ClickCease

Cell 778-929-4290 | EMAIL info@PropertySharkz.com |

 

Real estate rebound continues for Fraser Valley
SURREY, BC – The demand for Fraser Valley real estate is the strongest it’s been since the spring of 2018.The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a 18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year.Darin Germyn, President of the Board, says, “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped.


“Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.”


There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 per cent compared to October of last year and a decrease of 6.9 per cent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 per cent decrease compared to September 2019’s intake of 2,769 new listings and a 14.2 per cent decrease compared to October of last year.
   

Germyn adds, “We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.”MLS® HPI Benchmark Price ActivitySingle Family Detached: At $952,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.3 per cent compared to September 2019 and decreased 3.5 per cent compared to October 2018.Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8 per cent compared to September 2019 and decreased 4.2 per cent compared to October 2018.Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to September 2019 and decreased 6.4 per cent compared to October 2018. For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling. 
Latest Statistics Package
 
METRO VANCOUVER MARKET HIGHLIGHTS FOR OCTOBER 2019

DETACHED
Active Listings: 5,419
Sales: 938
Benchmark Price: $1,410,500
Avg. Days On Market: 55

TOWNHOUSE
Active Listings: 2,047
Sales: 536
Benchmark Price: $771,600
Avg. Days On Market: 43

CONDO/ APARTMENT
Active Listings: 4,770
Sales: 1,384
Benchmark Price: $652,500
Avg. Days On Market: 41

Download PDF

Home buyer activity increases in October 
October 2018 1,966 Sold
October 2019 2,858 Sold
(+45.4%)

Residential property sales in Metro Vancouver

The Metro Vancouver housing market is experiencing a fall pickup in hOme sale activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.
Last month’s sales were 9.8 per cent above the 10-year October sales average.
“Home buyers have more confidence today than we saw in the first half of the year. With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”Ashley Smith, REBGV president
There were 4,074 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2019. This represents a 16.4 per cent decrease compared to the 4,873 homes listed in October 2018 and a 16.3 per cent decrease compared to September 2019 when 4,866 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,236, a 5.8 per cent decrease compared to October 2018 (12,984) and a nine per cent decrease compared to September 2019 (13,439).
For all property types, the sales-to-active listings ratio for October 2019 is 23.4 per cent. By property type, the ratio is 17.3 per cent for detached homes, 26.2 per cent for townhomes, and 29 per cent for apartments.
Sales-to-active listings ratio – October 2019
Detached homes
17.3%
Townhomes
26.2%
Condominiums
29%
Total 23.4%
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.
“The recent uptick in home sales is moving us into a more historically typical market,” Smith said. “Both sale and listing activity is trending around our long-term averages in recent months.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $992,900. This represents a 6.4 per cent decrease from October 2018, a 1.7 per cent decrease over the past six months, and a 0.2 per cent increase compared to September 2019.
Sales of detached homes in October 2019 reached 938, a 47.3 per cent increase from the 637 detached sales recorded in October 2018. The benchmark price for a detached home is $1,410,500. This represents a 7.5 per cent decrease from October 2018, a 1.3 per cent decrease over the past six months, and a 0.3 per cent increase compared to September 2019.
Sales of apartment homes reached 1,384 in October 2019, a 40.5 per cent increase compared to the 985 sales in October 2018. The benchmark price of an apartment home is $652,500. This represents a 5.9 per cent decrease from October 2018, a 2.2 per cent decrease over the past six months, and a 0.2 per cent increase compared to September 2019.
Attached home sales in October 2019 totalled 536, a 55.8 per cent increase compared to the 344 sales in October 2018. The benchmark price of an attached home is $771,600. This represents a 5.8 per cent decrease from October 2018, a 0.4 per cent decrease over the past six months, and a 0.5 per cent increase compared to September 2019.
 
*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
Download PDF




Read full post


Airbnb Friendly Buildings in Downtown Vancouver:

  • 1372 Seymour Street (The Mark)

  • 33 West Pender Street (33 Living)

  • 989 Nelson Street (Electra)

  • 27 Alexander Street (Alexis)

  • 1010 Howe Street (Fortune House)

  • 1166 Melville Street (Orca Place)

  • 689 Abbott Street (Espana 1)

  • 188 Keefer Place (Espana 2)

  • 58 Keefer Place (Firenze 1)

  • 150 E Cordova

  • 1160 Burrard Street

  • 1200 Alberni Street (The Palisades)

  • 1288 Alberni Street (The Palisades West)

  • 933 Seymour Street (The Spot)

  • 1331 Homer Street (The Point 2)

 

You will also need a short term rental business license from the city of Vancouver. The license requires you pay an activation fee of $58 and has an annual fee of $51 you will pay each year.

You can apply online here!

To apply, you will have to prove that your home meets all of the fire safety and building requirements from smoke alarms, fire extinguishers, carbon monoxide detectors (when applicable) and more.

Check out this checklist from the City of Vancouver here!



CONTACT US HERE NOW TO CHAT ABOUT YOUR NEXT CASH FLOW AIR BNB RENTAL NOW!

Read full post

Property sales in Fraser Valley have recovered bringing market into balance


SURREY, BC - For the third straight month, home sales in the Fraser Valley surpassed 2018 levels bringing the market back in line with long-term averages.

The Fraser Valley Real Estate Board processed 1,343 sales of all property types on its Multiple Listing Service® (MLS®) in September, a 3.5 per cent increase compared to sales in August 2019, and a 29.8 per cent increase compared to the 1,035 sales in September of last year.

Darin Germyn, President of the Board, says, "The market's return to balance is good news for both buyers and sellers, however it's important to put the 30 per cent year-over-year increase in sales into context. September's sales went from amongst the worst in 10 years to just above our 10-year average."

