Blog

UDI State of the Market Report – Q1 2017

NEW MULTI-FAMILY HOUSING AVAILABILITY FALLS OFF A CLIFF ACROSS METRO VANCOUVER

VANCOUVER, BC —Availability of new multi-family housing has reached historic lows with zero new townhomes completed and move-in ready in Vancouver, and only 16 townhomes and 15 condos ready for occupancy in the entire Metro region (Lower Mainland) at the end of March 2017. These startling findings are in UDI’s first quarter State of the Market 2017 Research Report. The independent report tracks quarterly population growth with new home sales, prices and supply.
“We clearly need a regional housing strategy with more homes for more people,” says UDI President & CEO Anne McMullin.  “That means more high-rise apartments along rapid transit corridors and more townhomes, rowhomes, multi-family low-rises, duplexes and laneway homes in traditional single family neighborhoods.”

While pre-sales in various forms of construction were available for purchase as part of overall “inventory”, that doesn’t help someone who’s just moved here for a new job with a family, and needs a new home today, she added. “What’s causing the supply shortage is the restrictive single family home neighborhood zoning on 85% of our residential land base, available to a select few high income earners who can buy there. That keeps out young families, middle income earners and renters, who can’t afford single family homes.”

Click the link above to download the full report

UDI State of the Market report is produced by Urban Analytics and sponsored by Terra Law.

Fifth Dimension Complimentary Report – Lack of Supply A Consistent Issue

Fifth Dimension provide a complimentary report on the multifamily residential real estate market in Metro Vancouver.

3,882 new multifamily homes were sold in the First Quarter of 2017. Sustained demand, along with another similar quarter or 4,000+ units sold is projected for the Second Quarter of 2017. It is possible this number could be exceeded but this is solely dependent on accelerating the levels of supply.

Inventory levels are down 59 percent compared to an eight-year average and completed inventory levels are at an all-time low. Buying pre-sale is basically a norm/requirement now. Thus, the multifamily development remains a “green light” rated opportunity in each and every market area within the Metro Vancouver market.

Click Here To Download The Full Fifth Dimension Report

Content provided by Fifth Avenue Real Estate Marketing Ltd.

Demand for homes continues to outpace supply in Metro Vancouver

A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.

Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold.

Last month’s sales were 7.9 per cent above the 10-year sales average for the month.

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.” Continue reading

March sales set an all-time record

Metro Vancouver* home sales eclipsed 5,000 in March for the first time on record.

Residential property sales in the region totalled 5,173 in March 2016,
an increase of 27.4 per cent from the 4,060 sales recorded in March
2015 and an increase of 24 per cent compared to February 2016 when
4,172 homes sold.

Last month’s sales were 56 per cent above the 10-year sales average
for the month.

“March was the highest selling month the REBGV has ever recorded,”
Dan Morrison, REBGV president said. “Today’s demand is broad based.
Home buyers are active in neighbourhoods across our region.”

New listings for detached, attached and apartment properties in Metro
Vancouver totalled 6,278 in March 2016. This represents an increase of
5.2 per cent compared to the 5,968 units listed in March 2015 and an 8
per cent increase compared to February 2016 when 5,812 properties were
listed.

The total number of properties currently listed for sale on the MLS®
system in Metro Vancouver is 7,358, a 40.5 per cent decline compared
to March 2015 (12,376) and a 0.8 per cent increase compared to
February 2016 (7,299).

“Strong job and economic growth in our province, positive net
migration and low interest rates are helping to drive this activity,”
Morrison said.

The MLS® Home Price Index composite benchmark price for all
residential properties in Metro Vancouver is currently $815,000. This
represents a 23.2 per cent increase compared to March 2015.

Sales of detached properties in March 2016 reached 2,135, an increase
of 24.8 per cent from the 1,711 detached sales recorded in March 2015.
The benchmark price for detached properties increased 27.4 per cent
from March 2015 to $1,342,500.

Sales of apartment properties reached 2,252 in March 2016, an increase
of 38.4 per cent compared to the 1,627 sales in March 2015.The
benchmark price of an apartment property increased 18.8 per cent from
March 2015 to $462,800.

Attached property sales in March 2016 totalled 786, an increase of 8.9
per cent compared to the 722 sales in March 2015. The benchmark price
of an attached unit increased 20.1 per cent from March 2015 to
589,100.

*Download the full stats package by clicking here.

copyright© real estate board of greater vancouver. all rights
reserved.