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Burnaby One Bedroom Condo Market Update – January 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics 0 Comment

burnaby condos view

Here is a first look at the one bedroom condo market in Burnaby BC in January 2017. Let’s take a look at market statistics for one bedroom and studio units (no townhouses). Brand new construction is excluded from the statistics. We will only be looking at resale units.

Average Sales Price for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: $388,204 | +25.5% (change since January 2016)

December 2016: $357,435

Prices continue going up for 1 bedroom condos in Burnaby. The one bedroom market is primarily driven by the first-time buyers. Vancouver prices have gone up beyond the comfort level for a lot of first-time buyers and a lot the buyers have concentrated their search in Burnaby.

 

Average Percent of the Original Asking Price for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 99.2% | +2.2% (change since January 2016)

December 2016: 97.8%

Sellers of one bedroom units in Burnaby are getting almost 100% of their original asking price. I’ve seen a lot of buyer demand this past month and a lot of units getting multiple offers. 

 

Average Price Per Square Foot for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: $610 | +27.3% (change since January 2016)

December 2016: $537

Average price per square foot continues going up. We’ve seen a huge increase in the pricing as compared to January of last year. We also see a big increase as compared to 2 months ago (December 2016).

 

Total Inventory of One Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 51 | -58.5% (change since January 2016)

December 2016: 36

In January 2017 we’ve seen less than half of the available inventory of January 2016. One bedroom units in Burnaby this January were scarce, although an improvement over December 2016.

 

Total Number of New Listings of One Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 43 | -39.4% (change since January 2016)

December 2016: 18

We’ve have seen a little bit more new inventory on the market this January than we did in December 2016. However, the number of new listings on the market was very low. Nowhere near enough to satisfy current levels of buyer demand.

 

Total Sales for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 24 | -52.9% (change since January 2016)

December 2016: 21

Due to low the inventory levels we’ve seen very few sales of one bedroom condos in Burnaby last month.

 

Total Sales for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)

January 2017: 0.471 | +13.5% (change since January 2016)

December 2016: 0.54

Not surprisingly one bedroom condo market in Burnaby remains a very strong sellers market. A lot of units have received multiple offers in January 2017.

In conclusion, prices of one bedroom condos in Burnaby continue going up in price. We still see “bidding wars” on some units. One bedroom condo real estate market continues being a strong sellers market. More inventory would definitely bring a little bit of balance to the real estate market and satisfy current buyer demand. Overall a great start for 2017.

Downtown Vancouver 1 Bedroom Condo Market Update – January 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics 1 Comment

Here is a first look and a detailed breakdown of the downtown Vancouver condo market. In this article we’ll be looking at one bedroom (and studio) resale units. Townhouses are excluded from these statistics. Brand new construction is also excluded.

Average Sales Price of one bedroom condo units in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: $726,686 | +36.2% (change since January 2016)

Downtown VW: $571,742 | +21.6% (change since January 2016)

West End: $458,000 | -0.8% (change since January 2016)

Yaletown: $565,006 | +8.3% (change since January 2016)

For the most part, downtown Vancouver one bedroom condo prices continue to go up. We see great numbers from neighbourhoods like Coal Harbour and Downtown VW. Last month, Coal Harbour had a little “dip” in the prices; it is clear now that it was a market anomaly and not a trend.

 

Average Percent to Original Price one bedroom condos in downtown Vancouver sold for in January 2017 (see graph below)

Coal Harbour: 95.8% | -3.9% (change since January 2016)

Downtown VW: 99.3% | -4.6% (change since January 2016)

West End: 99.3% | -3.5% (change since January 2016)

Yaletown: 100.1% | -3.9% (change since January 2016)

Across all downtown Vancouver neighbourhoods condos are selling for very close to their original asking prices. From my experience, most units are still receiving multiple offers.

