Wednesday, February 17th, 2016 at 1:56pm. 5,885 Views, 0 Comments.
Simplified, what does the new budget mean for our real estate market?
It is important to note that the First Time Home Buyer PTT exemption for RESALE properties remains unchanged and capped at 475K (sliding scale to 500k).
Property Transfer Tax (PTT)
• a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and
• a partial exemption will apply on newly built homes priced $750,000 to $800,000.
• a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance.
These changes take effect today February 17, 2016. A…
Friday, February 12th, 2016 at 12:50pm. 3,826 Views, 0 Comments.
Decade low inventory levels across all property types ignites an aggressive real estate market in Vancouver. Whether you're looking for a detached home, townhouse or a condo, chances are you'll find yourself in multiple offers so be prepared.
After a record setting 2015 where home sales were the highest in REBGV history, we're headed for a strong 2016. January sales are up by almost 32% compared to January 2015 and new listing inventory is down by 6%.
“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.
If you’re contemplating a purchase this spring/summer it might be a good idea to start looking now to…
Sunday, March 1st, 2015 at 2:35pm. 6,078 Views, 0 Comments.
Wow... the highest number of detached sales in North Vancouver for February since 2002. Yep, I said 2002. There were 124 detached sales in February 2015 compared to 94 in 2014 and 137 in 2002. The least number was 46 in 2009. Coupled with low inventory, relative to the level of demand, multiple offers are commonplace in both North and West Van for detached homes, now trickling into the townhouse and condo markets as well.
However, not EVERYTHING is selling for higher than the asking price. The detached market saw 57 out of 124 homes selling at or over list price (from 3k to 160k); townhouses 25 out of 53; and apartment condos saw 31 out of 94.
“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced…
Wednesday, April 9th, 2014 at 10:01am. 4,656 Views, 0 Comments.
The West Vancouver market had a very different experience where only 9 of 62 detached sales resulted in multiple offers however, prices continue to rebound and are up by 6.8% over last year and 1.7% over last month. While condos prices are down by -1.6% over last…
Monday, March 24th, 2014 at 7:01pm. 10,262 Views, 0 Comments.
In North Vancouver prices are up across all property types this February compared to last. Detached by 2.6%, townhouses by 0.6% and condos by 1.3%. West Vancouver notably experienced a 7.2% increase in detached pricing.
Sales in North Vancouver are up considerably as well with the most significant being townhouses by 47%, condos by 36% and detached by 26%. In saying that, we've noticed a large number of sales being posted over the last few weeks for single family homes so I would expect this number to bump up for March.
Supply is generally down... buyers in the detached market don't have as much to choose from which is unfortunate. If this trend continues as more purchasers enter the real estate market this spring, we will see an upward pressure…
Wednesday, February 19th, 2014 at 11:11am. 4,352 Views, 0 Comments.
First-time home buyers received long awaited and welcome news yesterday when the provincial government released the new budget. Effective for properties registered on or after February 19th, under the First-Time Home Buyers Program, you can now purchase a home worth up to $475,000 without incurring PPT (Property Transfer Tax). They have also continued the partial exemption which now applies to homes valued between $475,000 to $500,000.
What could this mean for you? Up to $7500 that you can put back in your pocket. Or maybe instead of buying a condo, you can now qualify to purchase a townhouse, or instead of an attached property... you can qualify for a detached home.
The Real Estate Board of Greater Vancouver along with the BC Real Estate…
Thursday, February 13th, 2014 at 6:13pm. 6,688 Views, 0 Comments.
In North Vancouver prices are up by approximately 4% across all property types this January compared to last. While detached sales remain relatively unchanged, North Vancouver attached sales have increased. Apartment sales are up 32% and townhouse sales are up 12% over January 2012. We've also noticed in these early weeks of February that sales on new listings are happening more quickly... and that even 60 - 120 day old listings are starting to move.
Now let's talk inventory. The total number of detached listings is down by 23.4% compared to last January and townhouse listings are also down (by 17%). This would be why those 'older' listings are starting to sell as more buyers enter the real estate market in these early stages of spring. On the flip…
Tuesday, February 11th, 2014 at 5:03pm. 2,276 Views, 0 Comments.
Throughout 2013, the North Shore housing market maintained a consistent balance between supply and demand. This resulted in modest price and sales increases. While we didn't see record-breaking sales months as we have in past years, it was definitely a stronger market in 2013 compared to 2012 where the market peaked in April and ended on a less than stellar note. This year, however, North Vancouver prices are up over last December and so are sales, with the exception of townhouses.
We didn't really see too much of a slow-down in December and were still showing properties as late as Christmas Eve! Buyers definitely remain on the lookout.
North Vancouver detached home prices are up 4% over last December, condos are up by 3% and townhouses by…
Friday, November 29th, 2013 at 12:42pm. 3,481 Views, 0 Comments.
While pricing remains unchanged, North Vancouver real estate sales are up (again) by 38% over last October. Specifically detached sales are +35.6%, attached sales are +56%, and condos sales are +35.1%. West Vancouver is seeing the same trend, but their detached pricing increased modestly (+3%). WV detached sales are up by +56.9%, attached sales +450%, and condos sales +50%.
Let us know what you think of the new interactive graphs!
North Vancouver Pricing Index - Interactive Graph
North Vancouver Sales Index - Interactive Graph
West Vancouver Pricing Index - Interactive Graph
West Vancouver Sales Index - Interactive Graph
Sunday, October 6th, 2013 at 12:41pm. 3,739 Views, 0 Comments.
North Vancouver real estate sales are up by 58.8% over last September and listing inventory is down. Broken out it looks like this: detached sales +71.1% and inventory -21.3, attached sales +115.4% and inventory -20.0%, and condos sales +29.5% and inventory -10.0%.
So why haven't we experienced huge fluctuations in local home values over the past year? Well, prices didn't quickly and 'artificially' inflate like in some markets, plus it's important to consider that we're in line with the 10-year sales average. The real estate market held its own during a slow market and now we're seeing things gradually get back to normal. If anybody really knows what that means.
What's impressive is that our home prices didn't see a significant decrease through the…