New Exemptions to the 15% Property Transfer Tax

EXEMPTION FROM THE 15% TAX

The original announcement that work permit holders would be exempt from the 15% additional property transfer tax was made on January 29, 2017.

On March 17, Premier Christy Clark finally introduced the details of the new exemption to the 15% property transfer tax applied to certain “foreign nationals” who purchase residential properties in the Greater Vancouver Regional District.  As we expected the devil is in the details.  There are a number of categories of work permit holders.  Just as we expected, it turns out that not all holders of work permits will be treated equally.  Most work permit holders will still have to pay the 15% tax.

The exemption from the tax will only apply to Provincial Nominees under the B.C. provincial nominee program (“PNP”).  They have to be “nominated” by B.C. so that other holders of work permits such as international students, executive transferees, or individuals nominated by other provinces will not qualify for the exemption.  Moreover:

  • The exemption only applies to provincial nominees who treat the property as a principal residence;
  • The exemption may be claimed only once. It the provincial nominee buys another GVRD property he must pay the 15% tax;
  • Evidence of provincial nominee status has to be provided at the time the documents are filed at the Land Title Office.

REFUNDS OF THE 15% TAX FOR CERTAIN INDIVIDUALS

The new rules also provide that the following buyers who have already paid the tax will be entitled to refunds:

  • Foreign nationals who held B.C. PNP certificates or were confirmed as provincial nominees and purchased GVRD residential property between August 2, 2016, and March 17, 2017;
  • Individuals who became permanent residents or Canadian citizens within one year of the date the property transfer was registered in the Land Title Office

Refunds for permanent residents and citizens can only be claimed:

  • in respect of only one property;
  • where the property has been used as a principal residence;
  • where the owner moved into the residence within 92 days of property registration; and
  • continued to live in the property for one full year after the date the property transfer was registered.

Clearly most work permit holders are still subject to the 15% tax.  It seems that the exemptions are designed primarily to accommodate the PNP holders working in B.C.’s growing high technology industry, the fear being that the high cost of housing may be an impediment to economic growth in this critically important sector.

Meanwhile, work permit “status” issues can be somewhat complex.  Foreign national buyers holding work permits and their realtor advisors who are uncertain about whether an exemption would apply should consider consulting their immigration and conveyancing lawyers before entering into a binding agreement to purchase GVRD residential property.


Written by Peter Scarrow, former immigration lawyer, currently is the Director of Asian Business at Macdonald Real Estate Group.

Greater Vancouver Real Estate Market Statistics – February 2017

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

Vancouver

In the Vancouver Westside, there were 93 sales of detached homes and 602 active listings at the end of February. The benchmark sale price was $3,422,700, with an average days on market of 35. The hottest market for sales was Dunbar with 18 sales.

In comparison, the condo market had 368 sales, 686 active listings and a benchmark sale price of $688,400 with an average of 21 days on market. The hottest market for sales was Downtown VW, 85 sales.

Townhome sales were 32, active listings were 108. The benchmark sale price was $1,069,800 with an average days on market of 24. Kitsilano with 8 sales was the hottest market in February.

It’s a buyer’s market for single family homes.

MarketHotSheet_February2017_VanWest

[Read more…]

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

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

Squamish

In February 2017, there were 16 sales of detached homes and 111 active listings in Squamish. The benchmark sale price was $810,900 with an average days on market of 59.

The Condo market had 14 sales and 23 active listings at the end of the month.  The benchmark sale price was $369,800 with an average days on market of 69.

Townhome sales were 12, active listings were 51. The benchmark sale price was $729,400, and the average days on market were 28.

It’s a buyer’s market for single family homes.

MarketHotSheet_February2017_Squamish

[Read more…]

Okanagan Real Estate Market Statistics – February 2017

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

South Okanagan: Osoyoos, Oliver, and Penticton

In February 2017, there were 71 sales of detached homes and 450 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $498,404 with an average days on market of 95.

The Condo market had 34 sales and 128 active listings at the end of the month.  The average sale price was $227,035 with an average days on market of 97.

Townhome sales were 30, active listings were 77. The average sale price was $328,774, and the average days on market were 67.

MarketHotSheet_February2017_SouthOkanagan

[Read more…]

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

North Delta

In the North Delta market, the benchmark sale price was $819,600 for detached homes. At the end of February, there were 118 active listings and 37 sales.

The condo market had 4 sales and 13 active listings. The benchmark sale price was $202,800.

Townhomes featured 7 sales, 15 active listings and a $482,900 benchmark sale price.

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

MarketHotSheet_February2017_NDelta

North Surrey

In February 2017, there were 49 sales of detached homes and 277 active listings in North Surrey. The benchmark sale price was $821,600.

The condo market had 97 sales and 196 active listings at the end of the month.  The benchmark sale price was $244,800.

In comparison, townhome sales were 26, active listings were 33 and the benchmark sale price was $355,500.

It’s a seller’s market for condos and townhomes in North Surrey.

MarketHotSheet_February2017_NSurrey

[Read more…]

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

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

Greater Victoria

In February 2017, there were 283 sales of single family homes and 396 active listings in the Greater Victoria. The benchmark sale price was $642,300 with an average days on market of 34. The hottest market for sales was Langford with 66 sales. There were also 22 sales and 114 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 206 sales, 229 active listings at the end of the month.  The benchmark sale price was $386,200 with an average days on market of 24. The hottest market for sales was Victoria, 98 sales.

Townhome sales were 71, active listings were 64 and the benchmark sale price was $515,600. The average days on market were 30, and the hottest market was Langford with 15 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_February2017_Victoria

[Read more…]

BC Market Report 2016-17: Our Annual Review and Forecast

MarketReportCover

It would be an understatement to say 2016 was a memorable year for BC real estate. The recent spate of policy changes, along with a looming provincial election, have given buyers and sellers much information to absorb as we enter the 2017 spring market. The Feature Story of our 2016-17 Market Report, “The BC real estate market in 2016: a year with many chapters“, offers an industry insiders look at these important changes.

The BC Market Report contains a 2016 review and 2017 forecast for each of our geographic markets across B.C., contributed by our local managers, as well as summaries from our residential, commercial, property management, project marketing and global relocation divisions.

Click to view:

PDF BC Market Report (English)  |  (中文)

Digital brochure BC Market Report (English) 

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Media: For further comment please contact Dan Scarrow, VP Macdonald Real Estate Group, dscarrow@macrealty.com

Greater Vancouver Real Estate Market Statistics – January 2017

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

Vancouver

In the Vancouver Westside, there were 37 sales of detached homes and 595 active listings at the end of January. The benchmark sale price was $3,419,800, with an average days on market of 51. The hottest market for sales was Point Grey with 9 sales.

In comparison, the condo market had 213 sales, 691 active listings and a benchmark sale price of $662,400 with an average of 33 days on market. The hottest market for sales was Downtown VW, 54 sales.

Townhome sales were 19, active listings were 87. The benchmark sale price was $1,066,700 with an average days on market of 28. Kitsilano with 5 sales was the hottest market in January.

It’s a buyer’s market for single family homes.

MarketHotSheet_January2017_VanWest

[Read more…]

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

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

Squamish

In January 2017, there were 16 sales of detached homes and 102 active listings in Squamish. The benchmark sale price was $816,200 with an average days on market of 74.

The Condo market had 8 sales and 46 active listings at the end of the month.  The benchmark sale price was $371,200 with an average days on market of 90.

Townhome sales were 9, active listings were 47. The benchmark sale price was $704,100, and the average days on market were 78.

It’s a buyer’s market for single family homes.

MarketHotSheet_January2017_Squamish

[Read more…]

Okanagan Real Estate Market Statistics – January 2017

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

South Okanagan: Osoyoos, Oliver, and Penticton

In January 2017, there were 41 sales of detached homes and 426 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $493,227 with an average days on market of 100.

The Condo market had 24 sales and 122 active listings at the end of the month.  The average sale price was $246,708 with an average days on market of 68.

Townhome sales were 18, active listings were 84. The average sale price was $335,430, and the average days on market were 87.

MarketHotSheet_January2017_SouthOkanagan

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – January 2017

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

North Delta

In the North Delta market, the benchmark sale price was $828,200 for detached homes. At the end of January, there were 120 active listings and 23 sales.

The condo market had 4 sales and 10 active listings. The benchmark sale price was $198,000.

Townhomes featured 2 sales, 19 active listings and a $474,500 benchmark sale price.

It’s a buyer’s market for townhomes in North Delta.

MarketHotSheet_January2017_NDelta

North Surrey

In January 2017, there were 45 sales of detached homes and 257 active listings in North Surrey. The benchmark sale price was $821,900.

The condo market had 72 sales and 174 active listings at the end of the month.  The benchmark sale price was $239,900.

In comparison, townhome sales were 12, active listings were 37 and the benchmark sale price was $348,300.

It’s a seller’s market for condos and townhomes in North Surrey.

MarketHotSheet_January2017_NSurrey

[Read more…]

Greater Victoria and Vancouver Island Real Estate Market Statistics – January 2017

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

Greater Victoria

In January 2017, there were 184 sales of single family homes and 382 active listings in the Greater Victoria. The benchmark sale price was $636,100 with an average days on market of 34. The hottest market for sales was Langford with 45 sales. There were also 9 sales and 128 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 170 sales, 203 active listings at the end of the month.  The benchmark sale price was $377,900 with an average days on market of 34. The hottest market for sales was Victoria, 34 sales.

Townhome sales were 43, active listings were 65 and the benchmark sale price was $509,500. The average days on market were 47, and the hottest market was Langford with 11 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_January2017_Victoria

[Read more…]

Okanagan Real Estate Market Statistics – December 2016

 

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in December 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In December 2016, there were 55 sales of detached homes and 389 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $440,761 with an average days on market of 103.

The Condo market had 20 sales and 1130 active listings at the end of the month.  The average sale price was $239,777 with an average days on market of 70.

Townhome sales were 17, active listings were 80. The average sale price was $258,990, and the average days on market were 97.

South Okanagan real estate market stats

 

Central Okanagan: Kelowna and Lake Country

There were 131 sales, 496 active listings, and a $618,631 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The average days on market were 57.

The condo market featured 78 sales and 231 active listings at the end of the month. The average sale price was $272,330 with 54 average days on market.

Townhome sales were 61, active listings were 164, average sale price was $437,463, and the average days on market were 53.

