NavaHomes Blog

February 2023 REBGV Market Update

Wed, 22 Mar 2023 19:35:32 GMT

METRO VANCOUVER MARKET HIGHLIGHTS

FEBRUARY 2023

February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.

Last month’s sales were 33 per cent below the 10-year February sales average.

There were 3,467 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2023. This represents a 36.6 per cent decrease compared to the 5,471 homes listed in February 2022 and a 5.2 per cent increase compared to January 2023 when 3,297 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,868, a 16.7 per cent increase compared to February 2022 (6,742) and a 5.2 per cent increase compared to January 2023 (7,478).

For all property types, the sales-to-active listings ratio for February 2023 is 23 per cent. By property type, the ratio is 16.8 per cent for detached homes, 30.1 per cent for townhomes, and 25.8 per cent for apartments.

Generally, analysts say 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,400. This represents a 9.3 per cent decrease over February 2022 and a 1.1 per cent increase compared to January 2023.

Sales of detached homes in February 2023 reached 514, a 49.1 per cent decrease from the 1,010 detached sales recorded in February 2022. The benchmark price for detached properties is $1,813,100. This represents a 12 per cent decrease from February 2022 and a 0.7 per cent increase compared to January 2023.

Sales of apartment homes reached 928 in February 2023, a 49.9 per cent decrease compared to the 1,854 sales in February 2022. The benchmark price of an apartment property is $732,200. This represents a three per cent decrease from February 2022 and a 1.6 per cent increase compared to January 2023.

Attached home sales in February 2023 totalled 366, a 34.6 per cent decrease compared to the 560 sales in February 2022. The benchmark price of an attached unit is $1,038,500. This represents a 6.3 per cent decrease from February 2022 and a 1.8 per cent increase compared to January 2023.

* Areas covered by the Real Estate Board of Greater Vancouver include: 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.

MLS® Home Price Index explained

Wed, 22 Mar 2023 19:29:35 GMT

The MLS® HPI is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices.

A mean average is the average price obtained by dividing the total dollar volume of sales by the number of sales.

To get a median price, all of the sales prices are arrayed in numeric order. In the case of an even number of sales, the median is the highest price in the lower half of the group. If there is an odd number of sales, the midpoint sale is taken as the median.

The MLS® HPI concept is modelled after the Consumer Price Index, which measures the rate of price change for a basket of goods and services. A basket is the combination of goods and services that Canadians buy most such as food, clothing, transportation, etc.

Instead of measuring goods and services, the MLS® HPI measures the rate at which housing prices change over time taking into account the type of homes sold.

The problem with averages

Before the original HPI was introduced in 1996, REALTORS® and the public relied on monthly average pricing statistics to understand trends in housing prices.

Averages, however, can be very misleading since the quantity and quality of the properties sold in any given area change over time for any number of reasons. As a result, average prices can fluctuate dramatically, making the housing market appear unstable.

In this example, the mean average stayed the same while the median average increased by 9.4 percent. This shows that price changes in the mid-range section of the price scale affect the median average, but can leave the mean average virtually unchanged.

Neither of these price measurements take into account the changes in buying pattern — In year one luxury homes in the region are popular; the following year more modestly priced homes are popular. Both methods of price tracking can have the effect of overestimating the market price that home buyers are actually paying for their homes.

Defining the typical home

The MLS® HPI is a more stable price indicator than average prices, because it tracks changes of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties.

Typical homes are defined by the various quantitative property attributes (e.g. above ground living area in square feet) and qualitative housing features (e.g. proximity to shopping, schools, transportation, hospitals etc.) toward the home price of properties sold in Greater Vancouver communities.

These features together become the "benchmark" house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLS® HPI housing market, such as Richmond or North Vancouver.

For example, perhaps the basket of features for a typical home in a given community includes a 10-year-old, 3-bedroom house without a panoramic or ocean view on a 7,200 sq. ft. lot, with 8 rooms, 2 bathrooms, a fireplace, a 1-car garage and is close to schools. A benchmark price for this home can be created from the individual dollar values given to each of the above features.

The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these qualitative and quantitative features are then applied to the typical house model and an index price is estimated for that month. This type of pricing model involves estimating the price of a property’s features rather than the property itself.

