2018, down from 200 (23%) in July 2017, down from 240 (36%) in July 2016; Active Listings are at 794 compared to 554 (up 43%) at this time last year; New Listings in July 2018 were down 10% compared to July 2017 and down 10% compared to July 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached shifting to Balanced Market conditions) and a Sales to Listings Ratio of 47% compared to 55% in July 2017.


West Vancouver Houses: Total Units Sold in July 2018 was 57 – up from 54 (5%) in June 2018, up from 56 (2%) in July 2017, down from 67 (15%) in July 2016; Active Listings are at 740 compared to 585 (up 33%) at this time last year; New Listings in July 2018 were down 1% compared to July 2017 and down 13% compared to July 2016; Month’s Supply of Total Residential Listings is down to 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 32% in July 2017.


Richmond Residential: Total Units Sold in July 2018 was 284 – down from 308 (8%) in June 2018, down from 404 (30%) in July 2017, down from 433 (34%) in July 2016; Active Listings are at 1,809 compared to 1,435 (up 26%) at this time last year; New Listings in July 2018 were down 20% compared to July 2017 and down 15% compared to July 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market with Attached shifting to Balanced Market conditions) and a Sales to Listings Ratio of 44% compared to 50% in July 2017.


Burnaby East: Total Units Sold in July 2018 was 21 – down from 22 (19%) in June 2018, down from 31 (33%) in July 2017, down from 32 (35%) in July 2016; Active Listings are at 138 compared to 104 (up 33%) at this time last year; New Listings in July 2018 were down 8% compared to July 2017 and down 13% compared to July 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market with Attached shifting to Balanced Market conditions) and a Sales to Listings Ratio of 38% compared to 52% in July 2017.


Burnaby North: Total Units Sold in July 2018 was 88 – down from 107 (18%) in June 2018, down from 124 (29%) in July 2017, down from 165 (47%) in July 2016; Active Listings are at 476 compared to 406 (up 17%) at this time last year; New Listings in July 2018 were down 15% compared to July 2017 and down 25% compared to July 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached shifting to Balanced Market conditions) and a Sales to Listings Ratio of 42% compared to 40% in July 2017.


Burnaby South: Total Units Sold in July 2018 was 76 – down from 121 (37%) in June 2018, down from 144 (47%) in July 2017, down from 192 (60%) in July 2016; Active Listings are at 646 compared to 498 (up 30%) at this time last year; New Listings in July 2018 were down 15% compared to July 2017 and down 17% compared to July 2016; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 47% in July 2017.


New Westminster: Total Units Sold in July 2018 was 114 – down from 141 (19%) in June 2018, down from 150 (24%) in July 2017, down from 154 (26%) in July 2016; Active Listings are at 385 compared to 274 (up 41%) at this time last year; New Listings in July 2018 were down 9% compared to July 2017 and up 8% compared to July 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Seller’s Market Conditions) and a Sales to Listings Ratio of 55% compared to 66% in July 2017.


Coquitlam: Total Units Sold in July 2018 was 150 – down from 178 (15%) in June 2018, down from 270 (45%) in July 2017, down from 293 (49%) in July 2016; Active Listings are at 979 compared to 638 (up 53%) at this time last year; New Listings in July 2018 were up 1% compared to July 2017 and up 5% compared to July 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 58% in July 2017.


Port Moody: Total Units Sold in July 2018 was 52 – up from 48 (8%) in June 2018, down from 75 (30%) in July 2017, down from 74 (30%) in July 2016; Active Listings are at 218 compared to 160 (up 36%) at this time last year; New Listings in July 2018 were down 9% compared to July 2017 and down 16% compared to July 2016; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to Seller’s Market Conditions in Attached) and a Sales to Listings Ratio of 48% compared to 63% in July 2017.


Port Coquitlam: Total Units Sold in July 2018 was 84 – down from 108 (22%) in June 2018, down from 120 (30%) in July 2017, down from 138 (39%) in July 2016; Active Listings are at 330 compared to 182 (up 81%) at this time last year; New Listings in July 2018 were up 9% compared to July 2017 and down 1% compared to July 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to Seller’s Market Conditions in Attached) and a Sales to Listings Ratio of 45% compared to 70% in July 2017.


Ladner: Total Units Sold in July 2018 was 29 – down from 38 (24%) in June 2018, down from 46 (37%) in July 2017, down from 57 (41%) in July 2016; Active Listings are at 164 compared to 128 (up 28%) at this time last year; New Listings in July 2018 were down 19% compared to July 2017 and down 12% compared to July 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market with Attached shifting to Balanced Market conditions) and a Sales to Listings Ratio of 66% compared to 85% in July 2017.


Tsawwassen: Total Units Sold in July 2018 was 23 – down from 42 (45%) in June 2018, down from 43 (47%) in July 2017, down from 38 (39%) in July 2016; Active Listings are at 253 compared to 187 (up 35%) at this time last year; New Listings in July 2018 were down 18% compared to July 2017 and up 11% compared to July 2016; Month’s Supply of Total Residential Listings is up to 11 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 37% compared to 57% in July 2017.



Kevin Skipworth

Dexter Associates Realty

Partner/Broker

Read full post

Sales and listings stats are attached as of June 17, 2018. The politics of it all! There is more debate than solutions right now in the housing market. June’s sales are on a slower pace than May for Greater Vancouver with Vancouver West showing an opposite trend. The number of sales per day in Greater Vancouver at mid-month were 132 while so far in June they are at 117. Vancouver’s Westside is at 22 sales per day compared to 20 at mid-month in May. What’s noticeable is the amount of listings that are growing in the market. Active listings for detached homes in Vancouver’s Westside are actually down from May, bucking the trend of all other areas and product types. Active listings in Greater Vancouver have climbed to 12,659. The number of new listings per day so far in June are 301 compared to 292 in May. Again Vancouver’s Westside is showing the opposite at 54 new listings per day compared to 57 in May. The new mortgage stress test for conventional mortgages is being seen as the biggest impact in the market thus far in 2018. Of course there is no shortage of distractions to point at. With the latest being regulatory changes from the Superintendent of Real Estate and Real Estate Council of B.C. These changes serve to eliminate Limited Dual Agency and increase the level of disclosure to consumers. All points to more for consumers to think about then what that home listed for! Here is a summary of the activity so far:

 

Greater Vancouver – 1,294 Units Sold so far in June 2018 compared to 1,194 Units Sold as of May 14, 2018. Total New Listings so far in May 2018 are 3,318 compared to 2,628 as of May 14, 2018. Total Active Listings are at 12,659 (9,120 at the same time last year). Sales To Listings Ratio is at 39% compared to 45% in May 2018 at mid-month.

 

Vancouver West - 247 Units Sold so far in June 2018 compared to 180 Units Sold as of May 14, 2018. Total New Listings so far in May 2018 are 601 compared to 515 as of May 14, 2018. Total Active Listings are at 2,358 (1,482 at the same time last year). Sales To Listings Ratio is at 41% compared to 35% in May 2018 at mid-month.

 

Vancouver East –  144 Units Sold so far in June 2018 compared to 144 Units Sold as of May 14, 2018. Total New Listings so far in May 2018 are 402 compared to 306 as of May 14, 2018. Total Active Listings are at 1,410 (1,142 at the same time last year). Sales To Listings Ratio is at 36% compared to 47% in May 2018 at mid-month.

 

North Vancouver – 108 Units Sold so far in June 2018 compared to 98 Units Sold as of May 14, 2018. Total New Listings so far in May 2018 are 261 compared to 193 as of May 14, 2018. Total Active Listings are at 811 (507 at the same time last year). Sales To Listings Ratio is at 41% compared to 51% in May 2018 at mid-month.

 

West Vancouver – 32 Units Sold so far in June 2018 compared to 31 Units Sold as of May 14, 2018. Total New Listings so far in May 2018 are 148 compared to 135 as of May 14, 2018. Total Active Listings are at 766 (583 at the same time last year). Sales To Listings Ratio is at 22% compared to 23% in May 2018 at mid-month.

 

Richmond – 149 Units Sold so far in June 2018 compared to 156 Units Sold as of May 14, 2018. Total New Listings so far in May 2018 are 432 compared to 364 as of May 14, 2018. Total Active Listings are at 1,789 (1,243 at the same time last year). Sales To Listings Ratio is at 34% compared to 43% in May 2018 at mid-month.

