Vancouver Real Estate News - Vancouver MLS & Real Estate Listings - PLACE Team

Feb 07 No Comments

Canadian Building Permits – February 7, 2018

Author: adamchahl

Categories: Economics,Vancouver Real Estate News

Construction in Vancouver - Real Estate Starts

The total value of Canadian building permits increased 5 per cent on a monthly basis in December. The increase was primarily the result of higher construction intentions in the residential sector. For all of 2017, the value of building permits across Canada rose 10.4 per cent.

The total value of permits issued in BC broke a string of consecutive down months, rising 27 per cent on a monthly basis and 55.5 per cent year-over-year to 1.5 billion. Residential permits accounted for all of the increase, rising 51 per cent on a monthly basis and 60 per cent over December last year. Non-residential permits declined 17.5 per cent on a monthly basis but were 42 per cent higher year-over-year. Building permits were up 22.9 per cent for all of 2017, the largest increase of all the provinces.

Construction intentions in December were higher in only three of BC’s four census metropolitan areas (CMA):

Permits in the Abbotsford-Mission CMA rose 167.1 per cent on a monthly basis to just under $80 million. Year-over-year, permit values were more than triple the value from December 2016.

In the Victoria CMA, total construction intentions increased 69.2 per cent to $81.5 million and were up 13.7 per cent year-over-year.

In the Kelowna CMA, permits were down 31.6 per cent monthly basis to $52 million, a 16.1 per cent decline from December 2016.

The Vancouver CMA recorded permit activity valued at $976.3 million, an increase of 39 per cent over November and up 71 per cent over the last year. For the year as a whole, Vancouver permits rose 14.2 per cent to $9.4 billion with all components except single detached dwellings posting increasing permit values.

Source – BCREA

Feb 04 No Comments

Vancouver Real Estate Stats – January 2018

Author: adamchahl

Categories: Market News,Vancouver Real Estate News

Vancouver Real Estate Stats - January 2018

Home buyer demand depends on property type

Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”

There were 3,796 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2018. This represents an 8.3 per cent decrease compared to the 4,140 homes listed in January 2017 and a 100.7 per cent increase compared to December 2017 when 1,891 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,947, a four per cent decrease compared to January 2017 (7,238) and a 0.2 per cent decrease compared to December 2017 (6,958).

For all property types, the sales-to-active listings ratio for January 2018 is 26.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 32.8 per cent for townhomes, and 57.2 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,056,500. This represents a 16.6 per cent increase over January 2017 and a 0.6 per cent increase compared to December 2017.

Detached home sales in January 2018 reached 487, a 9.7 per cent increase from the 444 detached sales recorded in January 2017. The benchmark price for detached properties is $1,601,500. This represents an 8.3 per cent increase from January 2017 and a 0.3 per cent decrease compared to December 2017.

Apartment home sales reached 1,012 in January 2018, a 22.7 per cent increase compared to the 825 sales in January 2017. The benchmark price of an apartment property is $665,400. This represents a 27.4 per cent increase from January 2017 and a 1.5 per cent increase compared to December 2017.

Attached home sales in January 2018 totalled 319, a 25.6 per cent increase compared to the 254 sales in January 2017. The benchmark price of an attached unit is $803,700. This represents a 17.5 per cent increase from January 2017 and unchanged compared to December 2017.

Jan 25 No Comments

Canadian Retail Sales – January 2018

Author: adamchahl

Categories: Economics,Vancouver Real Estate News

Canadian retail sales increased for a third consecutive month in November, rising 0.2 per cent on a monthly basis and 6.5 per cent year-over-year. Sales were higher in 6 of 11 sub-sectors representing 37 per cent of total retail trade. Excluding the decline in new motor vehicle sales, retail sales were up 1.6 per cent over October. Given today’s data release, we are tracking Q4 2017 Canadian economic growth at 2.4 per cent.

