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Spring delivers greater balance to Greater Vancouver housing market
A closer relationship between home buyer demand and the supply of homes for sale has been having a stabilizing impact on home prices in the Greater Vancouver housing market over the last three months. 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,627 on the Multiple Listing Service® (MLS®) in April 2013. This represents a 6.1 per cent decrease compared to the 2,799 sales recorded in April 2012, and an 11.9 per cent increase compared to the 2,347 sales in March 2013.
Last month’s sales equate to the lowest April total in the region since 2001 and 20.9 per cent below the 10-year sales average for the month.
“While the number of home sales remains below average, properties that are priced right are selling and we’re seeing greater balance between buyer demand and the number of homes listed for sale. This is having a steadying influence on home prices in the region,” says Sandra Wyant, REBGV president.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,876 in April. This represents a three per cent decline compared to the 6,056 new listings reported in April 2012 and a 21.4 per cent increase from the 4,839 new listings in March of this year. Last month’s new listing count was 0.4 per cent above the region’s 10-year new listing average for the month.
The total number of properties listed for sale on the MLS® in Greater Vancouver is 16,730, a 1.2 per cent increase compared to April 2012 and an 8.2 per cent increase compared to March 2013. 
The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This is the second consecutive month that this ratio has been above 15 per cent. Previous to this, May 2012 was the last time this ratio was above 15 per cent.
“There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately five to six per cent in Greater Vancouver during the last half of 2012,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently  $597,300. This represents a decline of 3.9 per cent compared to this time last year and an increase of 1.6 per cent compared to January 2013.
Sales of detached properties reached 1,064 in April 2013, a decrease of 5.5 per cent from the 1,126 detached sales recorded in April 2012, and a 24.1 per cent decrease from the 1,402 units sold in April 2011. The benchmark price for detached properties decreased 5.2 per cent from April 2012 to $914,000. Since January the benchmark price of a detached home has increased 1.4 per cent.
Sales of apartment properties reached 1,052 in April 2013, a decline of 11.6 per cent compared to the 1,190 sales in April 2012, and a decrease of 12.4 per cent compared to the 1,201 sales in April 2011. The benchmark price of an apartment property decreased 2.6 per cent from April 2012 to $365,900. Since January the benchmark price of an apartment home has increased 2.1 per cent.
Attached property sales in April 2013 totalled 511, an increase of 5.8 per cent compared to the 483 sales in April 2012, and a 17.8 per cent decrease from the 622 attached properties sold in April 2011. The benchmark price of an attached unit decreased 3.5 per cent between April 2012 and 2013 to $455,200. Since January the benchmark price of an attached home has increased 1.2 per cent.

NEWSFLASH

Spring delivers greater balance to Greater Vancouver housing market

Vancouver, BC - May 2, 2013 - A closer relationship between home buyer demand and the supply of homes for sale has been having a stabilizing impact on home prices in the Greater Vancouver housing market over the last three months. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,627 on the Multiple Listing Service® (MLS®) in April 2013. This represents a 6.1 per cent decrease compared to the 2,799 sales recorded in April 2012, and an 11.9 per cent increase compared to the 2,347 sales in March 2013.

Last month’s sales equate to the lowest April total in the region since 2001 and 20.9 per cent below the 10-year sales average for the month.

“While the number of home sales remains below average, properties that are priced right are selling and we’re seeing greater balance between buyer demand and the number of homes listed for sale. This is having a steadying influence on home prices in the region,” says Sandra Wyant, REBGV president.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,876 in April. This represents a three per cent decline compared to the 6,056 new listings reported in April 2012 and a 21.4 per cent increase from the 4,839 new listings in March of this year. Last month’s new listing count was 0.4 per cent above the region’s 10-year new listing average for the month.

The total number of properties listed for sale on the MLS® in Greater Vancouver is 16,730, a 1.2 per cent increase compared to April 2012 and an 8.2 per cent increase compared to March 2013. 

The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This is the second consecutive month that this ratio has been above 15 per cent. Previous to this, May 2012 was the last time this ratio was above 15 per cent.
“There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately five to six per cent in Greater Vancouver during the last half of 2012,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently  $597,300. This represents a decline of 3.9 per cent compared to this time last year and an increase of 1.6 per cent compared to January 2013.

