July 3, 2019

Housing supply up, home sales and prices down in June

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.


Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 1998.


“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”


On the supply side, there were 4,751 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2019. This represents a 10 per cent decrease compared to the 5,279 homes listed in June 2018 and an 18.9 per cent decrease compared to May 2019 when 5,861 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 per cent increase compared to June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685).


“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”


For all property types, the sales-to-active listings ratio for June 2019 is 13.9 per cent. By property type, the ratio is 11.4 per cent for detached homes, 15.8 per cent for townhomes, and 15.7 per cent for apartments.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019.


This is the first time the composite benchmark has been below $1 million since May 2017.


Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.


Sales of apartment homes reached 941 in June 2019, a 24.1 per cent decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment property is $654,700. This represents an 8.9 per cent decrease from June 2018 and a 1.4 per cent decrease compared to May 2019.


Attached home sales in June 2019 totalled 390, a 6.9 per cent decrease compared to the 419 sales in June 2018. The benchmark price of an attached unit is $774,700. This represents an 8.6 per cent decrease from June 2018 and a 0.6 per cent decrease compared to May 2019.


Download the June 2019 stats package.

Read full post

Upcoming Community Event: Canadian Multiculturalism Day

Saturday, June 29, 2019, Time: 9:00 AM - 2:00 PM
Location: Memorial Peace Park, 11900 224 Street, Maple Ridge,
Come celebrate culture within our community through cultural performances, children’s crafts and activities, music and food. Wear your traditional cultural clothing to win a prize. For more information call 604-467-6055.


Canadian Multiculturalism Poster 2019

Read full post

Upcoming Community Event: Celebrate Canada Day in Pitt Meadows on Monday July 1, 2019


This year marks Canada's 152nd birthday! There will be entertainment, artisans, a car show & shine, kids zone, dog show and so much more - you won't want to miss it. Location: 12007 Harris Road, Pitt Meadows


Read full post

Always 'A SURE BET IN REAL ESTATE ' for any of your real estate questions  concerns , market updates , assistance in buying or selling a home , or a market evaluation. 
Don't hesitate to contact me , I'm ready to help!


Read full post

Main Photo: 11947 ACADIA Street in Maple Ridge: West Central House for sale : MLS®# R2372668
 
NEW LISTING: 11947 ACADIA Street, Maple Ridge

PERFECT COMBINATION, EXTENSIVELY RENOVATED split entry style home with a CUL-DE-SAC location and contains a lovely, large renovated 2 bedroom self contained in-law suite. Enjoy the beautifully landscaped, private, fenced 9158 sq.ft lot with a west facing backyard. For the hobbyist or car collector bonus of having a HEATED DETACHED 29' x 22' GARAGE with a 9' door and 10' ceiling,a 2pc bath and shelving for extra storage, with convenient LANE ACCESS. Too many improvements to list! This beautiful home features vaulted post & beam ceiling, 2 gas fireplaces, main floor fireplace has been updated. Beautiful updated bright white kitchen, soft close cabinets and granite counters, undermount sink, stainless steel appliances, gas stove and some built in shelving/cabinets. Nice open living area with laminate floors, updated baths with quartz counters, main bath with heated floor. Newer fixtures & lighting, vinyl windows, updated exterior doors, 60 gallon hot water tank, R50 insulation and upgraded plumbing. Huge covered deck that wraps around to the back of home, has a natural gas BBQ hookup. RV parking available. Shed/playhouse plus a 20' x 8' storage unit with ramp, located to side of garage perfect for ATV's, bikes etc. Gardeners delight to enjoy cherry and apple trees plus blueberry bushes! Close to town, shopping and recreation. Don't miss the opportunity on this fantastic home and property!
Read full post





June 4, 2019

May sees modest increase in home sales while housing supply reaches five-year high

Monthly Metro Vancouver1 home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019.


Last month’s sales were 22.9 per cent below the 10-year May sales average and was the lowest total for the month since 2000.


“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, REBGV president said.


There were 5,861 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver last month. This represents an 8.1 per cent decrease compared to the 6,375 homes listed in May 2018 and a 2.1 per cent increase compared to April 2019 when 5,742 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,685, a 30 per cent increase compared to May 2018 (11,292) and a 2.3 per cent increase compared to April 2019 (14,357). This is the highest number of homes listed for sale since September 2014 (14,832).


“Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market,” Smith said. “To be competitive, it’s important to work with your local REALTOR® to assess and understand the latest trends in your neighbourhood and property type of choice.”


For all property types, the sales-to-active listings ratio for May 2019 is 18 per cent. By property type, the ratio is 14.2 per cent for detached homes, 20 per cent for townhomes, and 21.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index2 composite benchmark price for all residential homes in Metro Vancouver is currently $1,006,400. This represents an 8.9 per cent decrease over May 2018, a 3.4 per cent decrease over the past six months, and a 0.4 per cent decrease compared to April 2019.


Sales of detached homes in May 2019 reached 913, a 1.4 per cent decrease from the 926 detached sales recorded in May 2018. The benchmark price for a detached home in the region is $1,421,900. This represents an 11.5 per cent decrease from May 2018, a 5.4 per cent decrease over the past six months, and a 0.5 per cent decrease compared to April 2019.


