Market News - Vancouver and Burnaby Real Estate

Home Buyers and Sellers Enter Market at Near Record Pace

2011-04-06T04:28:00.000-07:00

Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

View HPI charts for end of March

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent increase from the 2,265 home sales in March 2009. The all-time sales record for March occurred in 2004 when 4,371 transactions were recorded.

“Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,797 in March 2011. This represents a 3 per cent decline compared to March 2010 when 7,004 properties were listed for sale on the MLS®, an all-time record for March. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.

At, 13,110, the total number of residential property listings on the MLS® increased 9.9 per cent in March compared to last month and declined 3 per cent from this time last year.

“Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010.

Sales of detached properties on the MLS® in March 2011 reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in March 2009. The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806.

Sales of apartment properties reached 1,622 in March 2011, a 29.6 per cent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885.

Attached property sales in March 2011 totalled 663, a 20.8 per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 per cent between March 2010 and 2011 to $511,039.

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Buyer’s market conditions continue in Greater Vancouver

2010-10-04T04:09:00.000-07:00

VANCOUVER, B.C. – September 2, 2010 – Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010.

From a wider perspective, last month’s residential sales represent a 40.4 per cent increase over the 1,568 residential sales in August 2008, a 34.9 per cent decline compared to August 2007’s 3,384 sales, and a 26.6 per cent decline compared to August 2006’s 2,998 sales.

New listings for detached, attached and apartment properties declined 17.5 per cent to 3,750 in August 2010 compared to August 2009 when 4,544 new units were listed. Total active listings in Greater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 per cent increase from August 2009.

To read more from the Real Estate Board's publication, CLICK HERE.

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BC Adopts The New Harmonized Sales Tax

2010-05-21T01:30:00.000-07:00

As of July 1st 2010, it appears we will all be paying the new Harmonized Sales Tax (HST) on most goods and services, including NEW houses, apartment, apartments, and townhomes. A partial rebate will be available for both the federal and provincial portions of the HST, provided that the owner is buying the dwelling as a principal residence.

HST will also apply on properties that are substantially renovated. A structure is considered to be substantially renovated if it no longer contains more of the original structure than the supporting walls, roof, floors, staircases, foundation, and some other minor items. This rule only applies for dwellings that are renovated for the purpose of selling, and will not apply on a property renovated for an owner's own use.

Under the HST, there are provisions for rebates for home buyers, where the buyer is planning to buy the property for the owner's use as their principal residence. The federal portions of the partial rebate will remain the same as under the GST, with a maximum rebate of $6,300. The rebate is 36% of the GST on homes up to $350,000, with the rebate amount being gradually reduced to $0 at $450,000. The formula for calculating the rebate for properties between $350,000 and $450,000 is as follows:

(6,300 * (450,000 - B)) / 100,000

* Where 'B' is the sale price of the dwelling *

Assuming that the sale price is $400,000, the rebate for the federal portion of the HST would be $3,150 under this formula. With the 5% federal portion of the HST amounting to $20,000, and a partial rebate of $3,150, the total payable federal portion of the HST amounts to $16,850.

At 7%, the provincial portion of the HST will be more than the federal portion, but it does allow for a more significant partial rebate, and there is no cap on the sale price of the house. Regardless of the price of the dwelling, the rebate is 71.43% of the provincial portion of the HST, to a maximum of $26,250.

Using the example of a $400,000 home, the provincial portion of the HST would amount to $28,000. For those who qualify for the partial rebate, 71.43% would be rebated, for a rebate of $20,000.40, leaving $7,999.60. When combined with the federal portion payable, there will be a total HST of $24,849.60.

Partial rebates are also available for co-ops, floating homes, and housing on leased land; this rebate amounts to 4.47% of the price paid, to a maximum of $26,250.

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Listings and Sales increase in the sping 2010

2010-05-21T01:21:00.000-07:00

VANCOUVER, B.C. – May 4, 2010 –The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.

“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).

At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 per cent to $593,419 from $499,021 in April 2009.

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March 2010 Real Estate Statistics for Vancouver, Burnaby and New Westminster

2010-04-10T21:36:00.000-07:00

Home listings rise to start the spring season

VANCOUVER, B.C. – April 6, 2010 – A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.

The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).

At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 per cent in March compared to last month, but remains 7.6 per cent below this time last year.

“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said. “With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.

Over the last 12 months, the MLSLink® House Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

July Statistics From The Real Estate Board

2009-08-05T16:11:00.000-07:00

Strong Spring Market Carries Into Summer Months

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

"Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates." Scott Russell, REBGV president said. "Although well priced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the move-up segment of the market."

Information supplied by The Real Estate Board of Greater Vancouver

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Update to HST Implementation

2009-07-29T00:36:00.000-07:00

Harmonized Sales Tax
On July 23, 2009, Premier Gordon Campbell and Finance Minister Colin Hansen announced that, effective July 1, 2010, BC will adopt a Harmonized Sales Tax (HST), combining the seven per cent Provincial Sales Tax (PST) with the five per cent federal Goods and Services Tax (GST) for a single sales tax rate of 12 per cent.

An additional seven per cent tax will be charged on a variety of real estate related services, including commissions, appraisals and other services that are currently exempt, as well as adding thousands of dollars in additional costs to new home purchases.

Looking to offset the increase in costs, the Government of BC plans to offer a partial rebate of the provincial portion of the HST for new housing to ensure that new homes up to $400,000 will bear no more tax than under the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.

What does this mean for REALTORS®?
As proposed, the HST will increase the cost of buying or selling a home and becomes essentially an additional tax on home ownership. Under the HST, REALTOR® commissions will be subject to a 12 per cent tax, replacing the five per cent GST now charged.

New home sales over $400,000 will be dramatically impacted, as buyers will now have to pay an additional seven per cent tax (even with the $20,000 flat rebate). This will act as a disincentive to buyers of new homes in the short term.

Next steps
Although no consultation occurred before the announcement, BCREA is working on recommendations to keep the impact of the HST as neutral as possible with respect to housing attainability.

Copyright British Columbia Real Estate Association. Reprinted with permission.