 


"Home prices are still dropping compared to a year ago, but on a month-to-month basis, prices are moderating because supply is shrinking. Our incoming supply of new listings has dropped consistently for the last four months pushing our total inventory in the Fraser Valley to the lowest it's been since April, which has had an impact on prices."

 


There were 7,946 active listings available in the Fraser Valley at the end of September, an increase of 3.9 per cent compared to September of last year and a decrease of 1.2 per cent compared to August 2019. The Board received 2,769 new listings in September, a 17.5 per cent increase compared to August 2019's intake of 2,357 new listings and a 6 per cent decrease compared to September of last year.

 


Germyn adds, "Financing is still a challenge for many clients, but fortunately in a balanced market like this, REALTORS® have the time to work with clients and advise them of the best strategies for them, whether they are buying or selling."

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $950,000, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.4 per cent compared to August 2019 and decreased 3.9 per cent compared to September 2018.
  • Townhomes: At $520,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3 per cent compared to August 2019 and decreased 4.8 per cent compared to September 2018.
  • Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.9 per cent compared to August 2019 and decreased 7.6 per cent compared to September 2018.


For the Fraser Valley region, the average number of days to sell an apartment in September was 41, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.


Latest Statistics Package



METRO VANCOUVER MARKET HIGHLIGHTS
 
SEPTEMBER 2019
 
 
DETACHED
Active Listings:5,883
Sales:745
Benchmark Price:$1,406,200
Avg. Days On Market:58
TOWNHOUSE
Active Listings:2,233
Sales:422
Benchmark Price:$767,500
Avg. Days On Market:45
APARTMENT
Active Listings:5,323
Sales:1,166
Benchmark Price:$651,500
Avg. Days On Market:43

Increased demand helps housing market reach balanced territory

September 2018 1,595 Sold
September 2019 2,333 Sold
(46.3%)
 

Home buyer demand has returned to more historically typical levels in Metro Vancouver* over the last three months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3 per cent increase from the 1,595 sales recorded in September 2018, and a 4.6 per cent increase from the 2,231 homes sold in August 2019.

Last month’s sales were 1.7 per cent below the 10-year September sales average.

"We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year. Home buyers are more willing to make offers today, particularly in the townhome and apartment markets."
Ashley Smith, REBGV president

There were 4,866 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This represents a 7.8 per cent decrease compared to the 5,279 homes listed in September 2018 and a 29.9 per cent increase compared to August 2019 when 3,747 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,439, a 2.7 per cent increase compared to September 2018 (13,084) and a 0.3 per cent increase compared to August 2019 (13,396).

For all property types, the sales-to-active listings ratio for September 2019 is 17.4 per cent. By property type, the ratio is 12.7 per cent for detached homes, 18.9 per cent for townhomes, and 21.9 per cent for apartments.

 
Sales-to-active listings ratio - September 2019
 
Detached homes
12.7%
Townhomes
18.9%
Condominiums
21.9%
Total 17.4 %
 

Generally, analysts say that 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.

“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $990,600. This represents a 7.3 per cent decrease over September 2018 and a 0.3 per cent decrease compared to August 2019.

Sales of detached homes in September 2019 reached 745, a 46.7 per cent increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200. This represents an 8.6 per cent decrease from September 2018 and is virtually unchanged compared to August 2019.

Sales of apartment homes reached 1,166 in September 2019, a 43.6 per cent increase compared to the 812 sales in September 2018. The benchmark price of an apartment property is $651,500. This represents a 6.5 per cent decrease from September 2018 and a 0.4 per cent decrease compared to August 2019.

Attached home sales in September 2019 totalled 422, a 53.5 per cent increase compared to the 275 sales in September 2018. The benchmark price of an attached home is $767,500. This represents a 7.2 per cent decrease from September 2018 and a 0.6 per cent decrease compared to August 2019.


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

Correction: an earlier version of this article incorrectly stated the number of sales for apartment properties.

Download PDF
Read full post

Both buyers and sellers taking a wait-and-see approach in the Fraser Valley


SURREY, BC - Last month's property sales in the Fraser Valley were 29.3 per cent below the 10-year sales average for June and were the second lowest total for the month since the year 2000. The number of new listings also decreased in June, coming in at 9.6 per cent below the 10-year average for the number of listings received during that month.

The Fraser Valley Real Estate Board processed 1,306 sales of all property types on its Multiple Listing Service® (MLS®) in June, a 13.9 per cent decrease compared to sales in May 2019, and a 10.1 per cent decrease compared to the 1,452 sales in June of last year.

Darin Germyn, President of the Board, commented, "The Fraser Valley market is still adjusting to the federal government's new mortgage requirements and to the provincial government's speculation and vacancy taxes. We're seeing historically low levels for home purchases in our region, and at the same time, we're seeing some prospective sellers holding back on listing their homes; waiting to see what the market will do.

"This has created a great opportunity for buyers in the Fraser Valley. Inventory overall is growing; prices of benchmark, or typical homes, have decreased 6 to 10 per cent over the past year and interest rates are still holding firm."

There were 8,516 active listings available in the Fraser Valley at the end of June, an increase of 19.3 per cent compared to June of last year and an increase of 0.1 per cent compared to May 2019. The Board received 2,810 new listings in June, a 20.7 per cent decrease compared to May 2019's intake of 3,542 new listings and a 10.5 per cent decrease compared to June of last year.

"There is tremendous variation in the market depending on the property type and location", added Germyn. "It's currently a buyers' market for detached homes in South Surrey/White Rock; but is leaning towards a sellers' market for townhomes in Langley, so if you're considering taking advantage of the market slowdown, first, talk to your REALTOR®."

HPI® Benchmark Price Activity

  • Single Family Detached: At $960,100, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.4 per cent compared to May 2019 and decreased 6.1 per cent compared to June 2018.
  • Townhomes: At $525,200, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.5 per cent compared to May 2019 and decreased 5.9 per cent compared to June 2018.
  • Apartments: At $409,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.7 per cent compared to May 2019 and decreased 9.6 per cent compared to June 2018.

