Greater Vancouver Housing Market – Current Statistics for September 2014
Here is a quick summary of what happened in the Vancouver real estate market during the month of September. If you would like a complimentary copy of the complete 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
Bonjour dear friends!
September is already behind us and it’s now the time of the year to celebrate with our loved ones and friends all the blessings we had over the year so far. Gratitude is such a powerful feeling and leads to success most of the time. The good news is that we can practice gratitude every day at any time to feel empowered.
I want to take opportunity to tell you how very much your support means to me. I am very grateful that I have the chance to participate in one of your most important decisions in your life to find a place of joy and happiness for you and your family.
It’s been a great journey and the best has yet to come! I wish you my best wishes for a Happy Thanksgiving!
As you will see below, September was the third best September over the last ten years. The interest rates have been at a record low for a while and it triggered more demand for Real Estate. RBC increased its interest rates lately by a little bit (10 basis point) and we can predict pretty safely that the interest rate from Bank of Canada will go up next year but it will take some time and it should be really gradual.
I personally look at Real Estate with a long-term approach. When we look at the historical HPI (Home Price Index) data over the last 30 years, Vancouver Real Estate has always been a great place to invest your money despite the temporarily lows and recessions of the early 1980s, 1990s, 2000s and the most recent Great Recession.
Most of you know that I moved from Montreal almost 8 years ago. The Real Estate market was without a doubt CHEAPER! I had a condo that was twice the size and my mortgage payments were cheaper. So why buy in Vancouver then? Vancouver is Vancouver. It’s unique and incredibly beautiful. I am not surprised to read year after year that Vancouver ranks as one of the best place to live in the world. How about living in a smaller place Francis you may ask? My backyard is comprised of the ocean and the mountain. I personally don’t need a big place to feel happy. Plus, I am glad invested in Real Estate because I made money over the years and I feel certain that the market will always grow long term.
Finally, before you read the stats below, I have great news! It’s a new resource that I can share with you called Market Snapshot. With Market Snapshot, you will be able to research the local housing market conditions just like a Realtor. Get exclusive access to live market activity and statistics such as sold homes, properties for sale, listing inventories and days-on-market trends. To view what it looks like, click here! Call or email me and I will set it up for you.
Now enjoy the stats!
Home buyers were active in Metro Vancouver last month, with home sales well exceeding the
10-year average for September.
“September was an active period for our housing market when we compare it against typical activity for the month,” Ray Harris, REBGV president said.
Number of Sales: 2,922 or 17.7% increase compared to 2,483 sales recorded in September 2013, and a 5.4 per cent increase compared to the 2,771 sales in August 2014. Last month’s sales were up 16.1% above the 10-year sales average for September and rank as the third highest selling September over that period.
Percent of Original List Price Received at Sales: 96.3%, which is 1% higher than September 2013 at 95.3%.
Sales-to-Active-Listings Ratio: 19,7%. This ratio has ranged between 18 and 21 per cent over the last eight months, which is a typical percentage for balanced market conditions. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22% in a particular community for a sustained period of time.
Total Inventory: 14,832, a decline of 8% compared to this time last year, and a 0.4% increase compared to August 2014. There were 5,259 homes listed for sale listing in Greater Vancouver last month, an increase of 4.6% compared to September 2013 and a 33.5 increase from 3,940 new listings in August 2014. Last month’s new listing total was 0.4 per cent above the region’s 10-year new listing average for the month.
Benchmark Price: $633,500, an increase of 5.3% over September 2013. Detached homes prices increased 7.3% from September 2013 to $990,300 and condos increased by 3.3% over the last year. “Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment,” Harris said. This is mainly due to the heightened supply of condos that are being sold at any given time in Metro Vancouver over the last three years vs the supply level before 2009.
Average Days on Market: 54 days vs 60 days in September 2013. If we take a closer look at Downtown, the average days on market was 19 days in September 2014 vs 31 days in August 2014. As you see, the stats vary from market to market and even from neighborhood to neighborhood. Furthermore, a condo tower can reflect different market status vs another tower as each building is a neighborhood in itself. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to download the latest SnapStats Report.
REAL ESTATE & ECONOMIC NEWS | HOME & DESIGN
BREAKING NEWS: China Overtakes USA as World’s Largest Economy
“One hundred million trips were taken by Chinese people outside the country last year — one hundred million!” says Canadian China affairs expert. Read more
Canadian Real Estate Forecast Predicts Market Stability for Homes Over $1 Million into Fall 2014 for Key Metropolitan Centres
Insight into performance of Canada’s top-tier real estate markets. Read more
Here’s Why The Bank Of Canada Will Keep Rates Ultra-Low Through 2016
Speeches from two thirds of the Bank of Canada’s Governing Council in the second half of September have shed a ton of light. Read more
ECONOMIST: The Bank Of Canada Won’t Start Hiking Rates Until The Fed Is At 1%
Fed’s Tightening Monetary Policy May Help Ease Canadian Household Debt
Let’s face it, Canadian households have become high-functioning debtaholics. We’ve curbed our habit, but we seem either unable or unwilling to shake it on our own. Read more
How Does Your Property Tax Compare With The Rest of Canada?
Looking for a reason to grumble about property taxes? Depending on what type of property you own and where, we might have one for you. Read more
Canadian Real Estate Investors Head to U.S.
Canadian real estate investors are increasingly turning to the United States market because of lower prices and potentially higher returns. Read more
Municipal Election: OneCity Proposes House-Flipping Levy in Vancouver
RJ Aquino says a flipping levy would encourage long-term home ownership in Vancouver. Read more
Bathroom Renovations Tips
Here are five proven tips for ensuring you get a great bathroom renovation and possibly avoid a renovation disaster. Read more
10 Living Room Touches to Bring to the Bath
Go ahead, borrow those bookshelves. Unexpected elements can boost interest and comfort in your bathroom. Read more
How to Sell Your Home Fast & Use SnapStats?
Price it right! I constantly used the SnapStats report to check the Price Band Sales Ratios of the homes listed in the market as well as the Sales Ratio of the neighborhoods because it helps Sellers and Buyers identify the price pressure of the properties they want to Sell or Buy.
It is in my own opinion that PRICING is the most important factor in selling your property. No matter what time of year you want to sell, as long as your home is priced well, it should sell.
The best way to understand your local market trends and get your home sold is to contact your Real Estate agent. Vancouver is a great Real Estate market with Buyers ready to buy. Thinking of selling? Don’t wait, contact me and sell it now!
SNAPSTATS REPORT – NEW BONUS REPORT!
Get the SnapStats report and discover the specific trends in your neighborhood for Vancouver Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver and Richmond. The statistics from GRD are also included covering Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge. Remember to check the feature “Sale Price SQFT” Feel free to pass along to your friends and family!
BONUS REPORT HERE: Get the Historic Annual Statistics, 2013 Monthly Statistics and 2014 Monthly Statistics.
To access the complete SnapStats report (PDF) for the month of September 2014 & Bonus Report for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at email@example.com
How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:
What is the sales ratio of where I live or where I want to live?
What is the trend on inventory, price and number of sold properties for the last 13 months?
Who can help me better determine my market value and help me use SnapsStats to my advantage? FRANCIS!
***Sales Ratio over 21% is considered a Seller Market
***Sales Ratio of below 14% is officially a Buyer market