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thinktom
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August 2015 Stats = Hot Summer Nights. ;)

Wed Sep 02, 2015 6:15 am

Competition continues to drive Metro Vancouver’s housing market!

Metro Vancouver* home buyers spent the summer months searching for their next home. Between June and August, home sales were between 25 and 30 per cent above the ten-year sales average.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,362 on the Multiple Listing Service® (MLS®) in August 2015. This represents a 21.3 per cent increase compared to the 2,771 sales recorded in August 2014, and a decrease of 15.5 per cent compared to the 3,978 sales in July 2015.
Last month’s sales were 27.9 per cent above the 10-year sales average for the month.

“There was no summer lull in our market this year. Home buyers have been working with their REALTORS® throughout the summer months,” Darcy McLeod, REBGV president said. “They’re motivated, but they’re competing for a smaller supply of homes for sale than is typical for this time of year — that’s the dynamic driving our market right now.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,281 in August. This represents an 8.7 per cent increase compared to the 3,940 new listings reported in August 2014.

The total number of properties currently listed for sale on the region’s MLS® is 10,897, a 26.2 per cent decline compared to August 2014 and a 5.3 per cent decline compared to July 2015.
“Those who have a sound buying strategy and an understanding of current price trends are having the most success in today’s market,” McLeod said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $708,500. This represents a 12 per cent increase compared to August 2014.

The sales-to-active-listings ratio in August was 30.9 per cent. This is the sixth consecutive month that this ratio has been above 30 per cent in Metro Vancouver.
Sales of detached properties in August 2015 reached 1,290, an increase of 11.4 per cent from the 1,158 detached sales recorded in August 2014, and a 22.6 per cent increase from the 1,052 units sold in August 2013. The benchmark price for a detached property in Metro Vancouver increased 17.5 per cent from August 2014 to $1,159,600.

Sales of apartment properties reached 1,494 in August 2015, an increase of 32.7 per cent compared to the 1,126 sales in August 2014, and an increase of 46.8 per cent compared to the 1,018 sales in August 2013. The benchmark price of an apartment property increased 6.3 per cent from August 2014 to $405,400.

Attached property sales in August 2015 totalled 578, an increase of 18.7 per cent compared to the 487 sales in August 2014, and a 30.2 per cent increase from the 444 attached properties sold in August 2013. The benchmark price of an attached unit increased 7.3 per cent between August 2014 and 2015 to $511,500.
*Editor’s Note: Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

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jimtan
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Re: August 2015 Stats = Hot Summer Nights. ;)

Wed Sep 02, 2015 9:42 am

Things are proceeding pretty much as I foreseen. Foreign buyers are taking 70% of the +$3m houses. So, Vancouver West detached is still 2.5x Vancouver East.

As I see it, the last run up in Vancouver East is not sustainable. Can locals pay $1.5m for shacks without access to mass transit and services? :?:

Well, the run up in Vancouver West is sustainable over the long run. I would also expect that large apartments and townhouses in Vancouver West and DT gets pushed up too.

So, invest where the money is. Not where the mortgage holders are eating pasta. :mrgreen:
 
eyesthebye2
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Re: August 2015 Stats = Hot Summer Nights. ;)

Wed Sep 02, 2015 10:42 am

where do you live bud? Not just local buyers in East Vancouver. Also, wealthy immigrants might be buying only in Vancouver west, but there
are "well off" immigrants buying in E Van. Naive assumptions.
Things are proceeding pretty much as I foreseen. Foreign buyers are taking 70% of the +$3m houses. So, Vancouver West detached is still 2.5x Vancouver East.

As I see it, the last run up in Vancouver East is not sustainable. Can locals pay $1.5m for shacks without access to mass transit and services? :?:

Well, the run up in Vancouver West is sustainable over the long run. I would also expect that large apartments and townhouses in Vancouver West and DT gets pushed up too.

So, invest where the money is. Not where the mortgage holders are eating pasta. :mrgreen:
 
jimtan
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Re: August 2015 Stats = Hot Summer Nights. ;)

Wed Sep 02, 2015 4:58 pm

You have to be realistic, Much of the Vancouver East buyers are refugees from Westside. Their expectations are different from the current working class residents. Only time will tell which neighbourhoods make the transition successfully.

Commercial Drive is doing well because of its eclectic character. Main Street has the commercial infrastructure. Where else?

Moving to the east end has risks. There's the woman who paid $1.5m and discovered that there's a nocturnal business nearby. Oops! “Mum never told me about things like this!!!”

That's why many westenders prefer to stay in the westside. The influx of exotic cars is annoying. But, the money will always be there.
 
vanreal
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Re: August 2015 Stats = Hot Summer Nights. ;)

Wed Sep 02, 2015 7:45 pm

This is who is buying on the east side as well as rich immigrants. My aunt should just her west side home for lot value. She stayed on the west side but moved to condo. Her two kids each bought east side houses in commercial drive area for 1.3 approx each and she still has money to put in the bank. The kids only have tiny mortgages too.
 
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WhipMaster
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Re: August 2015 Stats = Hot Summer Nights. ;)

Wed Sep 02, 2015 9:30 pm

Her two kids each bought east side houses in commercial drive area for 1.3 approx each and she still has money to put in the bank.
...exactly.
So if you think about it, the market is probably more stable in this neo "top-down" situation, than the classic "bottom-up".
The classic "bottom-up" situation is where the first timers buy entry level homes and reverberates to the top. In this type of market you have a debt-fuelled market. Whereas in the neo "top-down" situation, rich guys from China are buying with lots of cash allowing the local white guys to move down and buy with cash and still have some cash left over in their jeans. It's actually a more stable market.

Oh well, hoocuddanotevennoded? :lol:
Hoo~Cudda~Not~Nod~ed????? :-)
 
tapioca
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Re: August 2015 Stats = Hot Summer Nights. ;)

Thu Sep 03, 2015 1:47 pm

there's no mass transit in East Van? are you blind? there's no services? are you super blind?

wow.
 
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Dragonslayer
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Re: August 2015 Stats = Hot Summer Nights. ;)

Sat Sep 05, 2015 9:01 am

I just bought again in S Surrey.
I still expect a correction but my Bearish sentiments were tempered by locatikn, choice,timing, needs of my family and supply. ...
 
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WhipMaster
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Re: August 2015 Stats = Hot Summer Nights. ;)

Sat Sep 05, 2015 9:06 am

Congratulations DragonSlayer! :D
Hoo~Cudda~Not~Nod~ed????? :-)

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