Central Okanagan real estate market

 

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area, the average sale price was $429,597 with an average days on market of 77 days for detached homes. At the end of December, there were 77 sales and 262 active listings.

There were 10 sales and 76 active listings for condos. The average sale price was $147,475, and the average days on market were 56.

In comparison, townhome featured 16 sales, 73 active listings and a $303,559 average sale price with 59 average days on market.

North Okanagan real estate market stats

 

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Osoyoos and Kelowna. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

—–

This blog post is based on market data provided by the South Okanagan Real Estate Board (SOREB) www.soreb.org and Okanagan Mainline Real Estate Board (OMREB) www.omreb.com.

 

 

Greater Vancouver Real Estate Market Statistics – December 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in December 2016.

Vancouver

In the Vancouver Westside, there were 64 sales of detached homes and 402 active listings at the end of December. The benchmark sale price was $3,443,100, with an average days on market of 48. The hottest market for sales was Dunbar with 14 sales.

In comparison, the condo market had 238 sales, 549 active listings and a benchmark sale price of $666,800 with an average of 34 days on market. The hottest market for sales was Downtown VW, 67 sales.

Townhome sales were 20, active listings were 69. The benchmark sale price was $1,061,500 with an average days on market of 35. Kitsilano with 6 sales was the hottest market in December.

It’s a buyer’s market for single family homes.

Vancouver real estate market stats

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – December 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in December 2016.

Squamish

In December 2016, there were 7 sales of detached homes and 93 active listings in Squamish. The benchmark sale price was $813,500 with an average days on market of 68.

The Condo market had 16 sales and 52 active listings at the end of the month.  The benchmark sale price was $371,000 with an average days on market of 70.

Townhome sales were 11, active listings were 40. The benchmark sale price was $649,400, and the average days on market were 48.

It’s a buyer’s market for single family homes in Squamish.

Squamish real estate market

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – December 2016

 

Here are the latest real estate market statistics from Macdonald Realty on Surrey, White Rock, Langley, and Fraser Valley listings and sales in December 2016.

North Delta

In the North Delta market, the benchmark sale price was $833,300 for detached homes. At the end of December, there were 125 active listings and 20 sales.

The condo market had 6 sales and 7 active listings. The benchmark sale price was $196,700.

Townhomes featured 5 sales, 12 active listings and a $477,700 benchmark sale price.

It’s a balanced market for single family homes in North Delta.

North Delta real estate stats

[Read more…]

Greater Victoria and Vancouver Island Real Estate Market Statistics – December 2016

 

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in December 2016.

Greater Victoria

In December 2016, there were 199 sales of single family homes and 344 active listings in the Greater Victoria. The benchmark sale price was $625,600 with an average days on market of 36. The hottest market for sales was Langford with 43 sales. There were also 8 sales and 132 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 141 sales, 186 active listings at the end of the month.  The benchmark sale price was $373,700 with an average days on market of 31. The hottest market for sales was Victoria, 40 sales.

Townhome sales were 35, active listings were 65 and the benchmark sale price was $502,200. The average days on market were 30, and the hottest market was Langford with 8 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_Dec2016_Victoria

[Read more…]

Greater Vancouver Real Estate Market Statistics – November 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in November 2016.

Vancouver

In the Vancouver Westside, there were 69 sales of detached homes and 586 active listings at the end of November. The benchmark sale price was $3,521,000, with an average days on market of 48. The hottest market for sales was Point Grey with 13 sales.

In comparison, the condo market had 296 sales, 831 active listings and a benchmark sale price of $686,300 with 26 average days on market. The hottest market for sales was Downtown VW, 71 sales.

Townhome sales were 37, active listings were 111. The benchmark sale price was $1,089,300 with an average days on market of 20. Kitsilano with 7 sales was the hottest market in November.

It’s a buyer’s market for single family homes.

MarketHotSheet_November2016_VanWest

[Read more…]

Okanagan Real Estate Market Statistics – November 2016

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in November 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In November 2016, there were 83 sales of detached homes and 463 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $432,449 with an average days on market of 92.

The Condo market had 27 sales and 130 active listings at the end of the month.  The average sale price was $200,595 with an average days on market of 94.

Townhome sales were 20, active listings were 85. The average sale price was $288,275, and the average days on market were 56.

MarketHotSheet_November2016_SouthOkanagan

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – November 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in November 2016.

Squamish

In November 2016, there were 14 sales of detached homes and 117 active listings in Squamish. The benchmark sale price was $792,100 with an average days on market of 74.

The Condo market had 12 sales and 65 active listings at the end of the month.  The benchmark sale price was $361,200 with an average days on market of 47.

Townhome sales were 12, active listings were 53. The benchmark sale price was $628,000, and the average days on market were 32.

It’s a buyer’s market for single family homes in Squamish.

MarketHotSheet_November2016_Squamish

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – November 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, White Rock, Langley, and Fraser Valley listings and sales in November 2016.

North Surrey

In November 2016, there were 46 sales of detached homes and 352 active listings in North Surrey. The benchmark sale price was $836,200.

The condo market had 82 sales, 170 active listings at the end of the month.  The benchmark sale price was $237,300.

In comparison, townhome sales were 28, active listings were 44 and the benchmark sale price was $336,900.

It’s a buyer’s market for single family homes.

MarketHotSheet_November2016_NSurrey

[Read more…]

Greater Victoria and Vancouver Island Real Estate Market Statistics – November 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in November 2016.

Greater Victoria

In November 2016, there were 264 sales of single family homes and 458 active listings in the Greater Victoria. The benchmark sale price was $620,100 with an average days on market of 30. The hottest market for sales was Langford with 50 sales. There were also 25 sales and 138 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 170 sales, 255 active listings at the end of the month.  The benchmark sale price was $371,300 with an average days on market of 33. The hottest market for sales was Victoria, 73 sales.

Townhome sales were 56, active listings were 80 and the benchmark sale price was $501,300. The average days on market were 29, and the hottest market was Langford with 10 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_November2016_Victoria

[Read more…]

Okanagan Real Estate Market Statistics – October 2016

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in October 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In October 2016, there were 84 sales of detached homes and 538 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $536,283 with an average days on market of 109.

The Condo market had 34 sales and 139 active listings at the end of the month.  The average sale price was $240,829 with an average days on market of 65.

Townhome sales were 26, active listings were 94. The average sale price was $272,162, and the average days on market were 99.

MarketHotSheet_October2016_SouthOkanagan

[Read more…]

Greater Vancouver Real Estate Market Statistics – October 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in October 2016.

Vancouver

In the Vancouver Westside, there were 79 sales of detached homes and 650 active listings at the end of October. The benchmark sale price was $3,569,700, with an average days on market of 39. The hottest market for sales was Kitsilano with 10 sales.

In comparison, the condo market had 301 sales, 939 active listings and a benchmark sale price of $680,100 with 26 average days on market. The hottest market for sales was Downtown VW, 74 sales.

Townhome sales were 24, active listings were 140. The benchmark sale price was $1,123,800 with an average days on market of 24. Kitsilano with 5 sales was the hottest market in October.

It’s a buyer’s market for single family homes.

MarketHotSheet_October2016_VanWest

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – October 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in October 2016.

Squamish

In October 2016, there were 11 sales of detached homes and 128 active listings in Squamish. The benchmark sale price was $770,300 with an average days on market of 53.

The Condo market had 10 sales and 58 active listings at the end of the month.  The benchmark sale price was $357,500 with an average days on market of 26.

Townhome sales were 12, active listings were 51. The benchmark sale price was $625,200, and the average days on market were 29.

It’s a buyer’s market for single family homes in Squamish.

MarketHotSheet_October2016_Squamish

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – October 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, White Rock, Langley, and Fraser Valley listings and sales in October 2016.

North Surrey

In October 2016, there were 45 sales of detached homes and 382 active listings in North Surrey. The benchmark sale price was $860,200.

The condo market had 85 sales, 190 active listings at the end of the month.  The benchmark sale price was $231,300.

In comparison, townhome sales were 28, active listings were 54 and the benchmark sale price was $344,100.

It’s a buyer’s market for single family homes.

MarketHotSheet_September2016_NSurrey

[Read more…]

Greater Victoria and Vancouver Island Real Estate Market Statistics – October 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in October 2016.

Greater Victoria

In October 2016, there were 333 sales of single family homes and 499 active listings in the Greater Victoria. The benchmark sale price was $618,700 with an average days on market of 28. The hottest market for sales was Langford with 78 sales. There were also 21 sales and 161 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 215 sales, 276 active listings at the end of the month.  The benchmark sale price was $367,800 with an average days on market of 29. The hottest market for sales was Victoria, 85 sales.

Townhome sales were 78, active listings were 102 and the benchmark sale price was $491,500. The average days on market were 31, and the hottest market was Langford with 20 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_September2016_Victoria

[Read more…]

Okanagan Real Estate Market Statistics – September 2016

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in September 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In September 2016, there were 112 sales of detached homes and 599 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $445,209 with an average days on market of 106.

The Condo market had 33 sales and 153 active listings at the end of the month.  The average sale price was $288,115 with an average days on market of 102.

Townhome sales were 31, active listings were 98. The average sale price was $257,303, and the average days on market were 88.

MarketHotSheet_September2016_SouthOkanagan

[Read more…]

Greater Vancouver Real Estate Market Statistics – September 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in September 2016.

Vancouver

In the Vancouver Westside, there were 62 sales of detached homes and 699 active listings at the end of September. The benchmark sale price was $3,624,300, with an average days on market of 31. The hottest market for sales was Dunbar with 12 sales.

In comparison, the condo market had 331 sales, 931 active listings and a benchmark sale price of $683,200 with 21 average days on market. The hottest market for sales was Downtown VW, 69 sales.

Townhome sales were 31, active listings were 113. The benchmark sale price was $1,116,300 with an average days on market of 17. Fairview VW with 10 sales was the hottest market in September.

It’s a buyer’s market for single family homes.

MarketHotSheet_September2016_VanWest

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – September 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in September 2016.

Squamish

In September 2016, there were 19 sales of detached homes and 123 active listings in Squamish. The benchmark sale price was $787,200 with an average days on market of 75.

The Condo market had 13 sales and 51 active listings at the end of the month.  The benchmark sale price was $367,800 with an average days on market of 48.

