Cell: 604-240-9762 |


Home Sales are returning to more "Traditional Levels" in Metro Vancouver. Are interest rates the sole cause of this transitioning market? Is the bubble about to burst? Watch to find out!


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https:/www.facebook.com/OllieNietzel
Instagram https://www.instagram.com/ollienietzel/

Read full post

Homebuyer demand in Metro Vancouver* returned to more historically typical levels in April.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1% decrease from the 4,908 sales recorded in April 2021, and a 25.6% decrease from the 4,344 homes sold in March 2022.


Last month’s sales were 1.5% above the 10-year April sales average.


So far, this spring, we’ve seen home sales ease down from the record-breaking pace of the last year. While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections and secure financing. 


There were 6,107 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2022. This represents a 23.1% decrease compared to the 7,938 homes listed in April 2021 and an 8.5% decrease compared to March 2022 when 6,673 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,796, a 14.1% decrease compared to April 2021 (10,245) and a 15.3% increase compared to March 2022 (7,628).


“With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation,” John said. 


For all property types, the sales-to-active listings ratio for April 2022 is 36.7%. By property type, the ratio is 25.3% for detached homes, 47.1% for townhomes, and 45% for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,374,500. This represents an 18.9% increase over April 2021 and a 1% increase compared to March 2022.


Sales of detached homes in April 2022 reached 962, a 41.9% decrease from the 1,655 detached sales recorded in April 2021. The benchmark price for a detached home is $2,139,200. This represents a 20.8% increase from April 2021 and a 1% increase compared to March 2022.


Sales of apartment homes reached 1,692 in April 2022, a 26.1% decrease compared to the 2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This represents a 16% increase from April 2021 and a 1.1% increase compared to March 2022.


Attached home sales in April 2022 totalled 578, a 40% decrease compared to the 964 sales in April 2021. The benchmark price of an attached home is $1,150,500. This represents a 25% increase from April 2021 and a 1.1% increase compared to March 2022.

Read full post


The recently announced 2022 Federal Budget significantly focussed on housing affordability for Canadians. Their plan? Eliminate foreign Buyers, Tax homeowners on Selling their principal residence and tax investors on assignments or Reno flipping, just to name a few.


So, who benefits from these changes? And will these new government policies finally make housing affordable in Canada again? Watch to find out!


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https:/www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/

Read full post

While down from last year’s record numbers, home sale activity in Metro Vancouver’s housing market remained elevated in March.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9 per cent decrease from the 5,708 sales recorded in March 2021, and a 26.9 per cent increase from the 3,424 homes sold in February 2022. 


Last month’s sales were 25.5 per cent above the 10-year March sales average. 


March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago. Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.


There were 6,673 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2022. This represents a 19.5 per cent decrease compared to the 8,287 homes listed in March 2021 and a 22 per cent increase compared to February 2022 when 5,471 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,628, a 16.6 per cent decrease compared to March 2021 (9,145) and a 13.1 per cent increase compared to February 2022 (6,742). 


We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure. The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.


For all property types, the sales-to-active listings ratio for March 2022 is 56.9 per cent. By property type, the ratio is 38.8 per cent for detached homes, 73.3 per cent for townhomes, and 70.3 per cent for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,360,500. This represents a 20.7 per cent increase over March 2021 and a 3.6 per cent increase compared to February 2022. 


Sales of detached homes in March 2022 reached 1,291, a 34.3 per cent decrease from the 1,965 detached sales recorded in March 2021. The benchmark price for a detached home is $2,118,600. This represents a 23.4 per cent increase from March 2021 and a 3.6 per cent increase compared to February 2022. 


Sales of apartment homes reached 2,310 in March 2022, a 14.3 per cent decrease compared to the 2,697 sales in March 2021. The benchmark price of an apartment home is $835,500. This represents a 16.8 per cent increase from March 2021 and a 3.4 per cent increase compared to February 2022. 


Attached home sales in March 2022 totalled 743, a 29.0 per cent decrease compared to the 1,046 sales in March 2021. The benchmark price of an attached home is $1,138,300. This represents a 4.4 per cent increase from March 2021 and a 28.1 per cent increase compared to February 2022.

Read full post

 
The BC government introduced legislation on March 28, 2022, known as Bill 12 - 2022, to allow for the creation of a "cooling off" period that will allow buyers to back out of a purchase after signing a Contract of Purchase and Sale.
 
This could have severe consequences if Buyers act in bad faith and could potentially prevent Sellers from purchasing their next home.
 
Watch to find out more!
 

Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https:/www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/

 
Read full post



The recent “hike” in interest rates has caused sheer panic amongst Buyers and Sellers alike. For Sellers, the threat of rising interest rates and the recent surge of inventory could put pressure on housing prices. For Buyers, qualifying for a lower mortgage could result in not being able to achieve their Real Estate goals. Watch to find out how both Sellers and Buyers can benefit from the threat of rising rates! 