In BC, retail sales were essentially unchanged on a monthly basis but were 11.5 per cent higher than November 2016. Year-to-date, retail sales in the province have grown 9.7 per cent, reflecting strong job and robust economic growth in the province. We forecast that the BC economy grew close to 4 per cent in 2017 and will enter 2018 with significant momentum.

Source – BCREA Economics Now

Jan 17 No Comments

Bank of Canada Interest Rate Announcement – January 17, 2018

Author: adamchahl

Categories: Mortgages,Vancouver Real Estate News

The Bank of Canada opted to raise the target for its overnight interest rate this morning 25 basis points to 1.25 per cent. In the statement accompanying the decision, the Bank cited recent strong economic data and rising inflation as motivations for the rate increase. The Bank expects growth in the Canadian economy to slow to 2.2 per cent in 2018 and 1.6 per cent in 2019 with consumption and new home construction contributing less to growth than in years past. With the economy returning to full-capacity, inflation is forecast to remain at 2 per cent over the medium term. The Bank also flagged risk to its outlook from ongoing NAFTA negotiations and noted it would remain cautious in considering future interest rate adjustments.

With the Canadian unemployment rate hitting a 40-year low and inflation ticking higher in recent months, the Canadian economy would seem to be operating at full capacity. That argues for a more hawkish approach to monetary policy in order to bring interest rates closer to what the Bank estimates would be neutral for the economy, that is, a level in which the economy is neither running too hot nor too cold. While today’s rate increase was widely anticipated, it did come earlier in the year than previously expected and likely signals further rate increases to come in 2018. Canadian mortgage rates have already moved higher in anticipation of Bank of Canada tightening, which means a much tighter borrowing environment in 2018, particularly given newly implemented mortgage qualifying rules for low-ratio buyers.

Source – BCREA

Jan 10 No Comments

BCREA – Economics – Canadian Building Permits

Author: adamchahl

Categories: Economics

The total value of Canadian building permits fell close to 8 per cent on a monthly basis in November, the first decrease in three months. The decline in construction intentions was broad based, with all categories of buildings except residential single detached posting lower permit values.

The total value of permits issued in BC declined for a second consecutive month, falling 13.8 per cent on a monthly basis and 5 per cent year-over-year to $1.18 billion. Residential permits fell almost 18 per cent on a monthly basis and were 22 per cent lower than this time last year. Non-residential permits declined about 6 per cent on a monthly basis but were 62 per cent higher year-over-year.

Construction intentions in November were higher in only one of BC’s four census metropolitan areas (CMA):

Permits in the Abbotsford-Mission CMA fell 16.6 per cent on a monthly basis to just over $30 million. Year-over-year, permit values were more than double the value of July 2016.

In the Victoria CMA, total construction intentions totaled just under $50 million, a 74 per cent decline from October and 18 per cent decline in permit values from one year ago.

In the Kelowna CMA, permits were 21.5 per cent higher a monthly basis and 24 per cent higher compared to November 2016 at $76.4 million.
The Vancouver CMA recorded permit activity valued at $708.3 million, a decline of 8.6 per cent on a monthly basis and an 18 per cent decrease year-over-year. The value of multi-family residential permits fell 29.5 per cent while single-detached permit values were essentially unchanged.

From the BCREA.

Jan 09 No Comments

BC Economics – Canadian Housing Starts – January 8, 2018

Author: adamchahl

Categories: Economics

BCREA ECONOMICS NOW

Canadian housing starts closed out the year falling 14 per cent on monthly basis to 216,980 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts remained elevated at 226,777units SAAR. For all of 2017, total new home construction in Canada was up 6.2 per cent.

BC saw total housing starts rise 11 per cent to almost 50,000 units SAAR in December on a monthly basis. Total starts in BC were up 26 per cent year-over-year. Single detached starts were down 2 per cent on a monthly basis but increased 21 per cent compared to December 2016 while multiple starts were up 15 per cent month-over-month and were 28 per cent higher year-over-year. For all of 2017, new home construction in BC was up 4 per cent.