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

Read full post

The Sales and Listings Stats updated to the end of May 2018. May showed improvement from April with sales up month over month. Although year over year, we saw a decline. Not surprising given what we’ve seen this year so far. There continues to be much debate in the market over the provincial government’s intervention in the real estate market with a divide being created between those who oppose and those who do not. Certainly the higher end of the market has been most affected from the new “School Tax” and the increase in the Foreign Buyer Tax. We’ve yet to see any significant listing activity from the proposed Speculation Tax. Perhaps what sums it up best is a quote from Ronald Regan, “We’re from the government and we are here to help.” What’s new right now is we are seeing inventory levels increasing in the market, more so than we’ve seen in a while. And not surprising given where the market is at. The detached market is continuing at a slower pace, albeit it a little more active this month. But the attached market has come off, with less instances of multiple offers and more inventory coming on.

 

There were 2,890 homes sold of all types in Greater Vancouver in May this year compared with 4,425 sales in May last year and 4,910 homes sold in May 2016. This was 18 per cent below the 10 year average for May and the lowest amount of sales in May since 2001. There were 936 Detached Houses sold in May 2018 up from 814 April (15 per cent) in Greater Vancouver, but down from 1,553 in May 2017. For townhouses there were 476 sales in May 2018 compared to 464 in April (up 3 per cent) and for condos there was an increase to 1,431 sales in May 2018 compared to 1,308 in April (up 9 per cent).

 

As for supply in the market, there was a jump in inventory last month. There were 6,558 new listings in May in Greater Vancouver, up 8 per cent from May last year and up 1 per cent from May 2016. The amount of new listings in May 2018 were 2.5 per cent above the 10 year average for May. All segments of the market saw an increase in the amount of new listings. Over all in Greater Vancouver there is still 4 Month’s Supply of inventory. But Active Listings are at 11,980 (up 36 per cent compared to May 2017). Vancouver’s Westside has seen an increase in Active listings to 2,276 from 1,381 in May 2017 (up 65 per cent), Vancouver’s Eastside an increase to 1,323 from 1,134 in May 2017 (up 17 per cent), North Vancouver an increase to 764 up from 502 in May 2017 (up 52 per cent) and Richmond an increase to 1,680 from 1,137 in May 2017 (up 48 per cent). Most areas are still seeing 4 to 5 months of inventory of homes for sale, except for West Vancouver which is at 12 Months of Inventory – mostly made up of detached homes. The real estate market is certainly showing the down side of a cycle right now. And with all the external factors affecting it, this isn’t surprising.

 

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, Real Estate Board of Greater Vancouver president said. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,758 sales of all property types on its Multiple Listing Service® in May, a decrease of 35.1 per cent compared to 2,707 sales in May of last year, and a 2.9 per cent increase compared to the 1,758 sales in April 2018. Of the 1,758 sales processed last month 417 were townhouses and 516 were apartments, together representing 53 per cent of all transactions in May. Active inventory for the Fraser Valley finished at 6,736 listings last month, the highest level since September 2015, increasing 18.9 per cent month-over-month and 29.5 per cent when compared to May 2017. “This is the most inventory we’ve had in over two years,” said John Barbisan, Board President. “Now that the pace of our market has begun to settle, we’re seeing more opportunities for buyers and less pressure to make fast decisions. Sales continue to be strong and there’s plenty of potential for sellers if they understand the market and price effectively.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in May 2018 was 2,890 – up from 2,631 (9.8%) in April 2018, down from 4,425 (35%) in May 2017, down from 4,910 (41%) in May 2016; Active Listings are at 11,980 compared to 8,816 (up 36%) at this time last year; New Listings in May 2018 were up 6% compared to May 2017 and up 1% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 72% in May 2017.

 

Vancouver Westside Residential: Total Units Sold in May 2018 was 504 – up from 467 (8%) in April 2018, down from 796 (37%) in May 2017, down from 851 (40%) in May 2016; Active Listings are at 2,276 compared to 1,381 (up 65%) at this time last year; New Listings in May 2018 were up 19% compared to May 2017 and up 14% compared to May 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 74% in May 2017.

 

Vancouver Eastside Residential: Total Units Sold in May 2018 was 364 – up from 298 (22%) in April 2018, down from 467 (22%) in May 2017, down from 447 (19%) in May 2016; Active Listings are at 1,323 compared to 1,134 (up 17%) at this time last year; New Listings in May 2018 were up 9% compared to May 2017 and up 10% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 70% in May 2017.

 

North Vancouver Residential Total Units Sold in May 2018 was 238 – up from 221 (8%) in April 2018, down from 325 (27%) in May 2017, down from 346 (31%) in May 2016; Active Listings are at 764 compared to 502 (up 52%) at this time last year; New Listings in May 2018 were up 5% compared to May 2017 and up 6% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 64% in May 2017.

 

West Vancouver Houses: Total Units Sold in May 2018 was 63 – up from 56 (13%) in April 2018, down from 100 (37%) in May 2017, down from 150 (58%) in May 2016; Active Listings are at 744 compared to 555 (up 34%) at this time last year; New Listings in May 2018 were up 21% compared to May 2017 and up 11% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 21% compared to 41% in May 2017..

 

Richmond Residential: Total Units Sold in May 2018 was 356– up from 312 (14%) in April 2018, down from 563 (37%) in May 2017, down from 634 (44%) in May 2016; Active Listings are at 1,680 compared to 1,137 (up 48%) at this time last year; New Listings in May 2018 were up 8% compared to May 2017 and down 9% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Buyer’s Market with Attached Acting Like Balanced Market) and a Sales to Listings Ratio of 41% compared to 70% in May 2017.

 

Burnaby East: Total Units Sold in May 2018 was 29 – down from 35 (17%) in April 2018, down from 36 (18%) in May 2017, down from 44 (34%) in May 2016; Active Listings are at 144 compared to 95 (up 52%) at this time last year; New Listings in May 2018 were up 19% compared to May 2017 and down 15% compared to May 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 58% in May 2017.

 

Burnaby North: Total Units Sold in May 2018 was 147 – up from 135 (9%) in April 2018, down from 217 (32%) in May 2017, down from 231 (36%) in May 2016; Active Listings are at 425 compared to 372 (up 14%) at this time last year; New Listings in May 2018 were down 15% compared to May 2017 and down 9% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 55% compared to 69% in May 2017.

 

Burnaby South: Total Units Sold in May 2018 was 127 – up from 108 (18%) in April 2018, down from 250 (49%) in May 2017, down from 225 (43%) in May 2016; Active Listings are at 532 compared to 425 (up 25%) at this time last year; New Listings in May 2018 were down 13% compared to May 2017 and down 6% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 40% compared to 69% in May 2017.

 

New Westminster: Total Units Sold in May 2018 was 132 – down from 133 (1%) in April 2018, down from 227 (42%) in May 2017, down from 200 (34%) in May 2016; Active Listings are at 351 compared to 240 (up 46%) at this time last year; New Listings in May 2018 were up 5% compared to May 2017 and down 1% compared to May 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 91% in May 2017.

 

Coquitlam: Total Units Sold in May 2018 was 200 – down from 202 (1%) in April 2018, down from 365 (45%) in May 2017, down from 447 (55%) in May 2016; Active Listings are at 809 compared to 532 up (52%) at this time last year; New Listings in May 2018 were up 3% compared to May 2017 and down 7% compared to May 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 40% compared to 75% in May 2017.

 

Port Moody: Total Units Sold in May 2018 was 64 – up from 54 (19%) in April 2018, down from 105 (39%) in May 2017, down from 121 (37%) in May 2016; Active Listings are at 191 compared to 148 (up 29%) at this time last year; New Listings in May 2018 were down 4% compared to May 2017 and down 11% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 50% compared to 78% in May 2017.

 

Port Coquitlam: Total Units Sold in May 2018 was 104 – up from 103 (1%) in April 2018, down from 171 (39%) in May 2017, down from 183 (43%) in May 2016; Active Listings are at 275 compared to 193 (up 42%)  at this time last year; New Listings in May 2018 were up 5% compared to May 2017 and up 12% compared to May 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 77% in May 2017.

 

Ladner: Total Units Sold in May 2018 was 36 – up from 32 (12%) in April 2018, down from 59 (39%) in May 2017, down from 47 (23%) in May 2016; Active Listings are at 156 compared to 139 (up 12%) at this time last year; New Listings in May 2018 were up 38% compared to May 2017 and down 12% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 98% in May 2017.

