The stats from the Real Estate Board of Greater Vancouver has just been released for March!

Prospective Home Buyers Remain on the Sidelines in March

VANCOUVER, BC – April 2, 2019 – 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.

Click here to download the complete stats package.

I just sold this Townhouse at #14 10271 STEVESTON HIGHWAY, McNair, Richmond, BC McNair.

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I just sold this House at 11151 WILLIAMS ROAD, Ironwood, Richmond, BC Ironwood.

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I just finished uploading this Townhouse for sale, 50 6833 LIVINGSTONE PLACE, Granville, Richmond, BC

GRANVILLE PARK - this 3 bdrm, 2.5 bath CORNER unit is a wonderful place to call home. Completely gutted & upgraded from top to bottom in 2016 (over $90K worth of improvements)! Beautiful new kitchen with s/s appl, quartz counters, tile b/s & a stylish wood feature wall in the eating nook. New hot water tank, w/d, luxury rain shower in the ensuite bath, new flooring throughout, lighting, fresh paint, crown mouldings, built in vacuum & cozy gas f/p..this home has it all! Tandem 2 car garage w/ extra storage. Conveniently located just steps to Minoru Park with the new aquatic centre, shopping, Richmond Centre Mall, transit, Canada line, library, schools (Richmond & Blundell), restaurants & much more! Well managed complex w/ low strata fees. The perfect family home! Open March 30 & 31 2-4pm

I just finished uploading this Condo for sale, 317 8231 GRANVILLE AVENUE, Brighouse, Richmond, BC

"Dolphin Place" ,Central location I Bedroom suite on the top floor in well maintained building.Facing South East,quiet courtyard.Building re-piping was done in 2006,full warrantied rainscreen technology,newer roof,newer balcony,deck and railing,patio door and window.Interior finishing including laminate floor,designer paint,S/S appliances,bathroom wall tiles,electric fireplace in livingroom and light fixtures.Wal.king distance to Canada Line,Richmond Centre.Rentals allowed.Call for appt.FULLY RAINSCREENED BUILDING!!!!

The stats from the Real Estate Board of Greater Vancouver has just been released for February! Please take a read below and let me know if you have any questions.

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.

Click here to download the complete stats package.

I just finished uploading this Condo for sale, 205 4955 RIVER ROAD, Neilsen Grove, Ladner, BC

SHOREWALK – Enjoy WATERFRONT living right in the heart of historic Ladner Village! This spacious 2 bdrm + den (a door makes it a 3rd bdrm) CORNER unit has a large covered deck overlooking the Fraser River. Quiet, peaceful location walking distance to the Village with its many shops & restaurants. Entertaining is a breeze in this rancher suite featuring open concept dining & living room with cozy gas fireplace & HUGE southwest facing deck – perfect for BBQs! A fresh air cross breeze is also appreciated due to your own exterior entrance on the 2nd floor. Separate laundry/storage room, 2 PARKING + locker. At almost 1500sf this home is great for families or downsizers and can accommodate "house sized" furniture. Well-managed & maintained building. Pets welcome! Wheelchair access.

I just sold this House at 3960 Regent Street, Steveston Village, Richmond, BC Steveston Village.

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I just sold this Condo at #105 5115 Cambie Street, CAMBIE, Vancouver, BC CAMBIE.

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I just finished uploading this Townhouse for sale, 1601 4900 FRANCIS ROAD, Boyd Park, Richmond, BC

COUNTRYSIDE ESTATES – popular & well managed complex located in West Richmond! This 3 bdrm END UNIT is bright & spacious with extra windows and offers a private West facing fenced yard which backs onto green space. Plenty of patio space for those who like to entertain! Upgrades: eon decking, crown moulding & baseboards, newer washer/dryer, upstairs bath with rain shower & radiant in-floor heat, California closet organizers + double glazed windows on lower level. Features a cozy wood burning fireplace, HUGE walk-in closet off the master, TONS of storage & an easily accessible attic. 2 parking spots right in front! Great rec centre with large outdoor pool. Roof & Gutters (2013). Close to Railway Bike Path, golf, shopping, transit & Hugh Boyd. The PERFECT family home! Open Feb 17 2-4pm

We are proud to announce that this Feb 17th, 2:00 PM to 4:00 PM we will be hosting an Open House at 1601 4900 FRANCIS ROAD in Countryside in the Boyd Park neighborhood, Richmond. This is an opportunity to visit this excellent Townhouse for sale in beautiful Boyd Park.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Boyd Park Townhouse for sale.

As always please do not hesitate to give me a call at 604.644.1044 if I can answer any questions before the open house, or if you would like to book a private showing.

Alisa Sakamoto
REALTOR® RE/MAX WESTCOAST

We are proud to announce that this Feb 10th, 2:00 PM to 4:00 PM we will be hosting an Open House at 6233 KATSURA STREET in Hamptons Park in the McLennan North neighborhood, Richmond. This is an opportunity to visit this excellent Condo for sale in beautiful McLennan North.

Please come with any questions you may have. In the meantime you can take a virtual tour of this McLennan North Condo for sale.

As always please do not hesitate to give me a call at 604.644.1044 if I can answer any questions before the open house, or if you would like to book a private showing.

Alisa Sakamoto
REALTOR® RE/MAX WESTCOAST