Sales of apartment homes reached 1,246 in May 2019, a 12.9 per cent decrease compared to the 1,431 sales in May 2018. The benchmark price of an apartment property is $664,200. This represents a 7.3 per cent decrease from May 2018, a two per cent decrease over the past six months, and a 0.5 per cent decrease compared to April 2019.


Attached home sales in May 2019 totalled 479, a 0.6 per cent increase compared to the 476 sales in May 2018. The benchmark price of an attached unit is $779,400. This represents a 7.6 per cent decrease from May 2018, a 3.5 per cent decrease over the past six months, and a 0.6 per cent increase compared to April 2019.


Download the May 2019 stats package.

Read full post

Local Community Event: GSS Music Marathon - Friday, May 10, 2019 - Time: 1:00 PM - 8:00 PM
Time Details: Music starts at 1:00 PM and continues for 7 hours. Showcase from 6:00-8:00 PM will feature every group performing at least once.
Location: View Facility, Memorial Peace Park - Address: 11900 224 Street, Maple Ridge, BC 
Cost: By donation; this is a fundraising event, but it's also a concert in the Bandstand for all to enjoy.
https://www.mapleridge.ca/Calendar.aspx…


Image may contain: one or more people and text

Read full post

 
May 2, 2019

Reduced demand and increased supply remain the trend across Metro Vancouver’s housing market

Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver housing market.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,829 in April 2019, a 29.1 per cent decrease from the 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019.


Last month’s sales were 43.1 per cent below the 10-year April sales average.


“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” Ashley Smith, REBGV president said. “Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”


There were 5,742 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2019. This represents a 1.3 per cent decrease compared to the 5,820 homes listed in April 2018 and a 16 per cent increase compared to March 2019 when 4,949 homes were listed.


The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 14,357, a 46.2 per cent increase compared to April 2018 (9,822) and a 12.4 per cent increase compared to March 2019 (12,774).


“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.”


The overall sales-to-active listings ratio for April 2019 is 12.7 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.4 per cent for townhomes, and 15.3 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,400. This represents an 8.5 per cent decrease over April 2018, and a 0.3 per cent decrease compared to March 2019.


Detached home sales totalled 586 in April 2019, a 27.4 per cent decrease from the 807 detached sales in April 2018. The benchmark price for a detached home is $1,425,200. This represents an 11.1 per cent decrease from April 2018, a 0.8 per cent decrease compared to March 2019.


Apartment home sales totalled 885 in April 2019, a 32.3 per cent decrease compared to the 1,308 sales in April 2018. The benchmark price of an apartment is $656,900 in the region. This represents a 6.9 per cent decrease from April 2018 and is unchanged from March 2019.


Attached home sales totalled 358 in April 2019, a 22.8 per cent decrease compared to the 464 sales in April 2018. The benchmark price of an attached home is $783,300. This represents a 7.5 per cent decrease from April 2018 and is unchanged from March 2019.


 Download Stats PDF: http://listserv.realtorlink.ca/t/359721/2549256/126544/44/


Read full post

Man selecting a hand tool from a bag on workbench for spring repairs
 
As the snow begins to melt and the sun shines brighter, the time for new beginnings — and new listings — is upon us. Make sure your home is in tiptop shape with these value-added spring repairs if you’re planning to put it on the market.
 
Read full post

Popular 'Meadows Highland Co-operative Park', 2004 built manufactured home, 1115sq.ft, 2 bedroom, 2 bath & air conditioning...Room to park 3 cars!
 
 
ONE OF THE BEST PARKS ON THE NORTH SIDE OF THE FRASER! Located in popular Meadow Highlands Co-operative Park with an ideal location in the park, this unit is only 15 years old! BONUS AIR CONDITIONING! Very bright, spacious and open floor plan, lots of windows, vinyl flooring, vaulted ceiling, skylights, custom draperies, oak kitchen with lots of cabinets, built-in microwave hood fan & breakfast bar. Two bedroom plus flex room, master bedroom with 3pc. ensuite with a walk in shower and another 4pce main bath. Enjoy the days out on the covered deck, covered parking, low maintenance yard. Enjoy the benefits of the clubhouse & indoor pool & amenities. Convenient location to Westcoast Express, transit, recreations, schools and shopping! 
 
Read full post

 
ORIGINAL OWNERS, IMMACULATE & UPDATED! LOOKING FOR MORE ROOM? Opportunity here to buy this spacious 2 storey basement townhome in "Riverwoods", short walk to popular 'Kanaka Creek Elementary', Kanaka Creek Regional park, minutes to downtown! Owners just installed new carpets upstairs, fresh interior paint top to bottom, brand new S/S appliances including a gas stove. Spacious main floor with laminate flooring, livingroom/diningroom & family room, gas f/p, big kitchen with island, Maple cabinets, tiled backsplash, sliders to the private, large patio. Flex room, den & 4pcs bath in basement, master bedroom with W/I closet & 4pc ensuite. No worries about parking, double garage & room for 2 on driveway, lots of street parking.Bonus AIR CONDITIONING!

