Category: real estate

What’s up (down) with Real Estate sales in Vancouver?

Listings compared to Sales in Vancouver West in August 2012The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.

August sales were the second lowest total for the month in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.

“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August. This represents a 13.7 per cent decline compared to August 2011 when 4,685 properties were listed for sale on the MLS® and a 15.8 per cent decline compared to the 4,802 new listings in July 2012.

“For sellers it’s critical to work with your REALTOR® to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell on the MLS® in Greater Vancouver today.”

At 17,567, the total number of residential property listings on the MLS® increased 13.8 per cent from this time last year and declined 2.8 per cent compared to July 2012.

“Today, our sales-to-active-listings ratio sits at 9 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.

Sales of detached properties on the MLS® in August 2012 reached 624, a decrease of 38.8 per cent from the 1,020 detached sales recorded in August 2011, and a 30.1 per cent decrease from the 893 units sold in August 2010. The benchmark price for detached properties increased 0.2 per cent from August 2011 to $942,100.

Sales of apartment properties reached 725 in August 2012, a 24.1 per cent decrease compared to the 955 sales in August 2011, and a decrease of 22.5 per cent compared to the 935 sales in August 2010. The benchmark price of an apartment property decreased 0.9 per cent from August 2011 to $370,100.

Attached property sales in August 2012 totalled 300, a 25.6 per cent decrease compared to the 403 sales in August 2011, and a 19.8 per cent decrease from the 374 attached properties sold in August 2010. The benchmark price of an attached unit decreased 1.9 per cent between August 2011 and 2012 to $462,300.

Housing Price Index

The Real Estate Board of Greater Vancouver maintains a Housing Price Index on the benchmark price of typical homes in the metro Vancouver region. These are useful when looking at how the market is doing overall.Below you will find the prices for three types of property.

  • Detached – i.e. single family homes
  • Attached – i.e. townhouses
  • Apartments

The figures in brackets against each area show the percentage change over the last year.  I have highlighted the biggest increases in bold and the greatest decreases in red for each category of property.

DETACHED BENCHMARK PRICES

  • Greater Vancouver $942,100 (0.2%)
  • Bowen Island $595,900 (-3.9%)
  • Burnaby East $754,400 (4.3%)
  • Burnaby North $913,400 (0.7%)
  • Burnaby South $1,005,800 (5.2%)
  • Coquitlam $715,000 (3.7%)
  • Ladner $637,400 (1.1%)
  • Maple Ridge $463,000 (-1.3%)
  • New Westminster $673,200 (2%)
  • North Vancouver $956,100 (5.2%)
  • Pitt Meadows $495,900 (0.3%)
  • Port Coquitlam $559,700 (2%)
  • Port Moody $847,900 (2.9%)
  • Richmond $975,400 (-3.7%)
  • Squamish $502,700 (1%)
  • Sunshine Coast $364,800 (-6%)
  • Tsawwassen $728,700 (2%)
  • Vancouver East $859,100 (4.8%)
  • Vancouver West $2,116,000 (-3.7%)
  • West Vancouver $1,894,700 (4.8%)
  • Whistler $841,500 (-5.6%)

ATTACHED BENCHMARK PRICES

  • Greater Vancouver $462,300 (-1.9%)
  • Burnaby East $419,900 (1.3%)
  • Burnaby North $396,900 (-8.3%)
  • Burnaby South $416,400 (-3.2%)
  • Coquitlam $382,500 (-1.3%)
  • Ladner $449,400 (-1.6%)
  • Maple Ridge $274,000 (-4.5%)
  • New Westminster $389,500 (-0.5%)
  • North Vancouver $589,900 (1.2%)
  • Pitt Meadows $321,500 (-2.1%)
  • Port Coquitlam $364,300 (-2.5%)
  • Port Moody $408,100 (-2.4%)
  • Richmond $502,400 (-1.9%)
  • Squamish $354,600 (3.7%)
  • Tsawwassen $458,600 (-8.8%)
  • Vancouver East $512,300 (1.4%)
  • Vancouver West $688,800 (-0.5%)
  • Whistler $461,100 (2.4%)

