Metro Vancouver home sales eclipsed 5,000 in March for the first time on record.

Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.

Last month’s sales were 56 per cent above the 10-year sales average for the month.

"March was the highest selling month the REBGV has ever recorded,” REBGV president said. “Today's demand is broad based. Home buyers are active in neighbourhoods across our region."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,278 in March 2016. This represents an increase of 5.2 per cent compared to the 5,968 units listed in March 2015 and an 8 per cent increase compared to February 2016 when 5,812 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,358, a 40.5 per cent decline compared to March 2015 (12,376) and a 0.8 per cent increase compared to February 2016 (7,299).

“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity,"  said. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $815,000. This represents a 23.2 per cent increase compared to March 2015.

Sales of detached properties in March 2016 reached 2,135, an increase of 24.8 per cent from the 1,711 detached sales recorded in March 2015. The benchmark price for detached properties increased 27.4 per cent from March 2015 to $1,342,500.

Sales of apartment properties reached 2,252 in March 2016, an increase of 38.4 per cent compared to the 1,627 sales in March 2015.The benchmark price of an apartment property increased 18.8 per cent from March 2015 to $462,800.

Attached property sales in March 2016 totalled 786, an increase of 8.9 per cent compared to the 722 sales in March 2015. The benchmark price of an attached unit increased 20.1 per cent from March 2015 to $589,100.

Home buyer activity remains at near record levels across the Metro Vancouver housing market.

Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of 31.7 per cent from the 1,913 sales recorded in January 2015 and a 10.9 per cent decline compared to December 2015 when 2,827 home sales occurred.

Last month’s sales were 46 per cent above the 10-year sales average for the month and rank as the second highest January on record.

“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,442 in January 2016. This represents a 6.2 per cent decline compared to the 4,737 units listed in January 2015 and a 119.8 per cent increase compared to December 2015 when 2,021 properties were listed.

“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,635, a 38.6 per cent decline compared to January 2015 (10,811) and a 10.1 per cent increase compared to December 2015 (6,024).

The sales-to-active listings ratio for January 2016 is 38 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

Sales of detached properties in January 2016 reached 1,047, an increase of 34.1 per cent from the 781 detached sales recorded in January 2015. The benchmark price for detached properties increased 27.9 per cent from January 2015 to $1,293,700.

Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5 per cent compared to the 809 sales in January 2015.The benchmark price of an apartment property increased 19.4 per cent from January 2015 to $456,600.

Attached property sales in January 2016 totalled 376, an increase of 16.4 per cent compared to the 323 sales in January 2015. The benchmark price of an attached unit increased 16.4 per cent from January 2015 to $563,700.

To find out what is happening in your neighbourhood, please feel free to call us.

Metro Vancouver home sales set an all-time record in 2015

In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.

The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.

Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8 per cent increase from the 33,116 sales recorded in 2014, and a 48.4 per cent increase over the 28,524 residential sales in 2013.

The total number of homes listed for sale on the MLS® in 2015 ranked fifth in the last ten years, while the MLS® Home Price Index (HPI) saw double-digit year-over-year price increases.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 per cent compared to the 56,066 properties listed in 2014 and an increase of 4.6 per cent compared to the 54,742 properties listed in 2013.

With sales-to-active-listings ratios above 25 per cent for 11 months in 2015, the Metro Vancouver market experienced seller’s market conditions for much of the year.

"Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market," Darcy McLeod, REBGV president said. "Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Metro Vancouver last year."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 18.9 per cent increase compared to December 2014.
     
“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent depending on property type.” 
     
December summary
Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6 per cent from the 2,116 sales recorded in December 2014 and a 19.8 per cent decline compared to November 2015 when 3,524 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,021 in December 2015. This represents a 7 per cent increase compared to the 1,888 units listed in December 2014 and a 40.4 per cent decline compared to November 2015 when 3,392 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,024, a 41.6 per cent decline compared to December 2014 and a 25.6 per cent decrease compared to November 2015.

Sales of detached properties in December 2015 reached 1,136, an increase of 36.4 per cent from the 833 detached sales recorded in December 2014. The benchmark price for detached properties increased 24.3 per cent from December 2014 to $1,248,600.

Sales of apartment properties reached 1,225 in December 2015, an increase of 34.3 per cent compared to the 912 sales in December 2014.The benchmark price of an apartment property increased 14 per cent from December 2014 to $436,200.

Attached property sales in December 2015 totalled 466, an increase of 25.6 per cent compared to the 371 sales in December 2014. The benchmark price of an attached unit increased 13.6 per cent from December 2014 to $543,700.

Residential fires take their toll every day, every year, in lost lives, injuries, and destroyed property. According to the National Fire Protection Association, a home structure fire was reported every 86 seconds in the U.S. in 2014. The fact is that many conditions that cause house fires can be avoided or prevented by homeowners. Taking the time for some simple precautions, preventive inspections, and concrete planning can help prevent fire in the home - and can save property and lives should disaster strike.

• All electrical devices including lamps, appliances, and electronics should be checked for frayed cords, loose or broken plugs, and exposed wiring. Never run electrical wires, including extension cords, under carpet or rugs as this creates a fire hazard.
   