 

Tsawwassen: Total Units Sold in May 2018 was 35 – down from 38 (8%) in April 2018, down from 47 (26%) in May 2017, down from 72 (51%) in May 2016; Active Listings are at 266 compared to 193 (up 38%)  at this time last year; New Listings in May 2018 were up 7% compared to May 2017 and  down 6% compared to May 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 57% in May 2017.

 

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

Read full post

Attached are the Sales and Listings Stats updated to the end of April 2018. April was a month of two tales – while sales were very much on par with March, the number of new listings were far ahead of the levels we saw in March. Active Listing counts are increasing, with the month over month amount increase in April for Greater Vancouver being the largest since the spring of 2012. Inventory is coming to the market and without any significant increases in demand, these levels will continue to grow. While detached properties showed less active demand once again, much more significantly at the higher end of the market, the condo market showed signs of a less activity with their inventory numbers increasing. With all the government tax measures on the mind of buyers and sellers, there is a wait and see approach to the market for some. That coupled with the increased stress test and rising mortgage rates, some buyers aren’t able to enter into the market at this time or bought prior to the implementation in January. This trend is being seen nationally as well, with some expecting the fall to see an increase in demand with the pent up demand coming back into the market. Something that could be seen here as well.

 

There were 2,631 homes sold of all types in Greater Vancouver in April this year compared with 3,617 sales in April last year and 4,898 homes sold in April 2016. This was 21 per cent below the 10 year average for April. Detached Houses saw an increase in sales in April 2018 for Greater Vancouver with there being 814 compared to 727 in April 2017 (up 12 per cent), but down from  1,215 in April 2017 and 1983 in April 2016. This was most pronounced in Vancouver’s West Side with there being 68 Detached House sales in April 2018, 109 sales in April 2017 and 230 sales in April 2016. West Vancouver continues to see low numbers with 32 Detached Houses sold in April 2018, 66 in April 2017 and 113 in April 2016. Richmond similarly saw lower detached house sales in April with there being 65 sales, while there were 157 in April 2017 and 212 sales in April 2016. We did see apartment sales grow as a proportion of total sales for April, year over year. Apartment sales made up 50.5 per cent of overall sales in April 2018 and made 48 per cent of all sales in 2017. The amount of Foreign Buyer sales as recorded at the time of purchase is down significantly since 2016 as provincial stats have shown, but overall demand is pushing to the lower price points making that segment of the market very competitive.

 

As for supply in the market, there were 5,943 new listings in April in Greater Vancouver, up 18 per cent from April last year and down from 5 per cent from April 2016. The amount of new listings in April 2018 were 1.5 per cent below the 10 year average for April. All segments of the market saw an increase in the amount of new listings. Over all in Greater Vancouver there are 4 Month’s Supply of inventory. Most areas in looking at all product are in the 4 to 5 month range, except for West Vancouver which is at 12 Months of Inventory – mostly made up of detached homes. The differentiation comes with the detached market were we are seeing 5 to 12 Month’s of Inventory depending on the area and in the condo market 1 to 3 Month’s of Inventory. But every neighbourhood is unique, the attached area by area and product by product market statistics will help understand where they are at.

 

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, Real Estate Board of Greater Vancouver president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.” “Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

 

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,708 sales of all property types on its Multiple Listing Service® in April, a decrease of 23.4 per cent compared to 2,230 sales in April of last year, and 2.6 per cent increase compared to the 1,664 sales in March 2018. Of the 1,708 sales processed last month 413 were townhouses and 498 were apartments, together representing 53 per cent of all transactions in April, up from 52 per cent in March. “While it’s great to see the increase in inventory we were looking for, both buyers and sellers remain careful as pricing continues to climb,” said John Barbisan, Board President. “This isn’t the same spring market we saw each of the last two years, but listings that are selling are still going fast.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in April 2018 was 2,631 – up from 2,551 (3%) in March 2018, down from 3,617 (27%) in April 2017, down from 4,898 (46%) in April 2016; Active Listings are at 10,474 compared to 8,428 at this time last year; New Listings in April 2018 were up 18% compared to April 2017 and down 5% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 72% in April 2017.

 

Vancouver Westside Residential: Total Units Sold in April 2018 was 467 – up from 441 (6%) in March 2018, down from 613 (24%) in April 2017, down from 878 (47%) in April 2016; Active Listings are at 1,985 compared to 1,369 at this time last year; New Listings in April 2018 were up 34% compared to April 2017 and up 2% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 40% compared to 74% in April 2017.

 

Vancouver Eastside Residential: Total Units Sold in April 2018 was 298 – up from 284 (5%) in March 2018, down from 355 (16%) in April 2017, down from 429 (31%) in April 2016; Active Listings are at 1,223 compared to 1,093 at this time last year; New Listings in April 2018 were up 22% compared to April 2017 and up 27% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 42% compared to 60% in April 2017.

 

North Vancouver Residential Total Units Sold in April 2018 was 221 – up from 216 (2%) in March 2018, down from 255 (13%) in April 2017, down from 359 (38%) in April 2016; Active Listings are at 635 compared to 436 at this time last year; New Listings in April 2018 were up 35% compared to April 2017 and up 17% compared to April 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 46% compared to 71% in April 2017.

 

West Vancouver Houses: Total Units Sold in April 2018 was 56 – up from 42 (33%) in March 2018, down from 100 (44%) in April 2017, down from 142 (60%) in April 2016; Active Listings are at 653 compared to 511 at this time last year; New Listings in April 2018 were up 20% compared to April 2017 and up 1% compared to April 2016; Month’s Supply of Total Residential Listings is down to 12 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 21% compared to 45% in April 2017.

 

Richmond Residential: Total Units Sold in April 2018 was 312 – up from 206 (2%) in March 2018, down from 510 (39%) in April 2017, down from 617 (49%) in April 2016; Active Listings are at 1,475 compared to 1,086 at this time last year; New Listings in April 2018 were up 6% compared to April 2017 and down 15% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 45% compared to 78% in April 2017.

 

Burnaby East: Total Units Sold in April 2018 was 35 – up from 26 (35%) in March 2018, down from 46 (24%) in April 2017, down from 41 (15%) in April 2016; Active Listings are at 120 compared to 84 at this time last year; New Listings in April 2018 were up 10% compared to April 2017 and up 18% compared to April 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 53% compared to 77% in April 2017.

 

Burnaby North: Total Units Sold in April 2018 was 135 – up from 131 (3%) in March 2018, down from 200 (32%) in April 2017, down from 217 (38%) in April 2016; Active Listings are at 387 compared to 351 at this time last year; New Listings in April 2018 were up 7% compared to April 2017 and down 4% compared to April 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 48% compared to 77% in April 2017.

 

Burnaby South: Total Units Sold in April 2018 was 108 – up from 103 (5%) in March 2018, down from 164 (34%) in April 2017, down from 254 (57%) in April 2016; Active Listings are at 467 compared to 397 at this time last year; New Listings in April 2018 were up 7% compared to April 2017 and down 15% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 38% compared to 62% in April 2017.

 

New Westminster: Total Units Sold in April 2018 was 133 – down from 149 (10%) in March 2018, down from 179 (26%) in April 2017, down from 216 (38%) in April 2016; Active Listings are at 286 compared to 247 at this time last year; New Listings in April 2018 were up 10% compared to April 2017 and up 4% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 84% in April 2017.

 

Coquitlam: Total Units Sold in April 2018 was 202 – down from 204 (1%) in March 2018, down from 295 (32%) in April 2017, down from 406 (50%) in April 2016; Active Listings are at 666 compared to 490 at this time last year; New Listings in April 2018 were up 15% compared to April 2017 and down 25% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 74% in April 2017.

 

Port Moody: Total Units Sold in April 2018 was 54 – down from 57 (5%) in March 2018, down from 85 (34%) in April 2017, down from 128 (58%) in April 2016; Active Listings are at 155 compared to 143 at this time last year; New Listings in April 2018 were up 12% compared to April 2017 and down 22% compared to April 2016; Month’s Supply of Total Residential Listings are up to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 48% compared to 66% in April 2017.

 

Port Coquitlam: Total Units Sold in April 2018 was 103 – flat to 103 in March 2018, down from 121 (15%) in April 2017, down from 206 (50%) in April 2016; Active Listings are at 197 compared to 177 at this time last year; New Listings in April 2018 were up 23% compared to April 2017 and down 22% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 81% in April 2017.