Note: The MLS® HPI offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.

Daneshmand Magazine - March 21,2023

Wed, 22 Mar 2023 19:28:25 GMT

NOWRUZ: A Persian New Year

Just as spring is a time for rebirth, the Persian New Year is a time to celebrate new life. Nowruz is celebrated on the spring equinox, which is Monday, March 20.

This celebration of spring is filled with symbolism around rebirth and renewal, because spring is a time when life is coming back after a long, cold winter.

The first meal of the Persian New Year is always fish served with herb-flecked rice filled with dill, parsley and chives in it. The two-week festival is a time of celebration with people you know, traditionally you go to people’s houses and eat lots of delicious sweets and pastries.

Daneshmand Magazine - March 8, 2023

Wed, 22 Mar 2023 19:24:30 GMT

Daneshmand Magazine - Jan 23,2023

Wed, 22 Mar 2023 19:23:25 GMT

Daneshmand Magazine - Dec 21, 2022

Wed, 22 Mar 2023 19:20:26 GMT

YALDA NIGHT

Yalda Night, also called Shab-e Yalda, or by its original name – Shab-e Chelleh, is one of the oldest holidays in Iran and in the world as a whole. Celebrated on December 21 every year, the Yalda Night marks the winter solstice in Central Asia – the day of the year when the night is longest and the day is shortest.

It’s also the night that separates the Iranian autumn and winter, or the night that separates the first 40-day part of winter from the second 40-day part, depending on how you want to look at it.

Like most other people around the world, the ancient Iranians celebrated most seasonal changes and ascribed a large number of religious and symbolic meaning to them. In the case of the Yalda Night, the people of Iran believed this is the night of the Sun’s rebirth.

The reasoning was very simple – each day after the Yalda Night gets longer and longer at the expense of the nights which keep getting shorter.

Eating fruits on the Yalda Night, particularly fresh fruits, is important as this holiday is meant to be the triumph of the Sun over the Darkness. Even though it is the dead of winter, the Iranian people preferred to see it as a positive – as the end of the Darkness’ advance on the Light. So, having fresh fruits on the table was crucial to emphasize “Life’s victory”.

Help for first-time home buyers - 9 government grants and rebates

Wed, 22 Mar 2023 19:09:28 GMT

1. Home Buyers’ Plan

Qualifying Home Buyers can withdraw up to $35,000 (couples up to $70,000) from their RRSPs for a down payment. Must repay within 15 years. Eligibility to use the program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency.

2. First Home Savings Account

Qualifying first-time buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a downpayment. Contributions are tax deductible; capital gains (earnings) and interest are tax-free. Can be used together with the Home Buyers’ Plan.

3. CMHC First-time Home Buyers’ Incentive

Qualifying first-time home buyers with annual household incomes less than $120,000 and a 5% down payment, a 10% shared equity mortgage for a newly constructed home OR a 5% shared equity mortgage for an existing home. Buyer repays the incentive later or at re-sale. Incentive reduces the amount of monthly mortgage payments.

4. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT (1% on the first $200,000 and 2% on the remainder of the purchase price of a resale home priced up to $500,000. Proportional exemption for homes priced $500,000 - $525,000. At $525,000+ no exemption. Foreign entities, taxable trustee ineligible.

5. BC PTT Newly Built Home Exemption

Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000 and a partial exemption on newly built homes priced $750,000 to $800,000.

6. First-Time Home Buyers’ Tax Credit

Eligible persons who bought a qualifying home can claim the home buyers’ amount of $10,000 on Line 31270 of Schedule 1 when filing their 2022 income tax and benefit returns.

7. GST/HST New Housing Rebate

New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. There is no rebate for homes priced at $450,000+.

8. BC Home Owner Grant

Reduces property taxes for home owners with an assessed or partitioned value up to $2.125 million. Grant reduced by $5 for each $1,000 above the threshold. The home owner grant threshold applies across the province. The amounts are:

$570 for the basic grant;
$770 if the home is located in a northern or rural area;
Up to $845 for home owners age 65 and more or a home owner with a disability; and
Up to $1,045 for home owners age 65 and more or a home owner with a disability where the home is in a northern or rural area.

9. BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors: qualifying home owners aged 55+ can defer property taxes.
Financial Hardship Property Tax Deferment Program: qualifying low-income home owners can defer property taxes.
Property Tax Deferment Program for Families with Children: qualifying home owners who financially support children under age 18 can defer property taxes.

For more information, please visit www.rebgv.org

April 2021 REBGV Market Update

Mon, 10 May 2021 21:21:00 GMT

April 2021 Media Stats Package

Tue, 04 May 2021 21:25:00 GMT

Daneshmand Magazine - April 29, 2021

Thu, 29 Apr 2021 02:29:00 GMT

Daneshmand Magazine - April 15, 2021

Thu, 15 Apr 2021 02:28:00 GMT

March 2021 REBGV Market Update

Tue, 13 Apr 2021 21:20:00 GMT

March 2021 Media Stats Package

Fri, 02 Apr 2021 21:56:00 GMT

Daneshmand Magazine - April 1, 2021

Thu, 01 Apr 2021 02:27:00 GMT

Daneshmand Magazine - March 18, 2021

Thu, 18 Mar 2021 02:26:00 GMT

February 2021 REBGV Market Update

Mon, 08 Mar 2021 21:19:00 GMT

February 2021 Media Stats Package

Tue, 02 Mar 2021 22:07:00 GMT

January 2021 REBGV Market Update

Fri, 05 Feb 2021 21:18:00 GMT

December 2020 REBGV Market Update

Wed, 13 Jan 2021 21:17:00 GMT

Daneshmand Magazine - December 23, 2020

Wed, 23 Dec 2020 02:24:00 GMT

November 2020 REBGV Market Update

Mon, 14 Dec 2020 21:16:00 GMT

October 2020 REBGV Market Update

Mon, 09 Nov 2020 21:14:00 GMT

September 2020 Stats Package

Fri, 09 Oct 2020 23:53:00 GMT

September 2020 REBGV Market Update

Thu, 08 Oct 2020 23:48:00 GMT

August 2020 Stats

Wed, 02 Sep 2020 21:08:00 GMT

July 2020 REBGV Market Update

Wed, 12 Aug 2020 20:47:00 GMT

July 2020 Stats

Wed, 05 Aug 2020 20:58:00 GMT

June 2020 REBGV Market Update

Wed, 15 Jul 2020 20:47:00 GMT

Commercial sales and values increase in the first quarter of 2020

Wed, 10 Jun 2020 04:48:00 GMT

Commercial sales and values increase in the first quarter of 2020

Commercial real estate sales activity and dollar values increased across most property types in the Lower Mainland in the first quarter of 2020 (Q1) compared to the same period last year.

There were 375 commercial real estate sales in the Lower Mainland in Q1 2020, a 10.9 per cent increase from the 338 sales in Q1 2019, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $2.156 billion in Q1 2020, a 37.2 per cent increase from $1.572 billion in Q1 2019.

"The first quarter of 2020 came to a close just a few weeks into the COVID-19 pandemic," Colette Gerber, REBGV Chair said. "While sales and values increased in the first three months of the year, it's too early to assess how the commercial market has been affected by physical distancing rules and other changes that have been implemented due to COVID-19. We'll monitor this through the second quarter of the year."

Q1 2020 activity by category

Land: There were 105 commercial land sales in Q1 2020, which is an 11.7 per cent increase from the 94 land sales in Q1 2019. The dollar value of land sales was $853 million in Q1 2020, a 15.8 per cent increase from $737 million in Q1 2019.

Office and retail: There were 135 office and retail sales in the Lower Mainland in Q1 2020, which is down 3.6 per cent from the 140 sales in Q1 2019. The dollar value of office and retail sales was $318 million in Q1 2020, a 14.9 per cent decrease from $373 million in Q1 2019.

Industrial: There were 120 industrial land sales in the Lower Mainland in Q1 2020, which is a 25 per cent increase from the 96 sales in Q1 2019. The dollar value of industrial sales was $359 million in Q1 2020, a 10.1 per cent decrease from $399 million in Q1 2019.

