by Macrealty Marketing Team | Aug 7, 2020 | Buying Real Estate, Industry, Market Insights
Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in July 2020.
Find all the infographics by visiting the Facebook Album.
According to the Real Estate Board of Greater Vancouver, home buyer and seller activity in Metro Vancouver exceeded historical levels in July.
“We’re seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” Colette Gerber, REBGV Chair said. “Low interest rates and limited overall supply are also increasing competition across our market.”
Colette also has talked about the COVID situation which according to him remains the top priority for our REALTOR® community.
“We continue to limit in-person interactions with clients and employ different technology solutions to ensure home buyers and sellers can get as much information as possible in a virtual setting.”
The Real Estate Board of Greater Vancouver (REBGV) reports that “residential home sales in the region totalled 3,128 in July 2020, a 22.3% increase from the 2,557 sales recorded in July 2019, and a 28%t increase from the 2,443 homes sold in June 2020. Last month’s sales were 9.4% above the 10-year July sales average”.
Bowen Island
Burnaby East
Burnaby North
Burnaby South
Coquitlam
Ladner
Maple Ridge
New Westminster
North Vancouver
Pitt Meadows
Port Coquitlam
Port Moody
Richmond
Tsawwassen
Vancouver East
Vancouver West
West Vancouver
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
by Macrealty Marketing Team | Aug 6, 2020 | Buying Real Estate, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in July 2020.
Find the infographics by visiting the Facebook Album.
Central Okanagan: Kelowna and Lake Country
There were 336 sales, 1,055 active listings, and an $812,875 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.
The condo market featured 150 sales and 707 active listings at the end of the month. The average sale price was $360,253.
Townhome sales were 123, active listings were 383 and the average sale price was $550,230.
It’s a seller’s market for homes and townhomes in Central Okanagan.
North Okanagan: Vernon and surrounding area
In North Okanagan, including Vernon and the surrounding area and the average sale price was $594,644. At the end of the month, there were 148 sales and 452 active listings.
There were 18 sales and 82 active listings for condos. The average sale price was $274,450.
In comparison, townhomes featured 47 sales, 129 active listings and a $380,798 average sale price.
It’s a seller’s market for homes and townhomes in North Okanagan.
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.
by Macrealty Marketing Team | Aug 6, 2020 | Buying Real Estate, Fraser Valley, House and Home, Industry, Market Insights
According to the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the second-highest number of both property sales and new listings ever recorded in July.
The FVREB processed a total of 2,100 sales in July, an increase of 22.2% compared to sales in June and an increase of 44% compared to the 1,458 sales during July of last year. Last month’s sales were 25.5% above the ten year average for July and second only to July 2015.
Chris Shields, President of the Board, observes, “In the context of the current pandemic environment, our market is significantly ahead of what we anticipated. We’re seeing market conditions representing a seller’s market for townhomes and single-family homes in the Fraser Valley. For example, in North Delta, Cloverdale, Langley, Abbotsford and Mission, for every 100 active detached listings, 40 or more sold in July.”
“We attribute it to continued pent-up demand from what would have been a strong spring market for us; and clearly, near record-setting low interest rates. Buyers should take note that in some of our communities, the lack of supply and increase in demand is putting upward pressure on home prices. The average price of a detached home in our region set a record high in July, last set two years ago during the same month.”
Find all the infographics related to the May 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
by Macrealty Marketing Team | Aug 6, 2020 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in July 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 “Victoria real estate market continues to adapt in the changing times”. In August 4, 2020, the Board released that a total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7% more than the 706 properties sold in July 2019 and 21.2% more than the previous month of June 2020. Sales of condominiums were up 11.2% from July 2019 with 239 units sold. Sales of single-family homes were up 61.1% from July 2019 with 559 sold.
“If we look at the numbers alone, June and July were unseasonably busy months and the number of sales this month are on the higher end of our market for a typical July,” says Victoria Real Estate Board President Sandi-Jo Ayers. “But we are not in a typical season. We cannot derive an ongoing trend nor forecast by looking at the activity because we know the market is subjected to unusual factors amidst a health crisis. Our spring market was delayed because of the pandemic. It is likely that our spring demand moved into summer now that folks are moving around our community more freely. Time will tell if these factors are resulting in a very compressed cycle of activity or if this trend will persist in the fall.”
Nanaimo
Parksville / Qualicum
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.
by Macrealty Marketing Team | Jul 7, 2020 | Buying Real Estate, Industry, Market Insights
Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in June 2020.
Find all the infographics by visiting the Facebook Album.
According to the Real Estate Board of Greater Vancouver, “home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6% increase from the 2,077 sales recorded in June 2019, and a 64.5% increase from the 1,485 homes sold in May 2020. Last month’s sales were 21.9% below the 10-year June sales average.
“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way. Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”
“Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, REALTORS® are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighborhood.”
Colette Gerber, REBGV Chair
Bowen Island
Burnaby East
Burnaby North
Burnaby South
Coquitlam
Ladner
Maple Ridge
New Westminster
North Vancouver
Pitt Meadows
Port Coquitlam
Port Moody
Richmond
Tsawwassen
Vancouver East
Vancouver West
West Vancouver
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
by Macrealty Marketing Team | Jul 7, 2020 | Buying Real Estate, Fraser Valley, House and Home, Industry, Market Insights
According to the Board, by the end of June, the Fraser Valley real estate market saw a resurgence in activity in June as the industry and consumers continue to successfully adapt to doing business during a pandemic.
Chris Shields, President of the Board, observes, “We’re cautiously optimistic. June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels.”
“It’s due to a combination of factors. Obviously, very low interest rates, pent-up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance. Also, consumers have told us that they respect and appreciate the safety protocols and use of technology we’ve implemented and they’re getting more comfortable with the new buying and selling process.”
Based on the board report “The Fraser Valley Real Estate Board (FVREB) processed a total of 1,718 sales on its Multiple Listing Service® (MLS®) in June, an increase of 113.4% compared to sales in May and an increase of 31.5% compared to the 1,306 sales during June of last year. Last month’s sales were 6.4% below the ten-year average for June.”
Find all the infographics related to the May 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
