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Vancouver detached housing market update – October 2017

Oleg For Buyers, For Sellers, Market update, News, Statistics

Let’s take a look at the detached housing market in Vancouver BC in October 2017. We will be looking at detached properties only.

Average Sales Price

Average Sales Price of detached houses in Vancouver BC in October 2017 (see graph below)

Vancouver East: $1,666,965 | +7.7% (change since October 2016)

Vancouver West: $4,285,891 | +20.8% (change since October 2016)

Average Percent of Original Price

Average Percent of the Original Asking Price of detached houses in Vancouver BC in October 2017 (see graph below)

Vancouver East: 97.8% | +1.1% (change since October 2016)

Vancouver West: 92.4% | -1.2% (change since October 2016)

Total Inventory

Total Inventory of detached houses in Vancouver BC in October 2017 (see graph below)

Vancouver East: 760 | +2.3% (change since October 2016)

Vancouver West: 790 | +17.0% (change since October 2016)

New Listings

All New Listings of detached houses in Vancouver BC in October 2017 (see graph below)

Vancouver East: 235 | +3.5% (change since October 2016)

Vancouver West: 201 | +26.4% (change since October 2016)

Sales

Total Sales for detached houses in Vancouver BC in October 2017 (see graph below)

Vancouver East: 103 | +63.5% (change since October 2016)

Vancouver West: 99 | +28.6% (change since October 2016)

Sales to Actives Ratio

Sales to Active Listings Ratio for detached houses in Vancouver BC in October 2017 (see graph below)

Vancouver East: 0.136 | +60.0% (change since October 2016)

Vancouver West: 0.125 | +9.6% (change since October 2016)

In conclusion, based on sales to active listings ratio both Vancouver East and Vancouver West are balanced markets. Detached housing market prices in Vancouver are stagnant.  It will be interesting to see how the market will react to the new “stress test” in early 2018.

Vancouver Detached Housing Market Real Estate Update – September 2017

Oleg First time buyers, For Sellers, Market update, News, Statistics
Vancouver Detached Housing Market Real Estate Update – September 2017

vancouver housing market update september 2017

Here are statistics for the Vancouver detached housing market for September 2017. We will look at resale properties only. No new construction. Strata units such as condos and townhouses have a separate market update.

Average Sales Price

Average Sales Price of detached houses in Vancouver BC in September 2017 (see graph below)

Vancouver East: $1,639,802 | +3.1% (change since September 2016)

Vancouver West: $4,105,927 | +10.9% (change since September 2016)

Average Percent of Original Price

Average Percent of Original Price for the detached houses in Vancouver BC in September 2017 (see graph below)

Vancouver East: 98.0% | +0.1% (change since September 2016)

Vancouver West: 93.5% | -1.0% (change since September 2016)

Total Inventory

Total Inventory of detached houses in Vancouver BC in September 2017 (see graph below)

Vancouver East: 765 | +6.4% (change since September 2016)

Vancouver West: 810 | +12.5% (change since September 2016)

New Listings

All new listings of detached houses in Vancouver BC in September 2017 (see graph below)

Vancouver East: 264 | -7.7% (change since September 2016)

Vancouver West: 302 | +25.8% (change since September 2016)

Sales

All sales of detached houses in Vancouver BC in September 2017 (see graph below)

Vancouver East: 91 | +35.8% (change since September 2016)

Vancouver West: 73 | +17.7% (change since September 2016)

Sales to Actives Ratio

All sales to active listings ratio of detached houses in Vancouver BC in September 2017 (see graph below)

Vancouver East: 0.119 | +28.0% (change since September 2016)

Vancouver West: 0.119 | +28.0% (change since September 2016)

In conclusion, Vancouver housing market is showing signs of slowing down. Vancouver West is a strong buyer’s market with Vancouver East slowly shifting towards a buyer’s market. High inventory levels of available houses for this season. Average sale price for detached houses is holding strong with Vancouver West increasing by 10% as compared to September 2016.

