Go West young man, Go West

Vancouver has two main areas. Vancouver East & Vancouver West. In December 2018 the average detached home in Vancouver West sold for $3,306,055 whereas the Average home in Vancouver East sold for $1,480,383 That’s $1,825,672 more for a home on the Westside! However, we are not comparing apples with apples. The other factor you must account for is the size of the lot the home is on.

As of December 2018 there were 494 detached homes listed with an average size lot of 4,270 sq foot, and of the homes that sold, it worked out to $346.63 per sq foot. Of the 549 homes listed on the Westside, the average sized lot was 7,808 sq feet and of the homes that sold, worked out to $423.39 sq foot.

This means for $76.76 per sq foot more.. you would get (on average) a lot that is 3,538 sq feet more. A larger lot generally means a larger home as well.

If you’ve always wanted to live on the Westside, now may be the single best time to do that. For a complimentary, no obligation market evaluation on your home.. give me a shout at 778.879.8366 or send me an email with your name and address to tom@tomikonomou.com

Greater Vancouver Real Estate Boards Real Estate Statistics October 2018

The Greater Vancouver Real Estate Association has released the latest Statistics for October 2018. Click on the image below to enlarge or PDF documents included in the links below.

Oct 2018 Market Statatistics Greater Vancouver.jpg

 

October 2018 Metro Vancouver Highlights

Oct 2018 Market Statatistics Greater Vancouver

Posted by Craig Munn

The Metro Vancouver* housing market saw fewer home buyers and more home sellers in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,579 in April 2018, a 27.4 per cent decrease from the 3,553 sales recorded in April 2017, and a 2.5 per cent increase compared to March 2018 when 2,517 homes sold.

Last month’s sales were 22.5 per cent below the 10-year April sales average.

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, REBGV president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”

There were 5,820 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2018. This represents an 18.6 per cent increase compared to the 4,907 homes listed in April 2017 and a 30.8 per cent increase compared to March 2018 when 4,450 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,822, a 25.7 per cent increase compared to April 2017 (7,813) and a 17.2 per cent increase compared to March 2018 (8,380).

“Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

For all property types, the sales-to-active listings ratio for April 2018 is 26.3 per cent. By property type, the ratio is 14.1 per cent for detached homes, 36.1 per cent for townhomes, and 46.7 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 properties in Metro Vancouver is currently $1,092,000. This represents a 14.3 per cent increase over April 2017 and a 0.7 per cent increase compared to March 2018.

Sales of detached properties in April 2018 reached 807, a 33.4 per cent decrease from the 1,211 detached sales recorded in April 2017. The benchmark price for detached properties is $1,605,800. This represents a 5.1 per cent increase from April 2017 and a 0.2 per cent decrease compared to March 2018.

Sales of apartment properties reached 1,308 in April 2018, a 24 per cent decrease from the 1,722 sales in April 2017. The benchmark price of an apartment property is $701,000. This represents a 23.7 per cent increase from April 2017 and a 1.1 per cent increase compared to March 2018.

Attached property sales in April 2018 totalled 464, a 25.2 per cent decrease compared to the 620 sales in April 2017. The benchmark price of an attached unit is $854,200. This represents a 17.7 per cent increase from April 2017 and a 2.3 per cent increase compared to March 2018.

Click here to download the full stats package

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

 

Vancouver Eastside Stats – July 2017

Inventory Sales Sales Ratio* /strong> Inventory Sales Sales Ratio*
$0 – 300,000 1 1 100% Champlain  Heights 19 14 74%
300,001 – 400,000 19 13 68% Collingwood 39 41 105%*
400,001 – 500,000 24 49 204%* Downtown 14 4 29%
500,001 – 600,000 43 33 77% Fraser 6 8 133%*
600,001 – 700,000 31 23 74% Fraserview 16 14 88%
700,001 – 800,000 33 16 48% Grandview 6 11 183%*
800,001 – 900,000 14 18 129%* Hastings 14 12 86%
900,001 – 1,000,000 8 6 75% Hastings East 2 5 250%*
1,000,001  – 1,250,000 21 14 67% Killarney 9 1 11%
1,250,001  – 1,500,000 20 8 40% Knight 11 4 36%
1,500,001  – 1,750,000 3 1 33% Main 6 4 67%
1,750,001  – 2,000,000 1 0 NA Mt Pleasant 50 52 104%*
2,000,001  – 2,250,000 2 0 NA Renfrew  Heights 0 0 NA
2,250,001  – 2,500,000 1 1 100% Renfrew 4 5 125%*
2,500,001  – 2,750,000 2 0 NA South Vancouver 0 0 NA
2,750,001  – 3,000,000 0 0 NA Victoria 29 8 28%
3,000,001  – 3,500,000 0 0 NA TOTAL 225 183 81%
3,500,001  – 4,000,000 0 0 NA
4,000,001  – 4,500,000 0 0 NA
4,500,001  – 5,000,000 1 0 NA
5,000,001 & Greater 1 0 NA
TOTAL 225 183 81%
0 to 1 Bedroom 68 80 118%*
2 Bedrooms 106 73 69%
3 Bedrooms 45 26 58%
4 Bedrooms & Greater 6 4 67%
TOTAL 225 183 81%
Median Data June July Variance
Inventory 205 225 10%
Solds 279 183 -34%
Sale Price $580,000 $565,000 -3%
Sale Price SQFT $786 $715 -9%
Sale to List Price Ratio 106% 103% -3%
Days on Market 8 9 13%

 

 Tom Ikonomou East Vancouver Realtor

February 2017 Vancouver Market Update

Low supply continues to limit Metro Vancouver home buyers

Info-Feb-2017-portal

 

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.

Last month’s sales were 7.7 per cent below the 10-year February sales average.

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.

This is the lowest number of new listings registered in February since 2003.

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).

The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. 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.

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.

Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.

Craig Munn

Manager, Communication
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org

*Editor’s Note

Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

The Real Estate Board of Greater Vancouver is an association representing more than 13,400 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.