November Stats: Home sales and listings just below 10-year average

VANCOUVER, BC – December 2, 2016 – Home buyer and seller activity remains near historical averages in the Metro Vancouver* housing market.

Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold.

Last month’s sales were 7.6 per cent below the 10-year sales average for the month. 

“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties were listed.

Last month’s new listing count was 1.2 per cent below 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 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent from last month (24.4 per cent). Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 per cent over several months.

“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month and a 20.5 per cent increase compared to November 2015.

Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the 652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015. The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline compared to last month and a 23 per cent increase compared to November 2015.

Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 per cent increase compared to November 2015.

Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease compared to last month and a 23 per cent increase compared to November 2015.

*Editor’s Note: 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, Pitt Meadows, Maple Ridge and South Delta.

Download the full stats package from the Real Estate Board of Greater Vancouver HERE

Vancouver still top real estate market to watch in Canada

    

   

Despite drops in sales and prices in Vancouver, a national report has just named the city as the top Canadian real estate market to watch in 2017 and millennials are playing a large part in that.

Investors are continuing to shift from residential to mixed-use projects that combine housing with retail or commercial. There are also predictions of more pressure on affordability over the next five years as increases in immigration keep demand for housing high. Millennials are driving up Vancouver’s very tight rental market, searching for new, higher-quality units, closer to amenities and transit. It points out rental units have been in incredibly short supply for the past five years, adding that an emerging challenge is the lack of amenities from stores to schools in the downtown core.

Nationally, housing prices will drop about one per cent in 2017 with concerns of a bigger pullback in Vancouver and Toronto.  Canada’s overall housing market is poised for a year of stability.

  

Vancouver is expected to lead all Canadian cities with 3.3% in GDP growth in 2017 propelled by strong employment gains and rousing housing starts. Most of these starts will be multifamily units as developers focus on building mixed-use developments and high-density condos. It remains to be seen how the British Columbia government’s additional property transfer tax for foreign buyers will affect the Vancouver market over the long term. While intended to curtail foreign property investment, skeptics suggest the tax will do little to dissuade foreign buyers who can already afford the market’s sky-high prices. Millennials are driving up Vancouver’s rental market, searching for new, higher-quality units near amenities and close to transit. Rental units are in incredibly short supply, with vacancy rates consistently around or below 1% for the past five years. Another emerging challenge is the lack of amenities from stores to schools in the downtown core.

For further details contact Carmen Leal at CL Personal Real Estate Corporation

D: 604-218-4846 E: carmen@carmenleal.ca W: www.carmenleal.ca

Feds close tax loophole amid new measures to reduce housing market risk

Ottawa has announced a number of measures aimed at curbing risk in the country’s housing markets, including closing a tax loophole and tightening mortgage insurance rules to prevent borrowers from taking on too much debt.

Finance Minister Bill Morneau said Monday that the government will make changes related to the principal-residence tax exemption.

The exemption allows homeowners to avoid paying capital-gains tax on the sale of a home as long as they are living in it.

That exemption will now be available only to Canadian residents, Morneau said, and families will only be allowed to designate one home as their primary residence.

The federal government will also beef up rules surrounding stress tests for insured mortgages to make sure that borrowers don’t take on more debt than they can handle if interest rates go up or their income drops.

Some households began carrying high debt loads and pockets of risk have begun to emerge”

“Low interest rates have gradually changed the way both lenders and borrowers view debt and indebtedness in this country,” Morneau said during a news conference.

“As these attitudes and behaviours have changed, some households began carrying high debt loads and pockets of risk have begun to emerge.”

Starting Oct. 17, all insured mortgages will have to undergo a stress test to determine if the borrower will still be able to make his or her mortgage payments if interest rates rise.

Previously, these stress tests weren’t required for fixed-rate mortgages longer than five years.

Another policy change coming into effect on Nov. 30 will require mortgage loans that the banks insure with portfolio insurance to meet eligibility criteria that previously only applied to highly leveraged insured mortgages.

The changes come as concerns mount that housing costs in Toronto and Vancouver have become increasingly unaffordable for many Canadians while foreign investors purchase homes and turn them around for a quick profit.

Many middle-class families looking to buy homes have found themselves priced out of the market, Morneau said, and in some cases that has led them to take on high levels of debt.

There are all sorts of questions that just have never been asked about foreign buyers”

“Affordability is an issue that concerns many middle-class families, particularly here in Ontario and in B.C.’s Lower Mainland,” Morneau said.

