Vancouver, BC – March 20, 2019.


The British Columbia Real Estate Association (BCREA) is pleased with the measures announced in Budget 2019 that will help address housing affordability in British Columbia. REALTORS® in BC recognize that home ownership is a difficult goal to achieve for many British Columbians, and the policies announced in this budget provide meaningful assistance with this complex challenge.
 
BCREA supports the newly announced First-Time Home Buyer Incentive program, which introduces shared equity mortgages that will help to directly foster affordability. The budget also proposes increasing the Home Buyers’ Plan (HBP) withdrawal limit from $25,000 to $35,000, further supporting first-time buyers.

“British Columbians who aspire to home ownership need to be able to achieve this goal to assure a sustainable future for our province,” says Darlene Hyde, BCREA CEO. “REALTORS® have advocated for modernization of the HBP for a long time and we’re pleased to see it addressed in Budget 2019.”

The BC real estate sector makes important direct contributions to economic growth in the province, ultimately accounting for close to ten per cent of real GDP in the province through new home construction and residential and commercial real estate transactions. Home sales also generate significant spin-off expenditures. According to a 2017 study from the Canadian Real Estate Association (CREA), each home sale on the Multiple Listing Service® (MLS®) in BC between 2014 and 2016 generated $67,800 in related expenditures, such as moving costs, renovations and legal fees following the sale. Each transaction also generated an average of $7,000 in Property Transfer Tax.

BCREA also welcomes the following measures announced in Budget 2019:

  • making the National Housing Strategy a permanent program,
  • the announcement of an additional $10 billion and an extension of the Rental Construction Financing Initiative until 2027-28—a strong policy direction that will assist with assuring market sustainability,
  • increased sharing of financial data among federal and provincial governments and their agencies as part of anti-money laundering/anti-terrorist financing efforts; this issue can be best addressed with close collaboration among the federal and provincial governments, along with industry,    
  • the announcement of an Expert Panel on Housing Supply and Affordability. These are significant issues in British Columbia, and a well-chosen panel can bring collective expertise and forward-thinking strategy to the issue. In the near future, BCREA will provide the federal and provincial governments with recommendations for strong potential appointees. 

While we welcome the incentives for first-time home buyers, the announced measures fail to address the damage done by the mortgage stress test. BCREA is particularly encouraged that the federal government is carefully monitoring the effects of the B-20 mortgage regulations, as we recently voiced concern regarding the overreaching impact this policy is having in the Lower Mainland. We assert the federal government needs to review the policy against interest rate changes since its introduction and re-institute 30-year mortgages to further help Canadians achieve their goals of homeownership. 

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Vancouver, BC – March 13, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 4,533 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, a decline of 27 per cent from the same month last year. The average MLS® residential price in the province was $678,625, a decline of 9.3 per cent from February 2018. Total sales dollar volume was $3.08 billion, a 33.8 per cent decline from the same month last year.


“Prospective homebuyers continue to be sidelined by the mortgage stress test,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “As a consequence, and despite a strong BC labour market, sales remained slow in February.”


Total MLS® residential active listings increased 36.5 per cent to 30,891 units compared to the same month last year. The ratio of sales to active residential listings declined from 27.4 per cent to 14.7 per cent over the same period.


“Falling mortgage rates should provide some relief for homebuyers, providing a small boost to affordability heading into the spring,” added Ogmundson.

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March 4, 2019 - Courtesy of REBGV


The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.


Last month’s sales were 42.5 per cent below the 10-year February sales average.

“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, REBGV president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions.”


There were 3,892 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8 per cent decrease compared to the 4,223 homes listed in February 2018 and a 19.7 per cent decrease compared to the 4,848 homes listed in January 2019.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase compared to January 2019 (10,808).

For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent.


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.

“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said. “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1 per cent decrease over February 2018, a 6.2 per cent decrease over the past six months, and a 0.3 per cent decrease compared to January 2019.

Sales of detached homes in February 2019 reached 448, a 27.9 per decrease cent from the 621 detached sales recorded in February 2018. The benchmark price for detached properties is $1,443,100. This represents a 9.7 per cent decrease from February 2018, a 7.6 per cent decrease over the past six months, and a 0.7 per cent decrease compared to January 2019.

Sales of apartment homes reached 759 in February 2019, a 35.9 per cent decrease compared to the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300. This represents a four per cent decrease from February 2018, a 5.1 per cent decrease over the past six months, and a 0.3 per cent increase compared to January 2019.

Attached home sales in February 2019 totalled 277, a 30.9 per cent decrease compared to the 401 sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a 3.3 per cent decrease from February 2018, a 6.7 per cent decrease over the past six months, and a 1.4 per cent decrease compared to January 2019.


Download the February 2019 stats package
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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.