Full package:
http://www.fvreb.bc.ca/statistics/Package201906.pdf

Read full post

SOLD DATA IS NOW AVAILABLE TO THE PUBLIC


  • CURIOUS TO KNOW WHAT YOUR NEIGHBOUR SOLD FOR LAST WEEK?
  • WANT TO KNOW WHAT PRICE THAT PENTHOUSE CONDO IN YALETOWN WENT FOR LAST YEAR? 

YOU NO LONGER NEED TO CONTACT AN AGENT TO FIND THIS OUT. NOW YOU HAVE DIRECT ACCESS TO SOLD DATA THAT WAS ONLY AVAILABLE TO REALTORS AND PROFESSIONALS WHO WERE LICENSED WITH THE REAL ESTATE BOARD. 


CLICK HERE FOR ACCESS TO SOLD DATA

Read full post

CMHC Green Home offers a partial refund on the cost of mortgage loan insurance. Buy, build or renovate for energy efficiency and you may be eligible for a refund of up to 25% of your premium.

Check if you’re eligible

YOU ARE BUYING OR BUILDING A HOME

Homes built under eligible building standards

Building StandardInsurance Premium Refund
R-2000 (national) 25%
Built Green™ (national) 15%
ENERGY STAR® (national) 15%
GreenHouse™ (Ontario) 15%
GreenHome™ (Yukon) 15%
LEED Canada for Homes (national) 15%
Novoclimat (Quebec) 15%
Manitoba Hydro’s New Homes Program (Manitoba) 15%

Homes not built under eligible building standards

If your home isn’t built to eligible building standards, have it assessed by a Natural Resources Canada (NRCan) qualified energy advisor.

Your advisor will measure your home’s efficiency using one of two EnerGuide scales: the 0-100 scale or the gigajoules (GJ) per year scale.

EnerGuide 0-100 RatingInsurance Premium Refund
82-85 15%
86-100 25%


EnerGuide GJ/Year RatingInsurance Premium Refund
At least 15% lower than “A Typical New Home” 15%
At least 40% lower than “A Typical New Home” 25%

YOU ARE BUYING A CONDO

If your building meets the LEED Canada New Construction standard (Certified, Silver, Gold or Platinum), you automatically qualify for a 15% refund.

If your building is designed to be 20% more energy-efficient than compliance with the energy provisions of the applicable building code, you may be eligible for a 15% refund.

If your building is designed to be 40% more energy-efficient than compliance with the energy provisions of the applicable building code, you may be eligible for a 25% refund.


YOU ARE RENOVATING A HOME

If you purchase an existing home and make energy-efficient improvements you may be eligible for a CMHC Green Home premium refund.

Before and after you make the improvements, have your home assessed by a Natural Resources Canada (NRCan) qualified energy advisor.

Your advisor will measure your home’s efficiency using one of two EnerGuide scales: the 0-100 scale or the gigajoules (GJ) per year scale.

  EnerGuide rating
0-100 scale
EnerGuide rating
Gigajoules scale
If pre-retrofit rating is < 55 If pre-retrofit rating is ≥ 55 If pre-retrofit rating is ≥ 200 If pre-retrofit rating is < 200
15% Insurance Premium Refund Minimum increase of 10 points, with resulting rating of at least 60 Minimum increase of 5 points Minimum decrease of 45 GJ/year, with resulting GJ/year not to exceed 250 Minimum decrease of 20 GJ/year
25% Insurance Premium Refund Minimum increase of 20 points, with resulting rating of at least 60 Minimum increase of 10 points Minimum decrease of 90 GJ/year, with resulting GJ/year not to exceed 250 Minimum decrease of 45 GJ/year

Download the Green Home application form to apply. Your application must be submitted within 24 months of the closing date of your mortgage.

Read full post


The First-Time Home Buyer Incentive (the Incentive) helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.

You need to have the minimum down payment to be eligible. You can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. Your maximum qualifying income is no more than $120,000 and your total borrowing is limited to 4 times the qualifying income.

The Incentive has an equity-like payout, where the government would share in the upside and downside of the property value.

* Barring any unforeseen circumstances the program will launch on September 2, 2019. The first closing will take effect on November 1, 2019.

Program Details

How does it work?

The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. The Incentive is not interest bearing and does not require ongoing repayments.

Through the First-Time Home Buyer Incentive, the Government of Canada will offer:

5% of a first-time buyer’s down payment for the purchase of a re-sale home
5% or 10% of a first-time buyer’s down payment for the purchase of a new construction

How do I know how much I have to pay back?

You can repay the Incentive at any time without a pre-payment penalty. You have to repay the Incentive after 25 years or if the property is sold. The repayment of the Incentive is based on the property’s fair market value:

  • You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.
  • You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.

NOTE: If your property value goes down, you are still responsible for repaying the shared equity mortgage based on the current home value at time of repayment.

 
Incentive by Property Type
PROPERTY TYPEINCENTIVE (%)
New Construction 5% or 10%
Existing Home 5%
New or re-sale mobile/manufactured home 5%

Funding Available

The First-Time Home Buyer Incentive works on a first-come-first-serve basis. The total amount of funding will be $1.25 billion over 3 years.

Eligibility & Requirements

Who can apply?

  • Canadian citizens, permanent residents, and non-permanent residents who are legally authorized to work in Canada
  • Borrowers must have a maximum qualifying income of $120,000 
    • Total qualifying income cannot exceed $120,000 per year
    • This is subject to qualifying income requirements set out by lenders and mortgage loan insurers
  • At least one borrower must be a first-time homebuyer, as per the definition below.

Are you a first-time homebuyer?

