Vancouver Real Estate Update
March 2018 Vancouver Real Estate Market update
New Mortgage Qualification Rules Temper Housing Demand
Vancouver, BC – March 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,206 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in February, a 5.7 per cent decrease from the same period last year. The average MLS® residential price in BC was $748,327, up 8.8 per cent from the previous year. Total sales dollar volume was $4.64 billion, a 2.6 per cent increase from February 2017.
“More stringent mortgage qualification rules for conventional borrowers are dampening housing demand in the province,” said Cameron Muir, BCREA Chief Economist. “Since the new rules came into effect, BC home sales have fallen more than 26 per cent, on a seasonally adjusted basis.”
Previous mortgage policy tightening has negatively impacted housing demand for a period of four to seven months, with the largest impact occurring in the third month after implementation.
Year-to-date, BC residential sales dollar volume was up 15.9 per cent to $8.47 billion, compared with the same period in 2017. Residential unit sales increased 4.1 per cent to 11,516 units, while the average MLS® residential price was up 11.3 per cent to $735,755.
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The British Columbia Real Estate Association (BCREA) is the professional association for about 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
BC Housing Demand to Slow Through 2019
BCREA 2018 First Quarter Housing Forecast Update
Vancouver, BC – March 9, 2018. The British Columbia Real Estate Association (BCREA) released its 2017 Fourth Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 per cent to 94,855 units in 2018, after decreasing 7.5 per cent in 2017. A record 112,209 unit sales were recorded in 2016. The ten-year average for MLS® residential sales in BC is 84,800 units. Strong employment growth, consumer confidence and favourable demographics have been highly supportive of housing demand over the last four years. However, slower economic growth, tougher mortgage qualification rules, and a rising interest rate environment are expected to slow the pace of housing demand over the next two years.
“Housing demand in the province is expected to moderate this year and in 2019,” said Cameron Muir, BCREA Chief Economist. “More stringent mortgage qualifications and rising interest rates will further erode affordability and household purchasing power.”
The 5-year qualifying rate is forecast to rise 35 basis points to 5.49 per cent by Q4 2018, and another 21 basis points to 5.70 per cent by Q4 2019. “With home prices already at an elevated level, BC households are more vulnerable to rising interest rates.”
The supply of homes for sale continues to trend at or near decade lows in most BC regions. However, this condition hasn’t gone unnoticed by home builders. There are over 60,000 homes now under construction in the province, well above the previous peak of 45,000 units recorded in 2008. In Metro Vancouver, over 42,000 units are in the pipeline, 56 per cent more than recorded in 2008. Slowing consumer demand combined with a surge in new home completions over the next several quarters will create more balance in the housing market and produce less upward pressure on home prices. The average MLS® residential price in the province is forecast to increase 6.0 per cent to $752,000 this year, and a further 4.0 per cent to $781,800 in 2019.
To view the full BCREA Housing Forecast, click here.
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Friday, February 2, 2018
Attached and apartment homes are in demand across Metro Vancouver* while detached home buyers are facing less competition today.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,818 in January 2018, a 19.4 percent increase from the 1,523 sales recorded in January 2017, and a 9.8 percent decrease compared to December 2017 when 2,016 homes sold.
Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 percent from the 10-year January average, attached sales increased 14.3 percent and apartment sales were up 31.6 percent over the same period.
“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”
There were 3,796 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2018. This represents an 8.3 percent decrease compared to the 4,140 homes listed in January 2017 and a 100.7 percent increase compared to December 2017 when 1,891 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,947, a four percent decrease compared to January 2017 (7,238) and a 0.2 percent decrease compared to December 2017 (6,958).
For all property types, the sales-to-active-listings ratio for January 2018 is 26.2 percent. By property type, the ratio is 11.6 percent for detached homes, 32.8 percent for townhomes, and 57.2 percent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,056,500. This represents a 16.6 percent increase over January 2017 and a 0.6 percent increase compared to December 2017.
Detached home sales in January 2018 reached 487, a 9.7 percent increase from the 444 detached sales recorded in January 2017. The benchmark price for detached properties is $1,601,500. This represents an 8.3 percent increase from January 2017 and a 0.3 percent decrease compared to December 2017.
Apartment home sales reached 1,012 in January 2018, a 22.7 percent increase compared to the 825 sales in January 2017. The benchmark price of an apartment property is $665,400. This represents a 27.4 percent increase from January 2017 and a 1.5 percent increase compared to December 2017.
Attached home sales in January 2018 totaled 319, a 25.6 percent increase compared to the 254 sales in January 2017. The benchmark price of an attached unit is $803,700. This represents a 17.5 percent increase from January 2017 and unchanged compared to December 2017.