• Fireplaces should be checked by a professional chimney sweep each year and cleaned if necessary to prevent a dangerous buildup of creosote, which can cause a flash fire in the chimney. Cracks in masonry chimneys should be repaired, and spark arresters inspected to ensure they are in good condition and free of debris.
   
• When using space heaters, keep them away from beds and bedding, curtains, papers - anything flammable. Always follow the manufacturer's instructions for use. Space heaters should not be left unattended or where a child or pet could knock them over.
   
• Use smoke detectors with fresh batteries unless they are hard-wired to your home's electrical system. Smoke detectors should be installed high on walls or on ceilings on every level of the home, inside each bedroom, and outside every sleeping area. Statistics show that nearly 60% of home fire fatalities occur in homes without working smoke alarms. Most municipalities now require the use of working smoke detectors in both single and multi-family residences.
   
• Children should not have access to or be allowed to play with matches, lighters, or candles. Flammable materials such as gasoline, kerosene, or propane should always be stored outside of and away from the house.
   
• Kitchen fires know no season. Grease spills, items left unattended on the stove or in the oven, and food left in toasters or toaster ovens can catch fire quickly. Don't wear loose fitting clothing, especially with long sleeves, around the stove. Handles of pots and pans should be turned away from the front of the stove to prevent accidental contact. Keep an all-purpose fire extinguisher within easy reach. Extinguishers specifically formulated for grease and cooking fuel fires are available and can supplement an all-purpose extinguisher.
   
• Have an escape plan. This is one of the most important measures to prevent death in a fire. Visit ready.gov for detailed information on how to make a plan. Local fire departments can also provide recommendations on escape planning and preparedness. In addition, all family members should know how to dial 911 in case of a fire or other emergency.

• Candles add a cosy feeling, and should be placed in stable holders and located away from curtains, drafts, pets, and children. Never leave candles unattended, even for a short time.
   Your local Pillar To Post office wishes you and your clients a happy and safe winter.

Canada's 10 Most Haunted Places

With Halloween just around the corner, it’s time to revel in Canada’s urban legends and tales of things that go bump in the night. Check out these 10 Canadian locales that are rumored to be the settings of spooky paranormal activity.

by Martha Li for readersdigest.ca

Spooks, specters and spirits abound, Canada is rich with ghost stories and tales of the supernatural. We’ve rounded up the most skin-crawling locations Canada has to offer, so you can find out whether there really is something to all these spooky tales (that is, if you think you can handle it). Read on to discover where you’re most likely to find things that go bump in the night…

1. Keg Mansion, Toronto, Ont.

Today, it’s one of many locations of the Keg steakhouse franchise, but the Keg Mansion was once the private residence of industrialist Hart Massey and his family. As legend has it, in 1915, after the death of Massey’s beloved only daughter, Lillian, one of the maids was so stricken by grief that she hung herself. Another version of the story involves the maid killing herself for fears her rumored affair with a Massey man would be revealed. Either way, the ghostly image of a maid hanging by her neck has been seen by more than one Keg visitor over the years.

2. Fairmont Banff Springs Hotel, Banff, Alberta

Thought the Bates Motel in Alfred Hitchcock’s Psycho or Overlook Hotel in Stanley Kubrick’s The Shining were scary accommodations? Banff Springs Hotel may be one of Canada’s most picturesque hotels, but it’s also rumored to be one of the country’s most haunted. Built in 1888 by the Canadian Pacific Railway, this hotel is the site of numerous terrifying ghost sightings, including a murdered family in room 873, a bride who died falling down the hotel’s marble staircase, and a retired bellhop named Sam Macauley who continues to haunt the hotel dressed in full uniform.

3. Fairmont Chateau Laurier, Ottawa, Ont.

Business Tycoon Charles Melville Hays commissioned the Fairmount Château Laurier, but died tragically aboard the Titanic just days before the hotel’s grand opening in 1912. Hays’ spirit has since been rumored to be seen roaming throughout the property. Had we invested our time and money into crafting the lavish Château, only to die mere days before its completion, we’d likely be inclined to return as well.

4. The Old Spaghetti Factory, Vancouver, B.C.

It’s been said that the ghost of a train conductor still haunts this popular eatery built atop an old underground railway track. Inexplicable cold drafts and mysteriously rearranged table settings are the calling card of the deceased conductor. Making matters truly skin tingling is a photograph of the 1950s-era, decommissioned electric trolley now featured in the restaurant’s dining room. The photo depicts hints of “a ghostly figure”, believed to be the train conductor, standing on the steps of the trolley.

5. Hockey Hall of Fame, Toronto, Ont.

Prior to serving as Canada’s hockey shrine, this building was once a Bank of Montreal. Legend has it that a lonely bank teller named Dorothy took her own life after her romantic advances were rejected by the bank’s manager. Dorothy’s ghost is now believed to occupy the Hockey Hall of Fame, with some visitors reporting they heard inexplicable sounds of a woman crying throughout the building.

