Each month we will update
you with lots of great information including: the latest Real Estate Board statistics;
graphs showing what is happening with the Vancouver real estate market; our ever
popular monthly feature of the most expensive & least expensive Vancouver
properties sold each month;our current listings and recent sales; plus many other
interesting articles including how to green your home, renovation tips & much
today & get "in the know".
is often a lot of confusion, and misinformation about the real estate market in
Vancouver. The media likes to create "news", so often real estate market
information is given a sensational "breaking news headline" - that perhaps
sometimes misconstrues the facts somewhat.
attempt with this market update is to give you the facts about what has been happening
in the Vancouver market focusing on the Vancouver West Side and Vancouver East
Side. Remember, if you need a Vancouver Realtor don't hesitate to call, as we
specialize in both Vancouver West Side and East Vancouver Real Estate.
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East Vancouver Houses
PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical
property within each market.
Home sale and listing
activity continue to chart a steady path for the region's housing market
B.C. April 2, 2014 March home sales in Greater Vancouver outpaced last
year's total yet lagged the region's historical average for the month.
Real Estate Board of Greater Vancouver (REBGV) reports that residential property
sales in Greater Vancouver reached 2,641 on the Multiple Listing Service®
(MLS®) in March 2014. This represents a 12.5 per cent increase compared to
the 2,347 sales recorded in March 2013, and a 4.4 per cent increase compared to
the 2,530 sales in February 2014.
Last month's sales were 17.2 per cent
below the 10-year sales average for March of 3,190.
ratio currently sits at 18.2 per cent in Greater Vancouver, which is unchanged
from last month.
"We continue to see steady and stable market conditions
across the Greater Vancouver housing market," said Ray Harris, REBGV president.
"There has been a consistent balance between home seller supply and home
buyer demand in our marketplace over the last year."
for detached, attached and apartment properties in Greater Vancouver totalled
5,281 in March. This represents a 9.1 per cent increase compared to the 4,839
new listings in March 2013 and a 12.4 per cent increase from the 4,700 new listings
in February. Last month's new listing count was 5.9 per cent below the region's
10-year new listing average for the month.
The total number of properties
currently listed for sale on the Greater Vancouver MLS® is 14,472, a 6.4 per
cent decline compared to March 2013 and a 7.9 per cent increase compared to February
"Home prices in the region have experienced incremental gains
in most areas and property types over the last 12 months," Harris said. "It's
important to remember that this is a diverse marketplace and trends will vary
depending on area and property type." The MLS® Home Price Index composite
benchmark price for all residential properties in Metro Vancouver is currently
$615,200. This represents a 3.7 per cent increase compared to March 2013.
of detached properties in March 2014 reached 1,116, an increase of 19.6 per cent
from the 933 detached sales recorded in March 2013, and a 5.7 per cent decrease
from the 1,183 units sold in March 2012. The benchmark price for detached properties
increased 4.2 per cent from March 2013 to $945,400.
Sales of apartment
properties reached 1,106 in March 2014, an increase of 12.6 per cent compared
to the 982 sales in March 2013, and a 7.1 per cent decline compared to the 1,191
sales in March 2012. The benchmark price of an apartment property increased 3.8
per cent from March 2013 to $375,800.
Attached property sales in March
2014 totalled 419, a 3 per cent decline compared to the 432 sales in March 2013,
and a 16.2 per cent decline from the 500 attached properties sold in March 2012.
The benchmark price of an attached unit increased 1.3 per cent between March 2013
and 2014 to $460,100.
real estate industry is a key economic driver in British Columbia. In 2013, 28,524
homes changed ownership in the Board's area, generating $1.84 billion in spin-off
activity and 13,977 jobs. The total dollar value of residential sales transacted
through the MLS® system in Greater Vancouver totalled $22 billion in 2013.
The Real Estate Board of Greater Vancouver is an association representing more
than 11,000 REALTORS® and their companies. The Board provides a variety of
member services, including the Multiple Listing Service®. For more information
on real estate, statistics, and buying or selling a home, contact a local REALTOR®
or visit www.rebgv.org.
provided with permission by the Real Estate Board of Greater Vancouver (REBGV)
laneway house is a smaller, detached home located where the garage would normally
go on a single-family lot (RS zones). Laneway houses contribute to the overall
sustainability of the city. They give people more opportunities to live close
to where they work, shop, and play, and they make the city's urban lanes more
green, livable, and safe. Laneway housing also contributes to the amount of affordable
rental housing available in the city. Laneway houses cannot be sold independently
of the main house on the lot, there is no separate title for a laneway house,
nor is it part of a strata lot (i.e. 1/2 duplexes, townhouse, or coach houses).
a property is not subdivided when a laneway house is built.
Housing Update - June 2013Full
Report - from City of Vancouver website:
report concludes the review of the laneway housing (LWH) program in single family
areas, as directed by Council, by providing an update on the LWH initiative and
recommending amendments to the LWH regulations and guidelines to address key issues
that have been identified though the monitoring of LWH development. The proposed
amendments address impacts on neighbouring properties, provision of parking, livability
of the units and length of the permitting process. They aim to improve the fit
of LWH into neighbourhoods by: encouraging the development of more one
storey LWH which have fewer impacts in terms of height and massing on neighbouring
sites, are less expensive to build, and would provide improved access for those
with mobility challenges; requiring one external permeable parking space
to support the provision of on-site parking; providing more floor area
for living and storage space; and streamlining the permitting process
by allowing an outright review process for one storey LWH. Additionally, this
report recommends expansion of the LWH program to the remaining RS zones to equalize
opportunity for LWH across all single family areas.
of the first 100 laneway houses were added onto sites while retaining the existing
main house; 61 were part of total site redevelopment (a new laneway house and
a new main house). Overall, for approximately every 8 new single family homes
developed, 1 has included a new laneway house.
the first 100 laneway houses: - 67% are 1 bedroom units; 28% are 2 bedroom
units; 5% are studio units. - 59% provide the minimum 1 onsite parking space;
41% provide 2 or more spaces. - Rental rates range between $1000 - $2100 for
1 2 bedroom laneway houses in varying locations, with varying quality of
finishes. These rates are consistent with CMHC rent levels for recent, purpose-built
rental housing projects.
28th, 2009 - City of Vancouver Council, approved unanimously, the plan to
allow laneway housing. This will affect almost 70,000 single-family properties
in Vancouver that are now potentially eligible to add a small house in their backyard.
This has been a much debated about possible solution Vancouver's extremely low
vacancy rate of .3%.
information about Green Real Estate and how you can make educated environmentally
friendly decisions about your home, check out my new Green
Living Sectionfor some great Green links. Find out about grants
for Green renovations.