 

 

Downtown Vancouver Condos Market Update for July 2017 (1 bedroom)

Oleg First time buyers, For Buyers, For Sellers, Market update, News, Statistics

vancouver downtown condo market update july 2017

Downtown Vancouver condo units are in high demand. Here a detailed condo market update for 1 bedroom units in downtown Vancouver. We’ve excluded townhouses and detached houses form the statistics.

Average Sales Price

Average Sales Price of ONE bedroom condo units in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: $705,322 | +5.8% (change since July 2016)

Downtown VW: $631,732 | +15.9% (change since July 2016)

West End: $603,633 | -5.3% (change since July 2016)

Yaletown: $722,642 | +18.6% (change since July 2016)

Average Percent of Original Listing Price

Average Percent of Original Price of ONE bedroom condo units in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 103.4% | +0.1% (change since July 2016)

Downtown VW: 103.5% | -2.3% (change since July 2016)

West End: 99.3% | -4.9% (change since July 2016)

Yaletown: 103.3% | -0.2% (change since July 2016)

Average Price Per Square Foot

Average Price Per Square Foot of ONE bedroom condo units in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: $1,191 | +6.0% (change since July 2016)

Downtown VW: $1,057 | +15.1% (change since July 2016)

West End: $940 | +6.1% (change since July 2016)

Yaletown: $1,133 | +15.5% (change since July 2016)

Total Inventory

Total Available Inventory of ONE bedroom condo units in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 15 | -16.7% (change since July 2016)

Downtown VW: 108 | +24.1% (change since July 2016)

West End: 43 | +43.3% (change since July 2016)

Yaletown: 25 | -47.9% (change since July 2016)

New Listings

All New Listings of ONE bedroom condos in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 16 | +23.1% (change since July 2016)

Downtown VW: 84 | -6.7% (change since July 2016)

West End: 37 | +48.0% (change since July 2016)

Yaletown: 32 | -25.6% (change since July 2016)

Sales

Total Number of Sales of ONE bedroom condos in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 9 | +28.6% (change since July 2016)

Downtown VW: 59 | +3.5% (change since July 2016)

West End: 18 | +28.6% (change since July 2016)

Yaletown: 24 | -14.3% (change since July 2016)

Sales to Active Listings Ratio

Sales to Actives Ratio for ONE bedroom condos in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 0.600 | +54.2% (change since July 2016)

Downtown VW: 0.546 | -16.6% (change since July 2016)

West End: 0.419 | -10.3% (change since July 2016)

Yaletown: 0.960 | +64.7% (change since July 2016)

In conclusion, downtown Vancouver condo market is a strong seller’s market. Most condo units are selling for more than the original asking price. Average sales price and average price per square foot is significantly higher as compared to last year.

Burnaby Housing Market Real Estate Update – June 2017

Oleg Articles, First time buyers, For Buyers, For Sellers, Market update, News, Statistics

burnaby housing market update

Here is a real estate update of Burnaby housing market for June 2017. We will look at detached market only. Condos and townhouses have their own market update in a separate blog post. We will only look at resale homes (no new construction).

Average Sales Price

Average Sales Price of detached house in Burnaby in June 2017 (see graph below)

Burnaby East: $1,634,000 | +12.6% (change since June 2016)

Burnaby North: $1,737,458 | -3.6% (change since June 2016)

Burnaby South: $1,846,264 | +4.6% (change since June 2016)

Average Percent of Original Asking Price

Average Percent of Original Price of houses in Burnaby in June 2017 (see graph below)

Burnaby East: 99.6% | -3.2% (change since June 2016)

Burnaby North: 97.3% | -3.4% (change since June 2016)

Burnaby South: 98.8% | -5.4% (change since June 2016)

Total Inventory

Total inventory of detached houses in Burnaby in June 2017 (see graph below)

Burnaby East: 58 | 0.0% (change since June 2016)

Burnaby North: 177 | +13.5% (change since June 2016)

Burnaby South: 224 | +15.5% (change since June 2016)

New Listings

Total number of New Listings of detached houses in Burnaby in June 2017 (see graph below)

