Wednesday, August 5, 2015

Metro Vancouver home sales were more than a third above the 10-year average in July, while the number of homes listed for sale continues to trend below recent years.

Source: REBGV

Should You Sell First and Buy Later? Or Vice-Versa?

When you’re thinking of selling your home and buying another, you face the inevitable question: Should I list my property first or buy my new home first?

Let’s take a look at both options.

If you attempt to buy a property before listing your home, you run into a couple of challenges.

First, sellers may not take you seriously as a potential buyer. After all, you haven’t put your own home up for sale. As far as they’re concerned, you might merely be testing the market.

Second, your property might not sell as quickly as you thought it would. If there is an early closing date on the home you purchased, you might end up owning, and paying a mortgage on both properties, at least until your home sells.

If, on the other hand, you list your property before buying a new home, sellers will know you’re serious. That puts you in a competitive position in the event of multiple offers.

Also, if your home sells quickly, you’ll have the peace-of-mind of knowing exactly how much of a new home you can afford. You’ll be able to shop with confidence.

Of course, like the first option, there is a chance that the closing dates won’t match and you’ll end up owning two properties for a period of time. However, solutions such as bridge financing are available to help.

So, there is no perfect answer. A lot depends on the state of the local market.

Looking for a good REALTOR® who can help you decide which is the best move for you? Call today.

June 5, 2015

The below letter from President J. Darcy McLeod was sent to our media contacts this afternoon.

Will more taxes solve housing affordability challenges? History says no and so do we....

The rising cost of homes in our region is well-documented. Metro Vancouver home prices have increased nearly 80 per cent since 2005. Detached home prices have increased over 100 per cent.

We worry about how our children can afford a home and how the most vulnerable among us can find basic shelter. These concerns have led to public debate about possible solutions.

One suggestion is for government to introduce new taxes. Some believe government should tax non-Canadian investors who buy properties. Mayor Robertson believes there should be a "luxury housing" tax on the sale of the most expensive homes in Vancouver.

We believe more taxes won’t help. Taxes bring unintended consequences. There’s little to no evidence that a luxury or foreign buyer tax would make homes more affordable. 

History tells us that taxes like this fail to have the desired impact and succeed in permanently adding to government coffers.

In 1987, the provincial government implemented what was advertised as a “wealth tax”. It was supposed to apply to the sale of the most expensive five per cent of homes sold in BC. It's been 28 years since that tax was introduced and the thresholds have never been adjusted for inflation. 
           
Today, that tax is known as the Property Transfer Tax (PTT). It’s applied to 95 per cent of all residential property sales in the province. This tax makes housing less affordable. 

The home is where many people’s financial net worth resides. It's one of the last major assets that residents can sell and not pay a tax on the revenue. A little mentioned fact is that we already have tax disincentives for foreign owners. If a foreign home owner wants to sell a property in Canada, they are unable to receive a capital gains exemption.

The picture of affordability and home ownership is changing in Metro Vancouver. Our region's affordability challenges are complicated and, unfortunately, there isn't a single action that can solve them. Economists will tell you that offshore investment is a factor in today’s market. To what extent, no one has the data to know. 

What we do know is that local conditions have a much more significant impact. We live in one of the most beautiful, progressive and prosperous areas of the world. There are more people who want to live here than there are homes available. This causes prices to rise. 

The natural solution would be to create more supply, but we're constrained by mountains to the north, an ocean to the west, and a border to the south. 

Despite the headlines, the majority of home sales in Metro Vancouver are not $1-million and beyond. Based on our Multiple Listing Service (MLS) statistics, nearly 70 per cent of all sales in the region last year were below $800,000. 

The price of condominiums today ranges between $200,000 and $600,000 depending on size and location. Townhomes range between $300,000 and $800,000 in the region.

Detached homes in the City of Vancouver are at the high-end of our market. Recent activity has pushed homes on the Vancouver Westside above $2.5 million. 
           
It’s a different story in neighbouring communities. The benchmark price of a detached home in Maple Ridge today is $499,100; in Ladner the benchmark price is $713,200; in Coquitlam the benchmark price is $845,400.

