Archive for November, 2011

Home Sales Climb Higher Outside Vancouver, BCREA

Vancouver, BC – – November 15, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 6.5 per cent to 5,865 units in October compared to the same month last year. The average MLS® residential price was up 2.6 per cent to $535,695 last month compared to October 2010.

“BC home sales rose three per cent in October compared to September on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “While consumer demand in Vancouver edged lower last month on a year-overyear basis, strong increases were recorded in the Fraser Valley, Kamloops, Kootenay, the North and on Vancouver Island.”

“Total active residential listings in the province declined by 3,360 units in October from September. However, active listings were up 6.9 per cent from October 2011,” added Muir. “Market conditions remained slightly in favour of home buyers last month.”

Year-to-date, BC residential sales dollar volume increased 16.8 per cent to $38 billion, compared to the same period last year. Residential unit sales increased 3.5 per cent to 66,922 units, while the average MLS® residential price rose 12.9 per cent to $566,925 over the same period.

For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/docs/news-2011/2011-10.pdf.

2011 Fourth Quarter Housing Forecast, BCREA

Vancouver, BC – – November 8, 2011.The British Columbia Real Estate Association (BCREA) released its 2011 Fourth Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to rise 3.2 per cent from 74,640 units in 2010 to 77,000 units this year, increasing a further 3.9 per cent to 80,000 units in 2012.

“Low mortgage interest rates are expected to persist through 2012 keeping affordability on an even keel,” said Cameron Muir, BCREA Chief Economist. “However, headwinds on the economic front will constrain consumer demand over the next year to below the ten-year average of 87,600 units.” A record 106,300 MLS® residential sales were recorded in 2005.

“Moderate consumer demand combined with larger inventories of homes for sale means BC housing markets will experience little upward pressure on home prices through 2012,” added Muir. The average MLS® residential price in the province is estimated to rise 11.8 per cent to $564,600 this year, and is forecast to decline 2.5 per cent to $550,500 in 2012.

The full BCREA Housing Forecast is available at: www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/housingforecast.pdf.

Canada Line YVR – FAQs

The $5 Canada Line YVR AddFare is applicable to travel departing from any of the stations on Sea Island (YVR-Airport, Sea Island Centre and Templeon) destined for Bridgeport Station or points beyond. The Ticket Vending Machines (TVMs) at the three Sea Island Stations are programmed to charge the additional YVR AddFare automatically on applicable transactions.

Canada Line customers who buy their fare zone ticket from a TVM using cash, debit or credit card must pay the $5 YVR AddFare. This includes Concession (seniors and student) fares. Children under the age of five can ride transit for free and are not subject to the YVR AddFare.

CLICK HERE FOR MORE INFORMATION

Should You List Your Home Over the Holidays?

Many people that I talk to want to wait to put their home on the market until after the New Year and get started then. I usually suggest to them that there are several reasons to put your home on the market before the holidays and get started now, unless it will just be too much to undertake due to family or travel commitments.

Here is the Top 10 List of why it makes sense to do it now!

1. People that are looking for homes during the holidays are BUYERS, not lookers. If someone is out scouring the homes for sale they need a place to live.

2. Many people want to take advantage of the tax benefits of buying before the end of the year.

3. There is less competition for your home due to market inventory. Everyone else is waiting until after the end of the year to put their home up!

4. Homes show better during the holidays with all the decorations.

5. Buyers tend to have more available time to look at homes during the holidays.

6. You can be on the market but restrict showings on the days during the holidays that you do not want people in your home.

7. Buyers tend to be emotional during the holidays and may pay more for your home.

8. January is a month that many people will start new jobs so that will bring in more serious buyers.

9. You can sell the home now and try to set up a delayed closing so you will not have to move until later.

10. If you sell now you will not have an issue buying your next home because you do not have one to sell. Great feeling.

Call Soho Properties at 604-649-1494 to schedule an appointment with one of our Sales Associates and realize the full potential of your home.

REBGV Newsflash, October Statistics Videocast

Does affordable rental housing decrease neighbouring property values?

In established neighbourhoods, residents often believe that new rental housing lowers property values. As a result, Not in My Backyard (NIMBY) syndrome can be a barrier to developers wanting to increase density.

Does affordable rental housing lead to lower property values? 

To find out the facts, we went looking for credible research on the topic. We started with the Chicago-based National Association of REALTORS® online library where we found links to more than 20 comprehensive studies and articles, some of which, in turn, reviewed and analyzed data from other studies.

The authors were academics, government, non-profits and independent researchers, ranging from Harvard University’s Joint Center for Housing Studies to the Journal of Policy Analysis and Management. 

The geographic areas studied included high-density urban areas, upscale suburbs and rural areas. Typically, studies compared the sale prices of nearby homes before, during and after rental housing is built.

What did the data find? 

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REBGV Stats, October 2011

Vancouver, BC – November 2, 2011. With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.

DOWNLOAD THE COMPLETE STATS PACKAGE BY CLICKING HERE