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Home buyer demand remains elevated across Metro Vancouver
In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020.
Last month’s sales were 36.4 per cent above the 10-year January sales average.
Continue reading → Metro Vancouver housing market shows resilience in 2020
Strong December activity brought Metro Vancouver’s* 2020 home sales total in line with the region’s long-term annual average.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded in 2019, and a 25.7 per cent increase from the 24,619 homes sold in 2018.
Last year’s sales total was 2.8 per cent below the 10-year sales average.
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SOLD – 1022 Ironwork Passage, Vancouver West
Congratulations to my buyer for purchasing a dream home with a million dollars view of the water, mountains, and city landscape. Steps to Granville and all amenities. My buyer works and resides overseas at the moment and therefore home viewings and the home inspection was done virtually.
A Season of Giving by Eva Li
Have you thought of buying something for yourself as Christmas gift? I bought myself an iPhone 12Pro.
I stopped by the Mall to get a new case and screen protector for my new phone. The staff at the store asked me if I could provide a Google review. Happy with the service, I did it right on site – 5 * reviews with positive comments. And I saw the staff smiling from ear to ear even though with a face mask on. Call me crazy but I love to see other people, not only friends, but also strangers happy and succeeding!
When you are shopping at Lougheed Mall, you won’t miss noticing many beautiful Christmas trees.
These Christmas trees, about 15 of them, are set up and decorated by Rotarians and I’m proud as one of the Rotarians helping out this year.
Exactly 3 weeks ago, I spent a few hours in the afternoon at Lougheed Mall to set up Christmas trees and decorate them before I left for the Toastmasters meeting. Some Rotary club members stayed till 8 pm. Bill, the Rotarian is in his 80’s, transported many boxes of trees with another not much younger Rotarian in the early afternoon to the mall. We couldn’t finish all the decoration on Monday, and we went back to the mall the next morning to give the trees some final touches. Our eyes were gleaming with delight when all these trees were lighted up.
The Festival of Lights is the biggest fundraising annual event for Rotary Burnaby Deer Lake Club. There are fewer sponsors and volunteer support because of the pandemic this year. I have contacted many possible corporate sponsors about this meaningful event. After my last-ditch effort, Beedie Living, one of the well-known developers in the Greater Vancouver area agreed to sponsor a tree at the last minute. The funds collected are being used for the purchase and distribution of winter boots for 250 kids in need in elementary schools.
For folks wanting to get some holiday spirit, purchasing a fresh, Aunt Leah’s Tree is the perfect way. The best part is: you are supporting vulnerable foster youth and young moms at the same time, who are in desperate need due to the impacts brought on by the pandemic. It is estimated that 50 percent of B.C. foster youth have experienced even greater levels of housing and food insecurity.
For 30 years, Aunt Leah’s Place has been helping children in foster care and young mothers achieve a better future by providing guidance, supported housing, job training and coaching on essential life skills.
Aunt Leah’s Christmas Tree Lots have been raising money to fund programs for that purpose. 100% profit of the tree sale goes into the housing programs and other essential services Aunt Leah’s Place provides for vulnerable foster youth, mothers, and babies.
Aunt Leah’s Tree Lots are open for the season in Vancouver, Burnaby, and Coquitlam, and for those of you who have been before, things will look a little different this year as Tree Lots follow BC Health protocols including social distancing, mandatory masks, and sanitization to keep customers, volunteers, and staff safe.
Other than regular size Christmas trees, there is a selection of apartment-sized potted trees, Christmas wreaths, and holiday planters to choose from.
If you already have a Christmas tree, please consider being a volunteer to keep the overhead low on the tree lots. Your volunteer support is as valuable as your financial support.
After all, this is a Season of Giving.
#RotaryBurnabyDeerLake #FestivalofLights #ASeasonOfGiving #AuntLeahTree
SOLD!
Do you agree that December is the best time of the year?My clients are very happy that I sold their home in 2 days and over the asking price!
November home sales outpace seasonal norms and long-term averages
Housing demand in Metro Vancouver* continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,064 in November 2020, a 22.7 per cent increase from the 2,498 sales recorded in November 2019, and a 16.9 per cent decrease from the 3,687 homes sold in October 2020.
Last month’s sales were 24.6 per cent above the 10-year November sales average and was the second highest total in this period.
