The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale,” said Cameron Muir, BCREA Chief Economist. “The supply of homes for sale in the province has fallen 50 per cent over the past five years.”

“The entire southern portion of the province is experiencing a shortage of housing supply, which makes continuing upward pressure on home prices inevitable, at least in the near term,” added Muir. Total active listings in the province were down 11.1 per cent to 28,404 units from May 2016. The ratio of home sales to active listings was well over 20 per cent in nine of the province’s 11 real estate boards, and over 50 per cent in Vancouver, the Fraser Valley, Chilliwack and Victoria.

Year-to-date, BC residential sales dollar volume was down 25.2 per cent to $30.6 billion, when compared with the same period in 2016. Residential unit sales declined 20.1 per cent to 43,158 units, while the average MLS® residential price was down 5.7 per cent to $709,541.

For the complete news release, including detailed statistics, click here.

REBGV President Jill Oudil gives an overview of the May housing market and looks at the year-over-year differences in our market.

Metro Vancouver home buyers set a record pace in February. Watch for a summary of the February housing market and a look at what it means to be a home buyer in a seller’s market.
Latest stats from REBGV.

BC Real Estate Association (BCREA) Economist Brendon Ogmundson discusses the January 2016 statistics.

Vancouver, BC – Februay 12, 2016. The British Columbia Real Estate Association (BCREA) reports that a total of 5,831 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 33.2 per cent from January of last year. Total sales dollar volume was $4.39 billion in January, up 69.1 per cent compared to the previous year.

The average MLS® residential price in the province was up 26.9 per cent year-over-year, to $752,906.

“The BC housing market continues to build on momentum from a very strong 2015,” said Brendon Ogmundson, BCREA Economist. “Heightened demand is being met with the lowest level of supply in a decade, resulting in increased pressure on prices in much of the province.”

The housing market has seen a blistering start to 2016, with housing demand supported by low mortgage rates and rising employment and wage growth in the province. However, MLS® residential sales are forecast to edge lower this year. Total MLS® sales last year were the third highest on record at 102,517. A record 106,310 residential unit sales were recorded in 2005, while the only other year eclipsing 2016 were 2007 when 102,805 unit sales were recorded.

Thanks to BCREA for this update

Newsworthy info for our clients and owners regarding the new Civil Resolution Tribunal – this update courtesy of the BCREA Connections Advocacy Newsletter.

It’s been under development for some time, and now the Civil Resolution Tribunal (CRT) is really starting to take shape. The CRT is a long-awaited voluntary mechanism to resolve many strata and small claims disputes.

The CRT is scheduled to launch in 2015, and will be available 24/7 online. High-level descriptions of the process and the tools that will be available are offered on the new CRT website, which debuted in November: www.civilresolutionbc.ca.

Shannon Salter was appointed as Chair of the CRT earlier this year. She is specifically qualified for this position, with her experience as a commissioner of the Financial Institutions Commission, vice president of the British Columbia Council of Administrative Tribunals and vice chair of the Workers’ Compensation Appeal Tribunal.

While the CRT will be able to handle many strata disputes, matters that affect land or that deal with significant issues in a strata complex will be outside of the CRT’s mandate. The Civil Resolution Tribunal will be able to address disputes such as:

• non-payment of monthly strata fees or fines,
• unfair actions by the strata corporation or by people owning more than half of the strata lots in a complex,
• unfair, arbitrary or non-enforcement of strata bylaws (such as noise, pets, parking, rentals),
• issues of financial responsibility for repairs and the choice of bids for services,
• irregularities in the conduct of meetings, voting, minutes or other matters,
• interpretation of the legislation, regulations or bylaws, and
• issues regarding the common property.

BCREA has supported alternative dispute resolution since 2010, and congratulated the provincial government in 2012 when the legislation was passed. The Association believes the CRT will provide strata owners and renters with an affordable way to settle disagreements and help improve compliance with the Strata Property Act.

Here’s the latest news release from (BCREA) British Columbia Real Estate Association:

Housing Market Ends Year in Balanced Conditions

Vancouver, BC – December 12, 2014. The British Columbia Real Estate Association (BCREA)
reports that a total of 5,972 residential unit sales were recorded by the Multiple Listing Service®
(MLS®) in November, up 8.8 per cent from November 2013. Total sales dollar volume was $3.4
illion, an increase of 12.1 per cent compared to a year ago. The average MLS® residential price
in the province rose to $574,694, up 3.1 per cent from the same month last year.