Townhome sales were 7, active listings were 49. The benchmark sale price was $636,200, and the average days on market were 13.

It’s a buyer’s market for single family homes and townhomes in Squamish.

MarketHotSheet_September2016_Squamish

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – September 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, White Rock, Langley, and Fraser Valley listings and sales in September 2016.

North Surrey

In September 2016, there were 40 sales of detached homes and 418 active listings in North Surrey. The benchmark sale price was $870,700.

The condo market had 90 sales, 214 active listings at the end of the month.  The benchmark sale price was $229,200.

In comparison, townhome sales were 28, active listings were 53 and the benchmark sale price was $345,300.

It’s a buyer’s market for single family homes.

MarketHotSheet_September2016_NSurrey

[Read more…]

Greater Victoria Real Estate Market Statistics – September 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in September 2016.

Greater Victoria

In September 2016, there were 341 sales of single family homes and 560 active listings in the Greater Victoria. The benchmark sale price was $615,600 with an average days on market of 33. The hottest market for sales was Saanich East with 80 sales. There were also 24 sales and 179 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 205 sales, 303 active listings at the end of the month.  The benchmark sale price was $362,800 with an average days on market of 31. The hottest market for sales was Victoria, 72 sales.

Townhome sales were 81, active listings were 116 and the benchmark sale price was $486,800. The average days on market were 40, and the hottest market was Langford with 30 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_September2016_Victoria

[Read more…]

Condos in Downtown Vancouver

The residential areas of Downtown Vancouver comprise 3 main areas:

  1. Yaletown – which borders the north side of False Creek and much of it originally was developed by Concord Pacific after the Expo 86 World’s Fair;
  2. Coal Harbour – which is the strip of newly developed condos north of West Georgia Street and West of Burrard Street; and
  3. The West End – which comprises the downtown core and west of Burrard Street.

It seems that the new 15% tax on “foreign” buyers has had very little impact on this market, especially with condos where the asking price is under $2 million.  There are many reasons for this:

  • Only 1-5% of the buyers in this segment traditionally have been “foreign”;
  • More and more “empty nesters” from the West Side of Vancouver sell their homes after their children have moved out and downsize by moving downtown and retire on the capital gains earned by selling their detached homes;
  • The buyers are from all backgrounds: local retired people, young singles and married couples (usually with no children or with small families), Chinese immigrants, Koreans, Iranians, Americans, Eastern Europeans, Middle Easterners, etc. In other words there is strong demand from all segments of the market;
  • There seems to be increasing interest in this area from “foreigners” from the USA, typically young hi-tech professionals from San Francisco and San Jose, and older couples from Seattle and Los Angeles, all of them attracted by the diversity, safety, cuisine, scenery and recreational opportunities downtown Vancouver has to offer.
  • Being close to the Central Business District is extremely convenient for the tens of thousands of professionals of all kinds who work downtown.

What’s so special about the Downtown core of Vancouver?  Well, it depends on the specific neighbourhood:

[Read more…]

Are Prices Down, or Not? Average Price vs. Benchmark Price

Why are some articles saying prices are going down, and others saying that for the same product category, they’re not? How is that even possible? Whenever you read real estate reports, it is important to understand how the data used is interpreted by the author. With the high price points of Vancouver’s heated real estate market, conversations about predicting where property values will go next seems to have become a daily conversation wherever we go. In this video, I discuss the difference between the two common ways of measuring price points: Average Price vs. (HPI) Benchmark Price.

 Are prices down, or not? Two ways to measure prices.

When looking at activity for a given period of time, the Average Price per unit is exactly that – an average of all of the sales for that period within a certain market segment.

[Read more…]

Okanagan Real Estate Market Statistics – August 2016

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in August 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In August 2016, there were 124 sales of detached homes and 646 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $457,550 with an average days on market of 94.

The Condo market had 38 sales and 161 active listings at the end of the month.  The average sale price was $197,717 with an average days on market of 108.

Townhome sales were 37, active listings were 113. The average sale price was $291,574, and the average days on market were 62.

MarketHotSheet_August2016_SouthOkanagan

[Read more…]

Greater Vancouver Real Estate Market Statistics – August 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in August 2016.

Vancouver

In the Vancouver Westside, there were 63 sales of detached homes and 634 active listings at the end of August. The benchmark sale price was $3,617,400, with an average days on market of 30. The hottest markets for sales were Dunbar and South Granville with 9 sales each.

In comparison, the condo market had 344 sales, 829 active listings and a benchmark sale price of $691,900 with 17 average days on market. The hottest market for sales was Downtown VW, 81 sales.

Townhome sales were 38, active listings were 87. The benchmark sale price was $1,107,000 with an average days on market of 15. Fairview VW and Kitsilano with 8 sales each were the hottest markets in August.

It’s a buyer’s market for single family homes.

MarketHotSheet_August2016_VanWest

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – August 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in August 2016.

Squamish

In August 2016, there were 23 sales of detached homes and 119 active listings in Squamish. The benchmark sale price was $800,000 with an average days on market of 37.

The Condo market had 11 sales and 50 active listings at the end of the month.  The benchmark sale price was $354,500 with an average days on market of 46.

Townhome sales were 12, active listings were 36. The benchmark sale price was $613,900, and the average days on market were 23.

It’s a balanced market in Squamish.

MarketHotSheet_August2016_Squamish

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – August 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, White Rock, Langley, and Fraser Valley listings and sales in August 2016.

North Surrey

In August 2016, there were 59 sales of detached homes and 389 active listings in North Surrey. The benchmark sale price was $886,000.

The condo market had 114 sales, 239 active listings at the end of the month.  The benchmark sale price was $232,200.

In comparison, townhome sales were 35, active listings were 56 and the benchmark sale price was $336,400.

It’s a buyer’s market for single family homes.

MarketHotSheet_August2016_NSurrey

[Read more…]

Greater Victoria Real Estate Market Statistics – August 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in August 2016.

Greater Victoria

In August 2016, there were 380 sales of single family homes and 533 active listings in Greater Victoria. The benchmark sale price was $610,400 with an average days on market of 33. The hottest market for sales was Saanich East with 81 sales. There were also 31 sales and 183 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 265 sales, 292 active listings at the end of the month.  The benchmark sale price was $356,900 with an average days on market of 27. The hottest market for sales was Victoria, 103 sales.

Townhome sales were 73, active listings were 114 and the benchmark sale price was $476,400. The average days on market were 28, and the hottest market was Langford with 22 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_August2016_Victoria

[Read more…]

Greater Vancouver Real Estate Market Statistics – July 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in July 2016.

Vancouver

In the Vancouver Westside, there were 110 sales of detached homes and 651 active listings at the end of July. The benchmark sale price was $3,591,200, with an average days on market of 27. The hottest market for sales was Dunbar with 19 sales.

In comparison, the condo market had 435 sales, 848 active listings and a benchmark sale price of $698,000 with 18 average days on market. The hottest market for sales was Downtown VW, 105 sales.

Townhome sales were 48, active listings were 87. The benchmark sale price was $1,088,400 with an average days on market of 12. Kitsilano, 12 sales, was the hottest markets in July.

Listings are down. Prices are up. It’s a seller’s market.

MarketHotSheet_July2016_VanWest

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – July 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in July 2016.

Squamish

In July 2016, there were 23 sales of detached homes and 116 active listings in Squamish. The benchmark sale price was $779,700 with an average days on market of 32.

The Condo market had 10 sales and 48 active listings at the end of the month.  The benchmark sale price was $340,500 with an average days on market of 31.

Townhome sales were 16, active listings were 31. The benchmark sale price was $606,100, and the average days on market were 22.

MarketHotSheet_July2016_Squamish

[Read more…]

Okanagan Real Estate Market Statistics – July 2016

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in July 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In July 2016, there were 140 sales of detached homes and 654 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $438,712 with an average days on market of 97.

The Condo market had 34 sales and 163 active listings at the end of the month.  The average sale price was $286,884 with an average days on market of 90.

Townhome sales were 28, active listings were 108. The average sale price was $299,857, and the average days on market were 101.

MarketHotSheet_July2016_SouthOkanagan

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – July 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, White Rock, Langley, and Fraser Valley listings and sales in July 2016.

North Surrey

In July 2016, there were 71 sales of detached homes and 396 active listings in North Surrey. The benchmark sale price was $889,500, an increase of 45.8% compared to the same month last year.

The condo market had 112 sales, 285 active listings at the end of the month.  The benchmark sale price was $224,900.

In comparison, townhome sales were 41, active listings were 52 and the benchmark sale price was $323,600.

MarketHotSheet_July2016_NSurrey

[Read more…]

The ripple effect – a 15% foreign investment tax in Metro Vancouver

What time in our history has ever been like the last 2 months to be a homeowner, a Buyer, a Seller or a Real Estate professional?

If you live under a rock (no slight to “unaffordable housing” in Metro Vancouver) there has been some significant changes in the BC and particularly Metro Vancouver Real Estate market. The biggest impact on all of us is no doubt the 15% foreign investment tax applicable to anyone who is not a Canadian Citizen or Permanent Resident of Canada.

Introduced July 25 by the current BC Liberal Government, this tax was introduced as massive public pressure for a reaction from the government, over 2 years in the making.

I am going to do my best to remove all opinions of how this explosion of real estate values in our communities was handled, or better yet, not handled for so long by our government. We elected them, we need to live with them, for now.

The tax makes sense in many ways yet in its simplest form, is the relation of the power of National currencies at play. Imagine investors coming to our country, a stable, safe, warm and loveable cousin of the US. Vancouver, where our weather is great year round, we enjoy an excellent quality of life and have one of the most beautiful cities in the world.

[Read more…]

Greater Victoria Real Estate Market Statistics – July 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in July 2016.

Greater Victoria

In July 2016, there were 429 sales of single family homes and 575 active listings in Greater Victoria. The benchmark sale price was $603,500 with an average days on market of 32. The hottest market for sales was Saanich East with 92 sales. There were also 35 sales and 185 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 271 sales, 346 active listings at the end of the month.  The benchmark sale price was $350,000 with an average days on market of 33. The hottest market for sales was Victoria, 93 sales.

