Market Update

Foreign nationals make up 5.1 per cent of home buyers in Metro Vancouver, according to the first set of real estate transaction data released by the provincial government today.

This confirms data you’ve provided us for several years through our monthly member market poll.

“We wrote the Minister of Finance earlier this year asking him to again track the residency of home buyers in BC and we applaud the government for taking action on this issue,” Dan Morrison, Board president said. “The housing affordability challenge we face is of critical importance to all of us in the region and it’s important that this debate be based on facts. We look forward to the province releasing larger data sets in the future to further inform this conversation.”

The government will continue to release this data each month. The current set covers transactions between June 10 and June 29, 2016.

The data is collected when owners register their property at the Land Title Office and the Property Transfer Tax is paid. Individuals must disclose if they’re a Canadian citizen or permanent resident, or if their citizenship if not Canadian. Corporations must disclose their directors’ citizenship.


Additional findings include:

• 10,148 residential real estate transactions in BC, totalling more than $7.6 billion.

• 337 transactions (3.3 per cent) involved foreign nationals, worth $390 million (5.1 per cent).

• In Metro Vancouver, there were 5,118 transactions worth nearly $5.4 billion, of which 260 involved foreign nationals (5.1 per cent), worth $351 million (6.5 per cent)

• In the City of Vancouver, there were 1,139 transactions, totalling more than $1.6 billion. 47 of these involved foreign nationals (4.1 per cent), worth $64 million (3.9 per cent).

Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold.

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.  

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase compared to May 2016 (7,726).

The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 per cent increase compared to June 2015.

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500.

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per cent from June 2015 to $501,100.

Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from June 2015 to $656,900.

VANCOUVER, BC – June 2, 2016 – Metro Vancouver* homes continue to sell at an unprecedented rate in communities across the region.

Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 percent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 percent compared to April 2016 when 4,781 homes sold.

Last month’s sales were 35.3 percent above the 10-year sales average for the month and rank as the highest sales total on record for May.

"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 percent compared to the 5,641 units listed in May 2015 and a 2.6 percent increase compared to April 2016 when 6,127 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 percent decline compared to May 2015 (12,336) and a 2.3 percent increase compared to April 2016 (7,550).

"Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity," Morrison said.

The sales-to-active listings ratio for May 2016 is 61.7 percent. 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 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7 percent increase compared to May 2015.

Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 percent from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9 percent from May 2015 to $1,513,800.

Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4 percent compared to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3 percent from May 2015 to $485,000.

Attached property sales in May 2016 totalled 754, an increase of 2.9 percent compared to the 733 sales in May 2015. The benchmark price of an attached unit increased 24.9 percent from May 2015 to $632,400.

Download The Full Market Report Here