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Non-residents of Canada own less than five per cent of the housing in the Greater Toronto and Greater Vancouver areas, according to data released today by Statistics Canada.


In a joint project with the Canada Mortgage and Housing Corporation, the data agency weighed into the debate over foreign ownership in the housing market with new numbers.


The subject has been in focus this year as policymakers have begun to grapple with what sort of impact, if any, non-Canadians residents are having on the housing market. Some say a flurry of interest from foreigners is driving up prices, while others suggest the problem is not widespread and focused on small segments of the market.


The two markets examined in the report have implemented rules to crack down on foreign buyers, with Vancouver and then Toronto implementing their version of a foreign buyers tax in the past two years.


For the purposes of the report released Tuesday, Statistics Canada might include Canadian citizens in what it calls "non-residents." To the agency, a non-resident is either a Canadian citizen who no longer lives in the country (but still owns real estate) or a non-citizen who owns property in Canada without living in the country as a primary residence.


The numbers show that whatever impact non-residents are having on the market, it is relatively small. Non-residents owned 3.4 per cent of all residential properties in the Toronto and 4.8 per cent in Vancouver.


It's even smaller for the much-coveted single detached home, where non-residents own 2.1 per cent of them in Toronto and just 3.2 per cent in Vancouver.

 

Condo boom

It's a different story in condominiums, however, as non-residents own a larger chunk. Nearly eight per cent of the condos in the Greater Vancouver area are owned by non-residents. In Toronto, the figure is slightly lower, but still north of seven per cent.


On average, condominiums owned by non-residents are worth 30 per cent more than other ones, which suggests that higher-end dwellings are preferred by non-residents.


The average condo owned by a non-resident in downtown Vancouver was worth $930,600. In downtown Toronto, the average was $439,000.


CMHC has been tracking foreign ownership for a few years via a survey of owners, but the 2017 figures mark the first time Statistics Canada has weighed in on the same topic via a different set of numbers, culled from tax filings and other property assessment and title data.


While the two sets of numbers are slightly different CMHC notes that foreign buyer crackdowns in Toronto and Vancouver have had at least one unexpected impact, in that they appear to be shifting some demand to Montreal.


Non-residents owned 1.1 per cent of condos in the Greater Montreal area last year. This year, that percentage jumped to 1.7 per cent — still low, but an increase off more than 54 per cent in a year.


"The lack of growth in Toronto and Vancouver, combined with the increases in Montreal, indicate the possibility of a shift from these centres after the introduction of foreign buyers taxes in Ontario and British Columbia," said Bob Dugan, CMHC's chief.

 

It's a different story in condominiums, however, as non-residents own a larger chunk. Nearly eight per cent of the condos in the Greater Vancouver area are owned by non-residents. In Toronto, the figure is slightly lower, but still north of seven per cent.


On average, condominiums owned by non-residents are worth 30 per cent more than other ones, which suggests that higher-end dwellings are preferred by non-residents.


The average condo owned by a non-resident in downtown Vancouver was worth $930,600. In downtown Toronto, the average was $439,000.


CMHC has been tracking foreign ownership for a few years via a survey of owners, but the 2017 figures mark the first time Statistics Canada has weighed in on the same topic via a different set of numbers, culled from tax filings and other property assessment and title data.


While the two sets of numbers are slightly different CMHC notes that foreign buyer crackdowns in Toronto and Vancouver have had at least one unexpected impact, in that they appear to be shifting some demand to Montreal.


Non-residents owned 1.1 per cent of condos in the Greater Montreal area last year. This year, that percentage jumped to 1.7 per cent — still low, but an increase off more than 54 per cent in a year.


"The lack of growth in Toronto and Vancouver, combined with the increases in Montreal, indicate the possibility of a shift from these centres after the introduction of foreign buyers taxes in Ontario and British Columbia," said Bob Dugan, CMHC's chief.

 

It's a different story in condominiums, however, as non-residents own a larger chunk. Nearly eight per cent of the condos in the Greater Vancouver area are owned by non-residents. In Toronto, the figure is slightly lower, but still north of seven per cent.


On average, condominiums owned by non-residents are worth 30 per cent more than other ones, which suggests that higher-end dwellings are preferred by non-residents.


The average condo owned by a non-resident in downtown Vancouver was worth $930,600. In downtown Toronto, the average was $439,000.


CMHC has been tracking foreign ownership for a few years via a survey of owners, but the 2017 figures mark the first time Statistics Canada has weighed in on the same topic via a different set of numbers, culled from tax filings and other property assessment and title data.


