No Comments

2019 Vancouver Real Estate Outlook

In a word, the outlook for the Greater Vancouver real estate market in the next year is ‘good’ according to industry sources. The British Columbia Real Estate Association (BCREA) points to continued economic growth as contributing to a boost of sales in 2019. The Real Estate Board of Greater Vancouver (REBGV) cites historic trading patterns that will see average prices of detached homes dropping 21-percent in 2019.

MLS Sales Down From 2017

Cameron Muir, Chief Economist for the BCREA, says that Multiple Listing Service sales are projected to record a dip of 23-percent compared to 2017. However, he is confident that the strong economy “combined with favourable demographics” will have a positive impact on home sales in 2019. So much so, that Muir expects the sales figures to exceed the 10-year average in the next 12-months.

Read more

No Comments

The Captivating Side of Vancouver’s Real Estate Market and Current Trends

Vancouver is the highest populated city in Canada. It’s classified as the top-five global cities with a good and affordable quality of life. It was ranked top 10 in the world’s most well-living towns and. This article reports the latest real estate statistics in Vancouver. It also provides an extensive analysis of all the real estate news and trends.

Vancouver’s real estate news economic trend has been forecast to grow to 2.5% in 2018. This shows an upward direction from recent years. From recent surveys in Canada, there’s a high investor demand and redevelopment opportunities expected to take place. However, most investors and regional developers expect an increase in interest rates, and it impacts on the policy changes. This will lead them to be more reserved or conservative in 2018. Due to this, the industrial veterans plan on preparing for a turnaround by:

  • Being more choosy and not in a rush in making their portfolios
  • Efficiency in operations
  • Holding off acquisitions by maintaining the present state of affairs

Read more

No Comments

5 Reasons Why Vancouver Real Estate Prices Are So Crazy

The city of Vancouver belongs to the Greater Vancouver Regional District. This dynamic city has the qualities of a port city and the charm of the Canadian mountains. It is impossible to talk only about the city of Vancouver, not to mention the surrounding districts such as West Vancouver, Richmond or Surrey to mention but a few.  Living in Vancouver means living in one of the most cosmopolitan and highest-quality cities in the world. All this raised it to the highest standards in real estate development worldwide and therefore housing prices are stratospheric. The reasons that real estate prices are so crazy:

Read more

No Comments

Vancouver Real Estate: Buy Now or Wait for Stability?

Vancouver, one of the largest Canadian states, is known for having the most unaffordable real estate conditions in Canada, and is currently being rated as the most unaffordable in the entire North American market! Fluctuations in Vancouver’s real estate market put it under continuous evaluation and analysis in attempts to provide the residents with educated suggestions on their investments in residential properties. The July/August 2018 residential properties market in Vancouver has been particularly remarkable with abnormal sales rates and price variations.

Summer 2018 Sales Rate in Vancouver

While the summer season is generally known to be a dormant period for the real estate market, this year’s summer sales in Vancouver are significantly lower than previous year’s rates. In fact, the reported values of 2,070 sold properties in July 2018 is the lowest that the market has seen since July 2000. The estimated overall property sales rate in July 2018 has been reported to be 14.6% less than the previous month (June 2018) and around 30.1% less than that of July 2017.

Read more

No Comments

Metro Vancouver Home Sale Supply Reaches Three-Year High

The supply of homes for sale in Metro Vancouver is rising but residential home sales in the region fell by 37.7 per cent in June. According to a report recently released by the Real Estate Board of Greater Vancouver (REBGV), home sales were 28.7 per cent below the 10-year June sales average thanks to stubbornly high prices even as more houses were added to the market.

“Prices are slow to adjust,” said Tom Davidoff, real estate economist with the University of British Columbia’s Sauder School of Business. “The price momentum has certainly slowed and there is reason to think you will see a further softening of the market going forward. Before prices fall, you tend to see sales activity fall first.”