You are considered a first-time homebuyer if you meet one of following qualifications:

  • you have never purchased a home before
  • you have gone through a breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements).
  • in the last 4 years, you did not occupy a home that you or you current spouse or common-law partner owned
  • IMPORTANT: With the 4-year clause, it is possible that you or your spouse or common-law partner qualifies for the first-time homebuyer incentive (if you are in a married or common-law relationship). Even if you or your spouse or common-law partner has previously owned a home in the last 4 years.

How does the 4-year period work?

  • The 4-year period begins on January 1 of the fourth year before the year you purchased your home. It ends 31 days before the date you purchase your new home. Here are a few examples: 
    • if you purchase a home on March 31, 2015, the 4-year period begins on January 1, 2015 and ends on February 28, 2019
    • if you sold your home you lived in in 2013, you may be able to participate in 2018 or if you sold the home in 2014, you may be able to participate in 2019

Are there other mortgage details?

  • Total borrowing is limited to 4 times the qualifying income. The combined mortgage and Incentive amount cannot exceed four times the total qualifying income.
  • The amount for the mortgage loan insurance premium is excluded from this calculation.
  • The Incentive will be a second mortgage on the title of the property. There will be no regular principal payments, it’s not interest bearing and has a maximum term of 25 years.
  • The Incentive will have an equity-like payout, where the Government of Canada will share in the upside and downside of the property value upon repayment.

Is Mortgage Loan Insurance required?

  • Mortgages must be eligible for mortgage loan insurance. The first mortgage must be greater than 80% of the value of the property. This is subject to a mortgage loan insurance premium based upon the amount of the first mortgage.
  • Mortgage loan insurance premiums may be subject to provincial taxes.

What are the down payment requirements?

  • Minimum down payment is 5% of the first $500,000 of the lending value. It is 10% of the lending value above $500,000 from traditional down payment sources.
  • Traditional down payment comes from the borrower’s own resources and may include: 
    • savings
    • withdrawal/collapse of a registered retirement savings plan (RRSP)
    • non-repayable financial gift from a relative
    • Note: Unsecured personal loans or unsecured lines of credit used to satisfy minimum down payment requirements are not eligible for the program.

What properties are eligible?

The Incentive is to help first-time homebuyers purchase their first home. Eligible properties include:

  • 1 to 4 unit residential properties which includes 
    • new construction
    • re-sale home
    • new and re-sale mobile/manufactured homes
  • The property must be located in Canada and must be suitable and available for full-time, year-round occupancy.

What are the terms of repayment?

  • The first-time homebuyer will be required to repay the Incentive amount after 25 years or when the property is sold, whichever comes first. The homebuyer can also choose to repay the Incentive in full at any time, without a pre-payment penalty.

How is repayment calculated?

  • If a homebuyer receives a 5% (or 10%) Incentive, he would repay 5% (or 10%) of the home’s value at repayment.
  • Repayment is based on the property’s fair market value.

Let’s look at a specific situation

Anita wants to buy a new home for $400,000.

Under the First-Time Home Buyer Incentive, Anita can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) through the program. This is on top of the minimum required down payment of $20,000 (5% of the purchase price) from her savings.

This lowers the amount she needs to borrow and reduces her monthly expenses.

As a result, Anita’s mortgage is $228 less a month or $2,736 a year.

This example is for illustrative purposes only. Anita will need to repay the incentive at 10% of the fair market value when she sells the property or after 25 years, whichever is earliest.

Here’s another situation

John has an annual qualifying income of $83,125.

To be eligible for Canada’s First-Time Home Buyer Incentive, he can purchase a home up to $350,000. John still has the required minimum down payment of 5% of the purchase price, $17,500 from his savings. He can receive $35,000 in a shared equity mortage — 10% of a newly constructed home.

This would reduce John’s mortgage payments by $200 a month or $2,401 a year.

This example is for illustrative purposes only. John will need to repay the incentive at 10% of the fair market value when he sells the property or after 25 years, whichever is earliest.

Read full post

Features

  • Striking modern architecture with dramatic details including an iconic entry canopy, perforated metallic panels and staggered balconies.
  • Gourmet kitchens with engineered stone counters, undermount sinks, custom cabinetry, under-cabinet lighting, mosaic marble backsplashes and integrated brand-name appliances.
  • Keep cool in the warmer months with an air-cooling system.
  • Ensuites feature custom cabinetry and premium finishings including a luxurious oversized spa-style shower with frameless doors, a rain shower head plus a shower wand, and integrated bench seating.
  • Generous decks for outdoor living.
  • Some homes enjoy views of the North Shore Mountains, Mount Baker and surrounding green space.
  • A long list of residents-only amenities includes a fitness studio, social lounge, games library, landscaped podium, barbeque patio and more.
 
 
 

Floorplans

This is a sample of the floorplans available in this community. For an accurate list of available homes, please contact our sales team.


An Effortless Way of Life

What makes Coquitlam so unique is also what makes it such a great place to live. Urban in spirit, and sustainable at heart, it connects you to the essence of the West Coast. Try on the latest fashion at nearby Coquitlam Shopping Centre, enjoy an evening stroll in one of the surrounding picturesque parks, or simply hop on the SkyTrain network to explore downtown Vancouver. Coquitlam is a city where your days are as rich in shopping, dining and entertainment, as they are in trees, trails and parks.

Become a VIP member:

 
Read full post

What we're about



Real Estate Investing, commercial real estate & first time purchasers information seminars and networking. Find out how to locate the best properties to purchase and how to purchase. Network with savy residential investors and entrepreneurs. Learn how to Invest with a group of like minded investors as a single business in properties such as vacation air bnb properties and university student rentals. Current and future entrepreneurs are welcome as well as we go over the key steps to buying and existing business or business space. Learn from award winning trustworthy instructors with years of experience in the industry. Specializing in residential and commercial real estate buyers.