Sales of detached properties reached 1,064 in April 2013, a decrease of 5.5 per cent from the 1,126 detached sales recorded in April 2012, and a 24.1 per cent decrease from the 1,402 units sold in April 2011. The benchmark price for detached properties decreased 5.2 per cent from April 2012 to $914,000. Since January the benchmark price of a detached home has increased 1.4 per cent.

Sales of apartment properties reached 1,052 in April 2013, a decline of 11.6 per cent compared to the 1,190 sales in April 2012, and a decrease of 12.4 per cent compared to the 1,201 sales in April 2011. The benchmark price of an apartment property decreased 2.6 per cent from April 2012 to $365,900. Since January the benchmark price of an apartment home has increased 2.1 per cent.

Attached property sales in April 2013 totalled 511, an increase of 5.8 per cent compared to the 483 sales in April 2012, and a 17.8 per cent decrease from the 622 attached properties sold in April 2011. The benchmark price of an attached unit decreased 3.5 per cent between April 2012 and 2013 to $455,200. Since January the benchmark price of an attached home has increased 1.2 per cent.

Courtesy of the Real Estate Board of Greater Vancouver
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PTT

Majority of British Columbians believe Property Transfer Tax needs adjustment
 
VANCOUVER, BC – May 1, 2013 – In a recent Ipsos Reid opinion poll, 58 per cent of respondents agreed that the Property Transfer Tax (PTT) places an unfair tax burden on home buyers relative to other segments of the population. Twenty nine per cent disagreed, and 13 per cent had no opinion on the issue. 
The poll also found that 51 per cent of respondents believe the provincial government should adjust the way the PTT is calculated to reflect price changes in the housing market over time. Of the 854 respondents, 26 per cent did not believe the PTT should be adjusted to reflect inflationary trends in the housing market and 23 per cent had no opinion.
Ipsos Reid conducted the poll on behalf of the Real Estate Board of Greater Vancouver (REBGV).  It was conducted online with 854 adult British Columbians responding between April 19 and 24, 2013.
“While the PTT is not top of mind in most people’s daily lives, when the time comes to purchase a home this tax becomes a significant burden for home buyers in BC to shoulder,” says Sandra Wyant, REBGV president.
The province introduced the tax 26 years ago. It was structured to add 1 per cent on the first $200,000 of the purchase price, and 2 per cent on the balance. The government of the day touted the PTT as a wealth tax, as just 5 per cent of homes in Greater Vancouver in 1987 sold for $200,000 or more. Today, the reverse holds true, with 96 per cent of homes in Greater Vancouver selling for more than $200,000. However, the tax’s structure hasn’t changed in nearly three decades.
“The PTT is structured to reflect home prices in the 1980s, not the prices home buyers pay today,” Wyant says. “The fact that it hasn’t been adjusted in 26 years is simply not fair to home buyers and the candidates in this year’s election should address this issue,” Wyant said. 
The REBGV has launched a campaign to increase voter awareness of the need for government to reduce the PTT. To support this campaign, people can “like” our Facebook page atfacebook.com/helpreducetheptt.
The REBGV is asking candidates if they would support increasing the one per cent threshold to $525,000 from $200,000. This would mean that on a $600,000 home, the PTT would be $6,750, instead of $10,000, saving home buyers $3,250. 
The PTT generated $780 million for the provincial government in 2012. This money goes into general revenue to fund public services. It’s paid each time a property changes hands in the development process. When a developer buys raw land, the developer pays the PTT. When a builder buys lots from the developer, the builder pays the PTT. When a home buyer buys a home from the builder, the home buyer pays the PTT. Each time that home is sold, the buyer pays PTT.
To learn more about the PTT and its implications on BC home buyers, visithelpreducetheptt.ca.
 Courtesy of the Real Estate Board of Greater Vancouver
 

Majority of British Columbians believe Property Transfer Tax needs adjustment

 
VANCOUVER, BC – May 1, 2013 – In a recent Ipsos Reid opinion poll, 58 per cent of respondents agreed that the Property Transfer Tax (PTT) places an unfair tax burden on home buyers relative to other segments of the population. Twenty nine per cent disagreed, and 13 per cent had no opinion on the issue. 