 

Ladner: Total Units Sold in April 2018 was 32 – up from  (33%) in March 2018, down from 46 (30%) in April 2017, down from 53 (40%) in April 2016; Active Listings are at 129 compared to 155 at this time last year; New Listings in April 2018 were flat compared to April 2017 and down 34% compared to April 2016; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Buyer’s to Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 81% in April 2017.

 

Tsawwassen: Total Units Sold in April 2018 was 38 – down from 39 (1%) in March 2018, down from 41 (5%) in April 2017, down from 67 (43%) in April 2016; Active Listings are at 243 compared to 183 at this time last year; New Listings in April 2018 were up 65% compared to April 2017 and up to 5% compared to April 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 32% compared to 58% in April 2017.

 

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

Read full post

Sales and listings stats are attached as of April 15, 2018. The pace of April sales is close to matching that of March, but the number of new listings is on the rise. While the first week of April was slow to start with both sales and listings due to the Easter Weekend and spring break ending in March, last week saw the highest level of weekly sales reported for Greater Vancouver since last fall and the highest level of weekly new listings in over a year. As a result, Active Listings for Greater Vancouver are close to 10,000 and are likely to be at the highest point since 2015. Sales to Listings Ratios are lower this month compared to March, so far. With this trend showing across all product types and inventories going up for Detached, Townhouses and Condos. The pace should increase for both sales and listings as the second half of the month continues. Here is a summary of the activity so far:

 

Greater Vancouver – 1,143 Units Sold so far in April 2018 compared to 1,674 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 2,785 compared to 2,308 at the same time in April 2017. Total Active Listings are at 9,723 (8,139 at the same time last year). Sales To Listings Ratio is at 41% compared to 72% in April 2017.

 

Vancouver West - 219 Units Sold so far in April 2018 compared to 263 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 594 compared to 407 at the same time in April 2017. Total Active Listings are at 1,862 (1,359 at the same time last year). Sales To Listings Ratio is at 37% compared to 71% in April 2017.

 

Vancouver East – 130 Units Sold so far in April 2018 compared to 162 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 329 compared to 268 at the same time in April 2017. Total Active Listings are at 1,114 (1,025 at the same time last year). Sales To Listings Ratio is at 40% compared to 60% in April 2017.

 

North Vancouver – 92 Units Sold so far in April 2018 compared to 120 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 235 compared to 150 at the same time in April 2017. Total Active Listings are at 596 (400 at the same time last year). Sales To Listings Ratio is at 39% compared to 71% in April 2017.

 

West Vancouver – 22 Units Sold so far in April 2018 compared to 42 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 128 compared to 99 at the same time in April 2017. Total Active Listings are at 608 (481 at the same time last year). Sales To Listings Ratio is at 17% compared to 45% in April 2017.

 

Richmond – 146 Units Sold so far in April 2018 compared to 228 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 317 compared to 290 at the same time in April 2017. Total Active Listings are at 1,408 (1,103 at the same time last year). Sales To Listings Ratio is at 46% compared to 78% in April 2017.

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

 

Read full post

FIRST TIME HOME BUYER

VANCOUVER & beyond . . .

What Does the new Stress Test mean?

Connie McGinley of Dexter Associates Realty and Elaine Pitblado of TD Bank

Complimentary Drink, Appetizers and Door Prizes

 

 

 

 

Venue: 419 Pacific Street @ Homer – YALETOWN Vancouver BC

(up the stairs)

Date: Wednesday, May 16, 2018

Time: 6:30 – 7:30pm

 

Like us on Facebook - First Time Home Buyer Vancouver

Follow us on Instagram and Twitter @FTHBvan #FTHBvan

RSVP: To attend this free event please contact

mcginley@dexterrealty.com or elaine.pitblado@td.com

Space is limited – Reserve today

 

 

Connie McGinley – REALTOR ®               Elaine Pitblado - TD Mortgage Specialist

604-916-9656 @conmcginley                                604-340-9595   @elainepitblado

 

                                                     

 

Read full post

Attached are the Sales and Listings Stats updated to the end of March 2018. With the government distractions thrust into the market the numbers are not surprising. With mortgage rule changes that increased the financial requirement for conventional mortgages, new housing tax policy and changes involving the Foreign Buyer Tax and Property Transfer Tax and a “Speculation Tax” and “School Tax”, it’s not surprising that the first quarter of 2018 in Metro Vancouver real estate showed less than average numbers.

 

Recapping, the Foreign Buyer Tax was increased to 20 per cent and extending to other regions in the province, an increase in the Property Transfer Tax to 5 per cent from 3 per cent on the value above $3 Million, an increased school tax on values above $3 Million and an annual Speculation Tax starting at 0.5 per cent of assessed value in 2018 and 2 percent in 2019 and going forward annually. The Speculation Tax received much push back and a result was changes to the areas covered and amount of tax paid starting in 2019. With British Columbia residents only responsible to pay 0.5 per cent for applicable properties, Canadians and permanent residents of Canada not paying income tax in B.C. having to pay 1 per cent and any non-residents of Canada responsible to pay 2 per cent on any applicable properties. But it has left questions and concerns still, which has translated into a hesitation in the real estate market.

 

There were 2,551 homes sold in Greater Vancouver in March this year compared with 3,632 sales in a March last year and a record 5,301 homes sold in March 2016. This was 22 per cent below the 10 year average for March. Detached Houses continue to lag in sales with there being 727 sold in March 2018, 1,156 in March 2017 and 2,148 in March 2016. This was most pronounced in Vancouver’s West Side with there being 53 Detached House sales in March 2018 matching February, 95 sales in March 2017 and 219 sales in March 2016. West Vancouver continues to see low numbers with 26 Detached Houses sold in March 2018, 59 sold in March 2017 and 146 in March 2016. The implementation of the Foreign Buyer Tax in 2016 and more so the increase in the Property Transfer Tax on values above $2 Million in early 2016 put a drag on the higher end of the market which carried through and certainly already dampening that market prior to further measures enacted with the provincial budget in February. It could be argued that demand has been pushed to the lower end and apartment market, a segment already with strong demand and starving for product. Thereby making affordability even more of an issue for buyers as prices rise and there being significant multiple offer activity.

 

As for supply in the market, there were 4,577 new listings in March in Greater Vancouver, down 6 per cent from March last year and down from 29 per cent from March 2016. The amount of new listings in March 2018 were 22 per cent below the 10 year average for March. It was the lowest for the month of March since 2009 and 4th lowest since 1991.The Detached House market for the higher end remains in Buyer’s Market territory while in areas moving east we are seeing it shift towards a Buyer’s Market bordering on balanced. Lower price points are where there is greater activity. The apartment market continues to be extremely low on supply with there being 1 to 2 months of inventory in all areas of Metro Vancouver. It’s worth noting that in Toronto, Detached House sales in March were 50 per cent less than Detached Home sales for March 2017. With the higher end of their market experiencing similar declines in sales volumes as we are seeing here, notably West Vancouver and Vancouver’s West Side.

 

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, Real Estate Board of Greater Vancouver president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

 

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,664 sales of all property types on its Multiple Listing Service® in March, a decrease of 25 per cent compared to 2,213 sales in March of last year, and 20 per cent increase compared to the 1,385 sales in February 2018. Of the 1,664 sales processed last month 410 were townhouses and 460 were apartments, together representing 52 per cent of all transactions in March. “We continue to see demand capped-off due to an inadequate amount of supply,” said John Barbisan, Board President. “March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2018 was 2,551 – up from 2,241 (14%) in February 2018, down from 3,632 (30%) in March 2017, down from 5,301 (52%) in March 2016; Active Listings are at 9,037 compared to 8,211 at this time last year; New Listings in March 2018 were down 6% compared to March 2017 and down 29% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 74% in March 2017.

 

Vancouver Westside Residential: Total Units Sold in March 2018 was 441 – up from 429 (3%) in February 2018, down from 616 (28%) in March 2017, down from 1,001 (56%) in March 2016; Active Listings are at 1,691 compared to 1,342 at this time last year; New Listings in March 2018 were up 8% compared to March 2017 and down 28% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 49% compared to 75% in March 2017.

 

Vancouver Eastside Residential: Total Units Sold in March 2018 was 284 – up from 244 (16%) in February 2018, down from 384 (26%) in March 2017, down from 476 (40%) in March 2016; Active Listings are at 1,043 compared to 984 at this time last year; New Listings in March 2018 were down 3% compared to March 2017 and down 11% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 55% compared to 73% in March 2017.

