Buying Real Estate Archives - macdonald realty
 
Okanagan Real Estate Market Statistics – February 2020

Okanagan Real Estate Market Statistics – February 2020

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in February 2020.   

Central Okanagan: Kelowna and Lake Country  

There were 122 sales, 800 active listings, and a $734,799 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.
The condo market featured 88 sales and 495 active listings at the end of the month. The average sale price was $351,814.
Townhome sales were 50, active listings were 320 and the average sale price was $530,487.
It’s a buyer’s market for homes and townhomes in Central Okanagan. Updated monthly, real estate market statistics from Macdonald Realty on Okanagan listings and sales, including Kelowna and Vernon. February 2019

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average sale price was $519,583. At the end of the month, there were 56 sales and 340 active listings.
There were 15 sales and 55 active listings for condos. The average sale price was $237,927.
In comparison, townhomes featured 22 sales, 105 active listings and a $360,547 average sale price.
It’s a seller’s market for condos in North Okanagan.
Updated monthly, real estate market statistics from Macdonald Realty on Okanagan listings and sales, including Kelowna and Vernon. February 2019

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by Okanagan Mainline Real Estate Board (OMREB) www.omreb.com.

Greater Vancouver Real Estate Market Statistics – February 2020

Greater Vancouver Real Estate Market Statistics – February 2020

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in February 2020.

According to the Real Estate Board of Greater the Metro Vancouver residential home sales in the region totalled 2,150 in February 2020, a 44.9 per cent increase from the 1,484 sales recorded in February 2019, and a 36.9 per cent increase from the 1,571 homes sold in January 2020. In the report, the Board highlights that last month’s sales were 15.6 per cent below the 10-year February sales average.

Ashley Smith, REBGV president said:
“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace -This was most pronounced in the condominium market.”

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.

Please check out the infographics for Squamish, Sunshine Coast and Whistler here.
Find all the infographics by visiting our Facebook Album.

Bowen Island

Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Burnaby East

Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

 

Burnaby North

Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

 

Burnaby South

Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Coquitlam

Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Ladner

Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Maple Ridge

New Westminster

Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

North Vancouver

Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Pitt MeadowsUpdated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Port Coquitlam
Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Port MoodyUpdated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

RichmondUpdated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

TsawwassenUpdated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Vancouver East

Updated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Vancouver WestUpdated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

West VancouverUpdated monthly, real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales. February 2020

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?
Macdonald Realty has offices across the Greater Vancouver.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – February 2020

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – February 2020

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in February 2020.
Find all the infographics related to the February Market Statistics by visiting the Facebook Album.

Squamish

In February 2020, there were 15 sales of detached homes and 84 active listings in Squamish. The benchmark sale price was $1,001,400.
The condo market had 16 sales and 39 active listings at the end of the month.  The benchmark sale price was $487,100.
The townhome market had 14 sales and, the active listings were 26. The benchmark sale price was $727,800.
It’s a seller’s market for townhomes in Squamish.

Updated monthly, real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales. February 2020.

Sunshine Coast

In February 2020, Sunshine Coast had 31 sales of detached homes and 279 active listings. The benchmark sale price was $556,900.
The condo market had 8 sales and 52 active listings at the end of the month.
Townhome sales were 2 sales while active listings were 67.
It’s a buyer’s market in Sunshine Coast.

Updated monthly, real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales. February 2020.

Whistler 

In February 2020, Whistler had 7 sales of detached homes and 94 active listings. The benchmark sale price was $1,680,000.
The condo market had 16 sales and 118 active listings at the end of the month.  The benchmark sale price was $494,200.
Townhome sales were 8 sales, active listings were 69. The benchmark sale price was $950,200.
It’s a buyer’s market in Whistler.

Updated monthly, real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales. February 2020.


Looking for more information about the real estate market in specific neighbourhoods in Squamish, Whistler, and Sunshine Coast? 
Macdonald Realty has offices in Squamish, Whistler, and Sunshine Coast.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – February 2020

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – February 2020

In February, property sales in the Fraser Valley finished slightly above the 10‐year average for the month, while new listings came in 3 per cent below, keeping overall inventory at historically below‐average levels.

According to the Board, The Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 39 per cent increase compared to sales in January 2020, and a 38 per cent increase compared to the 982 sales in February of last year. Darin Germyn, President of the Board and Macdonald Realty real estate agent said Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold.”

Based on the board report “There were 5,741 active listings available in the Fraser Valley at the end of February, an increase of 12 per cent compared to January’s inventory and a decrease of 10 per cent year‐over‐year. Additionally, 2,557 new listings were received by the Board for the month, a 15 per cent increase compared to January’s intake of 2,216 new listings and a 15 per cent decrease compared to February of last year.”

Find all the infographics related to the February Market Statistics by visiting the Facebook Album.

Abbotsford

Cloverdale

Langley

Mission

North Delta

North Surrey

Surrey Central

White Rock / South Surrey

 

Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley

Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – February 2020

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – February 2020

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in February 2020.
Find all the infographics related to the February Market Statistics by visiting the Facebook Album.

