The premier Home Expo of the year comes to Coquitlam in March! See the newest and best of everything for your home, garden, and outdoor living needs, all at one great location over three BIG action-packed days!

FREE ADMISSION!

Friday, March 29 – 1:00pm-9:00pm
Saturday, March 30 – 9:30am-5:30pm
Sunday, March 31 – 10:00am-4:00pm

Metro Vancouver home sales decline below historical averages in 2018

Metro Vancouver home sales in 2018 were the lowest annual total in the region since 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.

Former US President Barack Obama coming to Vancouver this spring

Barack Obama will be landing in YVR this March for special event hosted by the Greater Vancouver Board of Trade.

“At this moment in history, President Obama is quite possibly the most coveted speaker in the world. Repeatedly, his name has topped our Member surveys as the individual that B.C. business leaders most want to hear from. For those reasons — and many more — we are ecstatic to welcome President Obama to our city on March 5,” said Lori Mathison, 2018-19 Chair of the Greater Vancouver Board of Trade.

“It is an honour for our organization to host one of the most respected world leaders in recent history, in light of his lifelong dedication to principled diplomacy and creating a more equal society,” added Hon. Iain Black, President and CEO of the Greater Vancouver Board of Trade.

Tickets go on sale to Members of the Greater Vancouver Board of Trade on Jan. 25 at 10 am. If tickets remain following member pre-sale, public tickets will go on sale Feb. 1 at 10 am.

For more information visit the dailyhive website https://dailyhive.com/vancouver/barack-obama-vancouver-march-2019?fbclid=IwAR2Vppb4MtSYxAwj6doaW55c-HCjD7ytg7w6I8Gu-aLParaPw_m336lV_ew#.XEDSxzClX1c.facebook

2019 BC Home + Garden Show

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The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold. Last month’s sales were 36.1 per cent below the 10-year September sales average

“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”

There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8 per cent decrease compared to the 5,375 homes listed in September 2017 and a 36 per cent increase compared to August 2018 when 3,881 homes were listed.

Click here to download the full package.

https://www.rebgv.org/news-statistics/more-supply-and-less-demand-seen-across-metro-vancouver-housing-market

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Maybe it is a coincidence or maybe it is a larger trend. I am finding that more people do not get a separation agreement after a marriage (or co-habitation) breaks up. In many cases this can prevent the clients from getting an "A" mortgage, or a best-rate mortgage

Like most things I talk about, the consequence of not having a separation agreement depends upon the circumstances.

Anybody who is recently separated should use all legal means necessary to get a legal separation agreement. I have a few would-be clients who are having a tough time getting their ex-spouse to sign. A mortgage application is stalled until that issue is resolved (a private mortgage loan is likely possible).

The reason that a separation agreement is important is that no lender wants to approve a mortgage and then find there are financial surprises afterward. The borrower may be subject to a different division of assets than originally reported or may be subject to monthly payments to the ex-spouse.

I have handled cases where the couple have been long separated (20 years or so) and don't have a separation agreement. We were able to work past that. However, if the separation is recent, then it is critical that the borrower get an agreement.

Thanks Christina for the great advice!

Christina Horvath, MSc
Mortgage Planner
Verico Paragon Mortgages Inc.
604-317-3680
www.mformortgage.ca

Home buyer demand stays below historical averages in August

The Metro Vancouver1 housing market continues to experience reduced demand across all housing types.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.

Last month’s sales were 25.2 per cent below the 10-year August sales average.

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”

There were 3,881 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2018. This represents an 8.6 per cent decrease compared to the 4,245 homes listed in August 2017 and an 18.6 per cent decrease compared to July 2018 when 4,770 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,824, a 34.3 per cent increase compared to August 2017 (8,807) and a 2.6 per cent decrease compared to July 2018 (12,137).

The sales-to-active listings ratio for August 2018 is 16.3 per cent. By housing type, the ratio is 9.2 per cent for detached homes, 19.4 per cent for townhomes, and 26.6 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” Moore said.

The MLS® Home Price Index2 composite benchmark price for all residential properties in Metro Vancouver is currently $1,083,400. This represents a 4.1 per cent increase over August 2017 and a 1.9 per cent decrease since May 2018.

Sales of detached properties in August 2018 reached 567, a 37.1 per cent decrease from the 901 detached sales recorded in August 2017. The benchmark price for detached properties is $1,561,000. This represents a 3.1 per cent decrease from August 2017 and a 2.8 per cent decrease since May 2018.

Sales of apartment properties reached 1,025 in August 2018, 36.5 per cent decrease compared to the 1,613 sales in August 2017. The benchmark price of an apartment property is $695,500. This represents a 10.3 per cent increase from August 2017 and a 1.6 per cent decrease since May 2018.

Attached property sales in August 2018 totalled 337, a 36.3 per cent decrease compared to the 529 sales in August 2017. The benchmark price of an attached unit is $846,100. This represents a 7.9 per cent increase from August 2017 and a 0.8 per cent decrease since May 2018.      

*Editor’s Notes:

1. Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

2. A national operations team conducts an annual review of the MLS® HPI model. This review was recently completed, which resulted in some revisions to the model in August 2018. Specifically, neighbourhoods where home sales over the past three years totalled 12 or less have been removed from the model due to a lack of consistent sample size. Neighbourhoods where sales have increased to 20 or more over the past three years have been added. Historical MLS® HPI data has been recalculated to reflect these changes.

The benchmark property descriptions for what constitutes a “typical” home in a given area have also been updated to reflect changes to current buying trends.

MLS® HPI benchmark prices represent the value of a “typical” property within a market. The HPI model creates a composite description for every neighbourhood and property type based on MLS® sales data for that specific area. What people typically purchase can change over time due to changes in affordability and buyer preferences. Therefore, it’s necessary for these descriptions to be occasionally updated.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 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.