The Greater Vancouver housing market saw a slight increase in the number of home sales, a slight reduction in the number of listings, and a slight decrease in home prices in October compared to the summer months. With those changes, the sales-to-active-listings ratio increased to 11 per cent in October from 8 per cent in September.
The Real Estate Board of Greater Vancouver (REBGV) reported 1,931 residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) in October, a 16.7 per cent decline compared to the 2,317 sales in October 2011 and a 27.4 per cent increase compared to the 1,516 home sales in September 2012.
October sales were 28.5 per cent below the 10-year October sales average of 2,700.
“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,323 in October. This represents a 1.2 per cent decline compared to October 2011 when 4,374 properties were listed for sale on the MLS® and an 18.8 per cent decline compared to the 5,321 new listings in September 2012.
At 17,370, the total number of residential property listings on the MLS® increased 12 per cent from this time last year and declined 5.3 per cent compared to September 2012.
Since reaching a peak of $625,100 in May, the MLS Home Price Index® (MLS HPI®) composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per cent to $603,800 in October. This represents a 0.8 per cent decline compared to last year.
“There’ve been modest price changes since they peaked in the spring. The largest reductions have occurred in the areas and property types that experienced the biggest price increases over the last few years,” Wyant said.
Since hitting a record high in April, the benchmark price of a detached home on the Westside of Vancouver has declined 8.6 per cent while detached homes in Richmond and West Vancouver have seen declines of 6 per cent over the same time period.
Sales of detached properties in Greater Vancouver reached 790 in October, a decrease of 18.9 per cent from the 974 detached sales recorded in October 2011, and a 19.1 per cent decrease from the 976 units sold in October 2010. Since reaching a peak in May, the benchmark price for a detached property in Greater Vancouver has declined 4.1 per cent to $927,500.
Sales of apartment properties reached 803 in October 2012, a 16.2 per cent decrease compared to the 958 sales in October 2011, and a decrease of 18.4 per cent compared to the 984 sales in October 2010. Since reaching a peak in May, the benchmark price for an apartment property in Greater Vancouver has declined 2.9 per cent to $368,800.
Attached property sales in October 2012 totalled 338, an 11.5 per cent decrease compared to the 382 sales in October 2011, and a 10.3 per cent decrease from the 377 attached properties sold in October 2010. Since reaching a peak in April, the benchmark price for an attached property in Greater Vancouver has declined 2.9 per cent to $457,700.
Greater Vancouver housing market maintains a steady spring pace Home sale and listing activity has maintained a consistent pace on the Multiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012. April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369. “Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said. New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 per cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®. Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April. At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5 per cent in April compared to last month and increased 16 per cent from this time last year. “Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.” The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 per cent increase compared to April 2011 and a 2.6 per cent increase compared to three months ago. Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, and a 17.8 per cent decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800. Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9 per cent compared to the 1,201 sales in April 2011, and a decrease of 22 per cent compared to the 1,526 sales in April 2010.The benchmark price of an apartment property increased 1.1 per cent from April 2011 to $375,900. Townhome property sales in April 2012 totalled 483, a decline of 22.3 per cent compared to the 622 sales in April 2011, and a 21.6 per cent decrease from the 616 townhome properties sold in April 2010. The benchmark price of a townhome unit increased 1.7 per cent between April 2011 and 2012 to $487,300. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics and buying or selling a home, visit www.rebgv.org.
Average price over $600,000VANCOUVER (NEWS1130) - Vancouver-area home prices and sales had another year of gains in 2011. An industry group says sales rose 5.9 per cent, topping 32,000. The adjusted average price last month was $622,000 which is up 7.6 per cent. Detached houses were up 11.2 per cent to $877,000.
The full-year numbers mask a sharp drop-off in sales late in the year.
The Real Estate Board of Greater Vancouver says sales last month fell nearly 13 per cent from a year earlier and 34 per cent from December 2009.
VANCOUVER, BC – The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.
Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.
“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.
Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.
The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.
Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.
Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.
Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.
Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960.
Asbestos is a naturally occurring mineral that was commonly used in Canada until the 1980’s for acoustic and thermal insulation, and fire proofing. As such many older industrial, commercial and residential buildings still have asbestos-containing materials, which can include: ceiling tiles, plaster, texture coat (stucco), drywall compound, vinyl floor tiles and sheeting, pipe insulation, and some loose-fill vermiculite insulation.
Asbestos is made up of microscopic bundles of fibres that can become airborne when the asbestos-containing materials are damaged or disturbed. When these fibres get into the air they may be inhaled into the lungs, where they can cause significant health problems. Prolonged exposure to high levels of asbestos fibres has been link to diseases such as lung cancer, mesothelioma or asbestosis.
