Okanagan Real Estate Market Statistics – May 2017

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in May 2017.

Central Okanagan: Kelowna and Lake Country

There were 327 sales, 527 active listings, and a $703,809 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The average days on market were 46.

The condo market featured 205 sales and 353 active listings at the end of the month. The average sale price was $348,286 with 44 average days on market.

Townhome sales were 124, active listings were 237, average sale price was $488,802, and the average days on market were 36.

MarketHotSheet_May2017_CentralOkanagan

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North Delta, Surrey, Langley and Fraser Valley Real Estate Market Statistics – May 2017

Here are the latest real estate market statistics from Macdonald Realty on North Delta, Surrey, White Rock, Langley, and Fraser Valley listings and sales in May 2017.

North Delta

In the North Delta market, the benchmark sale price was $869,700 for detached homes. At the end of the month, there were 151 active listings and 91 sales.

The condo market had 14 sales and 5 active listings. The benchmark sale price was $238,700.

Townhomes featured 12 sales, 13 active listings and a $543,700 benchmark sale price.

It’s a seller’s market in North Delta.

MarketHotSheet_May2017_NDelta

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Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – May 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in May 2017.

Greater Victoria

In May 2017, there were 437 sales of single family homes and 593 active listings in the Greater Victoria. The benchmark sale price was $681,800 with an average days on market of 20. The hottest market for sales was Saanich East with 101 sales. There were also 21 sales and 159 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 287 sales, 319 active listings at the end of the month.  The benchmark sale price was $417,500 with an average days on market of 19. The hottest market for sales was Victoria, 106 sales.

Townhome sales were 120, active listings were 75 and the benchmark sale price was $553,800. The average days on market were 20, and the hottest market was Langford with 30 sales each.

It’s a seller’s market in Victoria.

MarketHotSheet_May2017_Victoria

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Luxury Homes Collection Magazine Summer 2017

The Summer Collection of the Luxury Homes Magazine is a fantastic presentation of luxury homes from around British Columbia. We are proud to have properties that range from Vancouver downtown condos to Okanagan waterfront villas to remote acreages on Vancouver Island. This diverse showcase is exceptional and a great representation of Macdonald Realty’s luxury marketing platform.

Our cover story is a newly built home in West Vancouver with stunning views of the inlet. There are some fantastic architectural details such as the herringbone hardwood floors, floating staircase, and basement bar with waterfall counter tops.

 

click magazine cover to view

click magazine cover to view

Our special feature in Wine Not is a visit to Backyard Vineyards in Langley. A boutique winery in the Fraser Valley with a wonderful tasting room and outdoor picnic space. Their wines are delightful and award-winning too! Check out our feature video with Backyard Vineyards and their experience working with a Macdonald associate – macrealty.com/backyardvineyards

 

CLICK HERE to view the digital edition on your computer or tablet

 

 

Real Estate Investment Story | Backyard Vineyards

Meet Michelle Yang, co-owner at Backyard Vineyards in Langley B.C.  Michelle shares her story as a new partner in the winery, learning the wine business, and how her REALTOR® was able to guide her through the process.

To meet a professional realtor in your area visit macrealty.com

 

About Backyard Vineyard:

With a name as true as its location, Backyard Vineyards evokes neighbourhood comforts and a welcoming environment. Top this off with their exceptional wines and well-crafted tasting room for a must-see the next time you take a jaunt through Langley. Backyard Vineyard’s effort of using 100% BC grapes allows them to take their name to heart of loving the landscape of the region and province. Focusing on quality helps their winemaker James Cambridge and the owners express the intricacies of the varietals they carry, as well as the ability to experiment to find their award-winning portfolio.

Visiting this vineyard is a treat, from their large inviting tasting room to their outdoor picnic area there is plenty of space to enjoy a taste and tour. With some grapes grown at this vineyard and others sourced from the Fraser Valley and Okanagan, there is something to please all palates.

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Backyard Vineyards – 3033 – 232nd Street, Langley, BC

Victoria ranked second in world for luxury real estate | CHEK News

A new report from Christie’s International lists Victoria as the second hottest luxury real estate market in the world.