The poll also found that 51 per cent of respondents believe the provincial government should adjust the way the PTT is calculated to reflect price changes in the housing market over time. Of the 854 respondents, 26 per cent did not believe the PTT should be adjusted to reflect inflationary trends in the housing market and 23 per cent had no opinion.

Ipsos Reid conducted the poll on behalf of the Real Estate Board of Greater Vancouver (REBGV).  It was conducted online with 854 adult British Columbians responding between April 19 and 24, 2013.

“While the PTT is not top of mind in most people’s daily lives, when the time comes to purchase a home this tax becomes a significant burden for home buyers in BC to shoulder,” says Sandra Wyant, REBGV president.

The province introduced the tax 26 years ago. It was structured to add 1 per cent on the first $200,000 of the purchase price, and 2 per cent on the balance. The government of the day touted the PTT as a wealth tax, as just 5 per cent of homes in Greater Vancouver in 1987 sold for $200,000 or more. Today, the reverse holds true, with 96 per cent of homes in Greater Vancouver selling for more than $200,000. However, the tax’s structure hasn’t changed in nearly three decades.

“The PTT is structured to reflect home prices in the 1980s, not the prices home buyers pay today,” Wyant says. “The fact that it hasn’t been adjusted in 26 years is simply not fair to home buyers and the candidates in this year’s election should address this issue,” Wyant said. 

The REBGV has launched a campaign to increase voter awareness of the need for government to reduce the PTT. To support this campaign, people can “like” our Facebook page atfacebook.com/helpreducetheptt.

The REBGV is asking candidates if they would support increasing the one per cent threshold to $525,000 from $200,000. This would mean that on a $600,000 home, the PTT would be $6,750, instead of $10,000, saving home buyers $3,250. 

The PTT generated $780 million for the provincial government in 2012. This money goes into general revenue to fund public services. It’s paid each time a property changes hands in the development process. When a developer buys raw land, the developer pays the PTT. When a builder buys lots from the developer, the builder pays the PTT. When a home buyer buys a home from the builder, the home buyer pays the PTT. Each time that home is sold, the buyer pays PTT.

To learn more about the PTT and its implications on BC home buyers, visit helpreducetheptt.ca.


Courtesy of the Real Estate Board of Greater Vancouver
 
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NEWSFLASH




Home sale activity improves but remains below historical averages 
VANCOUVER, B.C. – April 3, 2013 – Lower levels of both supply and demand in recent 
months are holding home prices in check in the Greater Vancouver housing market. 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in 
Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. 
This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, 
and a 30.6 per cent increase compared to the 1,797 sales in February 2013.
Last month’s sales were the second lowest March total in the region since 2001 and 30.2 per cent 
below the 10-year sales average for the month.
“While home sales were below what’s typical for March, we are seeing more balance between 
the number of sales and listings on the market in the last two months, which is having a 
stabilizing impact on home prices,” Sandra Wyant, REBGV president said.
The sales-to-active-listings ratio currently sits at 15.2 per cent in Greater Vancouver, a three per 
cent increase from last month. This is the first time this ratio has been above 15 per cent since 
May 2012.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839
in March. This represents a 17.2 per cent decline compared to the 5,843 new listings reported in 
March 2012 and a 0.1 per cent increase from the 4,833 new listings in February of this year. Last 
month’s new listing count was 14.4 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® in Greater Vancouver is
15,460, a 1.5 per cent increase compared to March 2012 and a 4.5 per cent increase compared to 
February 2013. 
The MLS® Home Price Index composite benchmark price for all residential properties in 
Greater Vancouver is currently $593,100. This represents a decline of 3.9 per cent compared to 
this time last year and an increase of 0.9 per cent compared to January 2013.
Sales of detached properties reached 933 in March 2013, a decrease of 21.1 per cent from the 
1,183 detached sales recorded in March 2012, and a 48 per cent decrease from the 1,795 units sold in March 2011. The benchmark price for detached properties decreased 5 per cent from 
March 2012 to $906,900. 
Sales of apartment properties reached 982 in March 2013, a decline of 17.5 per cent compared to 
the 1,191 sales in March 2012, and a decrease of 39.5 per cent compared to the 1,622 sales in 
March 2011. The benchmark price of an apartment property decreased 3.3 per cent from March 
2012 to $362,100. 
Attached property sales in March 2013 totalled 432, a decline of 13.6 per cent compared to the 
500 sales in March 2012, and a 34.8 per cent decrease from the 663 attached properties sold in 
March 2011. The benchmark price of an attached unit decreased 2.5 per cent between March 
2012 and 2013 to $454,300. 
April 1 marked the return of the GST and PST tax structure in the province. From a real estate 
perspective, it’s important to remember that:
• sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax 
(total 7 per cent) from 12 per cent under the HST; and 
• tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the 
HST. 
These reduced tax rates apply to transactions payable on or after April 1.
Home sale activity improves but remains below historical averages 

