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SnapStats Sample PDF

  SnapStats Sample PDF

REBGV Market Update for September with all Attached and Detached market statistics with price bands, market analysis and buyers/sellers markets. You can stay on top of the current trends in your neighbourhood.

Real Estate Board of Greater Vancouver Market Update

December 2014


 

Home sales and listings continue to follow historical averages

In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014. This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent increase compared to the 1,760 sales in January 2014.


Last month’s sales total mirrors the 10-year sales average for February of 2,547, with just 17 sales separating the two figures.

The sales-to-active-listings ratio currently sits at 18.9 per cent in Greater Vancouver, a 4.9 per cent increase from last month.

“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president.  “We typically see home buyers become more active in and around the spring months.”


New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700 in February. This represents a 2.8 per cent decline compared to the 4,833 new listings reported in February 2013 and a 12.1 per cent decline from the 5,345 new listings in January. Last month’s new listing count was 0.5 per cent below the region’s 10-year new listing average for the month.


The total number of properties currently listed for sale on the Greater Vancouver MLS® is 13,412, a 9.3 per cent decline compared to February 2013 and a 6.4 per cent increase compared to January 2014.


“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions,” Wyant said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100. This represents a 3.2 per cent increase compared to February 2013.


Sales of detached properties in February 2014 reached 1,032, an increase of 46.6 per cent from the 704 detached sales recorded in February 2013, and a 6.3 per cent decrease from the 1,101 units sold in February 2012. The benchmark price for detached properties increased 3.5 per cent from February 2013 to $932,900.


Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8 per cent compared to the 760 sales in February 2013, and a 1.2 per cent increase compared to the 1,020 sales in February 2012. The benchmark price of an apartment property increased 3.6 per cent from February 2013 to $373,300.


Attached property sales in February 2014 totalled 466, an increase of 39.9 per cent compared to the 333 sales in February 2013, and a 9.9 per cent increase from the 424 attached properties sold in February 2012. The benchmark price of an attached unit increased 0.6 per cent between February 2013 and 2014 to $458,300. 


Download the complete stats package by clicking here. 

 

Additional Real Estate Associated Costs:

 

  • GST - If you buy a newly constructed home, you must pay the 5% GST plus 2% transition tax.
     
  • Property Transfer Tax - When a residence is purchased a Property Transfer Tax (PTT) is applied. The tax is calculated at 1% on the first $200,000 and 2% on the remainder. The First-Time Home Buyers’ Program offers an exemption to the PTT if the fair market value of the residence is $425,000 or less. In all regions there is also a proportional exemption for first-time buyers of homes with a fair market value up to $25,000 above the thresholds.
     
  • Mortgage loan insurance and application fee - If you get a high-ratio mortgage (a mortgage where you pay less than a 20% down payment) you will have to buy mortgage loan insurance from CMHC or a private company. If you qualify for a 5% down payment, CMHC charges an insurance fee that equals 3.25% of the mortgage. If you put 10% or 15% down, your insurance fees will decrease to 2% and 1.75% respectively. The insurance premium usually gets added to your mortgage.
     
  • Appraisal and Survey - Appraisal fee ranges from $150 to $350. Survey fee - The fee ranges from $150 to $350.
     
  • Home Inspection fee - Most REALTORS® recommend that you get a home inspection by a certified home inspector. It will cost you from $150 to $350 for a smaller house. Large houses may cost more.
     
  • Legal fees - Lawyers/Notaries fees for closing the sale range according to the complexity of the deal but they should range from $600 - $1500. Disbursements to Land Titles Office - These fees are approximately $300. Your lawyer/notary will arrange the payment.

"I am committed to going the extra mile to ensure that your needs are successfully met in a professional manner!"

 

- Patti Caldwell


CONTACT ME

Send me a message or give me a call at

604-341-5443
or

patti@patticaldwell.com

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