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Metro Vancouver home sales return to typical August levels


VANCOUVER, BC – September 2, 2016 – 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.

“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 per cent compared to the 4,281 units listed in August 2015 and an 18.1 per cent decrease compared to July 2016 when 5,241 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 per cent decline compared to August 2015 (10,897) and a 1.9 per cent increase from July 2016 (8,351).

The sales-to-active listings ratio for August 2016 is 29.3 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 per cent increase compared to August 2015 and a 4.9 per cent increase over the last three months.

“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”

The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time.

Sales of detached properties in August 2016 reached 715, a decrease of 44.6 per cent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 per cent from August 2015 to $1,577,300. This represents a 4.2 per cent increase over the last three months.

Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 per cent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 per cent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months.

Attached property sales in August 2016 totalled 431, a decrease of 25.4 per cent compared to the 578 sales in August 2015. The benchmark price of an attached home increased 31.1 per cent from August 2015 to $677,600. This represents a 7.1 per cent increase over the last three months. 

Click here for the August 2016 stats package

 

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When it Comes to Offers, it’s Not Always about Price



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When considering which of two or more competing offers to accept for your home, there is no doubt price plays a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket. 
However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider as well. 

For example, what conditions are in the offer? If Offer #1 is conditional upon the seller selling his current property for a specific amount, then what if that doesn’t happen? You could end up with an offer that dies and be forced to list your home all over again. 

In that circumstance, accepting the lower offer may be your best move. 

There’s also financing to consider. Most sellers will attach a certificate from their mortgage lender to show that they can afford the home and will likely secure financing with little difficulty. If you get an offer where the ability of the seller to get financing is in doubt, that’s a red flag. 

The closing date is another important factor. Offer #1 might propose a closing date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that per se, but the costs and additional hassle are factors you should consider. 

As you can see, assessing competing offers isn’t as easy as it looks. Fortunately, as your REALTOR®, I will guide you toward making the right decision. Call Alisa Sakamoto today at 604.644.1044



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I just finished uploading this Condo for sale, 113 8700 ACKROYD ROAD, Brighouse, Richmond, BC

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INVESTOR or FIRST TIME HOME BUYER ALERT! Lansdowne Square â Spacious 948 SF 2 bedroom condo located in a convenient & central location - walk to the Canada Line, shopping mall, restaurants & Kwantlen! Upgraded with laminate, engineered hardwood flooring & tile. Entertainment sized living room which opens onto a nice west facing covered balcony â good for year round enjoyment. 2 good sized bedrooms. BONUS: large in-suite storage room! Building is getting re-piped â seller to pay. Fantastic outdoor pool! Rentals & pets allowed. 1 secured parking spot + lots of visitor parking. You will love the location, condition & superb layout! Don't miss out on this, call to book your private showing.

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I just finished uploading this Condo for sale, 316 6655 LYNAS LANE, Riverdale RI, Richmond, BC

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MOVE IN READY PENTHOUSE located in a quiet & sought-after neighbourhood in the Westside of Richmond. FULLY UPGRADED with BRAND NEW kitchen & bathroom, carpet, paint, s/s appl, counters, cupboards, bath tub, tiles & light fixtures. Living room has vaulted ceilings facing the green space. Terrific covered balcony â perfect for BBQâs & year round enjoyment. Bdrm has 2 large closets â TONS of storage space! BONUS: in-suite storage room. Next to Thompson Community Center, sports facilities & Burnett School. Mins from the Dyke & golf course. Maint fee includes city utilities. Well maintained building with newer roof, carpets, exterior paint, boiler, building envelope water management system redone & updated laundry facilities. Perfect for first time buyers or investors! Rentals & pets allowed.

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How Much Time Should You Spend Viewing Homes?

                                      


Figuring out how much time you should spend viewing properties for sale is a little like asking, “How long should I spend trying on shoes?”

The answer seems obvious: As long as it takes to make a decision!

Buying a home is significantly more complex than purchasing shoes – and the stakes are higher too! You need to make sure you have all the information necessary to confidently make the best decision.

There are basically three stages to viewing a property:
1. Macro
2. Micro
3. Professional

When you view a home on a macro basis, you’re looking at it from an overall perspective. For example, you may do a general walk-through to get a first impression and determine if the property has the basic features you need, such as the number of bedrooms and the size of the backyard.

Macro viewing is often the fastest stage in the viewing process and can sometimes take just a few minutes.
If you like what you see, then it’s onto the micro stage. At this stage you take a closer look at the details of the property. You might, for example, spend extra time in the master bedroom imagining how your furniture would look and fit.

The micro stage takes longer simply because the home is now on your shortlist. You’re interested and are considering making an offer.

Finally, the professional stage involves getting a qualified home inspector to go over the property with a fine tooth comb. That typically occurs after you’ve made an offer. As your REALTOR®, I will guide you through a viewing so you’ll know what to look for and can make a smart, informed decision. Call Alisa Sakamoto at 604-644-1044

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Finding an Honest Home Improvement Contractor


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You can’t call yourself a dentist unless you have specific hard-earned credentials. Just about anyone, however, can hang a shingle and call himself a home improvement contractor. That’s why choosing a reputable one is so difficult.