Visit think link to register for the group seminars and rsvp for the next investor group meeting



 
 
Read full post


Georgetown One by Anthem is the first new tower planned as part of the Surrey City Centre’s 10 acre masterplanned community. The community itself is made up of seven residential towers, townhouses and 100,000 square feet of restaurant, office and retail space. The 30 storey Georgetown One tower includes 351 studios, one and two bedroom homes that are all efficiently designed. Amenities include co-working space, a glass covered outdoor theatre, fire-pit lounge, fully equipped gym and yoga studio, social lounge with wet bar, pool table and table tennis, entertainment kitchen and dining lounge, as well as a guest suite. In addition, Georgetown One is just steps from King George and Surrey Central SkyTrain station, along with the SFU Surrey campus and an abundance of retail amenities. 




At A Glance

  Address: 13645 102 Avenue
  Units:  351
  Storeys: 30
  Style of Home: Studio, 1 and 2 Bedroom condos
  Nearby Parks: Holland Park, Hawthorne Rotary Park
  Nearby Amenities: SFU University Campus, North Surrey Recreation Centre, Surrey City Hall, Surrey’s newest and largest Public Library and the Central City Shopping Centre

For Pricing and Membership Access 

Become a member:

 
Read full post

 

PARKSIDE LIVING IN SURREY CITY CENTRE

The Holland, by Townline will soon sit next to the luscious greenery of Holland Park. Located minutes from transit and all the conveniences Central City in Surrey provides. Offering up 251 homes, consisting of one and two bedroom condos as well as exclusive three bedroom townhomes. Townline is known for quality finishes and thoughtful layouts which will complete each home. The sheer number of amenities on offer will enhance the daily lives of each resident. Consisting of over 13,000 square feet of indoor and outdoor amenities the list includes:

  • including a fitness studio
  • business centre
  • electronic parcel delivery room
  • an entertainment and dining lounge that opens onto the outdoor social lounge
  • children’s play area


 

TRANSIT

Two major transit hubs, Surrey Central Station and King George Station, are a short 10-minute walk from home. Hop on the SkyTrain at either station for quick and seamless access to New Westminster, Burnaby, Coquitlam, and downtown Vancouver.

Holland PARK

Holland Park, Surrey’s adaptation of New York’s Central Park, offers up 25 acres of green, recreation, and entertainment space. Included in which are sports fields, basketball courts, a playground, an amphitheatre, and elegant gardens. Holland Park is also home to major community events, including Fusion Festival, Movies Under the Stars and many other exciting events.

THRIVING URBAN GROWTH

Surrey is quickly being recognized as the future of Greater Vancouver, especially when it comes to Real Estate. The increase in employment opportunities and the academic possibilities available at institutions such as Simon Fraser University and Kwantlen Polytechnic University, its no surprise that pre-sale condo demand is at an all time high. With major infrastructure including transit improvements, the writing is on the wall for why Surrey is the next smart move when it comes to buying Real Estate.

SkyTrain accessibility has also become the most important criteria for Real Estate purchasers & investors.  As Greater Vancouver looks to move towards a greener future and reduce the use of cars, it only makes sense to situate yourself as close to local transit and SkyTrain stations as possible.  This is one of the main reasons why SkyTrain accessible Real Estate has become so valuable and why developers are securing land in close proximity to SkyTrain stations.


Register for VIP information

Become a member:

 


Read full post

New Westminster council has unanimously passed a bylaw that will use the city’s business licensing powers to penalize landlords who evict tenants in order to renovate.

The bylaw uses the city’s business licensing powers, and is being called a groundbreaking policy that could put the brakes on what are known as “renovictions” if other Metro Vancouver municipalities follow suit. The bylaw will define under what conditions landlords can evict; will set out provisions to temporarily house tenants if vacancy is required to renovate; and will prohibit rent increases when tenants return.

Read full post

METRO VANCOUVER MARKET HIGHLIGHTS JANUARY 2019

 

Home listings increase while buyers remain in holding pattern

 
January 2018
1,818 Sold
January 2019
1,103 Sold
(-39.3%)
 
Residential property sales in Metro Vancouver

Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.

Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009.

"REALTORS® are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain in a holding pattern for the time being."
Phil Moore, REBGV president

There were 4,848 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2019. This represents a 27.7 per cent increase compared to the 3,796 homes listed in January 2018 and a 244.6 per cent increase compared to the 1,407 homes listed in December 2018.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,808, a 55.6 per cent increase compared to January 2018 (6,947) and a 5.2 per cent increase compared to December 2018 (10,275).

For all property types, the sales-to-active listings ratio for January 2019 is 10.2 per cent. By property type, the ratio is 6.8 per cent for detached homes, 11.9 per cent for townhomes, and 13.6 per cent for condominiums.

Sales-to-active listings ratio - January 2019
Detached homes
6.8%
Townhomes
11.9%
Condominiums
13.6%
Total 10.2%

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.

“Home prices have edged down across all home types in the region over the last seven months,” Moore said.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,019,600. This represents a 4.5 per cent decrease over January 2018, and a 7.2 per cent decrease over the past six months.

“Economic fundamentals underpinning our market for home buyers and sellers remain strong. Today’s market conditions are largely the result of the mortgage stress test that the federal government imposed at the beginning of last year,” Moore said. “This measure, coupled with an increase in mortgage rates, took away as much as 25 per cent of purchasing power from many home buyers trying to enter the market.”

Sales of detached homes in January 2019 reached 339, a 30.4 per cent decrease from the 487 detached sales recorded in January 2018. The benchmark price for detached homes is $1,453,400. This represents a 9.1 per cent decrease from January 2018, and an 8.3 per cent decrease over the past six months.