In an effort to limit people’s exposure to asbestos the Ontario Ministry of Labour’s, Occupation Health and Safety Act, has listed asbestos as one of 11 “Designated Substances” (Other products on this list include lead, arsenic and mercury), with specific procedures regarding the use, handling and disposal of these products.
For buildings suspected to contain asbestos an initial Designated Substance Survey is performed by a certified inspector, to identify the location and condition of the asbestos. If the building is found to contain asbestos an Asbestos Management Plan is prepared, which involves inspecting the condition of the asbestos on a regular basis (at least annually) and, if necessary, recommending repair or removal.
If you suspect your home or office may contain asbestos or any other Designated Substance, it is recommended have an experienced consultant inspect and analyze any suspected products.
Something to ponder: While the use of asbestos in Canada today is very limited, more than 240,000 tonnes of asbestos is mined each year in Quebec, making Canada the fourth largest exporter of asbestos in the world. The main destinations for Canadian asbestos are countries such as India and Pakistan, where safety regulations surrounding asbestos handling and use are either sparse or non-existent.
OTTAWA – November 15, 2011 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity picked up a little further in October 2011 following the uptick in September.Highlights:
Homes sold through MLS® Systems of real estate Boards and Associations in Canada rose 1.2 per cent in October 2011 from the previous month. While national sales activity levels are still best described as average, the monthly rise in October sales built on the 2.5 per cent gain in September, and lifted activity to the highest level since January. Just over half of all local markets posted monthly sales increases, led by gains in Montreal, Toronto, and Vancouver. “There was no shortage of headline news in October about global financial market volatility and economic uncertainty, but it doesn’t appear to have dampened homebuyers’ spirits,” said Gary Morse, CREA’s President. “Interest rates are at low levels and are likely to stay that way for some time to come. Homebuyers clearly see the opportunities that the current interest rate environment presents. That said, all real estate is local, so buyers and sellers should consult their local REALTOR® for an understanding of opportunities in their housing market.” As has been the case in most months this year, actual (not seasonally adjusted) national home sales in October stayed in line with the 10-year average for the month. Although up 8.5 per cent from levels one year ago, the gain in large part reflects last year’s nascent pick-up in activity following a mid-year lull. A total of 397,561 homes have traded hands via Canadian MLS® Systems so far this year. This represents an increase of 1.8 per cent from levels in the first 10 months of 2010, but is directly in line with the 10-year average for the year-to-date figure.
- Sales activity rose in October, marking the highest level since January.
- Actual (not seasonally adjusted) national sales activity in October stayed in line with the 10-year average for the month, as it has most months this year.
- Year-to-date sales are also even with the 10-year average.
- The number of newly listed homes remained little changed from levels in the previous three months.
- While the combination of stronger sales and stable new listings resulted in a slightly tighter balance of supply and demand, the national housing market remains firmly rooted in balanced territory.
- The national average price posted a 5.5 per cent year-over-year gain in October, the smallest increase since January.
The number of newly listed homes remained little changed in October compared with levels recorded in each of the previous three months.
“The prevailing economic outlook for Canada is one of slower but still positive economic growth, with heightened caution about investment and hiring decisions,” said Gregory Klump, CREA’s Chief Economist. “Consumer confidence and the housing sector are being supported by low interest rates and high employment levels, but their prospects depend on how Canada’s economic outlook evolves in response to global economic risks and outcomes in the months ahead.
Home sales activity over the past couple of months suggests buyers are confident that the Canadian economy will remain relatively unscathed by global economic risks, since every home purchase is a homebuyer’s vote of confidence in the future. That confidence is no doubt rooted in the success of coordinated fiscal and monetary policy responses that helped quickly pull Canada out of the last recession, and a stated willingness and ability to carry out further policy actions if need be.”
While the combination of stable new listings and stronger sales made for a slightly tighter balance between supply and demand in October, the national housing market remains firmly rooted in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 53.4 per cent in October, up from 52.8 per cent in September.
Based on a sales-to-new listings ratio from 40 to 60 percent, about 60 per cent of local markets in Canada were in balanced market territory in October. Of the remaining markets, there was a handful more seller’s markets than buyers’ markets.
The number of months of inventory stood at six months at the end of October on a national basis, little changed from the end of September (6.1 months). It has remained stable at about six months since April. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.
The actual (not seasonally adjusted) national average price for homes sold in October 2011 stood at $362,899. This is up 5.5 per cent from October 2010, making it the smallest increase since January.
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.
Statistical information contained in this report includes all housing types.
MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.