While the two sets of numbers are slightly different CMHC notes that foreign buyer crackdowns in Toronto and Vancouver have had at least one unexpected impact, in that they appear to be shifting some demand to Montreal.


Non-residents owned 1.1 per cent of condos in the Greater Montreal area last year. This year, that percentage jumped to 1.7 per cent — still low, but an increase off more than 54 per cent in a year.


"The lack of growth in Toronto and Vancouver, combined with the increases in Montreal, indicate the possibility of a shift from these centres after the introduction of foreign buyers taxes in Ontario and British Columbia," said Bob Dugan, CMHC's chief  economist Bob Dugan.


CMHC looked at non-resident ownership levels in 17 of Canada's biggest cities, and in the vast majority of them, the percentages were below one per cent.

 

Provided By: CBC

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 Mortgage Rate Outlook

Canadian mortgage rates rose substantially in 2017 and are forecast to rise further in 2018. After beginning the year at or near historical lows for both the qualifying rate as well as 5-year contract rates, an acceleration of economic growth prompted a shift at the Bank of Canada and a withdrawal of stimulus implemented to help the economy absorb the oil-shock of 2015.


After the hawkish turn by the Bank of Canada, the Canadian 5-year bond yield, the key benchmark for the mortgage qualifying rate, seemed set on a higher trajectory before a slowing economy and the tepid inflation resulted in markets reassessing the likelihood of further rate hikes. The 5-year mortgage qualifying rate now sits at a three-year high of 4.99 per cent, while most lenders offer a discounted rate of 3.24 per cent. Our baseline forecast for 2018 is for those rates to increase to 5.15 per cent and 3.44 per cent, respectively.


One complicating factor will be the impact of new mortgage regulations, which require borrowers with more than 20 per cent equity to qualify at a rate at least as high as the 5-year posted mortgage rate. This will erode purchasing power by as much as 20 per cent, and will likely cause some prospective buyers to delay home purchases. Since non-federally regulated lenders such as credit unions do not need to comply with those regulations, large bank lenders could hold off on raising mortgage qualifying rates to remain competitive.


Economic Outlook
In the four quarters from the second half of 2016 to the first half of 2017, the Canadian economy grew at an average quarterly rate of 3.6 per cent, posting more than 4 per cent growth in the second quarter of 2017. However, in the third quarter, growth slowed to just 1.7 per cent.


Despite a second-half slowdown, the Canadian economy still saw a surge in employment in October and November and will post annual real GDP growth of over 3 per cent in 2017, making it the envy of most advanced economies around the world.


We do not expect that performance to be repeated in 2018, as the effect of higher interest rates and trade disputes present a drag on growth. Those factors are forecast to slow the overall Canadian economy to a still above-trend 2.2 per cent growth next year. As relatively strong growth continues to erode slack in the economy, inflation should return to its 2 per cent target by the end of next year. 

 

Interest Rate Outlook
Despite strong economic growth, Canadian inflation remains subdued. The argument for a more hawkish approach from the Bank of Canada relies on two factors.


Firstly, that the elimination of unused capacity in the economy, generally referred to as the output gap, is inflationary. Therefore, an economy operating at or above capacity, as the Canadian economy is projected to do, should see rising price pressure. That view is supported by statistical evidence, though inflation has been well anchored due to the success of inflation targeting.


Secondly, the Bank’s framework for monetary policy is built upon setting interest rates at a “neutral” level to stabilize consumer price inflation around the Bank’s 2 per cent target. Since the Bank’s policy rate is currently 200 basis points below its estimate of “neutral,” there is an upward tilt to the Bank’s bias. That is, all else equal, the Bank would prefer to see interest rates “normalize” to a higher level over the medium term.


Still, there are significant risks to the downside for the Canadian economy over the next year. Elevated household debt presents a challenging tight-rope for monetary policy, as rates rising too quickly could have substantial and widespread consequences. Moreover, forthcoming restrictions on mortgage qualifying will already have a dampening impact on housing demand, which should also factor into the Bank’s thinking on monetary policy. Weighing those risks against expectations of a closing output gap and inflation slowly moving toward 2 per cent over the next year, the Bank may still find just enough reason to raise the its target rate once or twice in 2018.

 

Mortgage Rate Forecast is published quarterly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information. 

 

 

 

 

 

 

 

 

 

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The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4 per cent from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1 per cent from November 2016. The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.



“November was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics.”