Looking at census metropolitan areas (CMA) in BC:

Total starts in the Vancouver CMA were driven higher by apartment condominium starts in Vancouver, Richmond and Coquitlam. Multiple starts across the CMA rose 11 per cent year-over-year in December, offsetting a 4 per cent decline in single detached starts. Overall, Vancouver CMA starts finished 2017 down 6 per cent.

In the Victoria CMA, the year closed with historically high housing starts, reaching the highest level of new home construction since 1976. Multiple unit starts jumped 70 per cent in December on a year-over-year basis, driven by elevated rental market construction. For all of 2017, Victoria new home construction increased 32 per cent.

New home construction in the Kelowna CMA were up 18 per cent from November but down 17 per cent year-over-year. For all of 2017, multiple unit starts drove a surge in new home construction, rising 88 per cent over 2016 leading to a 63 per cent overall increase in housing starts.
Housing starts in the Abbotsford-Mission CMA tumbled 72 per cent on a monthly basis in December following a spike in multiple unit starts the previous month. On a year-over-year basis, new home construction was down 41 per cent. For all of 2017, new home construction in the Abbotsford-Mission CMA was up 51 per cent.

Jan 03 No Comments

December 2017 & Year End Summary – Statistics

Author: adamchahl

Categories: Market News,Vancouver Real Estate News

Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market

After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential sales in 2015.

Last year’s sales total was, however, 9.7 per cent above the 10-year sales average.

“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”

Home listings in Metro Vancouver reached 54,655 in 2017. This is a 5.1 per cent decrease compared to the 57,596 homes listed in 2016 and a 4.5 per cent decrease compared to the 57,249 homes listed in 2015.

Last year’s listings total was 4.4 per cent below the 10-year listings average.

“Market activity differed considerably this year based on property type,” Oudil said. “Competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state, giving home buyers more selection to choose from and more time to make decisions.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9 per cent compared to December 2016.

The benchmark price of condominiums increased 25.9 per cent in the region last year. Townhomes increased 18.5 per cent and detached homes increased 7.9 per cent.

“Strong economic growth, low interest rates, declining unemployment, increasing wages and a growing population all helped boost home buyer demand in our region last year,” Oudil said.

December summary

Sales of detached, attached, and apartment properties totalled 2,016 in the region in December 2017, a 17.6 per cent increase from the 1,714 sales recorded in December 2016 and a 27.9 per cent decrease compared to November 2017 when 2,795 homes sold.

Last month’s sales were 7.5 per cent above the 10-year sales average for the month.

“As we move into 2018, REALTORS® are working with their clients to help them understand how changing interest rates and the federal government’s new mortgage qualifications could affect their purchasing power,” Oudil said. “Only time will tell what impact these rules will have on the market.

“Home buyers today should get pre-approved before making an offer to ensure that your home buying goals align with your financial situation,” Oudil said.

There were 1,891 residential homes newly listed for sale in December 2017. This represents a 44.1 per cent increase compared to the 1,312 homes listed in December 2016 and a 54 per cent decrease compared to November 2017 when 4,109 properties were listed.

The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 6,958, a 9.7 per cent increase compared to December 2016 (6,345) and a 20.5 per cent decrease compared to November 2017 (8,747).

The sales-to-active listings ratio for December 2017 is 29 per cent. By property type, the ratio is 14.4 per cent for detached homes, 38.8 per cent for townhomes, and 59.6 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Sales of detached properties in December 2017 reached 617, a 14 per cent increase from the 541 detached sales recorded in December 2016. The benchmark price for a detached home in the region is $1,605,800. This represents a 7.9 per cent increase compared to December 2016.

Sales of apartment homes reached 1,028 in December 2017, a 12.3 per cent increase compared to the 915 sales in December 2016.The benchmark price of an apartment in the region is $655,400. This represents a 25.9 per cent increase compared to December 2016.

Attached (or townhome) property sales in December 2017 totalled 371, a 43.8 per cent increase compared to the 258 sales in December 2016. The benchmark price of an attached home in the region is $803,700. This represents an 18.5 per cent increase compared to December 2016.

