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Vancouver Real Estate - February 2016
In This Issue

Recent Listings
Some of my new listings for you to peruse

Testimonials
Some testimonial comments from recent clients

Sotheby’s International Realty
2016 Spring Market Forecast For Vancouver, Calgary, Toronto & Montreal

Business Insider - Watch this great Short Video
Here's how much real estate $1 million will get you in cities around the world

Real Estate Board of Greater Vancouver - April 2016
March sales set an all-time record

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Some Of My New Listings

NEW LISTING    Mackenzie Heights

Asking $3,368,000.00
4689 MACKENZIE STREET
Vancouver West, BC
CLICK HERE for more information.

 
NEW LISTING    Kitsilano

Asking $620,000.00
207 1819 5TH AVENUE
Vancouver West, BC
CLICK HERE for more information.
 
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Testimonials

Testimonial From a Recent Client

Your professional abilities and positive attitude in finding our lovely apartment were greatly appreciated, as was your patience in searching for the right condo for two people with different priorities.  Your competence and organizational skills made us feel confident throughout the process, and your taking care of details like finding us extra parking spaces makes it clear that you go above and beyond for your clients.  

We feel very fortunate to have benefited from your first class services, and are delighted to recommend you as a highly competent and very dedicated realtor.

Tanya W.

Testimonial From a Recent Client

Anne is exceptionally knowledgeable about the Vancouver presale market and how we should go about purchasing our first rental investment. We were most impressed with her local knowledge on the Greater Vancouver area.

It was clear Anne had taken the time to research the area so that she could let us know where we should expect other new developments to rise up and distort our much sought after view, this was critical in our decision making about our real-estate agent and our property purchase.

Her market research was thorough, analyzing the property value within the current and projected market and surrounding existing pre-sale opportunities.

Anne makes time for her client’s accompanying us to multiple sales centers and she was not afraid to give her open professional opinion, even if this went against our initial assessment. She helped to ground us ensuring we purchased the first right property for our future.

She had a great rapport with all the pre-sale reps we met. She gets our true gratefulness and full recommendation for our next real estate transaction.

Steven W.
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Sotheby’s International Realty
2016 Spring Market Forecast
3 March 2016, written by SIRC


Toronto positioned for greatest gains, momentum continues in Vancouver, Montreal to sustain balance, and Calgary prices to soften, says Sotheby’s International Realty Canada 

Vancouver, B.C. (March 3, 2016) – Sotheby’s International Realty Canada is forecasting the Greater Toronto Area (GTA) will lead the $1 million-plus residential real estate market into spring 2016, with continued sales gains and further price escalation. Notable growth is also expected for Vancouver’s top-tier residential real estate market, with strong increases anticipated in the $4 million-plus luxury market segment both in Vancouver and the GTA. Key market and macro-economic indicators foreshadow continued stability in Montreal’s luxury real estate market, while price declines are expected to sustain a buyers’ market in Calgary into the spring.

As reported by Sotheby’s International Realty Canada in January 2016, the performance of major Canadian real estate markets diverged in 2015. While sales of real estate over $1 million (condominiums, attached homes and detached single family homes) increased 48%, 46% and 15% year-over-year in the GTA, Vancouver and Montreal respectively, sales volume decreased 41% in Calgary. During this time, luxury real estate sales over $4 million soared in Canada’s two largest real estate markets, with sales volume increasing 67% in Vancouver and 71% in the GTA year-over-year.

Limited inventory, resilient consumer confidence, strong domestic and supplemental international demand, below national average unemployment, and low interest rates are expected to propel positive growth in the GTA and Vancouver. Stability in the Montreal market will lead to consistent sales, while continued economic uncertainty in Calgary will increase available inventory and contribute to declining home prices across the conventional and top-tier markets.

According to Brad Henderson, President and CEO of Sotheby’s International Realty Canada, “Luxury home sales in Toronto and Vancouver will continue to defy gravity this spring. Both markets have the potential for significant gains, and we expect heightened demand and insufficient inventory to drive price escalation and sellers’ market conditions.”
 

National Highlights


The impact of diminishing prospects for global and national economic growth, including the OECD’s reduction of Canada’s economic growth projection from 2% to 1.4% in February 2016, has varied from market to market. Ontario and British Columbia are projected to lead Canada’s growth in 2016, resulting in strong consumer confidence, increased net migration, and sustained foreign demand in the GTA and Vancouver. Quebec’s steady growth indicators have contributed to market balance in Montreal, while continued instability in the oil and gas sector will challenge consumer confidence in Calgary.

The uptick in the national unemployment rate to 7.2% in January 2016 has also translated into divergent implications for metropolitan real estate markets. Below national average unemployment rates of 5.7% in Vancouver and 7.1% in Toronto in January 2016 are positive indicators. Calgary’s unemployment rate, which rose to 7.7% resulting from losses in the energy sector, will continue to temper high-end sales.