BC employment increased 3.8 per cent over the last 12 months, totaling over 90,000 jobs. Over the same period, average hourly wages in the province climbed 5.7 per cent to $26.82. Against this backdrop, a large cohort of millennials is entering their householdforming life stage. In addition, some buyers are likely completing purchases now in advance of tighter conventional mortgage qualifications, scheduled for the new year.

Year to date, BC residential sales dollar volume was down 6.8 per cent to $69.4 billion, when compared with the same period in 2016. Residential unit sales declined 8.8 per cent to 98,024 units, while the average MLS® residential price increased 2.2 per cent to $708,150.

 

November 2017 Year-to-Date BC Residential Multiple Listing Service® Data by Board

 

Board

Dollar Volume (000s)

Unit Sales

Average Price

 

2017

($)

2016

($)

% change

2017

2016

%

change

2017

($)

2016

($)

% change

BC Northern

1,116,733

1,032,551

8.2

4,064

3,913

3.9

274,787

263,877

4.1

 

Chilliwack

 

1,753,122

 

1,649,517

 

6.3

 

3,779

 

4,141

 

-8.7

 

463,912

 

398,338

 

16.5

Fraser Valley

14,108,655

15,060,014

-6.3

20,166

22,179

-9.1

699,626

679,021

3

 

Greater Vancouver

 

35,587,460

 

39,931,484

 

-10.9

 

34,535

 

39,137

 

-11.8

 

1,030,475

 

1,020,300

 

1

 

Kamloops

 

1,148,927

 

1,046,192

 

9.8

 

3,160

 

3,037

 

4.1

 

363,585

 

344,482

 

5.5

Kootenay

962,231

789,734

21.8

3,135

2,794

12.2

306,932

282,654

8.6

 

Okanagan Mainline

 

4,266,624

 

4,425,355

 

-3.6

 

8,594

 

9,583

 

-10.3

 

496,465

 

461,792

 

7.5

Powell River

119,342

113,483

5.2

380

398

-4.5

314,058

285,133

10.1

 

South Okanagan

 

932,133

 

856,120

 

8.9

 

2,324

 

2,353

 

-1.2

 

401,090

 

363,842

 

10.2

Northern Lights

98,525

57,909

70.1

401

249

61

245,697

232,566

5.6

 

Vancouver Island

 

4,078,940

 

3,873,692

 

5.3

 

9,450

 

10,106

 

-6.5

 

431,634

 

383,306

 

12.6

Victoria

5,243,005

5,623,357

-6.8

8,036

9,600

-16.3

652,440

585,766

11.4

 

Provincial Totals*

 

69,415,691

 

74,459,408

 

-6.8

 

98,024

 

107,490

 

-8.8

 

708,150

 

692,710

 

2.2

* Numbers may not add due to rounding

 

BCREA is the professional association for about 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

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Fresh data on foreign investment in Toronto and Vancouver, Canada's largest cities, will be released next week in a move economists hope will shed light on what is driving demand - and a potential bubble - in the country's housing market.


While the Canada Mortgage and Housing Corp has said foreign investment accounts for only about 10 percent of sales activity, policymakers and voters alike have seized on the issue has a driving force behind precarious markets in both cities.


Statistics Canada's C$39.9 million, five-year project to better measure the market - using land registries and tax records, among other data - will kick off on Dec. 19 with the foreign investment data for Toronto and Vancouver, which together account for about 50 percent of home sales by value.


"It's a good thing that this is coming, but it would have been better to have it years ago. Government policy has been reactive, whether they had evidence or not to base a reaction on," said David Madani, senior economist with Capital Economics.

a tree next to a tall building: FILE PHOTO - A crane towers over a condominium construction site in Toronto© REUTERS/Chris Helgren/File Photo FILE PHOTO - A crane towers over a condominium construction site in Toronto


The most obvious example of policy made without proof of a need for it is the 15 percent foreign buyers' tax, levied in Toronto and Vancouver in 2017 and 2016, respectively, by provincial governments under pressure to do something about soaring housing prices.


While the tax initially dampened sales in both Toronto and Vancouver, demand has came trickling back, confirming the conviction of those who said foreign buyers were never behind the housing boom.


"We assume it is foreign ownership ... increasing the price of housing, but is it true? The big questions are still there, we don't know and until we get proper data, we are not quite sure," said Anik Lacroix, an assistant director at Statistics Canada who is leading the project.


While the unknowns of foreign buyers is the highest-profile gap in the data, Lacroix hopes to tackle many others, including where buyers get their downpayments, how many homes are vacant, how much demand comes from investors and speculators and how much prices have actually been rising.