 

Average Price Per Square Foot for one bedroom condos in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: $1,093 | +27.2% (change since January 2016)

Downtown VW: $919 | +13.6% (change since January 2016)

West End: $757 | +12.5% (change since January 2016)

Yaletown: $1,043 | +25.4% (change since January 2016)

Yaletown and Coal Harbour neighbourhoods have seen the largest increase in the price per square foot as compared to January 2016. Yaletown reached $1,000 per square foot in December 2016 and continues increasing.

 

Total Inventory of one bedroom condos for sale in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: 14 | -6.7% (change since January 2016)

Downtown VW: 69 | +11.3% (change since January 2016)

West End: 28 | -15.2% (change since January 2016)

Yaletown: 31 | +181.8% (change since January 2016)

We continue seeing record low inventory levels. Low inventory on the marketed paired with a strong buyers’ demand and low interest rates are the primary forces driving downtown condo prices.

 

New Listings of one bedroom condos for sale in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: 9 | -25.0% (change since January 2016)

Downtown VW: 67 | -5.6% (change since January 2016)

West End: 19 | -32.1% (change since January 2016)

Yaletown: 34 | +100.0% (change since January 2016)

January is usually a slower month for new listings in downtown Vancouver. January 2017 has seen some of the lowest new listing numbers ever.

Total number of one bedroom condos sold in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: 7 | +16.7% (change since January 2016)

Downtown VW: 26 | -29.7% (change since January 2016)

West End: 12 | -14.3% (change since January 2016)

Yaletown: 18 | +5.9% (change since January 2016)

Due to the low inventory levels and a very few new listings on the market, we see low number of the total sales.

Sales to Active Listings Ration of one bedroom condos in downtown Vancouver in January 2017 (see graph below)

Coal Harbour: 0.500 | +25.0% (change since January 2016)

Downtown VW: 0.377 | -36.9% (change since January 2016)

West End: 0.429 | +1.2% (change since January 2016)

Yaletown: 0.581 | -62.4% (change since January 2016)

Based on sales to active listings ratio the one bedroom condo market in downtown Vancouver continues to be a strong sellers market in January 2017.

In conclusion, 2017 started strong for the one bedroom condo market in downtown Vancouver. Prices continue increasing across all downtown neighbourhoods. There was plenty of buyer demand and low levels of inventory in January 2017.

3 things you NEED to know about your 2017 B.C. property assessment

Oleg For Buyers, For Sellers, News, Tips 0 Comment

 

A few days ago homeowners all over Lower Mainland have received their 2017 Property Assessments. Single-family homeowners have seen an increase of 30 to 50 per cent in one year. Most condo owners in Metro Vancouver have also seen major increases of 15 to 30 per cent.

Every year B.C. Property Assessment come out I get a ton of questions from my clients. I thought I’d be easier to write a blog post about it.

Here are things you need to know about your 2017 property assessments.

  1. Even though Property Tax Assessment are sent out in January of the new year the assessed value is as of July 1 of the previous year. Your 2017 tax assessment roughly estimates how much you could have sold your property for on July 1, 2016. Whatever market changes happen after July 1, 2016 will be factored into your 2018 tax assessment. Unfortunately, most of the Metro Vancouver home prices have decreased since July (See my Vancouver Housing Breakdown for Dec 2016 here).
  2. Assessments and tax increases are not a linear relationship. Your property increasing in value by 40% based on the tax assessment doesn’t mean that your property taxes will be 40% higher. There is something called mil rate.  The mill rate is a factor which goes up and down to even out the price fluctuations.  The mill rate (factor) is multiplied by the value of the home to achieve the taxes that the city deems it needs.    The City uses this factor to achieve the rate increases to pay for their budget.  Usually 3-5% per year.  Your taxes will be very close to the amount that the city has earmarked.
  3.  Typically your tax assessments are 10-15% lower than the actual value of the property. That’s done for a reason. City Halls all over Lower Mainland don’t want to have angry homeowners at their footsteps demanding their property assessments to be lowered. However, due to the decrease in home prices in recent months your 2017 tax assessment might be very accurate.

