RSS

 Housing Markets Post Strong Rebound in October

Vancouver, BC – November 25, 2024. The British Columbia Real Estate Association (BCREA) reports that 7,119 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in October 2024, up 33.5 per cent from October 2023. The average MLS® residential price in BC in October 2024 was up 0.3 per cent at $970,845 compared to an average price of $968,256 in October 2023.

The total sales dollar volume was $6.9 billion, a 33.8 per cent increase from the same time the previous year. BC MLS® unit sales were eight per cent lower than the ten-year average for October.

“While it took longer than expected, a recovery in home sales to more normal levels has seemingly arrived,” said BCREA Chief Economist Brendon Ogmundson. “Across BC, we saw significant month-over-month increases in activity as buyers returned to the market after a long high-interest rate driven hiatus.”

Year-to-date, BC residential sales dollar volume is down 0.2 per cent to $62.9 billion, compared with the same period in 2023. Residential unit sales are down by 1.1 per cent year-over-year at 64,176 units, while the average MLS® residential price is up 0.9 per cent to $980,280.

Click here for more...

Provided by: BCREA

Read

New Price - 207 9288 University Cr., Burnaby, SFU, UniverCity

Bright & Spacious Layout

1 Bed + Den, 629sqft

Now Priced at $478,800

Click here for more...

Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver’s premier lifestyle neighborhood. This 1 bed & den, 1 bath 629sqft home, located in Novo I; a concrete, rental and pet friendly building will not disappoint. Perfect for investors, first time buyers, students & everyone else in between. Features: an abundance of natural light, an open layout, granite counters, laminate floors, well sized covered balcony. The bedroom has plenty of closet space and overlooks the balcony. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this great neighborhood! Act Now!

Read

Open House - 207 9288 University Cr., Burnaby, SFU, UniverCity

Bright & Spacious Layout

1 Bed + Den, 629sqft

Priced at $484,800

Open House: November 23rd from 2-4pm

Click here for more...

Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver’s premier lifestyle neighborhood. This 1 bed & den, 1 bath 629sqft home, located in Novo I; a concrete, rental and pet friendly building will not disappoint. Perfect for investors, first time buyers, students & everyone else in between. Features: an abundance of natural light, an open layout, granite counters, laminate floors, well sized covered balcony. The bedroom has plenty of closet space and overlooks the balcony. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this great neighborhood! Act Now! Open house November 23rd from 2-4pm.

Read

Open House - 903 Strathaven Drive, North Van, Seymour Heights

Desirable Cul-De-Sac Street

Large, Private Lot

Priced at $1,949,900

Open: Sunday, November 17th from 2-4pm

Click here for more...

Custom built, solid family home. First time on the market. Pride of ownership shows throughout. The possibilities are endless. This 4bed/3bath/2lvl/3173sqft SW facing home w/double car garage sits on an 8625sqft lot in the desirable Seymour neighborhood of North Van. Main: hardwood floors, formal dinning & living rooms w/gas F/P, spacious kitchen & family room also w/gas F/P, large deck spans the width of the home overlooking the tree lined backyard. The primary bed has 3pc ensuite & walk-in closet, 2 spacious rooms & 4pc main bath complete this lvl. Down: large laundry room, 4th/5th bed & open layout with many options. Easy to suite with separate entry & bathroom. Bonus: room for RV parking, newer roof, furnace & HW tank. Vacant & move-in ready. Act Now! Open house Sunday, November 17th from 2-4pm.

Read

Home Sales Building Momentum Heading Into 2025

Vancouver, BC – November 6, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Fourth Quarter Housing Forecast today.  

Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 2.6 per cent to 75,000 units this year. In 2025, MLS® residential sales are forecast to strengthen further, rising 13 per cent to 84,500 units.

“Following two pretty challenging years for sales, it looks like markets across BC are starting to build momentum,” said BCREA Chief Economist Brendon Ogmundson. “In addition to lower mortgage rates, new policy changes allowing longer amortization for first-time homebuyers and increased mortgage insurance caps will provide a boost to market activity.” 
 
Although new listings activity has been much stronger than last year, the accumulation of inventory in 2024 had much more to do with a prolonged slump in home sales. With active listings returning to more healthy levels across BC, we expect that the market will be able to absorb the coming rise in sales activity without a sharp increase in prices. Therefore, the average price in BC is projected to rise by a modest 3.3 per cent in 2025, following flat prices in 2024.

Click here for more...

Provided by: BCREA

Read

Buyer demand surges in October

VANCOUVER, BC – November 4, 2024 – After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver1 home sales surged more than 30 per cent year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales2 registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10 year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”

There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10 year seasonal average (4,545).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024.

Sales of detached homes in October 2024 reached 724, a 25.5 per cent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 per cent increase from October 2023 and a 1 per cent decrease compared to September 2024.

Sales of apartment homes reached 1,393 in October 2024, a 33.4 per cent increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent decrease compared to September 2024.

Attached home sales in October 2024 totalled 501, a 40.7 per cent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 per cent increase from October 2023 and a 0.9 per cent increase compared to September 2024.

Click here for more...

Provided by: The Greater Vancouver REALTORS®

Editor’s Note:

1. Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. On February 12, 2024, the Real Estate Board of Greater Vancouver changed its organizational name to Greater Vancouver REALTORS®.

Greater Vancouver REALTORS® is an association representing more than 15,000 REALTORS® and their companies. The association 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.gvrealtors.ca.

Read

Just Sold - 414 19940 Brydon Crescent, Langley, Langley City

Top Floor Home

Bright & Spacious Layout

2 Bed, 2 Bath, 795sqft

Priced at $525,000

Click here for more...

Bright top floor home with over height ceilings. Spacious open floor plan. Welcome to Brydon Green, located in the heart of Langley City close to all sort of amenities: schools, shopping, dining and so much more. This 2 bed, 2 bath, 795sqft home features granite counters, stainless appliances, quality laminate flooring, plenty of cupboard and counter space, large laundry closet with extra storage, tons of windows & more. The large master has pass through closets & ensuite with double sinks. The 2nd bed is well sized with soaring ceiling height. Bonus: parking, locker & rental & pet friendly. Something for everyone: investors, first time buyers or down sizing couples. Act Now! Book your private viewing today.

Read

Just Sold - 513 9877 University Cr., Burnaby, SFU, UniverCity

Loft Style Home

1 Bed, 1 Bath, 756sqft

Priced at $498,800

Click here for more...

Stunning! Just one way to describe this south facing loft style home with amazing natural light. Welcome to UniverCity at SFU, Vancouver's premier lifestyle neighborhood. Enjoy the peace & tranquility this area has to offer. This 1 bed, 1 bath, 756sqft home will not disappoint. Features: 17'+ ceilings, an abundance of windows, quality flooring, open layout, SS appls, plenty of cupboard & counter space, spacious living & dinning areas. The large primary bedroom offers plenty of closet space, plush carpeting & overlooks the living area. Ideally located, steps away from the centre of the community. Bonus: tons of in-suite storage, 1 parking & locker. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Act Now!

Read
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.