“Home buyer demand has been at near record levels in our region since the summer,” Colette Gerber, REBGV Chair said. “This is putting upward pressure on home prices, particularly in our detached and townhome markets.”
There were 4,068 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2020. This represents a 36.2 per cent increase compared to the 2,987 homes listed in November 2019 and a 27 per cent decrease compared to October 2020 when 5,571 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,118, a 3.2 per cent increase compared to November 2019 (10,770) and a 10.5 per cent decrease compared to October 2020 (12,416).
“The supply of homes for sale are a critical factor in understanding home price trends,” Gerber said. “The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”
For all property types, the sales-to-active listings ratio for November 2020 is 27.6 per cent. By property type, the ratio is 27.9 per cent for detached homes, 40.1 per cent for townhomes, and 23.9 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Within the region, the Sunshine Coast saw the largest increase in year-over-year demand with 106 home sales in November 2020, an 82.8 per cent increase over November 2019 (58).
“While demand remained elevated across the region, home buyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands and Squamish,” Gerber said. “The rise of work-from-home arrangements and physical distancing policies is causing some home buyers to opt for less densified areas.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,044,000. This represents a 5.8 per cent increase over November 2019 and a 0.1 per cent decrease compared to October 2020.
Sales of detached homes in November 2020 reached 1,061, a 28.6 per cent increase from the 825 detached sales recorded in November 2019. The benchmark price for a detached home is $1,538,900. This represents a 9.4 per cent increase from November 2019 and a one per cent increase compared to October 2020.
Sales of apartment homes reached 1,371 in November 2020, a 12.2 per cent increase compared to the 1,222 sales in November 2019. The benchmark price of an apartment home is $676,500. This represents a 3.4 per cent increase from November 2019 and a one per cent decrease compared to October 2020.
Attached home sales in November 2020 totalled 632, a 40.1 per cent increase compared to the 451 sales in November 2019. The benchmark price of an attached home is $814,800. This represents a 5.6 per cent increase from November 2019 and a 0.2 per cent increase compared to October 2020.
The global economy has been a bumpy ride for the past 8 months. The recent election in the U.S. has many people wondering how it will affect Canada. With many confirmed cases rising in the Lower Mainland, we have been urged to stay inside our social bubbles by Dr. Bonnie Henry. The good news is there is a vaccine more than in sight by a pharmaceutical company in North America. Trust we are staying positive and adapting to all the new normal. Please drop me a line, text me or give me a call if you would like to share your thought with me. I am all ears.
For me, I have been keeping busy with my real estate career, meeting clients via Zoom if necessary, for discussion of selling or buying process on top of phone calls, emails and messaging. Also, I have been involved in volunteerism. I am with the Festival of Lights Volunteer Committee by the Rotary Burnaby Deer Lake Club. Festival of Lights is fundraising for “Boots for Kids” for our local schools. “Boots for Kids” distribute new boots to children in need so they are prepared for the cold winter months. Let me know if you’d like to find out more information about this meaningful program.
We are spreading the warmth!
It warms my heart to receive 5 -star reviews from clients. Here below are some reviews received in November through RankMyAgent.
“Eva is very knowledgeable about the real estate market and keeps us posted with updated market info. We definitely are appointing Eva for our real estate needs in the future and have highly recommended Eva for her 5-star service.” – Amy Ng
“Eva Li is a professional and personable realtor. She has the experience, works very hard, and knows the real estate market very well. We follow her marketing strategy and listed our home for sale in early January. It took us only eight days to get an accepted offer on which the price was higher than we expected. We appreciate Eva’s work ethic and we recommend her to all our friends and neighbors who would like to sell/buy real estate.” – Shadow Chan
“I used Eva for a sale in New Westminster and will use her again for the next one. She knows the New Westminster market very well.” – Iain Ayre
Please check my website www.EvaLi.ca, and let me know if there is any improvement required. When you have questions about the real estate market, please contact me anytime. I’m available to help.
Home sale and listing resurgence extends into the fall
Home sale and new listing activity remained at near record levels across Metro Vancouver in October.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020.
Last month’s sales were 34.7 per cent above the 10-year October sales average and stands as the second-highest total on record for the month.
“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation,” Colette Gerber, REBGV Chair said. “Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.”
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