In conclusion, huge increases in B.C. property assessments don’t necessarily mean huge property tax increases for the homeowners. No need to panic. Based on the changes in the real estate market most property assessments are outdated.

Vancouver housing market breakdown – Dec 2016

Oleg For Buyers, For Sellers, Market update, Statistics 0 Comment

houses in a row

In this market update let’s breakdown Vancouver housing market in December 2016. We will look at both Vancouver East and Vancouver West real estate markets. Let’s only focus on detached resale properties. New construction houses are excluded.

Average Sales Price for Vancouver houses in December 2016 (see graph below)

Vancouver East: $1,447,927 | +4.0% (change since December 2015)

Vancouver West: $3,700,302 | +14.5% (change since December 2015)

Average sales price is up for both Vancouver East and Vancouver West housing markets since December 2015. Although, there is a price drop as compared to the spring and summer of 2016.


Average Percent of Original Price for Vancouver homes in December 2016 (see graph below)

Vancouver East: 91.8% | -11.1% (change since December 2015)

Vancouver West: 93.0% | -8.2% (change since December 2015)

Homes in Vancouver were selling for 6-10% under the original asking price. That’s quite a shift as compared to homes that were selling for 5-10% over the asking price earlier this year.

 

Toal Inventory of detached houses for sale in Vancouver in December 2016 (see graph below)

Vancouver East: 514 | +108.9% (change since December 2015)

Vancouver West: 365 | -8.1% (change since December 2015)

The inventory of homes is unusually hight for this season, especially in Vancouver East. If high inventory levels are not met by a buyer demand we might see prices go down even farther in 2017.

 

Total Number of New Listings of homes for Sale in Vancouver in December 2016 (see graph below)

Vancouver East: 85 | -11.5% (change since December 2015)

Vancouver West: 58 | -40.8% (change since December 2015)

Statistically December is a slower month for new listings. This December was no exception.

 

Number of Vancouver houses sold in December 2016 (see graph below)

Vancouver East: 64 | -42.9% (change since December 2015)

Vancouver West: 61 | -47.9% (change since December 2015)

December is usually the slowest month for real estate transactions. This December was one of the slowest months for real estate transaction in the recent history.

Sales to Active Listings Ratio of Vancouver houses for sale in December 2016 (see graph below)

Vancouver East: 0.125 | -72.5% (change since December 2015)

Vancouver West: 0.167 | -43.4% (change since December 2015)

Based on the sales to active listings ration of detached houses in Vancouver the market remains a “buyers” market.

In conclusion, December 2016 was “slow” month the Vancouver housing market. We continue seeing high inventory levels. Lack of buyer demand and slower nature of December real estate market has caused a slight decrease in the average sales price of homes in Vancouver.

Share this article if you found it useful!

*all data for was take from the Real Estate Board of Greater Vancouver 

DOWNTOWN Vancouver One Bedroom Condo Market Update – Dec 2016

Oleg First time buyers, For Buyers, For Sellers, Market update, News, Statistics 0 Comment

downtown apartment building

Happy New Year, guys! Here is a detailed breakdown and market statistics for one bedroom condo units in downtown Vancouver in December 2016. In this breakdown I will only focus on resale units. No new construction. Statistics include 1 bedroom condo and apartment units.  Two or more bedrooms units are excluded. Townhouses are excluded from this breakdown as well.

Average Sales Price of one bedroom condo units in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: $661,975 | -6.7% (change since December 2015)

Downtown VW: $613,295 | +27.5% (change since December 2015)

Yaletown: $700,052 | +30.1% (change since December 2015)

West End: $460,850 | +10.8% (change since December 2015)

Huge increase in the average sales price in Yaletown and Downtown VW. However, for the first time in a while we see a decline in the average sales price in Coal Harbour. Coal Harbour is almost 7% down as compared to December of last year. It’s too early to tell if the average sales price drop is something serious or just a fluctuation in the market.

