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" It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.” – Theodore Roosevelt


We are all in the arena right now, and it is going to take the work of us all to come through what we are fighting today. Understanding compassion and humility will never be as important as it is during...

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"It's not whether you get knocked down, it's whether you get up. – Vince Lombardi

 


We will get back up! Considering the extent of lock down, the momentum of what March started certainly carried over into April. While sales were down and new listings were down, there was still participation in the market as Realtors found ways to present properties virtually and look at ways to ensure socially distanced showings could happen if necessary. Buyers were there and continue to be, with multiple offers occurring, even as of last week.


There were 1,119 homes sold of all types in Greater Vancouver in April this year compared with 2,562 homes sold last month, 1,850 sales in April last year and 2,631 homes sold in April 2018. Sales and listings were well below the ten-year average but actually higher than in November and December 2008 and January 2009, all three months below 1,000 homes sold. The last two weeks of April showed home sales average 48 per day compared with 138...

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"Our patience will achieve more than our force” – Edmund Burke

 

Where to begin. This month’s numbers for Greater Vancouver real estate are a tale of what could have been, not so much what will be. The way sales on a given day are counted by the Real Estate Board of Greater Vancouver are by looking at the day when that sale is reported by a real estate company to the Board, regardless of when the date the contract is written. So, there is a time lag between when the contract is written and when it is reported. This will be important in looking at sales figures for March as a degree of that activity came from transactions that were initiated prior to mid-March.


There were 2,562 homes sold of all types in Greater Vancouver in March this year compared with 2,185 homes sold last month, 1,745 sales in March last year and 2,551 homes sold in March 2018. Sales in March were 19 per cent below the 10-year average for the month of March. The number of sales in March were...

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"You can never plan the future by the past.” – Edmund Burke

 

Average is the new up! Vancouver prices have gone up and will rise even more. What seemed like a very exuberant real estate market in Greater Vancouver in February produced an average volume of sales. With multiple offers a consistent theme, less so with detached homes, one would think it was a record month for total number of sales – especially with 42 offers on a house in Kitsilano. But funny, that supply and demand equation still rings true, when there isn’t enough supply to meet the demand, prices shift up and competition occurs.


British Columbia’s finance minister said that she is cautiously optimistic that real estate will become affordable for the average citizen over the next year, even though demand is expected to keep eclipsing supply. Think about that for a second. The number of buyers is increasing more than the number of sellers. What happens when there is scarcity of something?...

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"You may delay, but time will not” – Benjamin Franklin


 

No new supply! That seems to be the cry of government and the opinion of some regarding Metro Vancouver real estate. Let’s talk about what effect this actually has on the market when supply isn’t part of the equation in dealing with the dynamics of our housing market, because affordability definitely isn’t one of the benefits of no new supply. Similar to how the real estate market was acting in the fall, this month multiple offers were happening in the market, except at a much higher occurrence. In fact, there was an apartment in Yaletown that generated 18 offers at the start of February. It’s become the norm not the exception so far in 2020 and to no surprise for those tracking market activity. With apartments and townhouses seeing the bulk of these, it is now creeping into the detached housing market – especially below $1.5M. And why? Supply. There isn’t enough. The number of homes...

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“You must be in tune with the times and prepared to break with tradition.” – James Agee

 

Happy New Year! All the best for a successful 2020 ahead!


In the immortal words of John Lennon – “another year over, and a new one just begun… Let’s hope it’s a good one.” For the third straight year, real estate sales in Metro Vancouver suffered through a collection of government policies aimed at achieving affordability and stability in the market, but achieving neither – in fact, making it worse. Demand has been artificially held in check leading to the start of what is typical in a real estate market, a significant increase in people wanting to make a move into or within the real estate market. And with December sales up 87 per cent compared to the same month last year, it became clear that buyers are engaging.


Attached are the year-end 2019 Sales and Listings Stats in Greater Vancouver. There were 25,681 home sales in Greater Vancouver...

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"You are the sky, everything else is just the weather.” – Pema Chodron 

 

Is this an early present for the Greater Vancouver real estate market? With a continuing free fall in the number of active listings and the number of home sales continuing to be on the rise, perhaps the Grinch hasn’t actually stolen all the thunder from real estate in Greater Vancouver. Attached are the Sales and Listings Statistics updated to the end of November 2019. It has become quite clear over the last five months – buyers are entering the market more so than we’ve seen in the past two years, while many sellers are content to hold on to their homes and not list for sale. Perhaps taxation policies aren’t the answer to affordability in the housing market?


There were 2,546 homes sold of all types in Greater Vancouver in November this year compared with 2,892 homes sold last month, 1,633 sales in November last year and 2,831 homes sold in...

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"People who throw mud lose ground” – Jim Beatty 

 


Average is the new up! And above average could be the start of a new trend in Greater Vancouver real estate. Attached are the Sales and Listings Statistics updated to the end of October 2019. This October in the Greater Vancouver real estate market saw a significant increase in the amount of sales compared to October of last year. Buyers are clearly engaging; some home sellers are still reluctant to sell at today’s prices or are simply not engaging at all and the opportunities seen for buyers earlier in the year are diminishing. And with CMHC coming out recently and saying, “The Metro Vancouver Housing Market will see higher sales and modest price increases over the next two years. Resale activity and house prices are expected to fully recover from the recent decline.” The question of “When will we hit the bottom of the market” looks to have been answered with...

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“The World doesn’t celebrate your similarity but your difference.” — Bernard Kelvin Clive

 

Sales and listings stats are attached as of September 14, 2019. So far in September sales per day in Greater Vancouver are ahead of August of this year and significantly ahead of September 2018. The typical trend is to see sales in September decrease from the amount of sales in August. This month we are likely to see that change. New listings so far in September while above that of August are 13 per cent below the number at mid month in September 2018.  So, while sales are on the increase, new listings are going in the opposite direction and creating more pressure on new listings with the results being multiple offers, albeit with a cautious tone to them. The effect on prices is too early to tell, but this could likely be creating the bottom of the market many have been looking for.


Here is a summary of the activity so far:


Greater Vancouver –1,013...

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"Be You. Bravely and unapologetically” – Anonymous 

 


Attached are the Sales and Listings Stats updated to the end of August 2019. Considering August is traditionally one of the slower months for real estate sales, this August was more active than anticipated. On the supply side, the number of new listings and active listings were down – showing buyers are engaging more than they have and sellers are willing to hold on to their properties. Once again, there is a noticeable increase in demand for homes in August, similar to July, with anecdotal reports of multiple offers and properties that have been on the market for a number of months getting activity and offers. Prices have already come down (despite reports that they are just starting to come down) which has piqued the interest of buyers and allowed some buyers priced out by the mortgage stress test, to come back in to the market.


There were 2,256 homes sold of all types in Greater Vancouver in August this...

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Categories:   Market Update
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.