Residential Property Sales in Metro Vancouver 

The Metro Vancouver* housing market saw increased supply from home sellers and below average demand from home buyers in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 34.5 per cent increase from the 1,103 homes sold in January 2019. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600.

Sales of detached homes in February 2019 reached 448, the benchmark price for detached properties is $1,443,100.
Attached home sales in February 2019 totalled 277, the benchmark price of an attached unit is $789,300. 
Sales of apartment homes in February 2019 reached 759, the benchmark price of an apartment property is $660,300.

“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, REBGV president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions.”

For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Moore said. “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”

Sourced and edited from: Real Estate Board of Greater Vancouver


BCREA 2019 First Quarter Housing Forecast Update

Multiple Listing Service (MLS®) residential sales in the province are forecast to increase 2.1 per cent to 80,000 units this year, after recording 78,345 residential sales in 2018. MLS® residential sales are forecast to increase a further 6.9 per cent to 85,500 units in 2020. The 10-year average for MLS® residential sales in the province is 85,800 units.

The BC economy continues to be highly supportive of housing demand. After five consecutive years of above-trend economic growth, the province now boasts the lowest unemployment rate in the country. However, the policy-induced slowdown in housing demand will negatively impact home renovations as they are highly correlated with home sales.

The lower level of housing demand has contributed to an increase in total active residential listings across the province. Most BC regions have now experienced a shift in market conditions from sellers’ to balanced and buyers’ categories. In addition, the record number of new homes currently under construction is expected to provide significant expansion of the housing stock, alleviating any supply shortages in the near term.

Markets conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit up 0.5 per cent to 716,100. Modest improvement in consumer demand is expected to unfold over the next two years as households further adjust to the mortgage stress test.

What do you need to know about Taxes?

City's Empty Homes Tax

(by City of Vancouver): 

Properties deemed empty will be subject to a tax of 1% of the property’s 2018 assessed taxable value. 

Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented for at least six months of the year; however, all homeowners are required to submit a declaration.

How to declare? 

Each year, one owner of residential property in Vancouver is required to submit a property status declaration to determine if their property is subject to the tax. 

If you missed the Declaration for 2018: February 4, 2019, you will be required to pay or dispute your bylaw ticket before making your late declaration. On Feb 7, 2019, the late declarations open. Only one declaration is required per property.

Source: City of VancouverBC Government 

Speculation and Vacancy Tax

(by BC Government):

For 2019 and subsequent years, the tax will be levied at:

  • 0.5 per cent for British Columbians and other Canadian citizens or permanent residents who are not members of a satellite family; and
  • two per cent for foreign owners and satellite families.

The tax will be levied on December 31 each year. 

The deadline to complete the annual declaration to claim an exemption for the provincial government's Speculation and Vacancy Tax is coming up on March 31.

How to declare? 

If you own residential property in a designated taxable region on December 31, the Province will send you a speculation and vacancy tax declaration letter in the mail by mid-February. 

All residential property owners in the designated taxable regions must complete an annual declaration for the speculation and vacancy tax by March 31. Where there are multiple owners of a home, a declaration must be completed by each owner, including spouses. 

Supported 2019 Bodhi Meditation Chinese New Year Event

Optim Pacific’s core ideology is people and community-oriented. As such, we strive to support meaningful causes in the community. Most recently, our participation in the 2019 Bodhi Meditation Chinese New Year Celebrations, of which we served as the official sponsor, allowed us to further realize our company values.

Bodhi Meditation is a non-profit organization dedicated to helping people improve their lifestyles through meditation techniques that promote health and happiness. With local and international centers, Bodhi Meditation has and continues to benefit millions. In the past 7 years, we have constantly donated to Bodhi Meditation, and this time we at Optim Pacific are very honored to have been able to contribute to its far-reaching mission.

The Bodhi Meditation Chinese New Year Celebration contains series of events including New Year Blessing Ceremony, New Year charity Gala etc. One of the amazing events was a Market Place created to welcome the incoming Chinese New Year. It invited people to discover an adventure filled with hidden secrets including a time-traveling photography studio, children’s courtyard, artistic performances, and plenty of other exciting activities.

For more fantastic moment of this event, please visit Bodhi's Fackbook's event page.

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