Burnaby East: 28 | -15.2% (change since June 2016)

Burnaby North: 101 | +6.3% (change since June 2016)

Burnaby South: 107 | 0.0% (change since June 2016)

Sales

Total Sales of detached houses in Burnaby in June 2017 (see graph below)

Burnaby East:  9 | -55.0% (change since June 2016)

Burnaby North: 43 | -8.5% (change since June 2016)

Burnaby South: 46 | -8.0% (change since June 2016)

Sales to Active Listings Ratio

Sales to Active Listings Ratio of detached houses in Burnaby in June 2017 (see graph below)

Burnaby East:  0.155 | -55.1% (change since June 2016)

Burnaby North: 0.243 | -19.3% (change since June 2016)

Burnaby South: 0.205 | -20.5% (change since June 2016)

In conclusion, Burnaby detached housing market is a little slower than it was at this time last year. Average sale price prices remain strong. Average sale price of detached houses in Burnaby East is at it’s all time high. We see healthy inventory levels in all the Burnaby areas. Total number of sales is about the same as June 2016.  Based on the Sales to Active Listings Ration all three Burnaby areas are in a balanced market with a slight favourability of sellers.

Downtown Vancouver Condos Market Update – March 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, News, Statistics

March was a busy months for the downtown condo market. Here is a detailed breakdown. Let’s take a look at 1 and 2 bedroom resale condo market. No townhouses; no new construction. All graphs go back 3 years.

Average Sales Price

Average Sales Price of ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: $680,250 | -3.0% (change since March 2016)

Downtown VW: $555,303 | +10.1% (change since March 2016)

West End: $532,850 | +22.3% (change since March 2016)

Yaletown: $661,967 | +13.5% (change since March 2016)

 

Average Sales Price of TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: $1,592,200 | -14.0% (change since March 2016)

Downtown VW: $950,038 | +10.8% (change since March 2016)

West End: $931,133 | -8.0% (change since March 2016)

Yaletown: $1,217,538 | -0.3% (change since March 2016)

Average Percent of Original Price

Average Percent of Original Asking Price for ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 98.7% | -4.2% (change since March 2016)

Downtown VW: 100.5% | -3.7% (change since March 2016)

West End: 103.3% | +0.6% (change since March 2016)

Yaletown: 101.8% | -3.8% (change since March 2016)

Average Percent of Original Asking Price for TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 101.2% | +3.3% (change since March 2016)

Downtown VW: 99.0% | -4.1% (change since March 2016)

West End: 100.0% | -1.4% (change since March 2016)

Yaletown: 100.9% | -0.5% (change since March 2016)

 

Average Price Per Square Foot

Average Price Per Square Foot for ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: $1,113 | +13.5% (change since March 2016)

Downtown VW: $940 | +14.1% (change since March 2016)

West End: $905 | +24.0% (change since March 2016)

Yaletown: $1,037 | +16.9% (change since March 2016)

Average Price Per Square Foot for TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: $1,480 | +15.4% (change since March 2016)

Downtown VW: $1,010 | +16.6% (change since March 2016)

West End: $938 | +4.5% (change since March 2016)

Yaletown: $1,142 | +6.0% (change since March 2016)

 

Total Inventory

Total Inventory of ONE bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 11 | +22.2% (change since March 2016)

Downtown VW: 59 | -15.7% (change since March 2016)

West End: 23 | -17.9% (change since March 2016)

Yaletown: 29 | +52.6% (change since March 2016)

 

Total Inventory of TWO bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 38 | +65.2% (change since March 2016)

Downtown VW: 51 | -5.6% (change since March 2016)

West End: 32 | -22.0% (change since March 2016)

Yaletown: 46 | +27.8% (change since March 2016)

New Listings

New Listings of ONE bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 12 | 0.0% (change since March 2016)

Downtown VW: 62 | -46.6% (change since March 2016)

West End: 31 | +3.3% (change since March 2016)

Yaletown: 38 | -2.6% (change since March 2016)

