Blog › March 2016

New Listing 350 E 60th Avenue, Vancouver, BC


R2051334 - 350 E 60th Avenue, Vancouver, BC, CANADAView my new listing for sale at 350 E 60th Avenue, Vancouver and currently listed at $1,898,000.

Quality custom built home. 3 bedrooms and 2 baths up - stone fence around the front exterior of the home with lamps at the posts, modern stone slabs on the front siding. Crown moulding, thick floor boards, engineered hardwood, High ceilings, Southern exposure with 2 potential suites downstairs. Double garage and additional parking on the side. This home is ready to move in!! Quiet inside street and walking distance to everything - Langara College, Golf Course, Sunset Community, Canada Line and Oakridge Mall.

New Listing 1866 W 14th Avenue, Vancouver, BC


R2050296 - 1866 W 14th Avenue, Vancouver, BC, CANADAView my new listing for sale at 1866 W 14th Avenue, Vancouver and currently listed at $1,788,000.

VIEWS! Renovated, feels like spacious, open 1/2 duplex w/ spectacular VIEWS in Kitsilano. This West Coast architecturally designed home is an Entertainer's dream, A/C, Comfort One radiant in-floor heat, vaulted ceilings, North and South facing patios, newer roof, windows, skylights and tons of natural light. Master bedroom with walk-in closet and private bathroom as well as a second bedroom and den (great 3rd bedroom) with full-sized private secure garage accessed directly from your back door. Full-size dining room for entertaining as well as new kitchen. Tons of storage throughout including entire unfinished basement (not included in overall square footage). Feels like a house! OPEN HOUSE: Sun. April 17th 2-4pm.

New Listing 3479 W 19th Avenue, Vancouver, BC


R2049432 - 3479 W 19th Avenue, Vancouver, BC, CANADAView my new listing for sale SOLD at 3479 W 19th Avenue, Vancouver and currently listed at $3,188,000.SOLD

VIEWS! Lovely 3 story home in Dunbar- rare LEVEL 44x122 lot. 4 bedrm (could be 5) fully renovated. Perfect for families, hold and build taking advantage of stunning views! New-drain tiles, roof, bathrms, updated gourmet kitchen, s/s appliances, granite countertops, landscaped lighting, 1 bedrm suite down (could easily be 2 bedrm suite). Wine cellar, A/C, landscape lighting, fresh paint interior. The backyard is tastefully landscaped & includes a large deck - perfect for backyard bbq's. This neighborhood boasts great parks, convenient shopping & GREAT schools such as Kitchener, Byng & St. Georges. Open House Sun, April 3rd 2-4pm

How To Avoid The Most Expensive Mistakes Smart People Make When They Sell A Home


Mistaking refinance appraisals for the market value

Unfortunately, a refinance appraisal may have been stated at an untruthfully high price. Often, Lenders estimate the value of your property to be higher than it actually is in order to encourage refinancing. The market value of your home could actually be lower. Your best bet is to set a price based on the most recent information regarding property sales in your community. This will give you an up to date and factually accurate estimate of your property value.



New Listing 13b - 1500 Alberni Street, Vancouver, BC


R2048215 - 13b - 1500 Alberni Street, Vancouver, BC, CANADAView my new listing for sale SOLD at 13b - 1500 Alberni Street, Vancouver and currently listed at $1,698,000.SOLD

Views, renovated and it's a CORNER SUITE ! Iconic, James Cheng, landmark building, spacious floor plan & a truly livable home. This 1,633 sq ft 2 bdrm, 2.5 bath & family rm, living space has been redesigned & renovated with a creative mix of modern, classical & cutting edge design styles. This home features 9ft ceilings, Miele gourmet kitchen, spa baths, trend setting millwork, stunning hardwood floors, commanding views throughout, abundant natural light, exceptional elegant finishes along w/2 parking & lge storage locker. Rentals - min 1 yr. Pets: 2 cats, 2 dogs or 1 of each. Call to view.

BC’s Early Spring Real Estate Market Accelerating at “Breakneck Pace”


Home sales across province smash previous February records from 24 years ago, rising 44.7 per cent over last year, reports association

Home for sale sold sign

Demand for residential real estate in BC has now hit “breakneck pace”, according to the BC Real Estate Association, which published a report on February’s market statistics March 14.

There were a total of 9,637 residential unit sales recorded by the Multiple Listing Service® (MLS®) in BC, a rise of 44.7 per cent over February 2015. Like Greater Vancouver and the Fraser Valley, this was the highest sales figure on record for a February, smashing the previous record set in February 1992.

BC’s total home sales dollar volume in February was $7.51 billion in February, up a staggering 76.4 per cent compared with the same month last year – a rate of growth that has been accelerating for many months. This snowballing growth rate reflects the combination of both increasing total transactions and the average MLS® home price in BC rising in February to $779,419, up 21.9 per cent from February 2015.