Sales of apartment homes reached 559 in January 2019, a 44.8 per cent decrease compared to the 1,012 sales in January 2018. The benchmark price of an apartment property is $658,600. This represents a 1.7 per cent decrease from January 2018, and a 6.6 per cent decrease over the past six months.

Attached home sales in January 2019 totalled 205, a 35.7 per cent decrease compared to the 319 sales in January 2018. The benchmark price of an attached unit is $800,600. This represents a 0.5 per cent decrease from January 2018, and a 6.2 per cent decrease over the past six months.


* 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.

Download PDF
 

 

Fraser Valley Stats

Inventory rises and apartment sales take lead during modest January market

SURREY, BC – Overall inventory levels continued to recover as market activity remained moderate through January.

The Fraser Valley Real Estate Board processed 784 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 2 per cent decrease compared to sales in December 2018, and a 35.2 per cent decrease compared to the 1,210 sales in January of last year.

Of the 784 total sales, 250 were residential detached homes, 190 were townhouses, and 257 were apartments. This is the first time in the Board’s history that apartments have outsold residential detached homes during a month.

“This remains a challenging environment for buyers and sellers alike,” said John Barbisan, President of the Board. “Factors such as reduced buying power, changing expectations for pricing, and a recovering inventory are all having an impact.”

There were 5,995 active listings available in the Fraser Valley at the end of January, an increase of 9.9 per cent compared to December 2018’s inventory and an increase of 51.3 per cent year-over-year.

Additionally, 2,609 new listings were received by the Board for the month, a significant increase compared to December 2018’s intake of 978 new listings and a 24.7 per cent increase compared year-over-year.

"Historically, January months start slowly, and 2019 is following that trend,” explained Barbisan. “Pricing for each of our major residential property types remains either stable or decreased in most areas. This isn’t necessarily indicative of what’s to come in 2019, but it reinforces the need to be aware of what’s happening in your local market in order to be effective.”

For the Fraser Valley region, the average number of days to sell an apartment in January was 45, and 44 for townhomes. Single family detached homes remained on the market for an average of 55 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached:At $954,100, the Benchmark price for a single family detachedhome in the Fraser Valley decreased 1.2 per cent compared to December 2018 and decreased 3.3 per cent compared to January 2018.
  • Townhomes:At $522,100, the Benchmark price for a townhomein the Fraser Valley in the Fraser Valley decreased 1.8 per cent compared to December 2018 and increased 0.5 per cent compared to January 2018.
  • Apartments:At $409,000, the Benchmark price for apartments/condosin the Fraser Valley decreased 2.2 per cent compared to December 2018 and increased 1.2 per cent compared to January 2018.

Full package:
http://www.fvreb.bc.ca/statistics/Package201901.pdf

Read full post

Equity Mortgage Financing 

  • No Income Verification
  • No Stress Test
  • No Qualifying Rates
  • Simple Common Sense Approvals

Minimum Qualification Requierements:

1. Minimum Equity/Down-payment: 25%*
2. Application
3. Credit Bureau
4. Appraisal

Funds available NOW for:

First Mortgages up to $1,000,000.00 - Starting at 7.95%*

Second Mortgages up to $500,000.00 - Starting at 8.95%*

We lend based on equity and will consider:

  • No Proof of Income
  • Debt consolidation and credit repair
  • Lease land properties
  • CRA/Liens/CPL
  • Commercial financing under $1 Million (65% LTV Max)


We are a proud sponsor of HelpingFamiliesinNeed.org

Read full post

Lori Greiner From SHARK TANK abc is a Christmas Baby, born December 9, 1969. She is known as the Queen of QVC as since 2000, she has appeared on a QVC show called Clever & Unique Creations. She is also the president and founder of the Chicago company, For Your Ease Only, Inc.
 
Greiner grew up modestly on the Near North Side, Chicago. She majored in communications from the Loyola University Chicago, and worked for the Chicago Tribune while in college. She was briefly a playwright and also humbly designed and sold her own jewelry on the side.

In 1996, Greiner created and patented a plastic earring organizer, which was picked up by J. C. Penney before the holiday season. She took out a $300,000 loan to make this product and paid it back in eighteen months. She has also patented consumer products in other categories including cosmetic organization, jewelry storage, travel, electronics, and household items. She is also known venture in capital investing, product design consulting and television production.

Greiner started her own company after her J.C.Penney success and her product began appearing on Home Shopping Network and in the retail store, Bed, Bath and Beyond. Shortly thereafter, she transitioned to QVC and in 2000, landed her own show called Clever & Unique Creations, which is one of the longest running show on the network.

In 2012, Greiner joined the US TV series Shark Tank. In 2014, her investment in Scrub Daddy, a company that produces a texture changing household sponge, was noted as one of the biggest success story in Shark Tank history. On July 30, 2014, she sold more than 2 million sponges on QVC (in one day alone).

Another Shark Tank investment by Greiner made in Bantam Bagels (mini stuffed bagels) in 2014, was fully acquired by T. Marzetti Company, a subsidiary of Lancaster Colony Corporation. Other investments by Greiner include Squatty Potty, Readerest, Paint Brush Cover, Hold Your Haunches, Drop Stop, FiberFix, Simply Fit Board, Sleep Styler and Screenmend.




Read full post

Calculations take into account all market data, as well as site potential

The increased value of commercial properties has sparked debate in the media about what is the true value of commercial properties in B.C. The truth is market demand for those properties is what really drives prices up or down, says Tina Ireland, BC Assessment Regional Assessor.  

BC Assessment’s mandate is to provide fair, equitable, independent and trusted property assessments that echo market demands.

“BC Assessment reflects what is happening in the marketplace. Commercial assessments are all based on market value data. Across B.C., the assessed value is based on a commercial property's best potential use, as opposed to actual use,” Ireland explains. “Think, could a small shop be redeveloped into a high-rise commercial building?”


But how exactly are commercial property assessments calculated?