 

North Vancouver Residential Total Units Sold in March 2018 was 216 – up from 166 (30%) in February 2018, down from 261 (17%) in March 2017, down from 407 (47%) in March 2016; Active Listings are at 516 compared to 413 at this time last year; New Listings in March 2018 were up 6% compared to March 2017 and down 18% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 60% compared to 76% in March 2017.

 

West Vancouver Houses: Total Units Sold in March 2018 was 42 – the same level as in February 2018, down from 97 (57%) in March 2017, down from 179 (76%) in March 2016; Active Listings are at 585 compared to 471 at this time last year; New Listings in March 2018 were down 26% compared to March 2017 and down 37% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 14 Month’s Supply (Detached a strong Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 27% compared to 46% in March 2017.

 

Richmond Residential: Total Units Sold in March 2018 was 306 – up from 262 (17%) in February 2018, down from 537 (23%) in March 2017, down from 663 (54%) in March 2016; Active Listings are at 1,379 compared to 1,154 at this time last year; New Listings in March 2018 were down 11% compared to March 2017 and down 35% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 50% compared to 79% in March 2017.

 

Burnaby East: Total Units Sold in March 2018 was 26 – down from 34 (24%) in February 2018, down from 53 (51%) in March 2017, down from 58 (55%) in March 2016; Active Listings are at 123 compared to 85 at this time last year; New Listings in March 2018 were down 35% compared to March 2017 and down 48% compared to March 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 63% compared to 83% in March 2017.

 

Burnaby North: Total Units Sold in March 2018 was 131 – up from 89 (47%) in February 2018, down from 170 (33%) in March 2017, down from 265 (51%) in March 2016; Active Listings are at 314 compared to 341 at this time last year; New Listings in March 2018 were down 9% compared to March 2017 and down 29% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Detached being Balanced to a Seller’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 61% compared to 71% in March 2017.

 

Burnaby South: Total Units Sold in March 2018 was 103 – down from 135 (26%) in February 2018, down from 167 (39%) in March 2017, down from 279 (60%) in March 2016; Active Listings are at 390 compared to 375 at this time last year; New Listings in March 2018 were down 13% compared to March 2017 and down 38% compared to March 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 53% compared to 74% in March 2017.

 

New Westminster: Total Units Sold in March 2018 was 149 – up from 103 (44%) in February 2018, down from 166 (10%) in March 2017, down from 192 (22%) in March 2016; Active Listings are at 224 compared to 238 at this time last year; New Listings in March 2018 were down 5% compared to March 2017 and down 27% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Detached being a Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 77% compared to 81% in March 2017.

 

Coquitlam: Total Units Sold in March 2018 was 204 – up from 178 (15%) in February 2018, down from 303 (33%) in March 2017, down from 438 (53%) in March 2016; Active Listings are at 552 compared to 453 at this time last year; New Listings in March 2018 were down 14% compared to March 2017 and down 41% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Detached being a Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 63% compared to 80% in March 2017.

 

Port Moody: Total Units Sold in March 2018 was 57 – up from 42 (36%) in February 2018, down from 83 (31%) in March 2017, down from 129 (56%) in March 2016; Active Listings are at 131 compared to 121 at this time last year; New Listings in March 2018 were down 18% compared to March 2017 and down 50% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Detached being a Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 73% compared to 87% in March 2017.

 

Port Coquitlam: Total Units Sold in March 2018 was 103 – up from 84 (23%) in February 2018, down from 139 (26%) in March 2017, down from 225 (55%) in March 2016; Active Listings are at 160 compared to 185 at this time last year; New Listings in March 2018 were down 30% compared to March 2017 and down 55% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Detached being a Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 82% compared to 78% in March 2017.

 

Ladner: Total Units Sold in March 2018 was 24 – up from 19 in February 2018, down from 45 (57%) in March 2017, down from 59 (59%) in March 2016; Active Listings are at 126 compared to 163 at this time last year; New Listings in March 2018 were down 22% compared to March 2017 and down 18% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 61% in March 2017.

 

Tsawwassen: Total Units Sold in March 2018 was 39 – up from 29 (34%) in February 2018, down from 58 (32%) in March 2017, down from 81 (52%) in March 2016; Active Listings are at 194 compared to 174 at this time last year; New Listings in March 2018 were up 19% compared to March 2017 and down 20% compared to March 2016; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 45% compared to 79% in March 2017.

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

Read full post

On February 20, 2018 the B.C. Provincial Government lead by the New Democratic Party released their first budget after forming a coalition government with the Green Party last summer. While there has much speculation about what would be contained in the budget, it was believed that housing affordability would be a key target for the government – and it certainly was. While the tools brought forward by the government in the budget will have some impact on the real estate market, affordability is not likely to be directly affected to any great degree. In fact, it will likely make the most competitive segment of the market, properties below $1,000,000, even more competitive. And with the current lack of supply in that market segment continuing, pressure on prices will continue and thus having an adverse effect on affordability where it is needed most.

 

To understand why the government put forth the policies they did, one must understand the climate of the market and the sense of the current public perception. The City of Vancouver is seen as a jewel for those living here and visiting. With its location being nestled against local mountains, the ocean on its doorstep and a climate that is the envy to the rest of Canada, it draws many people to visit and some to eventually relocate. The Winter Olympics of 2010 were one of the biggest advertisements for the region – showing the diversity of the city not to mention that a world class ski resort was only a 90 minute drive away! With Vancouver having the fastest growing population in Canada and one of the fastest growing populations out of developed nations, the need for homes will continue to be an issue going forward. Immigration will be and needs to be a driving force of Canada in the years to come, with two thirds of those immigrating being economic drivers. 

 

So what were the changes announced in the February 20th Budget?

 

 

The Property Transfer Tax (Stamp Duty) paid when purchasing residential property will be increased to 5% (from 3%) on the purchase price above $3,000,000 effective February 21st, 2018 for all properties in the Greater Vancouver Regional District and at this point it now appears to be regardless of the date the contract is written.

 

  • ·         The effect? The market above $3,000,000 has already been quiet in Metro Vancouver. With the majority of properties in that price range in West Vancouver and Vancouver’s West Side, we’ve seen sales decline significantly in the last 2 years, even prior to the initial Foreign Buyer’s Tax coming in to place. The Property Transfer Tax was increased from 2% to 3% for properties above $2,000,000 in February 2016 which had an effect at that time. It will put greater pressure on prices below $3,000,000. The biggest effect will be the lack of transitional rules for properties in Greater Vancouver – meaning any written contracts completing after February 20th, 2018 will be subject to the increase.

 

The Foreign Buyer Tax has been increased to 20% as of February 21, 2018 and expanded to areas outside of the Greater Vancouver Regional District (Capital Regional District, Fraser Valley Regional District, Regional District of the Central Okanagan, Regional District of Nanaimo). The timelines for transitional rules are in the link below, but essentially the increased Foreign Buyer’s Tax is effective on all deals completing as of February 20, 2018 in Greater Vancouver and in the other areas affected if contracts were dated prior to February 21th, 2018 and complete prior to May 18, 2018 then they would be exempt. Outside those dates, all properties will be subject to the Foreign Buyer Tax of 20% in those areas noted.

 

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax#specified-areas

 

  • ·         For Greater Vancouver, the tax isn’t new. While an increase of 5% will impact transactions the bigger effect will be in those areas that are new to the tax. Again, transitional rules were not put in place for Greater Vancouver. While Foreign Buyer numbers for all areas now affected by the tax show less than 5% being a Foreign Buyer, further measures on identifying beneficial owners may result in further taxation not accounted in these numbers. On the whole, the effects in Greater Vancouver will continue to push buyers to the lower end of the market, and continue to see the luxury property market soften. It may also push some buyers back to Greater Vancouver from other areas, specifically Victoria and Nanaimo who went there to buy and avoid the Foreign Buyer Tax.

 

 

 

For the first time, there is a speculation tax on properties owned by individuals not paying Income Tax in BC and that keep the property vacant. The tax will be 0.5% of assessed value in 2018 and increased to 2% in 2019 for all areas affected by the Foreign Buyer Tax. The speculation tax will be applied to all properties that are not owner occupied or qualify as a long-term rental property. There are still details of the Speculation Tax to be determined by the Provincial Government as to its implementation and potential exemptions. Details of the tax so far are in the link below.