Jan 02 No Comments

Housing, immigration focus of latest census release

Author: adamchahl

Categories: Economics,Market News,Vancouver Real Estate News

Housing and immigration are the focus of the latest Statistics Canada Census 2016 data release.

Here are the highlights.

Housing

In Metro Vancouver, fewer residents are buying homes and when they do, they’re less likely to buy single-family homes.

Home ownership in the region declined by 1.4 per cent from 2006 to 2016, while the percentage of those owning detached homes declined by 6.1 per cent.

Metro Vancouver home ownership rate
Date	Number of owner households	Number of renter households	Percentage of owner households	Percentage of renter households
2016	612,005	348,700	63.7	36.3
2006	531,720	285,045	65.1	34.9

Source: Census 2006; Census 2016

Metro Vancouver
Date	Number of detached dwellings	Number of other dwellings	Percentage of detached	Percentage of all other dwellings
2016	282,355	678,535	29.4	70.6
2006	290,117	527,113	35.5	64.5

Source: Census 2006; Census 2016

There are 1,027,613 private dwellings in Metro Vancouver, and of these, 960,894 (93.5%) are occupied, and 293,765 (31%) are condominiums.

Region-wide, 60.3 per cent of owner households have a mortgage and 25.4 per cent of owner households spend more than 30 per cent of their income on shelter costs.

When it comes to renters, 43.5 per cent spend more than 30 per cent of their income on shelter costs.

The average monthly shelter cost for owner and rental households is $1,622.

Immigration

Metro Vancouver welcomed 142,530 immigrants from January 11, 2011 (the last short-form census) to May 10, 2016.

The predominant country of origin was China (25%) followed by India (15%), the Philippines (14.2%), Iran (5.8%), South Korea (4.7%) and the United States (2.8%).

Of the region’s total population of 2,463,431, 13 per cent or 323,120 residents aren’t Canadian citizens.

Burnaby

Burnaby welcomed 16,065 immigrants from January 11, 2011 to May 10, 2016.

Of these, 5,170 (32%) came from China, 1,960 (12.2%) came from the Philippines, 1,065 (6.8%) came from India, and 1,045 (6.5%) came from South Korea.

Burnaby’s population of 232,755 includes 189,775 citizens and 40,305 (17%) non-citizens.

Coquitlam

Coquitlam welcomed 9,530 immigrants from January 11, 2011 to May 10, 2016.

New residents from China totalled 2,370 (25%), followed by 1,605 from Iran (17%), and 1,495 from South Korea (16%).

Coquitlam’s population of 139,284 includes 118,870 Canadian citizens and 19,225 (14%) non-citizens.

Maple Ridge

Maple Ridge welcomed 1,520 immigrants from January 11, 2011 to May 10, 2016.

The predominant country of origin was the Philippines with 340 immigrants (22%), followed by China with 165 (11%), the United Kingdom with 160 (10.5%), and India with 135 (8%).

Maple Ridge’s population of 82,252 includes 76,965 citizens and 4,010 (4%) non-citizens.

North Vancouver

North Vancouver welcomed 3,745 immigrants from January 11, 2011 to May 10, 2016.

The predominant country of origin was Iran with 1,165 newcomers (31%), followed by the Philippines with 765 (14%) and the United Kingdom with 205 (5%).

North Vancouver’s population of 52,898 includes 45,315 citizens and 6,875 (13%) non-citizens.

Richmond

Richmond welcomed 15,245 immigrants from January 11, 2011 to May 10, 2016.

The predominant country of origin was China with 8,940 newcomers (58%), followed by the Philippines with 2,135 (14%), and India with 565 (3%).

Richmond’s population includes 162,455 citizens and 34,210 (17.2%) non-citizens. Of these, 107,080 self-identify as ethnic Chinese (54.0%). In 2006, 78,790 (45.2%) residents self-identified as ethnic Chinese.