“BC home sales were robust in November,” said Cameron Muir, BCREA Chief Economist. “Improving economic conditions, strong consumer confidence and persistently low mortgage interest rates are providing a solid foundation for elevated consumer demand.”

“Market conditions have improved province wide, with most regional markets now in the mid to high range of a balanced market,” added Muir.

Year-to-date, BC residential sales dollar volume was up 22.1 per cent to $44.8 billion, compared to the same period last year. Residential unit sales were up 15.3 per cent to 78,973 units, while the average MLS® residential price was up 6.0 per cent at $567,292.

Link HERE for more details.

As Members of the BCREA, we are grateful for their ongoing reports and statistics keeping us up to date while tracking the Vancouver Real Estate Market.

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Yes, this is the beautiful city of Vancouver!

Every week clients ask me whether they should rent their suite furnished or unfurnished. Our answer, based on our experience of renting suites and condos for clients both furnished and unfurnished, is still the same.

Just do the math and you will see that it is much less trouble and less worry to rent unfurnished and the bottom line will probably be better too!

At Downtown Suites, we have recommended to our clients that they only rent on an unfurnished basis.Downtown Suites Ltd is not adding any more furnished suites to its portfolio.The factors that have led to this decision described in this video and listed below.

Furnished:

• Require a capital investment of approximately $15k on average to outfit a suite. No, your old basement furniture will not do!
• Annual replacement of linens, regular carpet cleaning costs and painting touch up of the suite
• There is a lot of competition!
• Expect at least 30-40% vacancy.
• Other owners do not like their residence building being a hotel.
• Many buildings now require a move-in fee even if it is only a suitcase being moved!
• Many buildings have a minimum tenancy period, i.e. 3-6 months
• Full utility package including telephone, cable, internet, heat and light must be paid by owner whether tenant occupied or not.
• Extra cleaning costs. The suite has to be cleaned after every move out this is the owners responsibility (have you ever been to a hotel and asked to clean up after yourself?!) Cleaners are expensive minimum $40 per hour now for a team of two.
• Many guests will require weekly cleans at owners cost
• Almost no screening, basically all that is required is a valid credit card for a $500 hold to be put on it. Of course with credit card fraud being so abundant who knows if it really is their card!
• Further to the above, almost all of our problem tenants have been in furnished situations.
• Charge back of credit card discount fee of 3% per transaction.
• Commission charged by Downtown Suites Ltd is 20% of gross rent (Remember there is much more turn over, reservation inquiries, move in procedures and customer service than with a conventional rental).

Unfurnished:

• One year lease, 100% occupancy
• Full credit, employment and reference check
• Commission is 8% of gross rent (minimum of $100 to a maximum of $250 per month)
• Half a months rent charged for placing tenants
• Less wear and tear

The info in this video explains more:

Housing Market Picking Up Steam
BCREA 2013 Third Quarter Housing Forecast Update

Vancouver, BC  August 22, 2013. The British Columbia Real Estate Association (BCREA) released its 2013 Third Quarter Housing Forecast Update today. For more info, Link here to BCREA.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 3.9 per cent to 70,300 units this year, before increasing a further 6.1 per cent to 74,600 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

“After a marked pull back of consumer demand in 2012, the housing market is now transitioning to more elevated home buying activity,” said Cameron Muir, BCREA Chief Economist. “However, the effect of sluggish employment growth this year is expected to spill over into 2014, limiting housing demand to a 6 per cent increase, with total home sales matching the 5 year average.”

“The average MLS® residential price in the province has been revised from remaining unchanged to increasing 3.3 per cent to $531,700 this year. A stronger than expected decline in the inventory of homes for sale has created balanced market conditions in the Lower Mainland, causing home prices to align more closely with overall consumer price inflation,” added Muir. The average MLS® residential price in BC is forecast to increase 2.2 per cent to 543,400 in 2014.

The Real Estate Board of Greater Vancouver just released this Housing Market Update for July 2013 with REBGV president Sandra Wyant.