APARTMENT BENCHMARK PRICES

  • Greater Vancouver $370,100 (-0.9%)
  • Burnaby East $341,400 (-6.4%)
  • Burnaby North $330,300 (-2.4%)
  • Burnaby South $367,400 (-8%)
  • Coquitlam $253,200 (-2%)
  • Ladner $321,500 (1%)
  • Maple Ridge $181,500 (-0.8%)
  • New Westminster $271,800 (0.1%)
  • North Vancouver $355,600 (3.6%)
  • Pitt Meadows $221,100 (-0.7%)
  • Port Coquitlam $220,000 (-7.9%)
  • Port Moody $321,600 (7.1%)
  • Richmond $340,300 (-2.1%)
  • Squamish $256,500 (9.6%)
  • Tsawwassen $342,100 (-0.6%)
  • Vancouver East $307,200 (2%)
  • Vancouver West $470,900 (-1%)
  • West Vancouver $613,300 (-2.1%)
  • Whistler $247,400 (-6.6%)

Vancouver’s real estate news for May 2012

The number of properties listed for sale continued to increase in the Greater Vancouver housing market in May. The number of sales decreased year over year, but remained relatively constant compared to recent months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,853 on the Multiple Listing Service® (MLS®) in May 2012. This represents a 15.5 per cent decline compared to the 3,377 sales recorded in May 2011.

May sales were the lowest total for the month in the region since 2001 and 21.1 per cent below the 10-year May sales average of 3,617. However, sales have been constant throughout the spring months, with 2,874 sales in March and 2,799 sales in April.

“Home sellers have outpaced buyers in recent months, however, there continues to be an overall balance between supply and demand in our marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,927 in May 2012. This represents a 16.8 per cent increase compared to May 2011 when 5,931 homes were listed for sale and a 14.4 per cent increase compared to April 2012 when 6,056 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 15.3 per cent above the 10-year average for listings in Greater Vancouver for May.

At 17,835, the total number of homes listed for sale on the region’s MLS® increased 7.9 per cent in May compared to last month and increased 21 per cent from this time last year.

“Our sales-to-active-listing ratio sits at 16 per cent, which is indicative of balanced market conditions,” Klein said. “As a result of this stability, home prices at the regional level have seen little fluctuation over the last six month.”

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $625,100, up 3.3 per cent compared to May 2011 and up 2.4 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $558,300, which is a 3 per cent increase compared to May 2011 and a 2.3 per cent increase compared to three months ago.

Sales of detached properties on the MLS® in May 2012 reached 1,180, a decline of 24.8 per cent from the 1,570 detached sales recorded in May 2011, and a 6.1 per cent decrease from the 1,256 units sold in May 2010. The benchmark price for detached properties increased 5.1 per cent from May 2011 to $967,500.

Sales of apartment properties reached 1,156 in May 2012, a decline of 5.9 per cent compared to the 1,228 sales in May 2011, and a decrease of 14.6 per cent compared to the 1,354 sales in May 2010.The benchmark price of an apartment property increased 1.7 per cent from May 2011 to $379,700.

Townhome property sales in May 2012 totalled 517, a decline of 10.7 per cent compared to the 579 sales in May 2011, and a 5.3 per cent decrease from the 546 townhome properties sold in May 2010. The benchmark price of a townhome unit increased 0.9 per cent between May 2011 and 2012 to $470,000.