“It’s a real issue and we don’t take it lightly. Federal government policy alone cannot control house prices; certainly not directly. But it does have a role in ensuring that housing markets are stable and functioning efficiently.”

A report released last week by Swiss bank UBS singled out Vancouver as being at greatest risk of a housing bubble in the world.

Chris Ballard, Ontario’s housing minister, called the federal efforts “an interesting move.”

“We’re very concerned about affordable housing in Ontario,” he said at the Ontario legislature shortly after Morneau’s announcement.

“I would like to see some solutions brought to the table sooner rather than later, but at the same time what we realized early on is Ontario really doesn’t have, and the federal government really doesn’t have, the data that we need to make the best decisions,” he added.

“There are all sorts of questions that just have never been asked about foreign buyers.”

Ottawa will also be launching a consultation with industry members this fall to discuss the possibility of introducing lender risk sharing — a policy that would see the banks shoulder more of the risk for mortgage loans defaults, for instance by way of an insurance deductible.

Further questions contact Carmen at Carmen Leal Personal Real Estate Corportation 604-218-4846

Metro Vancouver home sales return to typical August levels

– For the second straight month, home buyer demand in Metro Vancouver* moved off of the record-breaking pace seen earlier this year and returned to more typical levels. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 per cent less than the 2,771 sales in August 2014; and one per cent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales. From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month. 

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

For complete report  Click HERE

Carmen Leal Personal Real Estate Corporation

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Email: carmen@carmenleal.ca

Cellular: 604.218.4846

Live Vancouver | CarmenLeal.ca 604.218.4846 - 360hometours.ca

Contact Carmen Leal at CL Real Estate Personal Corporations for any Real Estate needs at 604.218.4846 email: carmen@carmenleal.ca

TH 979 Richards Street, Vancouver | CarmenLeal.ca 604.218.4846 - 360home...

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Please check out my new and upcoming listing:

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Carmen Leal- Vancouver Real Estate: Thank you

Carmen Leal- Vancouver Real Estate: Thank you: Carmen, I would like to take this opportunity to thank you for all your time, assistance, hard work and help in selling our house. You ...

Thank you

Carmen,

I would like to take this opportunity to thank you for all your time, assistance, hard work and help in selling our house. You and your entire team have imprinted a very professional impression on me from since we first met up to today when the property transactions concluded. Your articulate and detailed work helped us sell our property quickly. Also you were very considerate in working around our schedules. Appreciate your effort.

I will surely look forward to work with you whenever I am ready to transact again in the property market.

Best regards,

V. Faye

BC Home Sales to Climb 10.4% in 2016 Despite Vancouver Slowdown

Provincial association predicts record transactions and continued rising prices this year, as strong early sales and growth elsewhere offsets Vancouver losses

Home sales across the province are forecast to climb 10.4 per cent to a record 113,000 total units in 2016, before slowing again in 2017, according to a quarterly housing forecast issued August 25 by the British Columbia Real Estate Association (BCREA).

Total BC residential sales for the whole of this year are expected to eclipse the previous high of 106,310 units in 2005 – despite Lower Mainland home sales falling in July and the early part of August.

Unprecedented sales in the early part of the year, and strong growth in other parts of the province, will more than cancel out any second-half losses seen in the Lower Mainland, predicted BCREA.

“The introduction of a 15 per cent tax on foreign national home buyers in Metro Vancouver is expected to accelerate a moderating trend in the market that began earlier in the year,” said Cameron Muir, BCREA chief economist. “However, other regions of the province are performing above expectations and at the provincial level, largely offsetting Metro Vancouver's deceleration.”

The average BC home price is forecast to increase 11 per cent to $706,900 this year and a further 5.2 per cent to $743,700 in 2017.

Muir offered some hope to buyers aiming to get into the market but struggling to afford high prices.

“While the cyclical nature of housing markets can exact a harsh toll on affordability in the short term, there is some relief for beleaguered home buyers on the horizon,” added Muir.

“Housing starts in the province are expected to reach near record levels this year, and the highest amount since 1993. In Metro Vancouver, a record number of homes are now under construction.

“A moderation in housing demand combined with a rising number of both new and resale homes on the market is expected to create more balance and less upward pressure on home prices.”

For further questions Contact Carmen Leal @ CL Personal Realestate Corporation

604-218-4846  E: carmen@carmenleal.ca

 

B.C.’s foreign-buyer tax Explanations

We know you have a lot of questions about the new tax on foreign buyers in Metro Vancouver.

