Wednesday, December 2, 2015

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in *Metro Vancouver reached 3,524 on the Multiple Listing Service® (MLS®) in November 2015. This represents a 40.1 per cent increase compared to the 2,516 sales recorded in November 2014, and a 3.3 per cent decrease compared to the 3,646 sales in October 2015.

Last month’s sales were 46.2 per cent above the 10-year sales average for the month and rank as the second highest November on record for residential property sales.

“November is typically one of the quietest months of the year in our housing market, but not this year,” Darcy McLeod, REBGV president said. “The ratio of sales to home’s available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,392 in November. This represents a 12.5 per cent increase compared to the 3,016 new listings reported in November 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 8,096, a 35 per cent decline compared to November 2014 and a 15.4 per cent decline compared to October 2015.

“Demand remains strong and there are housing options at different price points throughout the region,” McLeod said. “It’s important to work with your REALTOR® to understand your options before you embark on your home buying journey.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $752,500. This represents a 17.8 per cent increase compared to November 2014.

The sales-to-active-listings ratio in November was 43.5 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.

Sales of detached properties in November 2015 reached 1,335, an increase of 31.9 per cent from the 1,012 detached sales recorded in November 2014, and a 44.2 per cent increase from the 926 units sold in November 2013. The benchmark price for a detached property in Metro Vancouver increased 22.6 per cent from November 2014 to $1,226,300.

Sales of apartment properties reached 1,553 in November 2015, an increase of 47.6 per cent compared to the 1,052 sales in November 2014, and an increase of 60.3 per cent compared to the 969 sales in November 2013. The benchmark price of an apartment property increased 14 per cent from November 2014 to $435,000.

Attached property sales in November 2015 totalled 636, an increase of 40.7 per cent compared to the 452 sales in November 2014, and a 49.3 per cent increase from the 426 attached properties sold in November 2013. The benchmark price of an attached unit increased 11.3 per cent between November 2014 and 2015 to $536,600.

*Editor’s Note:  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 2014, 33,116 homes changed ownership in the Board’s area, generating $2.136 billion in economic spin-off activity and an estimated 16,227 jobs. The total dollar value of residential sales transacted through the MLS® system in Metro Vancouver totalled $27.3 billion in 2014. The Real Estate Board of Greater Vancouver is an association representing nearly 12,000 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®.

- See more at: http://www.rebgv.org/news-statistics/housing-demand-remains-strong-despite-diminishing-supply#sthash.loc6VuNw.dpuf

November 26, 2015

Commercial sales in the Lower Mainland registered a five-year third-quarter high between July and September of 2015 thanks to increased demand for land and office and retail properties, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

There were 550 commercial real estate sales in the Lower Mainland in the third quarter (Q3) 2015. This is a 16.8 per cent increase compared to the 471 sales recorded in Q3 2014, a 13.2 per cent increase from the 486 sales recorded in Q3 2013, and a 14.8 per cent increase from the 479 sales recorded over the same period in 2012.

The total dollar value of commercial sales in the region was $1.9 billion in Q3, a 33.6 per cent increase from Q3 2014.

“We’ve seen steady demand in our commercial real estate market throughout 2015,” Darcy McLeod, REBGV president said. “Commercial activity in the Lower Mainland is benefiting from the strength of our provincial economy, which has outperformed the rest of the country for much of the year.”

Q3 2015 activity by category

Land: There were 192 commercial land sales registered with the Land Title and Survey Authority of BC (LTSA) in the Lower Mainland in Q3 2015, a 28.9 per cent increase from the 149 land sales in Q3 2014. The dollar value of land sales in Q3 2015 was $839 million, up 47.5 per cent from $569 million in Q3 2014.

Office and Retail: There were 215 office and retail sales in the Lower Mainland in Q3 2015, a 16.8 per cent increase from the 184 office and retail sales in Q3 2014. The dollar value of office and retail sales in Q3 2015 was $512 million, a 6.2 per cent decline from $546 million in Q3 2014.

Industrial: There were 112 industrial land sales in the Lower Mainland in Q3 2015, which is unchanged from the 112 industrial land sales in Q3 2014. The dollar value of industrial sales in Q3 2015 was $242 million, a 49.1 per cent increase from $162 million in Q3 2014.

Multi-Family: There were 31 multi-family sales in the Lower Mainland in Q3 2015, which is up 19.2 per cent from the 26 sales in Q3 2014. The dollar value of multi-family sales in Q3 2015 was $283 million, a 123 per cent increase from $127 million in Q3 2014.

- See more at: http://www.rebgv.org/news-statistics/commercial-real-estate-sales-reach-five-year-high-third-quarter#sthash.MrAZCmQn.dpuf

Source: Real Estate Board of Greater Vancouver