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https:/www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/

Read full post

The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1 percent decrease from the 3,727 sales recorded in February 2021, and a 49.8 percent increase from the 2,285 homes sold in January 2022.


Last month’s sales were 26.9 percent above the 10-year February sales average.


As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year.


There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4 percent increase compared to the 5,048 homes listed in February 2021 and a 31.2 percent increase compared to January 2022 when 4,170 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3 percent decrease compared to February 2021 (8,358) and a 19.1 percent increase compared to January 2022 (5,663).


Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month.


For all property types, the sales-to-active listings ratio for February 2022 is 50.8 percent. By property type, the ratio is 34.9 percent for detached homes, 64.3 percent for townhomes, and 62.2 percent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7 percent increase over February 2021 and a 4.6 percent increase compared to January 2022.


A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future.


Sales of detached homes in February 2022 reached 1,010, an 18 percent decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25 percent increase from February 2021 and a 4.7 percent increase compared to January 2022.


Sales of apartment homes reached 1,854 in February 2022, a 5.4 percent increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9 percent increase from February 2021 and a 4.1 percent increase compared to January 2022.


Attached home sales in February 2022 totalled 560, a 24 percent decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2 percent increase from February 2021 and a 5.9 percent increase compared to January 2022.


Read full post



Is the market shifting? For the last several months we have been plagued with low inventory but over the past couple of weeks, we are experiencing more houses hitting the market. Will this have an effect on the massive Buyer pool or affect the Benchmark Price? Watch to find out!


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https:/www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/


Read full post

The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4 percent decrease from the 2,389 sales recorded in January 2021, and a 15 percent decrease from the 2,688 homes sold in December 2021. 


Last month’s sales were 25.3 percent above the 10-year January sales average. 


There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2022. This represents a 6.9 percent decrease compared to the 4,480 homes listed in January 2021 and a 114.4 percent increase compared to December 2021 when 1,945 homes were listed.  


Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,663, a 31.8 percent decrease compared to January 2021 (8,306) and an 8.2 percent increase compared to December 2021 (5,236). 


As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more homeowners will opt to become sellers in what’s traditionally the busiest season of the year. With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.


For all property types, the sales-to-active listings ratio for January 2022 is 40.3 percent. By property type, the ratio is 28 percent for detached homes, 51.6 percent for townhomes, and 49.7 percent for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,255,200. This represents an 18.5 percent increase over January 2021 and a two percent increase compared to December 2021. 


Sales of detached homes in January 2022 reached 622, a 15.9 percent decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7 percent increase from January 2021 and a 2.2 percent increase compared to December 2021. 


Sales of apartment homes reached 1,315 in January 2022, a 10 percent increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14 percent increase from January 2021 and a 1.8 percent increase compared to December 2021. 


Attached home sales in January 2022 totalled 348, a 23.3 percent decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3 percent increase from January 2021 and a 2.5 percent increase compared to December 2021. 

Read full post


Last year was a record-breaking year for Real Estate in Metro Vancouver. The question on everybody’s mind right now is what’s in store for 2022? Well, I’ve got a few key indicators to keep your eyes on this year to help set yourself up for success in this competitive Real Estate market.


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https:/www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/

Read full post


BC assessments are out and there can be a lot of confusion behind them. To find out how to determine the ACTUAL market value of your home be sure to check out this video!


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https://www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/

Read full post

Metro Vancouver home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2 percent increase from the 30,944 sales recorded in 2020, a 73.6 percent increase from the 25,351 homes sold in 2019, and a 4 percent increase over the previous all-time sales record of 42,326 set in 2015. 


Last year’s sales total was 33.4 percent above the 10-year sales average.

 
Home has been a focus for residents throughout the pandemic. With low-interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options. 


Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265 in 2021. This is a 14.7 percent increase compared to the 54,305 homes listed in 2020 and a 19.9 percent increase compared to the 51,918 homes listed in 2019. 


Last year’s listings total was 11 percent above the 10-year average. 


While steady, home listing activity didn't keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months.  


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,236, a 38.7 percent decrease compared to December 2020 (8,538) and a 26.7 percent decrease compared to November 2021 (7,144). 


We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years. With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.


The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,230,200. This is a 17.3 percent increase compared to December 2020. 


Both detached home and townhome benchmark prices increased 22 percent in the region last year, while apartments increased 12.8 percent. 


Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7 percent, followed by Pitt Meadows (29.8 percent), and Whistler (27.8 percent). 


Looking at area and property type, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2 percent, followed by detached homes (38.5 percent) and townhomes (35.2 percent) in Maple Ridge. 