We have answers to those questions.

FOR THE FULL ARTICLE CLICK HERE

        

PH1 - 4372 Fraser Street, Vancouver | Carmen Leal - 360hometours.ca

Cute Penthouse unit  available in the Trendy Fraser Area.

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3001 - 867 Hamilton Street, Vancouver | Carmen Leal - 360hometours.ca

Open house Saturday July 9 from 2pm to 4pm

B.C. releases first set of data on foreign home ownership in Vancouver

New data show foreign buyers purchased 5 per cent of the homes sold in and around Vancouver over three weeks last month and, on average, spent about $400,000 more than Canadians in these transactions, the first statistical hint of the impact offshore money might be having on the region’s overheated market.

More information click HERE

Carmen Leal

Macdonald Realty Ltd

www.carmenleal.ca

604-218-4846

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Metro Vancouver housing prices expected to climb another 25% this year

VANCOUVER (NEWS 1130) – As if anyone looking to buy in our crazy housing market needed more pressure to get a deal done quickly… there are predictions prices could jump another 25 per cent in Metro Vancouver by the end of the year.

“When we look at overall consumer demand in the province, we expect home sales to reach record levels both across BC as well in some of its largest urban centres,” says Cameron Muir, chief economist for the British Columbia Real Estate Association.

“All that sales activity, of course, has drawn down inventories and that is putting upward pressure on prices. Throughout the province, we expect the average home price to be up 20 per cent to almost $767,000 this year.”

Once again, the BCREA expects the Greater Vancouver market to lead the way with a 24.6 per cent jump in the average residential Multiple Listing Service price, pushing it to $1,125,000 by year-end.

The Fraser Valley isn’t far behind, with a predicted 22.9 per cent increase, boosting the average MLS price to $710,000 by the end of 2016.

“Even in Chilliwack, where we see a phenomenal increase in sales — up over 80 per cent year-to-date — we see significant upward pressure. There is an expected 16 per cent increase in the average price expected this year,” Muir tells NEWS 1130.

He says the expected increases in sales and home prices across the province are the result of very strong consumer confidence and population growth.

“Rather than imagining that everyone is migrating from the City of Vancouver outward, it’s more happening in place. We are seeing a significant amount of immigration coming from outside Canada as well as migration from other parts of the country. That trend is continuing as we see weakness in the Alberta economy and many of them are landing in the Lower Mainland and BC where job growth has been so significant.”

BCREA forecasts ML residential sales in the province will to climb 12.3 per cent to a record 115,200 units this year, eclipsing the previous record of 106,310 units in 2005.

Demand and price growth is expected to slow in 2017.

IF YOU HAVE ANY FURTHER QUESTIONS CONTACT CARMEN Personal Realestate Corporation AT 604-218-4846

E:  CARMEN@CARMENLEAL.CA     W:  WWW.CARMENLEAL.CA   

2404 1200 West Georgia Street, Vancouver | Carmen Leal - 360hometours.ca

Open house: Saturday, May 21 and Sunday, May 22 from 2pm to 4pm

New listing: 2404 1200 West Georgia Street

• For more information on this 2 bedroom + Den  Contact Carmen at 604-218-4846 or by email at carmen@carmenleal.ca
• Come through my agents open on Friday, May 20 10:30 am to 12noon or Saturday, May 21 2pm to 4pm or Sunday, May 22 2pm to 4pm
• Check out my website at www.carmenleal.ca during the beginning of the week to view the cinematic film that is being created for this property.
• Hope to see you all at my open house. For further information don't hesistate to contact me.

Infographic: Greater Vancouver Real Estate, April 2016

Residential unit sales in the region saw the busiest-ever April – although they didn’t reach the highs of the previous month, according to the latest statistics from the Real Estate Board of Greater Vancouver (REBGV) issued May 3.

Despite the huge sales numbers, the region saw significant variations between different neighbourhoods and cities. To see the breakdown by property type and the range of prices by area, check out our useful infographic below.

To read the full story, click here.

For further questions contact Carmen Leal Personal Real Estate Corporation at

604-218-4846 | carmen@carmenleal.ca  |  www.carmenleal.ca

30.1% RISE IN VANCOUVER DETACHED HOME PRICES

Metro Vancouver detached home prices rise 30.1 per cent in single year, to $1.4 million.