Average Percent to Original Price one bedroom condos in downtown Vancouver sold for in December 2016 (see graph below)

Coal Harbour: 96.4% | -5.1% (change since December 2015)

Downtown VW: 98.3% | -2.5% (change since December 2015)

Yaletown: 97.2% | -2.4% (change since December 2015)

West End: 101.1% | +2.2% (change since December 2015)

Nothing surprising here. One bedroom condo and apartment units in downtown Vancouver are usually selling for anywhere between 5-7% under the original asking price. Of course summer and spring of this year was an anomaly; we’ve seen downtown condos selling for 5-8% over the original asking price.

 

Average Price Per Square Foot for one bedroom condos in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: $1,021 | +10.1% (change since December 2015)

Downtown VW: $932 | +20.9% (change since December 2015)

Yaletown: $1,000 | +20.3% (change since December 2015)

West End: $752 | +6.5% (change since December 2015)

For the fist time average price per square foot in Yaletown has reached a $1000 mark.

 

Total Inventory of one bedroom condos for sale in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: 8 | -11.1% (change since December 2015)

Downtown VW: 36 | +20.0% (change since December 2015)

Yaletown: 20 | +42.9%(change since December 2015)

West End: 29 | +16.0% (change since December 2015)

We see unusually low inventory numbers of one bedroom condo units on sale in downtown Vancouver. The total inventory numbers are well below the 10 year average.  Strong buyer demand and the lack of inventory could cause the prices to keep increasing in 2017.

 

New Listings of one bedroom condos for sale in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: 3 | 0.0% (change since December 2015)

Downtown VW: 19 | -29.6% (change since December 2015)

Yaletown: 11 | -8.3% (change since December 2015)

West End: 5 | -58.3% (change since December 2015)

Very low number of new listing on the market this December. Although, it is not unusual for December to be a slow month for the new listings.

 

Total number of one bedroom condos sold in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: 8 | 0.0% (change since December 2015)

Downtown VW: 40 | +11.1% (change since December 2015)

Yaletown: 17 | -15.0% (change since December 2015)

West End: 14 | -46.2% (change since December 2015)

Most likely due to the low inventory levels, lack of new listings and the slower nature of December real estate market there were fewer sales.

 

Sales to Active Listings Ration of one bedroom condos in downtown Vancouver in December 2016 (see graph below)

Coal Harbour: 1.000 | +12.5% (change since December 2015)

Downtown VW: 1.111 | -7.4% (change since December 2015)

Yaletown: 0.850 | -40.5% (change since December 2015)

West End: 0.483 | -53.6% (change since December 2015)

Downtown remains a very strong “sellers” market with almost no back inventory.

In conclusion, average sales price for one bedroom condos in downtown is still going up. Record high price per square foot numbers and low inventory levels. It is still very much a “sellers” market although on average units are selling for 4-5% under the original asking price.

Comment below if you found this information useful. 

* all of the statistics used in this breakdown were taken from the Real Estate Board Of Greater Vancouver

Burnaby BC 1 bedroom condo market update – December 2016

Oleg Articles, First time buyers, For Buyers, For Sellers, Market update, News, Statistics 0 Comment

burnaby condo building

Happy New Year, guys! In this article I will breakdown one bedroom condo market in Burnaby BC for the month of December 2016. The statistics only apply to condos and apartments in Burnaby (townhouses are excluded). The breakdown is for one bedroom resale condos only. New construction and condos with more than one bedroom are excluded.

Average Sales Price for 1 Bedroom Condo in Burnaby in December 2016 (see graph below)

December 2016: $357,435 | +17.6% (change since December 2015)

November 2016: $344,681

There is a substantial increase in the average sales price for one bedroom condos in Burnaby as compared to December 2015. We also see an increase in the sales prices as compared to last month. It seems that the sales prices are catching up with the sales prices we’ve seen in the summer of this year.