Further information can be found at http://www.crea.ca/public/news_stats/media.htm.
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Many of us haven’t the slightest idea of how much it really costs to undergo a basic home renovation, let alone a complete overhaul.
Here you can see how much you can expect to spend for just about any project you plan to take on.
- Typical hardwood, engineered wood and also bamboo are similarly priced around $4 to $6 a square foot, and $2 installation per square foot.
- If your particular project requires the removal of your existing floors, then be sure to budget for an additional $1 per square foot for discard.
- Another addition is if your subfloors need to be replaced, which will cost an additional $1.60 per square foot (for typical ½” spruce subfloor).
- Finally, if you already have hardwood floors, even engineered wood floors, but you wish to refinish them you can opt for sand, stain and two coats of varnish which will cost you approximately $2 per square foot, including the cost of stain.
- Perhaps you are looking to tile your bathroom, laundry room, entryway or kitchen. That would mean you are considering porcelain tiles, ceramic tiles, perhaps a natural stone or a stone mosaic.
- The most costly, with respect to material and labor, are your natural stone options at approximately $5 to $12 (or higher) per square foot material, plus $9 a square foot installation.
- Natural stone mosaics can reach even higher amounts, up to $100 per square foot.
- Whereas manmade tiles like ceramic and porcelain will cost you roughly $3to $8 (porcelain) a square foot, and likewise $8 a square foot in labor cost.
- A common choice, due to its simulating characteristics and budget friendliness is laminate floors.
- Laminate is essentially photographed images of wood grains, adhered to layers of melamine resin and fiberboard (typically MDF – Medium Density Fiberboard).
- This will cost you approximately $1 to $3 per square foot in material and $1.50 in labor, assuming your subfloors are in tact.
Some still prefer the feeling of a plush carpet under foot; ergo choosing a wall-to-wall carpet installation should be budgeted as $5 a square foot for basic, mid-grade wool carpet with underpad, including installation.
Do your home’s walls look a little bare? Some artwork can go a long way in decorating a home — and it doesn’t have to cost a fortune!
Artwork can be an important accessory in finishing off a room. And while purchasing art can be expensive, there are plenty of inexpensive ways to get great art that you can use again and again when staging properties.One affordable artwork solution for staging: Purchasing high-resolution, professional photographs on CD. The CDs contain 90-plus photographs–everything from architecture, scenery, locations to animals–and can be printed in sizes up to 24’’ x 36’’. The $25 CD has a range of photographs to choose from so you can always quickly find artwork to use when staging her listings and print it at the size she needs.
Inexpensive artwork can also be found on sites like art.com and allposters.com.Hanging photographic art has become a big trend in home decor recently, according to anarticle from the Associated Press. Black and white photographs, streetscapes, landscapes, and portraits can make walls come to life, the article notes.Hanging portraits can be a tricky one in staging a home for sale, however. Can you make it work or will such artwork surely distract buyers?
Granite is slowly beginning to lose some of its popularity in favor of other bathroom vanities, and green–the color, that is–is catching on, as these trends–along with others–gain steam in bathrooms this year, according to a National Kitchen & Bath Association
survey of 100 designers. The survey offers insights into the hottest trends in bathrooms for 2011.
Here are four trends to watch in bathroom home design.
1. Quartz countertops more in demand. While granite still reigns in bathroom vanity tops, it’s popularity is slowly sinking as quartz continues to steal some of the market share, according to NKBA. While 83 percent of designers still opt for granite, that number has gradually been narrowing in recent years as quartz increases in demand (54 percent of NKBA designers opted for quartz). A year ago, 85 percent of NKBA designers used granite, compared to 48 percent for quartz. Meanwhile, solid marble vanities have also been on the decline (from 46 percent to 37 percent), while cultured marble has increased slightly in use among NKBA designers from 12 percent to 19 percent.
2. Bathrooms go “green”–literally. Green color palettes for the bathroom are on the rise. Twenty-four percent of NKBA designers say they are using green colors to spice up bathrooms–up a year ago from 14 percent. However, the three most most common color choices in the bathroom remain: Whites and off-whites, beiges, and browns.
3. Sink preferences mount. Under mount sinks continue to dominate newly remodeled bathrooms, but vessel sinks are increasingly becoming a more popular choice. Integrated sink tops are also on the rise, as well as pedestal sinks.
Satin finishes shine. In following recent kitchen trends, satin nickel faucets in bathrooms are rising in popularity, while brushed nickel faucets are falling out of favor. Other popular faucet finishes in the bathroom include bronze and oil-rubbed bronze, polished chrome, and polished nickel. Meanwhile, stainless steel finishes are becoming less popular in the bathroom.