“Housing demand is now at a breakneck pace,” said Cameron Muir, BCREA’s chief economist. “Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province.”

As usual, the overall figures for the province hide the enormous variations between home sales and price movement in different markets across BC. Major southern regions continued to see huge increases in sales and dollar volumes, with some of the smaller regions posting only small increases, although this is an improvement on the declines of the previous months.

Of the larger markets, the largest increase in sales was again recorded in the Fraser Valley, where home sales climbed more than 83 per cent from February 2015. Vancouver Island and Victoria once more saw even more rapid growth than Greater Vancouver’s 37 per cent increase, rising 45.4 and 41.5 per cent respectively.

The Fraser Valley continues to be the region suffering from the most acute shortage of inventory, again beating Greater Vancouver’s sales-to-active-listings ratio as the province’s highest, at nearly 60 per cent, meaning that is the region that is by far the strongest sellers’ market.

“Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly in Vancouver and the Fraser Valley,” added Muir. “While home builders have responded with a record pace of housing starts for BC last month, the supply isn’t expected alleviate the imbalance in these markets in the near term."

The Northern Lights region reversed its annual decline in unit sales, with transactions in February up nearly 12 per cent year over year. The South Okanagan was the only region to post no increase in sales, its figures flat over last year.

However, BC Northern, Kamloops and Powell River all recorded year-over-year price declines, the largest posted by the Powell River board at nearly 18 per cent. Greater Vancouver was the region to see the biggest average price increase, up 25.6 per cent.



Vancouver’s Home Vacancy Rate is Less Than 5%


Vacant homes report makes no inroads into City’s efforts to find reason for Vancouver’s soaring house prices

Condos in Coal Harbour downtown Vancouver

The proportion of vacant homes in the City of Vancouver is stable at only 4.8 per cent, according to BC Hydro usage data compiled on behalf of the City of Vancouver and presented in a report to council March 8.

This is slightly less than the 4.9 per cent of homes in the city that were unoccupied in 2002, according to Ecotagious, the company that compiled Empty Homes Research Study.

The report said that the city’s “non-occupancy rate is consistent with and tracks the non-occupancy rate for the rest of the Greater Vancouver Regional District.”

It added, “The number of non-occupied housing units [in the City of Vancouver (CoV)] has grown from 8,400 in 2002 to 10,800 in 2014. This increase has been driven entirely from the growth in the overall housing stock.”

The new report lends weight to the Urban Futures report issued in September 2014, which described fears over Vancouver home vacancies as "much ado about nothing."

Ecotagious found that multi-family units were much more likely than detached homes and townhomes to be left unoccupied, and 90 per cent of the empty homes were condos and apartments. It said, “Apartments, which represent 60 per cent of CoV’s residential housing mix, are driving non-occupancy in the city, at 7.2 per cent in 2014.” This was broken down further, with condo non-occupancy rates at 12.5 per cent while rental apartment vacancies were around 0.5 per cent.

The report went on to say, “Single-family and duplex housing units show low and relatively stable non-occupancy rates of 1 per cent between 2002 and 2014.”

A property was classified as not occupied in any given month if its hydro use showed little variability for 25 or more days that month. If a home was unoccupied for four months during the “non-heating season” of August and September and the following June and July in the study period, it was deemed empty for a full year.

Ecotagious broke down the results by different home types and five City of Vancouver neighbourhoods: Downtown peninsula, North-West Vancouver (essentially the West Side); South-West Vancouver; South-East Vancouver; and North-East Vancouver.

The highest non-occupancy rate was found to be on Vancouver’s West Side at 7.4 per cent. This was made up of condo-apartment vacancies of 9.4 per cent, and single-family home vacancies of 1.4 per cent. The next highest neighbourhood was the Downtown peninsula at 6 per cent, almost entirely made up of multi-family unit vacancies.

The report added, “All five of the city geographic sectors analyzed show similar rates of non-occupancy by housing type, with no significant divergence over time, with the exception of the Downtown Peninsula, which has seen a drop in non-occupancy from 6.9 per cent in 2002 to 6.0 per cent in 2014.”

In his presentation to the City of Vancouver at its March 8 meeting, housing planner Matthew Bourke pointed out that although the proportion of vacant homes remains flat, the number of units is rising, and that these homes could be rented out to help boost the limited rental stock.

Bourke added that the City will continue to monitor vacant homes, repeating the study every three years. 