Affordability challenges exist. But there are also more options and aspects to the story than is typically discussed in the media. Certainly more than the mayor is putting forward.

Sincerely, 

J. Darcy McLeod
President of the Real Estate Board of Greater Vancouver

Source: REBGV 

By 2041, more than 1.2 million more residents will move to the Metro Vancouver area, bringing our population to 3.4 million residents.

To accommodate these newcomers, we’ll need more than 574,000 new housing units according to Metro Vancouver data.

Given Metro Vancouver’s geographical constraints – the North Shore mountains, the Pacific Ocean, the US border, and protected agricultural land to the east – how will this shape our communities?

To find out, we asked urban design specialist Bob Ransford, who has spent the last 24 years tackling complex urban development and land use challenges.

Here are the five trends he believes will shape real estate in Metro Vancouver in the next decade. 

Posted: Tuesday, February 10, 2015

Home buyers remain active despite reduced selection

The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7 per cent increase compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014.

Last month’s sales were 14.9 per cent above the 10-year sales average for the month.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

New listings for detached, attached and apartment properties in Metro Vancouver1 totalled 4,737 in January. This represents an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014.

Last month’s new listing count was 1.2 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the REBGV MLS® is 10,811, a 14.2 per cent decline compared to January 2014 and a 4.8 per cent increase compared to December 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,60022. This represents a 5.5 per cent increase compared to January 2014.

With the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory.

“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

Sales of detached properties in January 2015 reached 781, an increase of 7.3 per cent from the 728 detached sales recorded in January 2014, and a 44.1 per cent increase from the 542 units sold in January 2013. The benchmark price for a detached property in Metro Vancouver increased 8.4 per cent from January 2014 to $1,010,000.

Sales of apartment properties reached 809 in January 2015, an increase of 7.4 per cent compared to the 753 sales in January 2014, and an increase of 40.5 per cent compared to the 576 sales in January 2013. The benchmark price of an apartment property increased 2.5 per cent from January 2014 to $382,800.

Attached property sales in January 2015 totalled 323, an increase of 15.8 per cent compared to the 279 sales in January 2014, and a 38.6 per cent increase from the 233 attached properties sold in January 2013. The benchmark price of an attached unit increased 4.3 per cent between January 2014 and 2015 to $479,600.

November 4, 2014

Metro Vancouver home sales above average in October

Home sales in the Metro Vancouver* housing market continue to outpace long-term averages for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 per cent increase compared to the 2,661 sales in October 2013, and a 4.6 per cent increase over the 2,922 sales in September 2014.
 
Last month’s sales were 16.6 per cent above the 10-year sales average for October.

“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight per cent depending on the property,” said REBGV president Ray Harris.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,487 in October. This represents a four per cent increase compared to the 4,315 new listings in October 2013 and a 14.7 per cent decline from the 5,259 new listings in September.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,851, a 9.2 per cent decline compared to October 2013 and a 6.6 per cent decrease compared to September 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a six per cent increase compared to October 2013.

“Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said. 

Sales of detached properties in October 2014 reached 1,271, an increase of 19.1 per cent from the 1,067 detached sales recorded in October 2013, and a 60.9 per cent increase from the 790 units sold in October 2012. The benchmark price for detached properties increased 7.9 per cent from October 2013 to $995,100.

Sales of apartment properties reached 1,268 in October 2014, an increase of 15.5 per cent compared to the 1,098 sales in October 2013, and a 57.9 per cent increase compared to the 803 sales in October 2012. The benchmark price of an apartment property increased four per cent from October 2013 to $380,200.

Attached property sales in October 2014 totalled 518, a 4.4 per cent increase compared to the 496 sales in October 2013, and an 53.3 per cent increase over the 338 attached properties sold in October 2012. The benchmark price of an attached unit increased 4.7 per cent between October 2013 and 2014 to $479,500.

* 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.

Home buyers continue to slightly outpace sellers, but not by much.

The Greater Vancouver housing market continues to see slightly elevated demand from home buyers, steady levels of supply from home sellers and incremental gains in home values depending on the area and property type.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This represents a 3.9 per cent increase compared to the 2,946 sales recorded in July 2013, and a 10.1 per cent decline compared to the 3,406 sales in June 2014.