VANCOUVER

VANCOUVER, B.C. – April 3, 2013 – Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 per cent increase compared to the 1,797 sales in February 2013.

Last month’s sales were the second lowest March total in the region since 2001 and 30.2 per cent below the 10-year sales average for the month.

“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said.

The sales-to-active-listings ratio currently sits at 15.2 per cent in Greater Vancouver, a three per cent increase from last month. This is the first time this ratio has been above 15 per cent since May 2012.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839in March. This represents a 17.2 per cent decline compared to the 5,843 new listings reported in March 2012 and a 0.1 per cent increase from the 4,833 new listings in February of this year. Last month’s new listing count was 14.4 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® in Greater Vancouver is15,460, a 1.5 per cent increase compared to March 2012 and a 4.5 per cent increase compared to February 2013. 

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $593,100. This represents a decline of 3.9 per cent compared to this time last year and an increase of 0.9 per cent compared to January 2013.

Sales of detached properties reached 933 in March 2013, a decrease of 21.1 per cent from the 1,183 detached sales recorded in March 2012, and a 48 per cent decrease from the 1,795 units sold in March 2011. The benchmark price for detached properties decreased 5 per cent from March 2012 to $906,900. 

Sales of apartment properties reached 982 in March 2013, a decline of 17.5 per cent compared to the 1,191 sales in March 2012, and a decrease of 39.5 per cent compared to the 1,622 sales in March 2011. The benchmark price of an apartment property decreased 3.3 per cent from March 2012 to $362,100. 

Attached property sales in March 2013 totalled 432, a decline of 13.6 per cent compared to the 500 sales in March 2012, and a 34.8 per cent decrease from the 663 attached properties sold in March 2011. The benchmark price of an attached unit decreased 2.5 per cent between March 2012 and 2013 to $454,300. 

April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that:
• sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per cent under the HST; and 
• tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the HST. 

These reduced tax rates apply to transactions payable on or after April 1.

Coutsey of the Real Estate Board of Greater Vancouver 
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NEWSFLASH

Home Sales Continue at Below Average Pace


Vancouver, BC - Home sale activity has trended below historical averages for a full year in the Greater Vancouver housing market.

 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,797 on the Multiple Listing Service® (MLS®) in February 2013. This represents a 29.4 per cent decrease compared to the 2,545 sales recorded in February 2012, and a 33 per cent increase compared to the 1,351 sales in January 2012.


Last month’s sales were the second lowest February total in the region since 2001 and 30.9 per cent below the 10-year sales average for the month.

 

“Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.

 

The sales-to-active-listings ratio currently sits at 12.2 per cent in Greater Vancouver, a two per cent increase from last month. This is the first time this ratio has been above 11 per cent since June 2012.

 

“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” Klein said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,833 in February. This represents a 13 per cent decline compared to the 5,552 new listings reported in February 2012 and a 5.8 per cent decline from the 5,128 new listings in January. Last month’s new listing count was 4 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 Greater Vancouver MLS® is 14,789, a 5.2 per cent increase compared to February 2012 and an 11.6 per cent increase compared to January 2013.

 

Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.6 per cent to $590,400. This represents a 3.3 per cent decline compared to this time last year.

Sales of detached properties in February 2013 reached 704, a decrease of 36.1 per cent from the 1,101 detached sales recorded in February 2012, and a 49.8 per cent decrease from the 1,402 units sold in February 2011. The benchmark price for detached properties decreased 4.5 per cent from February 2012 to $901,500. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.8 per cent.
 

Sales of apartment properties reached 760 in February 2013, a decline of 25.5 per cent compared to the 1,020 sales in February 2012, and a decrease of 37 per cent compared to the 1,206 sales in February 2011. The benchmark price of an apartment property decreased 3 per cent from February 2012 to $360,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.1 per cent.
 