 

Average Percent of Original Asking Price seller of one bedroom units in Burnaby are getting in December 2016 (see graph below)

December 2016: 97.8% | +0.6% (change since December 2015)

November 2016: 99.2%

In December sellers of one bedroom condos in Burnaby were selling their units for about 2-3% below their original asking price. That’s an indication of a healthy buyer demand.

In the summer and spring of 2016 sellers were selling their units for 5-8% over their original asking price.

 

Average Price Per Square Foot of one bedroom unit is Burnaby in December 2016 (see graph below)

December 2016: $537 | +20.7% (change since December 2015)

November 2016: $547

A huge increase in the average price per square foot since December of 2015. Again, an indication of a strong buyer demand as the prices don’t seem to be dropping for one bedroom units in Burnaby BC.

 

Total Inventory of one bedroom condos and apartments in Burnaby in December 2016 (see graph below)

December 2016: 36 | -69.0% (change since December 2015)

November 2016: 53

Record low inventory levels for one bedroom units in Burnaby. In fact this December we’ve had the lowest number of one bedroom condo units for sale in the last 10 years.  Such low inventory levels are likely to cause price increase for one bedroom condos.

 

Total Number of New Listing of one bedroom condo unit on the market in Burnaby in December 2016 (see graph below)

December 2016: 18 | -41.9% (change since December 2015)

November 2016: 33

Some of the lowest numbers for new listings of one bedroom condos in Burnaby we’ve seen.

 

Total Number of Sales for one bedroom condos in Burnaby in December 2016 (see graph below)

December 2016: 21 | -60.4% (change since December 2015)

November 2016: 43

Not surprisingly we see a huge drop in the total number of sales as compared to December of 2015. Lack of inventory as well as the natural slow-down in the real estate activity are the likely causes for such low transaction numbers.

 

Sales to Active Listings Ratio for one bedroom condos in Burnaby in December 2016 (see graph below)

December 2016: 0.583 | +27.6% (change since December 2015)

November 2016: 0.81

The one bedroom condo market in Burnaby is still a very strong “sellers” market. On average 58 out of 100 condos were sold in December 2016.

In conclusion, one bedroom condo market in Burnaby is a “sellers” market. Units are generally selling for very close to their original asking price. Sale prices are gradually increasing. Total inventory levels are at all time low heading into 2017.

Leave a comment below if you found this information useful! 

*all of the data is taken from the Real Estate Board of Greater Vancouver

WHAT you NEED to KNOW about BURNABY housing market – DEC 2016 update

Oleg Articles, First time buyers, For Buyers, For Sellers, Market update, Statistics 0 Comment

Burnaby house for sale

Happy New Year guys! Here is a detailed breakdown of the housing market in Burnaby BC for December 2016. We will only focus on detached houses. New construction is excluded from this breakdown. Condos and townhouses are also excluded (Burnaby condo breakdown can be found here).

Average Sales Price of Houses in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: $1,591,410 | +5.3% (change since December 2015)

November 2016: $1,491,466

We can see the price increase of over 5% as compared to December of last year. The average sales price is also up as compared to last month. This could be a good sign for the sellers heading into 2017.

 

Average Percent of Original Price sellers in Burnaby are getting for their homes in December 2016 (see graph below)

Burnaby, Dec 2016: 93.5% | -8.8% (change since December 2015)

November 2016: 94.2%

Since the height of the real estate market in the summer and spring of 2016 average percent of original price has been declining. Home sellers are selling their houses 5-7% under their original asking price. We haven’t seen such low numbers since 2013.

 

Total Inventory of Detached Houses for Sale in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: 236 | +41.3% (change since December 2015)

November 2016: 419

There is substantially more inventory on the market as compared to December of 2015. However the inventory levels have dropped significantly as compared to last month. Sellers seemed to be pulling the properties off the market in December.  A large number of these properties will be back on the market at the beginning of 2017.

