The March 2015 Metro Vancouver Housing #'s are here! What a month, March 2014 sales were 26.8% above the 10-year average. Strong competition amongst buyers has lead to multiple offer situations and upward pressure on prices. If you were considering a change in lifestyle and wanting to sell your home, now is a great time to do it!

Here are the hightlights

• We saw a 53.7% increase in residential property sales in March 2015 compared to March 2014
• March 2015's sales were 26.8% above the 10-year sales average for the month
• The sales-to-active-listings ratio was 32.8% for Metro Vancouver, the highest ratio since 2007
• Sales of detached properties in March 2015 were 53.3% higher than March 2014 and 83.4% higher than March 2013
• Sales of apartment properties in March 2015 were 47.1% higher than March 2014 and 65.7% higher than March 2013
• Sales of attached properties in March 2015 were 72.3% higher than March 2014 and 67.1% higher than March 2013

Click here for your full report: REBGV Metro Vancouver March 2015 Residential Sales

If you have any question on how to captialize on the current trends in your micro market, don't hesitate to give us a call! 604.644.3634

With todays market conditions, now is the time to make a move!

Dodi and Rachael

*Areas covered in the Real Estate Board of Greater Vancouver's report include: Whistler, Sunshine Coas, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta

The February 2015 Metro Vancouver Housing #'s are here! The regions currently sits firmly in a 

seller's market.

• In February 2015 home sale & listing totals came in well above the regions 10 year averages
• We saw a 21% increase in residential property sales in February 2015 compared to February 2014
• February 2015's sales were 20.2% above the 10-year sales average for the month
• The sales-to-active-listings ratio was 25.7% for Metro Vancouver, the highest ratio since March 2011
• Sales of detached properties in February 2015 were 25.% higher than February 2014 and 84.1% higher than February 2013
• Sales of apartment properties in February 2015 were 20.5% higher than February 2014 and 63.7% higher than February 2013
• Sales of attached properties in February 2015 were 11.8% higher than February 2014 and 56.5% higher than February 2013

Click here for your full report: Metro Vancouver February 2015 Residential Sales

If you have any question on how to captialize on the current trends in your micro market, don't hesitate to give us a call! 604.644.3634

With todays market conditions, now is the time to make a move!

Dodi and Rachael

*Areas covered ifn this report include: Whistler, Sunshine Coas, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta

Happy March 2015! We always love to share ways to save money, especially when it comes to your home.

The Real Esate Board of Greater Vancouver regularly compiles all the different programs a property buyer or owner can take advantage of that may offset housing costs or put a little money back in your pocket. It's a helpful tool that summarizes the scope of a program, who/how to contact, and also provides links for more information. 

Here's the list of current grants and rebates available to you, updated as of February 2015. Click here to read more: Top 20 Home Buyer & Owner Grands and Rebates

1. RRSP/Home Buyer's Plan
2. GST Rebate on New Homes
3. BC Property Transfer Tax First-Time Home Buyers' program
4. First-Time Home Buyers' Tax Credidt
5. BC Home Owner Grant
6. BC Property Tax Deferment Program
7. Home Adaptations for Independence
8. CMHC Mortgage Loan Insurance Premium Refund
9. Energy Saving Mortgages
10. Low Interest Renovation Loans
11. Energy Conservation and Assistance Program
12. Energy Savings Kit Program
13. Home Energy Rebate Offer
14. BC Hydro Power Smart Partner Program for Businesses
15. BC Hydro Power Smart Express for Business
16. FortisBC Rebate Program for Homes
17. FortisBC Rebate Program for Business
18. Rain Barrel Subsidy Programs
19. Local Government Water Conservation Incetives
20. Local Governement Water Meter Programs

Best Regards,

Dodi and Rachael

2014 proved to be a busy year for residential sales in Greater Vancouver. Overall resiidential listing sales ranked 5th when compared to the last 10 years of activity.

