greater market balance

(March 28, 2018, posted in North Vancouver Homes)

In North Vancouver February sale totals for detached homes decreased 34% from February 2017 and 37% below the 10 year monthly sales average of 92.  Furthermore, total year-to-date home sales at the end of February were down 28.5% compared to same two months last year.

New house listings increased 10.5% and total active listings at month-end were up 26%. At this time, this has resulted in greater bal... read more.

measures affecting bc real estate

(March 28, 2018, posted in BC Real Estate)

In its 2018 Budget, the provincial government announced a number of measures that will impact the real estate industry. Among the measures announced on February 20, 2018:

Changes to the Property Transfer Tax rate: the tax rate on residential properties above $3 million has increased from 3% to 5%, effective February 21, 2018.

Increase and Expansion of Additional Property Transfer Tax: also known as... read more.

BC speculation tax

(March 27, 2018, posted in Tips)

On Monday, the provincial government announced it is making some changes to the speculation tax, which was first announced last month as part of the budget.

The government expects to introduce legislation in the fall to make the tax part of law and they say 99 per cent of British Columbians will be exempt from paying the tax. The tax will be applied on properties that are not the primary residences... read more.

supply outstrips demand

(March 26, 2018, posted in West Vancouver Homes)

West Vancouver detached house transactions in February jumped from the month before, 24 versus 15 respectively, yet sales were 62.5% below the 10 year monthly average of 64.
In addition, house YTD sales, that is, from January 1 to February 28, were down 30% from same period in 2017.

New listings increased 34.5% and total inventory to month-end were up 24%.

The sales-to-new listings ratio for February... read more.

sales dipped

(March 25, 2018, posted in West Vancouver Strata)

In West Vancouver buyer apartment activity dipped while inventory levels have increased.  

February apartment sales were down 48% from the month before and 20% below February 2017 however year-to-date sales are up 25% from 2017.  The month of February  12 sales  were 25% below the 10 year monthly average of 15.

New listings increased 94.5% and total active listings to month-end were up 28.5%.  February sa... read more.

Seller market conditions continues?

(March 24, 2018, posted in North Vancouver Strata)

Seller market conditions for North Vancouver apartments have been sustained month after month since  February 2015!

February apartment sales are down 6% from February 2017 but up 7% from the 10 year monthly average of 82 and year-to-date sales up 6.5%.

Apartment February new listings was up 16% from same month last year, up 19% from the month before and down 8% from the 10 year month average of 143... read more.

what's happening in real estate?

(March 23, 2018, posted in BC Market Update)

Did you know?
  • Starting in January, 100 per cent of parking stalls in new Vancouver condo's are required to be electric vehicle ready.  The city previously required 20 per cent of parking to have charging capabilities.  The estimated cost to build an electric vehicle ready stall is $300 compared to $4000 to retrofit an existing parking stall.
  • The BC government's proposed speculation tax has been met wi... read more.

North shore real estate market update ~ February 2018

(March 07, 2018, posted in North Shore)

In West Vancouver, there were 24 sales in the month of February. The sales to new listings ratio was 15% which represents a buyer’s market. For February 2018, the sales to total active listings percentage was 5%, a decrease from 10% in February 2017. Sales for February 2018 were down by 11 units compared to February 2017.

The West Vancouver listing inventory has increased by 63 homes compared to J... read more.

mortgage rate forecast

(March 03, 2018, posted in Mortgage misc)

Canadian mortgage rates have continued 2017’s upward trend. The five-year qualifying rate for insured mortgages bumped up 15 basis points to 5.14 per cent while discounted rates offered by lenders increased similarly to 3.39 per cent. The increases were driven by
the earlier than expected rate increase by the Bank of Canada in January. The Bank has now raised interest rates three times since last... read more.

what's happening in real estate?

(March 02, 2018, posted in BC Real Estate)

Did you know?

  • Housing was dominant in the recent provincial budget.  
  • The province committed to spending $6 billion to create 114,000 affordable housing units in the next 10 years.  
  • They also announced a series of real estate tax measures to 'curb housing demand' including a new speculation tax for homeowners who don't pay income tax in BC.
  • The province also increased the foreign buyer tax to 20% from 1... read more.

buyer's, seller's or balanced real estate market?

(March 01, 2018, posted in Tips)

Several factors influence the housing market, including mortgage interest rates, inflation, employment, investment, construction, immigration, government assistance programs, and the health of local and world economies. All of these influence the supply and demand of the market which, in turn, affects prices.

There are three classifications experts use to describe the balance of supply and demand i... read more.