 

 

Number of the New Listings on the market in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: 35 | -45.3% (change since December 2015)

November 2016: 82

As can be expected for this season there are very few listings. In December 2016 we had half of the new listings as compared to the December of last year. To be fair, December 2015 was an usually busy year for detached houses in Burnaby.

 

Total Number of Detached Houses Sold in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: 40 | -56.5% (change since December 2015)

November 2016: 48

We see lower than usual number of sales in the last quarter of 2016. Slight decline in sales as compared to November 2016. However, more than a 50% in sales as compared to December of 2015.

 

Sales to Active Listings Ratio for Detached Properties in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: 0.169 | -69.3% (change since December 2015)

November 2016: 0.12

Burnaby housing market is still a “buyers” marker in December 2016. Huge difference when we compare to earlier this year when we had a very strong “sellers” market.

In conclusion, the housing market in Burnaby continues to be a “buyers” market. The average sales price has not gone down as compared to November of this year. In fact the average sales price has gone up. Overall we see low levels of inventory and low transaction levels. Burnaby detached housing market is “slow” heading into 2017.

If you found this article helpful leave a comment below. 

*all the information has been take form the Real Estate Board of Greater Vancouver.  

Burnaby condo market update. Everything FIRST TIME buyers NEED to KNOW – Dec 2016

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics 0 Comment

burnaby condos and skytrain view

From my experience, most of the people searching for 1 bedroom condos in Burnaby BC are either first time buyers or investors.  However, you don’t have to be a first time buyer or an investor to find the information in this article useful.

We will breakdown 1 bedroom, resale (no new construction), condo and apartment units in Burnaby BC. Townhouses are not included in these graph and statistics. We will focus on November 2016 and the changes in the real estate trends over the past year. Each graph is from January 2013 to November 2016.

Lets start by looking at Average Sale Price for 1 bedroom condo in Burnaby in November 2016 (see graph below)

Burnaby: $344,681 | +17.6% (change since November 2015)

We see huge market price gains in November 2016 as compared to November 2015. There is a slight dip in prices as compared to Summer 2016. Not a big deal. Slight price variations are expected over the annual cycle of the real estate market.

 

Next, lets look at Average Percent of Original Price in November 2016 (see graph below)

Burnaby: 99.2% | +2.9% (change since November 2015)

Sellers in Burnaby are still getting almost full asking price for their 1 bedroom condos. 99.2% of the asking price is well above the 10 year average. This tells us that the demand for 1 bedroom condos in Burnaby is high.

 

Lets talk about Average Price Per Square Foot in November 2016 (see graph below)

Burnaby: $547 | +24.0% (change since November 2015)

The average price per square foot is up quite a bit since November of last year. We see record breaking numbers here.

 

Now, lets look at the Total Number of 1 Bedroom Condos for Sale in Burnaby in November 2016 (see graph below)

Burnaby: 50 | -71.8% (change since November 2015)

Huge drops in total inventory numbers. In fact it’s the lowest it has been since December 2007. With high buyers’ demand and record low inventory it’s likely for prices to go up even higher.

 

Lets take a look at the Number of New Listing on the Market next (see graph below)

Burnaby: 33 | -45.0% (change since November 2015)

Big drop in the number of new listings as compared to November 2015. However, it’s not unusual for the number of new listings to be low for this time of year.

 

Now, lets take a look at the Total Number of 1 Bedroom Condos Sold in November 2016 (see graph below)

Burnaby: 43 | 0.0% (change since November 2015)

We have identical number of sales as we did last November. It is well about the 10 year average for this time of year. Buyers demand for 1 bedroom condos in Burnaby is high.

 

Lastly, lets have a look at Sales to Active Listings Ratio in November 2016 (see graph below)

Burnaby: 0.860 | +253.9% (change since November 2015)

Huge increase in the sales to active listings ratio since November 2015. Currently Burnaby 1 bedroom condo market is a very strong “sellers” market. 8.6 out of 10 condos were sold this November.

