BCREA released 2016 First Quarter Housing Forecast Update today.

MLS® rresidential sales in BC are forecast to edge back 6.2 per cent to 96,100 units this year, after reaching 102,517 units in 2015. Strong consumer demand is expected to push MLS® residential sales up by 2 per cent to 98,000 units in 2017.  

The inventory of homes for sale is now at its lowest level in almost a decade,

Fewer homes for sale and strong consumer demand are expected to push home prices higher in most BC regions this year and in 2017.

The average MLS® residential price in the province is projected to increase 6.4 per cent to $677,200 this year and a further 4.1 per cent to $705,300 in 2017.

January 2016

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Vancouver's luxury condo market nails it in 2015 with a record number of sales over $5M

  • 2015 - 18
  • 2014 - 12
  • 2013 - 6
  • 2012 - 4
  • 2011 - 13
  • 2010 - 7

What about Vancouver condo sales over $7M?
  • In 2015 there were 5
  • in 2014 there were 2
  • 2013 - 4
  • 2012 - 2
  • 2011 - 4
  • 2010 - 2
  • 2005 & 2006 - 2 each
  • there were no sales over $7M between 2007 and 2009
The most expensive sale in 2015 was at Vancouver House ($8.8M for 3,252sf). The penthouse was divided into a number of smaller penthouses.
Currently there are 9 listings over $7M , which is two years of inventory.
The most expensive is the Penthouse at Two Harbour Green (1139 W. Cordova), listed at $19,800,000 for 6,000sf.
In 2015, the average days on the market for condos selling over $7M was onl 47 and they all sold between July and October.

Buying or Selling your luxury Vancouver condo? You deserve to know it all! Put my decades of hyper-local experience to work for you! Call Maggie today 604-328-0077!
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Fortune 500 Company JLL has purchased a real estate firm that specializes in apartment buildings, adding to the growing interest in Vancouver's hot property market from not only Asia but now the USA and Europe. 

Their main interest is in apartment buildings.

Currently a multibilliionaire is in the process of purchasing the Royal Centre which is one of our largest office buildings.

The current interest from American and European buyers is tied into the low Canadian Loonie, making it advantageous for buyers Switzerland, Germany,France and possibly Spain. 

Vancouver's interest from International buyers, other than Asia, is growing.

 

How can I help you find the right property? Put my decades of hyper-local experience to work for you! 

Call Maggie 604-328-0077

 

Jan 22/16

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Are you planning to buy a one or two bedroom condo and wondering whether Vancouver West Side or East Side is the best bet? Here's some graphs for the two neighbourhoods.

 

One Bedroom Condos

Average sale price

Sales 

Listings 

Days on market

Percentage of original price

 

Two Bedroom Condos

Average Sale Price

Sales

Listings

Days on market

Percentage of original price


How can I help you find the right home? Put my decades of hyper-local experience to work for you! Call or text Maggie 604-328-0077 for a coffee meetup!

 

 

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BCREA reports that a record number of home sales were recorded in the province for the month of December. A total of 6,590 residential unit sales were recorded by MLS® last month, up 29.8 per cent from the same month the previous year. Total sales dollar volume hit a record $4.62 billion for the month of December, up 55.4 per cent compared to the previous year.

The average MLS® residential price in the province climbed above the $700,000 threshold for the first time in BC last month, rising 19.7 from December 2014 to $700,943.

BC home sales breached the 100,000 unit threshold in 2015, and it was only the third time on record that this was achieved.

The dollar volume of MLS® residential sales was a record $65.3 billion in 2015, up nearly 37 per cent from the previous year.

The average annual residential price reached a record $636,627 last year, up 12 per cent from 2014. A total of 102,517 residential unit sales were recorded, an increase of 22 per cent compared to 2014.

A record 106,310 residential unit sales were recorded in 2005, while the only other year eclipsing 2015 were 2007 when 102,805 unit sales were recorded.

Jan'16

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Canadian housing starts closed the year down close to 20 per cent, falling from 212,028 units at a seasonally adjusted annual rate (SAAR) in November to 172,965 units SAAR in December

Housing starts in BC rebounded in December, rising 26 per cent to 33,346 units SAAR.  On a year-over-year basis, housing starts were up 15 per cent, led by a 22 per cent increase in multiple unit starts which offset a 3 per cent decline in single detached starts.

For the year 2015, total housing starts in BC increased 12 per cent compared to 2014. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 20 per cent year-over-year in December due to a 27 per cent jump in multiple starts. For all of 2015,  Vancouver CMA new home construction rose 9 per cent, finishing the year at 20,863 total starts

BCREA January 2016

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Vancouver's resale condo listings at currently down to a mere 455, which is 49% less than a year ago. The last time listings hit rock bottom was in December 2009, prior to Vancouver's Olympics because everyone was buying on the hype, some with the intention of doing furnished rentals for the Olympics.Then many owners tried to catch in after the Olympics and in June 2010 listings peaked at 2,346. In 2015 listings peaked at 1415 in May. 

What will 2016 bring? I don't see the inventory increasing, which will result in higher prices.

 

West Side house listings currently sit at 369, having peaked at 1191 in June 2012.

East Vancouver house listings are only 226, having peaked at 1087 in September 2008

In Janury 2005 the west side had 495 listings , compared to 686 on the east side. Traditionally Vancouver's West Side has always had more listings but this changed in 2008 as the Mainland Chinese starting consuming West Side houses and that increased the demand in East Van, due to affordability.The West Side has pretty much become a Chinese only market, pushing lower priced buyers East. 

 

Jan 1, 2016

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.