Multi-Family: There were 15 multi-family land sales in the Lower Mainland in Q1 2020, which is up 87.5 per cent from eight sales in Q1 2019. The dollar value of multi-family sales was $626 million in Q1 2020, a 903.8 per cent increase from $62 million in Q1 2019.

Download the Q1 2020 Commercial Stats Package.

May 2020 REBGV Market Update

Wed, 10 Jun 2020 04:44:00 GMT

Daneshmand Magazine - June 4, 2020

Fri, 05 Jun 2020 04:21:00 GMT

April 2020 REBGV Market Update

Tue, 12 May 2020 04:16:00 GMT

April 2020 Stats Package

Wed, 06 May 2020 00:35:00 GMT

March 2020 REBGV Market Update

Mon, 06 Apr 2020 00:25:00 GMT

Happy Naw-Ruz 2020

Fri, 27 Mar 2020 06:11:00 GMT

February 2020 REBGV Market Update

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February 2020 Stats Package

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January 2020 REBGV Market Update

Wed, 12 Feb 2020 01:02:00 GMT

January 2020 Stats Package

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Daneshmand Magazine - January 15, 2020

Wed, 15 Jan 2020 05:36:00 GMT

December 2019 REBGV Market Update

Sat, 11 Jan 2020 18:34:20 GMT

Daneshmand Magazine - January 9, 2020

Thu, 09 Jan 2020 05:33:00 GMT

December 2019 Stats Package

Sat, 04 Jan 2020 18:44:00 GMT

Happy New Year 2020!

Sat, 28 Dec 2019 02:34:00 GMT

Climate Change! World Peace! Social Justice! .........!

Understanding! ......... Awareness! ......... Actions! .........?

Happy New Year ......... Working Towards A Better World

Daneshmand Magazine - December 19, 2019

Thu, 19 Dec 2019 06:40:00 GMT

Commercial real estate activity remains below the pace of recent years

Sun, 15 Dec 2019 06:45:00 GMT

December 12, 2019

Commercial real estate activity remains below the pace of recent years

Sales activity in the Lower Mainland’s commercial real estate market continued to decline in the third quarter (Q3) of 2019 compared to recent years.

There were 405 commercial real estate sales in the Lower Mainland in Q3 2019, a 32 per cent decrease over the 596 sales in Q3 2018 and a 42.3 per cent decline compared to Q3 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $1.886 billion in Q3 2019, a 59.8 per cent decrease from the $4.694 billion in Q3 2018.

“Activity in our commercial market this year is trailing the pace we’ve experienced over the last five years,” Ashley Smith, REBGV president said. “We’ve seen activity pickup in our residential market over the last few months and we’ll watch to see if conditions strengthen on the commercial real estate side in the last quarter of 2019 or the first quarter of next year.”

Q3 2019 activity by category

Land: There were 114 commercial land sales in Q3 2019, which is a 44.9 per cent decrease from the 207 land sales in Q3 2018. The dollar value of land sales was $821 million in Q3 2019, a 61.7 per cent decrease from $2.142 billion in Q3 2018.

Office and Retail: There were 155 office and retail sales in the Lower Mainland in Q3 2019, which is down 37.2 per cent from the 247 sales in Q3 2018. The dollar value of office and retail sales was $433 million in Q3 2019, a 78.4 per cent decrease from $2.005 billion in Q3 2018.

Industrial: There were 124 industrial land sales in the Lower Mainland in Q3 2019, which is a 4.2 per cent increase from the 119 sales in Q3 2018. The dollar value of industrial sales was $415 million in Q3 2019, a 41.7 per cent increase from $293 million in Q3 2018.

Multi-Family: There were 12 multi-family land sales in the Lower Mainland in Q3 2019, which is down 47.8 per cent from 23 sales in Q3 2018. The dollar value of multi-family sales was $217 million in Q3 2019, a 14.3 per cent decrease from $253 million in Q3 2018.

Download the Q3 2019 Commercial Stats Package.

Best White Rock Commercial Property - SOLD!

Sat, 14 Dec 2019 06:46:00 GMT

November 2019 REBGV Market Update

Tue, 10 Dec 2019 05:55:00 GMT

October 2019 REBGV Market Update

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September 2019 REBGV Market Update

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