Low inventory and unrelenting demand for top-tier single family homes in the GTA and Vancouver will continue to drive sales volume and prices. Benchmark pricing for detached homes, which rose to $1,061,789 in the City of Toronto, $2,928,800 in Vancouver West and $1,234,100 in Vancouver East in January 2016, will continue its trajectory. The top-tier detached home market will be characterized by fewer days on market, an increasing number of homes sold over list price, and bidding wars.

Affordability will be a defining market influence in Vancouver and the GTA as buyers seek alternatives to single family homes. Demand for attached homes and condominiums in the $1 million-plus market is expected to rise. Notably, federal and provincial housing policy introduced in late 2015 and early 2016 aimed at addressing affordability concerns are expected to have a negligible impact on the top-tier real estate market into spring 2016 as strong market fundamentals prevail.

The decision by the Bank of Canada to hold the key overnight interest rate at 0.5% in January 2016 along with the expectation that mortgage rates will remain low into the spring will continue to have a positive impact on home sales over $1 million.

The weak Canadian dollar has made real estate more attractive to domestic and foreign buyers, however, other market fundamentals have had, and will continue to have greater impact on the $1 million-plus real estate market across Canada into spring 2016.
 

Vancouver


Vancouver is expected to exhibit strong sales in the $1 million-plus real estate market into the spring. Within the first two months of 2016, real estate sales over $1 million increased 23% year-over-year to 771 units as competition amongst buyers intensified. Detached single family home sales over $1 million, saw a 16% increase to 557 units.

Limited supply, strong consumer demand, low interest rates, and international demand largely driven by both end users and investors from mainland China will place upward pressure on prices, and incent bidding wars and contract assignments. While strong performance is anticipated for the condominium and attached home markets, the detached single family home market is expected to continue to lead percentage gains in sales volume, particularly in the market for homes over $4 million in prime neighbourhoods. Affordability is projected to be a critical concern: with other market influences taking precedent, recent policy measures introduced by the provincial government with the February 2016 BC Budget are not expected to dampen the top-tier real estate market in 2016.

 

Calgary

Continued...

CLICK HERE to view the complete report, including comments on Calgary, Toronto and Montréal.

Disclaimer
The information contained in this report references market data from MLS boards across Canada. Sotheby’s International Realty Canada cautions that MLS market data can be useful in establishing trends over time, but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby’s International Realty Canada or Sotheby’s International Realty Affiliates for any loss or damage resultant from any use of, reliance on, or reference to the contents of this document.
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Business Insider

Very effective graphical representation of how many square feet your money will buy in the major cities around the world.  WATCH IT!

CLICK HERE to view this great short video.
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News Release - Real Estate Board of Greater Vancouver
FOR IMMEDIATE RELEASE

March sales set an all-time record


VANCOUVER, B.C. – April 4, 2016 –Metro Vancouver* home sales eclipsed 5,000 in March
for the first time on record.

Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per
cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to
February 2016 when 4,172 homes sold.
Last month’s sales were 56 per cent above the 10-year sales average for the month.
"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV
president said. “Today's demand is broad based. Home buyers are active in neighbourhoods
across our region."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,278
in March 2016. This represents an increase of 5.2 per cent compared to the 5,968 units listed in
March 2015 and an 8 per cent increase compared to February 2016 when 5,812 properties were
listed.

The total number of properties currently listed for sale on the MLS® system in Metro
Vancouver is 7,358, a 40.5 per cent decline compared to March 2015 (12,376) and a 0.8 per
cent increase compared to February 2016 (7,299).

“Strong job and economic growth in our province, positive net migration and low interest rates
are helping to drive this activity," Morrison said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $815,000. This represents a 23.2 per cent increase compared to March
2015.

Sales of detached properties in March 2016 reached 2,135, an increase of 24.8 per cent from the
1,711 detached sales recorded in March 2015. The benchmark price for detached properties
increased 27.4 per cent from March 2015 to $1,342,500.

Sales of apartment properties reached 2,252 in March 2016, an increase of 38.4 per cent
compared to the 1,627 sales in March 2015.The benchmark price of an apartment property
increased 18.8 per cent from March 2015 to $462,800.

Attached property sales in March 2016 totalled 786, an increase of 8.9 per cent compared to the
722 sales in March 2015. The benchmark price of an attached unit increased 20.1 per cent from
March 2015 to $589,100. 

CLICK HERE to view the complete stats package.

*Editor’s Note: Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

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Anne Mainwaring REALTOR · 210 - 858 Beatty Street · Vancouver, BC V6B 1C1 · Canada

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