West End NE Residential Market Stats
Home sales increase in July
VANCOUVER, BC – August 2, 2019 – Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019.
Last month’s sales were 7.8 per cent below the 10-year July sales average.
“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashley Smith, REBGV president said. “Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”
There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2019. This represents a 3.3 per cent decrease compared to the 4,770 homes listed in July 2018 and a 2.9 per cent decrease compared to June 2019 when 4,751 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,240, a 17.3 per cent increase compared to July 2018 (12,137) and a 4.9 per cent decrease compared to June 2019 (14,968).
For all property types, the sales-to-active listings ratio for July 2019 is 18 per cent. By property type, the ratio is 13.5 per cent for detached homes, 20 per cent for townhomes, and 22 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,” Smith said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4 per cent decrease over July 2018 and a 0.3 per cent decrease compared to June 2019.
Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.
Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.
Attached home sales in July 2019 totalled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.
The province has expanded its exemptions to the foreign-buyer tax on real estate to include workers coming into B.C. under the provincial nominee program, Premier Christy Clark announced Friday.
She also said the government will rebate the tax to foreign nationals who become permanent residents of Canada within a year of purchasing a principal residence, so long as they lived in the home for a full year.
Because the 15-per-cent tax has helped cool Metro Vancouver’s property markets, Finance Minister Mike de Jong said the province “is now in a position to provide targeted relief to help ensure our province continues to attract skilled workers and entrepreneurs.”
In February, the government announced it would offer exemptions to the tax for foreign nationals living in Metro Vancouver who held work permits.
Also, people who arrived in B.C. on the provincial nominee program after Aug. 2, 2016, when the tax took effect, will be able to apply for retroactive exemptions.
In a news release, Clark said the revisions to the tax were made in part to help the province’s booming tech sector, which relies heavily on the provincial nominee program.
The province brought 6,000 skilled workers into the province using the nominee program in 2016, 900 of whom came here for jobs in technology. B.C. aims to bring another 6,000 workers to the province under the program this year.
“British Columbia has always welcomed the world’s best and brightest, where they find a place that embraces them,” Clark said in the news release.
In making the announcement, the Ministry of Finance distributed job-creation figures showing that employment growth in B.C.’s tech sector, at 2.9 per cent, exceeded the overall provincial average of 2.5 per cent employment growth.
The province estimates that one-third of new job openings expected by 2025 will have to be filled by immigrants, according to ministry calculations.
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