With much of the current data coming from the real estate industry, official data will help government and regulators better manage the market.


Ben Williams, director of housing indicators and analytics at the CMHC said there is no silver bullet that will answer all the questions on housing, but they are braced for high expectations as the new data starts rolling out.


Privided by: Andrea Hopkins for MSN Money 

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The trend in housing starts was 226,270 units in November 2017, compared to 216,642 units in October 2017, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

 

“The trend in housing starts reached its highest level in almost 10 years this November, reflecting a second consecutive increase in multiple starts,” said Bob Dugan, CMHC’s chief economist. “This largely reflects construction of multiple units in Toronto, where evidence of overbuilding is low due to the decreasing inventory of completed and unabsorbed multiple units and strong demand.”

Monthly Highlights

St. John’s

Total housing starts increased in November due to a notable increase in the multiple segment. The shift from single-detached to multiple housing starts has been driven by millennials and first-time buyers seeking lower priced alternatives in an uncertain economic environment. In fact, year-to-date housing starts are trending 12% lower than in 2016.

Trois-Rivières

The trend in housing starts in the Trois-Rivières CMA, although down from a year earlier, remained high in November. Overall, the renewed growth in starts observed since the beginning of the year has been mainly attributable to an increase in activity in the rental housing segment. This gain has been supported in part by demand from older households, who will in fact continue to have an impact on this market over the coming years.

Sherbrooke

The slight downward trend in housing starts that began a few months ago in the Sherbrooke CMA continued in November 2017. The slowdown in activity observed since the beginning of this year has been due to decreases in the rental apartment and condominium segments. In fact, the rental housing vacancy rate remains high and inventories of condominiums for sale are still sizable. However, starts of freehold homes stayed stable supported by strong employment among people aged 25 to 44.

Toronto

Total housing starts in the Toronto Census Metropolitan Area (CMA) trended higher in November 2017. Multiple-family dwelling starts trended significantly higher and contributed to the overall increase. Given escalating house prices of single-detached homes, more homebuyers continued to shift demand towards lower priced condominium apartments and townhomes. Higher sales of pre-construction condominium units in the past two years will continue to break ground throughout this year resulting in more condominium apartment starts.

Guelph

Guelph builders started 269 homes in November, significantly higher than the 62 homes started a year ago. This increase was due to the jump in apartment starts which are above the ten-year average in response to strong demand from downsizing seniors, young households, immigrants and students. The rental market in Guelph is tight with a vacancy rate of 1.2%. The strong demand for rental apartments has translated into more apartment starts. Single-detached and townhouse starts are lower this year. Fewer low-rise new home sales this year have translated into lower starts.

Kitchener-Cambridge-Waterloo

Kitchener-Cambridge-Waterloo builders started 658 homes in November, significantly higher than the 222 homes started a year ago. For the first eleven months of 2017, single-detached starts are lower, while starts for townhouses are up 51% and for apartments, 26%. Demographics are playing a role in new home construction as there has been a shift to smaller households. One-person households, couples without children households and lone-parent households are increasing at a much faster pace than couples with children households which stimulates demand for affordable options such as townhouses and apartments.

London

Total housing starts in London CMA posted one of the highest levels ever recorded for the month of November. Strong population growth and a low supply of resale home listings have strengthened demand for new single-detached homes – resulting in a thirteen year high for single-detached starts during the month of November. In addition, stronger rental demand this year indicated by the lowest vacancy rate in London CMA since 2001, has already led to a higher number of apartment starts this year than the annual record set in 2016.

Regina

The trend in total housing starts declined in November after both single-detached and multi-family construction trended lower from the previous month. However, year to date, actual new home starts in Regina were 32% higher than in the same period of 2016. This is as a result of the strong surge in residential construction led by a 55% increase in multi-unit production. On balance, improving labour market conditions and continued population growth are supporting new home demand in Regina this year.

Vancouver

Seasonally adjusted monthly starts in the Vancouver CMA were lower in November mostly due to a pullback in apartment starts as the construction sector remains at full capacity. Fewer multi-family condo and rental projects are getting underway in the City of Vancouver, Richmond, and on the North Shore, meanwhile, Burnaby and New Westminster have observed higher multi-family starts so far in 2017, relative to the same period last year.

 

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of Canada’s housing market. In some situations analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next.

