The first month of 2014 saw home sale and listing totals outpace historical averages in the Greater Vancouver housing market.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,760 on the Multiple Listing Service® (MLS®) in January 2014. This represents a 30.3 per cent increase compared to the 1,351 sales recorded in January 2013, and a 9.9 per cent decline compared to the 1,953 sales in December 2013.

Last month’s sales were 7.2 per cent above the 10-year sales average for the month.

“The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices,” Sandra Wyant, REBGV president said. 
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,345 in January. This represents a 4.2 per cent increase compared to the 5,128 new listings reported in January 2013.

Last month’s new listing count was 17.7 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,602, a 4.9 per cent decline compared to January 2013 and a nine per cent increase compared to December 2013.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $606,800. This represents a 3.2 per cent increase compared to January 2013.

With the sales-to-active-listings ratio at 14 per cent, the region remains in balanced market territory.

“If you’re looking to sell your home in a balanced market, it’s critical that your list price is reflective of current market conditions,” Wyant said.

Sales of detached properties in January 2014 reached 728, an increase of 34.3 per cent from the 542 detached sales recorded in January 2013, and a 10.5 per cent increase from the 659 units sold in January 2012. The benchmark price for a detached property in Greater Vancouver increased 3.2 per cent from January 2013 to $929,700.

Sales of apartment properties reached 753 in January 2014, an increase of 30.7 per cent compared to the 576 sales in January 2013, and an increase of 14.6 per cent compared to the 657 sales in January 2012. The benchmark price of an apartment property increased 3.7 per cent from January 2013 to $371,500.

Attached property sales in January 2014 totalled 279, an increase of 19.7 per cent compared to the 233 sales in January 2013, and a 6.9 per cent increase from the 261 attached properties sold in January 2012. The benchmark price of an attached unit increased 1.7 per cent between January 2013 and 2014 to $457,700.

Download the complete stats package by clicking here.

 

The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2013. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visitwww.rebgv.org.                                                     

For more information please contact: 
Craig Munn
Assistant Manager, Communication
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org

 

- See more at: http://www.rebgv.org/news-statistics/steady-trends-continue-greater-vancouver-housing-market-0#sthash.EiaiFjbJ.dpuf

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According to US think tank Demographia, Hong Kong and Vancouver, two cities that many think are similar, have been ranked the least affordable housing markets in the world.

The survey looked at cities in Australia, Canada, Ireland, Japan, New Zealand, Singapore, the US and the UK and Hong Kong.

See Also: Vancouver vs Hong Kong: How Similar Are They?

Unlilke most international housing affordability rankings and “city” rating sources that tend to focus on higher end housing that would be demanded by executives who might transfer from one nation to another. The Demographia International Housing Affordability Survey focuses on the middle of the market, the average household.

Hong Kong was the least affordable market with an affordability rating of 14.9. A housing affordability rating of 5.1 and over is classified as “severely unaffordable” and a reading of below 3 is considered “affordable.”

Vancouver ranked second least affordable market in the world with a rating of 10.3. This is the sixth consecutive year that Vancouver ranked as one of the two least affordable housing markings in the world.

Vancouver Least Affordable Chart

Housing Affordability Canada

Image by Clayton Perry Photoworks

http://www.vancitybuzz.com/2014/01/vancouver-second-least-affordable-housing-market-world/

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A ‘for sale’ sign is seen in front of a Calgary home in this file photo. (TODD KOROL For The Globe and Mail)

 

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The Greater Vancouver housing market maintained a consistent balance between demand and supply throughout 2013.

     

 

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2013 reached 28,524, a 14 per cent increase from the 25,032 sales recorded in 2012, and an 11.9 per cent decrease from the 32,390 residential sales in 2011.

“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t compare to some of the record-breaking years we experienced over the last decade,” Sandra Wyant, REBGV president said.

Last year’s home sale total ranks as the third lowest annual total for the region in the last ten years, according to the region’s Multiple Listing Service® (MLS®).

The number of residential properties listed for sale on the MLS® in Metro Vancouver declined 6.2 per cent in 2013 to 54,742 compared to the 58,379 properties listed in 2012. Looking back further, last year’s total represents an 8.1 per cent decline compared to the 59,539 residential properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.

“It was a year of stability for the Greater Vancouver housing market,” Wyant, said. “Balanced conditions allowed home prices in the region to remain steady, with just a modest increase over the last 12 months.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $603,400. This represents a 2.1 per cent increase compared to December 2012.

December summary

Residential property sales in Greater Vancouver totalled 1,953 in December 2013, an increase of 71 per cent from the 1,142 sales recorded in December 2012 and a 15.9 per cent decline compared to November 2013 when 2,321 home sales occurred.

December sales were 8.1 per cent above the 10-year December sales average of 1,807.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,856 in December 2013. This represents a 34.5 per cent increase compared to the 1,380 units listed in December 2012 and a 42.8 per cent decline compared to November 2013 when 3,245 properties were listed.