Vancouver – The Real Estate Board of Greater Vancouver says home sales in the region hit a record level for April with prices sharply higher compared to a year ago.

The board says sales totalled 4,781 for April, up 14.4 per cent from 4,179 in the same month last year.

The increase came as the MLS composite benchmark price for all homes in Metro Vancouver climbed 25.3 per cent from a year ago to $844,800.

The benchmark price for detached homes for the month was $1.4 million, up 30.1 per cent compared with a year ago.

The board says home buyer competition remains intense across the region with April sales 41.7 per cent above the 10-year average for the month.

It noted that new home listings totalled 6,127 in April compared with 5,897 in April 2015.

There were 7,550 properties listed for sale on the MLS system in Metro Vancouver, down 39.3 per cent from a year ago.

For further questions contact Carmen Leal Personal Real Estate Corporation at

604-218-4846 | carmen@carmenleal.ca  |  www.carmenleal.ca

Thanks for your great testimonial

"After several efforts in trying to sell our house with other agents, we were not sure which direction to take.  Our long time neighbour strongly recommended Carmen.  We immediately found out that Carmen was different from the previous agents from her positive attitude/mindset, creativity in her marketing and sales approach and very professional . Her team prepared fantastic photos and film for the house (I wanted to buy after seeing the photos/film). Carmen got our house sold in less then 2 weeks.  I would strongly recommend Carmen for any of your real estate transactions."

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104 - 1168 Richards Street Vancouver, Carmen Leal - 360hometours.ca

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Top 25 Neighbourhoods in the Lower Mainland

Top 25 neighbourhoods

Rank	Neighbourhood	Area	Average price	Value	Momentum	Realtor grade
1	Ambleside	West Vancouver	$2,249,300			★★★★½
2	Brentwood Park	Burnaby	$1,250,000			★★★★½
3	Hastings	Vancouver East	$1,036,500			★★★½
4	New Horizons	Coquitlam	$755,100			★★★½
5	Renfrew VE	Vancouver East	$1,145,000			★★★½
6	Vancouver Heights	Burnaby	$1,249,800			★★★★
7	Victoria VE	Vancouver East	$1,149,100			★★★★
8	Mount Pleasant VE	Vancouver East	$1,099,800			★★★★
9	Ladner Elementary	Ladner	$811,500			★★★★
10	Sapperton	New Westminster	$793,800			★★★½
11	Grandview VE	Vancouver East	$1,274,000			★★★★
12	Port Guichon	Ladner	$837,600			★★★½
13	Lynn Valley	North Vancouver	$1,241,800			★★★★
14	East Burnaby	Burnaby	$955,800			★★★
15	Capitol Hill BN	Burnaby	$1,239,500			★★★★
16	Port Moody Centre	Port Moody	$871,300			★★★★
17	Edmonds BE	Burnaby	$986,500			★★★½
18	Hockaday	Coquitlam	$1,098,800			★★★★½
19	Steveston North	Richmond	$1,066,400			★★★★
20	Gleneagles	West Vancouver	$2,042,300			★★★
21	Westlynn	North Vancouver	$1,148,000			★★★
22	Lincoln Park PQ	Port Coquitlam	$673,900			★★★★
23	Eagle Ridge CQ	Coquitlam	$774,500			★★★★
24	Renfrew Heights	Vancouver East	$1,161,100			★★★½
25	Eagle Harbour	West Vancouver	$1,719,700			★★★½

Photo gallery: Top 25 Vancouver neighbourhoods »

Click here to see the full rankings for all 200+ Vancouver neighbourhoods.

Global investment dollars headed for Vancouver

- Global uncertainty, the low loonie and Canada’s tempting lifestyle, economy and commerce has made Vancouver and Toronto increasingly attractive to foreign commercial real estate investors — particularly those from China and the U.S.

- The research, published last week in the form of several infographics, claims that foreign investment into Canadian commercial real estate climbed by 143 per cent in the past six months, to $1.85 billion. In that period, $798 million of that incoming capital ended up in Metro Vancouver and this has been all from China.

- Nearly all of the inbound investment into Canada originated from China (42 per cent) and the U.S. (48 per cent) during that period.

- From a global perspective, Toronto and Vancouver are recognized as two of the top most-livable cities in the world, and from economic standpoint those are the cities that are performing quite well.

- Additionally, the low Canadian dollar is really an advantage for an international buyer coming into the market right now. Perceived factors such as Vancouver’s highly educated workforce, livability and political stability all paint a rosy picture for prospective investors, she said.