DETACHED BENCHMARK PRICES

  • Greater Vancouver $967,500 ( 5.1%)
  • Bowen Island $625,500 ( 4.3%)
  • Burnaby East $767,400 ( 7.4%)
  • Burnaby North $944,500 ( 6.6%)
  • Burnaby South $1002,100 ( 5.4%)
  • Coquitlam $719,000 ( 5.4%)
  • Ladner $655,600 ( 6.7%)
  • Lower Mainland $779,800 ( 4.6%)
  • Maple Ridge $465,800 ( -0.5%)
  • New Westminster $687,300 ( 4.6%)
  • North Vancouver $983,700 ( 7.8%)
  • Pitt Meadows $503,500 ( 0.1%)
  • Port Coquitlam $563,100 ( 2.4%)
  • Port Moody $841,400 ( 2.8%)
  • Richmond $1,019,100 ( -0.5%)
  • Squamish $504,200 ( 7.2%)
  • Sunshine Coast $367,100 ( -0.4%)
  • Tsawwassen $738,900 ( 5.9%)
  • Vancouver East $862,200 ( 8.7%)
  • Vancouver West $2,248,300 ( 7.8%)
  • West Vancouver $1,948,200 ( 12.3%)
  • Whistler $827,400 ( 1.7%)

ATTACHED BENCHMARK PRICES

  • Greater Vancouver $470,000 ( 0.9%)
  • Burnaby East $421,000 ( 0.7%)
  • Burnaby North $398,200 ( -3.3%)
  • Burnaby South $424,700 ( 0.9%)
  • Coquitlam $383,000 ( -0.4%)
  • Ladner $458,400 ( 0.3%)
  • Lower Mainland $402,200 ( 0.8%)
  • Maple Ridge $275,200 ( -2.6%)
  • New Westminster $397,500 ( 1.6%)
  • North Vancouver $602,100 ( 4.0%)
  • Pitt Meadows $321,200 ( -4.6%)
  • Port Coquitlam $378,800 ( 1.8%)
  • Port Moody $406,900 ( -2.8%)
  • Richmond $509,200 ( 0.9%)
  • Squamish $353,500 ( 2.8%)
  • Tsawwassen $476,100 ( -6.2%)
  • Vancouver East $519,000 ( 3.8%)
  • Vancouver West $710,000 ( 4.1%)
  • Whistler $477,100 ( 3.4%)

APARTMENT BENCHMARK PRICES

  • Greater Vancouver $379,700 ( 1.7%)
  • Burnaby East $368,300 ( -2.1%)
  • Burnaby North $342,100 ( 0.9%)
  • Burnaby South $381,600 ( -1.2%)
  • Coquitlam $261,200 ( -1.4%)
  • Ladner $318,800 ( 0.2%)
  • Lower Mainland $346,500 ( 1.5%)
  • Maple Ridge $181,100 ( -3.8%)
  • New Westminster $274,600 ( 2.8%)
  • North Vancouver $352,400 ( 0.7%)
  • Pitt Meadows $218,800 ( -3.7%)
  • Port Coquitlam $234,100 ( -3.1%)
  • Port Moody $319,900 ( 6.6%)
  • Richmond $351,400 ( 0.2%)
  • Squamish $249,600 ( -1.8%)
  • Tsawwassen $339,700 ( -0.8%)
  • Vancouver East $310,700 ( 2.5%)
  • Vancouver West $488,500 ( 2.8%)
  • West Vancouver $649,500 ( 4.2%)
  • Whistler $246,000 ( 14.6%)

Vancouver real estate round up

A townhouse for sale
Townhouse for sale

Vancouver’s benchmark prices

The Real Estate Board of Greater Vancouver maintains statistics on the benchmark price of typical homes in the metro Vancouver region. These are useful when looking at how the market is doing overall.Below you will find the prices for three types of property

  • Detached – i.e. single family homes
  • Attached – i.e. townhouses
  • Apartments

The figures in brackets against each area show the percentage change over the last year.

