Blog › February 2015

Home buyers remain active despite reduced selection


VANCOUVER, B.C. – February 3, 2015 – The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7 per cent increase compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014.

Last month’s sales were 14.9 per cent above the 10-year sales average for the month.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.

” New listings for detached, attached and apartment properties in Metro Vancouver1 totalled 4,737 in January. This represents an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014.

Last month’s new listing count was 1.2 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 REBGV MLS® is 10,811, a 14.2 per cent decline compared to January 2014 and a 4.8 per cent increase compared to December 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,6002 . This represents a 5.5 per cent increase compared to January 2014.

With the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory. “The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

Sales of detached properties in January 2015 reached 781, an increase of 7.3 per cent from the 728 detached sales recorded in January 2014, and a 44.1 per cent increase from the 542 units sold in January 2013. The benchmark price for a detached property in Metro Vancouver increased 8.4 per cent from January 2014 to $1,010,000.

Sales of apartment properties reached 809 in January 2015, an increase of 7.4 per cent compared to the 753 sales in January 2014, and an increase of 40.5 per cent compared to the 576 sales in January 2013. The benchmark price of an apartment property increased 2.5 per cent from January 2014 to $382,800.

Attached property sales in January 2015 totalled 323, an increase of 15.8 per cent compared to the 279 sales in January 2014, and a 38.6 per cent increase from the 233 attached properties sold in January 2013. The benchmark price of an attached unit increased 4.3 per cent between January 2014 and 2015 to $479,600.



Real Estate Transactions Increasing As Spring Approaches


 
  
Home for sale soldThe real estate market is already seeing the start of a spring boost, according to the Society of Notaries Public of BC.

“Spring is just around the corner, and notaries are already seeing an increase in real estate transactions,” said Wayne Braid, the society’s CEO, in a February 23 press release.

Notaries, who are involved in more than half of the real estate transactions in BC, noted some changes in market trends.

“I have seen an increase in local residents purchasing condos downtown as an investment,” said Akash Sablok, the society’s president and a notary public in East Vancouver. “Due to lower interest rates and a strong rental market, investment properties are seen as a good investment, creating a positive cash flow and adding to affordable rental housing.”

Kristy Martin, a notary public in Langford, said, "We are seeing a great number of high-ratio financing purchases right now, where the purchaser is only required to have a minimal down payment. We are also seeing multiple family members, such as parents and their children, going on the title and the mortgage together to make the purchase more affordable, and in some cases to make the purchase possible.”

- See more at: http://www.rew.ca/news/real-estate-transactions-increasing-as-spring-approaches-bc-notaries-1.1772570#sthash.W1G5Qy7H.dpuf



Recently Sold Listing # 1201 1252 HORNBY ST, Vancouver, British Columbia


V1098975 - # 1201 1252 HORNBY ST, Vancouver, British Columbia, CANADAI have just recently sold this listing at # 1201 1252 HORNBY ST, Vancouver.

First Time Home Buyers’ Tax Credit


Fill out one box on your tax forms and get a $750 tax rebate!!

Tax Credit/Rebate Explained

Check below for video…

Did you know that the Economic Action Plan includes a First-Time Home Buyers’ Tax Credit (HBTC) to help?

The HBTC assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down payment.

When doing your taxes for 2014, check to see if the following criteria apply to you and make sure to make use of this credit:

You can claim an amount of $5,000 for the purchase of a qualifying home acquired in 2014, if both of the following apply:

  • you or your spouse or common-law partner acquired a qualifying home; and
  • you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).

This means that essentially you can decrease your declared income by $5,000 allowing for reduction in the amount of taxes you owe. The Home Buyers’ Tax Credit, at current taxation rates (15%), works out to a rebate of $750 for all first-time buyers. After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable.

First Time Home Buyers’ Tax Credit Video



Recently Sold Listing # 106 5770 OAK ST, Vancouver, British Columbia


V1091689 - # 106 5770 OAK ST, Vancouver, British Columbia, CANADAI have just recently sold this listing at # 106 5770 OAK ST, Vancouver.