 Greater Victoria

According to the Victoria Real Estate Board “a total of 563 properties sold in the Victoria Real Estate Board region this February, 33.7 per cent more than the 421 properties sold in February 2019 and 37 per cent more than in January 2020. Sales of condominiums were up 35.7 per cent from February 2019 with 175 units sold. Sales of single family homes increased 23.7 per cent from January 2020 with 271 sold.”

“February brought the bloom of an early spring market,” says Victoria Real Estate Board President Sandi-Jo Ayers. According to their website “sales numbers are up substantially from last year, which in part indicates that our spring market may have arrived a bit earlier than a lot of our local blossoms. Additionally, we need to consider that last year’s sales activity was quite weak until April and May. Despite a thirty plus percent increase in total sales over last year, our ten-year average for total sales in February is 537, so we are within less than five per cent of our long-term average for the month.”

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in February 2020.

Parksville / Qualicum

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in February 2020.

Nanaimo

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in February 2020.

Looking for more information about the real estate market in specific neighbourhoods in Victoria, Parksville, Nanaimo, Vancouver Island and the Gulf Islands? 

Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and on Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.

What to do when you’re a first-time home-buyer

What to do when you’re a first-time home-buyer

Thinking of buying your first home in 2020? We understand that it might be the biggest purchase you make. Together let’s eliminate some stress from the process with these essential tips from the team at Macdonald Realty.

Buying your first home with Macdonald Realty

Macdonald Realty’s Real Estate Agents

 

1. Asses your financial situation

  • Credit:

This is a critical first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford. Understanding your credit score is important not only because you will want to make sure it is accurate and free of errors as it will be checked before getting your mortgage approved.

What else is important to be considered? Two other crucial factors are income and, of course, your down payment.

  • Income:

Most mortgages are long-term commitments: Keep in mind that you may be making those payments every month for the next 25 years.

Are you expecting a raise soon or changing jobs? You may want to consider if you will have more buying power in a few short months and wait the grace period for getting approved after you move.

Are you self-employed? There are different qualifications needed for different types of income earners, make sure you talk with a mortgage broker on your options.

  • Down Payment:

As a first time home buyer there are some programs to help you increase your down payment which will help your mortgage payments and buying power.

   1. First Time Home Buyers

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

According to placetocallhome.ca these are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

  • you have your minimum down payment
  • your total annual qualifying income doesn’t exceed $120,000
  • your total borrowing is no more than 4 times your qualifying income
  • you or your partner are a first-time homebuyer
  • you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

READ MORE!

   2. Home Buyer’s Plan / RRSPs

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. If you’re buying with your partner you can contribute $50,000 together from your RRSPs.


2. Get your approval

“Getting pre‑approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.” – CREA

According to CREA, a mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loan’s interest rate, and how long you take to pay it back (the amortization period). You can negotiate interest rates and mortgage terms with different lenders.

Assess mortgage products and different types of lenders to see what fits your needs helps you make an informed decision.

  • Types of Mortgages

What type of mortgage is best for you?

   1. Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

   2. Variable rate mortgages: Rate of interest you pay may change if rates go up or down.

   3. Conventional mortgages: Require a down payment of 20% or more of the property’s value. You are not required to get mortgage default insurance with a conventional mortgage.

   4. Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.

   5. Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

READ MORE!


3. Determine your down payment amount

Just because the bank approves you for a certain amount doesn’t mean you have to spend it all. Think about what would happen if you lost your job and stay unemployed for three months or if you have any other unexpected financial situations.

Based on CREA’s Homebuyer’s Road Map, you may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes. It is your right to know how lenders calculate prepayment penalties.

“Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.” – CREA


4. Find a real estate agent

If it’s your first time going through the process of buying a home, having a real estate agent by your side is extremely recommended. The agent knows essential information about the current market, fair pricing, neighbourhood amenities and so much more. They are there to guide you through the process and help you make the best decision for you.

The Real Estate Council of BC is the legislated regulatory agency that works to ensure real estate professionals have the skills and knowledge to provide you with a high standard of service.

Real estate professionals have a regulatory requirement to present you with some consumer information before providing services to you. When you become a client, you may be asked to sign a written agreement setting out you and the real estate professional’s responsibilities.

Contact us today to be connected with one of our agents who can help you achieve your goals.


5. Stay positive & open to opportunities

Maybe your first home will most likely look nothing like a multi-million-dollar property, but keep your options open for small renovations or upgrades that could help save money. Don’t concern too much about wallpaper, or lighting fixtures; these are easy to change or update. The things you should be more concerned about are the size and layout of the property, along with the condition of the roof, hot water system and plumbing, etc. — the reason why an inspection is one of the most important recommendations during this process.


6. Found your space, now what?

Buying a house requires a lot of time and effort but we can help you make the home buying process manageable and make the process as easy as possible. There are many things to consider along the process and an agent can help be your guide beyond finding your home. The home buying process is a long map all the way through your possession date!

You can count on Macdonald Realty to help you dream big and help you to make things happen. Visit our website to find more information: www.macrealty.com

 

 

1 2 3 6