MARKETING VANCOUVER by A.V. SAYSON PERSONAL REAL ESTATE CORPORATION

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APRIL 2016 UPDATE ON GREATER VANCOUVER REAL ESTATE


av grey logo  stats  stats april2016

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 to March 2016 when 6,278 properties were listed.

"While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace," Morrison said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,550, a 39.3 per cent decline compared to April 2015 (12,436) and a 2.6 per cent increase compared to March 2016 (7,358).

The sales-to-active listings ratio for April 2016 is 63.3 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $844,800. This represents a 25.3 per cent increase [in price] compared to April 2015.

Sales of detached properties in April 2016 reached 1,979, an increase of 9 per cent from the 1,815 detached sales recorded in April 2015. The benchmark price for detached properties increased 30.1 per cent from April 2015 to $1,403,200.

Sales of apartment properties reached 2,107 in April 2016, an increase of 33.4 per cent compared to the 1,579 sales in April 2015.The benchmark price of an apartment property increased 20.6 per cent from April 2015 to $475,000.

Attached property sales in April 2016 totalled 695, a decrease of 11.5 per cent compared to the 785 sales in April 2015. The benchmark price of an attached unit increased 22.1 per cent from April 2015 to $608,600.

 

For more regional or neighbourhood details, please contact:

A.V. Sayson REBGV Realtor®

604.753.8062

Statistics Package now avilable for April 2016



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Burrard Bridge Construction Article by vancitybuzz.com

Construction begins in March on the municipal government’s $35-million project to retrofit Burrard Street Bridge deck with widened bike lanes and pedestrian pathways, widening of the north end of the bridge deck, suicide-prevention fencing, rehabilitation of the heritage concrete railings, and a redesign of the intersection at Pacific Street and Burrard Street...



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2015 YEAR IN REVIEW! Market Summary


HIGHEST SELLING DECEMBER ON RECORD!!!

YEAR OVER YEAR DECEMBER

*Sales on the MLS in December 2015 up 33.6 percent compared to previous year

*2,827 sales in December!

*Highest selling December on record!

*6,024 total Metro Vancouver listings in December (41.6% less)

*Benchmark house pricing went up 18.9%

*Ratio of sales-to-active listings was 46.9% (upward price pressure at 20% or higher)

*Almost 1 out of 2 houses were sold!

 

2015 YEAR IN REVIEW

*Total annual sales of 42,326 (highest ever!)

*Annual spring peak listing time saw almost 4,000 less listings compared to 2014

*Multiple offer scenarios were commonplace

*Detached houses up 24.3% (up 8.1% in 2014)

*Condos up 14% (up 3.5% in 2014)

*Townhomes up 13.6% (up 4.5% in 2014)

 



MAJOR MARKET HOUSING STARTS FORECAST FOR 2016


major market housing forecast fall 2015

Public newslink: http://altusgroup.com/newsroom/research/2015/major-market-housing-starts-forecast-fall-2015/

Vancouver starts next year are forecast to almost match 2015’s stellar performance, for both single-family and apartment units.

Last year’s strong new home sales boosted starts this year in Edmonton, but softer sales this year will work through to fewer starts in 2016. Calgary starts are facing a further drop in 2016.

In Toronto, new single-family home sales have been very strong, according to Altus RealNet data, which is positive for higher single-family starts in 2016. Apartment starts are expected to moderate after this year’s burst.

Unsold built inventory is displacing some potential new housing starts in Montreal, Saskatoon and Regina this year, but 2016 should bring some pick up. 

Expect relatively stable starts in Halifax and Ottawa next year, but softening in Winnipeg.