 

New Listings of TWO bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 25 | +66.7% (change since March 2016)

Downtown VW: 43 | -29.5% (change since March 2016)

West End: 24 | -38.5% (change since March 2016)

Yaletown: 42 | +10.5% (change since March 2016)

Total Sales

Number of Sales of ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 12 | 0.0% (change since March 2016)

Downtown VW: 58 | -44.8% (change since March 2016)

West End: 29 | -31.0% (change since March 2016)

Yaletown: 30 | -25.0% (change since March 2016)

 

Number of Sales of TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 5 | -77.3% (change since March 2016)

Downtown VW: 39 | -25.0% (change since March 2016)

West End: 18 | -56.1% (change since March 2016)

Yaletown: 39 | +5.4% (change since March 2016)

 

Sales to Actives Ratio

Number of Sales of ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 1.091 | -18.2% (change since March 2016)

Downtown VW: 0.983 | -34.5% (change since March 2016)

West End: 1.261 | -15.9% (change since March 2016)

Yaletown: 1.034 | -50.9% (change since March 2016)

Number of Sales of TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 0.132 | -86.2% (change since March 2016)

Downtown VW: 0.765 | -20.6% (change since March 2016)

West End: 0.563 | -43.7% (change since March 2016)

Yaletown: 0.848 | -17.5% (change since March 2016)

In conclusion, downtown condo market is still very active. On average one bedroom units are selling for over the asking price with multiple offers. The prices for two bedroom units continue “treading water”. We see low inventory levels for both 1 and 2 bedroom units. Overall the market in downtown Vancouver is active this spring season.

Vancouver Housing Real Estate Market Update – February 2017

Oleg For Buyers, For Sellers, Market update, News, Statistics

Here is a detailed real estate market update for detached houses in Vancouver BC. We will only focus on detached housing market; no townhouses or condo units are included. In this market update we will only discuss resale houses; new construction houses are excluded.

Average Sale Price of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: $1,488,371 | -2.8% (change since February 2016)

Vancouver West: $3,704,774 | -0.3% (change since February 2016)

The average sales price in both Vancouver East and Vancouver West are is lower than the same time last year. However, there is a slight improvement as compared to January 2017.

 

Average Percent of Original Price of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 96.9% | -8.8% (change since February 2016)

Vancouver West: 95.9% | -7.8% (change since February 2016)

Houses are selling about 4-5% under the original asking price. A bit lower than usual.

 

Total Inventory of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 634 | +80.6% (change since February 2016)

Vancouver West: 568 | -2.4% (change since February 2016)

We are experiencing a little higher than usual inventory levels for this season.

 

Number of New Listings of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 170 | -29.8% (change since February 2016)

Vancouver West: 163 | -57.2% (change since February 2016)

The number of new listings in February 2017 was a bit low for the season. That’s good news for the sellers as inventory levels are still a little high. Limited number of new listings could tip the scale in the favour of sellers in the upcoming months.

 

Total Number of Sales of detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 82 | -46.8% (change since February 2016)

Vancouver West: 92 | -56.8% (change since February 2016)

Sales of detached houses in Vancouver in February 2017 were lower than usual for the season.

 

Sales to Active Listings Ratio for the detached houses in Vancouver in February 2017 (see graph below)

Vancouver East: 0.129 | -70.6% (change since February 2016)

Vancouver West: 0.162 | -55.7% (change since February 2016)

Based on sales to actives ratio data, Vancouver detached housing market is still a buyers market.

In conclusion, the prices of detached properties in Vancouver have increased since January 2017. However the prices as compared to the same time last year are down. We are still in the buyers market with properties selling 4-5% under the original asking price. Inventory levels are a little high, but they are levelling off because of the limited supply of new listings.

Downtown Vancouver Condo Market Real Estate Update – February 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, News, Statistics

Here is a look at the Downtown Vancouver condo market in February 2017. We will be looking at resale condo units only. No townhouses; no new construction. This real estate update will focus on one bedroom and two bedroom condo units separately. All graphs are for the past 3 years.