Read more

No Comments

2018 Real Estate Pricing 10-Year Overview

Vancouver obscure a Major Market Correction

For years the Real estate industry has been among the most lucrative sector in the world. The sector has made some people who decided to invest in the sector super rich. Over the years the sector has grown tremendously. It is not surprising to see foreign investors pouring millions of dollars in the same industry. In the past real estate in Vancouver, was dominated by the local investors. However, recent stats have shown that the trend is slowly changing with non-resident slowly taking a piece of the real estate pie. These recent findings can be attributed to the hues and cries caused by activists and academics who believed that recent increase in Vancouver properties prices was due to non-resident purchases.

Read more

No Comments

Housing Sales In Vancouver Going Sour

Higher prices, rising rates, new tax announcements, and latest mortgage requirements are all playing important factors towards the plummeting of housing sales in the Metro Vancouver area. As housing sales dipped to the lowest level in the recent years, Metro Vancouver’s new homes have soared in the initial quarter of the year, with stats in Vancouver alone being more than twice as high as the same period in 2017. There were 6,542 home sales on the Multiple Listing Service (MLS) in Metro Vancouver during the initial quarter of 2018, which is a decrease of 13.1 percent from the same period last year. This represents the region’s lowest first-quarter sales total since 2013, reported by the Real Estate Board of Greater Vancouver (REBGV).

A Comparative Analysis

The overall housing sales in the first quarter of the year were the lowest in the past 5 years. In fact, even the local listings of detached, attached and apartment properties dropped by almost 7 percent in March as compared to previous year. But total housing stats across the region increased to 6,864 units in the first three months of 2018, up by 30 percent from the last year. Massive increments were also noticed in the Northern Vancouver area, where about 1,422 new homes were initiated, comparable to only 107 in the same period the preceding year. Even though there have been almost 43,000 new homes under construction across the Metro Vancouver area, the current inventory remains incredibly low.

Housing Price Benchmark Reaching Astonishing New Heights

Sales have started to outstrip supply for condos and townhouses. The benchmark price for a condo was close to $700,000 in March. This is a leap of 26% compared to the preceding year. Standard townhouse prices across Metro Vancouver reached $835,300 last month, which is a 2 % hike over February and an overall 18% rise from March 2017.

Renters are paying the real price when it comes to living in these highly expensive areas. According to the Canada Mortgage and Housing Corporation, average rent has nationally gone up previous year by 2.7 percent to $947 per month. Meanwhile, rental property is becoming tougher and tougher to avail. The CMHC says that the overall vacancy rate for cities across the country was three percent in 2017, down from 3.7 percent in 2016. In its annual report on housing rentals, the corporation said the demand for a purpose-built apartment is outpacing the growth in supply, while the rates of condos rented out are also declining.

This uncontrollable price outburst has taken the market by surprise. This is becoming a serious concern for both businesses and residents looking to recruit new candidates. It is becoming immensely cumbersome to buy quality real estate in Vancouver. The government of British Columbia is looking to follow new measures intended to mitigate the highly inflammable housing costs.

Increasing construction can meet the rising demand for rental studios and multi-family homes. Beyond that, it wouldn’t hurt for people to look for suitable accommodations adjacent to or on the outskirts of the Metro Vancouver area!

No Comments

Vancouver’s Housing-Affordability Enigma

It is easy to comprehend why people are moving up in the housing continuum and freeing up the real nature of rental homes. But the main question is – is it economically viable to shift the paradigm over to detached homes and condos? Let’s figure it out!

For a long time now, Vancouver’s real estate market showcases a high degree of vulnerability. Certain reports continue to signal strong evidence of staunch overvaluation as housing prices are still going north of expectations. Surveys noted that homeowners in Greater Vancouver and the Greater Toronto Area remain probably the most highly indebted in Canada, due to the speed in which their real estate market has expanded. Other measures designed to either cool down the housing market include Bank of Canada, raising key interest rates, Ontario’s Fair Housing Plan and a new mortgage stress test by Ottawa for insured mortgages. Unguaranteed mortgages remain slightly more expensive.