The first step is to determine the highest and best use of the property in order to make an accurate assessment. This is fundamental to a market value assessment system.  The highest and best use of a property must be legal permissibility, physical possibility, financial feasibility and maximum profitability.  Once the highest and best use is determined we measure how the market reflects this use.

“We analyze sales, we interview participants in that sale and we also look at rental/lease rates…there is a lot of data that goes into creating accurate assessments,” Ireland says. “We also work closely with national associations across the country and internationally to ensure our approach is accurate.”

 “Our assessments to sales ratio received a 96 percent accuracy rate,” Ireland adds. “Some people think we simply predict, and that assessments are less factual than they are, but on the contrary, it is a very thoughtful process using the best market data we can find.

"In fact, our assessments meet IAAO (International Association of Assessing Officers) standards.  The IAAO sets the standards that BC Assessment follows to ensure delivery of accurate assessments with current property values. The IAAO does that by using the median Assessment to Sales Ratio (ASR). The ASR measures how closely assessments represent a property’s actual selling price, tracking assessment accuracy in a market-based property assessment system.

“Across Canada and internationally, we are renowned for our system…one which works, one which is understandable and transparent,” notes Ireland. “We are very well ranked.”  

There are several drivers that influence market values, most notably the demand for specific properties, physical characteristics, and changes in zoning and density. If a property is rezoned, it is typically undertaken to permit more land uses and/or increased density to be developed on the property. 

Ireland credits its highly professional staff who ensure the accuracy of its assessments.

“Less than two percent of our property assessments are appealed, which means 98 per cent of people accept their assessments,” adds Ireland.

The website is full of great information that helps people understand the process.

“On bcassessment.ca, residents can compare their property assessments to those around them, as well as latest trends, sales and value changes in different municipalities and much more,” says Ireland. “We encourage property owners to contact us to learn more about their assessment.”


Find full article HERE

Read full post

Close to $3 billion worth of purpose-built rental properties changed hands in Greater Vancouver last year, according to the numbers crunched by the Goodman team at HQ Commercial.

 


The sum represents a 37% increase from last year, even though the number of properties changing hands totalled 155, just five more than in 2017. The average price per suite increased 23%, to $530,401.


“The real story behind the stats is all about the dirt,” Mark Goodman said. “The rarity of land throughout Metro Vancouver, coupled with investment growth in the condo and rental sphere, continues to drive our markets.”

 

 While strong demand for rental accommodation allowed investors to enjoy good cash flow in the past, the motivation today is increasingly about redevelopment opportunities. Supply can’t keep up with demand, and an aging stock suited to redevelopment in rental-friendly municipalities means many properties’ land values have risen – in some cases, Goodman said, “almost beyond recognition.”

 

Deals in the West End, for example, broke the billion-dollar mark as 21 buildings comprising a total of 1,373 suites sold.

The strong activity put paid to mid-year analyses that saw a slowing market for multi-family properties.

Avison Young, which tracks sales $5 million and greater, felt that political uncertainty in the run-up to last October’s civic elections would combine with government efforts to cool real estate markets and rising interest rates to cool deal activity and pricing.

“The likely pause in the market will allow for potentially better pricing to be achieved on properties than what has been available recently,” Avison Young opined in its mid-year multi-family report. “Purchasers will gain more certainty and a greater understanding of what pricing the market can support.”

While this wasn’t the case in Greater Vancouver, political uncertainty remains.

Goodman reports that some investors are shying from investing in purpose-built rental properties as a result. However, with no new land being created and the development environment still fraught with hurdles and delays, short supplies and strong tenant demand seem poised to buoy opportunities for investors.

Civic support

“City of Vancouver is doing far more than any other city in the region to both protect and increase rental housing, and is a leader nationally in creating new rental housing,” a sunny summer press release from former Vancouver mayor Gregor Robertson stated last June, notwithstanding industry criticisms of the lengthy approval process for projects. “The delivery of new rental housing in the city is at levels not seen in 40 years.”

The press release went on to note proudly that “roughly 50% of all rental housing under construction in Metro Vancouver is within the city of Vancouver” (though many feel Vancouver shouldn’t be shouldering the region’s housing crisis solo).

Year-end Canada Mortgage and Housing Corp. (CMHC) figures bear out some of those claims.

Construction of rental housing in the city reached its highest level in 30 years in 2018, with 3,433 units of market and non-market rental housing started. This represented 53% of the regional total of 6,425 starts. Five years ago, that proportion was 38%.

Total Vancouver rental housing starts between 2014 and 2018 represented 45% of the region’s starts.



Find full article here

Read full post

Declaration for Speculation and Vacancy Tax

All residential property owners in the designated taxable regionsmust complete an annual declaration for the speculation and vacancy tax. Where there are multiple owners of a home, a declaration must be completed by each owner, including spouses.

You must complete a declaration to claim an exemption. Over 99% of all British Columbians will be exempt from the tax.

The deadline to complete your declaration is March 31.

If you don’t complete your declaration, you’ll receive a tax notice charging you the tax at the maximum tax rate. You can still complete your declaration to claim an exemption even after you've received a tax notice.

If you don’t own residential property in a designated taxable region, you don’t need to complete a declaration.

How to Declare and Claim Your Exemption

If you own residential property in a designated taxable regionon December 31, the Province will send you a speculation and vacancy tax declaration letter in the mail by mid-February. Contact us if you’re expecting a declaration letter from us and haven’t received one by late February.

Your declaration letter will list all the residential properties you own in the designated taxable regions and will tell you how to declare and claim any relevant exemptions. The letter will be sent to you at your mailing address on file with BC Assessment.

If you need to update your mailing address, please contact BC Assessmentto do so.

Your letter will include two unique identification numbers: a declaration code and a letter ID. These numbers match you to your property. You'll need these numbers to complete your declaration. You'll also need your social insurance number to verify your identity.

