HARRY YONLIN WANG REALTOR®

Foreign nationals make up 5.1 per cent of home buyers in Metro Vancouver, according to the first set of real estate transaction data released by the provincial government today.

This confirms data you’ve provided us for several years through our monthly member market poll.

“We wrote the Minister of Finance earlier this year asking him to again track the residency of home buyers in BC and we applaud the government for taking action on this issue,” Dan Morrison, Board president said. “The housing affordability challenge we face is of critical importance to all of us in the region and it’s important that this debate be based on facts. We look forward to the province releasing larger data sets in the future to further inform this conversation.”

The government will continue to release this data each month. The current set covers transactions between June 10 and June 29, 2016.

The data is collected when owners register their property at the Land Title Office and the Property Transfer Tax is paid. Individuals must disclose if they’re a Canadian citizen or permanent resident, or if their citizenship if not Canadian. Corporations must disclose their directors’ citizenship.

The report is available here.

Additional findings include:

• 10,148 residential real estate transactions in BC, totalling more than $7.6 billion.

• 337 transactions (3.3 per cent) involved foreign nationals, worth $390 million (5.1 per cent).

• In Metro Vancouver, there were 5,118 transactions worth nearly $5.4 billion, of which 260 involved foreign nationals (5.1 per cent), worth $351 million (6.5 per cent)

2188 Burquitlam Dr, Vancouver 

OPEN HOUSE SAT & SUN May 2 & 3 FROM 2-4PM. Come have a look at this beautiful house!

- Built in 2012

- 40'x130' Lot

- 3,727SF House

- $15,000 Touch up Bonus (Ask Harry)

- Sweeping Sunny South Views

- Two 1 Bedroom Mortgage Helpers

- Triple Car Garage

- Beautifully Landscaped

- $55,000 Appliance Package   

   - Sub-Zero Wolfe Fridge   

   - Jenn Air Commercial Grade stove top   

   - 36" Commercial Grade Hood Fan   

   - Built in Ovens and Microwaves   

   - Custom Combo Electric Ceramic & Gas stove top  

   - Built in Miele Coffee Machine

- Wok Kitchen

- Oversized Porcelain Tiles

- Air Conditioned

- Radiant Heat throughout

- Quartz Counter tops throughout the house

- Beautiful Engineered Hardwood Flooring

- Crystal Chandeliers

- Tasteful Dropped Ceilings

- Top Quality Crown Mouldings

- Outside Security Cameras

- 6 Large Bedrooms

- 7 Bathrooms

- Built in Vacuum

- Large Oversized Windows

- High end hide-away sprinklers

- Entertainment/Theatre Room

- Large Sun deck with Natural gas connections

OPEN HOUSE SAT & SUN May 2 & 3 FROM 2-4PM Come by, I’ll be here!

2188 Burquitlam DR, Vancouver. 

Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015. Last month’s sales were 20.2 per cent above the 10-year sales average for the month. “It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said. New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014. Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month. The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014. The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011. “We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.” Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300. Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500. Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.

FOR SALE!

#1301-7077 Beresford Street, Burnaby B.C

Beatiful 2 bedroom 2 bath condo with stunning panoramic views of the North mountains! Convenient and central location close to skytrain and bus routes. Walking distance to shopping and plenty of amenities.  Master bedroom upgraded to hardwood flooring with an ensuite bathroom. Second bedroom has a nice sized balcony with a view of the South. Enjoy the cozy living room with the gas fireplace controlled by its own thermostat(Gas incl. in Maintenance fee). Great building in a great location, you'll love this home!

FOR SALE

#505-511 Rochester Avenue, Coquitlam

If you want to sell in the next few months, don’t despair, it can be done! We all assume that summer is the peak time because people tend to move when school is out. However, there is a huge part of the population that isn’t affected by school schedules, such as empty nesters or millenials.

Here are a few tips to make sure you catch their attention:

Clean Up

Make sure that all the leaves are raked up and that your bushes and trees are trimmed

If you have places on your lawn where water builds up, fix the problem. Things like this always create a “flooding” fear

Clean the fireplace and make sure it is in working order

Get rid of knick knacks around the outside of your house (bikes, toys, etc)

Make it Cozy

If someone is coming by to have a look at your house, warm it up! A cold house can cause a terrible first impression

Have all the lights on and the fireplace lit

Put a couple of tablespoons of cinnamon in a dish in the oven and turn it on at 300 for twenty minutes before you leave the house. It will smell like fresh baking!

Have music playing softly in the background for your potential buyers

Make sure all of the blinds are open and the windows are clean

Be Available

Ideally, all buyers will want to see your house when it is convenient for you. However, you don’t necessarily want them through at night, when your house can seem dark. Be available for showings during the daytime to maximize how your home is perceived

Good to see such a healthy growth in the new housing sector. Steady and stable growth is always the way to go! Have a quick look at some current stats on the new housing starts in BC.

Canadian housing starts rose about 1 per cent in May to 198,324 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian new home construction is more or less stable at 184,400 units SAAR. That level of construction is approximately in-line with Canadian household growth.  New home construction in BC urban centers increased 12 per cent on a monthly basis to 27,950 units SAAR. On a year-over-year basis, housing starts were up 32 per cent compared to May 2013. Single-detached starts rose 20 per cent while multiple units were up 37 per cent.  Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 34 per cent year-over-year in May. The increase was driven by a 47 per cent rise in multiple units over last year while single-detached units rose 5 per cent. In the Victoria CMA, total start jumped 151 per cent year-over-year as multiple unit construction was over five times the rate of construction in May 2013. New home construction in the Kelowna CMA was also sharply higher, rising 90 per cent year-over-year due  to strong gains in both single and multiple unit starts. Housing starts in the Abbotsford-Mission CMA rose 9 per cent year-over-year in May as singles rose 17 per cent and multiple unit starts were up 8 per cent. 

An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7 per cent increase compared to the 3,050 sales in April 2014.

Last month’s sales were 6.5 per cent below the 10-year sales average for May of 3,514.

The sales-to-active-listings ratio currently sits at 20.4 per cent in Greater Vancouver, which is the first time that this measure has been above 20 per cent since June 2011.

“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active marketplace we’ve seen since the spring of 2011,”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936 in May. This represents a 5 per cent increase compared to the 5,656 new listings in May 2013 and a 0.2 per cent decline from the 5,950 new listings in April. Last month’s new listing count was 2 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,072, a 6.7 per cent decline compared to May 2013 and a 3.6 per cent increase compared to April 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3 per cent increase compared to May 2013.

“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 per cent from the 1,212 detached sales recorded in May 2013, and a 23.1 per cent increase from the 1,180 units sold in May 2012. The benchmark price for detached properties increased 5.4 per cent from May 2013 to $966,500.

9071 Steveston Hwy, Richmond. B.C.

Just listed for SALE a beautiful development property. 66' frontage able to subdivide into two 33' lots. Build 2 Brand new homes here with back lane access and a driveway/alley already put in. 

Call Harry at 778-882-8082 If you have any inquiries!

Sincerely,

Harry Yonlin Wang