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Home buyer activity returned to near record levels across the Metro Vancouver housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third-highest selling May on record.

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May 2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.

The month-over-month increase in new listings was led by detached homes at 27.1 per cent, followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase compared to April 2017 (7,813).

"Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline," Oudil said.

The sales-to-active listings ratio across all residential categories is 53.4 per cent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 per cent for condominiums.

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.

“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it's clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared to April 2017.

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase compared to April 2017.

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April 2017.

Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April 2017.

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Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market.


Residential property sales in the region totalled 3,553 in April 2017, a -25.7% compared to April 2016 when 4,781 homes sold and a -0.7% from the 3,579 sales recorded in March 2017.


April sales were 4.8% above the 10-year average for the month.


For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5%, on average, of all residential sales. This is up 10% from the 58.2% average over the same period last year.


“Our overall market is operating below the record-setting pace from a year ago, and is in line with historical spring levels. It’s a different story in our condominium and townhome markets," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907 in April 2017. This represents a -19.9% compared to the 6,127 units listed in April 2016 and a +3% compared to March 2017 when 4,762 properties were listed.


The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a +3.5% compared to April 2016 (7,550) and a +3% compared to March 2017 (7,586).


The sales-to-active listings ratio for April 2017 is 45.5% for all property types. This is 2% below March 2017 and is indicative of a sellers’ market. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.


By property type, the sales-to-active listings ratio is 26% for detached homes, 58.2% for townhomes, and 82.2% for condominiums.


“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $941,100. This represents a five per cent increase over the past three months and an 11.4 per cent increase compared to April 2016.


Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2 per cent, followed by townhomes at 5.3 per cent, and detached homes at 2.8 per cent.


“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”


Sales of detached properties in April 2017 reached 1,211, a -38.8% from the 1,979 detached sales recorded in April 2016. The benchmark price for detached properties is $1,516,500. This represents an +8.1% over the last 12 months and a +1.8% compared to March 2017.


Sales of apartment, or condominium, properties reached 1,722 in April 2017, a -18.3% compared to the 2,107 sales in April 2016. The benchmark price of an apartment property is $554,100. This represents a +16.6% over the past 12 months and a +3.1% compared to March 2017.


Attached, or townhome, property sales in April 2017 totalled 620, a -10.8% compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800. This represents a +15.3% over the past 12 months and a +2.4% compared to March 2017.

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I have sold a property at 7368 HAWTHORNE TERR in Burnaby.
A rare find! Sunny and bright South facing corner 2 level 2 bedroom townhome with no unit above/below. Monterey was built by award winner ADERA. Great layout with no wasted space. Large front patio and yard. Brand new laminate flooring on main floor and new carpet upstairs. New blinds. Gas F/P with rock surround, crown mouldings and window screens. Large window bench. Master bedroom has vaulted ceiling and walk-in closet. Insuite laundry. Nestled in a quiet family oriented setting, facing inside courtyard. 2 u/g parking stalls (63,81) and a locker (29). Allowed 2 dogs no size restriction. Steps to Highgate Village, schools, shops, Edmond Skytrain Stn, Community Centre and library. A pleasure to show. - Open house cancelled.
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Please visit our Open House at 7368 HAWTHORNE TERR in Burnaby.
Open House on Sunday, April 23, 2017 2:00PM - 4:00PM SOLD Firm - open cancelled.
A rare find! Sunny and bright South facing corner 2 level 2 bedroom townhome with no unit above/below. Monterey was built by award winner ADERA. Great layout with no wasted space. Large front patio and yard. Brand new laminate flooring on main floor and new carpet upstairs. New blinds. Gas F/P with rock surround, crown mouldings and window screens. Large window bench. Master bedroom has vaulted ceiling and walk-in closet. Insuite laundry. Nestled in a quiet family oriented setting, facing inside courtyard. 2 u/g parking stalls (63,81) and a locker (29). Allowed 2 dogs no size restriction. Steps to Highgate Village, schools, shops, Edmond Skytrain Stn, Community Centre and library. A pleasure to show. SOLD firm - Open house cancelled.
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7368 Hawthorne Terrace - SOLD FIRM.  Open House Cancelled.