Sales of detached properties in December 2013 reached 762, an increase of 79.3 per cent from the 425 detached sales recorded in December 2012, and a 21 per cent increase from the 630 units sold in December 2011. The benchmark price for detached properties increased 2.5 per cent from December 2012 to $927,000.

Sales of apartment properties reached 850 in December 2013, an increase of 68.7 per cent compared to the 504 sales in December 2012, and an increase of 9.8 per cent compared to the 774 sales in December 2011.The benchmark price of an apartment property increased 1.8 per cent from December 2012 to $367,800.

Attached property sales in December 2013 totalled 341, an increase of 60.1 per cent compared to the 213 sales in December 2012, and a 34.3 per cent increase from the 254 attached properties sold in December 2011. The benchmark price of an attached unit increased 1.2 per cent between December 2012 and 2013 to $456,100.

Download the complete stats package by clicking here.

 

The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2013. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.       

For more information please contact
Craig Munn
Assistant Manager, Communication
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org

 

- See more at: http://www.rebgv.org/news-statistics/metro-vancouver-housing-market-characterized-modest-home-sale-and-price-increases#sthash.CDpQNGEP.dpuf

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Consistent home sale and listing activity has allowed balanced market conditions to prevail in the Greater Vancouver housing market for most of 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,321 on the Multiple Listing Service® (MLS®) in November 2013. This represents a 37.7 per cent increase compared to the 1,686 sales recorded in November 2012, and a 12.8 per cent decline compared to the 2,661 sales in October 2013.

Last month’s sales were 1.2 per cent below the 10-year sales average for the month, while new listings were 1.5 per cent above the 10-year November average.

“We’ve seen steady and consistent trends the Greater Vancouver housing market for much of this year,” Sandra Wyant, REBGV president said. “This year’s activity has resulted in gradual and modest increases in home prices of approximately one per cent over the last 12 months in the region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,245 in November. This represents a 17.7 per cent increase compared to the 2,758 new listings reported in November 2012 and a 24.8 per cent decline compared to the 4,315 new listings in October of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 13,986, a 10.9 per cent decrease compared to November 2012 and an 8.3 per cent decline compared to October 2013.

The sales-to-active-listings ratio currently sits at 16.6 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $603,000. This represents a 1 per cent increase compared to November 2012.

Sales of detached properties reached 926 in November 2013, an increase of 47.2 per cent from the 629 detached sales recorded in November 2012, and a 1.1 per cent increase from the 916 units sold in November 2011. The benchmark price for detached properties increased 1.1 per cent from November 2012 to $924,800.

Sales of apartment properties reached 969 in November 2013, an increase of 29.2 per cent compared to the 750 sales in November 2012, and a decline of 3.1 per cent compared to the 1,000 sales in November 2011. The benchmark price of an apartment property increased 0.8 per cent from November 2012 to $367,800.

Attached property sales in November 2013 totalled 426, an increase of 38.8 per cent compared to the 307 sales in November 2012, and a 4.1 per cent decline compared to the 444 attached properties sold in November 2011. The benchmark price of an attached unit is currently $458,000, which is a 0.8 per cent increase from November 2012.

Download the complete statistics package by clicking here.

 

The real estate industry is a key economic driver in British Columbia. In 2012, 25,032 homes changed ownership in the Board’s area, generating $1.07 billion in economic spin-off activity and creating an estimated 7,125 jobs. The total dollar value of residential sales transacted throughout the MLS® system in Greater Vancouver totalled $18.6 billion in 2012. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:
Craig Munn
Assistant Manager, Communication
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org

 

- See more at: http://www.rebgv.org/news-statistics/july-home-sale-activity-increases-greater-vancouver#sthash.omrBlAyZ.dpuf

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Vancouver’s skyline.
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BY GORDON ISFELD, FINANCIAL POST 


OTTAWA — Many Canadians appear to have come through the recession making a lot more money — and are benefiting increasingly from higher education and booming regional economies.

The most recent snapshot of the country reflects the shifting fortunes of industries during and after the global downturn, highlighting the decline of the manufacturing sector and the growing dependence on natural resources.

According to Statistics Canada’s 2011 National Household Survey, a voluntary sampling of the population that replaced the mandatory long-form census, the median income of Canadians working full-time, year-round was $47,868 in 2010.

That’s up from $41,404 in the 2005 census — based on the average value of the dollar that year.

Related

But when looking at all Canadians over the age of 15, who earned some form of income, the survey released Wednesday found the median income shrinks to $29,900.

Brian Murphy, special advisor with Statistics Canada’s income division, cautioned not to read too much into the large jump in income from 2005.

“It’s a brand new survey,” he said. “I’d be looking for these long-term trends in other data sources. It’s really important for income statistics to hold the methodology constant.”

He added: “The economy is moving, it’s shifting. So we have to hold that filter and lens constant. And methodology is part of that filter — and that changed. ”

Canadians in the top 10% of earners in 2010 netted a median income of $102,313, while the top 5% had an median income of $131,541 and the top 1% earned a median income of $264,943.

Nunavut capital Iqaluit, where the median income is $77,130.

To find the top Canadian full-time earners overall, look to the North.