 

https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/publications/is-2018-001-speculation-tax.pdf

 

  • ·         The effect will likely see some rental properties being introduced into the market that have been vacant as well as some supply coming onto the resale market as owners that will be subject to the tax on their property decide to sell instead of renting their property or paying the tax. While the numbers of properties potentially affected are not known, and vacant homes owned from someone residing outside British Columbia are widely speculated (how ironic), it will take time to see any real effects. It may turn investment away from affected areas – especially vacation homes in the Central Okanagan which sees individuals from Alberta purchasing vacation homes there and already owning homes there – which they may look to sell instead of paying the tax.

 

The government will be raising the amount of school taxes for properties valued at $3,000,000 and more. Properties valued between $3,000,000 and $4,000,000 will be subject to a 0.2% tax and a 0.4% tax on the assessed value above $4,000,000 beginning next year.

 

  • ·         Again another measure which will weaken the luxury home market further and put pressure on prices to come down above $3,000,000 as the layered taxes take their toll. The areas mostly affected would be West Vancouver, Vancouver West and Richmond. Retired homeowners in these areas will be affected the most as this will be a significant increase in their taxes - $8,000 annually on a property assessed at $4,000,000. While they have an ability to defer their taxes, some may choose to sell or be forced to sell. This will add supply into a market with depressed demand.

 

In attempting to deal with money laundering and tax fraud, the Provincial Government is going to begin collecting information on pre-sales and assignments of contracts from developers. This data base will be shared with provincial and federal tax authorities. As well, additional information on beneficial owners of corporations will be required on property transfer forms. A registry of beneficially-owned properties will be established and publicly available through the Land Title Office.

 

  • ·         While the Provincial Government didn’t put any controls or added taxes in place for pre-sale (off plan) sales including the assignment of contracts, this measure may be the first step into looking at some sort of taxation or demand side measure on those type of sales. The provincial government has indicated all the steps are the beginning of measures to be put in place, depending on the reaction of the market.

 

The Supply Side of the real estate equation was left mostly untouched by the government for resale and brand new properties. There was language to aid in providing more purpose built rental and affordable housing (114,000 units over the next 10 years) along with commitments to student housing and allowing post-secondary institutions to borrow to build student housing. But with labour shortages currently occurring to a large degree in the construction industry, any increased building outside market for sale units will only further restrict supply as labour is moved away from that type of construction. So while the government is looking to work with Mayors to increase density around transit hubs, the ability to build may become harder to do. And without any impact on speeding up the permitting process, delays will continue to be a factor.

 

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

Read full post

Home buyer demand depends on property type

Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”

There were 3,796 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2018. This represents an 8.3 per cent decrease compared to the 4,140 homes listed in January 2017 and a 100.7 per cent increase compared to December 2017 when 1,891 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,947, a four per cent decrease compared to January 2017 (7,238) and a 0.2 per cent decrease compared to December 2017 (6,958).

For all property types, the sales-to-active listings ratio for January 2018 is 26.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 32.8 per cent for townhomes, and 57.2 per cent for condominiums.

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.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,056,500. This represents a 16.6 per cent increase over January 2017 and a 0.6 per cent increase compared to December 2017.

Detached home sales in January 2018 reached 487, a 9.7 per cent increase from the 444 detached sales recorded in January 2017. The benchmark price for detached properties is $1,601,500. This represents an 8.3 per cent increase from January 2017 and a 0.3 per cent decrease compared to December 2017.

Apartment home sales reached 1,012 in January 2018, a 22.7 per cent increase compared to the 825 sales in January 2017. The benchmark price of an apartment property is $665,400. This represents a 27.4 per cent increase from January 2017 and a 1.5 per cent increase compared to December 2017.

Attached home sales in January 2018 totalled 319, a 25.6 per cent increase compared to the 254 sales in January 2017. The benchmark price of an attached unit is $803,700. This represents a 17.5 per cent increase from January 2017 and unchanged compared to December 2017.

Read full post

Happy New Year!

All the best for a Healthy, Happy and Prosperous 2018.

 

Attached are the yearend 2017 Sales and Listings Stats in Greater Vancouver. It certainly was the year of the strata home!  Condos lead the market, along with townhouses and detached houses lagging behind in terms of activity. Of the total sales in Greater Vancouver, 50 percent were condos (up from 46 per cent in 2016 and 42 per cent in 2015), 17 per cent were townhouses (up from 15 per cent in 2016 and the same at 17 per cent in 2015) and 32 percent where houses (down from 36 per cent in 2016 and 41 per cent in 2015). Clearly buyers are shifting towards condos and townhouses as the price of detached home prices continued to rise. All areas showed similar patterns albeit Vancouver’s Westside saw 73 per cent of sales being condos and only 16 per cent were detached houses. It’s evident the market in Vancouver was focussing on more less expensive homes with detached houses showing stronger activity going east throughout Metro Vancouver. New Westminster and North Vancouver continue at 2 Month’s Supply Inventory of all home types. While sales were less than 2016, for those two cities active listings did not increase to the same extent as other areas, specifically in the detached house category. Price gains were highest in the condo market, followed by the townhouse market with the detached market remaining static and with some declines. Market dynamics played out in very different ways depending on the area of Metro Vancouver being looked at.

 

In the Fraser Valley there were 22,338 sales in 2017, which was down 7.3 per cent from the record of 23,974 sales in 2016. Of the total sales, 28 per cent were condos, 23 per cent were townhouses and 54 per cent were detached houses. There were a total of 32,651 new listings in 2017, the third highest on record – with 2016 and 2008 being the highest. But inventory levels still remain at low levels making the challenge of finding a home difficult for buyers.

 

Some highlights in market areas during 2017:

 

  • ·         The number of sales of Detached Houses in West Vancouver declined from 1,075 in 2015 to 834 sales in 2016 to 496 sales in 2017
  • ·         The number of sales of Detached Houses on Vancouver’s West Side declined from 2,031 in 2015, to 1,591 in 2016 to 1,090 in 2017
  • ·         Total residential sales for Greater Vancouver in 2017 were 36,604 – down from 40,880 in 2016 and 43,155 in 2015 but they were 10 per cent above the average since 1997
  • ·         Total new listings for Greater Vancouver were 56,038 – right at the 20 year average but the lowest annual amount since 2009

 

There were many influences on our market in 2017. Federal mortgage rates increased for the first time since August 2010 which increased rates on variable rate mortgages and lines of credit. The discussion on affordability continued throughout the year with it being an influence on voters in the provincial election in May resulting in a change from the Liberal Party to the NDP Party being the ruling party. While there was an expectation that the government would act quickly to create policy to help ease affordability, they have said this will come in February with the release of the 2018 provincial budget. And what might we see? They have stated they do not have an appetite to ban foreign buyers, but the Foreign Buyer Tax will be reviewed – perhaps expanding the area applied to beyond Metro Vancouver? A speculation tax? That has been discussed, the details of which have not been released but certainly speculated. Ironic that a speculation tax would be subject to so much speculation itself! The City of Vancouver introduced an Empty Home Tax which begins this year based on the occupancy of homes in 2017. Any home vacant for more than 180 days will be subject to a tax of 1 per cent of the assessed value. The implementation of the tax is proving to be more complicated and creating liability for buyers and sellers in real estate transactions. So while many like to speak in general terms about the Metro Vancouver real estate market, it is very much a regional and product differentiated market.

 

So what will the real estate market bring in 2018 in Metro Vancouver? A lot of discussion! Not so much on where the market is going, but how it got to where it is. With Statistics Canada recently releasing numbers on the amount of foreign owners of real estate in Canada, they weren’t as high as many would have thought – 4.8 per cent in Vancouver’s residential market. The condo market showed a higher number at 7.8 per cent. Of course, the arguments ensued as to what makes a foreign owner and are all true foreign owners being accounted for. What’s true is that this is not a phenomenon unique to Metro Vancouver. As witnessed by Toronto’s introduction of a 15 per cent Foreign Buyer Tax, New Zealand in 2017 banning all foreign buyers of real estate and Australia’s previously instituted rule that foreign nationals could only buy new housing, not resale housing. And of course, the argument ensues, what’s really driving prices, the demand side of the equation or the supply side – the lack of it.  It’s interesting to note that in the United States, the housing market faced shortages of homes in the resale market and saw November be one of the strongest Novembers for sales on record.