When you think of a luxury home you probably picture a house on the ocean, or a large estate, but with the Victoria real estate market booming, the face of luxury is changing.

One townhouse in Oak Bay Village is about to go on the market for just over a million dollars.

“If this was a single family home we’d be talking about a much different number especially in today’s market,” said Jordy Harris, a realtor with Newport Realty.

Home prices, especially in desirable neighbourhoods like this one, have gone up.

“In the last three years has gone up by about 40 to 50 per cent,” said Ara Balabanian, President of the Victoria Real Estate Board.

And that may be why a new report from Christie’s International lists Victoria as the second hottest luxury market in the world, behind Toronto, and just ahead of San Francisco.

“Luxury can be something that is just over a million, and I say that with some respect, but our prices have risen to that point,” said Jack Petrie, Managing Partner of Newport Realty, a Christie’s International real estate firm.

While 2016 saw a big increase in homes that sold for a million or over, only a handful went above three million.

“We had approximately 16 homes in 2015, we had 20 homes sell in 2016,” said Balabanian.

The report lists offshore buyers, put off by Vancouver’s new foreign buyers tax, as one of the driving factors for the luxury sales boom, but local realtors aren’t seeing it.

“It’s not as if there was a sudden floodgate where all those buyers, foreign buyers, looking to buy in Vancouver, came over here, it just didn’t happen like that,” said Harris.

“It’s still a small component of the marketplace, it’s somewhere around 5 per cent,” said Balabanian.

They say the largest segment of home buyers remains locals, followed by those from elsewhere in Canada.

But if prices continue to soar, “luxury” may need to be re-defined.


 

The article was originally posted on CHEK News, May 10, 2017. Written by April Lawrence.

What are the Top 25 Greater Vancouver neighbourhoods to buy real estate according to MoneySense?

Yes, good value real estate is possible in Vancouver.

moneysensevancouverIn April 2017, in their annual Where to Buy Now coverage MoneySense.ca selected their top Greater Vancouver neighbourhoods to buy real estate to see the best return on investment.

What’s a buyer to do? The best way is to buy based on solid fundamentals. In real estate this means finding good-value neighbourhoods that offer a good chance of continued momentum in the future. That’s not easy in a hot market, but this year’s Where to Buy Vancouver list shows it is possible.   Read the rest of the article here. 

We’ve rounded up homes for sale in each of these Where to Buy neighbourhoods to make it easy for you.

The top 25 Greater Vancouver neighbourhoods for Buyers, according to MoneySense are:

  1. Cedardale, West Vancouver

  2. Port Moody Centre, Port Moody

  3. Lower Lonsdale, North Vancouver

  4. Pemberton NV, North Vancouver

  5. Glenmore, West Vancouver

  6. Glenayre, Port Moody

  7. River Springs, Coquitlam

  8. Cypress Park Estates, West Vancouver

  9. Edmonds BE, Burnaby

  10. Meadow Brook, Coquitlam

  11. Cape Horn, Coquitlam

  12. Hastings, Vancouver East

  13. Horseshoe Bay WV, West Vancouver

  14. Burke Mountain, Coquitlam

  15. Norgate, North Vancouver

  16. Eagle Harbour, West Vancouver

  17. Sapperton, New Westminster

  18. Ambleside, West Vancouver

  19. Mountain Meadows, Port Moody

  20. Steveston Village, Richmond

  21. Queensbury, North Vancouver

  22. Renfrew VE, Vancouver East

  23. Mount Pleasant VE, Vancouver East

  24. Windsor Park NV, North Vancouver

  25. Westwind, Richmond

To view all active listings currently for sale in one of these areas simply click the neighbourhood links above or call our head office at 1-877-278-3888 to be matched to an expert real estate agent in the area of your choosing.

Election result provides no easy answers to housing issues | Vancouver Sun

At least one major Vancouver real estate firm believes that the election results mean that housing policy in the province will remain uncertain for the foreseeable future.

“The one thing you want the government to provide is certainty in policy,” said Dan Scarrow, vice-president of Macdonald Realty, which has almost 1,000 staff and agents throughout B.C.  “This election result means that housing policy in the province will be up for negotiation between the three major parties.”