Condos Outpacing Detached Homes

We have found moderate evidence of price acceleration when it comes to the overall market, but it has been pointed out that low price acceleration among detached homes was causing an extremely high price growth influx among condos and townhomes. Instead of buying detached homes, families are now settling for the option of apartments and condos. The irony is that condos aren’t exactly on the cheaper side!

Renters Suffering The Biggest Blow

Renters are struggling to find homes because prices are skyrocketing and at the same time availability is rapidly declining. Vancouver’s housing market continues to overheat, as demand for multi-family units remains elevated, largely due to their relative easy affordability as compared to single-detached homes. As a result, inventories of both new and resale multi-family units are at or near all time lows. People believe that the Canadian government at one point in time was able to construct enough rental buildings annually, but after the arrival of private sector, it hasn’t been able to fulfil the rising requirements of the growing population. In turn, there has been a shortage of quality apartments and condos in Vancouver, and this has led to an enormous rise in housing rent.

So is it viable for the common people to start renting condos and apartments at over $1500 a month? No! In fact, it would be very troubling for average middle income families to invest that much money in rent alone. It was reported that last year, Canadians nearly spent more than 30% of their incomes on shelter costs, which is way beyond the line of affordability. All in all, it is becoming very difficult for families to survive, not to mention, save money with these rising costs.

The need of the hour is direct intervention from the government to help reduce proliferating housing costs.

 

No Comments

Vancouver Gas Price – April 13, 2018

It seems like Vancouverites are more concerned about gas price in the past 2 days than Vancouver/Yaletown real estate!  might as well talk about gas price!

Top Ten Lowest Gas Prices in Vancouver

Price Station Address City Time
141.9 Costco 20499 64 Ave Langley Apr 13, 8:42 AM
141.9 Super Save 20966 56 Ave Langley Apr 13, 7:59 AM
141.9 Safeway 20871 Fraser Hwy Langley Apr 13, 7:51 AM
141.9 Super Save 19415 Langley Bypass Surrey Apr 12, 6:36 PM
142.9 Costco 2370 Ottawa St Port Coquitlam Apr 13, 8:37 AM
143.9 Super Save 2390 200 St Langley Apr 13, 6:17 AM
143.9 Super Save 4061 200 St Langley Apr 13, 6:15 AM
143.9 Esso 19712 Fraser Hwy Langley Apr 13, 1:56 AM
143.9 Esso 6036 Glover Rd Langley Apr 12, 8:25 PM
143.9 Super Save 20502 Lougheed Hwy Maple Ridge Apr 12, 6:43 PM

Top Ten Lowest Gas Prices in B.C.

Price Station Address City Time
117.9 Costco 2555 Range Rd Prince George Apr 13, 8:41 AM
119.4 Petro-Canada 1746 20th Ave Prince George Apr 13, 8:43 AM
119.4 Petro-Canada 2420 5th Ave Prince George Apr 13, 5:36 AM
119.4 Petro-Canada 3688 Austin Rd W Prince George Apr 13, 5:17 AM
119.9 Husky 1148B Pacific St Prince George Apr 13, 8:49 AM
119.9 Shell 4869 Continental Way Prince George Apr 13, 8:49 AM
119.9 Super Save 4832 Continental Way Prince George Apr 13, 8:49 AM
119.9 Esso 1085 Great St Prince George Apr 13, 8:49 AM
119.9 Esso 1977 Queensway St Prince George Apr 13, 8:43 AM
119.9 Superstore 2155 Ferry Ave Prince George Apr 13, 8:41 AM

Historical Gas Price Charts

pricechart

National Price Trends

NATIONAL GAS PRICE AVERAGES
Current CANADA
Average

130

Regular Gasoline

Trend
Current Trend
HIGHEST
PROVINCE

141.8

British Columbia

LOWEST
PROVINCE

114.7

Saskatchewan

Fueled By GasBuddy.com

Source: GasBuddy. Retrieved from cbc.ca/bc/gasprice