December summary 


REBGV reports that residential home sales in the region totalled 2,688 in December 2021, a 13.1 percent decrease from the 3,093 sales recorded in December 2020, and a 21.6 percent decrease from the 3,428 homes sold in November 2021. 


Last month’s sales were 33.4 percent above the 10-year December sales average. 


There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3 percent decrease compared to the 2,409 homes listed in December 2020 and a 50.9 percent decrease compared to November 2021 when 3,964 homes were listed. 


For all property types, the sales-to-active listings ratio for December 2021 is 51.3 percent. By property type, the ratio is 35.1 percent for detached homes, 75.6 percent for townhomes, and 60.8 percent for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months. 


Sales of detached homes in December 2021 reached 794, a 22.6 percent decrease from the 1,026 sales recorded in December 2020. The benchmark price for a detached home is $1,910,200. This represents a 22 percent increase from December 2020 and a 2.1 percent increase compared to November 2021. 


Sales of apartment homes reached 1,464 in December 2021, a 1.4 percent decrease compared to the 1,474 sales in December 2020. The benchmark price of an apartment home is $761,800. This represents a 12.8 percent increase from December 2020 and a 1.2 percent increase compared to November 2021. 


Attached home sales in December 2021 totalled 430, a 29.9 percent decrease compared to the 613 sales in December 2020. The benchmark price of an attached home is $1,004,900. This represents a 22 percent increase from December 2020 and a 1.5 percent increase compared to November 2021. 

Read full post


The market is on fire! A common phrase amongst Realtors this past year. So, what were some of the key drivers that fueled this chaotic Seller's market and what might we expect moving forward into 2022? Watch to find out more!


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https://www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/

Read full post

As we near the end of 2021, home Buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s housing market. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9% increase from the 3,064 sales recorded in November 2020, and a 1.9 % decrease from the 3,494 homes sold in October 2021. 


Last month’s sales were 33.6% above the 10-year November sales average. 


We expect home sale totals to end the year at or near an all-time record in our region. We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.


There were 3,964 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2021. This represents a 2.6% decrease compared to the 4,068 homes listed in November 2020 and a 2.1%  decrease compared to October 2021 when 4,049 homes were listed. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,144, a 35.7% decrease compared to November 2020 (11,118) and an 11.1% decrease compared to October 2021 (8,034). 


For all property types, the sales-to-active listings ratio for November 2021 is 48%. By property type, the ratio is 33.8% cent for detached homes, 74.3% for townhomes, and 53.7% for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months. 


The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200. This represents a 16% increase over November 2020 and a 1% increase compared to October 2021. 


Sales of detached homes in November 2021 reached 987, a 7% decrease from the 1,061 detached sales recorded in November 2020. The benchmark price for a detached home is $1,870,000. This represents a 20.8% increase from November 2020 and a 1.1 %increase compared to October 2021. 


Sales of apartment homes reached 1,828 in November 2021, a 33.3% increase compared to the 1,371 sales in November 2020. The benchmark price of an apartment home is $752,800. This represents an 11.4% increase from November 2020 and a 0.9% increase compared to October 2021. 


Attached home sales in November 2021 totalled 613, a 3% decrease compared to the 632 sales in November 2020. The benchmark price of an attached home is $990,300. This represents a 20.2% increase from November 2020 and a 1.6% increase compared to October 2021. 

Read full post


This Real Estate market is "Chaos." Last week, the government announced plans to introduce legislation in the spring of 2022 requiring a new "cooling off period" on resale homes. This change will be similar to the one in place for pre-sale construction and will allow Buyers to rescind or back out of their offer without any consequences! Watch to learn more!


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https://www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/

Read full post


Home sale activity in Metro Vancouver remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,494 in October 2021, a 5.2 per cent decrease from the 3,687 sales recorded in October 2020, and an 11 per cent increase from the 3,149 homes sold in September 2021.


Last month’s sales were 22.4 per cent above the 10-year October sales average.


Home sale activity continues to outpace what’s typical for this time of year and the pool of homes available for sale is in decline. This dynamic between supply and demand is causing home prices to continue to edge up across the region.


There were 4,049 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2021. This represents a 27.3 per cent decrease compared to the 5,571 homes listed in October 2020 and a 21.7 per cent decrease compared to September 2021 when 5,171 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,034, a 35.3 per cent decrease compared to October 2020 (12,416) and a 13 per cent decrease compared to September 2021 (9,236). 


Rising fixed mortgage rates should eventually help ease demand, but for now sales remain strong and buyers with rate holds will remain motivated to find a property for the rest of the year.


For all property types, the sales-to-active listings ratio for October 2021 is 43.5 per cent. By property type, the ratio is 33.6 per cent for detached homes, 64.4 per cent for townhomes, and 46.7 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is $1,199,400. This represents a 14.7 per cent increase over October 2020 and a 1.1 per cent increase compared to September 2021.