 

Similar to last year at this time, home inventory is low and the likelihood of significant increases is something that won’t change in the near term. Completions of new product will occur at a greater level this year, but how many will come to market? Not enough to change listing amounts and impact prices. Strata properties will continue to be in short supply and high demand and detached homes will continue to see demand at a lower level and prices affected by this. And the conversations on real estate will continue at a feverish pace!

 

Here is a summary of the numbers:

 

Greater Vancouver: Total Units Sold in December 2017 was 2,069 – down from 2,831 in November 2017; up from 1,743 in December 2016 and down from 2,905 in December 2015. Total Active Listings were at 7540 at month end, up from 6,944 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 129% in December 2016. Benchmark Price is up 15.9% since January 2017 but only up 1.3% over the last 3 months.

 

Vancouver Westside: Total Units Sold in December 2017 was 315 – down from 505 in November 2017; down from 324 in December 2016 and down from 512 in December 2015. Total Active Listings were at 1,284 at month end, up from 1,071 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 97% in December 2017 compared to 140% in December 2016. Benchmark Price is up 12.6% since January 2017 but down 1.7% over the last 3 months.

 

Vancouver Eastside: Total Units Sold in December 2017 was 239 – down from 315 in November 2017; up from 183 in December 2016 and down from 264 in December 2015. Total Active Listings were at 927 at month end, up from 815 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 115% in December 2017 compared to 117% in December 2016. Benchmark Price is up 14.5% since January 2017 but flat over the last 3 months.

 

North Vancouver: Total Units Sold in December 2017 was 172 – down from 250 in November 2017; up from 138 in December 2016 and down from 210 in December 2015. Total Active Listings were at 393 at month end, up from 296 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market, more so for Condo/Townhouses) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 142% in December 2017 compared to 197% in December 2016. Benchmark Price is up 12.1% since January 2017 but down 0.9% over the last 3 months.

 

West Vancouver: Total Units Sold in December 2017 was 42 – down from 57 in November 2017; up down 44 in December 2016 and down from 86 in December 2015. Total Active Listings were at 510 at month end, up from 356 at the end of December 2016, Month’s Supply of Total Residential Listings is at 12 Months (Buyer’s Market) compared to 8 Months Supply at the end of 2016 and Sales to Listings Ratio was 81% in December 2017 compared to 80% in December 2016. Benchmark Price is up 5.8% since January 2017 but down 1.1% over the last 3 months.

 

Richmond: Total Units Sold in December 2017 was 287 – down from 350 in November 2017; up from 235 in December 2016 and down from 424 in December 2015. Total Active Listings were at 1,184 at month end, up from 1,040 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 15.4% since January 2017 but only up 2.1% over the last 3 months.

 

Burnaby East: Total Units Sold in December 2017 was 28 – up from 30 in November 2017; up from 20 in December 2016 and down from 35 in December 2015. Total Active Listings were at 106 at month end, up from 73 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 112% in December 2017 compared to 154% in December 2016. Benchmark Price is up 15.2% since January 2017 but only up 1.1% over the last 3 months.

 

Burnaby North: Total Units Sold in December 2017 was 99 – down from 144 in November 2017; up from 85 in December 2016 and down from 149 in December 2015. Total Active Listings were at 266 at month end, up from 237 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 99% in December 2017 compared to 149% in December 2016. Benchmark Price is up 16.8% since January 2017 but only up 1.1% over the last 3 months.

 

Burnaby South: Total Units Sold in December 2017 was 109 – down from 148 in November 2017; up from 73 in December 2016 and down from 203 in December 2015. Total Active Listings were at 370 at month end, up from 340 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 5 Months Supply at the end of 2016 and Sales to Listings Ratio was 96% in December 2017 compared to 111% in December 2016. Benchmark Price is up 16.3% since January 2017 but only up 0.9% over the last 3 months.

 

New Westminster: Total Units Sold in December 2017 was 117 – down from 167 in November 2017; up from 84 in December 2016 and up from 103 in December 2015. Total Active Listings were at 187 at month end, up from 182 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 25.4% since January 2017 but only up 1.8% over the last 3 months.

 

Coquitlam: Total Units Sold in December 2017 was 162 – down from 228 in November 2017; up from 128 in December 2016 and down from 243 in December 2015. Total Active Listings were at 487 at month end, up from 393 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 98% in December 2017 compared to 152% in December 2016. Benchmark Price is up 21.6% since January 2017 but only up 0.8% over the last 3 months.

 

Port Moody: Total Units Sold in December 2017 was 38 – down from 73 in November 2017; down from 41 in December 2016 and down from 51 in December 2015. Total Active Listings were at 106 at month end, down from 113 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 141% in December 2016. Benchmark Price is up 20.7% since January 2017 but only up 1.0% over the last 3 months.

 

Port Coquitlam: Total Units Sold in December 2017 was 71 – down from 94 in November 2017; up from 59 in December 2016 and down from 98 in December 2015. Total Active Listings were at 135 at month end, down from 148 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 109% in December 2017 compared to 140% in December 2016. Benchmark Price is up 23.9% since January 2017 but only up 0.3% over the last 3 months.

 

Ladner: Total Units Sold in December 2017 was 26 – the same for November 2017; up from 21 in December 2016 and up from 22 in December 2015. Total Active Listings were at 92 at month end, down from 135 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 6 Months Supply at the end of 2016 and Sales to Listings Ratio was 162% in December 2017 compared to 111% in December 2016. Benchmark Price is up 9.9% since January 2017 but only up 0.4% over the last 3 months.

 

Tsawwassen: Total Units Sold in December 2017 was 13 – down from 24 in November 2017; down from 15 in December 2016 and down from 50 in December 2015. Total Active Listings were at 141 at month end, down from 143 at the end of December 2016, Month’s Supply of Total Residential Listings is at 11 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 10 Months Supply at the end of 2016 and Sales to Listings Ratio was 100% in December 2017 compared to 68% in December 2016. Benchmark Price is up 9.3% since January 2017 and down 0.3% over the last 3 months.

 

Have a great 2018!

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

Read full post

 

This is the Sales and Listings Report updated to the end of November 2017. Sales for November were down from October in most areas, we typically see November down from October in terms of number of homes sold though. Greater Vancouver home sales were 2,831 in November, down 8 per cent from October which was 3,073 and up 26 per cent from November 2016 when the fallout from the Foreign Buyer Tax was moving through the fall. The 10 year average for sales in November is 2,605, showing sales for this November were up 9 percent on the average. Sales in West Vancouver were actually 24 per cent higher in November compared to the month previous (57 sales versus 46). While the number of new listings coming on market in most areas are down for November compared to October, new listings were up considerably compared to November 2016. In Greater Vancouver this increase was 27 per cent, and 25 per cent above the 10 year average for November. In North Vancouver the number of new listings was 69 per cent more this month compared to November 2016. Contrary to this is a dropping Active Listing count – finishing in November at 9,369 listings compared to 9,768 at the end of October. The number of new listings coming on market was 17 per cent higher than the average for the month of November going back to 1991.

 

With the new Federal mortgage rule changes slated to begin on January 1st, 2018, we may see a bump in December activity as some buyers may be trying to obtain mortgages before the stress test requirement comes into play. Both the Federal and Provincial governments have made announcements about funding more affordable and social housing. And the City of Vancouver has come out with their Housing Vancouver Strategyhttp://vancouver.ca/people-programs/housing-vancouver-strategy.aspx  The goal is to build 72,000 new homes over the next 10 years. Not just new homes, but the right mix of homes targeted towards what it is needed most. Of course the demand side of the equation is getting significant discussion in the public and media. The City of Vancouver is looking to the Provincial Government for help on this, but we’ll have to wait until the February Provincial Budget to see what they are willing to do. According to the Premier, they want to get it right and not make a rash decision.

 

“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels."

 

The Fraser Valley Real Estate Board processed 1,743 sales of all property types on its Multiple Listing Service® in November, an increase of 39.8 per cent compared to the 1,247 sales in November of last year, and a 3.1 per cent decrease compared to the 1,799 sales in October 2017. This will mark the second highest sales total for a November in the Board’s history. “Our attached market feels like our detached market used to,” Gopal Sahota, Fraser Valley Real Estate Board president remarked. “With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the Valley.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2017 was 2,831 – down from 3,073 (8%) in October 2017, up from 2,255 (26%) in November 2016, down from 3,603 (21%) in November 2015; Active Listings are at 9,369 compared to 9,051 at this time last year; New Listings in November 2017 were up 31% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 67% compared to 70% in November 2016 and 66% in October 2017. House Price Index is up 0.4% month over month, and up 1.7% over the last 3 months.

