Greater Vancouver Housing Market – Current Statistics for November 2016
Here is a quick summary of what happened in the Vancouver real estate market during the month of November. If you would like a complimentary copy of the complete SnapStats report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at firstname.lastname@example.org To view the email I sent to my subscribers, please click here
GOOD NEWS BEFORE XMAS! Ho! Ho! Ho!Hot From The Press! BC Government To Offer Down Payment Loans For First-Time Buyers
Premier Christy Clark unveiled a new loan program today to help first-time home buyers come up with their down payment.The BC Home Owner Mortgage and Equity (HOME) Partnership program will offer qualifying home buyers loans of up to $37,500, interest and payment free, for five years.
The province will begin accepting applications on January 16, 2017.
To qualify, buyers must:
• be buying their first home;
• obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price;
• have a combined gross household income not exceeding $150,000;
• have saved a down payment amount at least equal to the loan amount;
• be a Canadian citizen or permanent resident for at least five years; and
• have lived in BC for at least the full year preceding their application.
The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.
• The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price.
• The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees).
• After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.
• Loans through the program are due after 25 years.
“This program will boost sales to first-time home buyers. Without question, they’ll take advantage of it wherever they can,” said Helmut Pastrick, Central 1 Credit Union chief economist.
The province estimates this initiative will help at least 42,000 buyers or households province-wide over the next three years. About half of these buyers will be in the Lower Mainland, according to Pastrick.
Click here for more information.
Start shopping, look at local market trends with the SnapStats Report and consult your realtor to establish the best winning strategies either for selling or buying. The SnapStats Report is a phenomenal report that you can consult for free to get familiar with the latest trends. Download the SnapStats Report here.
If you are interested in how much a much a mortgage will cost you ‘upfront’ and ‘monthly’, check out the “Mortgage Tool”. Try playing around with the size of your downpayment to see how it will affect your monthly costs.
If you are looking to invest, please have a look at the “Investor Tool”. Use the interactive toggles on the left to see how changes to the purchase price, down payment size, and rent all affect your monthly cash flow. Will your property be cash flow positive? Remember that you can download every calculation you make to excel in the ‘Summary’ tab.
If you have any questions, please send me an email and I would be happy to help you for your Buying or Selling needs.
Watch the Real Estate Board of Greater Vancouver video below for the overall monthly summary or get the market speed for your home in your neighborhood with Market Speedo and the SnapStats report.
Once again, for the ones that like to read, simply scroll down below for the market summary.
Happy read & happy watch!
Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market.
Last month’s sales were 7.6 per cent below the 10-year sales average for the month.
“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.
“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”
Number of Sales: 2,214 or 37.2% decrease compared to 3,524 sales recorded in November 2015 and a decrease of 0.9 per cent compared to October 2016 when 2,233 homes sold. Sales of detached properties in November 2016 reached 638, a decrease of 52.2 per cent from November 2015. Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016 a decrease of 22.7 per cent compared to November 2015.Percent of Original List Price Received at Sales: 97.8%, which is 0.8% lower than November 2015 and 0.5% lower than October 2016.
Sales-to-Active-Listings Ratio: 24.7% vs 38% in November 2015. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. ***The Sales Ratio in September 2016 was 37% in Downtown Vancouver and 14% in Vancouver Westside for the Detached Home Market.
Total Inventory: 8,345 a decline of 8.3% compared to October 2016 (9,143), and a 3.6% decrease compared to November 2016 (8,096). There were 3,147 homes listed for sale listing in Metro Vancouver last month, a decrease of 20.9% compared to the 3,198 new listings reported in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties were listed.
Benchmark Price: $908,300 an increase of 20.5% over November 2015 and a 1.2 per cent decline compared to October 2016. The benchmark price for detached properties increased 28.9 per cent from October 2015 to $1,511,100 and decreased by 2.2 per cent compared to October 2016 and a 20.5 per cent increase compared to November 2015. The benchmark price for condos increased by 18% over the last year to $512,100 and remained at the same level from October 2016.
Median Days on Market: 17 days vs 19 days in November 2015. The median days on market in October 2016 was 14. If we take a closer look at Downtown Vancouver, the Median Days on Market was 14 days for the last two months. The median days on market in July was 8 days. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.