In summery, Burnaby 1 bedroom condo market is a very strong “sellers” market. The inventory levels are very low and the demand is high. We see record breaking prices.

I hope you found this article helpful. If so, please, share it with someone who’s looking for a Burnaby condo or someone who owns a condo in Burnaby and would appreciate the extra info.

Find Burnaby condos for sale here!

*All of the statistics and graphs have been taken from Real Estate Board of Greater Vancouver.

EVERYTHING you NEED to KNOW about Burnaby BC housing market – December 2016

Oleg Articles, First time buyers, For Buyers, For Sellers, Statistics 0 Comment

burnaby bc home

Here is a detailed breakdown of the Burnaby detached housing market for November 2016 and for the past 3 years. In this breakdown I will solely focus on detached houses in Burnaby South, Burnaby North and Burnaby East areas. We will only look at the resale properties, brand new construction is not included.

See all houses for sale in Burnaby BC here.

*All of the market statistics and graphs were taken from the Real Estate Board of Greater Vancouver.

Lets start with Average Sales Price of Houses in Burnaby in November 2016 and for the past 3 years (see graph below)

Burnaby: $1,491,466 | +6.9% (change since November 2015)

The sales price is up by almost 7 percent as compared to November 2015. However, we see a significant drop in the sales price as compared to Spring and Summer of 2016. Prices started to dip in August of 2016, right around the time “foreign buyers tax” was introduced.

 

Next, lets have a look at the Average Percent of Original Price sellers in Burnaby are getting for their houses in November 2016 and for the past 3 years (see graph below)

Burnaby: 94.2% | -7.0% (change since November 2015)

There is a small decline in the percentage of then original price as compared to November of 2015. If we compare current average percent of original price with the average percent of original price in Spring and Summer of 2016 the different is substantial. At the hight of the market this year seller were receiving offers 5-10% over their original asking price.

 

Next, Total Inventory of Detached Houses for Sale in Burnaby in November 2016 and for the past 3 years (see graph below)

Burnaby: 394 | +60.8% (change since November 2015)

We see substantially more inventory on the market this November as compared to November 2015. However, total inventory for this November is still right around the 10 year average.

 

Now, lets take a look at the Number of New Listings on the Market in Burnaby BC in November 2016 and for the past 3 years (see graph below)

Burnaby: 82 | -7.9% (change since November 2015)

There are actually fewer new listings on the market this November as compared to November 2015. The number of new listings in November 2016 is around the 10 year average.

 

Lets take look at Total Number of Sales in Burnaby in November 2016 and for the past 3 years (see graph below)

Burnaby: 48 | -55.1% (change since November 2015)

The total number of sales for November 2016 is less than a half of sales in November 2015. The number of sales for this November is alarmingly low, some of the lowest numbers we’ve seen in the last 10 years. If the sales don’t pick up in 2017 we might have a lot of leftover inventory which might cause prices to dip even more.

Lastly, lets have a look at Sales to Active Listing Ratio for house in Burnaby in November 2016 and for the last 3 years (see graph below)

Burnaby: 0.122 | -72.1% (change since November 2015)

We are currently in a “buyers market”. In November 2015 we had a strong “sellers market”. Real estate market for detached houses has shifted from “sellers market” to “buyers market” in July 2016. The “foreign buyers tax” (introduced in August 2016) has added breaks to the already slowing down market.

 

The increasing amount of inventory with the lack of buyers’ demand might cause house prices in Burnaby to dip even more in the near future.

I hope you found this article helpful. If so, please, share it with someone who’s looking for a house in Burnaby or someone who owns a Burnaby home and would appreciate the extra information.

EVERYTHING you NEED to KNOW about Vancouver Housing Market – December 2016

Oleg First time buyers, For Buyers, For Sellers, Statistics 1 Comment

vancouver single-family detached home

In this article I’m going to have a detailed breakdown of the Vancouver housing market for November 2016. Both Vancouver East and Vancouver West housing markets will be looked at. We will analyze single-family detached houses, resale houses only (brand new construction is will not be included).