“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.”

Last month’s sales were 3.8 per cent above the 10-year sales average for July of 2,948.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $628,600. This represents a 4.4 per cent increase compared to July 2013.

“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real estate market,” McLeod said.

The sales-to-active-listings ratio currently sits at 19.6 per cent in Metro Vancouver. This ratio has ranged between 18 and 20 per cent over the last four months.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925 in July. This represents a 1.5 per cent increase compared to the 4,854 new listings in July 2013 and a 7.8 per cent decline from the 5,339 new listings in June.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,617, a six per cent decline compared to July 2013 and a 2.5 per cent decrease compared to June 2014.

Sales of detached properties in July 2014 reached 1,322, an increase of 5.8 per cent from the 1,249 detached sales recorded in July 2013, and a 68 per cent increase from the 787 units sold in July 2012. The benchmark price for detached properties increased 6.5 per cent from July 2013 to $980,500.

Sales of apartment properties reached 1,212 in July 2014, an increase of 0.2 per cent compared to the 1,210 sales in July 2013, and a 30.7 per cent increase compared to the 927 sales in July 2012. The benchmark price of an apartment property increased 2.2 per cent from July 2013 to $376,500.

Attached property sales in July 2014 totalled 527, an 8.2 per cent increase compared to the 487 sales in July 2013, and a 37.2 per cent increase over the 384 attached properties sold in July 2012. The benchmark price of an attached unit increased 3.4 per cent between July 2013 and 2014 to $472,400.

-30-
* 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 visitwww.rebgv.org.

Buyer demand increases while home prices edge up.

VANCOUVER, B.C. – July 3, 2014 – The Greater Vancouver housing market enters the
summer season with home buyer activity on the rise.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This
represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7
per cent increase compared to the 3,286 sales in May 2014.

Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.

“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” Ray
Harris, REBGV president said.

The sales-to-active-listings ratio currently sits at 21.3 per cent in Greater Vancouver, which is the
highest this measure has been since June 2011.

“Over the last three years, we’ve seen changes in demand yet home prices at the regional level
have maintained relative stability,” Harris said. “While these numbers provide high level trends,
it’s important to know that changes in prices always vary depending on neighbourhood and
property type. Consult your local REALTOR® for information on trends in your area of choice.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $628,200. This represents a 4.4 per cent increase compared to June 2013.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339
in June. This represents a 9.5 per cent increase compared to the 4,874 new listings in June 2013
and a 10.1 per cent decline from the 5,936 new listings in May. Last month’s new listing count
was 2.6 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 Greater
Vancouver is 16,011, a 7.4 per cent decline compared to June 2013 and a 0.4 per cent decrease
compared to May 2014.

Sales of detached properties in June 2014 reached 1,462, an increase of 32.7 per cent from the
1,102 detached sales recorded in June 2013, and a 58.7 per cent increase from the 921 units sold
in June 2012. The benchmark price for detached properties increased 6.2 per cent from June 2013 to $976,700.

Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5 per cent compared
to the 1,068 sales in June 2013, and a 27.5 per cent increase compared to the 1,026 sales in June
2012. The benchmark price of an apartment property increased 2.4 per cent from June 2013 to
$378,000.

Attached property sales in June 2014 totalled 636, a 34.7 per cent increase compared to the 472
sales in June 2013, and a 53.3 per cent increase over the 415 attached properties sold in June
2012. The benchmark price of an attached unit increased 3.1 per cent between June 2013 and
2014 to $471,200.

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.

•• Home prices have experienced consistent yet modest increases in our region since the beginning
of2013," Harris said.

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 per cent from the
1,212 detached sales recorded in May 2013, and a 23.1 per cent increase from the 1,180 units
sold in May 2012. The benchmark price for detached properties increased 5.4 per cent from May
2013 to $966,500.

Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 per cent compared
to the 1,136 sales in May 2013, and an 11.2 per cent increase compared to the 1,156 sales in May
2012. The benchmark price of an apartment property increased 3.2 per cent from May 2013 to
$377,500.