Detached Benchmark Prices

  • Greater Vancouver $1,064,800 ( 6.3%)
  • Bowen Island $622,500 ( 2.1%)
  • Burnaby East $755,200 ( 8.2%)
  • Burnaby North $924,200 ( 8.9%)
  • Burnaby South $974,200 ( 8.6%)
  • Coquitlam $712,000 ( 5.3%)
  • Ladner $651,200 ( 8.0%)
  • Maple Ridge $469,100 ( -0.2%)
  • New Westminster $676,200 ( 4.5%)
  • North Vancouver $977,300 ( 7.6%)
  • Pitt Meadows $506,300 ( 0.8%)
  • Port Coquitlam $555,200 ( 1.5%)
  • Port Moody $805,000 ( 2.6%)
  • Richmond $1,031,400 ( 0.5%)
  • Squamish $498,200 ( 6.3%)
  • Sunshine Coast $377,700 ( 0.6%)
  • Tsawwassen $726,700 ( 5.6%)
  • Vancouver East $847,200 ( 9.9%)
  • Vancouver West $2,268,600 ( 9.9%)
  • West Vancouver $1,979,000 ( 16.1%)
  • Whistler $806,100 ( 0.3%)

Attached Benchmark Prices

  • Greater Vancouver $487,300 ( 1.7%)
  • Burnaby East $434,000 ( 0.1%)
  • Burnaby North $421,600 ( -0.5%)
  • Burnaby South $433,300 ( 1.1%)
  • Coquitlam $388,200 ( 1.7%)
  • Ladner $454,100 ( -1.0%)
  • Maple Ridge $274,400 ( -2.1%)
  • New Westminster $405,700 ( 2.3%)
  • North Vancouver $606,500 ( 5.4%)
  • Pitt Meadows $319,000 ( -4.6%)
  • Port Coquitlam $379,000 ( 2.7%)
  • Port Moody $417,700 ( -2.4%)
  • Richmond $509,900 ( 1.2%)
  • Squamish $354,900 ( 2.3%)
  • Tsawwassen $475,000 ( -7.3%)
  • Vancouver East $535,700 ( 6.5%)
  • Vancouver West $722,700 ( 3.4%)
  • Whistler $518,300 ( 4.9%)

Apartment Benchmark Prices

  • Greater Vancouver $375,900 ( 1.1%)
  • Burnaby East $369,300 ( 2.0%)
  • Burnaby North $351,100 ( -0.3%)
  • Burnaby South $382,100 ( 0.1%)
  • Coquitlam $259,800 ( -2.9%)
  • Ladner $307,900 ( -2.6%)
  • Maple Ridge $183,400 ( -0.9%)
  • New Westminster $281,700 ( 4.2%)
  • North Vancouver $353,100 ( -1.1%)
  • Pitt Meadows $221,800 ( -2.6%)
  • Port Coquitlam $236,100 ( -2.5%)
  • Port Moody $312,400 ( 5.1%)
  • Richmond $354,700 ( 1.0%)
  • Squamish $240,600 ( -5.3%)
  • Tsawwassen $338,200 ( -4.3%)
  • Vancouver East $314,800 ( 4.0%)
  • Vancouver West $470,800 ( 1.1%)
  • West Vancouver $636,100 ( -1.6%)
  • Whistler $237,700 ( 4.0%)

New home buyer’s bonus

A new home being built
First home buyer's may be better off

This post comes from our mortgage broker, Keith Baker, of Dominion Lending Centres.

In its 2012 Budget announced yesterday, the Provincial Government announced a temporary one-time refundable personal income tax credit worth up to $10,000 if you are a First-Time New Home Buyer.

THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS

Subject to approval by the legislature, the B.C. government intends to implement a temporary BC First-Time New Home Buyers’ Bonus. Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable personal income tax credit worth up to $10,000.

Requirements to Qualify for the Bonus:

ELIGIBLE FIRST-TIME NEW HOME BUYER

You will qualify as a first-time new home buyer if:

You purchase or build an eligible new home located in B.C.;
You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence;
You file a 2011 B.C. resident personal income tax return, or if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal income tax return (you will not be eligible for the bonus if you move to B.C. after December 31, 2012);
You are eligible for the B.C. HST New Housing Rebate; and
You intend to live in the home as your primary residence.