Sales of detached homes in October 2021 reached 1,090, an 18.4 per cent decrease from the 1,335 detached sales recorded in October 2020. The benchmark price for a detached home is $1,850,500. This represents a 20.5 per cent increase from October 2020 and a 1.2 per cent increase compared to September 2021.


Sales of apartment homes reached 1,801 in October 2021, a 14.7 per cent increase compared to the 1,570 sales in October 2020. The benchmark price of an apartment home is $746,400. This represents a 9.5 per cent increase from October 2020 and a 1.1 per cent increase compared to September 2021.


Attached home sales in October 2021 totalled 603, a 22.9 per cent decrease compared to the 782 sales in October 2020. The benchmark price of an attached home is $975,000. This represents an 18.5 per cent increase from October 2020 and a 1.2 per cent increase compared to September 2021.

Read full post


Have you ever wondered why Real Estate is next to impossible to predict? Well, there’s one determining factor that’s immeasurable. I call it “The X-Factor.” The “X-Factor” is what’s driving this crazy Fall Real Estate Market! Watch to find out more!


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https://www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/

Read full post

Home sale activity remains elevated across Metro Vancouver’s housing market while the pace of homes being listed for sale continues to follow long-term averages.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 per cent decrease from the 3,643 sales recorded in September 2020, and a 0.1 per cent decrease from the 3,152 homes sold in August 2021. 


Last month’s sales were 20.8 per cent above the 10-year September sales average. 


There were 5,171 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2021. This represents a 19.2 per cent decrease compared to the 6,402 homes listed in September 2020 and a 28.2 per cent increase compared to August 2021 when 4,032 homes were listed. 


September’s new listings were 1.2 per cent below the 10-year average for the month. 


The summer trend of above-average home sales and historically typical new listings activity continued in Metro Vancouver last month. Although this is keeping the overall supply of homes for sale low, we’re not seeing the same upward intensity on home prices today as we did in the spring. Home price trends will, however, vary depending on property type and neighborhood, so it’s important to take a hyperlocal look at your location and property category of choice before making a home buying or selling decision.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,236. This is a 29.5 per cent decrease compared to September 2020 (13,096), a 2.6 per cent increase compared to August 2021 (9,005) and is 27.7 per cent below the 10-year average for the month. 


For all property types, the sales-to-active listings ratio for September 2021 is 34.1 per cent. By property type, the ratio is 25.5 per cent for detached homes, 53.1 per cent for townhomes, and 36.7 per cent for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 


The total inventory of homes for sale remains insufficient to meet the demand in today’s market. This scarcity limits peoples’ purchasing options and ultimately adds upward pressure on home prices. With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $ 1,186,100. This represents a 13.8 per cent increase over September 2020 and a 0.8 per cent increase compared to August 2021. 


Sales of detached homes in September 2021 reached 950, a 27.9 per cent decrease from the 1,317 detached sales recorded in September 2020. The benchmark price for a detached home is $1,828,200. This represents a 20.4 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021. 


Sales of apartment homes reached 1,621 in September 2021, a 1.6 per cent increase compared to the 1,596 sales in September 2020. The benchmark price of an apartment home is $738,600. This represents an 8.4 per cent increase from September 2020 and a 0.5 per cent increase compared to August 2021. 


Attached home sales in September 2021 totalled 578, a 20.8 per cent decrease compared to the 730 sales in September 2020. The benchmark price of an attached home is $963,800. This represents a 17.5 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021.

Read full post


For the most part, Real Estate has been booming since the beginning of the year. Inventory has been on a steady decline since June and interest rates are still at an all-time low. So, will the fall market continue to boom? Or have we finally reached the top of the market? Watch to find out!


Don't forget to subscribe!


https://www.youtube.com/watch?v=IrH61QLPSu4


My Links:


Facebook https://www.facebook.com/OllieNietzel

Instagram https://www.instagram.com/ollienietzel/

Read full post

While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.


Last month’s sales were 20.4 per cent above the 10-year August sales average.


August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.


There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent decrease compared to July 2021 (9,850).


Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale. Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.


For all property types, the sales-to-active listings ratio for August 2021 is 35 per cent. By property type, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 per cent for apartments.  


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago. To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 per cent increase over August 2020 and a 0.1 per cent increase compared to July 2021.


Sales of detached homes in August 2021 reached 945, a 13.7 per cent decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.


Sales of apartment homes reached 1,631 in August 2021, a 22.4 per cent increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020 and a 0.2 per cent decrease compared to July 2021.


Attached home sales in August 2021 totalled 576, a 7.1 per cent decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Read full post

 

A PORTION OF EVERY DEAL IS DONATED TO THE BC CHILDREN’S HOSPITAL FOUNDATION

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.