Contact Eva Li for any questions.   Thanks for your interest!

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Please visit our Open House at 7368 HAWTHORNE TERR in Burnaby.
Open House on Sunday, April 9, 2017 2:00PM - 4:00PM Corner south facing 2 level 2 bedrm 2 bath townhome in move in conditions. No unit above or below. Brand laminated flooring, carpet and blinds. Large front patio and yard. 2 u/g parkings, 1 locker. Steps to Highgate Village, Edmond Skytrain, school.
A rare find! Sunny and bright South facing corner 2 level 2 bedroom townhome with no unit above/below. Monterey was built by award winner ADERA. Great layout with no wasted space. Large front patio and yard. Brand new laminate flooring on main floor and new carpet upstairs. New blinds. Gas F/P with rock surround, crown mouldings and window screens. Large window bench. Master bedroom has vaulted ceiling and walk-in closet. Insuite laundry. Nestled in a quiet family oriented setting, facing inside courtyard. 2 u/g parking stalls and a locker. Steps to Highgate Village, schools, shops, Edmond Skytrain Stn, Community Centre and library. A pleasure to show. First Open April 9 Sun 2-4.
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I have listed a new property at 7368 HAWTHORNE TERR in Burnaby.
A rare find! Sunny and bright South facing corner 2 level 2 bedroom townhome with no unit above/below. Monterey was built by award winner ADERA. Great layout with no wasted space. Large front patio and yard. Brand new laminate flooring on main floor and new carpet upstairs. New blinds. Gas F/P with rock surround, crown mouldings and window screens. Large window bench. Master bedroom has vaulted ceiling and walk-in closet. Insuite laundry. Nestled in a quiet family oriented setting, facing inside courtyard. 2 u/g parking stalls and a locker. Steps to Highgate Village, schools, shops, Edmond Skytrain Stn, Community Centre and library. A pleasure to show. First Open April 9 Sun 2-4.
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A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.


Residential property sales in the region totalled 3,579 in March 2017, a -30.8% from the 5,173 sales recorded in record-breaking March 2016 and a +47.6% compared to February 2017 when 2,425 homes sold. Last month’s sales were 7.9% above the 10-year sales average for the month.


“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a -24.1% compared to the 6,278 units listed in March 2016 and a +29.9% compared to February 2017 when 3,666 properties were listed.


This is the lowest number of new listings in March since 2009.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a +3.1% compared to March 2016 (7,358) and a -0.1% compared to February 2017 (7,594).


The sales-to-active listings ratio for March 2017 is 47.2%, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a -0.8% over the past six months and a +1.4% compared to February 2017.


Sales of detached properties in March 2017 reached 1,150, a -46.1% from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a -5.0% over the past six months and a +1% compared to February 2017.


Sales of apartment properties reached 1,841 in March 2017, a -18.3% compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a +5.2% over the past six months and a +2.1% compared to February 2017.


Attached property sales in March 2017 totalled 588, a -25.2% compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a +1.3% over the past six months and a +1.4% compared to February 2017.

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Spring has sprung!  The weather is getting warmer.  It’s a great time of year, as neighbourhood comes alive with activity. 

Spring market always generates a media buzz.  Sure, in some areas there are sour headlines proclaiming fewer homes sold – but, they’re missing the key fact… there are fewer homes for sale in most markets and that’s having the larger effect on sales numbers, as well as confusing attitudes. There are neighbourhoods where multiple offers on one new listing in the first week. 

At the same time, glowing headlines report that the average home price continues to move up. Yes, in some areas, tight supply and competition for properties continues to boost home prices. This market has momentum and Buyers continue to show excitement for competitively priced homes.  When buying or selling, it all comes down to street-by-street and neighbourhood-to-neighbourhood knowledge.  Especially in times like these, rely on me, the Realtor you know, for advice that matters.


If you or any of your friends and relatives would like to have the market trends of a certain neighbornood, please send me a message.    Planning to sell or buying real estate, please feel free to contact Eva Li at anytime.   Text or phone call are welcomed. 