All three territories had median annual incomes above $60,000. Nunavut was first with $77,130, followed by the Northwest Territories at $73,667 and the Yukon at $60,124.

The 2011 survey, based on data collected in 2010 by Statistics Canada, showed the biggest wage earners by province were in resource-heavy Alberta, where the median salary of full-time employees was $55,507.

Ontario was next with $50,116, while British Columbians earned $49,143, those in Saskatchewan brought in $46,304 and Newfoundland and Labrador workers earned $45,823.

Not surprisingly, the economies of both Saskatchewan and Newfoundland — as in Alberta — have been boosted by the resources sector.

Meanwhile, full-time incomes in other provinces were below $44,000.

Calgary was the city with the highest full-time incomes, at $57,967. In the Ottawa-Gatineau region, incomes averaged $57,551, followed by Edmonton at $56,388 and Regina at $52, 294. Toronto and Vancouver averaged $50,787 and $50,016, respectively.

The Statistics Canada data also showed biggest income earners tended to be highly educated, with 67.1% of the top one percent of full-time workers having received a university degree. By occupation, many of those in the top one-percent had jobs in management, health, business, finance and administration and law.

Importantly, the voluntary nature of the NHS leaves it subject to data gaps in certain geographic areas and populations. The survey was sent to roughly 30% of Canadian households and drew a response rate of 68.6%, versus the 2006 census sent to about 20% of households with a response rate of 93.5%.

It has been criticized for being a less-accurate snapshot on the country and, as a result, less useful by governments and businesses for tracking the resource needs of a changing population and employment base.

The voluntary nature of the NHS, which the Harper government said was introduced due to privacy concerns, leaves gaps in the data from groups that tend not to respond to voluntary surveys, including aboriginals, new immigrants and low-income families.

While experts believe the data should provide a fairly accurate broad picture of Canada, statisticians and economists warn the smaller the group surveyed, the less reliable the information. For the May 2011 survey, about 4.5 million households received a questionnaire.

Despite a strong recovery from the 2008-09 recession, Canada’s economy has been slowing, hampered by the absence of sustained growth elsewhere, especially in the United States, our biggest trading partner.

As a result, jobs have grown harder to find in Canada recently.

nhs-graphic


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Home buyer and seller activity continues to mirror historical averages in the Greater Vancouver housing market. These trends have helped keep the region in a balanced state for the last nine months.

The Real Estate Board of Greater Vancouver reports that residential property sales in Greater Vancouver reached 2,661 on theMultiple Listing Service® (MLS®) in October 2013. This is a 37.8 per cent increase compared to the 1,931 sales recorded in October 2012, and a 7.2 per cent increase from the 2,483 sales recorded in September 2013.

New listings for attached, detached and apartment properties in Greater Vancouver totaled 4,315 in October 2013. This represents a 0.2 per cent decline from the 4,323 new listings reported in October 2012, and a decrease of 14.2 per cent compared to the 5,030 new listings reported in September of this year.

Last month’s sales were 2.8 per cent above the 10-year sales average for the month, while new listings for the month were 1.9 per cent below the 10-year average.

“We continue to see fairly typical activity when it comes to monthly home sale and listing totals,” Sandra Wyant, REBGV president said. “Today’s activity is helping to keep us in balanced market territory, which means that prices tend to experience minimal fluctuation.”

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,257, a decline of 12.2 per cent compared to this time last year, and a decline of 5.3 per cent compared to September 2013.

The sales-to-active-listings ratio is currently at 17.4 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is $600,700. This represents a 0.5 per cent decline compared to this time last year.

Sales of detached properties reached 1,067 in October 2013, an increase of 35.1 per cent from the 790 detached sales recorded in October 2012 and a 9.5 per cent increase from the 974 units sold in October 2011. The benchmark price for detached properties decreased 0.5 per cent from October 2012 to $922,600.

Sales of apartment properties reached 1,098 in October 2013, an increase of 36.7 per cent compared to the 803 apartment sales recorded in October 2012, and an increase of 14.6 per cent compared to the 958 sales in October 2011. The benchmark price of an apartment property decreased 0.9 per cent from October 2012 to $365,600.

Attached property sales totaled 496, an increase of 46.7 per cent compared to the 338 attached property sales recorded in 2012 and a 29.8 per cent increase compared to the 382 attached property sales recorded in October 2011. The benchmark price of an attached property is $458,000, which is virtually unchanged from October 2012. 

Download the October 2013 statistics package here.

 

The real estate industry is a key economic driver in British Columbia. In 2012, 25,032 homes changed ownership in the Board’s area, generating $1.07 billion in economic spin-off activity and creating an estimated 7,125 jobs. The total dollar value of residential sales transacted throughout the MLS® system in Greater Vancouver totalled $18.6 billion in 2012. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:
Craig Munn
Assistant Manager, Communication
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org

 

- See more at: http://www.rebgv.org/news-statistics/july-home-sale-activity-increases-greater-vancouver#sthash.omrBlAyZ.dpuf

Reuters
Vancouver’s skyline.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.