BC Home Sales Turn Higher, Inventories at 20-Year Low – BCREA

The British Columbia Real Estate Association (BCREA) reports that a total of 9,865 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, down 23.9 per cent from the same period last year. Total sales dollar volume was $7.19 billion, down 25.4 per cent from April 2016. The average MLS® residential price in the province was $728,955, a 2 per cent decrease from the same period last year.

“BC home sales are on an upward trend this spring, led by a sharp increase in consumer demand in the Lower Mainland,” said Cameron Muir, BCREA Chief Economist. The seasonally adjusted annual rate (SAAR) of home sales was over 106,000 units in April, significantly above the five-year SAAR for April of 89,000 units.

The supply of homes for sale declined 17 per cent from April 2016. On a seasonally adjusted basis, active residential listings have declined 50 per cent since 2012 and are now at their lowest level in over 20 years. The imbalance between supply and demand is continuing to drive home prices higher in most regions, further eroding affordability.

Year-to-date, BC residential sales dollar volume was down 31.8 per cent to $21.3 billion, when compared with the same period in 2016. Residential unit sales declined 25.0 per cent to 30,757 units, while the average MLS® residential price was down 9.2 per cent to $692,220.

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

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Market Summary Feb 2016


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.

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Summer Video Updates

It’s early summer in Vancouver, and here’s the latest overview of the market from Nicholas Meyer. The following two videos cover both the real estate market and the market for condo rentals here in Vancouver BC.
Please contact Nic for further info.

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BCREA Home Sales Report March 2013

This just in from the BCREA:

Vancouver, BC  April 15, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 5,661 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during March, up 6.6 per cent from February on a seasonally adjusted basis, but down 17.7 per cent compared to March 2012. Total sales dollar volume was down 18.5 per cent to $3.06 billion. The average MLS® residential price in the province was $540,662, up 2 per cent from February, but down 1 per cent from a year ago.
“BC home sales in March posted the largest seasonally adjusted month-to-month increase since January 2011,” said Cameron Muir, BCREA Chief Economist.”However, homes sale per capita continue to remain near a cyclical low, suggesting that pent-up demand may be beginning to grow in the housing market.”
Year-to-date, BC residential sales dollar volume declined 22.1 per cent to $7.2 billion, compared to the same period last year. Residential unit sales dipped 18.8 per cent to 13,572 units, while the average MLS® residential price was down 4.0 per cent at $530,435.

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Year End Housing Market Update – REBGV

Latest overview of the past year from the Real Estate Board of Greater Vancouver, with with REBGV president Eugen Klein.

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BCREA: “BC Home Sales Pulled Lower by Vancouver/Fraser Valley”

Here’s the latest:

Vancouver, BC  December 13, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 24.6 per cent to $2.3 billion in November compared to the same month last year. A total of 4,680 MLS® residential unit sales were recorded over the same period, down 17 per cent from November 2011. The average MLS® residential price was $480,861, down 9.1 per cent from a year ago.

“A slower pace of consumer demand in Vancouver and the Fraser Valley contributed to fewer home sales province-wide in November,” said Cameron Muir, BCREA Chief Economist. “While more stringent mortgage credit regulations for low equity borrowers have squeezed some buyers out of the market, the broader slowdown may be a pre-cursor to more elevated activity in 2013, resulting from pent-up demand.”

Year-to-date, BC residential sales dollar volume declined 18.7 per cent to $33.3 billion, compared to the same period last year. Residential unit sales declined 11 per cent to 64,626 units, while the average MLS® residential price was 8.6 per cent lower at $515,611.

From BCREA

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Nicholas Meyer’s Real Estate Market News Nov. 2012

Nicholas Meyer of Downtown Suites gives an overview of the current real estate market for investors.

For more information, or to discuss your current portfolio, please contact Nicholas directly.

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BCREA 4th Quarter Housing Forecast, 2012

HOME SALES FORECAST TO GROW IN 2013!

The British Columbia Real Estate Association (BCREA) released its 2012 Fourth Quarter Housing Forecast on October 26, 2012

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 9.8 per cent to 69,200 units this year, before increasing 8.3 per cent to 74,920 units in 2013. The fifteen-year average is 79,000 unit sales, while a record 106,300 MLS® residential sales were recorded in 2005.

“Despite stronger consumer demand in the interior, BC home sales will fall short of last year’s total,” said Cameron Muir, BCREA Chief Economist. “A moderating trend in Vancouver has recently been exacerbated by tighter high-ratio mortgage regulation. The resulting decline in purchasing power has squeezed some potential buyers out of the market. However, strong full-time employment growth, persistently low mortgage interest rates and an expanding population base point to more robust consumer demand in 2013.”

