Blog › October 2014

BC New Home Construction Investment Up 11%: StatCan


new homesBC spent $683 million on new housing construction in August 2014, an 11.3 per cent rise compared with August 2013, according to Statistics Canada data released October 22.

The increase follows the province's trend of recent months of far outstripping the national year-over-year increase, which in August was a rise of 1.1 per cent to $4.24 billion.

BC’s was the third biggest annual rise of all provinces and territories, with Nunavut posting a 33.7 per cent increase in new home construction investment (having posted a separate entry from Northwest Territories for the first time) and Alberta boosting investment 12.9 per cent.

BC’s increased investment was driven by another strong rise in townhome construction, which posted a 30.9 per cent increase. Investment in single-family home construction rose 11.8 per cent, whereas condos rose 8.4 per cent year over year and duplexes rose just 0.8 per cent.

The modest 1.1 per cent rise in new home construction across Canada masks even wilder variations when broken down by property type. Nationwide, townhome investment rose 18.3 per cent, duplexes rose 5.2 per cent, condo investment increased 2.4 per cent and single-family home construction investment fell 2.6 per cent.

To see the interactive table, with statistics broken down by province, housing type and dates, click here.

See more at: http://www.rew.ca/news/bc-new-home-construction-investment-up-11-statcan-1.1453811#sthash.6jk7884A.dpuf



New Listing 205 - 8420 Jellicoe Street, Vancouver, British Columbia


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Recently Sold Listing 1472 - 1474 E 20TH AV, Vancouver, British Columbia


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Recently Sold Listing 4474 W 15TH AV, Vancouver, British Columbia


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Recently Sold Listing 468 E 43rd Ave, Vancouver, British Columbia


V1070727 - 468 E 43rd Ave, Vancouver, British Columbia, CANADAI have just recently sold this listing at 468 E 43rd Ave, Vancouver.

Expensive but Worth It


It’s a sacrifice to live here, but it’s worth it. That seems to be the takeaway from a new Vancity/Vancouver Sun survey of Metro Vancouver residents

Vancouver on the Beachsurvey by Vancity and the Vancouver Sun released October 17 asked 1,100 Metro Vancouver residents how the high cost of housing affects their life decisions. The results show that many people will make sacrifices to own a home here... sometimes at the risk of future wellbeing.

Value for money

The question, "How would you rate value for money when it comes to housing/rental prices," got a wide range of responses. In general, 48 per cent, almost half of the respondents, believed that the cost/value ratio is poor or terrible.

The cost of housing varies depending on where in Metro Vancouver you live, and the answers to this question closely tracked the cost of housing in each area. In Pitt Meadows/Maple Ridge, where  a detached house averages under $500,000, only 9 per cent of respondents thought value was poor or terrible. In the City of Vancouver, where a house averages about $1.6 million, 77 per cent said poor or terrible.

Affordability

The statement “I would like to own a home, but I can’t afford to buy one,” got rousing agreement from non-home owners: 62 per cent strongly agreed, with 66 per cent strongly agreeing in Vancouver, the Fraser Valley and Tri-Cities.

There was also a consensus that “Where I live, housing prices are too expensive for the average resident,”: 45 per cent strongly agreed and 36 per cent somewhat agreed.

Nineteen per cent of respondents strongly agreed that, “I have considered moving due to issues of affordability.” The figure was 28 per cent for Vancouverites, and a low of 11 per cent for Burnaby residents.

(Check out this Vancouver Sun interactive map called “Where can you afford to buy a home?” which shows which neighbourhoods are affordable depending on your family income.)

Satisfaction and sacrifice

But the majority agrees that, “It is worth every penny to live where I live.” A total of 61 per cent answered on the yes side, and 39 per cent, no. The North Shore, Richmond/Delta and the Fraser Valley  were the most satisfied, with 71 or 72 per cent on the yes side. The lowest satisfaction level — though still the majority — was in Vancouver and Tri-Cities (56 per cent yes) and Surrey (53 per cent yes).