6. Craigdarroch Castle, Victoria, B.C.

Built in the 1890s for coal miner Robert Dunsmuir and his family, this Victorian-era mansion has since become an eerie Canadian tourist attraction. Rumors of a piano that plays by itself, and sightings of a ghastly woman in white have frequently been reported. Many attribute the castle’s supernatural proclivity to Dunsmuir’’s untimely demise just a year before the building was completed.

7. Plains of Abraham, Quebec City, Que.

In 1759, Major General James Wolfe and British soldiers staged a three-month siege of Quebec City against the French army, culminating in the Battle of the Plains of Abraham. Being the location of one of the most famous battles in Canadian history, it’s no wonder there have been numerous sightings of ghostly soldiers appearing throughout the Plains’ fields and tunnels. Both Wolfe and French Major General Louis-Joseph de Montcalm died in the battle – and we can’t help but wonder whether their spirits are still battling it out to this day.

8. Maritime Museum of B.C., Victoria, B.C.

The dearly departed seem to have a fondness for the city cheekily known as the place for the “newly-wed and nearly-dead”. Located in Victoria’s well-known Bastion Square is the Maritime Museum, which was once the site of the city’s jail and gallows. Some say that if you look through the windows at the Museum’s entrance, a shadowy, slender, Van Dyke-bearded figure can be spotted gliding down the main staircase. The mysterious apparition is thought to be the ghost of Sir Matthew Baillie Begbie, Victoria’s infamous “Hanging Judge”.

9. Government House, Regina, Sask.

This building, completed in 1891, has been the site of several reported hauntings over the years. Strange occurrences such as doors opening and closing on their own, the shuffling of footsteps, and eerie faces appearing in the reflections of mirrors have all been reported.

10. West Point Lighthouse, O'Leary, P.E.I.

The sight of a lighthouse, bathed in pitch black darkness, conjures up all sorts of frightful possibilities. Rumors have long swirled that the first keeper of the lighthouse, Willie, haunts the West Point Lighthouse Inn located next door. Talk about a turndown service you’d never want to get!

So you are thinking would the Fall and Winter times really be a good time to but our home on the market?

The answer is yes, people do move all year round. We often think Spring is more popular than other times of the year, but there are active Buyers out there all the time and some are just waiting for that special home to go on the market.

Often Buyers have more time at this time of year as there are less activities during the winter months, which makes it a more convenient time to research property listings to find their next home to buy.

Did you know that most corporate moves and transfers take place during the month of January. Many of these transfers include a house purchase as well. Often these purchasers scout a new home out in the last part of the year, around the holidays.

There are many advantages to this time of the year:

-There is less competition, as some Sellers have taken their homes off the market and are waiting for Spring, when    

  there is lots of inventory for you to compete with

-The Buyers at this time of the are often more serious

-Homes shows well as home owners get the home ready for holiday season and more attention to details is spent inside the home.

Some tips-

-Clean up fallen leaves and debris and keep sidewalks clear of snow and ice

-Place a floor mat inside the front door for wet shoes

-If putting up seasonal decorations just don't do National Lampoons Christmas Vacation home with 10,000 lights.

 Turn on all the fireplaces, the flickering flames and warmth from a fire provide a romantic atmosphere that is a wonderful incentive for a prospective buyer to purchase your home. Light scented candles through some of the rooms. Now there are battery operated ones that do the trick.

 Turn up your furnace before the prospective buyer arrives to view your home. If your kitchen seems to cooler than the rest of the house, turn your oven on for about an hour before the buyer is due to arrive. The oven will provide extra warmth in your kitchen. 

 Sometimes the yard doesn't look its best at this time of year, so if you have some photos of the Spring and Summer garden, have them handy for the prospective purchaser to see.  Even pictures with the sundeck setup with patio furniture and potted plants.

Selling a home in the fall and winter has many advantages and the key is to highlight what makes your house a home during this time of the year when everyone is settling in for the winter.

Conditions continue to favour home sellers across *Metro Vancouver’s housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,345 on the Multiple Listing Service® (MLS®) in September 2015. This represents a 14.5 per cent increase compared to the 2,922 sales recorded in September 2014, and a 0.5 per cent decrease compared to the 3,362 sales in August 2015.

Last month’s sales were 32.9 per cent above the 10-year sales average for the month.

“Residential home sales have been trending at 25 to 30 per cent above the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,846 in September. This represents a 7.9 per cent decline compared to the 5,259 new listings reported in September 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 10,805, a 27 per cent decline compared to September 2014 and a 0.8 per cent decline compared to August 2015.

“At no point this year has the number of homes listed for sale exceeded 14,000, which is the first time this has occurred in the region since 2007,” McLeod said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $722,300. This represents a 13.7 per cent increase compared to September 2014.

The sales-to-active-listings ratio in September was 31 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.

Sales of detached properties in September 2015 reached 1,272, an increase of 0.2 per cent from the 1,270 detached sales recorded in September 2014, and a 24.3 per cent increase from the 1,023 units sold in September 2014. The benchmark price for a detached property in Metro Vancouver increased 18.9 per cent from September 2014 to $1,179,700.