Attached property sales in May 2014 totalled 547, a 2.4 per cent increase compared to the 534
sales in May 2013, and a 5.8 per cent increase over the 517 attached properties sold in May
2012. The benchmark price of an attached unit increased 3.l per cent between May 2013 and
2014 to $469,100.

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 REAL TOR@ or visit
l:vww.rebgv.org.

sold in April 2012. The benchmark price for detached properties increased 4.7 per cent from 

April 2013 to $956,700

Sales of apartment properties reached 1,172 in April 2014, an increase of 11.4 per cent compared
to the 1,052 sales in April 2013, and a 1.5 per cent decline compared to the 1,190 sales in April
2012. The benchmark price of an apartment property increased 2.6 per cent from April 2013 to
$375,500.

Attached property sales in April 2014 totalled 542, a 6.1 per cent increase compared to the 511
sales in April 2013, and a 12.2 per cent increase over the 483 attached properties sold in April
2012. The benchmark price of an attached unit increased two per cent between April 2013 and
2014 to $464,400.

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.

Contact Helen Gambling for any of your real estate needs or questions.  

Source: Greater Vancouver Real Estate Board

Typically, lenders at financial institutions consider someone self-
employed if they:

• run a business alone as a sole proprietor, with a partner, or as a corporation;
• receive 25 or more of their income from the business; 
• work on short contracts for different employers; or
• are paid solely on a commission basis.

In contrast, a salaried employee is someone who receives a
regular paycheque from an employer, or even several paycheques
for part-time work for multiple employers.

Different rules for the self-employed

Since 2011, the federal Department of Finance has imposed
a range of stricter rules on mortgages for all borrowers, for
example:

• reducing maximum amortization periods to 30 from 35 years;
• restricting the percentage borrowers can refinance; and 
• requiring borrowers with less than a 20 downpayment to meet standards for a five-year fixed rate mortgage.

For the self-employed, new rules brought in two years ago
by Office of the Superintendent of Financial Institutions require
anyone working for themselves applying for a mortgage or
refinancing from a federally-regulated financial institution to
have a minimum downpayment of35 ofthe home price.

The mortgage must also be insured by Canada Mortgage and
Housing (CMHC), Genworth or Canada Guaranty.

Credit Unions, however, are not federally regulated and may
require self-employed workers to have a downpayment as low as
20 without requiring mortgage insurance.

Self-employed need proof

Self-employed borrowers will have to prove they have a viable
business, a good credit rating and a good history of paying bills
and loans on time.

Borrowers in business for three or more years are required
to verify net taxable income - what remains after business
deductions are subtracted from gross earnings.

Lenders will want to see the past two years of these documents:

• monthly bank statements;
• Canada Revenue Agency assessment notice; 
• business balance sheet and profit-and-loss statement; 
• business credit card statements; and
• credit references or letters from financial institutions.

Lenders may also ask for a letter from the borrower's
accountant, proof that rent is paid on time, and a personal balance

sheet showing assets such as stocks, and debts such as credit card 

or car loans.

Self-employed borrowers in business for three or more years
are required to verify net taxable income - what remains after
business deductions are subtracted from gross earnings.

Self-employed borrowers in business for less than three years
will also be required by CMHC (or other mortgage insurers)

to complete a stated income application. For information on
CMHC's program for self-employed, see: www.cmhc.ca/enl
hoficlincllmoloin/hopriupload/CMHC-Self-Employed.pdf

Averaging net income

Just because a self-employed worker had a net income of
$120,000 the previous year, does not mean they will qualify for a
mortgage based on this amount.

Instead, a lender determines the amount a self-employed
borrower will qualify for by reviewing several years of earnings
and averaging them.

For example, a self-employed borrower's income for the last
three years might be analyzed as:

The lender will base the amount loaned on the average income
of$76,666.

Source: Real Estate Board of Greater Vancouver

Home sales and listings continue to follow historical averages

VANCOUVER, B.C. - March 4, 2014 - In the first two months of 2014, the Greater 

Vancouver housing market has maintained the steady pace set throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014.
This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013,
and a 43.8 per cent increase compared to the 1,760 sales in January 2014.

