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Interest Rates continue to spike! Vancouver Real Estate Market Update September 2022


The Bank of Canada recently announced another .75% interest rate hike in a government attempt to battle inflation. 

So, will this recent interest rate increase influence Real Estate prices? Watch to find out! 


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Metro Vancouver’s* housing market is experiencing a quieter summer season marked by reduced sale and listing activity.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7% decrease from the 3,152 sales recorded in August 2021, and a 0.9% decrease from the 1,887 homes sold in July 2022.


Last month’s sales were 29.2 % below the 10-year August sales average.


With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months.


There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5% decrease compared to the 4,032 homes listed in August 2021 and a 16% decrease compared to July 2022 when 3,960 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3% increase compared to August 2021 (9,005) and a 6.1% decrease compared to July 2022 (10,288).


Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs. Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.For all property types, the sales-to-active listings ratio for August 2022 is 19.4%. By property type, the ratio is 12.2% for detached homes, 25.3% for townhomes, and 24.8% 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 $1,180,500. This represents a 7.4% increase over August 2021 and a 2.2% decrease compared to July 2022.


Sales of detached homes in August 2022 reached 517, a 45.3% decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9% t increase from August 2021 and a 2.3% decrease compared to July 2022.


Sales of apartment homes reached 998 in August 2022; a 38.8% decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7% increase from August 2021 and a two% decrease compared to July 2022.


Attached home sales in August 2022 totalled 355, a 38.4% decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7% increase from August 2021 and a 2.5%  decrease compared to July 2022.

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"Cooling Off Period" Explained. Buyer Activity continues to Increase! Vancouver Real Estate Market Update July 2022


The details of the new “Cooling off Period” were released by the BCFSA and despite the negative effects on Sellers there could be ways for Buyers and Sellers to take advantage of it. 


Despite what the headlines are saying Buyers are becoming more active. Watch to find out why! 


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Metro Vancouver’s housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3% decrease from the 3,326 sales recorded in July 2021, and a 22.8% decrease from the 2,444 homes sold in June 2022.


Last month’s sales were 35.2% below the 10-year July sales average.


Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns. This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.


There were 3,960 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2022. This represents a 9.5% decrease compared to the 4,377 homes listed in July 2021 and a 24.7% decrease compared to June 2022 when 5,256 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,288, a 4.4% increase compared to July 2021 (9,850) and a 1.3% decrease compared to June 2022 (10,425).


After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision. In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.


For all property types, the sales-to-active listings ratio for July 2022 is 18.3% By property type, the ratio is 11.8% for detached homes, 20% for townhomes, and 24.5% 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 $1,207,400. This represents a 10.3% increase over July 2021 and a 2.3% decrease compared to June 2022.


Sales of detached homes in July 2022 reached 523, a 50.2 % decrease from the 1,050 detached sales recorded in July 2021. The benchmark price for a detached home is $2,000,600. This represents an 11% increase from July 2021 and a 2.8% decrease compared to June 2022.


Sales of apartment homes reached 1,060 in July 2022; a 36.4% decrease compared to the 1,666 sales in July 2021. The benchmark price of an apartment home is $755,000. This represents an 11.4% increase from July 2021 and a 1.5% decrease compared to June 2022.


Attached home sales in July 2022 totalled 304, a 50.2% decrease compared to the 610 sales in July 2021. The benchmark price of an attached home is $1,096,500. This represents a 15.8% increase from July 2021 and a 1.7% decrease compared to June 2022.

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Despite all the recent increases in interest rates, Buyers activity has made a slight comeback over the last few weeks! But why? Will the recent interest hike and forecasted increases continue to put a hamper on Real Estate prices? Watch to find out!  


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With interest rates and housing supply increasing, Metro Vancouver* home buyers are operating in a changing marketplace to begin the summer season. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35% decrease from the 3,762 sales recorded in June 2021, and a 16.2% decrease from the 2,918 homes sold in May 2022. 


Last month’s sales were 23.3% below the 10-year June sales average.

 
Home buyers have more selection to choose from and more time to make decisions than they did over the past year. Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.


There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2022. This represents a 10.1% decrease compared to the 5,849 homes listed in June 2021 and a 17.6% decrease compared to May 2022 when 6,377 homes were listed. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,425, a 3.8% decrease compared to June 2021 (10,839) and a 4.1% increase compared to May 2022 (10,010). 

 

We’re seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply. To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply.”


For all property types, the sales-to-active listings ratio for June 2022 is 23.4%. By property type, the ratio is 14.3% for detached homes, 31.5% for townhomes, and 30.2% or 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 $1,235,900. This represents a 12.4% increase over June 2021, a two% decrease compared to May 2022, and a 2.2% decrease over the past three months. 


Sales of detached homes in June 2022 reached 653, a 48.3% decrease from the 1,262 detached sales recorded in June 2021. The benchmark price for a detached home is $2,058,600. This represents a 13.4% increase from June 2021, a 1.7% decrease compared to May 2022, and a 1.8% decrease over the past three months. 


Sales of apartment homes reached 1,326 in June 2022, a 25.3% decrease compared to the 1,774 sales in June 2021. The benchmark price of an apartment home is $766,300. This represents a 12.7%  increase from June 2021, a 1.7% decrease compared to May 2022, and a 0.8% decrease over the past three months. 


Attached home sales in June 2022 totalled 465, a 36% decrease compared to the 726 sales in June 2021. The benchmark price of an attached home is $1,115,600. This represents a 17.8 % increase from June 2021, a 2.2% decrease compared to May 2022, and a 2.7% decrease over the past three months.

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The bank of Canada has raised their interest rates three times this year since March for a total of 1.5%. Guess what? They’re going to continue to go up until the government gets them to where they wanted them to be pre-COVID. So, will the recent interest rate hikes continue to affect housing prices in Metro Vancouver? Watch to find out. 


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After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,918 in May 2022, a 31.6% decrease from the 4,268 sales recorded in May 2021, and a 9.7% decrease from the 3,232 homes sold in April 2022.


Last month’s sales were 12.9% below the 10-year May sales average.


With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.


There were 6,377 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2022. This represents a 10.5% decrease compared to the 7,125 homes listed in May 2021 and a 4.4% increase compared to April 2022 when 6,107 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,010, an 8.8% decrease compared to May 2021 (10,970) and a 13.8% increase compared to April 2022 (8,796).


For all property types, the sales-to-active listings ratio for May 2022 is 29.2%. By property type, the ratio is 18.3% for detached homes, 35.5% for townhomes, and 38.1% 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 $1,261,1001. This represents a 14.7% increase over May 2021 and a 0.3% decrease compared to April 2022.


Upward pressure on home prices has begun to ease in the housing market over the last two months. Where home prices go next will depend on the housing supply. While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.


Sales of detached homes in May 2022 reached 793, a 44.1% decrease from the 1,419 detached sales recorded in May 2021. The benchmark price for a detached home is $2,093,600. This represents a 15% increase from May 2021 and a 0.4% decrease compared to April 2022.


Sales of apartment homes reached 1,605 in May 2022, a 21.7% decrease compared to the 2,049 sales in May 2021. The benchmark price of an apartment home is $779,700. This represents a 15% increase from May 2021 and a 0.4% increase compared to April 2022.


Attached home sales in May 2022 totalled 520, a 35% decrease compared to the 800 sales in May 2021. The benchmark price of an attached home is $1,141,200. This represents a 21.5% increase from May 2021 and a 0.6% decrease compared to April 2022.  

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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!


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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.

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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!


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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.

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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.
 
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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! 


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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.


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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!


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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. 

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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.


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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!


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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. 

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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.