Victoria real estate: Fewer listings, fewer sales in October | Times Colonist

Fewer listings translated into a slow month of home sales in October, according to figures released Wednesday by the Victoria Real Estate Board.

There were 664 properties sold last month, a drop of nearly 10 per cent compared with the same time last year.

At the same time, there were 1,905 active listings for sale at the end of October, a 3.6 per cent drop compared to September and 1.7 per cent fewer than the 1,938 active listings for sale at the end of October 2016.

“As expected, we saw fewer sales than this time last year. Looking at the longer-term picture, however, sales last month were 17.1 per cent above the 10-year average of 567 properties for the month of October,” said board president Ara Balabanian. “So the market is still very active here in Victoria, and this is in spite of the ongoing low inventory levels.”

The benchmark value for a single-family home in the Victoria core last month was $821,900, a 9.3 per cent increase over the $752,000 benchmark value in October 2016.

“The fact that we’ve seen such a controlled levelling off in the market directly following a year which felt so uncontrollable in terms of demand and pressure on prices illustrates the depth and stability of the Victoria market,” said Balabanian. “An unstable market may have experienced a heavy correction or shift, whereas in our market sales are moderating at a reasonable rate.”

Historically speaking, the region’s pricing is unprecedented.

According to a survey conducted by Century 21, the price per square foot of a typical single-family home has increased 238 per cent over the past 10 years to more than $424.

The study gathered the price-per-square-foot for a typical home across the major towns and cities in Canada in 1997, 2006 and 2017.

According to Century 21, Victoria’s 10-year increases — 182 per cent for condos to $435 per square foot and 173 per cent to $354 per square foot for townhomes — was considered healthy.

“It has really changed. It gives you a snapshot of where you are living and Victoria, Vancouver and Toronto have seen some big increases,” said Chris Markham managing broker at Century 21 Queenswood.

The biggest increase was seen on the west side of Vancouver where the typical price per square foot — building and land — increased 400 per cent to $1,210.

Markham said the price point in Greater Victoria is a growing problem that is pushing young people out of the equation. He said the large number of condos that are under construction might help in terms of added supply and improving the 0.5 per cent rental vacancy rate, but might not do much in terms of price.

Markham cited increased building costs and scarcity of skilled trades as factors driving up cost.

He also noted foreign investment in homes and businesses has been great for spurring on growth, but it’s made getting into the housing market that much more difficult.

“[Foreign investment] goes to Vancouver, Vancouver comes to Victoria and we spin it up Island,” he said.

Foreign investment in the capital region remains fairly low, with just 4.3 per cent of all property transfers in the last six months involving foreign nationals.

Markham said the current market conditions are unprecedented, and it’s anyone’s guess when it will slow down. “I do think we are seeing more balance,” he said, noting the market is not building up its inventory but rather matching new listings with sales each month.

But he doesn’t think the market has seen the end of high prices and demand. “If you and I had talked a year ago, I’d have said be in cash and out of the market by the end of this year. But now what I’m seeing is there’s so much momentum that even if they jacked up interest rates and even if a bomb dropped there’s so much momentum I don’t see it dying. There’s too much already committed,” Marjham said, adding the unemployment rate remains low, interest rates are relatively low and in-migration continues.

The VREB said a balanced market will continue over the next few months as low inventory levels will match the traditional slowdown in buyer and seller behaviour.


The article was originally posted on Times Colonist, November 1, 2017. Written by Andrew A. Duffy.

 

Chinese real estate investment slowdown likely short-lived | Vancouver Sun

The Chinese government crackdown on capital flight from that country has combined with the 15 per cent foreign buyers’ tax on residential properties to dampen buyer demand in Vancouver’s sizzling real estate market.

But two senior executives at Macdonald Commercial, a real estate brokerage firm that monitors Chinese investment in Canada, say that the Chinese real estate investment slowdown will likely be a short-term trend.

“My sense is that it’s more of a struggle for Chinese investors to send funds from China now, but we are still seeing some significant income and land deals being done in Metro Vancouver,” says Tony Letvinchuk, managing director of Macdonald Commercial.

As an example of China’s abiding interest in our region, China Minsheng Investment Group recently purchased Grouse Mountain ski resort for an estimated $200 million. An unidentified banker said that Minsheng had been searching for a year throughout Canada for investments.

As well, several other significant state-related Chinese companies have set up shop in the city over the past year and are quietly buying up real estate around the province, despite the official policy, says Dan Scarrow, head of the Canadian Real Estate Investment Centre and Macdonald Commercial’s representative office in Shanghai.

Chinese foreign investment outflows — which have fallen from nearly $1 trillion in 2016 to $126 billion so far in 2017 — will continue to play a key role in Vancouver real estate in the long term, he said.

He noted that despite attempts to control capital flight, the Chinese government is simultaneously nudging the country into economic superpower status, a process which necessarily involves diversification of global investment over the long-run.

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Greater Vancouver Real Estate Market Statistics – September 2017

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

Vancouver

In the Vancouver Westside, there were 74 sales of detached homes and 871 active listings at the end of the month. The benchmark sale price was $3,653,500, with an average days on market of 59. The hottest market for sales was Dunbar with 12 sales.

In comparison, the condo market had 403 sales, 757 active listings and a benchmark sale price of $796,100 with an average of 26 days on market. The hottest market for sales was Downtown VW, 96 sales.