Townhome sales were 93, active listings were 105 and the benchmark sale price was $476,200. The average days on market were 31, and the hottest market was Langford with 20 sales.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_July2016_Victoria

[Read more…]

Opinion: The true cost of the new real estate tax

This week, the B.C. government introduced a new 15-per-cent tax on all non-citizen and non-permanent-resident buyers of residential real estate in Metro Vancouver. Macdonald Realty opened its first office in the Kerrisdale neighbourhood over 70 years ago. Though we now have 20-plus offices and 1,000 staff and agents, the heart of our organization is still in Vancouver.

We understand that the government felt the need to take concrete action to curb speculation and related price inflation. We understand also that the increase in real estate prices over the last few years is a topic of much concern to many Metro Vancouver residents. That said, we do take strong issue with the retroactive nature of this new tax. Specifically, that it applies to all transactions that close after Aug. 2, regardless of when those contracts were entered into. This will have profoundly negative consequences for many Canadian families, who weren’t the intended targets of the tax.

To highlight the consequences, let us give you a few real-life examples.

One of our clients is a new immigrant family in the process of moving to Canada. They have both children registered for school — their daughter will be studying English literature at the University of B.C. in the fall. They have already entered into a firm deal to buy a resale home priced at $765,000 (from a Canadian seller), but since the sale closes after Aug. 2, they are now looking at a sudden $114,750 increase in their cost — on a firm and binding contract. This is neither just nor reasonable.

Op-Ed by Jonathan Cooper

Op-Ed by Jonathan Cooper

Our second example involves a Canadian family who recently listed their home for sale in Surrey. They have a firm deal with an immigrant family for $480,000; however, that deal is now in peril, because the buyer’s cost just went up by $72,000. The sellers, as Canadian citizens, weren’t meant to be the subject of this tax, but now it has placed their financial lives in jeopardy.

The Canadian sellers in both examples point to a broader reality: the knock-on effects of this tax throughout the Vancouver real estate market that could be immensely damaging for many Canadians. Real estate is traditionally a linked economic activity. Once they have a firm deal on their property, many sellers promptly go on to buy their next home. If foreign buyers begin defaulting en masse, we could see a contagion scenario wherein a single default by a foreign buyer will result in many more defaults by Canadian buyers. In addition, the resulting flood of lawsuits from these defaults could overrun the court system. We believe that the government has not anticipated this very likely scenario.

There is a prevailing impression that all foreign buyers are big-moneyed cash buyers. But the reality is that there are many more hardworking, middle-class immigrant families who are stretching themselves in order to get a foothold in the Vancouver market and give their families a better life. It is very reasonable that some of these families will not be able to afford an additional 15-per-cent tax that was neither anticipated nor budgeted for. For many, their only option will be to default on their purchase and lose their deposits.

Furthermore, this tax damages our province’s credibility as a place to do business in the eyes of the world. If our government is willing to drastically and retroactively increase costs in one major sector of the market, a reasonable investor would have to conclude that they might be willing to do so in any sector. Do we want to be known as a place where legally binding contracts can be, without recourse, altered after the fact by the government? And in a country built by immigrants, do we want to be known as a place where we impose severe, retroactive costs on families merely because of their country of origin?

Once again, while we do not necessarily agree that the government’s move to implement a foreign-buyers’ tax is the most effective means of addressing affordability, we do understand the immense public pressure to respond to Vancouver’s escalating house prices. However, the punitive nature of the tax’s implementation will cause immense — and completely unnecessary — damage to Canadian families, with no discernible benefit.

Premier Christy Clark expressed concerns that grandfathering would create a run on the market, but this could easily be avoided by only including contracts that were agreed to before July 25, the date on which the tax was announced. Imposing a 15-per-cent tax while exempting existing contracts will achieve the government’s goals without financially imperiling blameless Canadian sellers. In the strongest possible terms, we urge the government to reconsider their position.

—————–

This op-ed by Jonathan Cooper was published in the Vancouver Sun on Friday, July 29th 2016.  Jonathan Cooper is vice-president of Macdonald Real Estate Group Inc.

Greater Vancouver Real Estate Market Statistics – June 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in June 2016.

Vancouver

In the Vancouver Westside, there were 154 sales of detached homes and 620 active listings at the end of June. The benchmark sale price was $3,547,300, with an average days on market of 24. The hottest market for sales was Dunbar with 17 sales.

In comparison, the condo market had 579 sales, 760 active listings and a benchmark sale price of $696,200 with 18 average days on market. The hottest market for sales was Downtown VW, 157 sales.

Townhome sales were 64, active listings were 87. The benchmark sale price was $1,092,900 with an average days on market of 15. Fairview VW and Kitsilano, 12 sales each, were the hottest markets in June.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_June2016_VanWest

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – June 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in June 2016.

Squamish

In June 2016, there were 20 sales of detached homes and 107 active listings in Squamish. The benchmark sale price was $762,400 with an average days on market of 33.

The Condo market had 15 sales and 44 active listings at the end of the month.  The benchmark sale price was $340,600 with an average days on market of 38.

Townhome sales were 17, active listings were 22. The benchmark sale price was $585,600, and the average days on market were 26.

MarketHotSheet_June2016_Squamish

[Read more…]

Okanagan Real Estate Market Statistics – June 2016

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in June 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In June 2016, there were 156 sales of detached homes and 683 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $471,612 with an average days on market of 79.

The Condo market had 50 sales and 171 active listings at the end of the month.  The average sale price was $255,944 with an average days on market of 74.

Townhome sales were 37, active listings were 97. The average sale price was $290,330, and the average days on market were 79.

MarketHotSheet_June2016_SouthOkanagan

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – June 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, White Rock, Langley, and Fraser Valley listings and sales in June 2016.

North Surrey

In June 2016, there were 132 sales of detached homes and 329 active listings in North Surrey. The benchmark sale price was $878,300, an increase of 46.6% compared to June 2015.

The condo market had 137 sales, 290 active listings at the end of the month.  The benchmark sale price was $219,800.

In comparison, townhome sales were 39, active listings were 55 and the benchmark sale price was $306,000.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_June2016_NSurrey

[Read more…]

Greater Victoria Real Estate Market Statistics – June 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in June 2016.

Greater Victoria

In June 2016, there were 543 sales of single family homes and 581 active listings in Greater Victoria. The benchmark sale price was $593,700 with an average days on market of 32. The hottest market for sales was Saanich East with 103 sales. There were also 38 sales and 207 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 338 sales, 401 active listings at the end of the month.  The benchmark sale price was $342,200 with an average days on market of 33. The hottest market for sales was Victoria, 130 sales.

Townhome sales were 92, active listings were 113 and the benchmark sale price was $461,900. The average days on market were 31, and the hottest market was Langford with 38 sales.

Listings are down. Prices are up. It’s a seller’s market.

MarketHotSheet_June2016_Victoria

[Read more…]

Greater Vancouver Real Estate Market Statistics – May 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in May 2016.

Vancouver

In the Vancouver Westside, there were 191 sales of detached homes and 587 active listings at the end of May. The benchmark sale price was $3,442,100, with an average days on market of 30. The hottest market for sales was Fairview VW with 37 sales.

In comparison, the condo market had 573 sales, 764 active listings and a benchmark sale price of $673,000 with 22 average days on market. The hottest market for sales was Downtown VW, 115 sales.

Townhome sales were 74, active listings were 83. The benchmark sale price was $1,035,400 with an average days on market of 16. Kitsilano, 14 sales, was the hottest market for sales in May.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_May2016_VanWest

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – May 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in May 2016.

Squamish

In May 2016, there were 40 sales of detached homes and 84 active listings in Squamish. The benchmark sale price was $729,300 with an average days on market of 36.

The Condo market had 22 sales and 43 active listings at the end of the month.  The benchmark sale price was $330,900 with an average days on market of 41.

Townhome sales were 23, active listings were 18. The benchmark sale price was $575,700, and the average days on market were 19.

MarketHotSheet_May2016_Squamish

[Read more…]

Okanagan Real Estate Market Statistics – May 2016

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in May 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In May 2016, there were 192 sales of detached homes and 684 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $469,692 with an average days on market of 77.

The Condo market had 41 sales and 179 active listings at the end of the month.  The average sale price was $242,459 with an average days on market of 112.

Townhome sales were 46, active listings were 101. The average sale price was $252,502, and the average days on market were 77.

MarketHotSheet_May2016_SouthOkanagan

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – May 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, Langley, and Fraser Valley listings and sales in May 2016.

North Surrey

In May 2016, there were 154 sales of detached homes and 292 active listings in North Surrey. The benchmark sale price was $853,600, an increase of 45.0% compared to May 2015.

The condo market had 119 sales, 348 active listings at the end of the month.  The benchmark sale price was $216,800.

In comparison, townhome sales were 34, active listings were 53 and the benchmark sale price was $289,400.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_May2016_NSurrey

[Read more…]

Greater Victoria Real Estate Market Statistics – May 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in May 2016.

Greater Victoria

In May 2016, there were 597 sales of single family homes and 628 active listings in Greater Victoria. The benchmark sale price was $584,700 with an average days on market of 29. The hottest market for sales was Saanich East with 125 sales. There were also 42 sales and 192 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 379 sales, 459 active listings at the end of the month.  The benchmark sale price was $332,900 with an average days on market of 32. The hottest market for sales was Victoria, 142 sales.

Townhome sales were 126, active listings were 132 and the benchmark sale price was $457,000. The average days on market were 39, and the hottest markets were Victoria and Langford with 28 sales each.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_May2016_Victoria

[Read more…]

Okanagan Real Estate Market Statistics – April 2016

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in April 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In April 2016, there were 133 sales of detached homes and 666 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $456,129 with an average days on market of 107.

The Condo market had 24 sales and 224 active listings at the end of the month.  The average sale price was $212,250 with an average days on market of 105.

Townhome sales were 30, active listings were 115. The average sale price was $252,505, and the average days on market were 54.

MarketHotSheet_April2016_SouthOkanagan

[Read more…]

Greater Vancouver Real Estate Market Statistics – April 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in April 2016.

Vancouver

In the Vancouver Westside, there were 231 sales of detached homes and 590 active listings at the end of April. The benchmark sale price was $3,199,600, with an average days on market of 29. The hottest market for sales was Dunbar with 42 sales.

In comparison, the condo market had 559 sales, 763 active listings and a benchmark sale price of $656,900 with 23 average days on market. The hottest market for sales was Downtown VW, 129 sales.