Read full post


DREAM COMBINATION!  For the fussiest buyer!  Immaculate, custom built and lovingly cared for 1765 sq.ft rancher, situated on a cul-de-sac and surrounded by grand mountain views! Bonus is the  DETACHED GARAGE/WORKSHOP 27'x24' heated & insulated,perfect for the car enthusiast or for the boat or RV, choose indoor or outdoor RV parking. 


Beautiful, landscaped, PRIVATE 10,106 sq.ft lot!This lovely home features a foyer with hardwood flooring, enjoy heating your main floor with 2 top grade gas fireplaces, one in the livingroom and other in the family room. quality oak kitchen cabinets, island, pantry, pull-outs & gas stove.


Master bedroom with a walk in closet & 4pc.ensuite and a 5pce.main bath. Another bonus upstairs is a large games room (or a 3rd bedroom) with closet. Enjoy the back patio deck with a natural gas BBQ hook up. Security system & intercom, air conditioning and built in vacuum. Loads of covered & outdoor parking available. Only 10 minutes to golf course & Harrison Hot Springs!


https://helengambling.com/mylistings.html/listing.r2336880-7444-arbutus-drive-agassiz-v0m-1a2.82984718


Read full post

 

April 2, 2019

Prospective home buyers remain on the sidelines in March



Metro Vancouver home sales dipped to the lowest levels seen in March in more than three decades.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019.


Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest total for the month since 1986.


“Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced,” Ashley Smith, REBGV president said. “For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market.”


“What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region.”


There were 4,949 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2019. This represents an 11.2 per cent increase compared to the 4,450 homes listed in March 2018 and a 27.2 per cent increase compared to February 2019 when 3,892 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,774, a 52.4 per cent increase compared to March 2018 (8,380) and a 10.2 per cent increase compared to February 2019 (11,590).


For all property types, the sales-to-active listings ratio for March 2019 is 13.5 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.9 per cent for townhomes, and 17.2 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,011,200. This represents a 7.7 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019.


Sales of detached homes in March 2019 reached 529, a 26.7 per cent decrease from the 722 sales in March 2018. The benchmark price for a detached home is $1,437,100. This represents a 10.5 per cent decrease from March 2018, and a 0.4 per cent decrease compared to February 2019.


Sales of apartment homes reached 873 in March 2019, a 35.3 per cent decrease compared to the 1,349 sales in March 2018. The benchmark price of an apartment property is $656,900. This represents a 5.9 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019.


Attached home sales in March 2019 totalled 325, a 27.1 per cent decrease compared to the 446 sales in March 2018. The benchmark price of an attached home is $783,600. This represents a six per cent decrease from March 2018, and a 0.7 per cent decrease compared to February 2019.


Download the March 2019 Stats here:

http://listserv.realtorlink.ca/t/357709/2549256/126201/44/

Read full post




Housing Market Conditions Continue To Favour Home Buyers


VANCOUVER, BC – March 4, 2019 – The Metro Vancouver* housing market saw increased
supply from home sellers and below average demand from home buyers in February.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in
February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.


Last month’s sales were 42.5 per cent below the 10-year February sales average.


“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over
the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore,
REBGV president said. “This means that home buyers face less competition today, have more
selection to choose from and more time to make their decisions.”


There were 3,892 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8
per cent decrease compared to the 4,223 homes listed in February 2018 and a 19.7 per cent
decrease compared to the 4,848 homes listed in January 2019.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase
compared to January 2019 (10,808).


For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark for a sustained period, while home prices often experience upward pressure
when it surpasses 20 per cent over several months.


“Homes priced well for today’s market are attracting interest, however, buyers are choosing to
take a wait-and-see approach for the time being,” Moore said. “REALTORS® continue to
experience more traffic at open houses. We’ll see if this trend leads to increased sales activity
during the spring market.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,016,600. This represents a 6.1 per cent decrease over February 2018, a
6.2 per cent decrease over the past six months, and a 0.3 per cent decrease compared to January
2019.


Sales of detached homes in February 2019 reached 448, a 27.9 per decrease cent from the 621
detached sales recorded in February 2018. The benchmark price for detached properties is
$1,443,100. This represents a 9.7 per cent decrease from February 2018, a 7.6 per cent decrease
over the past six months, and a 0.7 per cent decrease compared to January 2019.


Sales of apartment homes reached 759 in February 2019, a 35.9 per cent decrease compared to

the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300.
This represents a four per cent decrease from February 2018, a 5.1 per cent decrease over the
past six months, and a 0.3 per cent increase compared to January 2019.


Attached home sales in February 2019 totalled 277, a 30.9 per cent decrease compared to the 401
sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a
3.3 per cent decrease from February 2018, a 6.7 per cent decrease over the past six months, and a
1.4 per cent decrease compared to January 2019.


To download the PDF click the link: 

https://www.rebgv.org/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2019/REBGV-Stats-Pkg-February-2019.pdf

Read full post
Helen Gambling
Cell: (604) 230-7311
Office: (604) 466-2838
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.