Average Sales Price of one bedroom condo units in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: $703,091 | +0.7% (change since February 2016)

Downtown VW: $546,065 | +6.6% (change since February 2016)

West End: $493,580 | +16.9% (change since February 2016)

Yaletown: $627,750 | +16.5% (change since February 2016)

Average Sales Price of Two bedroom condo units in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: $1,394,667 | +2.7% (change since February 2016)

Downtown VW: $1,007,063 | +1.9% (change since February 2016)

West End: $1,318,824 | +45.4% (change since February 2016)

Yaletown: $1,216,676 | +18.9% (change since February 2016)

 

 

Average Percent to Original Price one bedroom condos in downtown Vancouver sold for in February 2017 (see graph below)

Coal Harbour: 99.1% | -2.4% (change since February 2016)

Downtown VW: 101.0% | -3.7% (change since February 2016)

West End: 100.2% | -2.3% (change since February 2016)

Yaletown: 99.7% | -5.2% (change since February 2016)

Average Percent to Original Price two bedroom condos in downtown Vancouver sold for in February 2017 (see graph below)

Coal Harbour: 97.9% | -1.8% (change since February 2016)

Downtown VW: 98.4% | -3.4% (change since February 2016)

West End: 98.7% | -3.4% (change since February 2016)

Yaletown: 97.4% | -5.9% (change since February 2016)

 

 

Average Price Per Square Foot for One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: $1,034 | +8.0% (change since February 2016)

Downtown VW: $931 | +12.8% (change since February 2016)

West End: $837 | +26.6% (change since February 2016)

Yaletown: $1,097 | +24.7% (change since February 2016)

Average Price Per Square Foot for Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: $1,303 | +17.2% (change since February 2016)

Downtown VW: $1,011 | +8.5% (change since February 2016)

West End: $1,052 | +24.3% (change since February 2016)

Yaletown: $1,115 | +17.6% (change since February 2016)

 

 

Total Inventory of One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 14 | +55.6% (change since February 2016)

Downtown VW: 63 | -1.6% (change since February 2016)

West End: 27 | -37.2% (change since February 2016)

Yaletown: 32 | +60.0% (change since February 2016)

Total Inventory of Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 24 | -27.3% (change since February 2016)

Downtown VW: 59 | +9.3% (change since February 2016)

West End: 32 | -30.4% (change since February 2016)

Yaletown: 49 | +22.5% (change since February 2016)

 

New Listings of One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 12 | +33.3% (change since February 2016)

Downtown VW: 56 | -44.0% (change since February 2016)

West End: 31 | -26.2% (change since February 2016)

Yaletown: 33 | -8.3% (change since February 2016)

 

 

New Listings of Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 10 | -37.5% (change since February 2016)

Downtown VW: 31 | -53.7% (change since February 2016)

West End: 16 | -61.0% (change since February 2016)

Yaletown: 40 | 0.0% (change since February 2016)

 

 

Total Sales of One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 11 | -21.4% (change since February 2016)

Downtown VW: 52 | -40.9% (change since February 2016)

West End: 30 | -3.2% (change since February 2016)

Yaletown: 28 | +7.7% (change since February 2016)

Total Sales of Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 12 | -33.3% (change since February 2016)

Downtown VW: 30 | -36.2% (change since February 2016)

West End: 17 | -37.0% (change since February 2016)

Yaletown: 25 | -30.6% (change since February 2016)

 

 

Sales to Active Listings Ratio for One bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 0.786 | -49.5% (change since February 2016)

Downtown VW: 0.825 | -40.0% (change since February 2016)

West End: 1.111 | +54.1% (change since February 2016)

Yaletown: 0.875 | -32.7% (change since February 2016)

Sales to Active Listings Ratio for Two bedroom condos in downtown Vancouver in February 2017 (see graph below)

Coal Harbour: 0.500 | -8.3% (change since February 2016)

Downtown VW: 0.508 | -41.6% (change since February 2016)

West End: 0.531 | -9.5% (change since February 2016)

Yaletown: 0.510 | -43.3% (change since February 2016)

 

In conclusion, prices for both one and two bedroom condos are up across all four downtown neighbourhoods. The inventory is still at very low levels. One bedroom condo market as well as two bedroom condo market in downtown are seller markets.