Townhome sales were 58, active listings were 129. The benchmark sale price was $1,265,100 with an average days on market of 29. Fairview VW and Kitsliano with 12 sales each were the hottest markets of the month.

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

MarketHotSheet_September2017_VanWest

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Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – September 2017

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in September 2017.

Squamish

In September 2017, there were 12 sales of detached homes and 127 active listings in Squamish. The benchmark sale price was $994,700 with an average days on market of 83.

The Condo market had 17 sales and 19 active listings at the end of the month.  The benchmark sale price was $466,700 with an average days on market of 38.

Townhome sales were 22, active listings were 32. The benchmark sale price was $804,800, and the average days on market were 24.

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

MarketHotSheet_September2017_Squamish

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300 Macdonald Realty agents gather for annual conference

VANCOUVER, B.C., Canada – (October 2, 2016) – Macdonald Realty hosted 300 of their top real estate agents from around BC at their annual Agent Conference at the Hilton Vancouver Metrotown in Burnaby. The keynote speakers were Lindsey Smith and Kirsten Faverin of CIR Realty in Calgary who presented 6 Ways to Transcend the Transaction and build life-long client relationships. CIR Realty, alongside Macdonald Realty, are members of Leading Real Estate Companies of the World® (LeadingRE), a global network of more than 500 high quality independent real estate firms. Bryan Yu of Central 1 Credit Union provided an economic forecast with special attention paid to the Greater Vancouver, Victoria and Kelowna markets. Our CEO and President, Lynn Hsu opened the morning session with highlights of the future of the brokerage and the upcoming changes and new offering for our real estate advisors in the upcoming year and a memorable speech on the quality of advisors we currently have in our roster.

The day also included break out sessions on commercial real estate trends, how property management changes impact investor clients, an explanation of the proposed changes to dual agency by our managing broker panel, and actionable social media tips for the busy Realtor.

The conference was attended by both residential agents and commercial brokers from Macdonald Realty’s 20 offices across BC including Kelowna, Victoria, Parksville, Squamish and from around the lower mainland.  To join our real estate team and take part future Macdonald Realty learning events, visit www.careersinvancouverrealestate.com

 

About Macdonald Real Estate Group
Based in Vancouver, Canada, Macdonald Real Estate Group (MREG) has an annual sales volume of $8.9 billion and over $2 billion in assets under management.  With 20 offices and nearly 1,000 staff and REALTORS®, MREG offers a full range of real estate services, including residential and commercial brokerage, property and strata management, project marketing, and the MREG Canadian Real Estate Investment Centre in Shanghai, China.  Macdonald Realty is the residential division of Macdonald Real Estate Group. For more information, visit www.macrealty.com.

Okanagan Real Estate Market Statistics – September 2017

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

Central Okanagan: Kelowna and Lake Country

There were 193 sales, 961 active listings, and a $710,578 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The average days on market were 49.

The condo market featured 127 sales and 354 active listings at the end of the month. The average sale price was $323,493 with 58 average days on market.

Townhome sales were 76, active listings were 242, average sale price was $468,617, and the average days on market were 49.

MarketHotSheet_September2017_CentralOkanagan

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

North Delta

In the North Delta market, the benchmark sale price was $922,100 for detached homes. At the end of the month, there were 161 active listings and 44 sales.

The condo market had 11 sales and 23 active listings. The benchmark sale price was $333,100.

Townhomes featured 10 sales, 18 active listings and a $574,600 benchmark sale price.

It’s a seller’s market for all product types.

MarketHotSheet_September2017_NDelta

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

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

Greater Victoria

In September 2017, there were 259 sales of single family homes and 647 active listings in the Greater Victoria. The benchmark sale price was $692,800 with an average days on market of 33. The hottest market for sales was Sannich East with 63 sales. There were also 18 sales and 122 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 214 sales, 322 active listings at the end of the month.  The benchmark sale price was $436,800 with an average days on market of 25. The hottest market for sales was Victoria, 92 sales.

Townhome sales were 57, active listings were 111 and the benchmark sale price was $555,200. The average days on market were 27, and the hottest market was Saanich East with 15 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_September2017_Victoria

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Greater Vancouver Real Estate Market Statistics – August 2017

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

Vancouver

In the Vancouver Westside, there were 52 sales of detached homes and 789 active listings at the end of the month. The benchmark sale price was $3,654,500, with an average days on market of 36. The hottest market for sales was Dunbar with 12 sales.

In comparison, the condo market had 407 sales, 698 active listings and a benchmark sale price of $787,400 with an average of 21 days on market. The hottest market for sales was Downtown VW, 103 sales.

Townhome sales were 47, active listings were 136. The benchmark sale price was $1,254,200 with an average days on market of 22. Fairview VW and Kitsliano with 11 sales each were the hottest markets in August.

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

MarketHotSheet_August2017_VanWest

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Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – August 2017

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in August 2017.

Squamish

In August 2017, there were 32 sales of detached homes and 116 active listings in Squamish. The benchmark sale price was $975,500 with an average days on market of 53.

The Condo market had 18 sales and 20 active listings at the end of the month.  The benchmark sale price was $457,200 with an average days on market of 43.

Townhome sales were 12, active listings were 39. The benchmark sale price was $698,900, and the average days on market were 38.

It’s a seller’s market in Squamish.

MarketHotSheet_August2017_Squamish

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