Sales of apartment properties reached 1,529 in September 2015, an increase of 28.7 per cent compared to the 1,188 sales in September 2014, and an increase of 50.2 per cent compared to the 1,018 sales in September 2013. The benchmark price of an apartment property increased nine per cent from September 2014 to $415,100.

Attached property sales in September 2015 totalled 544, an increase of 17.2 per cent compared to the 464 sales in September 2014, and a 23.1 per cent increase from the 442 attached properties sold in September 2013. The benchmark price of an attached unit increased 8.1 per cent between September 2014 and 2015 to $518,600.

*Editor’s Note: Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Marie & Kim Taverna's Fall RLP Newsletter...

<a href="http://www.royallepagemc.ca/15/22515/601923/">RLP FALL 2015 Newsletter</a>

Happy Fall!!

Welcome to 14-2736 Atlin Place at Cedar Green Estate. This lovely 2 bedroom townhome is sparkling clean & freshly painted top to bottom. Being an end unit with lots of windows, this lets the natural light flow in. Neutral coloured laminate flooring will match any decor. Cute kitchen with eating bar, perfect for your morning latte. Wood burning fireplace for that warmth in the winter. Bay window in living room. Nook in the living room is perfect for a small home office. Master bedroom has large walk in closet with attic storage. Bonus outside storage room for all you seasonal items. Bright 4 piece bathroom up stairs. Upstairs laundry. Why buy a condo when you can have a townhome...Call for more details.

http://www.royallepagemc.ca/15/22515/599857/

Welcome to "The Maples." This 55+ town home complex is perfect for Baby Boomers, looking to down size. This lovely town home has the master bedroom on the main level and two bedrooms upstairs. Very elegant living room with gas fireplace.  Living room and dining room with lovely laminate flooring and high ceilings. The kitchen has white cabinets and appliances and has been updated with quartz counter tops. Eating area or family room you decide.

Open loft is perfect for watching TV on your flat screen. The skylight lets extra light flow through. 4 piece bath on main and a 3 piece for your guests upstairs. Walk out to your fully fenced sunny south facing backyard and patio. Laundry room with stacker washer and dryer, even space for a small freezer or fridge. Storage locker in the carport for your extra storage. Quiet location. 2 parking spots. Call for more details...

http://www.royallepagemc.ca/15/22515/599854/

Absolutely stunning 2 bedroom & den condo unit. Literally updated from the top to the bottom. From the moment you walk in, your breath will be taken away. The living room is large & inviting with gas fireplace with custom mantel. Slider glass door leads to balcony for BBQ. The den can be made into 3rd bedroom, if needed or it makes a great open office space. The kitchen has been updated with dark wood cabinets & fresh white appliances. Drawers with slow close feature.  Lots cabinets for your kitchen knick/knacks. Both bedrooms are a good size for your bedroom furniture. Both bathrooms have been updated very tastefully. Deluxe stacker washer & dryer. Popcorn ceiling removed for flat ceilings. Updated lighting throughout. Concrete, laminate & tile flooring throughout for easy care. Lovely choice of paint colours. Minutes away from Lougheed Mall, Skytrain, Lougheed Highway & the Freeway. The home is a pleasure to show. You will be very impressed...

http://www.royallepagemc.ca/15/22515/604983/

Welcome to "The Jefferson," in Coquitlam.  This absolutely stunning newly renovated condo, is ready to move into. From the moment you walk in you are home. Lovely living room with gas fireplace. Bright kitchen with shaker white cabinets and Quartz counters tops, Newer S/S Appliances. Eating area nook. New carpeting and tile flooring throughout. Large Master Bedroom. Some updates in the bathrooms. New Washer/Dryer. Freshly Painted. Sunny balcony. Central location and minutes to future Evergreen Line, swimming pool, Town Centre Park and much more... Call for more information.

http://www.royallepagemc.ca/15/22515/602499/

It's cool to be green, and green can keep you cool - especially in hot weather. Here are ten tips for maintaining a comfortable home without relying on the air conditioner this summer.

1. Heat rises so make sure your roof is well-ventilated. Consider installing a temperature controlled attic fan that switches on when the mercury rises.

2. Ensure proper insulation in the walls and ceilings. In Canada, we tend to think of insulation as a must for winter, but proper insulation also guards against the heat of the day in summer.

3. Shade the west side of your home by planting large bushes or trees to mitigate the amount of direct sunlight your west-facing walls receive. Be sure any planting is done a safe distance from the foundation.

4. Ceiling fans can cool a room by several degrees. Install ceiling fans in larger rooms and set them to the forward position so the fan rotates counter clockwise. This will help create a wind-chill effect and make you "feel" cooler.

5. Venetian blinds or California shutters are both aesthetically appealing and effective at shutting out the sun's glare. Another option is to add heat reflecting film on windows. It will help keep things cool, while reducing ultraviolet rays that can damage furniture and floors.

6. Since most summer breezes blow from west to east, open the southwest and northeast windows to allow a refreshing cross-breeze. Open windows at night to allow the cooler air in, and close them in the morning.

7. Use a dehumidifier to absorb moisture in the air, as dry air feels cooler. A dehumidifier can also prevent mold, mildew, and musty odours, especially in the basement.