 

Vancouver Westside Residential: Total Units Sold in November 2017 was 505 – down from 556 (9%) in October 2017, up from 408 (24%) in November 2016, down from 694 (27%) in November 2015; Active Listings are at 1,607 compared to 1,469 at this time last year; New Listings in November 2017 were up 27% compared to November 2016, down 21% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 69% compared to 71% in November 2016 and 60% in October 2017.

 

Vancouver Eastside Residential Total Units Sold in November 2017 was 315 – up from 298 (6%) in October 2017, up from 251 (25%) in November 2016, down from 333 (5%) in November 2015; Active Listings are at 1,153 compared to 1,012 at this time last year; New Listings in November 2017 were up 24% compared to November 2016, down 6% from October 2017; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 61% compared to 60% in November 2016 and 54% in October 2017.

 

North Vancouver Residential:  Total Units Sold in November 2017 was 250 – matching 250 in October 2017, up from 173 (45%) in November 2016, down from 274 (9%) in November 2015; Active Listings are at 595 compared to 488 at this time last year; New Listings in November 2017 were up 69% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 2 Months (Seller’s Market in the attached segment and balanced Market in the detached segment) and a Sales to Listings Ratio of 66% compared to 78% in November 2016 and 61% in October 2017.

 

West Vancouver Houses: Total Units Sold in November 2017 was 57 – up from 46 (24%) in October 2017, up from 44 (30%) in November 2016, down from 108 (47%) in November 2015; Active Listings are at 626 compared to 462 at this time last year; New Listings in November 2017 were up 55% compared to November 2016, down 13% from October 2017; Month’s Supply of Total Residential Listings dropped to 11 Months (Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 33% compared to 40% in November 2016 and 23% in October 2017.

 

Richmond Residential: Total Units Sold in November 2017 was 350 – down from 411 (15%) in October 2017, up from 262 (34%) in November 2016, down from 501 (30%) in November 2015; Active Listings are at 1,419 compared to 1,280 at this time last year; New Listings in November 2017 were up 46% compared to November 2016, up 1% from October 2017; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market in the attached segment and Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 56% compared to 61% in November 2016 and 66% in October 2017.

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

Read full post

 


Once a Meraloma, always a Meraloma                                                       November 23, 2017 - Newletter

Sponsor Profile - Connie McGinley
Connie McGinley of Dexter Associates Realty may be one of our Newest Sponsors at Meraloma Rugby, but she is no stranger to Rugby . . . 
 
Born and raised on Vancouver’s Westside, she attended Magee where she saw her first Rugby Game. She always says, “She married a Meraloma Rugby Player and gave birth to two Meraloma Rugby Players and the rest is history” or herstory...  
 
Connie volunteered at our club for over 13 years, where sons Scott and Stuart started playing Mini Rugby. From handing out hot dogs on Sundaymornings, to managing several teams, she created the Social Media, Programs and weekly Emails, organized the Summer Camps, acted as Director of Mini and Junior Rugby and Registrar to the VP of Rugby, all while raising a family and working full time. 
 
She also managed several Rep teams, was Director of Rep Rugby ( 2004 to 2014) for the Vancouver Rugby Union, managed many Gold Medal - BC Rugby Teams, including the BC BEARS(2005 to 2011) to Rugby Canada where she volunteered or hosted Tents at International matches when they played in Vancouver. 
 
In 2009 Connie was awarded the “BC RUGBY – Joan Spray Award” and in 2015 presented with the “RUGBY CANADA - Volunteer of the Year Award” at Government House in Victoria by Judith Guichon, Lieutenant Governor of British Columbia. 
 
Today she is a Director on the BC Rugby Board and Proud Mom/Supporter of Meraloma Rugby Men’s Premier Player – Scott McGinley and she hates to miss watching a game! 
 
She was obviously born to be a realtor; her Mom loves to tell the story of how Connie SOLD her first house at the age of 12. . . . a Barbie house sold to her younger sisters with her Mom the Mortgage Broker! 
 
Devoted and loyal, she loves her family and friends, Rugby, this City and Buying and Selling Real Estate and luckily for her and all of us, they all seem to go together!
 
Representing Dexter Associates Realty, a local Vancouver Real Estate Firm that stands behind their Agents, "Buying or Selling, you know that Connie will be there for you”

Read full post

"You cannot change your destination overnight, but you can change your direction overnight."

– Jim Rohn

 

Sales and listings stats are attached as of October 15, 2017. So far we’re seeing a stronger October for sales compared to last October. Understandably this isn’t a surprise what with the fall-out from the Foreign Buyer Tax fresh on the minds of buyers and sellers at this time last year. As well, last year this was part of my update “The real estate market continues to be the target of government regulatory changes. The latest being mortgage rule changes that took effect October 17th. These changes have added a “stress test” to mortgage qualifying which essentially requires anyone with less than 20 per cent down payment to qualify at a rate of 4.64 per cent as opposed to the lower negotiated rates. The effect is lowering the purchasing power of some buyers – mostly first time buyers.” Well this year the story could be very similar but with this same type of rule which would affect those buyers with more than 20 per cent down. While the final details have yet to be released, we’ll see where the market goes for the remainder of October. Certainly a lack of inventory continues to keep pressure on condo and townhouse prices with the detached market while showing more life so far in October compared to September is still in a balanced to buyer’s market state.

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,368 Units Sold so far in October 2017 compared to 1,015 Units Sold by October 15, 2016. Total New Listings so far in October are 2,054 compared to 2,008 by the same time last year. Total Active Listings are at 9,855 (10,037 at the same time in October 2016), Sales To Listings Ratio is at 67% compared to 51% at this time in October 2016.

 

Vancouver West - 255 Units Sold so far in October 2017 compared to 197 Units Sold by October 15, 2016. Total New Listings so far in October are 441 compared to 364 by the same time last year. Total Active Listings are at 1,747 (1,663 at the same time in October 2016), Sales To Listings Ratio is at 58% compared to 54% at this time in October 2016.

 

Vancouver East – 125 Units Sold so far in October 2017 compared to 82 Units Sold by October 15, 2016. Total New Listings so far in October are 228 compared to 250 by the same time last year. Total Active Listings are at 1,114 (1,046 at the same time in October 2016), Sales To Listings Ratio is at 55% compared to 33% at this time in October 2016.

 

North Vancouver – 104 Units Sold so far in October 2017 compared to 73 Units Sold by October 15, 2016. Total New Listings so far in October are 189 compared to 156 by the same time last year. Total Active Listings are at 619 (581 at the same time in October 2016), Sales To Listings Ratio is at 55% compared to 47% at this time in October 2016.

 

West Vancouver – 24 Units Sold so far in October 2017 compared to 11 Units Sold by October 15, 2016. Total New Listings so far in October are 93 compared to 70 by the same time last year. Total Active Listings are at 638 (522 at the same time in October 2016), Sales To Listings Ratio is at 26% compared to 16% at this time in October 2016.

 

Richmond – 195 Units Sold so far in October 2017 compared to 126 Units Sold by October 15, 2016. Total New Listings so far in October are 287 compared to 240 by the same time last year. Total Active Listings are at 1,415 (1,399 at the same time in October 2016), Sales To Listings Ratio is at 68% compared to 53% at this time in October 2016.

Read full post

FIRST TIME HOME BUYERS

Your Questions Answered

Connie McGinley of Dexter Associates Realty and Elaine Pitblado of TD Bank

Complimentary Drinks, Appetizers and Door Prizes

 

Venue: 419 Pacific Street @ Homer – YALETOWN Vancouver BC

Date: Wednesday October 18, 2017

Time: 6:30 – 7:30pm

 

Like us on Facebook - First Time Buyer Vancouver

Follow us on Instagram and Twitter @FTHBvan #FTHBvan


PLEASE RSVP: To attend this free event

Please contact mcginley@dexterrealty.com or elaine.pitblado@td.com

Space is limited – Reserve today

 

 

Your questions answered on how to get into the Real Estate Market

Connie McGinley – REALTOR ®                          Elaine Pitblado - TD Mortgage Specialist

604-916-9656                                                          604-340-9595

conniemcginleyrealty@gmail.com                                   elaine.pitblado@td.com

Read full post