ELIGIBLE NEW HOME

An eligible new home includes new homes (i.e. newly constructed and substantially renovated homes) that are purchased from a builder and that are owner-built. The bonus will be available in respect of new homes purchased from a builder where:

A written agreement of purchase and sale is entered into on or after February 21, 2012;
HST is payable on the home (e.g., HST will generally be payable if ownership or possession of the home transfers before April 1, 2013 – see further details below); and
No one else has claimed a bonus in respect of the home.

The bonus will be available in respect of owner-built homes where:

A written agreement of purchase and sale in respect of the land and building is entered into on or after February 21, 2012;
Construction of the home is complete, or the home is occupied, before April 1, 2013; and
No one else has claimed a bonus in respect of the home.

A substantially renovated home is one where all or substantially all of the interior of a building has been removed or replaced. Generally, 90% or more of the interior of the house must be renovated to qualify as a substantially renovated home (90% test).

MAXIMUM AMOUNT

The bonus is equal to 5% of the purchase price of the home (or in the case of owner-built homes, 5% of the land and construction costs subject to HST) to a maximum of $10,000.

PHASE-OUT FOR HIGHER INCOME EARNERS

The bonus will be reduced based on an individual’s/couple’s net income (line 236 of your income tax return) using the following formula:

For single individuals, the bonus is reduced by 20 cents for every dollar in net income over $150,000 (bonus is reduced to zero at $200,000 net income).
For couples, the bonus is reduced by 10 cents for every dollar in family net income over $150,000 (bonus is reduced to zero at $250,000 family net income).

THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS – APPLICATION PROCESS

Individuals must apply for the bonus through the B.C. government. Individuals can apply once application forms have been posted on the B.C. Ministry of Finance website later this year. Applicants will be required to submit documentation demonstrating eligibility for the bonus.

ELIGIBLE NEW HOME

The bonus is available in respect of new homes (i.e., newly constructed and substantially renovated homes) where HST is payable. HST will generally be payable on homes purchased from a builder where ownership or possession transfer before April 1, 2013. Potential buyers should consult with the builder to determine if the home will be subject to the HST.

For owner-built homes, the bonus will be based on land and construction costs subject to the HST. Eligible new homes will include:

  • Detached Houses, semi-detached houses, duplexes and townhouses,
  • Residential condominium units,
  • Mobile homes and floating homes, and
  • Residential units in a cooperative housing corporation.

How can you track home prices in Canada?

House price graph
Keeping track of house prices

One challenge in planning your move to Canada is working out house prices.

Five of Canada’s largest real estate boards – Calgary, Fraser Valley, Montreal, Toronto and Greater Vancouver –and the Canadian Real Estate Association (CREA) are partnering to develop a national housing price index. It’s scheduled to launch at the end of January 2012.

In Vancouver and the Fraser Valley we are used to using benchmark prices from the MLS®Link Housing Price Index. Not surprising as it was the first of its kind in Canada, dating back to 1995.

The new MLS® Home Price Index (HPI) will extend our ability to compare prices to the participating markets.

The new HPI will be looking at four categories of property:

  • one-storey single-family homes
  • two-storey single-family homes
  • townhouse/row units
  • apartment units

The benchmark is a better measure of prices over time because it uses concrete attributes, like number of rooms, and qualitative ones, such as a finished basement. Price changes calculated using this method are less volatile compared to those calculated using average or median prices, which can swing dramatically in response to changes in the proportion of high-end or low-end sales over time.

The HPI will also allow for the identification of benchmark homes, with a set of quantitative and qualitative attributes that do not change over time. This allows for an apples-to-apples comparison of price over time.

All that means that if you are looking at different destinations in Canada you will be able to compare prices for similar benchmark properties.

 

Image credit: ddpavumba / FreeDigitalPhotos.net

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