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January 2016 Market Update

     
 
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January 2016

 

     

Looking back at 2015 real estate price changes

B.C. is buoying the country's residential real estate market, according to a forecast update from the Canadian Real Estate Association (CREA). Prices increased 11.5 per cent, significantly bolstering the national average, while sales activity increased 21.4 per cent in 2015 over 2014-and those figures aren't just for Vancouver. The association, however, expects increases in sale prices in B.C. to continue but to drop to a more modest two per cent next year, down from an unprecedented 11.5 per cent in 2015.

Over the last 12 months, the Lower Mainland has bucked up not just the provincial average but also the national average. Prices increased 18 per cent over the last year in Greater Vancouver and 12.3 per cent in the Fraser Valley.

Read more... (BCBusiness.ca)

 

 

December 2015 Real Estate Reports

Our monthly stats now use the MLS® Home Price Index. The HPI benchmarks represent the price of a typical property within each market. It takes into consideration what averages and medians do not - items such as lot size, age, number of rooms, etc. These features become the composite of the 'typical house' in a given area.

Click below to find the benchmark price for condos, townhomes and houses in your area last month.

Abbotsford

 

Port Coquitlam

Burnaby East

 

Port Moody

Burnaby North

 

Richmond

Burnaby South

 

South Surrey
/White Rock

Cloverdale

 

Squamish

Coquitlam

 

Sunshine Coast

Ladner

 

Surrey - Central

Langley

 

Tsawwassen

Maple Ridge

 

Vancouver - East

Mission

 

Vancouver - West

New Westminster

 

Victoria

North Delta

 

West Vancouver

North Surrey

 

Whistler

North Vancouver

 

 

Pitt Meadows

 

 

 

 

Is Squamish the best-kept real estate secret in B.C.?

Young families getting priced out of Vancouver and heading to the 'burbs is a familiar story, but developers say there's a new exodus underway - to Squamish.

 

 

New rules to heat up housing market

The new mortgage down payment rules, intended to cool down the overheated housing market and put a drag on housing prices, are going to make prices in Maple Ridge even more attractive to buyers, say local realtors.

The new rules will require bigger down payments from people buying expensive properties.

Buyers will still be able to purchase a home with just 5 per cent down, on a property up to $500,000. But with the new rules announced by Ottawa last week, for houses more expensive than that, the purchaser will need to come up with 10 per cent down for the amount more than $500,000.

So, a $500,000 home will require a $25,000 down payment, but a $700,000 house will require $45,000 down.

Read more... (Maple Ridge News)

 

     

 

Lower Mainland News

B.C. property assessments spike up to 30% in Vancouver (CBC News

Don't expect Vancouver home prices to cool off any time soon (Business in Vancouver)

Vancouver vacancy rates expected to dip (The Globe and Mail)

Remedial measures urged as B.C. property assessment jumps loom (The Globe and Mail)

CMHC finds foreign ownership of condos low but growing (CBC News)

Victoria & Vancouver Island News

Greater Victoria real estate sales up 24 per cent in year (Times Colonist)

Greater Victoria home prices to increase 3% next year (Times Colonist)

Housing boom in downtown core (Victoria News)

Inventory low, but great properties to be found (Oak Bay News)

Okanagan News

Increases in property assessments seen across the Okanagan (Penticton Western News)

 


 

*This communication is not intended to cause or induce breach of an existing agency agreement.

*Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission to prior sale or lease, change in price or terms, and withdrawal without notice.

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©2016 Macdonald Real Estate Group
 
   
 
     
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.