*Editor’s Note: 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.
The real estate industry is a key economic driver in British Columbia. In 2017, 35,993 homes changed ownership in the Board’s area, generating $2.4 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totaled $37 billion in 2017.
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.
Senior Writer, Communication
Real Estate Board of Greater Vancouver
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Samin Mortazavi is a senior real estate agent and rental property manager. Samin had transactions all over Greater Vancouver Area, he had listings and sales in Squamish, Ferry Creek, West Vancouver, North Vancouver, Downtown Vancouver, Richmond, New Westminster, Burnaby, and Coquitlam.
Academics and Qualifications
Samin overlapped the last year of high school, A-levels in the British system with a Pre-med certificate at McDaniel College, and as a result, at the age of sixteen, he was admitted to the Doctor of Dental Surgery program at the prestigious Semmelweis Medical University. Moved to Vancouver, Canada, switched path, earned a Bachelor of Science in biology and chemistry, Bachelor of Business Administration in human resources management, Master of Business Administration in international trade, Doctor of Business Administration in strategic management, Certificate in international business law, Certificate in European Economic and Business Law, Juris Doctor or the first law degree, and he is currently working toward Master of Laws in dispute resolution.
My business is to provide Residential, Commercial and Construction Mortgages in British Columbia with Competitive Rates & Best Options.
I started this business on 2006 after 20 years of working as Registered Lab Technologist and Supplier for Medical Laboratories. My strong analyzing ability, business mind and my passion made me to learn all lenders’ products to have the best advice for my clients. Strong relationship with the lenders plus strong client based network and the services I provided including so-called impossible files that I could make them happen, gradually made a good credit for me and that’s how I became one of the Top Producers(20% Summit) in The Mortgage Group Cross Canada in 2011 & 2012 and also got the “Rising Star” award on 2012. When I heard about VERICO’s business model in 2013 I decided to move my business to VERICO and following that move I decided to establish my own corporation “Blue Mortgage” under Verico in 2014 and I could be honored to become one of the TOP 75 of all Brokers in Canada based on CMP magazine in 2017and I am supposed to mention that my loyal clients played the main roll on my progressive success.
Now in VERICO I work with over 50 different lenders including Major Banks, Trust Companies, Credit Unions, Financial Institutions and Mortgage Investment Corporations and each of them has one or two unique products and that’s how I have different solutions for Self-employed, Salaried, New immigrant and Non-resident clients and also several solutions for Land & ConstructionFinancing, Un-divided Interest Properties, Co-opProperties, Whistler Phase 2 Properties and Second Mortgage financing.
Mainland Home Inspections is one of the most recognized home inspection companies in Vancouver and surrounding areas. Licensed and certified home inspector Angelo Agaloy is a professional with over 27 years experience in the business.
Growing up in a family involved in the construction industry, Angelo has received many years of experience in both residential and commercial projects. Like all of us who have followed in our family’s footsteps, Angelo went to British Columbia Institute of Technology to become a licensed plumber in 1992 where he then went on to work for Milani Plumbing, one of Vancouver’s oldest and most experienced plumbing companies since the 1950’s. Working in the industry as a service technician for over 15 years, Angelo decided to move up in his career and start his own business. With a passion in construction, Angelo decided to become a home inspector. After furthering his studies at B.C.I.T to become a licensed inspector, Mainland Home Inspections was founded in 2005 and has been providing peace of mind to satisfied clients ever since.
Our aim is to provide high quality home inspections; we focus on customer care. Your home purchase is probably the biggest investment that you will make; having Mainland Home Inspections inspect your potential home is the best way for you to make an informed purchase decision.
Our inspectors have over 27 years of combined hands-on experience in the home construction and renovation industry. All home inspectors are trained and accredited. Through industry seminars and technical courses, we continually update our education, and we stay current using state-of-the-art techniques and materials.
Angelo’s past and present experience:
- Licensed Plumber 1992 – 2005
- Licensed Heating & Gas 1992 – 2005
- Licensed Home Inspector Since 2005
- BBB Accredited since 2006
Inspections to fit your needs
We offer four types of home inspection to suit your inspection needs: Pre-Purchase Home Inspection, Pre-Listing Home Inspection, “Open House” Inspection, and New Home Inspection. You can find out more about our inspection types by visiting the page that best applies to the type of home you are purchasing: House Inspection, Condo Inspection, or Townhouse Inspection.
Mainland Home Inspections Company’s mission is to provide the highest quality inspections in the Lower Mainland. We succeed at this through the integrity of our inspectors and support staff, our commitment to being respectful and considerate of our clients and of each another. Our passion for continuing education and learning the newest innovations of our industry drives the quality of our work.