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I have sold a property at 22032 119 AVE in Maple Ridge.
LOT VALUE ONLY. WOW, PRIME WEST CENTRAL LOCATION. Large lot with lots of mature landscaping. House is in very poor condition. Here is an opportunity to build your dream home on a nice quiet street located close to town. Very convenient for shopping, transit, schools and easy access for commuters. Lane access adds to the value. Park just down the block.
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I have sold a property at 103 624 AGNES ST in New Westminster.
Sunny and bright 3 level 2 bdrm & den town home in downtown New Westminster. When you enter the front door, you see the den ( a good size home office), a powder room and then the recreation room (could be a bedroom). 2/F is living room and dining room, a gallery kitchen with eating area and a powder room. Gas F/P in living room and recreation room. 3/F has two bedroom and full bath. A nice home with lots of TLC. Nested in a quiet family oriented setting. Steps to Douglas College, shops, and skytrain and bus. Tenant occupied and some notice to show.
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I have sold a property at 9880 149B ST.
You'll love this spacious and renovated home, with a functional floor plan in quiet neighbourhood. Upper floor features 3 bedrooms and 2 full baths, large living/dining room with kitchen that leads out to balcony, master bedroom with ensuite. 2 bdrm mortgage helper down with separate entrance. Updates include: main bathroom with granite counter tops, laminate floor, newer suite and more. Backyard very private with greenbelt, covered patio and fruit trees. Minutes to Bonaccord Elementary, Johnston Heights Secondary, transit & shopping.
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I have sold a property at 1100 Eighth AVE in New Westminster.
New elegantly built home in the prestigious Moody Park community. 3 bedroom + den up, with a legal 1-bedroom suite located in a desirable area, a mere walking distance from parks, shopping, transportation, and all levels of school. This custom home features radiant floor heat, security cams, steam shower, stainless steel appliances, and engineered hardwood flooring. Beautiful built home with no expenses spared.
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Low supply continues to limit Metro Vancouver home buyers

 

Low supply continues to limit Metro Vancouver home buyers

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.


Residential home sales in the region totalled 2,425 in February 2017. This is a -41.9% from the record 4,172 homes sold in February 2016 and +59.2% compared to January 2017 when 1,523 homes sold.


Last month’s sales were 7.7% below the 10-year February sales average.


“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9% decrease compared to the 5,812 units listed in February 2016 and an 11.4% decrease compared to January 2017 when 4,140 properties were listed.


This is the lowest number of new listings registered in February since 2003.


The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a 4% increase compared to February 2016 (7,299) and a 4.9% increase compared to January 2017 (7,238).


The region’s sales-to-active listings ratio for February 2017 is 31.9%, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.


“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8% decrease over the past six months and a 1.2% increase compared to January 2017.


Sales of detached properties in February 2017 reached 745, a decrease of 58.1% from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5% decrease over the past six months and is unchanged compared to January 2017.


Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8% compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3% increase over the past six months and a 2.7% increase compared to January 2017.


Attached property sales in February 2017 totalled 404, a decrease of 33.1% compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3% decrease over the past six months and a 1.3% increase compared to January 2017.

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This is excellent news for everyone!!   #Vancouver B.C. is welcoming all of you!   


B.C.’s premier has announced on January 29 that the province is lifting the 15 per cent Foreign Buyers' Tax for anyone living in Metro Vancouver with a work permit.

The move is an effort to encourage people to come to the province. Those who live, work and pay B.C. taxes will now be exempt from the additional property transfer tax.


 “People who are seeking refuge around the world should be able to find safe haven here in our province. We believe the best and the brightest should be able to come to B.C.,” Clark said during a media scrum at the Chinese New Year parade in Vancouver Sunday.


The Foreign Buyers' Tax was implemented in July 2016 with an enormous amount of support from B.C. residents.

It has since contributed to falling residential real estate sales and a drop in prices, the first time in several years Metro Vancouver has seen a reprieve from a skyrocketing market.


As of 2015, there were almost 15,000 work permit holders through the Temporary Foreign Workers program and another 48,000 through the International Mobility Program in B.C.