Townhome sales were 75, active listings were 84. The benchmark sale price was $966,400 with an average days on market of 18. Kitsilano, 19 sales, was the hottest market for sales in April.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_April2016_VanWest

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – April 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in April 2016.

Squamish

In April 2016, there were 47 sales of detached homes and 74 active listings in Squamish. The benchmark sale price was $687,100 with an average days on market of 25.

The Condo market had 36 sales and 41 active listings at the end of the month.  The benchmark sale price was $323,800 with an average days on market of 26.

Townhome sales were 14, active listings were 20. The benchmark sale price was $574,000, and the average days on market were 16.

MarketHotSheet_April2016_Squamish

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – April 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, Langley, and Fraser Valley listings and sales in April 2016.

North Surrey

In April 2016, there were 144 sales of detached homes and 263 active listings in North Surrey. The benchmark sale price was $776,900, an increase of 34.1% compared to April 2015.

The condo market had 94 sales, 382 active listings at the end of the month.  The benchmark sale price was $214,500.

In comparison, townhome sales were 46, active listings were 45 and the benchmark sale price was $281,800.

Listings are down. Sales are up. It’s a seller’s market.

 

MarketHotSheet_April2016_NSurrey
[Read more…]

Greater Victoria Real Estate Market Statistics – April 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in April 2016.

Greater Victoria

In April 2016, there were 653 sales of single family homes and 693 active listings in Greater Victoria. The benchmark sale price was $568,100 with an average days on market of 33. The hottest market for sales was Saanich East with 142 sales followed by Langford with 114 sales. There were also 30 sales and 198 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 293 sales, 553 active listings at the end of the month.  The benchmark sale price was $326,800 with an average days on market of 41. The hottest market for sales was Victoria, 117 sales.

Townhome sales were 122, active listings were 145 and the benchmark sale price was $442,200. The average days on market were 44, and the hottest markets were Victoria and Langford with 18 sales each.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_April2016_Victoria

[Read more…]

Okanagan Real Estate Market Statistics – March 2016

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in March 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In March 2016, there were 107 sales of detached homes and 637 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $394,113 with an average days on market of 89.

The Condo market had 38 sales and 214 active listings at the end of the month.  The average sale price was $223,574 with an average days on market of 86.

Townhome sales were 25, active listings were 99. The average sale price was $276,880, and the average days on market were 85.

MarketHotSheet_March2016_SouthOkanagan

[Read more…]

Greater Vancouver Real Estate Market Statistics – March 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Vancouver listings and sales in March 2016.

Vancouver

In the Vancouver Westside, there were 221 sales of detached homes and 571 active listings at the end of March. The benchmark sale price was $3,072,000, with an average days on market of 25. The hottest market for sales was Dunbar with 36 sales.

In comparison, the condo market had 683 sales, 722 active listings and a benchmark sale price of $635,300 with 22 average days on market. The hottest market for sales was Downtown VW, 168 sales.

Townhome sales were 77, active listings were 88. The benchmark sale price was $939,000 with an average days on market of 19. Kitsilano, 14 sales, was the hottest market for sales in March.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_March2016_VanWest

[Read more…]

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – March 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler and Sunshine Coast listings and sales in March 2016.

Squamish

In March 2016, there were 34 sales of detached homes and 64 active listings in Squamish. The benchmark sale price was $658,600 with an average days on market of 36.

The Condo market had 26 sales and 55 active listings at the end of the month.  The benchmark sale price was $310,500 with an average days on market of 23.

Townhome sales were 19, active listings were 21. The benchmark sale price was $550,900, and the average days on market were 24.

MarketHotSheet_March2016_Squamish

[Read more…]

Greater Victoria Real Estate Market Statistics – March 2016

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria and Vancouver Island listings and sales in March 2016.

Greater Victoria

In March 2016, there were 537 sales of single family homes and 766 active listings in Greater Victoria. The benchmark sale price was $552,800 with an average days on market of 30. The hottest market for sales was Saanich East with 134 sales followed by Langford with 81 sales. There were also 25 sales and 181 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 276 sales, 479 active listings at the end of the month.  The benchmark sale price was $322,600 with an average days on market of 52. The hottest market for sales was Victoria, 110 sales.

Townhome sales were 132, active listings were 160 and the benchmark sale price was $432,400. The average days on market were 40, and the hottest markets was Victoria with 24 sales.

Listings are down. Sales are up. It’s a seller’s market.

 

MarketHotSheet_March2016_Victoria

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – March 2016

Macdonald Realty’s offices from Surrey, White Rock/South Surrey, and Langley present these real estate reports of the residential markets for the Fraser Valley areas last month. For a full breakdown on inventory and sales for both detached homes and condos, as well as the type of market, please click the link below.

North Surrey

In March 2016, there were 153 sales of detached homes and 227 active listings in North Surrey. The benchmark sale price was $735,100, an increase of 29.0% compared to March 2015.

The condo market had 118 sales, 373 active listings at the end of the month.  The benchmark sale price was $211,700.

In comparison, townhome sales were 39, active listings were 57 and the benchmark sale price was $279,100.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_March2016_NSurrey

[Read more…]

Greater Vancouver Real Estate Market Statistics – February 2016

Here are the latest real estate market statistics from Macdonald Realty on Vancouver, North Shore, Tri-Cities and other Greater Vancouver listings and sales in February 2016.

 

Vancouver

In the Vancouver Westside, there were 226 sales of detached homes and 591 active listings at the end of February. The benchmark sale price was $3,003,800, with an average days on market of 20. The hottest market for sales was Dunbar with 40 sales.

In comparison, the condo market had 551 sales, 802 active listings and a benchmark sale price of $624,800 with 24 average days on market. The hottest market for sales was Downtown VW, 152 sales.

Townhome sales were 56, active listings were 86. The benchmark sale price was $907,200 with an average days on market of 31. Kitsilano, 10 sales, was the hottest market for sales in February.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_VanWest
The Vancouver Eastside had 168 sales and 349 active listings for detached homes at the end of the month. The benchmark sales price was $1,265,800, and the average days on market were 19. The hottest sales market was Grandview VE with 22 sales.

The condo market featured 140 sales240 active listing, and a benchmark sales price was $385,300. The average days on market were 24 days, and the hottest market for sales was Mount Pleasant VE with 40 sales.

The townhome market, on the other hand, had 25 sales and 30 active listings. The benchmark sale price was $683,600 with 22 average days on market. Champlain Heights and Mount Pleasant had the most sales in February at 5 each.

MarketHotSheet_Feb2016_VanEast

 

North Shore

In February, the North Vancouver market had 159 sales and 210 active listings for detached homes. The benchmark sale price was $1,382,000 with an average days on market of 16. Upper Lonsdale, 24 sales, had the most sales activity.

There were 129 sales and 173 active listings for condos. The benchmark sale price was $399,000 with 25 average days on market. The neighbourhood of Lower Lonsdale with 43 sales was the hottest sales market.

Townhome sales were 42active listings were 46, the benchmark sale price was $728,200, and the average days on market were 22. Hamilton with 5 sales had the most sales activity.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_NorthVan
The West Vancouver market had 141 sales and 388 active listings for detached homes. The benchmark sale price was $2,710,500 with 29 average days on market. Ambleside with 26 sales was the neighbourhoods with the most sales activity.

Condo sales were 17 and active listings were 85 at the end of the month. The benchmark sales price was $761,600 with an average days on market of 38. Same as detached homes, Ambleside had the most sales in February at 11.

In comparison, townhome market had 3 sales and 6 active listings; the average days on market were 29.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_WestVan

 

Tri Cities

In the Coquitlam market, there were 177 sales and 232 active listings for detached homes at the end of February. The benchmark sale price was $1,006,900, and the average days on market were 25. Burke Mountain and Central Coquitlam, with 35 sales each, experienced the most sales activity.

The condo market had 136 sales and 170 active listings. The benchmark sale price was $312,700 with 31 average days on market. The hottest market for sales was North Coquitlam, 60 sales.

Townhome featured 52 sales and 45 active listings. The benchmark sales price was $471,500 with an average days on market of 16. Burke Mountain, 21 sales, was the neighbourhood with the most sales activity.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_Coquitlam
The Port Coquitlam had 80 sales and 61 active listings for detached homes. The benchmark sale price was $776,800 with an average days on market of 12. Glenwood PQ with 20 sales experienced the most sales activity of the month.

Condo featured 76 sales96 active listings, a $263,500 benchmark sales price, and 23 average days on market. Central Pt Coquitlam had the most sales activity at 67.

In comparison, townhome had 30 sales and 36 active listings. The benchmark sales price was $462,500 with an average days on market of 15. Riverwood was the hottest market with 12 sales.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_PortCoquitlam
There were 31 sales and 64 active listings for detached homes in the Port Moody market. The benchmark sale price was $1,164,800, and the average days on market were 29. Heritage Mountain had the most sales activity of 7.

The condo market featured 34 sales49 active listings$413,000 benchmark sale price, and 21 average days on market. Port Moody Centre, 23 sales, had most sales activity.

In comparison, townhome sales were 15active listings were 12 and the benchmark sale price was $526,100. The average days on market were 12, and Heritage Woods PM with 4 sales was the hottest market for sales.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_PortMoody
The followings are the summaries of the surrounding areas:

Burnaby East

MarketHotSheet_Feb2016_BurnabyEast

 

Burnaby North

MarketHotSheet_Feb2016_BurnabyNorth

 

Burnaby South

MarketHotSheet_Feb2016_BurnabySouth

 

New Westminster

MarketHotSheet_Feb2016_NewWest

 

Richmond

MarketHotSheet_Feb2016_Richmond

 

Maple Ridge

MarketHotSheet_Feb2016_MapleRidge

 

Ladner

MarketHotSheet_Feb2016_Ladner

 

Tsawwassen

MarketHotSheet_Feb2016_Tsawwassen

 

Pitt Meadows

MarketHotSheet_Feb2016_PittMeadows

 

Bowen Island

MarketHotSheet_Feb2016_BowenIsland

 

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver? 

Macdonald Realty has offices across the Greater Vancouver. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

—–

MLS® Home Price Index (HPI) Benchmark Price 
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
Categories:

Okanagan Real Estate Market Statistics – February 2016

Here are the latest real estate market statistics from Macdonald Realty on Kelowna and Okanagan listings and sales in February 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In February 2016, there were 68 sales of detached homes and 620 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $414,961 with an average days on market of 98.
The Condo market had 19 sales and 221 active listings at the end of the month. The average sale price was $216,000 with an average days on market of 81.
Townhome sales were 17, active listings were 91. The average sale price was $277,775, and the average days on market were 87.

