Vancouver, BC – June 15, 2018.


The British Columbia Real Estate Association (BCREA) reports that a total of 8,837 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in May, a 28.7 per cent decrease from the same month last year. The average MLS® residential price in BC was $739,783, down 1.7 per cent from May 2017. Total sales dollar volume was $6.54 billion, a 30 per cent decline from May 2017.


“BC home sales continued to slow in May because of more stringent qualifications for conventional borrowers,” said Cameron Muir, BCREA Chief Economist. “The changes in mortgage policy are taking their toll on housing demand, not only in British Columbia, but across the country by reducing household purchasing power and housing affordability.”


While the decline in consumer demand has lifted the inventory of homes for sale, total active residential listings in the province are still relatively low by historical comparison.


Year-to-date, BC residential sales dollar volume was down 13.8 per cent to $26.4 billion, compared with the same period in 2017. Residential unit sales decreased 16.6 per cent to 35,976 units, while the average MLS® residential price was up 3.4 per cent to $733,616.

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BCREA - June 6, 2018


The largest declines in permitting activity were posted in BC, which saw the total value of permits fall 22.6 per cent in April after posting a record high in March.  Year-over-year, total permits values were down only 1.9 per cent at $1.24 billion. Non-residential permits were down 31.8 per cent on a monthly basis  and were 28 per cent lower year-over-year. Residential permits fell 19.6 per cent on a monthly basis but were 10.1 per cent higher year-over-year.

 

Construction intentions in April were down in three of BC's four census metropolitan areas (CMA):

  • Permits in the Abbotsford-Mission CMA fell 26.7 per cent on a monthly basis to $23.8 million. Year-over-year, permit values were down more than half.
  • In the Victoria CMA, total construction intentions increased 16.4 per cent to $109.1 million , a 5.6  per cent rise over this time lats year.
  • In the Kelowna CMA, permits tumbled 30.6 per cent monthly basis, and were down 37.7 per cent year-over-year to $60 million.
  • The Vancouver CMA recorded permit activity valued at $755.9 million, falling 27.3 per cent from the over $1 billion in total permits registered in March. Year-over-year, permits were up 11.9 per cent.
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In Vancouver's frothy real estate market in 2006, the most expensive Penthouse condo was in El Presidio at 2088 Barclay in the West End, bordering Stanley Park. 4000sf with a maintenance fee of $1500 per month.Built in 1989, it is a two floor condo and was renovated.

Prior to 2006, Two Harbour Green's Penthouse sold in 2005 for $7.75M and the Shangri-la Penthouse went for $7.4M the same year.

Robert Quigg of The Quigg Group bought El Presidio Penthouse in 2004, gutted it to the tune of $5M and refitted it. Quigg says the luxury living market is booming with wealthy residents and jet setters who see Vancouver as a bargain. "We're the most livable city in the world, but we're not the most expensive city", he says. "I think there's a real demand for quality and trophy properties.

According to MLS, sales of condo properties increased 8.4% to 1,779 sale in March 2006, compared to 1,641 sales in March 2005.

The benchmark price of a condo property in Greater Vancouver Index is $305,022, up 22.6% from one year ago.

Buying or Selling Vancouver real estate? Put my hyper-local experience to work for you!

Call Maggie Chandler 604-328-0077

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Vancouver's city Council rejected the staff report which proposed four sites in Downtown Vancouver be redeveloped into condo buildings over 40 storeys. Instead they will allow two fifteen storey buildings in the Victory Square neighbourhood and some others in Chinatown South.

City Council passed a moratorium on all but one third of the Downtown Peninsula (east to Cabie Street Bridge) in 2009.

The one third that will be permitted to have new condo projects must be mixed use.

What will be the long term effect on cost of Downtown condos? Prices will rise and housing will be less affordable. The new buildings would have obstructed the view corridors of surrounding buildings.

Did Council make the right or wrong decision?

Buying or selling Vancouver real estate? Put my hyper-local experience to work for you!

Call Maggie Chandler 604-328-0077

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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.