Courtesy Real Estate Board of Greater Vancouver: Source

Dec 14 No Comments

Commercial Real Estate – Q3 2017

Author: adamchahl

Categories: Commercial Real Estate,Market News,Vancouver Real Estate News

Commercial-Real-Estate-Stats-Q3-2017-1170x0-c-center

Sales down, values up in Lower Mainland commercial real estate

Commercial real estate sales in the Lower Mainland have edged down from last year’s record highs while dollar values continued to rise in the third quarter (Q3) of 2017.

There were 652 commercial real estate sales in the Lower Mainland in Q3 2017, an 8.8 per cent decrease from the record 715 sales in Q3 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The 652 sales in Q3 2017 are 10.7 per cent above the five-year Q3 sales average for the region (589).

The total dollar value of commercial real estate sales in the Lower Mainland reached $3.270 billion in Q3 2017, a 16.1 per cent increase from $2.815 billion in Q3 2016.

“While there have been fewer commercial sales this year compared to 2016, activity remains in line with the long-term average for the region,” Jill Oudil, REBGV president said. “On the pricing side, dollar values for commercial properties have climbed about 16 per cent in the last year. This growth can be attributed, in part, to the extended economic growth we’ve been experiencing across a variety of sectors in our province.”

Q3 2017 activity by category

Land: There were 278 commercial land sales in Q3 2017, which is a 4.5 per cent decrease from the 291 land sales in Q3 2016. The dollar value of land sales was $2.100 billion in Q3 2017, a 35.3 per cent increase from $1.552 billion in Q3 2016.

Office and Retail: There were 225 office and retail sales in the Lower Mainland in Q3 2017, which is up 0.9 per cent from the 223 sales in Q3 2016. The dollar value of office and retail sales was $578 million in Q3 2017, a 6.1 per cent increase from $545 million in Q3 2016.

Industrial: There were 128 industrial land sales in the Lower Mainland in Q3 2017, which is down 21 per cent over the 162 sales in Q3 2016. The dollar value of industrial sales was $400 million in Q3 2017, a 15 per cent increase from $348 million in Q3 2016.

Multi-Family: There were 21 multi-family land sales in the Lower Mainland in Q3 2017, which is down 46.2 per cent from 39 sales in Q3 2016. The dollar value of multi-family sales was $192 million in Q3 2017, a 48.1 per cent decrease from $371 million in Q3 2016.

Dec 12 No Comments

BCREA Real Estate Stats – November 2017

Author: adamchahl

Categories: Economics,Market News,Vancouver Real Estate News

Vancouver-2017-Real-Estate-Statistics-1170x0-c-center

Strong Economy Supporting Elevated Housing Demand

Vancouver, BC – December 12, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4 per cent from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1 per cent from November 2016. The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.

“November was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics.”

BC employment increased 3.8 per cent over the last 12 months, totaling over 90,000 jobs. Over the same period, average hourly wages in the province climbed 5.7 per cent to $26.82. Against this backdrop, a large cohort of millennials is entering their household-forming life stage. In addition, some buyers are likely completing purchases now in advance of tighter conventional mortgage qualifications, scheduled for the new year.

Year to date, BC residential sales dollar volume was down 6.8 per cent to $69.4 billion, when compared with the same period in 2016. Residential unit sales declined 8.8 per cent to 98,024 units, while the average MLS® residential price increased 2.2 per cent to $708,150.

Blog

Canadian Building Permits – February 7, 2018

Vancouver Real Estate Stats – January 2018

Home buyer demand depends on property type

Canadian Retail Sales – January 2018

Bank of Canada Interest Rate Announcement – January 17, 2018

BCREA – Economics – Canadian Building Permits

BC Economics – Canadian Housing Starts – January 8, 2018

BCREA ECONOMICS NOW

December 2017 & Year End Summary – Statistics

Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market

December summary

Housing, immigration focus of latest census release

Housing

Immigration

Coquitlam

Maple Ridge

North Vancouver

Richmond

Commercial Real Estate – Q3 2017

Sales down, values up in Lower Mainland commercial real estate

Q3 2017 activity by category

BCREA Real Estate Stats – November 2017

Strong Economy Supporting Elevated Housing Demand

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