Only the wealthy can buy a home without making  some sacrifices. So what are people willing to give up to keep living where they do in Metro Vancouver? Some of the choices could have long-term repercussions, particularly if home prices flatten out or drop:

  • 26 per cent have cut back on saving for retirement, while 22 per cent have stopped saving for retirement altogether
  • 23 per cent have worked at a job they don't like
  • 18 per cent have lived in a space that is too small
  • 10 per cent have given up extra-curricular programs for the kids
  • 12 per cent have given up gym memberships
  • 9 per cent have cut short their education

In Metro Vancouver’s inner core, less floor space tends to equal greater affordability. A small condo may be the only way to break into the property market, and a cramped townhome in the city may be a lifestyle choice over a suburban house.

Only 18 per cent of the respondents say they have lived in a space that is too small for them or their family. On the other hand, 54 per cent agree that, “I may live in a small space, but at least I am where I want to be.” In the City of Vancouver, 70 per cent agree, while only 36 per cent agree in the Fraser Valley, where space isn't such an issue.

You can see the full Vancity survey here.

- See more at: http://www.rew.ca/news/expensive-but-worth-it-says-new-survey-1.1431511#sthash.iOZlDxjJ.dpuf



Recently Sold Listing 2083 W 43rd Ave, Vancouver, British Columbia


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Recently Sold Listing 205 - 2635 Prince Edward Street, Vancouver, British Columbia


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New Listing 2176 W 15th Ave, Vancouver, British Columbia


V1089966 - 2176 W 15th Ave, Vancouver, British Columbia, CANADAView my new listing for sale at 2176 W 15th Ave, Vancouver and currently listed at $1,498,000.

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Vancouver Sees Record High Home Prices in September


Vancouver Mountain ViewGreater Vancouver’s real estate market showed no signs of cooling in its hottest September yet, as sales increased 17.7 per cent year over year, according to Real Estate Board of Vancouver figures released October 2.

Benchmark sales prices hit record highs at $633,500 for all housing types, and just shy of $1 million for single-family homes across Greater Vancouver.

Ray Harris, REBGV president, said, “September was an active period for our housing market when we compare it against typical activity for the month.”

Sales and Listings

Since July 2013, Greater Vancouver MLS home sales have closely tracked the 10-year average. But in September 2014 the region's 2,922 sales beat the average by 16.1 per cent.

Of the properties for sale, 1,270 were detached houses, 464 were attached (townhouses or duplexes) and 1,188 were apartments.

What’s Up, What’s Down — At a Glance
 Sept/Aug 2014Sept 2014/Sept 2013
Overall Sales +5.4% +17.7%
- Detached +9.7% +24.1%
- Townhome -4.7% +5%
- Apartment +2.6% +16.7%
New Listings +33.5% +4.6%
Current Listings +0.4% -8%
 

New listings climbed in September as the fall season picked up, after having dropped for four months in a row — they rose 33.5 per cent to 5,259 compared with 3,940 in August. They currently stand at 0.4 per cent below the 10-year average for September new listings.

The sales-to-active listings ratio moved closer to the 20 per cent mark that would put Greater Vancouver into a seller’s market, rising one percentage point compared with August to 19.7 per cent.

Benchmark Price (MLS® Home Price Index)

The composite benchmark price for the REBGV region continue its determined upward trend, now standing at $633,500, up 17.7 per cent over five years, 5.3 per cent over one year and 0.3 per cent compared with August 2014.

The MLS benchmark price is a calculation of the value of a typical home of its type for the neighbourhood. Because it’s tied to housing type and area, it varies widely for the Greater Vancouver region. A good idea of home prices in a specific location is contained in the detailed MLS Home Price Index that the REBGV publishes.

September composite benchmark prices by housing type are as follows:

Greater Vancouver MLS® Benchmark Prices % Change
 August 2014July 2014August 2013
Detached $990,300 +0.6% +7.3%
Townhome $477,700 +0.6% +4.2%
Apartment $378,700 +0.1% +3.1%
 

Read the full REBGV report here.

- See more at: http://www.rew.ca/news/vancouver-sees-record-high-home-prices-in-september-rebgv-1.1411691#sthash.xTBwxYli.dpuf



Recently Sold Listing 3 - 138 W 13th Ave, Vancouver, British Columbia


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