“While the average MLS® residential price is forecast to decline 7.6 per cent to $518,600 this year, the change is largely the result of luxury home sales returning to more normal levels after an unusually active 2011,” added Muir. In addition, the Lower Mainland’s share of provincial home sales is expected to decline to 57 per cent this year from 62 per cent in 2011.The average MLS® residential price in BC is forecast to edge up 0.7 per cent to $522,000 in 2013.

For full info, go to the BCREA site.

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Video showing of Gastown loft for sale

Nicholas Meyer’s video showing takes you through the condo – this suite has great rental potential!

Also check out the Downtown Suites Sales site for an interactive 360 tour as well!

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Buying in Vancouver BC

Link to our Sales site here.

Following is a transcript of the video on Buying in Vancouver, with Nicholas Meyer.

Hi, this is Nicholas Meyer. Thank you very much for taking the time to look at our video, and to try and think about how we can help you with an acquisition of a property in Vancouver.

We are definitely the company to come and see if you’re interested in purchasing a condominium in the downtown area.  We are among the four foremost company in that field, we’re leaders in the field in actual fact, and we’ve got a very, very long background, a deep background in this.

We know most of the buildings. We’ve been managing in them, or owning in them, or selling them, for many, many years now. I’ve been in the business for over twenty-five years, and have seen the business in this area change tremendously as we’ve experienced so much growth in Vancouver. But we’ve managed to keep pace with it, we know the good places, the bad places, we know all different areas, inside and out.

I was one of the original people to start selling condos in Vancouver, actually.  And there were only about three or four of us, believe it or not, in the early 1980s. Now, I think one of them’s still around, and the other two, I don’t see them anymore, they’ve gone on to greener pastures.  Obviously, there were a couple of others, but we were the only proponents, it’s funny enough.  Now, of course, there are hundreds of thousands of listings down here.  There were only four concrete buildings, at one point, but I’m digressing.

How can we help you? First of all, we’d have a consultation: phone me, e-mail me, we can discuss things, we can find out exactly how we can help you, and point you in the right direction, find out how much you want to invest.  What sort of down payment you have, whether you’ve got your financing.

I’ve got very good contacts, with senior managers and so forth, in the major financial institutions here, I know mortgage brokers, I know the good places to go for the notarizing, conveyancing, all of these things.  So, basically, when you come to deal with us, all these resources have been put at your disposal.  And we can help you with everything: building inspections, and, like I say, just from background knowledge.

We would have a discussion, no pressures whatsoever, just find out who you are, we’re not looking for business, particularly, we’re quite comfortable, we’d like to do some business to create some new friendships, and new associations. Most of our clients have been with us for many, many years.  We buy and sell for them, we have acquisitions, and we do dispositions, as necessary for their portfolios.

Always looking for new clients, though, and hopefully, we can work with you, and we very much look forward to assisting you with that.  So, the first part of the process is, as I’ve just mentioned, to have a chat, and see where that goes.

Next thing is, once we’ve identified what it is you’re looking for, and the price point, and the kind of property you’re looking for, we could do an automatic search for you, on the MLS, on our multiple listing service. And that would mean, as soon as a property gets listed, you would immediately get notification of it, on the same day.  So, that way, you’re always up-to-date with all the new product that’s coming on.

Once you decide you want to do, want to move forward with this, you’d like to see some property, and to discuss further, we can have a meeting in the office here, or I would make sure we have one of our associates show properties for you. I’m always involved in the buying process, always here to give you my many years of experience, and to consult with you on what is the best move for you.

I always make sure I have a thorough market analysis of what the properties are listing for, and what comparable sales have been.  That way, you know. The most important thing when you are buying, is to buy right. You make money when you buy, as long as you make a good, sound decision when you buy. And you don’t have to worry about later on, because properties always appreciate, always maintain their values,  but to make sure that you buy at the right price at the beginning is paramount.

So, we’d help you do that. And then, hand-hold you through all the buying processes. If you’re not from BC, we can help you with all the non-resident details. There’s nothing really to be concerned about here, we’re open for business in British Columbia, and we’re very happy to have people come here and buy real estate, and there’s no restrictions whatsoever on people owning here.

So it’s a very simple process, I’ll guide you through that.  If you need accounting, our in-house accountants will help you as well.

Thank you very much to take the time to view this video, and hopefully, it’s just a little brief introduction to the tip of the iceberg as to what our services are. Just to let you know, we are always here for you, and we provide a very personalized and thorough service.  You can trust us, we’ve been in business a long time, we own our offices here, we’re not carpet baggers, we’re seriously in the business of selling and managing people’s portfolios, here in downtown Vancouver.

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