8. If you can, minimize use of your stove in really hot weather. Consider using an outdoor barbecue or a slow cooker which emits very little heat.

9. Invest in a fold-away gazebo for your deck or garden. It protects from sun, insects, and summer showers when you want to cool off outside.

10. Lighten up the exterior paint. Light coloured paint doesn't absorb as much solar energy as darker paint, and is a relatively low-cost solution that can reduce your energy bills.

When summer sizzles, think green, keep your cool - and enjoy!

Royal LePage is pleased to announce a new partnership resulting in the creation of the Royal LePage Discount Flooring program.

Royal LePage has partnered with ICC, Canada's leading provider of insurance industry flooring replacement, resulting in exclusive access for Royal LePage agents, brokers and our clients. You'll receive significant discounts from some of Canada's best known flooring manufacturers, sold throughout the ICC network of more than 540 retail locations across Canada.

Preferred Pricing includes:

• Approximately 25% lower than market pricing on flooring materials and installation services
• Flooring types include carpet, under pad, ceramic, hardwood, laminate, cork, parquet and vinyl
• Access to view hundreds of available products and styles online from mills and suppliers who are part of the ICC and Royal LePage program
• Ability to locate a retailer closest to your home and to create a voucher to ensure favourable pricing

In addition, ICC donates 1 per cent of incremental revenues as a result of volumes associated with this program to the Royal LePage Shelter Foundation, Canada's largest public foundation dedicated exclusively to funding women's shelters and violence prevention programs.

For more information on the Royal LePage Discount Flooring program, you can access this exclusive offer at  http://www.icc.ca/royallepage/

Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).

The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

Last month’s sales were 29.1 per cent above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.

“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014.

“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors.

"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 per cent increase compared to the 5,339 new listings reported in June 2014.

"We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.

The total number of properties currently listed for sale on the region’s MLS® is 12,181, a 23.9 per cent decline compared to June 2014 and a 1.3 per cent decline compared to May 2015. This is the lowest active listing total for June since 2006. 

The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. 

“The competition in today’s market means that buyers have less time to make decisions,” McLeod said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”

Sales of detached properties in June 2015 reached 1,920, an increase of 31.3 per cent from the 1,462 detached sales recorded in June 2014, and a 74.2 per cent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.

Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014, and an increase of 66.1 per cent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 per cent from June 2014 to $400,200.

Attached property sales in June 2015 totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014, and a 44.3 per cent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 per cent between June 2014 and 2015 to $506,900.

The below letter from President J. Darcy McLeod was sent to our media contacts this afternoon.

Will more taxes solve housing affordability challenges? History says no and so do we.

The rising cost of homes in our region is well-documented. Metro Vancouver home prices have increased nearly 80 per cent since 2005. Detached home prices have increased over 100 per cent.

We worry about how our children can afford a home and how the most vulnerable among us can find basic shelter. These concerns have led to public debate about possible solutions.

One suggestion is for government to introduce new taxes. Some believe government should tax non-Canadian investors who buy properties. Mayor Robertson believes there should be a "luxury housing" tax on the sale of the most expensive homes in Vancouver.

We believe more taxes won’t help. Taxes bring unintended consequences. There’s little to no evidence that a luxury or foreign buyer tax would make homes more affordable. 

History tells us that taxes like this fail to have the desired impact and succeed in permanently adding to government coffers.

In 1987, the provincial government implemented what was advertised as a “wealth tax”. It was supposed to apply to the sale of the most expensive five per cent of homes sold in BC. It's been 28 years since that tax was introduced and the thresholds have never been adjusted for inflation. 
           
Today, that tax is known as the Property Transfer Tax (PTT). It’s applied to 95 per cent of all residential property sales in the province. This tax makes housing less affordable. 

The home is where many people’s financial net worth resides. It's one of the last major assets that residents can sell and not pay a tax on the revenue. A little mentioned fact is that we already have tax disincentives for foreign owners. If a foreign home owner wants to sell a property in Canada, they are unable to receive a capital gains exemption.

The picture of affordability and home ownership is changing in Metro Vancouver. Our region's affordability challenges are complicated and, unfortunately, there isn't a single action that can solve them. Economists will tell you that offshore investment is a factor in today’s market. To what extent, no one has the data to know. 

What we do know is that local conditions have a much more significant impact. We live in one of the most beautiful, progressive and prosperous areas of the world. There are more people who want to live here than there are homes available. This causes prices to rise. 

The natural solution would be to create more supply, but we're constrained by mountains to the north, an ocean to the west, and a border to the south. 

Despite the headlines, the majority of home sales in Metro Vancouver are not $1-million and beyond. Based on our Multiple Listing Service (MLS) statistics, nearly 70 per cent of all sales in the region last year were below $800,000. 

The price of condominiums today ranges between $200,000 and $600,000 depending on size and location. Townhomes range between $300,000 and $800,000 in the region.

Detached homes in the City of Vancouver are at the high-end of our market. Recent activity has pushed homes on the Vancouver Westside above $2.5 million. 
           
It’s a different story in neighbouring communities. The benchmark price of a detached home in Maple Ridge today is $499,100; in Ladner the benchmark price is $713,200; in Coquitlam the benchmark price is $845,400.

