VANCOUVER, B.C. October 2, 2014 Home buyers were active in Metro Vancouver last

month, with home sales well exceeding the 10-year average for September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,922 on the Multiple Listing Service® (MLS®) in September 2014. This represents a 17.7 per cent increase compared to the 2,483 sales in September 2013, and a 5.4 per cent increase over the 2,771 sales in August 2014.

Last month’s sales were 16.1 per cent above the 10-year sales average for the month and rank as the third highest selling September over that period.

“September was an active period for our housing market when we compare it against typical activity for the month,” Ray Harris, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 5,259 in September. This represents a 4.6 per cent increase compared to the 5,030 new listings in September 2013 and a 33.5 per cent increase from the 3,940 new listings in August. Last month’s new listing total was 0.4 per cent above the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,832, an 8 per cent decline compared to September 2013 and a 0.4 per cent increase compared to August 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3 per cent increase compared to September 2013.

“Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment,” Harris said. “Individual trends can vary depending on different factors in different areas, so it’s important to do your homework and work with your REALTOR® when you’re looking to determine the market value of a home.” 

Sales of detached properties in September 2014 reached 1,270, an increase of 24.1 per cent from the 1,023 detached sales recorded in September 2013, and a 113.8 per cent increase from the 594 units sold in September 2012. The benchmark price for detached properties increased 7.3 per cent from September 2013 to $990,300.

Sales of apartment properties reached 1,188 in September 2014, an increase of 16.7 per cent compared to the 1,018 sales in September 2013, and a 75.7 per cent increase compared to the 676 sales in September 2012. The benchmark price of an apartment property increased 3.3 per cent from September 2013 to $378,700.

Attached property sales in September 2014 totalled 464, a 5 per cent increase compared to the 442 sales in September 2013, and an 88.6 per cent increase over the 246 attached properties sold in September 2012. The benchmark price of an attached unit increased 4.2 per cent between September 2013 and 2014 to $477,700. 


* Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2013. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 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


Barry Thomas ~ Living Bowen

Bowen Island Real Estate Specialist




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Follow the road to homeownership on this handy infographic!

Infographic: The Road To Homeownership

Barry Thomas ~ Living Bowen

Bowen Island Real Estate Specialist

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An interesting article from BC Business:

 

"Good news for homeowners hoping their property value will go up (and bad news for buyers looking for a deal): a new forecast is calling for moderately higher sales and prices across B.C. for the next three years.
 
Central 1 Credit Union has increased its provincial pricing outlook, citing stronger population and economic growth. It predicts that the median resale house price in B.C. will end this year up about 1.5 per cent, at $388,000, and will increase steadily to $415,000 by 2016. That’s another 1.5-per-cent increase in 2014, followed by 2.5-per-cent bump in 2015 and three-per-cent hike in 2016. 
 
“We are past the bottom in terms of our housing market correction in the post-recession period,” says Central 1 economist Bryan Yu. The bottom was in 2012, when the number of home sales across the province was 63,798, compared to 71,737 the previous year. Central 1 predicts sales to reach 68,085 in 2013, 72,560 in 2014 and 83,750 in 2016.
 
While the growth appears significant, Yu says the sales level is moderate when the province’s growing population is taken into consideration. Central 1 forecasts B.C.’s population to increase by about one per cent annually, to reach 4.7 million by 2016. At the same time, it expects the B.C. economy to grow two per cent next year and 3.1 per cent in 2015.
 
“We see a relatively stable environment going forward in most areas,” says Yu. “There isn’t a catalyst for a substantial drop off in pricing.”
 
The Central 1 forecast comes amid predictions of a “soft landing” for Canada’s housing market from Bank of Canada governor Stephen Poloz and several national economists. The Vancouver and Toronto markets are closely watched because they are among the biggest and the most expensive in Canada. “If any city is at risk of correcting, it’s pricey Vancouver,” says a recent report from BMO Capital Markets economist Sal Guatieri. It notes the Vancouver market has bounced back from a slowdown earlier this year. “Buyers held the upper hand last year, but the pendulum has swung towards balance today,” Guatieri says.
 
Central 1 predicts a stronger market for condos and townhomes as increasingly scarce, high-priced detached homes become even more out of reach for many homebuyers. Rental vacancy rates are also predicted to fall in 2015 and 2016, as more people turn to renting over buying. Central 1 expects the provincial vacancy rate to dip to 2.5 per cent in 2014 and down further to about 2.2 per cent by 2016.

According to a Canada Mortgage and Housing Corp. (CMHC) report released December 18, condos made up 35 per cent of the owner-occupied housing stock in Vancouver in 2011, “the highest market share by far” among Canadian cities. Vancouver’s share of condo starts among all housing starts was also highest in 2012 at 64 per cent, compared to 59 per cent in Toronto and 58 per cent in Montreal, according to the CMHC report." - BC Business

 

Barry Thomas ~ Living Bowen

Bowen Island Realtor

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The market is proving to rebound, and it is showing to be a great time to consider selling your home.

 

 "The average price of a home in Vancouver has gone up, as the Metro Vancouver and Fraser Valley resale housing markets recorded some gains last month."


Read more: http://www.vancouversun.com/business/Metro+Vancouver+resale+market+makes+gains+Conference+Board+Canada+report/8696468/story.html#ixzz2ZuJZoEIG


Barry Thomas ~ Living Bowen

Bowen Island Real Estate Specialist

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