Market activity returned to near record levels across the Metro Vancouver housing market in May.
Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.
Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third-highest selling May on record.
“Demand for condominiums and townhomes is driving today’s market activity,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May 2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.
The month-over-month increase in new listings was led by detached homes at 27.1 per cent, followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase compared to April 2017 (7,813).
“Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline,” Oudil said.
The sales-to-active listings ratio across all residential categories is 53.4 per cent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“While sales are inching closer to the record-breaking pace of 2016, the market activity itself looks different. Sales last year were driven by demand for single-family homes. This year, it’s clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared to April 2017.
Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase compared to April 2017.
Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April 2017.
Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April 2017.
Last year, RE/MAX raised a total of $974,000 for the BC Children’s Hospital Foundation!
That’s almost the value of an entire house*, going towards purchasing equipment and funding research to help our sick children!
Can you help us top that this year? Miracle Weekend is fast approaching. Help us make a difference!
(* We are not asking you to donate your entire house towards sick children but much obliged if you do! 😉)
Miracle Weekend is the culmination of fundraising efforts throughout the year by literally hundreds of diverse groups. Events include everything from school fundraisers to golf tournaments to in-store customer campaigns. The hospital receives support from employee groups in financial services, retail, mining, technology, professional associations, construction and real estate, hospitality and restaurants, and others, and members of Children’s Hospital’s employee family. Annual events, such as Jeans DayTM, Slo-Pitch, RBC Run for the Kids, and the 98.5 The OCEAN (Victoria) radiothon contributed to the total.
Donations to Miracle Weekend are used to support the purchase of life-saving equipment, research into the treatment, prevention and cure of childhood diseases, recruitment and educational programs for caregivers, and programs in communities throughout the province. Miracle Weekend events have raised $280 million for the hospital since the first Miracle Weekend was held in 1988.
March 2017: Most Average Home? This is the difference between a fast selling house and an affordable house!
Most Average Home in the Tri-Cities? What are the specs of a house that will sell for over a million? Over asking price?
The detached real estate market in the Tri-Cities area is quickly warming! March was an extremely busy month in terms of activity for our team. What is the average home listed for? How do fast selling homes and affordable homes differ from this average? As our last blog post was on condos, today we’ll be looking at what the detached housing market currently looks like! This includes all sold properties in Coquitlam, Port Coquitlam, and Port Moody for the month of March 2017.
The Most Average Home
Out of 166 detached home sales in the month of March:
- Average Listing Price: $1,206,175
- Average Size: 2797 sqft
- Average Age: 34 years
- Average Market Days To Sale: 35 days
Using these numbers, it turns out that the most ‘average’ house that sold in March was none other than 921 Citadel Drive, Port Coquitlam. The listing realtor was Zane Patni.
AFFORDABLE SELLERS: Houses Sold Under A Million
- 33% of homes sold under $1,000,000
- The size of these homes was 31% below average
- These houses were 27% older than average
- These houses sold 24% slower than average
- 42% of these homes sold over asking price
FAST SELLERS: Houses Sold In Under One Week
- 50% of homes sold in under one week
- The size of these homes was 15% below average
- These houses were 9% older than average
- These houses were listed for 8% cheaper than average
- 50% of these homes sold over asking price
Are there any other stats you’d be interested in knowing? Drop us an email or submit a contact form and we will make that happen.
All stats are approximations using MLS data as of April 23rd, 2017 and were calculated for informal use. These stats should not be referenced for legal purposes.
The gears of the Real Estate market are turning just as quickly as the weather has flipped from More Snow Than Calgary to our beloved rainy with a chance of extra rain. Housing activity has warmed like our weather eventually will.
Jokes aside, we are experiencing another spike in the market after our relatively calm winter months. The snow is gone, spring cleaning is progressing, the Evergreen Line is booming, and condos are selling! As observed by the graph below, the Coquitlam condo market has spiked to higher levels than even last year!
What does this mean for you?
Potential Buyers: Be prepared and on top of the latest listings. The Coquitlam condo market is in fierce competition and you need to be in the know-how to obtain that dream home you’ve been eying!
Potential Sellers: Your condo is the hot commodity in the real estate market this season! Take the extra time to make sure you are fully prepared to sell. Maximize the value of your house before putting it on the market! Ensure your home is strategically positioned and priced for maximum return.
Professional advice is always recommended when it comes to large transactions such as real estate, but it will always be beneficial to first do your own research.
In spirit of this news about the condo market, here are a few fun facts!
The Most Expensive Condo in Coquitlam
3002-3007 GLEN DRIVE :: Central Coquitlam
List Price: $1,250,000
- 2 Bedrooms
- 3 Bathrooms
- 1316 sq. ft.
- Breathtaking views
This two year old penthouse in the heart of Coquitlam boasts spectacular finishings and panoramic in a new building… at the cost of $1,250,000. Live in the lap of luxury!
Listed by: Roy Choi PREC, Keller Williams Elite Realty
The Fastest Selling Condo in Coquitlam
402 1438 PARKWAY BOULEVARD :: Westwood Plateau
- List Price: $469,000
- 2 Bedrooms
- 2 Bathrooms
- 948 sq. ft.
- Ideal for investors
A cozy two bedroom condo in a great neighbourhood. Pets and rentals both being allowed means that homes similar to this are ideal for investors! Stay on your toes if you’re on the lookout for homes like this.
Listed by: Louise Hendricks, RE/MAX All Points Realty
Here’s a more detailed breakdown of the Coquitlam Condo activity last month:
Condos in Coquitlam, particularly those around the Evergreen Line, are on our watch list for sure. Click here to start shopping!
Commemorating 25 Years of Miracles
The Children’s Miracle Network is committed to raising money for children’s hospitals, awareness of children’s health issues, and for research.
I received a letter in the mail this week celebrating the 25th anniversary of when I decided to start making a difference. Through RE/MAX’s affiliation with the network, by donating money directly based on income, we have managed to raise over $64 million since 1992!
Received this beautiful pin today to remind us all of the miracles we have contributed to within the last 25 years, but also to remind everyone that there is always more to be done. Help our children today and make that commitment!
If you are a realtor, get in touch with RE/MAX Corporate to see how you can start contributing to better the lives of these kids.
Not a realtor? Click here to learn how you can make a difference today.
We had the honor of attending the IMAGINE Gala last weekend to in effort to raise funds for the SHARE Society; an organization that exists to connect, engage and strengthen individuals and families in the Tri-Cities, Anmore and Belcarra.
Through fundraisers such as there IMAGINE Gala, SHARE Society has been able to give back to the community ten hold through their support and food bank programs.
This night was no exception! With the help from notable sponsors including; CTV, Vancity, Save on Foods, and IKEA to name a few. See full list of sponsors here.
Team Léo was grateful for being apart of such an amazing community initiative. Not to mention we had a great time, the pictures speak for themselves!
Today, our team was recognized with an award for being the #1 Team at RE/MAX All Points Realty!
We are extremely grateful for this award. 127 deals in 2016 – way to go team! We missed having Anh Hoang at our event. She is on a much deserved holiday in London – though still working, from a distance, on 3 deals!!
Congratulations to Léo Bruneau for earning the Diamond level of achievement!
Extra special thank you to:
Keith Cornies – for your much needed coaching throughout the year!
Gayle Kossaber – for your continuous support and guidance!
Lynda Kell and Jennie Copeland – for looking after our conveyance needs!
And all of our incredible family, friends, clients, and community for helping us to achieve this award, and doing so with smiles on our faces!
Looking forward to a successful 2017,
Matt, Ron, Nancy, Jasmine, Robin, Kristen, Anh, and Léo