Dan Scarrow, of Canadian Real Estate Investment Centre in Shanghai told The Sun earlier this month that the children of Chinese-Canadians — by his own calculations — are in line to inherit more than $1 trillion over the next 30 years.

He said a portion of that money would be used to buy real estate.

• Canada ranked 13th out of 144 economies in the World Economic Forum’s Global Competitiveness Index, 2015-16

• Ranked fourth in the Human Capital Index, 2015

• Vancouver (3), Toronto (4) and Calgary (5) were all in the top five most liveable cities, according to the Economist Intelligence Unit’s Global Liveability Ranking, 2015

• Canada ranked as the world’s ninth least-corrupt country on the Corruption Perceptions Index, 2015

• Ranked as the 12th most innovative country on the Bloomberg Innovation Index, which assesses countries based on R&D, manufacturing, technology, education and patents

• Ranked seventh on Forbes’ Best Countries for Business list, 2015.

FOR MORE INFO ON THIS PLEASE GO HERE

199 FURRY CREEK DRIVE, FURRY CREEK BC

NEW LISTING 

199 FURRY CREEK DRIVE, FURRY CREEK BC

https://www.youtube.com/watch?v=5dSg7esBBkI

FOR MORE INFO CONTACT CARMEN AT 604-218-4846

How To… Choose the Right Neighbourhood for You.

How To… Choose the Right Neighbourhood for You While budget is paramount, you also need to take your lifestyle into consideration  - 

Pre-approved and ready to purchase? Now how to decide where to buy in Metro Vancouver?

 Budget will be a large factor in choosing your neighbourhood. As of February 2016, the average cost for an apartment in Vancouver is $875 per square foot, whereas in New Westminster an average apartment is $475 per square foot, and Surrey is significantly lower at $350 per square foot. 

Although all three cities have access to rapid transit, each provides a unique set of amenities and lifestyle.  And within each city, neighbourhoods vary greatly in price and lifestyle. Marpole and the up-and-coming River District in south Vancouver, for example, have not yet reached price levels compared to the rest of Vancouver. These neighbourhoods offer more per square foot compared to condos closer to the downtown core.

Where you rent and work may not be where you can afford to buy so, in addition to cost, it is very important to consider the benefits of each neighbourhood in relation to your lifestyle, especially when considering a condo as a long-term housing option.

What to consider when making your purchasing decision

To help narrow down the choices, look beyond today, and anticipate your lifestyle needs for the next five to 10 years. Considerations might include:

• Urban versus suburban? How and where do you like to spend your free time? Is noise a factor? City centres or proximity to transit corridors will be noisier.
• Transportation. If you commute, transportation will affect your time and your cost of living. Does the municipality you are looking at have access to rapid transit? Are there plans in place to add to transit? It’s a good idea to check with a city’s planning department.
• Condo amenities. When living in smaller spaces, amenities become more important. New developments often include a variety of communal spaces such as a yoga room, a communal barbecue on a roof-top deck, concierge services, and more. Be sure to compare amenities with strata fees for built-in costs.
• Municipal amenities. Schools, parks, recreation centres, and restaurants – think about your lifestyle, and what a community has to offer. Do you prefer to shop without a car? Is parking a concern? Will you need schools nearby or is restaurant choice important?
• Liveability. Consider walkability, cycling paths, and how close are you to your friends and family.
• Culture. Do you like an artsy neighbourhood, or one with a little more grit? Neighbourhoods and condominium developments themselves all offer unique environments and should be explored before purchasing.

Anticipating your lifestyle and needs and understanding the real estate market will help narrow down your choice of neighbourhoods.  On Wednesday, March 2, the GVHBA’s 22nd annual Home Buyer Seminar will feature industry experts sharing personal advice on all topics of the home-buying process, including a market overview, mortgage choices, and strata obligations, to name a few. This free event is an excellent opportunity to gather market statistics to help with your purchasing needs. 

Are you interested in selling 

your home in the next few months?

Work with award winning realtor, Carmen Leal and her 

team that specialize in Real Estate Downtown Vancouver,

and qualified Buyers that are looking for a home in your area! 

contact carmen to list your home today! 

Get a hold of Carmen directly at 604.218.4846 

or email carmen@carmenleal.ca to arrange an appointment.

Yours, 

Carmen Leal 

Personal Real Estate Corporation

www.carmenleal.ca

carmen@carmenleal.ca

604-218-4846