CMHC Mortgage Insurance Rates Are Going UP This Spring

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interest rate increase

On January 17th 2017, CMHC mortgage insurance agency announced that their mortgage insurance premiums will be increasing starting March 17, 2017.

Over the past 2 years we have seen a number of changes to the mortgage borrowing regulations.  This CMHC insurance premiums increase is another change to mortgage borrowing process and rules.

According to the CMHC agency an average increase in premiums for the homeowners will be insignificant. Roughly $5 per months increase on average.

However, this increase will vary significantly depending on the mortgage amount. Home-buyers who have a $250,000 mortgage will see a $4.70 per month increase.  Average Canadian insured mortgage is about $245,000. The monthly increase in premiums on mortgages of $150,000 will be $2.82.

In Greater Vancouver, home-buyers are very likely to see higher average payment increases, as the average mortgage in the region is above that of the Canadian average. The CMHC said that the increase on loans of $450,000 would be $8.47 per month, and nearly $16 for those with insured mortgages of $850,000.

cmhc premiums increase chart 2017

Roughly two-thirds of home-buyers with a CMHC-insured mortgage have down-payments of less than ten per cent. For most new home-buyers the monthly payment increase will be “negligible,” said Steven Mennill, CMHC’s senior vice-president of insurance.

Steven Mennill said, “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home. Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.”

The CMHC’s statement said, “Capital requirements are an important factor in determining mortgage insurance premiums. The changes reflect OSFI’s new capital requirements that came into effect on January 1 of this year that require mortgage insurers to hold additional capital. Capital holdings create a buffer against potential losses, helping to ensure the long term stability of the financial system.”

From my experience this increase in the CMHC insurance premiums should not have any significant impact on the Metro Vancouver real estate market. I think that first-time home-buyers are the ones who most likely be effected by these CMCH premiums increase.

3 things you NEED to know about your 2017 B.C. property assessment

Oleg For Buyers, For Sellers, News, Tips

 

A few days ago homeowners all over Lower Mainland have received their 2017 Property Assessments. Single-family homeowners have seen an increase of 30 to 50 per cent in one year. Most condo owners in Metro Vancouver have also seen major increases of 15 to 30 per cent.

Every year B.C. Property Assessment come out I get a ton of questions from my clients. I thought I’d be easier to write a blog post about it.

Here are things you need to know about your 2017 property assessments.

  1. Even though Property Tax Assessment are sent out in January of the new year the assessed value is as of July 1 of the previous year. Your 2017 tax assessment roughly estimates how much you could have sold your property for on July 1, 2016. Whatever market changes happen after July 1, 2016 will be factored into your 2018 tax assessment. Unfortunately, most of the Metro Vancouver home prices have decreased since July (See my Vancouver Housing Breakdown for Dec 2016 here).
  2. Assessments and tax increases are not a linear relationship. Your property increasing in value by 40% based on the tax assessment doesn’t mean that your property taxes will be 40% higher. There is something called mil rate.  The mill rate is a factor which goes up and down to even out the price fluctuations.  The mill rate (factor) is multiplied by the value of the home to achieve the taxes that the city deems it needs.    The City uses this factor to achieve the rate increases to pay for their budget.  Usually 3-5% per year.  Your taxes will be very close to the amount that the city has earmarked.
  3.  Typically your tax assessments are 10-15% lower than the actual value of the property. That’s done for a reason. City Halls all over Lower Mainland don’t want to have angry homeowners at their footsteps demanding their property assessments to be lowered. However, due to the decrease in home prices in recent months your 2017 tax assessment might be very accurate.

In conclusion, huge increases in B.C. property assessments don’t necessarily mean huge property tax increases for the homeowners. No need to panic. Based on the changes in the real estate market most property assessments are outdated.