Last month's sales total mirrors the 10-year sales average for February of 2,547, with just 17
sales separating the two figures.

The sales-to-active-listings ratio currently sits at 18.9 per cent in Greater Vancouver, a 4.9 per
cent increase from last month.

"Home buyer demand picked up in February, which is consistent with typical seasonal patterns
in our housing market," said Sandra Wyant, REBGV president. "We typically see home buyers
become more active in and around the spring months."

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700
in February. This represents a 2.8 per cent decline compared to the 4,833 new listings reported in
February 2013 and a 12.1 per cent decline from the 5,345 new listings in January. Last month's
new listing count was 0.5 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 Greater Vancouver MLS® is
13,412, a 9.3 per cent decline compared to February 2013 and a 6.4 per cent increase compared
to January 2014.

"With the market continuing to perform at a steady, balanced pace, it's important for home
sellers to ensure their homes are priced correctly for today's conditions," Wyant said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $609,100. This represents a 3.2 per cent increase compared to February
2013.

Sales of detached properties in February 2014 reached 1,032, an increase of 46.6 per cent from
the 704 detached sales recorded in February 2013, and a 6.3 per cent decrease from the 1,101

units sold in February 2012. The benchmark price for detached properties increased 3.5 per cent
from February 2013 to $932,900.

Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8 per cent
compared to the 760 sales in February 2013, and a 1.2 per cent increase compared to the 1,020
sales in February 2012. The benchmark price of an apartment property increased 3.6 per cent
from February 2013 to $373,300.

Attached property sales in February 2014 totalled 466, an increase of39.9 per cent compared to
the 333 sales in February 2013, and a 9.9 per cent increase from the 424 attached properties sold
in February 2012. The benchmark price of an attached unit increased 0.6 per cent between
February 2013 and 2014 to $458,300.

Home sale and listing activity continue to chart a steady path for the region's housing market

VANCOUVER, B.C. - April 2, 2014 - March home sales in Greater Vancouver outpaced last
year's total yet lagged the region's historical average for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,641 on the Multiple Listing Service® (MLS®) in March 2014.
This represents a 12.5 per cent increase compared to the 2,347 sales recorded in March 2013, and
a 4.4 per cent increase compared to the 2,530 sales in February 2014.

Last month's sales were 17.2 per cent below the 10-year sales average for March of 3,190.

The sales-to-active-listings ratio currently sits at 18.2 per cent in Greater Vancouver, which is
unchanged from last month.

"We continue to see steady and stable market conditions across the Greater Vancouver housing
market," said Ray Harris, REBGV president. "There has been a consistent balance between
home seller supply and home buyer demand in our marketplace over the last year."

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,281
in March. This represents a 9.1 per cent increase compared to the 4,839 new listings in March
2013 and a 12.4 per cent increase from the 4,700 new listings in February. Last month's new
listing count was 5.9 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 Greater Vancouver MLS® is
14,472, a 6.4 per cent decline compared to March 2013 and a 7.9 per cent increase compared to
February 2014.

"Home prices in the region have experienced incremental gains in most areas and property types
over the last 12 months," Harris said. "It's important to remember that this is a diverse
marketplace and trends will vary depending on area and property type."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $615,200. This represents a 3.7 per cent increase compared to March
2013.

Sales of detached properties in March 2014 reached 1,116, an increase of 19.6 per cent from the
933 detached sales recorded in March 2013, and a 5.7 per cent decrease from the 1,183 units sold
in March 2012. The benchmark price for detached properties increased 4.2 per cent from March
2013 to $945,400.

Sales of apartment properties reached 1,106 in March 2014, an increase of 12.6 per cent
compared to the 982 sales in March 2013, and a 7.1 per cent decline compared to the 1,191 sales
in March 2012. The benchmark price of an apartment property increased 3.8 per cent from
March 2013 to $375,800.

Attached property sales in March 2014 totalled 419, a 3 per cent decline compared to the 432
sales in March 2013, and a 16.2 per cent decline from the 500 attached properties sold in March
2012. The benchmark price of an attached unit increased 1.3 per cent between March 2013 and
2014 to $460,100.