Affordability challenges exist. But there are also more options and aspects to the story than is typically discussed in the media. Certainly more than the mayor is putting forward.

Sincerely, 

J. Darcy McLeod
President of the Real Estate Board of Greater Vancouver

Buyers Seize Opportunities in Flourishing Recreational Property Market

• June 04, 2015

2015 Recreational Property Report from Royal LePage shows stronger demand nationwide

Toronto, ON, June 4, 2015 – For the second consecutive year, the recreational property market got off to a slow start in 2015, as harsh weather delayed sales activity in most regions until well into the spring buying season. Brokerages and agents that specialize in cottage, cabin or chalet properties are now experiencing a rush of activity as buyers make up for lost time, according to the 2015 Royal LePage Recreational Property Report released today. Unlike 2014, when the extended winter dampened total sales volumes, increased activity levels in mid to late spring 2015 show that buyers had merely delayed purchase decisions this year versus putting them off entirely. The exception to this is in Alberta, some border areas of eastern B.C. that cater to Albertans, and in Newfoundland, where a depressed energy sector has reduced activity levels and put downward pressure on prices.

The Royal LePage Recreational Property Report compiles information from a cross-Canada survey of brokers and agents who specialize in the recreational real estate market. Advisors across the country are reporting a surge of interest from buyers who have already absorbed a good deal of the available inventory, including many listings that sat unsold last year. In spite of another long winter, buyers have come out in droves in late spring, encouraged by asking prices that have remained relatively flat, year over year. However, brokers warn that prices could begin to climb again as new inventory has not kept up with sales volumes.

“The dream of recreational property ownership is very much alive and well across the country,” observed Phil Soper, president and chief executive of Royal LePage. “Dominated primarily by buyers in their 40s and 50s with families, these are people who are seeking to re-create the idyllic weekends and summers of their youth. Looking ahead, many see their current weekend getaway as a future full-time residence, both as a base for ‘work from home’ arrangements as they become empty-nesters, and onward into retirement.”

“Today’s low interest rate environment has supported discretionary, aspirational purchases in a number of sectors,” continued Soper. “Our agents that serve the urban luxury home market have been extremely busy this year. Further, adult Canadians have accumulated considerable wealth. They are buying luxury automobiles and products like expensive smartwatches in record numbers. While a cottage is clearly a non-essential purchase, in many ways it’s less selfish, as the benefits of a country get-away accrue to the entire family.”

“In a roundabout way, the fall in oil prices is supporting the recreational property market this year,” concluded Soper. “Cheaper gasoline makes the prospect of a weekend commute to the lake a more affordable proposition. And cheap oil means a lower Canadian dollar, which has more people looking at Muskoka, Tremblant and the B.C. interior and fewer casting covetous glances at Florida and Arizona. We are even seeing money making its way north, particularly in British Columbia, Alberta and Atlantic Canada, as the strong U.S. currency has increased American buying power.”

The 2015 report shows that all property types have experienced a strong start to the recreational property buying season. Consistent with previous years, the demand for waterfront properties continues to produce the greatest price appreciation. Experienced agents are quick to point out that waterfront is finite and there is only so much property to go around.

While each community has its own unique characteristics, the brokers and agents who specialize in the sector agree fully on one important factor when searching for a recreational property: the need to do your homework before purchasing. From understanding shorelines to septic systems, owning a cottage is a different proposition to that of a city property. Each region has its own regulations that cover renovations; your ability to rent the property to others; and environmental obligations. While banks will provide financing to purchase a second residence, the requirements and loan terms will be different. It is highly recommended that buyers take their time to assess what is most important to them, from commute times to sun exposure to affordability. To do all this, it is essential to engage an agent that specializes in the local recreational property market who can walk buyers through the complex process.

The Royal LePage Recreational Property Report is an annual market analysis of recreational property prices, trends and activity in select leisure markets across the country and the full report can be found here.

2015 Recreational Property Report

2015 Recreational Property Report Price Summary

It continues to be a competitive spring market for Metro Vancouver* home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9 per cent compared to the 4,179 sales in April 2015.

Last month’s sales were 16.7 per cent above the 10-year sales average for the month.

“We continue to see strong competition for homes that are priced right for today’s market,” Darcy McLeod, REBGV president said. “It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood, and other factors."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5 per cent decrease compared to the 5,936 new listings reported in May 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2 per cent decline compared to May 2014 and a 0.8 per cent decline compared to April 2015.

“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod said. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4 per cent increase compared to May 2014.

The sales-to-active-listings ratio in May was 32.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6 per cent from the 1,453 detached sales recorded in May 2014, and a 42.2 per cent increase from the 1,212 units sold in May 2013. The benchmark price for a detached property in Metro Vancouver increased 14.1 per cent from May 2014 to $1,104,900.

Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4 per cent compared to the 1,286 sales in May 2014, and an increase of 40.8 per cent compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 4.6 per cent from May 2014 to $396,900.