Each graph goes back 3 years, from January 2013 to November 2016.

Find Vancouver houses for sale here.

Let’s start with an Average Sale Price of a detached houses in Vancouver in November 2016 and for the past 3 years (see graph below)

Vancouver East: $1,436,564 | +4.5% (change since November 2015)

Vancouver West: $3,827,771 | +8.0% (change since November 2015)

We can see a clear selling price drop since the record high selling prices in Spring and Summer of 2016. Part of the reason is the newly introduced “foreign investor tax” and part of the reason is a natural decline of the market (as we will see in the later graphs).

 

Next, let’s take a look at the Average Percent of Original Asking Price sellers got for their detached houses in November 2016 and for the past 3 years (see graph below)

Vancouver East: 94.1% | -9.5% (change since November 2015)

Vancouver West: 92.7% | -7.2% (change since November 2015)

We see a decline in the average precent of original price since November 2015. If we compare November 2016 to Spring and Summer 2016 there is a huge difference in the average percentage of original asking price. In April 2016 home sellers were getting 5-8% over their original asking price.

 

Now, let’s take a look at Average Number of Days It Takes to Sell a House in Vancouver in November 2016 and for the past 3 years (see graph below)

Vancouver East: 36 | +28.6% (change since November 2015)

Vancouver West: 48 | +2.1% (change since November 2015)

We can see that the average number of days a homes sits on the market went up since November 2015. However, that average is still very reasonable and well within the 10 year average. Right homes are selling relatively quickly.

 

Next, let’s take a look at the Total Number of Houses for Sale in Vancouver in November 2016 and for the past 3 years (see graph below)

Vancouver East: 701 | +100.3% (change since November 2015)

Vancouver West: 548 | +3.6% (change since November 2015)

East Vancouver has huge increase of total inventory on the market as compared to November 2015. In fact East Vancouver has unusually high number of available houses for sale compared to any month of any season including busy seasons in the Vancouver real estate market.

If the demented doesn’t meet the available inventory, which it doesn’t as we will see in graphs below than we can expect the prices to dip as they have, which we see in the graph above.

Next, let’s take a look at the Total Number of New Listings of Houses for Sale in Vancouver in November 2016 and the last 3 years (see graph below)

Vancouver East: 198 | +35.6% (change since November 2015)

Vancouver West: 111 | -29.3% (change since November 2015)

Again, not the best news for the sellers in East Vancouver as the number of new listings has increased substantially as compared to November 2015. It is very likely that without enough buyers for all of the new listings on the market in East Vancouver, prices will be coming down even more.

 

Now, lets take a look at the Total Number of Houses Sold in Vancouver in November 2016 and for the last 3 years (see graph below)

Vancouver East: 77 | -43.4% (change since November 2015)

Vancouver West: 65 | -55.8% (change since November 2015)

The number of sales for both Vancouver East and Vancouver West is about half of what they were in November last year.

What’s interesting is that Vancouver housing sales numbers were dropping 2 months before “foreign buyers tax”. The tax added breaks to already slowing down market.

 

Lastly, lets take a look at the Sales to Active Listings Ratio in November 2016 and for the last 3 years (see graph below)

Vancouver East: 0.110 | -71.7% (change since November 2015)

Vancouver West: 0.119 | -57.2% (change since November 2015)

Both Vancouver East and Vancouver West real estate housing markets are “buyers” markets. We see a shift from the first half of 2016 when the housing market was a strong “sellers” market. The transition into “buyers” market happened around July/August of 2016.

With the increase of inventory, a flood of new listings and low sales figures things are looking a bit grim for the near future of Vancouver housing market.

I hope you found this article helpful. If so, please, share it with someone who’s looking for a house in Vancouver or someone who owns a Vancouver home and would appreciate the extra information.

* All graphs and statistics are taken from the Real Estate Board of Greater Vancouver.