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Nov 2019 Vancouver Real Estate Market Update

 
Vancouver Real Estate Market Update for Nov 2019.
 

"We started to see more home buyer confidence in the summer and this trend continues today. It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand."
Ashley Smith, REBGV president

Metro Vancouver home sales return to historically typical levels

After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,498 in November 2019, a 55.3 per cent increase from the 1,608 sales recorded in November 2018, and a 12.6 per cent decline from the 2,858 homes sold in October 2019.

Last month’s sales were four per cent above the 10-year November sales average.There were 2,987 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2019. This represents a 13.7 per cent decrease compared to the 3,461 homes listed in November 2018 and a 26.7 per cent decrease compared to October 2019 when 4,074 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,770, a 12.5 per cent decrease compared to November 2018 (12,307) and a 12 per cent decrease compared to October 2019 (12,236).

For all property types, the sales-to-active listings ratio for November 2019 is 23.2 per cent. By property type, the ratio is 17.2 per cent for detached homes, 24.9 per cent for townhomes, and 29.3 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.

“In today’s market, the intensity of home buyer demand depends on neighbourhood, property type, and price point,” Smith said. “To better understand the changing trends in your neighbourhood and property type of choice, it’s important to work with your local REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,700. This represents a 4.6 per cent decrease from November 2018 and a 1.3 per cent decrease over the past six months.

Sales of detached homes in November 2019 reached 825, a 59.9 per cent increase from the 516 detached sales recorded in November 2018. The benchmark price for a detached home is $1,415,400. This represents a 5.8 per cent decrease from November 2018, a 0.5 per cent decrease over the past six months, and a 0.3 per cent increase compared to October 2019.

Sales of apartment homes reached 1,222 in November 2019, a 50.9 per cent increase compared to the 810 sales in November 2018. The benchmark price of an apartment home is $651,500. This represents a 3.8 per cent decrease from November 2018, a 1.9 per cent decrease over the past six months, and a 0.2 per cent decline compared to October 2019.

Attached home sales in November 2019 totalled 451, a 59.9 per cent increase compared to the 282 sales in November 2018. The benchmark price of an attached home is $772,800. This represents a 4.4 per cent decrease from November 2018, a 0.8 per cent decrease over the past six months, and a 0.2 per cent increase compared to October 2019.

 
Kitsilano Market Update 
Detached Homes:

Total of 3 Sold in month of Nov. 
 
Attached Homes:
Condo

Total of 19 Sold with nothing over 2m (biggest sale was $1,259,000)
 
 
Townhouse

Total of 6 was sold with nothing over 2M
 
 
Yaletown Market Update 
Attached Homes:
Condo & Townhouse

Total of 41 Sold with Nothing over $2m
 
Home Price Index (HPI) Sept
Click the graph to view
First Time Home Buyer's Incentive Program 
The Canadian federal government has introduced the First-Time Homebuyer’s Incentive Program beginning on September 2, 2019; a housing loan meant to encourage new homebuyers, most of whom are millennials, to enter the real estate market. The primary goal of the FTHBI program is to make housing more accessible for first-time buyers. The program comes at a much-needed moment as housing affordability continues to dampen sales at all price points.
To see more info please go CTV link below:
https://www.ctvnews.ca/politics/here-s-what-you-need-to-know-about-the-first-time-home-buyer-incentive-1.4574508
August Mortgage Rate 
The mortgage rate update is the courtesy of Patrick Wong & Ivan Chiu of RBC with over 20 years of experience helping variety of home buyers.
Contact them below:
Ivan Chiu & Patrick Wong
ivan.chiu@rbc.com OR patrick.t.wong@rbc.com
604-307-0373
 
Your Home Evaluation Tool Kit.
Click on the image below.
I'd be happy to provide you the recently sold properties in your area. If you want an accurate pricing of your property, provide me with a full details of what you've done to upgrade and any other info that helps me valuate your home.
This is a no obligation service.
All i ask, is to consider me as your candidate when ready to sell or purchase.
Get your evaluation now
 

Nov 3 was the end of daylight saving. Did you adjust your time?
Read more HERE

 
Searching for properties made easy
Search homes at a palm of your hand easily with my home search App.
Click on the photo below to start.
Or simply go to axelrealtor.ca
and see the tutorial on how you can search for any properties.
 
Snap Stat and Sale ratio Report 
Click the image below to open the PDF file 
Remember:
Above 20% is sellers market
15-20% is Balanced Market
Below 15% is Buyers market

Click on the photo below to access
 
 
 
 
I wanted to thank everyone for their loyalty and support, helping shaping Maxit Realty. 
Maxit Realty was born in June this year where I implemented all local & global marketing strategies as competitive advantage.

I'm proud to announce that Maxit Realty, as a local Brokerage one of the rare brokerages exist in real estate council of BC where it is a member of dual boards. This include the membership with Vancouver as well as Victoria Real Estate Board. What does it mean to you?
As a client whether buyer or seller, you take advantage of both markets and all the brokerages exclusivity of both city using Maxit Realty. It exclusively benefits  Maxit Realty seller's Clients where they get their home marketed not only through Vancouver Real Estate Board bonuses, but also through all the perks of what Victoria Real Estate Board offers.  Being active in both market is Maxit Realty's sole competitive edge where not many brokerages can claim.

As Maxit Realty's Managing Broker, I also implemented all the syndication on international level. This means your home, will be syndicated exclusively through Maxit Realty to all and every global top sites, like Juwai, Mansion Global, James Edition, REW, Homes, Point2Homes, Listit, Zooky, and more than 150 other top real estate sites. In addition Maxit Realty have an exclusive relationship with WeChat Marketing group where over 50,000+ Chinese (local & overseas) member through Realtoraccess site, Real estate channel to feature your home on TV and many other perks we can discuss when you're ready to list.
 

Furnace Efficiency and Maintenance 
It's that time of the year

You can almost hear the hum of furnaces in homes throughout North America cranking up for the colder months ahead. It is especially important to have furnaces inspected and properly maintained to ensure that they run efficiently and safely. Here are some pointers to get the most out of a furnace:

Simple Ways to Improve Efficiency: 
Home heating, especially with a gas furnace and your location, can represent half or more of a typical home’s winter utility bill. Efficient operation can mean lower energy bills and a more comfortable home. Programmable thermostats can be used to automatically turn heat up or down at specified times, so that the temperature is lowered overnight or while no one is at home. The newest types of thermostats can be operated via smartphone or tablet and can even “learn” the preferred temperature for different times of day. Now that’s a “Hot Trend”.

Thermostats should be calibrated occasionally to avoid “off-cycle” heat loss. A properly calibrated thermostat will result in more even heating between the on/off cycles, which is more efficient and more comfortable. Read More Here

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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.