Attached property sales in May 2015 totalled 733, an increase of 34 per cent compared to the 547 sales in May 2014, and a 37.3 per cent increase from the 534 attached properties sold in May 2013. The benchmark price of an attached unit increased 6.4 per cent between May 2014 and 2015 to $501,000.

*Note:  Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Strong home buyer demand coupled with below average home listing activity has created seller's market conditions within the Metro Vancouver* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the Multiple Listing Service® (MLS®) in April 2015. This represents a 37 per cent increase compared to the 3,050 sales recorded in April 2014, and a 2.9 per cent increase compared to the 4,060 sales in March 2015.

Last month’s sales were 29.3 per cent above the 10-year sales average for the month.

“The supply of homes for sale today in the region is not meeting the demand we're seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market," Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9 per cent decrease compared to the 5,950 new listings reported in April 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8 per cent decline compared to April 2014 and an increase of 0.5 per cent compared to March 2015.

“It’s a competitive and fast-moving market today that is tilted in favour of home sellers. To be competitive, it’s important to connect with a local REALTOR® who can help you develop a strategy to meet your home buying or selling needs,” McLeod said. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5 per cent increase compared to April 2014.

The sales-to-active-listings ratio in April was 33.6 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in April 2015 reached 1,815, an increase of 35.9 per cent from the 1,336 detached sales recorded in April 2014, and a 70.6 per cent increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5 per cent from April 2014 to $1,078,900.

Sales of apartment properties reached 1,579 in April 2015, an increase of 34.7 per cent compared to the 1,172 sales in April 2014, and an increase of 50.1 per cent compared to the 1,052 sales in April 2013. The benchmark price of an apartment property increased 4.4 per cent from April 2014 to $394,200.

Attached property sales in April 2015 totalled 785, an increase of 44.8 per cent compared to the 542 sales in April 2014, and a 53.6 per cent increase from the 511 attached properties sold in April 2013. The benchmark price of an attached unit increased 5.7 per cent between April 2014 and 2015 to $493,300.

To find out what is happening in your neighbourhood, please contact Kim and Marie...

Royal LePage reports slowed price appreciation across the country, with notable exceptions

– As the 2015 spring market gets underway, Canada’s real estate market is experiencing a soft landing, characterized by slower than normal home price increases. Much higher price increases were observed in the country’s two largest urban markets, which combined to send the national average values upwards, partially obscuring the broader national trend.

According to the Royal LePage House Price Survey released today, the average price of a home in Canada rose between 3.8 per cent and 6.6 per cent year-over-year in the first quarter. When broken out by housing type, the survey showed a year-over-year average price increase of 5.3 per cent to $451,463 for standard two-storey homes, while detached bungalows rose 6.6 per cent to $405,895. During the same period, the average price of standard condominiums climbed 3.8 per cent to $261,782.

The steady softening of prices in most markets across the country was first observed in the mid-year 2014 Royal LePage House Price Survey. In recent months, two unanticipated factors disrupted the natural housing price cycle: the steep decline in oil prices late in 2014 and the Bank of Canada’s subsequent reaction in lowering the overnight rate early in 2015.

“Canadian home buyers, with the last decade’s recession still top of mind, have been very sensitive to shifting, broad economic factors. The oil shock has been unsettling for the national economy, consumer confidence and by extension, the housing market,” said Phil Soper, president and chief executive, Royal LePage.  “That said, lower prices at the pump and the confidence boosting move by the central bank to lower interest rates have been supportive. With these factors combined, we have a soft-landing for housing after several years of robust expansion. We define a soft-landing as a market in which home prices are flat or increasing slightly, giving the economy and family incomes, a chance to catch up.”

“On balance, we believe we will not be seeing the kind of appreciation observed over the last three years any time soon, as markets work through the current cycle and align with broader economic conditions,” continued Soper. “In terms of downside risk, we do not foresee a sharp decline in home prices, particularly in today’s low interest rate environment.”

Shifting consumer confidence was a mixed bag during the first quarter. In February, the Conference Board of Canada’s Index of Consumer Confidence showed weakening support for major purchase decisions, in the aftermath of major retailer closings, among other factors. The Bloomberg/Nanos Research Canadian Confidence Index trended higher late in the quarter, on improved job security and personal finances sentiment. Without clear strength or weakness, this neutral confidence data reveals a more cautious real estate consumer and tempered demand in most regions of the country.

South of the border, Canada’s largest trading partner began 2015 on the strength of the best year for employment growth since 1999. The probability of rising interest rates, and a commensurate drag on the housing market, became a reality as U.S. policy makers debated the need to temper inflationary forces in the wake of the expansion of the American workforce. Then late in the quarter, the U.S. Bureau of Labor Statistics reported that the pace of the expansion had slowed considerably, with employment growth failing to meet expectations.

“While Canadian monetary policy is independent of our southern neighbour’s, interest rates in both countries are highly correlated,” said Soper. “The slower pace of American growth we witnessed in March will indirectly support our housing market here, as the risk of a near-term rise in mortgage rates has been reduced considerably.”