Scarrow said many believe that government holds the solution to issues like affordable housing.  He said the reality, however, is that governments’ power, particularly the power of provincial governments that do not control either immigration or interest rate policies, is limited because there are so many forces that impact the real estate market.

“People have already forgotten that when the 15-per-cent foreign buyer tax came in, it was a shock to the system,” he said. “At the time, even the most vocal critics of foreign investment in Vancouver acknowledged that this was a far bigger move than anyone could have anticipated. And now, less than a year later, it has had no discernible impact on demand.”

Scarrow points to examples all over the world of cities struggling with affordability. “The one commonality seems to be that governments are incapable of stopping demand. Draconian policies to restrict demand have been tried in Hong Kong, Singapore, Sydney and many first-tier cities in China with limited to no effect. Vancouver can now be added to this list,” he said.

In fact, some argue that local governments often make things worse by artificially restricting supply. The 13th Annual Demographia International Housing Affordability Survey: 2017, which ranked Vancouver as the world’s third-least affordable market, states: “The affordability of housing is overwhelmingly a function of just one thing: the extent to which governments place artificial restrictions on the supply of residential land.”

Scarrow said that affordable housing is a complex problem for which there is no easy solution. “Everyone’s definition of affordability is different,” he says. “So if no one’s defined the end goal, we just end up building a highway to nowhere.”

Ultimately, regardless of what policies are eventually introduced, the issue of affordability will likely remain. Says Scarrow: “I expect to see this as a major election issue in 2021. And 2025.”

 

 


The article was originally printed in The Province newspaper on May 11th, 2017 and posted on vancouversun.com May 12, 2017. Written by Michael Bernard.

35 Macdonald Realty agents complete Certified Negotiation Experts credential in the March and May 2017 classes

Congratulations to these 35 Macdonald Realty agents who successfully completed the Certified Negotiation Expert (CNE®) course in March and May 2017 and became negotiation experts.

Click below to see their information and how they can assist you today!

CNE blog (May2017)_edited

Nancy Anaya (Langley)
Pinky Au (Vancouver West)
Lori Brandstrom (West Vancouver)
Kathryn Carrington (Squamish)
Kathy Chan (North Vancouver)
Natalie Courbet (Vancouver West)
Damian Cromwell (Squamish)
Peter Dives (West Vancouver)
Carmen Dives (West Vancouver)
Shelley Doby (Squamish)
Shawn Dubois (Sidney)
Barbara Dunfield (Vancouver Downtown)
Christine Filer (Vancouver West)
Cam Forbes (Vancouver West)
Carol Anne Forsgren (Victoria)
Emma Gudewill (Vancouver West)
Jordan Howard (Vancouver Downtown)
Rosie Punzo-Huber (South Surrey)
Liz Kaiser (Squamish)
Jim Kung (Vancouver West)
Irene Lee (Langley)
Matthew Lee (Vancouver West)
Cynthina Lo (West Vancouver)
Scott McQuade (Squamish)
Sarah Morphy (Whistler)
Ruby Nishi (Langley)
Susan Pipes (Sidney)
John Punzo (South Surrey)
Jordan Scott (Vancouver Downtown)
Karina Strachan (West Vancouver)
Gary Wang (Vancouver West)
Bradley Wattum (North Vancouver)
Sherrie Wong (Vancouver West)
Mishelle Yim (Vancouver West)
Janai York (Vancouver Downtown)

 

Greater Vancouver Real Estate Market Statistics – April 2017

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in April 2017.

Vancouver

In the Vancouver Westside, there were 111 sales of detached homes and 627 active listings at the end of the month. The benchmark sale price was $3,495,800, with an average days on market of 51. The hottest market for sales was Dunbar with 18 sales.

In comparison, the condo market had 441 sales, 641 active listings and a benchmark sale price of $718,400 with an average of 21 days on market. The hottest market for sales was Downtown VW, 101 sales.

Townhome sales were 57, active listings were 114. The benchmark sale price was $1,124,600 with an average days on market of 21. Fairview VW with 13 sales was the hottest market in April.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_April2017_VanWest

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