Here are some tips:
• Find out if he or she is truly in business full-time. A part-time or occasional contractor may not have the experience necessary to do a great job.

• Ask about licenses and other credentials. Some contractors have accreditations from professional and trade associations.

• Review his or her project portfolio. A reputable contractor will have photos and other evidence of work completed for similar clients.

• Check online for reviews. If there are more than five poor reviews within the past three years — that’s a red flag.

• Ask for references. Then, call at least one. Finally, the best contractors are those that get recommended by people you trust.

Looking for a contractor recommendation? Call Alisa Sakamoto 604.644.1044



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I just finished uploading this Condo for sale, 108 6651 Lynas Lane, Riverdale, Richmond

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Fabulous, SPACIOUS & BRIGHT 2 bed condo located in a quiet and sought-after neighbourhood in the Westside of Richmond. Upgraded w/ laminate flooring, appliances, counters & cabinets. Entertainment sized living room which opens onto a HUGE sunny, south facing covered balcony – perfect for BBQ’s and year round enjoyment. 2 good sized bdrms - Master boasts a walk-thru closet to the cheater ensuite! Next to Thompson Community Center, sports facilities & Burnett School. Minutes from the Dyke & Quilchena golf course. Strata fee includes city utilities. Well maintained building with newer roof, carpets, exterior paint, boiler, building envelope water management system redone and updated laundry facilities. Perfect for first time buyers OR investors! Rentals & pets allowed. Don't miss out on this!

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Foreign Buyers 15% Property Transfer Tax (PTT)


This additional PTT applies to residential property buyers in Metro Vancouver communities including Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley City and Township, Lion’s Bay, Maple Ridge, New Westminster, North Vancouver City and District, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver, White Rock, and Electoral Area A. Exemptions include residential property on the Tsawwassen First Nation and non-residential property.

Residential property includes detached units, duplexes, multi-family units, apartment buildings, condominiums, mixed-use (residential portion only), manufactured homes, nursing homes, rest homes, bare, undeveloped land and farms.

This tax is charged when foreign entities, including foreign nationals or foreign-controlled corporations, register their title. The new PTT applies even if the contract of purchase and sale was signed before August 2, 2016.

The new 15% PTT is in addition to the current PTT which is charged at a rate of:

1 per cent on the first $200,000;
2 per cent on the portion between $200,000 and $2,000,000; and
3 per cent on any amount over $2,000,000.
Example

$1.5 million home

A foreign buyer of a $1.5 million home will pay

1% on the first $200,000 = $2,000

2% on the portion between $200,000 and $2,000,000 = $26,000

15% foreign buyer PTT = $225,000

Total PTT: $253,000

Revenue from the new tax will help fund a new Housing Priority Initiatives Fund for provincial housing and rental programs. The government will announce the details of this fund in September.

Learn more from this Ministry of Finance Tax Information Sheet.

This article is courtesy of rebgv.ca

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OPEN HOUSE: Saturday, July 17th 2-4pm 2:00 PM to 4:00 PM

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I we will be hosting an Open House at 3200 REGENT STREET in the Steveston Village neighborhood, Richmond. This is an opportunity to visit this excellent House for sale in beautiful Steveston Village.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Steveston Village House 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

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NEWSFLASH


July 5, 2016

Home buyers remain active across Metro Vancouver

Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market. 

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold.

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.  

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase compared to May 2016 (7,726).

The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 per cent increase compared to June 2015.

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500.

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per cent from June 2015 to $501,100.

Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from June 2015 to $656,900.

Download complete stats package.
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Government data shows foreign buyers make up five percent of Metro Vancouver market

Foreign nationals make up 5.1 per cent of home buyers in Metro Vancouver, according to the first set of real estate transaction data released by the provincial government today.

This confirms data realtors have provided the board for several years through the monthly member market poll. 

“We wrote the Minister of Finance earlier this year asking him to again track the residency of home buyers in BC and we applaud the government for taking action on this issue,” Dan Morrison, Board president said. “The housing affordability challenge we face is of critical importance to all of us in the region and it’s important that this debate be based on facts. We look forward to the province releasing larger data sets in the future to further inform this conversation.” 

The government will continue to release this data each month. The current set covers transactions between June 10 and June 29, 2016.

The data is collected when owners register their property at the Land Title Office and the Property Transfer Tax is paid. Individuals must disclose if they’re a Canadian citizen or permanent resident, or if their citizenship if not Canadian. Corporations must disclose their directors’ citizenship.

The report is available here.

Additional findings include:

• 10,148 residential real estate transactions in BC, totalling more than $7.6 billion.

• 337 transactions (3.3 per cent) involved foreign nationals, worth $390 million (5.1 per cent).

• In Metro Vancouver, there were 5,118 transactions worth nearly $5.4 billion, of which 260 involved foreign nationals (5.1 per cent), worth $351 million (6.5 per cent)

• In the City of Vancouver, there were 1,139 transactions, totalling more than $1.6 billion. 47 of these involved foreign nationals (4.1 per cent), worth $64 million (3.9 per cent).

 Courtesy of the Real Estate Board of Greater Vancouver
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