MarketHotSheet_Feb2016_SouthOkanagan

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area, the average sale price was$391,584 with an average days on market of 110 days for detached homes. At the end of February, there were 70 sales and 438 active listings.

There were 14 sales and 119 active listings for condos. The average sale price was $163,825, and the average days on market were 115.

In comparison, townhome featured 19 sales, 129 active listings and a $302,053 average sale price with 93 average days on market.

MarketHotSheet_Feb2016_NorthOkanagan

Central Okanagan: Kelowna and Lake Country

There were 194 sales797 active listings, and a $552,761 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The average days on market were 66.

The condo market featured 87 sales and 418 active listings at the end of the month. The average sale price was $309,694 with 67 average days on market.

Townhome sales were 81active listings were 268, average sale price was $366,154, and the average days on market were 85.

MarketHotSheet_Feb2016_CentralOkanagan

 

 

Looking for more information about the real estate market in specific neighbourhoods in Okanagan?

Macdonald Realty has offices in Kelowna and Osoyoos. Please email macrealty@macrealty.comor call 1-877-278-3888 to be matched with a REALTOR® working in your area.

—–

This blog post is based on market data provided by the South Okanagan Real Estate Board (SOREB) www.soreb.organd Okanagan Mainline Real Estate Board (OMREB) www.omreb.com.

Squamish and Whistler Real Estate Market Statistics – February 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler and Sunshine Coast listings and sales in February 2016.

Squamish

In February 2016, there were 27 sales of detached homes and 59 active listings in Squamish. The benchmark sale price was $642,800 with an average days on market of 56.

The Condo market had 17 sales and 43 active listings at the end of the month. The benchmark sale price was $296,600 with an average days on market of 28.

Townhome sales were 16, active listings were 16. The benchmark sale price was $508,200, and the average days on market were 23.

MarketHotSheet_Feb2016_Squamish

 

Whistler

In the Whistler market, the benchmark sale price was $1,098,000 with an average days on market of 178 days for detached homes. At the end of February, there were 18 sales and 87 active listings.

In comparison, the condo market had 52 sales and 124 active listings. The benchmark sale price was $299,500, and the average days on market were 104.

Townhome featured 18 sales, 54 active listings and a $632,800 benchmark sale price with 126 average days on market.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_Whistler

 

 

Sunshine Coast

There were 83 sales316 active listings, and a $398,100 benchmark sale price for detached homes in the Sunshine Coast market. The average days on market were 120.

The condo market featured 8 sales63 active listings and 192 average days on market.

In comparison, townhome sales were 8active listings were 29 and the average days on market were 122.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_SunshineCoast
Looking for more information about the real estate market in specific neighbourhoods in Squamish, Whistler, and Sunshine Coast?

Macdonald Realty has offices in Squamish and Whistler. Please email macrealty@macrealty.comor call 1-877-278-3888 to be matched with a REALTOR® working in your area.

—–

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

Surrey, Langley and Fraser Valley Real Estate Market Statistics – February 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, Langley and Fraser Valley listings and sales in February 2016.

North Surrey

In February 2016, there were 107 sales of detached homes and 168 active listings in North Surrey. The benchmark sale price was $711,400, an increase of 26.9% compared to February 2015.

The condo market had 73 sales, 349 active listings at the end of the month. The benchmark sale price was $204,700.

In comparison, townhome sales were 36, active listings were 62 and the benchmark sale price was $267,400.

Listings are down. Sales are up. It’s a seller’s market.

MarketHotSheet_Feb2016_NSurrey

[Read more…]

Greater Victoria Real Estate Market Statistics – February 2016

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Island and Greater Victoria listings and sales in February 2016.

Greater Victoria

In February 2016, there were 378 sales of single family homes and 659 active listings in Greater Victoria. The benchmark sale price was $537,200 with an average days on market of 39. The hottest market for sales was Saanich East with 86 sales followed by Langford with 59 sales. There were also 21 sales and 177 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 207 sales, 504 active listings at the end of the month. The benchmark sale price was $312,200 with an average days on market of 55. The hottest market for sales was Victoria, 89 sales.

Townhome sales were 66, active listings were 182 and the benchmark sale price was $428,300. The average days on market were 60, and the hottest markets were View Royal and Central Saanich, 9 sales each.

Listings are down. Sales are up. It’s a seller’s market.

Feb2016_Victoria

 

The following is the summary of Vancouver Island market:

Feb2016_VanIsland

 

Looking for more information about the real estate market in specific neighbourhoods in Victoria, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown VictoriaSidneyParksville and on Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

—–

MLS® Home Price Index (HPI) Benchmark Price 
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

Greater Vancouver Real Estate Market Statistics – January 2016

Here are the latest real estate market statistics from Macdonald Realty on Vancouver, North Shore, Tri-Cities and other Greater Vancouver listings and sales in January 2016.

Vancouver

In the Vancouver Westside, there were 135 sales of detached homes and 502 active listings at the end of January. The benchmark sale price was $2,928,800, with an average days on market of 42. The hottest market for sales was Shaughnessy with 16 sales.

In comparison, the condo market had 307 sales, 768 active listings and a benchmark sale price of $599,200 with 32 average days on market. The hottest market for sales was Downtown VW, 75 sales.

Townhome sales were 31, active listings were 80. The benchmark sale price was $892,600 with an average days on market of 48. University VW, 5 sales, was the hottest market for sales in January.

Listings are down. Sales are up. It’s a seller’s market.

 

Jan2016_VanWest

 

The Vancouver Eastside had 98 sales and 314 active listings for detached homes at the end of the month. The benchmark sales price was $1,234,100, and the average days on market were 35. The hottest sales market was Killarney VE with 15 sales.
The condo market featured 88 sales, 209 active listing, and a benchmark sales price was $373,800. The average days on market were 43 days, and the hottest market for sales was Mount Pleasant VE with 21 sales.
The townhome market, on the other hand, had 10 sales and 36 active listings. The benchmark sale price was $661,200 with 36 average days on market. Champlain Heights had the most sales in January at 4.
Jan2016_VanEast

[Read more…]

Squamish, Whistler, and Sunshine Coast Real Estate Market Statistics – January 2016

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler and Sunshine Coast listings and sales in January 2016.

Squamish

In January 2016, there were 17 sales of detached homes and 54 active listings in Squamish. The benchmark sale price was $651,400 with an average days on market of 48.
The Condo market had 7 sales and 32 active listings at the end of the month. The benchmark sale price was $312,600 with an average days on market of 37.
Townhome sales were 4, active listings were 17. The benchmark sale price was $482,900, and the average days on market were 9.

Jan2016_Squamish

[Read more…]

Okanagan Real Estate Market Statistics – January 2016

Here are the latest real estate market statistics from Macdonald Realty on Kelowna and Okanagan listings and sales in January 2016.

South Okanagan: Osoyoos, Oliver, and Penticton

In January 2016, there were 48 sales of detached homes and 579 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $433,040 with an average days on market of 105.
The Condo market had 21 sales and 214 active listings at the end of the month. The average sale price was $238,821 with an average days on market of 114.
Townhome sales were 10, active listings were 78. The average sale price was $278,305, and the average days on market were 87.
[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – January 2016

Here are the latest real estate market statistics from Macdonald Realty on Surrey, Langley and Fraser Valley listings and sales in January 2016.

White Rock/South Surrey

There were 140 sales, 299 active listings, and a $1,122,100 benchmark sale price for detached homes in the White Rock/South Surrey market.

The condo market featured 39 sales, 240 active listings and a benchmark sale price of $277,200 at the end of the month.

In comparison, townhome sales were 55, active listings were 131 and the benchmark sale price was $467,400.

Listings are down. Sales are up. It’s a seller’s market.

Jan2016_WhiteRockSouthSurrey

[Read more…]

Victoria Real Estate Market Statistics – January 2016

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Island and Greater Victoria listings and sales in January 2016.

Greater Victoria

In January 2015, there were 225 sales of single family homes and 607 active listings in Greater Victoria. The benchmark sale price was $524,000 with an average days on market of 53. The hottest market for sales was Saanich East with 49 sales followed by Langford with 35 sales. There were also 13 sales and 150 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 151 sales, 511 active listings at the end of the month. The benchmark sale price was $302,900 with an average days on market of 70. The hottest market for sales was Victoria, 56 sales.

Townhome sales were 58, active listings were 172 and the benchmark sale price was $425,100. The average days on market were 68, and the hottest market was Saanich East with 9 sales.

Listings are down. Sales are up. It’s a seller’s market.

Jan2016_Victoria

[Read more…]

Okanagan Real Estate Market Statistics – December 2015

Here are the latest real estate market statistics from Macdonald Realty on Kelowna and Okanagan listings and sales in December 2015.

South Okanagan: Osoyoos, Oliver, and Penticton

In December 2015, there were 64 sales of detached homes and 574 active listings in South Okanagan Area, including Osoyoos, Oliver, and Penticton. The average sale price was $422, 547 with an average days on market of 110.

The Condo market had 17 sales and 213 active listings at the end of the month. The average sale price was $211,324 with an average days on market of 95.

Townhome sales were 16, active listings were 79. The average sale price was $205,253, and the average days on market were 81.

Dec2015_OkanaganSouth

[Read more…]

Greater Vancouver Real Estate Market Statistics – December 2015

Here are the latest real estate market statistics from Macdonald Realty on Vancouver, North Shore, Tri-Cities and other Greater Vancouver listings and sales in December 2015.

Vancouver

In the Vancouver Westside, there were 135 sales of detached homes and 376 active listings at the end of December. The benchmark sale price was $2,885,000, with an average days on market of 42. The hottest market for sales was Dunbar with 24 sales.

In comparison, the condo market had 336 sales, 593 active listings and a benchmark sale price of $590,400 with 41 average days on market. The hottest market for sales was Downtown VW, 72 sales.

Townhome sales were 39, active listings were 79. The benchmark sale price was $897,400 with an average days on market of 35. Kitsilano, 10 sales, was the hottest market for sales in December.

Listings are down. Sales are up. It’s a seller’s market.