New Listing 3419 DUNDAS ST, Vancouver, British Columbia


V1105197 - 3419 Dundas Street, Vancouver, British Columbia, CANADAView my new listing for sale SOLD at 3419 Dundas Street, Vancouver and currently listed at $1,088,000.SOLD

Quiet part of Dundas. VIEW HOME! 3 suites, 2 legal addresses generating $3300 mo. Remodeled living spaces with extensive upgrades including a newer roof, windows & blinds, cabinetry and flooring. Functional layout wi th 3 bdrms above & a NEWER 2 bdrm legal address below w/ separate mailing address. Also full laundry rm. Plenty of prkg, newer fence, newer paved driveway, & spacious sundeck w/sweeping views of Burrard Inlet, North Shore Mountains & city. Buyer to verify meas. Sneak Peek Thursday April 2nd 5:00 -6:00 PM. Open House Sat/Sun April 4/5 2:00 - 4:00 PM

New Listing # 209 1485 W 6TH AV, Vancouver, British Columbia


V1105887 - 209 - 1485 W 6th Ave, Vancouver, British Columbia, CANADAView my new listing for sale at 209 - 1485 W 6th Ave, Vancouver and currently listed at $638,000.

NEW PRICE! Great two bed/two bath suite plus den in The Carrara of Portico!! Built by Bosa, a premier development of South Granville. Exciting Location Just Steps to The Shops, Galleries, Granville Island. Superb plan, no wasted space, bea utiful building foyer, gym, hot tub, sauna, workshop and party room. Open kitchen that looks onto the dining and living room. Large master bdrm, den is an ideal office/study/3rd bedroom. Open floor layout w/ large spacious rooms, easily able to accommodate house sized furnishings. 1 parking & 1 storage locker. Second parking stall can be rented from Strata for $50 a month. Pets & rentals allowed w/restrictions. Buyer to verify meas. 40 rentals currently allowed.

BC Home Sales to Rise 10.5% in 2015


In stark contrast to recent CMHC predictions, RBC Economics Housing Forecast calls for strong 2015 sales and price rises in BC

Home for sale - sold

BC will far outpace the rest of Canada in terms of home sales increases in 2015, although transactions will moderate in 2016, according to an RBC Economics housing forecast released February 9.

RBC said that it expected sales in the province this year to total 92,800 – an increase of 10.5 per cent over 2014, following 2014’s 15 per cent rise. The report also said it expected 2016 to be slower, dropping back to 84,300 units, a fall of 9.2 per cent over 2015.

BC home prices were predicted to rise 5.6 per cent this year.

RBC’s report was in stark contrast to CMHC’s forecast issued February 6, which predicted that home sales in BC would drop nearly 6 per cent this year before recovering in 2016. The CMHC also said that price growth in the province would slow to 1.6 per cent year over year.

However, the CMHC’s BC regional economist Carol Frketich admitted to REW.ca that because the cut-off for its forecast data occurred immediately before the Bank of Canada’s recent interest rate cut, it was “entirely possible” that sales in BC this year would outperform expectations.

The RBC forecast said that sales across Canada would rise just 1.7 per cent this year, with strong gains in BC and lesser gains in Ontario (+4.7 per cent) offset by plummeting home sales in oil-dependent provinces Alberta (-15.7 per cent) and Saskatchewan (-8.6 per cent).

To read the full report, click here.

- See more at: http://www.rew.ca/news/bc-home-sales-to-rise-10-5-in-2015-rbc-forecast-1.1758394#sthash.K97pzLJl.dpuf



Greater Vancouver Real Estate Market January 2015


Head spinning from all the latest record-breaking stats for January's housing market? Let our handy infographic help you absorb the numbers

 

 
REBGV-Jan-2015-infographic-crop-REW

Greater Vancouver home sales are up 9.8 per cent and prices are up more than 5 per cent year over year, the Real Estate Board of Greater Vancouver announced February 3. Below is our new monthly infographic to help digest the numbers, with the key headline figures and benchmark prices broken own by area. To read the full story and analysis, click here.

REBGV-Jan-2015-infographic

Source: Source: Real Estate Board of Greater Vancouver

- See more at: http://www.rew.ca/news/infographic-greater-vancouver-real-estate-january-2015-1.1752739#sthash.l36aZv42.dpuf



Recently Sold Listing 44 7233 HEATHER ST, Richmond, BC


V1090673 - 44 7233 HEATHER ST, Richmond, BC, CANADAI have just recently sold this listing at 44 7233 HEATHER ST, Richmond.