Ongoing economic turmoil in Calgary has pushed the city out of the top three fastest appreciating housing markets into a more moderate zone of below national average price increases. During the same period, Regina posted year-over-year price declines in the detached home category, while Saskatoon remained relatively flat. Meanwhile Toronto and Vancouver both posted at or near double-digit year-over-year price increases across all housing types surveyed, with Greater Toronto Area cousin Hamilton posting comparable gains.

“Supply shortages in key parts of the Greater Toronto Area and Vancouver are driving up local prices in an intensified fashion, but these are the exception, not the rule. The rest of the country is experiencing a much more subdued residential real estate climate. Even a closer look at surrounding areas of Vancouver reveals that mountain-steep appreciation rates are not a B.C.-wide phenomenon,” added Soper.

“What’s essential to note is that Canada is a market of markets, each responding to a combination of local and national factors, where there are even notable differences in market activity between housing types and segments within the same vicinity. In particular, we will be keeping a close eye on the luxury segment, where in Toronto and Vancouver demand is among the highest on record, while dropping to a standstill in Calgary – one of the most dramatic contrasts we have seen between cities that for the last year have been on a parallel trajectory,” concluded Soper.

Regional Market Summaries

Halifax saw a price appreciation in all housing types in the first quarter of 2015. Standard condominiums increased 5.0 per cent year-over-year to $230,000, continuing the trend seen at the end of last year. Standard two-storey homes jumped by 2.7 per cent to $334,667 and detached bungalows increased modestly by 0.7 per cent to $297,667.

A broad selection of available inventory has led to a mild buyers’ market in St. John’s heading into the spring real estate market. The average price for a standard two-storey home increased by 1.8 per cent year-over-year to $407,667. Standard condominiums rose 1.7 per cent to $320,833 and detached bungalows gained 1.4 per cent to $300,100.

Montreal saw a relatively flat market in the first quarter of 2015, with the average price of detached bungalows increasing 0.7 per cent year-over-year to $296,546. The price of standard condominiums rose slightly with a 1.3 per cent increase to $242,778, while standard two-storey homes saw a decrease of 1.5 per cent to $399,964.

A delayed start in the Ottawa housing market led to a relatively flat first three months of the year, although quality listings continue to find buyers. The average price for standard two-storey homes and detached bungalows increased 2.0 per cent and 1.9 per cent year-over-year to $407,000 and $404,167, respectively. Standard condominiums also saw a modest increase in average prices, rising 1.4 per cent to $262,167.

Toronto bucked the national trend of moderating price appreciation due to high demand and a continued lack of inventory. The average price for detached bungalows jumped 10.2 per cent year-over-year to $655,669, which was followed closely by standard two-storey homes, which were up 9.2 per cent to $803,794. Standard condominiums also experienced strong price growth during the quarter, increasing 7.0 per cent to an average price of $395,584.

An upswing in inventory resulted in varied levels of activity across the Winnipeg housing market where the average price for standard two-storey homes saw a strong year-over-year increase rising 5.5 per cent to $342,880.  Meanwhile, detached bungalows and standard condominiums both fell on a year-over-year basis, dropping 0.6 per cent to $304,534 and 5.0 per cent to $195,905, respectively.

The Regina housing market turned in the favour of buyers due to a continued imbalance between demand and supply as the average price for single-family homes depreciated in the first quarter, with detached bungalows dropping 5.4 per cent year-over-year to $306,500 and standard two-storey homes declining 1.8 per cent to $349,500. Standard condominiums meanwhile remained relatively flat, increasing 0.7 per cent to $216,500 over the same period.

The Calgary housing market slowed visibly in the first quarter as low oil prices significantly curtailed activity. As a result, price appreciation seen during the quarter was far milder than the significant year-over-year price increases experienced throughout 2014. The average price for detached bungalows increased 3.8 per cent to $498,400, while standard two-storey homes increased 1.7 per cent to $480,656. Standard condominiums recorded moderate growth of 2.9 per cent to $286,913.

Edmonton’s residential real estate market was impacted by the drop in oil prices, as uncertainty stopped many would-be buyers and sellers from entering the market. While fewer homes traded hands, the three major housing categories saw average prices increase on a year-over-year basis, with detached bungalows showing the strongest gain of 6.8 per cent to $364,906. Over the same period standard two-storey homes rose 5.5 per cent to $391,378 and standard condominiums gained 3.1 per cent to $231,093.

Ongoing high demand combined with a healthy supply led to an increase in first quarter activity in Canada’s most expensive real estate market. The average price for detached bungalows and standard two-storey homes in Vancouver both saw double digit year-over-year growth, soaring 10.6 per cent to $1,174,509 and 10.3 per cent to $1,267,287, respectively. Over the same timeframe, standard condominiums saw more moderate price appreciation, jumping 4.9 per cent to an average price of $506,624.

Royal LePage’s quarterly House Price Survey shows the year-over-year change in prices for key housing segments in select national markets. See the chart.

Royal LePage Q1 2015 House Price Survey – Data Chart

About the Royal LePage House Price Survey

The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey which highlights house price trends for the three most common types of housing in Canada in 90 communities across the country. A complete database of past and present surveys is available on the Royal LePage website at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the first quarter of 2015. A printable version of the first quarter 2015 survey will be available online on May 15, 2015. Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.