Dec2015_VanWest

The Vancouver Eastside had 122 sales and 229 active listings for detached homes at the end of the month. The benchmark sales price was $1,222,900, and the average days on market were 28. The hottest sales market was South Vancouver with 18 sales.

The condo market featured 108 sales, 171 active listing, and a benchmark sales price was $364,500. The average days on market were 36 days, and the hottest market for sales was Mount Pleasant with 30 sales.

The townhome market, on the other hand, had 19 sales and 25 active listings. The benchmark sale price was $651,200 with 39 average days on market. Champlain Heights had the most sales in December at 7.

Listings are down. Sales are up. It’s a seller’s market.

Dec2015_VanEast

[Read more…]

Squamish and Whistler Real Estate Market Statistics – December 2015

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler and Sunshine Coast listings and sales in December 2015.

Whistler

In the Whistler market, the benchmark sale price was $1,069,900 with an average days on market of 135 days for detached homes. At the end of December, there were 13 sales and 88 active listings.

In comparison, the condo market had 38 sales and 134 active listings. The benchmark sale price was $285,500, and the average days on market were 126.

Townhome featured 23 sales, 53 active listings and a $530,600 benchmark sale price with 83 average days on market.

Listings are down. Sales are up. It’s a seller’s market.

Dec2015_Whistler

 

[Read more…]

Surrey, Langley and Fraser Valley Real Estate Market Statistics – December 2015

Here are the latest real estate market statistics from Macdonald Realty on Surrey, Langley and Fraser Valley listings and sales in December 2015.

North Surrey

In December 2015, there were 99 sales of detached homes and 116 active listings in North Surrey. The benchmark sale price was $670,000, an increase of 19.0% compared to December 2014.

The condo market had 63 sales, 287 active listings at the end of the month.  The benchmark sale price was $200,000.

In comparison, townhome sales were 19, active listings were 51 and the benchmark sale price was $263,200.

Listings are down. Sales are up. It’s a seller’s market.

Dec2015_NorthSurrey

[Read more…]

Victoria Real Estate Market Statistics – December 2015

Here are the latest real estate market statistics from Macdonald Realty on Vancouver Island and Greater Victoria listings and sales in December 2015.

Greater Victoria

In December 2015, there were 209 sales of detached homes and 578 active listings in Greater Victoria. The benchmark sale price was $521,100 with an average days on market of 58. The hottest market for sales was Langford with 46 sales. There were also 19 sales and 161 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 114 sales, 499 active listings at the end of the month. The benchmark sale price was $305,000 with an average days on market of 64. The hottest market for sales was Victoria, 49 sales.

Townhome sales were 46, 189 active listings and the benchmark sale price was $419,100. The average days on market were 85, and the hottest market was Victoria with 8 sales.

Listings are down. Sales are up. It’s a seller’s market.

[Read more…]

Whistler Market Update – Fall 2015

Strong and steady remains the description of the real estate market. Overall, we are consistent with sales volumes that were achieved in 2014.

Chalet sales (year to date) median price is $1.4M. Last year for the same time  period it was $1.250M. The Whistler Market median price of single family homes has increased 12%. Sales of chalets is up 9%. Whistler sold 123 (YTD) single family homes this year and 112 last year during the same time frame.

Our market is on track for another big year. Understand the stats so you don’t miss out! As a result of two strong years in real estate; prices are trending upwards and buyers are being forced to focus on higher priced properties.  The strongest pressure has been on our chalet or town home market.  A Buyer can easily find themselves in a multiple offer situation.

The townhome market faces the largest pressure and sales are up along with prices due to the rising costs of chalets and Buyers seeking to find an affordable alternative.

Vacant land is on demand due to the lack of choices and Buyers wanting to build their “dream in Whistler” as oppose to taking on a large scale renovation of an Old Timer’s A frame.

The condominium dollar volume showed a gain but a decline in the # of transactions demonstrating this market being the slowest to rebound. Also, maybe an indicator of some potential assessments in many of the buildings.

As a Buyer; be able to move quickly.  Expect potential multiple offer situations and expect to jump in or anticipate watching prices climb. Anticipate fewer choices as the snow starts to fly.

For Sellers, October is a historically a strong sales month as many Buyers have been educating themselves and are now ready to purchase.

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Blog post provided by Shauna O’Callaghan, a REALTOR® with Macdonald Realty in Whistler.  Visit her website shaunaocallaghan.com  for more information.  Oct 8, 2015.

 

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Vancouverism: How Vancouver Invented Itself | UrbanLand by Patrick Kiger

“Vancouverism” is now synonymous with tower-podium architecture, green space, and breathtaking views. But the much-admired Canadian city’s real secret of success may be its value-based development process.

It’s a measure of the universal appeal of Vancouver that more than 7,200 miles (11,600 km) away, on the other side of the planet, one of the city’s designer-developers was hired to create a fastidious replica of it. The United Arab Emirates’ Dubai Marina, developed by Vancouverite Stanley Kwok and erected in what once was an empty stretch of the Great Arabian Desert, seems to lack only picturesque mountains, a harbor, and coastal British Columbia’s temperate climate. “It’s almost a perfect clone of downtown Vancouver,” urban designer and architectural historian-critic Trevor Boddy has written. “Right down to the handrails on the seawall, the skinny condo towers on townhouse bases, all around a 100 percent artificial, full-scale version of False Creek filled with seawater from the Persian Gulf.”

The Emirates’ commissioning of an ersatz Vancouver may be the biggest homage paid to the city, but others have sung its praises as well. “Modernist, sustainable, and performative—is this the model for the future city?” the Guardian, a British newspaper, once asked. The Seattle Times once called it “a glittery, mini-Manhattan, but cleaner and far more livable.”

In terms of both aesthetics and livability, Vancouver is one of the world’s most widely admired cities—a place where the skyline has been painstakingly designed to preserve striking views of the mountains and harbor, where high-density residential neighborhoods are mixed with green space to create a walking-scale environment in which cars are an afterthought.

But while planners and developers elsewhere seek to copy the salient features of what has come to be known as “Vancouverism,” those involved in the shaping of modern Vancouver caution that there is more to it than just view corridors, slim towers juxtaposed with mid-rise development and bike paths, or the breathtaking natural environment. Instead, they say, the real secret of Vancouver’s success has been its deliberative, values-driven evolutionary process, in which local government planners, developers, and the citizenry have labored over the past few decades to form a consensus vision of what their city should be like—and then come up with creative solutions for achieving it.

“The urban form we’ve developed here is resilient,” says Gordon Price, director of the city program at Simon Fraser University, and a city councillor from 1986 to 2002. “It keeps reinventing itself. What stays the same are the values.”

Defying the Car Culture

If there’s one thing that Vancouver is known for, it’s the view of the mountains and the water. Or rather, the multitude of views, which are protected by regulations compelling architects and builders to work around 27 different view corridors that pass through the city. The necessity of protecting those spaces has resulted in a multitude of carefully spaced towers that tend to have smaller floor plates than those in most North American cities. “Vancouver handles its tall buildings better than most cities,” Australian travel writer Kari Gislason wrote in 2012, adding that “the effect on the eye is that the city always seems to be making its way to the water.”

In addition to the public view corridors, Vancouver goes to lengths to protect private views. Proposed apartment towers, for example, must undergo a complex computer analysis to ensure that they don’t affect the vantage point of residents in nearby buildings. Otherwise, “you could have spent $600,000 on an apartment, only to have someone build a building across from it and block your view and cause you to lose half of your value,” explains Larry Beasley, who was codirector of planning for Vancouver during the 1990s and early 2000s. “The city isn’t going to let that happen.”

Vancouver is so committed to protecting its visual beauty that in 2010, city council not only voted to preserve existing corridors, but also added two more.
“We’ve created a visually interesting city,” Beasley adds. “You’ve got the views of the mountains and the water, but you also can see into the city as well. There are some fascinating views in that direction.”

Vancouver’s view corridors are just one of the strictures in what is arguably the most heavily regulated development space in North America. But while there have been periodic complaints that the process has slowed Vancouver’s growth, it doesn’t necessarily stifle creativity. Case in point: architect Arno Matis’s Vertical Forest building, recently approved for construction at the intersection of Main Street and Kings­way in the city’s Mount Pleasant area. The building’s design incorporates six different geometric forms, which not only conform to view corridor regulations but also provide angles that will allow for production of passive solar heating and cooling. The architect and developer, Amir Virani, had to go through an 18-month process that included not only scrutiny by city planners but also meetings with neighborhood residents—who reportedly urged Matis to create an edgier, more innovative design. “One of their key concerns was that we avoid another ‘cookie-cutter tower,’ ” Matis recently told the Globe and Mail, a Canadian newspaper.

The view corridors “are really only one small detail that illustrates the value system we have,” explains Brent Toderian, Vancouver’s chief planner from 2006 to 2012. “We think constantly about our access to nature, how we connect to the mountains and the water. Vancouver used to be described as a setting in search of a city, but over several generations, we’ve been striving to develop a city that’s worthy of the setting.”

As a relatively isolated city that developed later than most other major urban areas on the continent, Vancouver had a chance to learn from everyone else’s mistakes, Lance Berelowitz writes in his 2009 book, Dream City: Vancouver and the Global Imagination. “It was largely bypassed by the worst of North American urban renewal—freeways, elevated and underground pedestrian systems, huge shopping malls, big-box retail, oversized curvilinear dead-end streets in place of the traditional street grid,” he says.

One salient feature of Vancouver, for example, is that—unlike many other major cities—it is not surrounded and bisected by freeways. The city escaped that fate in the late 1960s and early 1970s, when municipal officials of the time—who, like their counterparts elsewhere, feared urban stagnation and decay—proposed a massive urban renewal project that would have obliterated historic neighborhoods such as Chinatown and Gastown to build elevated throughways.

“The citizens rose up and said, ‘No way,’ ” recalls Beasley, who was a college student at the time. “The politicians who were behind it were turned out of office.”

That rebellion—driven by a youthful, idealistic Vancouver counterculture that would later spawn the environmental organization Greenpeace—created a new mandate. Vancouver, founded in the late 1880s as a port and railroad center for the region’s timber and mineral wealth, was still a Victorian-style urban village, and residents wanted it to re­­main that way, instead of morphing hastily into a typically car-centric modern metropolis.

The rebels got their way: Four decades later, Vancouver is “still this old streetcar city,” explains former city councillor Price. “It still works in the pattern that was laid out in that era. People get around by walking and cycling and taking public transit—enough so that the car doesn’t dominate the way it does in Calgary or Phoenix.”