To read the full report, click here



Vancouver’s Home Sales See Another Leap in February


Sales break February records, up 36.3 per cent; prices up 22 per cent over last year – but condo prices tell a different story, says board

Vancouver False Creek

February 2016 may have had an extra day this year, but that doesn’t begin to account for the leap in Greater Vancouver home sales over the month, which rose more than 36 per cent year over year, according to Real Estate Board of Greater Vancouver (REBGV) reported March 2.

Like January’s figures, and like the Fraser Valley, the residential unit sales volume is the highest ever recorded for the month of February, said the board.

February’s sales were 56.3 per cent above the 10-year sales average for the month and were also 65.6 per cent higher than January’s figures, as the spring market got under way early.

The benchmark price of a home (composite property types) in the region raised the bar again in February, at $795,500. This is a bump of 22.2 per cent per cent over February 2015’s typical home price, but that figure masks a month-over-month drop in condo prices.

The number of homes newly listed on the Greater Vancouver market rose 7.1 per cent compared with the 5,425 units listed in February 2015, up 30.8 per cent with January 2016, as sellers took advantage of the hot market.

Sales and Listings

Greater Vancouver home sales in February totalled 4,172, a 36.3 per cent rise compared with the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent versus January 2016, when 2,519 homes sold.

Split by property type, there were 1,778 detached home sales in the region in February, a rise of 37.2 per cent from the 1,296 detached sales recorded in February 2015, and an increase of 69.8 per cent month over month..

Townhome and other attached property sales continued to grow, although they further slowed their rate of annual sales growth in February. The total of 604 sales was an increase of 15.9 over the 521 transactions in February 2015. This was also a jump of nearly 61 per cent over January.

Sales of condominium-apartments totalled 1,790 in February 2016, an increase of 43.9 per cent compared with the 1,244 sales in February 2015. This was once more the fastest annual sales growth of the three types, and again the property type with the highest total sales. It was also a 63 per cent leap over January’s figures.

What's Up, What's Down - At a Glance
 Jan/Feb 2016Feb 2015/2016
Overall Sales +65.6% +36.3%
- Detached +69.8% +37.2%
- Attached +60.6% +15.9%
- Apartment +63.3% +43.9%
New Listings +30.8% +7.1%
Current Listings +10.0% -38.7%

 

Property inventory was still tight in February, although it continued its recovery compared with recent months. New listings for all home types in Metro Vancouver totalled 5,812 in February 2016, an increase of 7.1 per cent compared with the 5,425 units listed in February 2015, and a strong boost of 30.8 per cent compared with January 2016 when 4,442 properties were listed.

The total number of properties currently available for sale on Metro Vancouver’s MLS® as of the end of February is 7,299. This is a 38.7 per cent drop compared with February 2015 (11,898) but an 8.9 per cent increase compared to January 2016 (6,635).

Greater Vancouver’s sales-to-active listings ratio for February 2016 is 57.2 per cent, making it the 12th consecutive month that the sales-to-active-listings ratio has been above 30 per cent in Metro Vancouver, as the strong sellers’ market retains its firm grip.

Benchmark Prices

Metro Vancouver’s combined residential property type benchmark price predictably set another new record in February, at $795,500, a rise of 22.2 per cent compared with February 2015 and a 0.7 per cent rise over the previous month’s price.

The area’s typical detached home is now priced at $1,305,600, a rise of 27 per cent compared with the same month last year, and once more the sharpest rise in prices of all the property types. This was a rise of 0.9 per cent over January’s $1,293,700.

The benchmark price of a townhome or other attached unit in Greater Vancouver increased 17 per cent over February 2015 to $569,600, up 1 per cent compared with January.

Condo-apartment benchmark prices continued to be the most volatile, in February slowing their annual growth somewhat, up 17.7 per cent from February 2015 to $454,600. This property type was the only one to record a month-over-month decline in benchmark price, down 0.4 per cent compared with January’s $456,600, as high levels of new inventory eased demand and pressure on prices.

Greater Vancouver MLS® Benchmark Prices % Change
 Feb 2016Jan 2016Feb 2015
Detached $1,305,600 +0.9% +27%
Townhome $569,600 +1.0% +17%
Apartment $454,600 -0.4% +18%
 

 

Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index in the REBGV full statistics package. 

 
 

- See more at: http://www.rew.ca/news/vancouver-s-home-sales-see-another-leap-in-february-rebgv-1.2188789#sthash.8n8kElLH.dpuf



Recently Sold Listing 6228 Blenheim Street, Vancouver, BC


R2024066 - 6228 Blenheim Street, Vancouver, BC, CANADAI have just recently sold this listing at 6228 Blenheim Street, Vancouver.

Recently Sold Listing 1906 W 14th Avenue, Vancouver, BC


R2027772 - 1906 W 14th Avenue, Vancouver, BC, CANADAI have just recently sold this listing at 1906 W 14th Avenue, Vancouver.