This is what your letter will look like:

Sample of Declaration letter

As soon as you receive your declaration letter, you can complete your declaration through the online declaration application. You will be guided through the exemption options for each property.

If you prefer, you can declare over the phone with the help of an agent by calling us after you receive your declaration letter. Language translation services are available over the phone.

Complete your declaration right away to claim any relevant exemptions and avoid receiving a tax notice.

Someone else can complete your declaration online for you if they:

  • Have your unique identification numbers from your letter
  • Have your social insurance number
  • Complete an Authorization as a Representative form (FIN 146)

However, if someone else is completing your declaration over the phone, you must also be present on the call. This is because protecting your personal information is important to us.

Note: The speculation and vacancy tax is distinct from the empty homes tax in the City of Vancouver.

* Taken from the Government of British Columbia website page:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/declaration?fbclid=IwAR3dLqtV3hMm3lwQKpI9qvXP5UEb6Wcm66kbfK10J4S_ziTgKG_1bmhRalY

 
Read full post

Metro Vancouver home sales decline below historical averages in 2018

Metro Vancouver* home sales in 2018 were the lowest annual total in the region since 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.

Last year’s sales total was 25 per cent below the region’s 10-year sales average.

“This past year has been a transition period for the Metro Vancouver housing market away from the sellers’ market conditions we experienced in previous years,” Phil Moore, REBGV president said. “High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”

Home listings in Metro Vancouver reached 53,614 in 2018. This is a 1.9 per cent decrease compared to 54,655 homes listed in 2017 and a 6.9 per cent decrease compared to the 57,596 homes listed in 2016.

“The supply of homes for sale will be an important indicator to follow in 2019. We’ve had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region,” Moore said.

The MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400. This is a 2.7 per cent decrease compared to December 2017.

“As the total supply of homes for sale began to accumulate in the spring, we began to see downward pressure on prices across all home types throughout the latter half of the year,” Moore said.

The benchmark price of detached homes in the region declined 7.8 per cent over the last 12 months and 7.3 per cent since June 2018. Apartment homes increased 0.6 per cent over the last 12 months and have declined 6.4 per cent since June 2018. The benchmark price for townhomes in Metro Vancouver have increased 1.3 per cent since December 2017 and have decreased 5.3 per cent over the last six months.

December summary

REBGV reports that residential home sales in the region totalled 1,072 in December 2018, a 46.8 per cent decrease from the 2,016 sales recorded in December 2017, and a 33.3 per cent decrease from November 2018 when 1,608 homes sold.

Last month’s sales were 43.3 per cent below the 10-year December sales average.

There were 1,407 detached, attached and apartment homes newly listed for sale on the MLS® in Metro Vancouver in December 2018. This represents a 25.6 per cent decrease compared to the 1,891 homes listed in December 2017 and a 59.3 per cent decrease compared to November 2018 when 3,461 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,275, a 47.7 per cent increase compared to December 2017 (6,958) and a 16.5 per cent decrease compared to November 2018 (12,307).

For all property types, the sales-to-active listings ratio for December 2018 is 10.4 per cent. By property type, the ratio is 7.1 per cent for detached homes, 12 per cent for townhomes, and 14.2 per cent for apartments.

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.

Sales of detached homes in December 2018 reached 348, a 43.6 per cent decrease from the 617 detached sales recorded in December 2017. The benchmark price for a detached home is $1,479,000. This represents a 7.8 per cent decrease from December 2017 and a 1.4 per cent decrease compared to November 2018.

Sales of apartment homes reached 535 in December 2018, a 34 per cent decrease compared to the 1,028 sales in December 2017. The benchmark price of an apartment home is $664,100. This represents a 0.6 per cent increase from December 2017 and a 0.6 per cent decrease compared to November 2018.

Attached home sales in December 2018 totalled 189, a 49.1 per cent decrease compared to the 371 sales in December 2017. The benchmark price of an attached home is $809,700. This represents a 1.3 per cent increase from December 2017 and a 1.1 per cent decrease compared to November 2018.

Download the December 2018 stats package


*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. 

 

Fraser Valley housing market slows down in 2018

SURREY, BC – After three consecutive years of total annual sales surpassing 20,000 units, 2018 saw the Fraser Valley real estate market return to more typical levels for both sales and inventory.

The Board’s Multiple Listing Service® (MLS®) processed 15,586 sales in 2018, a 30.2 per cent decrease compared to 2017’s 22,338 sales and the lowest total sales for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.8 billion, dropping from $15.7 billion sold during the year prior.

Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year and apartments dropping 30.5 per cent.

“In terms of demand, this is around what we’re used to seeing for our region,” said John Barbisan, President of the Board. “There is still a great deal of interest for Fraser Valley real estate, but with prices moving slowly and more inventory becoming available, many consumers are taking a deliberate approach now that they can afford to.”

For inventory, a total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history.

In December the Board processed a total of 800 sales, the lowest for the month since 2012. Inventory in December finished at 5,454 active units, with a total of 978 new listings entering the market throughout the month.

Barbisan adds, “With buyers shifting into the driver's seat and able to navigate the market more comfortably, it has become key for sellers to price effectively and leverage their home’s appeal to stand out and find success.”

“If you’re looking to enter the market in 2019, buying or selling, contact a local REALTOR® who can help you accomplish your goals in the new year.”

HPI® Benchmark Price Activity 

• Single Family Detached: At $965,300, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to November 2018 and decreased 1.5 per cent compared to December 2017.

• Townhomes: At $531,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.2 per cent compared to November 2018 and increased 3.7 per cent compared to December 2017.

• Apartments: At $418,300, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to November 2018 and increased 7.6 per cent compared to December 2017.

Full package:
http://www.fvreb.bc.ca/statistics/Package201812.pdf

Read full post
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.