The Real Estate Board of Greater Vancouver reports that 2014 total sales of detached, attached and apartment properties increased by 16.1% compared to 2013, and a 32.3% increase compared to 2012. Active listings in Greater Vancouver increased by 2.4% when compared to 2013, and declined by 4% when compared to 2012. Overall market conditions were balanced, for both buyers and sellers, even though we experienced some upward pressure on home prices over the course of the year. 

If we look closely at our North Vancouver market we experienced a very strong seller's market for single family homes, and in the second half of 2014 sales and listing activity for attached properties (condos and townhoused) kept this segment firmly in a balanced market with strong momentum into 2015. With Buyer demand outpacing current listing inventory for detached homes in North Vancouver, if you are planning to sell your home, 2015 is shaping up to be a great year to do it.

North Vancouver:

Deatched home sales were: +13.9% over 2013, and +4.8% over 2012

Deatched listing inventory was: 19.8% lower than 2013, and 13.9% lower than 2012

North Vancouver:

Attached homes sales were: +15.9% over 2013, and +21.6% over 2012

Attached listings was: +3% over 2013 and even to 2012

In West Vancouver we saw continued improvement in sales, especially when compared to 2012.

West Vancouver: 

Detached home sales were:+7.9% to 213 and +37.2% to 2012

Detached listing inventory was: 8.1% lower than 2013 and even to 2012

Click here REBGV December 2014 for your full stats package. If you are planning a lifestyle change or have any questions on how your micro market is performing, we'd love to talk to you. 2015 could be your year to make a move!

Regards, Dodi and Rachael

Seasons Greetings!

Sharing with you an interesting article posted by the Real Estate Board of Greater Vancouver on the strenght of our real estate market here in BC. They make some good points. Never hesitate to call me if you have any questions! 604.644.3634

Dodi

CMHC Housing Outlook Conference: Steady as she goes for Greater Vancouver housing market

National, provincial and local economists from the Canada Mortgage and Housing Corporation (CMHC) agree: the real estate market in British Columbia, and specifically in the Lower Mainland, will remain strong and steady into 2016. That was the overall message at their 2014 Housing Outlook Conference. 

Reasons why

Presenters cited several reasons for that housing market stability. Chief Economist Bob Dugan noted that Canada’s economy should continue to improve, which in turn will continue to attract immigrants and new residents to BC. He also noted that CMHC doesn’t expect any interest or mortgage rate increases until late in 2015.

Shifting demographics will also play a role in this stability moving forward. As the baby boomer generation continues to age, we’ll see more senior-led households and more single owners in the market. They’ll either be looking to age in place (creating more jobs for home renovations) or move to smaller townhomes or condos (keeping the detached resale stock buoyant while keeping the demand for new condos and townhomes high).

Total sales in the region are forecasted to reach 32,800 this year, then slip slightly to 32,250 sales in 2015 and to 31,600 in 2016.

Senior Market Analyst Robyn Adamache pointed out that while no definitive data exists on the influence of foreign buyers on our local market, trend data can be drawn from REBGV’s monthly poll to REALTORS® who complete a sale each month. Our data indicates that foreign buyers make up approximately three per cent of home sales in any given month.

Housing affordability - steady supply

Keynote speaker and REBGV member Bob Rennie weighed in on the affordability issue. When you factor out the top 20 per cent of sales, he said, average prices become much more reasonable. Using this method, the average price of a detached home drops from the one million dollar range to around $670,000, while condos drop from $470,000 to $316,000.

He also stressed the need to assess and review zoning policies to create more opportunities for density. Today’s buyers are attracted to ‘energy centres’ where amenities like shopping, transit and schools are easily accessible. Rennie pointed specifically to strong condo sales in areas like Metrotown and the forthcoming Marine Gateway project. Keeping this supply steady while an estimated 40,000 new residents move to BC each year is key to keeping affordability in check.

“Because without supply, there’s no cure for affordability,” said Rennie.