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Government data shows foreign buyers make up five per cent of Metro Vancouver market Foreign nationals make up 5.1 per cent of home buyers in Metro Vancouver, according to the first set of real estate transaction data released by the provincial government today. “We wrote the Minister of Finance earlier this year asking him to again track the residency of home buyers in BC and we applaud the government for taking action on this issue,” Dan Morrison, Board president said. “The housing affordability challenge we face is of critical importance to all of us in the region and it’s important that this debate be based on facts. We look forward to the province releasing larger data sets in the future to further inform this conversation.” The government will continue to release this data each month. The current set covers transactions between June 10 and June 29, 2016. The data is collected when owners register their property at the Land Title Office and the Property Transfer Tax is paid. Individuals must disclose if they’re a Canadian citizen or permanent resident, or if their citizenship if not Canadian. Corporations must disclose their directors’ citizenship. The report is available here. Additional findings include: • 10,148 residential real estate transactions in BC, totalling more than $7.6 billion. • 337 transactions (3.3 per cent) involved foreign nationals, worth $390 million (5.1 per cent). • In Metro Vancouver, there were 5,118 transactions worth nearly $5.4 billion, of which 260 involved foreign nationals (5.1 per cent), worth $351 million (6.5 per cent) • In the City of Vancouver, there were 1,139 transactions, totalling more than $1.6 billion. 47 of these involved foreign nationals (4.1 per cent), worth $64 million (3.9 per cent). |
Karel Palla & Darryl Sjerven
June 2016 Metro Vancouver Home Sales Were 28.1 Percent Above 10 Year Sales Average and Highest Selling June on Record
Home buyers remain active across Metro Vancouver
Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.
Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold.
Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.
"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.
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Record Home Sales Creates Wave of New Home Construction
Record Home Sales Creates Wave of New Home Construction
Vancouver, BC – June 15, 2016. The British Columbia Real Estate Association (BCREA) reports that a record 13,458 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 32.3 per cent from the same month last year. Home sales last month exceeded April’s record of 12,969 units. Total sales dollar volume was $9.72 billion in May, up 51.1 per cent compared to the previous year. The average MLS® residential price in the province was up 14.2 per cent year-over-year, to $722,146.
“Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions,” said Cameron Muir, BCREA Chief Economist. “Total active residential listings across the province are nearly 30 per cent lower than twelve months ago.“
“New home construction activity is at a near record pace in the province,” added Muir. In the Metro Vancouver...
Metro Vancouver Homes Sales Remain At Record Levels For May 2016
Demand remains elevated across the Metro Vancouver housing market
Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region.
Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold.
Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May.
"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties...
Record Breaking Housing Demand Sweeps British Columbia
Record Breaking Housing Demand Sweeps BC
BCREA 2016 Second Quarter Housing Forecast
Vancouver, BC – June 2, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Second Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 12.3 per cent to a record 115,200 units this year, eclipsing the previous record of 106,310 units in 2005. Housing demand is expected to pull back by 8.3 per cent to 105,600 units in 2017. Strong economic fundamentals are expected to underpin the housing market and produce above average consumer demand through 2017. The ten-year average for the province is 83,000 MLS® residential unit sales.
“Robust employment growth and a marked increase in migration from other provinces is buoying consumer confidence and housing demand in most regions of the province,” said Cameron Muir, BCREA Chief Economist. “Record housing demand has depleted...
Home Sales Remain At Record Level Across Metro Vancouver in April
Home sales remain at record levels across Metro Vancouver
Last month was the highest selling April on record for Metro Vancouver.
Residential property sales in the region totalled 4,781 in April 2016, an increase of 14.4 per cent from the 4,179 sales recorded in April 2015 and a decrease of 7.6 per cent compared to March 2016 when 5,173 homes sold.
April sales were 41.7 per cent above the 10-year sales average for the month.
“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said. “Whether you’re a home buyer or seller, it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,127 in April 2016. This represents an increase of 3.9 per cent compared to the 5,897 units listed in April 2015 and a 2.4 per cent decline compared...
2016 RE/MAX Spring Market Housing Trends Report
Greater Vancouver:
The average residential sale price rose 24% in the first quarter of 2016 when compared with 2015.
Find out more in the 2016 RE/MAX Spring Market Trends Report:
Please just click on the image below to review the entire report.
The average residential sale price rose 24% in the first quarter of 2016 when compared with 2015.
Find out more in the 2016 RE/MAX Spring Market Trends Report:
Please just click on the image below to review the entire report.
March 2016 Metro Vancouver Home Sales Set An All-Time Record
March sales set an all-time record
Metro Vancouver home sales eclipsed 5,000 in March for the first time on record.
Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.
Last month’s sales were 56 per cent above the 10-year sales average for the month.
"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV president said. “Today's demand is broad based. Home buyers are active in neighbourhoods across our region."
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,278 in March 2016. This represents an increase of 5.2 per cent compared to the 5,968 units listed in March 2015 and an 8 per cent increase compared to February 2016 when 5,812 properties were listed.
The total number of properties currently listed for sale on the MLS® system...
British Columbia Home Sales Sizzle at Record Pace
BC Home Sales Sizzle at Record Pace
Vancouver, BC – March 14, 2016. The British Columbia Real Estate Association (BCREA) reports that a total of 9,637 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 44.7 per cent from February of last year. This smashed the previous record of 8,157 unit sales for the month of February recorded in 1992. Total sales dollar volume was $7.51 billion in February, up 76.4 per cent compared to the previous year. The average MLS® residential price in the province was up 21.9 per cent year-over-year, to $779,419.
“Housing demand is now at a break-neck pace,” said Cameron Muir, BCREA Chief Economist. “Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province.”
“Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly...
Lower Mainland Commercial Real Estate Sales Reach Five Year Record of $8 Billion in 2015
Lower Mainland commercial real estate sales reach five-year record of $8 billion in 2015
A strong fourth quarter closed 2015 as a record-breaking year in commercial real estate sales in the Lower Mainland.
There were a total of 2,307 commercial real estate sales in the Lower Mainland in 2015. This is a 16.2 per cent increase over the 1,985 sales in 2014, which was the previous five-year record holder.
Commercial real estate sales in 2015 were 15.3 per cent above the region’s five-year sales average.
The total dollar value of commercial real estate sales in the Lower Mainland was $8.389 billion in 2015, nearly 33.7 per cent above the $6.273 billion total in 2014.
“Last year was an extremely strong year for commercial real estate sales, led by growth in both office and retail space, and multi-family properties,” said Darcy McLeod, REBGV president. “Overall, these numbers reflect B.C.’s solid economy and our own residential real estate market’s growth.”...
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