By the same token, though, Price says it’s a mistake to assume that Vancouver has waged “a war on the car,” as some critics have charged. “There’s a place for cars, but they have to be part of the mix. But people have gotten used to not having them.” He cites the example of one condo complex, where the developer provided two parking spaces per unit—only to discover, after the building was occupied, that a quarter of the spaces went unused.

While municipal officials had to honor residents’ desire to maintain the urban-village lifestyle, the consensus also enabled them to design a city that worked to achieve those goals. In the 1970s, then–planning chief Ray Spaxman favored the sort of urban development he had seen in his native England, and developers packed the city’s West End with apartment buildings. Vancouverites were willing to accept mixed-use neighborhoods with population densities that might have been resisted elsewhere—in part, because the city also offered amenities such as 1,000-acre (405 ha) Stanley Park, which University of British Columbia urban designer and historian Boddy describes as “the largest downtown garden and natural reserve on the continent.”

Much of Vancouver’s downtown development is in a tower-podium style, with a few floors that fill up most of the block, followed by a much narrower tower—an effect that Atlantic Cities writer Nate Berg likened to “a tall candle on a big, flat cake.” It’s often assumed that the style was borrowed from Hong Kong or other similarly high-density Asian cities, but Beasley says that it’s a homegrown style that Vancouver architects began experimenting with as far back as the mid-1950s. It’s an approach, he says, that actually reflects the influence of European urban landscapes, because it creates more street-level activity and gives pedestrians a more interesting milieu. “In Vancouver, we didn’t want pigs in space—towers in a vacant plaza,” Beasley notes. “You had to have hous­­ing and shops.”

Seizing Opportunities

Another key point in Vancouver’s development came during the late 1980s, after the city hosted Expo ’86, a world’s fair that commemorated the city’s centennial.

As Dutch urban historian John Punter, author of The Vancouver Achievement, has written, the fair gave the city a chance to pump up the local economy with public works projects during a recession, and left the city with some important assets, including SkyTrain, the rapid transit line. Afterward, the Expo site itself—former railroad land on the north shore of False Creek—provided an opportunity to develop a new urban neighborhood, for anyone bold enough to deal with the provincial government’s requirement that they take over the entire parcel. While other prospects balked, designer-developer Kwok, backed by an investor with deep pockets, Hong Kong billionaire Li Ka-Shing, took the deal and then developed a plan that made it through the arduous regulatory gantlet. One of Kwok’s masterstrokes was to cluster dense development around green parks, rather than along the waterfront. The park created a shared amenity, while connecting the buildings to one another.

The new development eventually became home to 30,000 city residents. As Boddy has written, the buildings came onto the market at about the same time that a surge of well-educated, affluent Hong Kong residents was emigrating ahead of incipient mainland rule, and the development became a huge success.

“False Creek North provided a testing ground for a model of densification with amenity concessions to provide the recreation spaces as well as housing,” design critic Brendan Hurley noted in a 2012 article for Spacing Vancouver, a website devoted to the city’s land use. “The development is now the standard by which we look at the impacts of high-density living and developer contributions.”

“Stanley Kwok promoted the idea that you would work with government,” Beasley says. “We came to call it the cooperative planning model.”

The opposition to freeways and devel­opment of the Expo site created two game-changing opportunities in Vancouver’s evo­­lution. The city hoped for a third when it won a bid to host the 2010 Winter Olympics. The games’ Olympic Village, built to house athletes and Olympic officials on Southeast Falls Creek, provided an opportunity to erect a complex that used energy efficiency and sustainability systems such as solar heating and green roofs, with the aim of converting the complex to residential and commercial uses afterward. While the development weathered some financial difficulties, a November 2013 report to the city by accounting firm Ernst & Young reported that 91 percent of its for-sale units had been purchased, and 100 percent of its rental properties had been leased.

Is the Vision Sustainable?

As Vancouver heads further into the 21st century, some question whether the city will be able to sustain the vision that has set it apart from so many others. In a digital technology–driven culture in which people increasingly focus on their devices rather than on their neighbors, it is unclear whether Vancouver residents will continue to accept regulations and limits intended to benefit the common good. Government efforts to build inner-city bike paths and bring some outlying lower-density neighborhoods in line with the city’s high-density model have met with uncharacteristic resistance and protests, according to former planner Beasley. “Over time, I think the dedication of the public to engagement has waned a bit,” he says.

One issue that may provide a test of public commitment to Vancouver’s vision is its plan for future redevelopment of the West End. The recent blueprint published on the city’s website would increase residential density, with the aim of creating more affordable housing in an area that accommodates mostly young renters with families. It also would further encourage residents to walk rather than drive, by widening sidewalks and in some cases narrowing roadways.

Other dilemmas challenge Vancouver’s future as well. While municipal policy has long emphasized accommodating low-income residents, until recently there has not been a similar push to help the middle class, and affordable housing has emerged as a major problem. Toderian worries that as pressure for a quick fix increases, the city may compromise some of the long-held values that have shaped Vancouver’s identity. “If you build too much affordable housing and the buildings get too big, and you don’t use the tools you have to build new public spaces and maintain our heritage, you lose our balanced approach,” he says. “Then Vancouver starts to become something different.”

But Vancouver also has much in its favor. “With climate change on the horizon, Vancouver will benefit,” explains Price. “Rich investors will be looking for safe places to put their money, and this location is a good bet. People keep thinking that there’s a real estate bubble in Vancouver, but somehow, the bubble doesn’t burst.”

That’s why Price, Toderian, and others remain believers in the city. “Regardless of the bumps in the road, Vancouver will continue to be an urban innovator,” Toderian predicts. “It’s in our DNA.”
This article was originally posted on UrbanLand, Feb 14, 2014.  Written by Patrick Kiger, a Washington, D.C.–area journalist, blogger, and author.

 

For more information contact Macdonald Realty at 1-877-278-3888

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The Erikson, a twisting tower of luxury residences along False Creek, was designed by Vancouver native Arthur Erikson and was built by Concord Pacific in 2010. It is an example of the tower-podium style of design.

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The Marinaside, a waterfront complex of mixed-use towers. (Concord Pacific)

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A rendering of Vancouver’s sports and entertainment district, showing the planned False Creek Central development, announced in late 2013. Plans call for eight buildings with more than 1,300 condominiums, and 90,000 square feet (8,400 sq. m) of comme

Most Luxurious Block in Downtown Vancouver, Will it ever be out-done?

Most Luxury Block in Downtown Vancouver, Will it ever be out-done? (1169 W Cordova St / 1139 W Cordova St / 277 Thurlow St)

The eleven hundred block of West Cordova Street has been transformed from an old rail yard to what you see today, the most expensive block in Downtown Vancouver. This is with much thanks to ASPAC Developments. This block contains the most expensive buildings offered in Downtown Vancouver Luxury:

 

Recent quotes describing the lifestyle here have been (“Infinitely Privileged” / “Elite LifeStyles” / “Unrivalled Collection of Exclusive Privileges”).

Will this block ever be over taken for offering the most luxury addresses in Downtown Vancouver?

With the advantage of these three un-obstructable view lots being gracefully placed to the south of Harbour Green Park, this luxury will be extremely tough to beat. Each of the three addresses offers full Amenity packages with the highest end details. The most recent news-worthy detail regarding Three Harbour Green’s (277 Thurlow Street) Amenity Package is that it includes a brand new Ferrari California for the exclusive use of the Residents at this address.

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Blog post provided by Jay McInnes Personal Real Estate Corporation, a REALTOR® with Macdonald Realty in Downtown Vancouver.  Visit his website jaymcinnes.com  for more information. 

Do Numbers Ever Lie? | by Stewart Henderson, Managing Broker, Macdonald Realty Langley

Many years ago, during the Dark Ages, one of my earliest sales managers made a very interesting comment to me. He said, “Stew, you’ve got to remember that Liars can figure, but figures can also lie.” In other words, don’t necessarily believe everything you see or hear.

I was reminded of this when one of our Realtors showed me a recent report from Urban Futures entitled, “Averages & Anecdotes: Deciphering Trends in Real Estate Prices, Part 1″ a very thought-provoking report without the slap on the side of the head impact that my old sales manager used to have. Urban Futures looked at some comments in a press release from Gregory Klump, chief economist of the Canadian Real Estate Association in a press release that CREA had issued, which stated that the national average of real estate prices had risen 8.9% on a year over year basis at the end of March 2011. Mr. Klump stated that, “there had been a record number of multi-million dollar property sales in Richmond and Vancouver West which had pushed up average prices for Vancouver, British Columbia and nationally”. He further stated that, “if Vancouver is excluded from the equation, the national average price increase is cut by more than half to 4.3 per cent”.

WOW!! Look at that statement again.

What a tremendous effect that Vancouver house prices have on the rest of the country. One could be excused for thinking that the 8.9% average increase is a lie. But it’s not a lie, it’s the truth. It’s just so distorted by Vancouver that it’s not relevant to someone who doesn’t live in Vancouver.

With the assistance of Landcor Data Corporation, Landcor and Urban Futures was able to segment the sales price data for Vancouver into quintiles. There’s a word we all use everyday. Quintiling involves ranking all sales from lowest to highest and then creating five price groups, that each contain an equal number of sales. Thus, each price group would contain 20% of the total sales.

Considering the top quintile for detached homes, the average price in Vancouver of these top 20% of sales was $1,690,000, twice the average price in Vancouver of $810,398. The average sales price of the other four quintiles was $591,092, which, Urban Futures suggest, might be more representative of what most people would be purchasing. A similar analysis of the condo/apartment market revealed a similar situation.

So, in summary, Urban Futures findings were similar to CREA. CREA found that removing Vancouver data from the national data reduced the average price increase in housing prices by 52% (from 8.9% to 4.3%). By removing the most expensive quintile from the Lower Mainland data, Urban Futures found that the average price in Vancouver might actually be 27% lower ( $591,092 vs. $810,398) in the price range that most of us live in.

So, is someone lying to us? No, I don’t think so. But I think my old sales manager was trying to teach me the same thing that Urban Futures is trying to illustrate. Figures can lie – they can be very misleading- and we have to be careful how we use them.

For more information contact Stewart Henderson, Managing Broker, Macdonald Realty in Langley