 

The standalone monthly SAAR of housing starts for all areas in Canada was 252,184 units in November, up from 222,695 units in October. The SAAR of urban starts increased by 14.4 per cent in November to 235,412 units. Multiple urban starts increased by 16.9 per cent to 175,016 units in November. Single-detached urban starts increased by 7.5 per cent, to 60,396 units.

 

Rural starts were estimated at a seasonally adjusted annual rate of 16,772 units.

 

 

Preliminary Housing Starts data are also available in English and French through our website and through CMHC’s Housing Market Information Portal. Our analysts are also available to provide further insight into their respective markets.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, follow us on Twitter, YouTube, LinkedIn and Facebook.

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On December 6, 2017, the Bank of Canada announced it was keeping its trend-setting overnight lending rate on hold at 1%. The rate rose by 0.25% in July and again in September. Since then, the Bank has continued to caution that future interest rate increases depend on whether economic data suggest that inflation is starting to percolate.


The Canadian economy has been evolving broadly in line with the Bank’s October forecast. That said, the Bank has pointed to elevated global risks, in particular the renegotiation of NAFTA.


The Bank also remains vigilant for signs of rising inflation and wage growth, both of which would lend support to further rate hikes next year.


As of December 6, 2017, the benchmark five-year lending rate stood at 4.99%, which is the rate used to qualify mortgages with less than a 20% down payment, and as of January 1, 2018, all mortgages.


The benchmark five-year lending rate is 0.1 percentage points higher than it was just before the Bank made its previous interest rate announcement on October 25, and up 0.35 percentage points versus one year ago.


Canada’s major chartered banks have recently raised their advertised five-year fixed mortgage interest rates, which now range between 3.34% and 4.99%. However, actual five-year fixed mortgage interest rates can be negotiated below advertised rates depending on mortgage applicants’ creditworthiness and the degree to which they do other banking business with the mortgage lender.


The next interest rate announcement will be on January 17, 2018. The Bank of Canada’s Monetary Policy Report, which updates the Bank’s economic forecast, will accompany that announcement.


The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA

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My husband and I have had Hafez as our Realtor for many years now and I must say, he has done a wonderful job of selling and buying our homes, even when we lived in Nova Scotia for 2+ years we checked the market in the Lower Mainland, found something that interested us and Hafez helped us through the whole procedure and then we moved/flew back to BC and our home was waiting for us...we loved it. If you want the job done, Hafez is your Realtor. He has proven it many times with us. Thank you Hafez and great job!
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Metro Vancouver* saw modest home listing changes and steady demand in November.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,795 in November 2017, a 26.2 per cent increase from the 2,214 sales recorded in November 2016, and a 7.5 per cent decrease compared to October 2017 when 3,022 homes sold.


Last month’s sales were 17 per cent above the 10-year November sales average.


“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, REBGV president said.


There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2017. This represents a 30.6 per cent increase compared to the 3,147 homes listed in November 2016 and a 9.5 per cent decrease compared to October 2017 when 4,539 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,747, a 4.3 per cent increase compared to November 2016 (8,385) and a 4.3 per cent decrease compared to October 2017 (9,137).


“While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels,” Oudil said.


The sales-to-active listings ratio for November 2017 is 32 per cent, which is up three per cent since September 2017. By property type, the ratio is 15.9 per cent for detached homes (up one per cent since September 2017), 36.4 per cent for townhomes (down six per cent since September 2017), and 67.8 per cent for condominiums (up seven per cent since September 2017).


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,046,900. This represents a 14 per cent increase over November 2016 and a 0.4 per cent increase compared to October 2017.


Sales of detached properties in November 2017 reached 841, a 31.8 per cent increase from the 638 detached sales recorded in November 2016. The benchmark price for detached properties is $1,608,000. This represents a 6.1 per cent increase from November 2016 and a 0.1 per cent decrease compared to October 2017.


Sales of apartment properties reached 1,508 in November 2017, a 25.7 per cent increase compared to the 1,200 sales in November 2016. The benchmark price of an apartment property is $648,200. This represents a 23.9 per cent increase from November 2016 and a one per cent increase compared to October 2017.


Attached property sales in November 2017 totalled 446, an 18.6 per cent increase compared to the 376 sales in November 2016. The benchmark price of an attached unit is $805,200. This represents a 17.9 per cent increase from November 2016 and a 0.3 per cent increase compared to October 2017.

 

 

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

The real estate industry is a key economic driver in British Columbia. In 2016, 39,943 homes changed ownership in the Board’s area, generating $2.5 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $40 billion in 2016.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.