(excerpt from Giovanni Amenta website)
Once I know who you really are I’ll know how I can best be of service.
Gio has a deep desire to beautify and empower people and brands from soul to silhouette. He has been a regular style expert on Oprah and W Networks “Beauty Call”, City TV’s “Breakfast Television” and Shaw TV’s “Urban Rush”. He produces and hosts fashion shows and events for retailers such as The Bay, Sears, H&M and Aldo, and is the Designer and Creative Director for international scarf and housewares company, Uqllu which was featured in People Style Watch Magazine. Gio teaches styling and image consulting at Langara College and taught at John Casablanca’s Institute. Gio has worked as a fashion columnist and style expert for papers such as The Province, The Vancouver Sun and The Burnaby News Leader. As a speaker Gio engages audiences across the country with his vast knowledge of fashion and image but wins their hearts with his flamboyant sense of humour and deeply caring nature.
Gio has worked with celebs such as Michael Buble, Marie Osmond, Tom Cochrane and Andrew Allen. He has also written two books; “But Seriously, What Do I Wear?” and “Ok Seriously, I look Awesome!” which has been used as a college textbook. His first company Pink & Grey Style and Image Consulting changed several lives and brands through makeovers, seminars and workshops. Most recently Gio was hired as the keynote speaker for international jewelry company Fifth Avenue Collection where he spoke at all of their conferences across Canada and Australia.
Gio is a certified Image consultant with IIIC (International Institute for Image Communications). He has studied at the London Image Institute as well as at the Image Resource Center of New York and the Interior Design Institute. Perhaps, some of his greatest education has come from living in the fashion capital of the world, Milan, Italy and from his travels across Europe, India, Asia and the Middle East.
Sold by Samin Mortazavi
We help clients with purchase or sale of residential properties, building lots, and businesses
We are in the business of assisting local and international clients with their residential and commercial purchases and sales in West Vancouver, North Vancouver, Downtown Vancouver, East Vancouver, Richmond, Burnaby, New Westminster, and Coquitlam.
Our founder, Samin Mortazavi, brings to the table his superb marketing, sales, analytical, and negotiation skills to meet and exceed your expectations. He can lay out a multitude of options and avenues for your purchase or sale decisions. Dr. Mortazavi personally reviews opportunities for his clients. With excellent negotiation skills, we ensure that our customers are always in the winning seat
Residential Real Estate Trade
Are you thinking of selling your home? Downsizing? Or Up-sizing? Are you a first-time buyer with no experience? Do you want an expert’s opinion on the market value of a property? Do you have questions concerning renovating or building your dream home? We have the answers to all those questions.
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Are you moving out for the first time? Do you own a home, but see it a good idea to rent out that one and maybe become a renter yourself in a different neighborhood – may be looking for a change? Or not sure if a community is a right choice for you? Vancouver rental market has become a busy market for visitors and locals – Many homeowners are wary of renting out their places, worried about damages that might come to their property. Take advantage of our knowledgeable staff and rent out your home while having the peace of mind.
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Commercial purchases can be complicated. Some sellers want to sell or buy the property only as an asset while others would prefer to deal with the property as an on-going-business, the valuation can be very different. We are the only brokerage in Vancouver which has full-time lawyers and MBAs on the staff, why trust your commercial purchase or sale to anyone else? Call us, and we will take good care of your needs.
Samin makes sure that every transaction is cared for diligently regardless of the dollar value of the deal. He establishes and keeps a personal relationship with every single one of our clients, and that is what makes him a very successful agent in the North Shore and Downtown of Vancouver.
Samin helped us find a perfect home in downtown Vancouver in the prestigious Yaletown neighborhood in the shortest time possible and at the best price. He narrowed down the number of choices, based on our preferences. My husband and I recommend them for your next purchase or sale. – BB
For Samin, relationship building comes naturally. He is highly educated, inquisitive, and hard-working. You cannot go wrong with choosing him as your real estate agent. – VD
Puts the time, cares little about making money for himself, cares a lot about his client and his professional reputation, these all make him an excellent real estate agent. He listens, understands his clients’ needs and wants and delivers narrowed options which meet and exceed customers needs. – SA
New Coast Realty Ltd. West Vancouver Office
Call or Text Samin @ 604.837.2646
201A – 1571 Bellevue Avenue, West Vancouver, BC V7V 1A6
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I never take full credit for my transactions. Real Estate is a unique business that requires extensive support and teamwork. I have put together the best professionals I could find among the lending, inspection and legal professionals. Allow our team to work for you and get you the results you deserve! We are not the best because we get the largest transactions or the highest dollar volume of sales but we offer the most sincere, most honest, and most transparent real estate sales and rental services In the Greater Vancouver area.