 

When you are consider selling or buying real estate, please contact Eva Li anytime!


#realestate  #taxexempt


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 The cost of renting an apartment in Vancouver is up 4%, with renters asked to shell out a median price of $1,870 per month for a one-bedroom unit.


Data released by listings site PadMapper this week showed the city was once again the most expensive city for Canadian renters.


Based on listings for all vacant or available rental units in December 2016, the report showed the median price of a one-bedroom unit was up 3.9% from the previous month.

One-bedrooms were listed at a median rate of $1,870 last month, compared to $1800 in November. The rate for a two-bedroom unit was also up 4%, with a median listing price of $3,150.


Vancouver rates were significantly higher than those in the second-place city, Toronto, where one-bedrooms were available at a median rate of $1,550. Two-bedroom units were listed at a median of $1,970 – nearly $1,200 less than the Vancouver median.


Three other B.C. cities were included in the 25 markets PadMapper report, i.e. Victoria, Kelowna and Abbotsford:

Victoria was the 3rd most expensive city to rent in, with one-bedrooms listed 4.1% higher, at $1,270. The price of two-bedrooms was down 2%, at $1,490 for December.

Kelowna came in 9th, where one-bedrooms went for a median of $980 and two-bedrooms were listed at $1,400.

Abbotsford was in 22nd place, where residents pay a median of $790 for a one-bedroom and $930 for two.

Web Journalist Kendra Mangione, as quoted in CTV Vancouver


Selling or Buying Real Estate, always contact #EvaLi

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I have sold a property at 104 4160 SARDIS ST in Burnaby.
This bright and airy 2 bedrm 2 full bath unit is above ground level with a huge balcony. NW exposure has great outlook to evergreen trees makes this unit quiet and private. 984 sf totally renovated with brand new kitchen, bathrooms, flooring, windows, and sliding doors. High end stainless steel appliances, soft close kitchen cabinets, glass tile backsplash, Quartz countertops, undermount kitchen sink. 2 side by side parking stalls and a locker. Problem free bldg, has new elevators, new roof, building exterior repainted. Short walk to Central Park, Patterson skytrain, Burke elementary school. Bonsor community centre, Metropolis and Crystal Mall are nearby. 'Central Park Place' has an outdoor swimming pool, sauna, hot tub, gym & tennis court. No pets or rentals.
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A Heated Year Draws to a Close

 

A Heated Year Draws to a Close for Metro Vancouver Real Estate

 

The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

 

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a -5.6% from the 42,326 sales recorded in 2015, and a +20.6% over the 33,116 residential sales in 2014.

 

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. 

 

“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”

 

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is a +0.6% compared to the 57,249 properties listed in 2015 and a +2.6% compared to the 56,066 properties listed in 2014. 

 

“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.” 

 

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a -2.2% over the past six months and a +17.8% compared to December 2015. 

 

December Summary

 

Residential property sales in the region totalled 1,714 in December 2016, a -39.4% from the 2,827 sales recorded in December 2015 and a -22.6% compared to November 2016 when 2,214 homes sold.

 

Last month’s sales were 8.1% below the 10-year sales average for the month.

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a -35.1% compared to the 2,021 units listed in December 2015 and a -58.3% compared to November 2016 when 3,147 properties were listed.

 

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a +5.3% compared to December 2015 (6,024) and a -24.3% compared to November 2016 (8,385).

 

Sales of detached properties in December 2016 reached 541, a -52.4% from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents a +18.6% compared to December 2015 and a -1.8% compared to November 2016.

 

Sales of apartment properties reached 915 in December 2016, a -25.3% compared to the 1,225 sales in December 2015. The benchmark price of an apartment property is $510,300. This represents a +17.3% compared to December 2015 and a -0.3% compared to November 2016.


Attached property sales in December 2016 totalled 258, a -44.6% compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a +20.4% compared to December 2015 and a -0.8% compared to November 2016.


Buying or Selling Real Estate, Always contact #EvaLi

 

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For prompt, polite and professional service, always contact Eva Li of RE/MAX Central Realty