DOWNTOWN Vancouver One Bedroom Condo Market Update – Dec 2016

Oleg First time buyers, For Buyers, For Sellers, Market update, News, Statistics

downtown apartment building

Happy New Year, guys! Here is a detailed breakdown and market statistics for one bedroom condo units in downtown Vancouver in December 2016. In this breakdown I will only focus on resale units. No new construction. Statistics include 1 bedroom condo and apartment units.  Two or more bedrooms units are excluded. Townhouses are excluded from this breakdown as well.

Average Sales Price of one bedroom condo units in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: $661,975 | -6.7% (change since December 2015)

Downtown VW: $613,295 | +27.5% (change since December 2015)

Yaletown: $700,052 | +30.1% (change since December 2015)

West End: $460,850 | +10.8% (change since December 2015)

Huge increase in the average sales price in Yaletown and Downtown VW. However, for the first time in a while we see a decline in the average sales price in Coal Harbour. Coal Harbour is almost 7% down as compared to December of last year. It’s too early to tell if the average sales price drop is something serious or just a fluctuation in the market.

Average Percent to Original Price one bedroom condos in downtown Vancouver sold for in December 2016 (see graph below)

Coal Harbour: 96.4% | -5.1% (change since December 2015)

Downtown VW: 98.3% | -2.5% (change since December 2015)

Yaletown: 97.2% | -2.4% (change since December 2015)

West End: 101.1% | +2.2% (change since December 2015)

Nothing surprising here. One bedroom condo and apartment units in downtown Vancouver are usually selling for anywhere between 5-7% under the original asking price. Of course summer and spring of this year was an anomaly; we’ve seen downtown condos selling for 5-8% over the original asking price.

 

Average Price Per Square Foot for one bedroom condos in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: $1,021 | +10.1% (change since December 2015)

Downtown VW: $932 | +20.9% (change since December 2015)

Yaletown: $1,000 | +20.3% (change since December 2015)

West End: $752 | +6.5% (change since December 2015)

For the fist time average price per square foot in Yaletown has reached a $1000 mark.

 

Total Inventory of one bedroom condos for sale in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: 8 | -11.1% (change since December 2015)

Downtown VW: 36 | +20.0% (change since December 2015)

Yaletown: 20 | +42.9%(change since December 2015)

West End: 29 | +16.0% (change since December 2015)

We see unusually low inventory numbers of one bedroom condo units on sale in downtown Vancouver. The total inventory numbers are well below the 10 year average.  Strong buyer demand and the lack of inventory could cause the prices to keep increasing in 2017.

 

New Listings of one bedroom condos for sale in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: 3 | 0.0% (change since December 2015)

Downtown VW: 19 | -29.6% (change since December 2015)

Yaletown: 11 | -8.3% (change since December 2015)

West End: 5 | -58.3% (change since December 2015)

Very low number of new listing on the market this December. Although, it is not unusual for December to be a slow month for the new listings.

 

Total number of one bedroom condos sold in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: 8 | 0.0% (change since December 2015)

Downtown VW: 40 | +11.1% (change since December 2015)

Yaletown: 17 | -15.0% (change since December 2015)

West End: 14 | -46.2% (change since December 2015)

Most likely due to the low inventory levels, lack of new listings and the slower nature of December real estate market there were fewer sales.

 

Sales to Active Listings Ration of one bedroom condos in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: 1.000 | +12.5% (change since December 2015)

Downtown VW: 1.111 | -7.4% (change since December 2015)

Yaletown: 0.850 | -40.5% (change since December 2015)

West End: 0.483 | -53.6% (change since December 2015)

Downtown remains a very strong “sellers” market with almost no back inventory.

In conclusion, average sales price for one bedroom condos in downtown is still going up. Record high price per square foot numbers and low inventory levels. It is still very much a “sellers” market although on average units are selling for 4-5% under the original asking price.

Comment below if you found this information useful. 

* all of the statistics used in this breakdown were taken from the Real Estate Board Of Greater Vancouver