For Sellers

May 2016 Real Estate Board of Greater Vancouver Statistics Package with Charts

Demand remains elevated across the Metro Vancouver housing market

Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region.

Residential property sales on the region’s Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold.

May 2016 Real Estate Board of Greater Vancouver Price Chart Since 1977

Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May.

“Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today,” Dan Morrison, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties were listed.

May 2016 Real Estate Board of Greater Vancouver 5 Year Price Chart

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 per cent decline compared to May 2015 (12,336) and a 2.3 per cent increase compared to April 2016 (7,550).

“Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity,” Morrison said.

The sales-to-active listings ratio for May 2016 is 61.7 per cent. This is indicative of a seller’s  Continue Reading…

April 2016 Real Estate Board of Greater Vancouver Statistics Package with Charts & Graphs

Home sales remain at record levels across Metro Vancouver

Last month was the highest selling April on record for Metro Vancouver.

Residential property sales in the region totalled 4,781 in April 2016, an increase of 14.4 per cent from the 4,179 sales recorded in April 2015 and a decrease of 7.6 per cent compared to March 2016 when 5,173 homes sold.

1977 to 2016 Vancouver Price Chart Mike Stewart Realtor

April sales were 41.7 per cent above the 10-year sales average for the month.

“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said. “Whether you’re a home buyer or seller, it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.”

5 Year Vancouver Price Chart Mike Stewart Realtor

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,127 in April 2016. This represents an increase of 3.9 per cent compared to the 5,897 units listed in April 2015 and a 2.4 per cent decline compared to March 2016 when 6,278 properties were listed.

“While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of  Continue Reading…

Leaky Condos, Rainscreening, and Buying an Older Condo in Vancouver

There are very few expensive risks in the real estate market here in Vancouver.

Buying into a building with a bad envelope or leaky condo is one of those few extremely expensive risks here in Vancouver.

Why there are Leaky Condos in Vancouver

Here in Canada the federal government changed the building codes in the early 1980s to increase the Energy Efficiency of buildings in response to the energy crisises of the 1970s and 1980s.

Basically the federal government mandated that between 1981 and 1999 buildings should have airtight or sealed walls.

Traditional building technology in Canada allows for breathable walls where water can drain out if it gets inside the walls.

This change to the building code worked fine for the rest of Canada where Winters are cold and dry. In Vancouver and the south coast of BC, it did not work very well.

Vancouver and the south coast of BC are in a temperate rainforest with a lot of wind blown rain.

Many of the buildings built between 1981 and 1999 had water blown into the walls that couldn’t drain out for evaporate.

This caused massive issues with mold, rot, rust, among other things.

There are still many buildings that have this wall system that have not been repaired.

Fixing Leaky Condos or Face Sealed Buildings

These buildings will eventually fail and/or need to be repaired and will need to be repaired with what is called rain screen technology.

If the envelope fails in the building starts leaking you have problems with financing condos in such a building.

If you can’t finance a condo with a mortgage you can’t sell it or if you can sell it, you may have to take a big discount.

Even if it doesn’t start leaking but it needs to be repaired the cost of that repair is in most cases quite high.

I am not suggesting don’t buy into an older building.

If you want to purchase an older condo, you should be very mindful of the building envelope systems.

Please have a look at this great article on Rainscreening on Wikipedia.

March 2016 Real Estate Board of Greater Vancouver Statistics Package with Charts

March sales set an all-time record

Metro Vancouver home sales eclipsed 5,000 in March for the first time on record.

Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.

Last month’s sales were 56 per cent above the 10-year sales average for the month.

Vancouver Real Estate Prices Since Jan 1977

“March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV president said. “Today’s demand  Continue Reading…

February 2016 Vancouver Real Estate Monthly Statistics Package

Metro Vancouver home buyers set a record pace in February

Last month was the highest selling February on record for the Metro Vancouver housing market.

Residential property sales in the region totaled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 home sales occurred.

Last month’s sales were 56.3 per cent above the 10-year sales average for the month and ranks as the highest February sales total on record.

 

February 2016 REBGV Stats 5 year Price Chart Mike Stewart Realtor February 2016 REBGV Stats 35 year Price Chart Mike Stewart Realtor

“We’re in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”

New listings for detached, attached and apartment properties in Metro Vancouver totaled 5,812 in February 2016. This represents an increase of 7.1 per cent compared to the 5,425 units listed in February 2015 and a 30.8 per cent increase compared to January 2016 when 4,442 properties were listed.

February 2016 REBGV Stats 5 year Price Chart Mike Stewart Vancouver Realtor

“We’re beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today’s demand,” McLeod said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7 per cent decline compared to February 2015 (11,898) and a 10 per cent increase compared to January 2016 (6,635).

The sales-to-active  Continue Reading…

November 2015 Real Estate Board of Greater Vancouver Statistics Package

Housing demand remains strong despite diminishing supply

Home sales reached near record levels in November even as home listings began the traditional year-end decline.

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  Continue Reading…