Last year BC Assessment assessed over two million properties. Overall Greater Vancouver assessments for both detached and strata homes went up. The BC Assessment website is handy to do searches for property assessment(s), available services and products, for example, the assessment process, appeal, etc., and property information and trends While perusing the website I found…
There has been much speculation about the likelihood of an interest rate hike from the Bank of Canada and what it could do to housing market. Some economists are predicting an interest rate hike in the middle of the year or sooner. Others, like senior economist Jean-Francois Perrault, is forecasting ‘…as early as next week…
Through out the pandemic the MLS® Home Price Index (MLS® HPI) rose for all North Shore property types. North Vancouver MLS® HPI 2020 year average was up +6.9% from 2019 and West Vancouver was up +3.3%. 2021 NV detached home MLS® HPI year average was up +17.7% from 2020 and WV was up +17.1%. …
The number of home sales in BC is expected to fall and home price growth will moderate because of rising interest rates according to a new report from British Columbia Real Estate Association examining the potential impacts of the likely Bank of Canada’s rate tightening. The report is written by BCREA Chief Economist and explores…
One sales trend that stood out in 2021 compared to 2020 was the resurgence in demand for West Vancouver apartments despite the continuing waves of Covid-19. On top of that, the number of new listings were down substantially compared to 2020. Seller’s market conditions prevailed for most of 2021. Click the video to…
North Vancouver 2021 apartment sales accounted for 48% of all NV residential sales. The balance was 34% and 18% for detached home and townhome sales respectively. Since 2016 apartment sales ‘crossed the line’ with more year-end sales than detached homes. 2021 was a record year for NV apartments sales and was +38% above 2020 and…
One tool our real estate board uses to monitor supply and demand activity in the market is the sales-to-active listings ratio. When this ratio dips below 12% for a sustained period, it indicates the supply is outpacing the demand and prices typically decline as a result. When it surpasses 20% and for a sustained period,…
A measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices is the MLS® HPI. West Vancouver detached house benchmark price ended 2021 at $3,224,500 despite a full year of COVID-19 impacts. It was -4% below the record monthly high of $3,365,600,…
2021 was a fascinating real estate year. Who would have thought the pandemic would play a significant role in the real estate market! Year end board stats showed North Vancouver and West Vancouver sales totals up as well as MLS® Home Price Index (HPI) for all property types (homes, townhomes and apartments). Check out the…
In West Vancouver, there were 41 sales in the month of December. The sales to new listings ratio was 113%, which represents a very strong seller’s market. For December 2021, the sales to total active listings percentage was 14%, a decrease from 18% in December 2020. Sales for December 2021 were down by 12 units…
