New Taxes Digging Metro Deeper Into Housing Affordability Crisis

Posted on Jun 12, 2018

There is an old Yiddish curse that warns that you better be careful what you wish for as you might just get it!

Many believe that the series of new taxes recently announced by the British Columbia's NOP government are designed to make housing more affordable in Greater Vancouver; however, it is much more likely that these measures will only kill job...

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June 2018 Westside Market Update

Posted on Jun 05, 2018 in Market Update

Westside detached house active listings this May are up 4% from April (850 from 817) and are up 45% compared to May 2017. Westside detached home sales this May were up 35% from April (66 to 89) but down 52% compared to 187 sales in May 2017. This year, sales volumes are off 60% from sales in Feb. 2016 (pre foreign buyer tax).


The increase in supply...

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May 2018 Westside Market Update

Posted on May 05, 2018 in Market Update

Westside detached house active listings this April are up 6% from March (817 from 772) and are up 38% compared to April 2017. Westside detached home sales this April were up 24% from March (66 to 53) but down 41% compared to 111 sales in April 2017. This year, sales volumes are off 71% from sales in Feb. 2016 (pre foreign buyer tax).


The increase in...

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Here's How Singapore's 'Flipping Tax' Works

Posted on Apr 18, 2018

By Christopher Cheung Today | TheTyee.ca

Vancouver, Here’s How Singapore’s ‘Flipping Tax’ Works
In Singapore, the faster you flip a property, the harder you’re hit with a duty.

Singapore, one of the most economically free countries in the world, recognizes the displacing power of wealth and so is heavily involved in housing, from robust public housing...

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April 2018 Westside Market Update

Posted on Apr 06, 2018 in Market Update

Westside detached house supply this March is up 5% from February (723 to 772) but is up 247% compared to 560 Mrach 2017. Westside detached home demand (sales) this March was about the same as February (52 to 53) and down 44% compared to 95 sales March 2017. This year, sales volumes are off 79% from sales in Feb. 2016 (pre foreign buyer tax).

Detached

The inc...

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The highest sales price for a Westside detached home in November was $15.5M in Point Grey. The lowest sales price was $1.5M in Dunbar. 

Compared to 68 sales in November 2016, detached home sales were up 19% to 81 in November 2017. Of those sales, 17 received the asking price or more and 64 sold below the asking price. November 2017 supply increased 39% to 738 homes from 530 in November 2016.
 
No. of SalesNov 2016Nov 2017
% Change
Detached 
68
81
19%
Attached
44
42
-4.5%
Apartments
296
380
28.4%

Compared to October 2017, November detached west side home sales, decreased 24% from 106 to 81 while Months of Supply (MOS) increased to 9.1, from 7.3. Prices finally showed the drop we were expecting, down 13%, from $4.54M to $3.93M on average while median prices decreased 13% from $3.8M to $3.30M. 

Average/Median
Price
Nov 2016
Nov 2017 % Change
Detached (M)   
$3.96/$3.4
$3.9/$3.3
-1.5%/-3%
Attached (M)
$1.28/$1.17
$1.43/$1.36
12%/16%
Apartment (K)$851/$663$986/$780   16%/18%
  
November Westside apartments supply & demand both decreased very little leaving MOS down to 1.8 vs 1.9 in October. Median prices are down 5% from $818K to $780K while average prices are down 2% from $1004K to $987K. Overall, prices have been quite flat since April 2017.
 
Townhouse supply in November is up 2% from 159 in October to 162, while demand is down 22% from 54 to 42 units in November. This gives us 3.9 MOS, up 34% from 2.9 MOS in October. This resulted in prices decreasing 3% on median from $1.399M to $1.360M and 8% on average from $1.56M in October to $1.436.

Mths of SupplyNov 2016Nov 2017
% Change
Detached
7.8
9.1
-6%
Attached
2.9
3.9
-44%
Apartments
2.7
1.8
-37%

Detached home price reductions are creating a good buying opportunities. Apartment and townhouse prices remain stable and reflect strong demand and continued short supply. 

Price range Detached
No. sales  Nov
2016       2017
% sales
2016       2017
$<3M
26             34
38%     42%   
$3M-$5M
28             2942%      36%
$5M-$10M
11             16
  16%      20%   
>$10M3             24%          2%
Total
68           81
      100          

Government regulations both here and in China continue to make it difficult for foreign buyers to bring money here to purchase real estate and that is which creating opportunities for local buyers. Interest rates, currency exchange and lending restrictions will continue to be dampen sales. 
 
We are currently in a buyers market for detached homes.

Click on the link at the top right for Westside Graphs.
 
Please call me at any time for a considered response to any and all of your real estate questions.

Merry Christmas and all the best for 2018!

Best regards,

Stuart