Attached property sales in February 2013 totalled 333, a decline of 21.5 per cent compared to the 424 sales in February 2012, and a 31.9 per cent decrease from the 489 attached properties sold in February 2011. The benchmark price of an attached unit decreased 0.7 per cent between February 2012 and 2013 to $455,500. Since reaching a peak in April 2012, the benchmark price of an attached property has declined 6.5 per cent.

 

 Courtsey of the Real Estate Board of  Greater Vancouver

 

 

 

 

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Commercial real estate sales in the Lower Mainland exceed $5 billion in 2012
 

The dollar value from commercial real estate transactions in the Lower Mainland eclipsed the $5 billion mark in 2012. This is the first time the region’s commercial real estate market has reached this mark since 2009, according to data from Commercial Edge—a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

Last year’s $5.21 billion total represents an 11.2 per cent increase from 2011 when the year’s dollar value was $4.686 billion, a 12 per cent increase from 2010’s total of $4.655 billion, and a 62.1 per cent increase of 2009 when the annual dollar value total was $3.215 billion.

The Commercial EDGE system includes all commercial real estate transactions in the Lower Mainland, excluding Pitt Meadows and Chilliwack, that have been registered with the Land Title and Survey Authority of British Columbia since 2009.

There were 1,875 commercial real estate sales in the Lower Mainland in 2012, according to Commercial EDGE. This is 2.6 per cent below the 1,926 sales recorded in 2011, 9.6 per cent above the 1,710 sales recorded in 2010 and an increase of 46 per cent from the 1,287 sales recorded in 2009.

“The strength of last year’s commercial real estate market can be attributed in part to an upswing in raw land sales in the region,” Eugen Klein, REBGV president said. “With this inaugural release of the quarterly Commercial EDGE report, we hope to help inform the public on trends occurring in our commercial real estate market.”

2012 activity by category:

Land: There were 599 commercial land sales in the Lower Mainland in 2012, up 15 per cent from the 521 land sales in 2011. The dollar value of last year’s land sales was $2.051 billion, a 9.7 per cent increase from $1.870 billion in 2011.

Office and Retail: There were 655 office and retail sales in the Lower Mainland in 2012, down 13.5 per cent from the 757 office and retail sales in 2011. The dollar value of last year’s office and retail sales was $1.813 billion, an increase of 18 per cent from 1.536 billion in 2011.

Industrial: There were 519 industrial land sales in the Lower Mainland in 2012, down 2.4 per cent from the 532 industrial land sales in 2011. The dollar value of last year’s industrial sales was $803 million, a 2.3 per cent increase from $785 million in 2011.

Multi-Family: There were 102 multi-family sales in the Lower Mainland in 2012, which is down 12 per cent from the 116 sales in 2011. The dollar value of last year’s multi-family sales was $544 million, a 10 per cent increase from $494 million in 2011.

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Make Your Home Stand Out with RE/MAX Fit to Sell
 
Check out this very useful video to ensure that you are preparing your home to show at its best!

Make Your Home Stand Out with RE/MAX Fit to Sell.

When you’re ready to sell, you can help generate higher offers for your home, and more money in your pocket, by following the advice of your RE/MAX associate and using these easy tips in our exclusive Fit to Sell program. 

Research has shown that homes that are properly prepared, show better and can spend less time on the market.  With many homes on the market, buyers can be choosy.  Having your home in its best condition will help generate higher offers compared to homes which are not properly prepared.  


 
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Home Renovation Tips: KITCHEN
 

THE KITCHEN IS THE HUB
 
kitchen sample
 

Ever wonder why "kitchen parties" naturally occur every time you have guests?

Well, it's because the kitchen is the hub of every home. It's where we get nourishment, refreshment, gather and regroup after a busy day. It is a room with real value for every family. At RE/MAX we've learned that kitchen upgrades can really deliver, with a 44% higher return on investment over the average return on other popular renos you might consider.

Whether you're working with a contemporary kitchen or more of a country feel, stainless steel appliances continue to hold a lot of interest. In cabinetry, look at fine-grained maple, stained or natural, over the traditional heavy oak look of the past. Laminates and marble are great choices for countertops, but granite continues to be the most popular surface of all. Check out the latest fixtures in today's new, brushed nickel finishes.

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