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Posted on
December 4, 2023
by
Hafez Panju
VANCOUVER, BC – December 4, 2023– With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver1 among the largest selection to choose from since 2021.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,702 in November 2023, a 4.7 per cent increase from the 1,625 sales recorded in November 2022. This was 33 per cent below the 10-year seasonal average (2,538).
“We’ve been watching the number of active listings in our market increase over the past few months, which...
Posted on
November 14, 2023
by
Hafez Panju
Vancouver, BC – November 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,373 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in October 2023, an increase of 1.8 per cent from October 2022. The average MLS® residential price in BC was $968,786 up 4.1 per cent compared to October 2022. The total sales dollar volume was $5.2 billion, representing a 6 per cent increase from the same time last year.
“Home sales have slowed as expected given high borrowing costs and a punishing stress test,” said...
Posted on
November 1, 2023
by
Hafez Panju
VANCOUVER, BC – November 2, 2023 – An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver1 , but sales remain below long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.
“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there...
Posted on
October 27, 2023
by
Hafez Panju
Vancouver, BC – October 25, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Fourth Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 4.8 per cent to 76,700 units this year. In 2024, MLS® residential sales are forecast to post a modest rebound, rising 4.8 per cent to 80,375 units.
“Activity in the BC housing market has mirrored movements by the Bank of Canada over the past two years,“ said Brendon Ogmundson, Chief Economist. “As such, there is little reason to believe...
Posted on
October 23, 2023
by
Hafez Panju
Thank you to my clients for your continued support & business. Congrats to my fellow colleagues.
Posted on
October 13, 2023
by
Hafez Panju
Vancouver, BC – October 12, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,531 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in September 2023, an increase of 10.4 per cent from September 2022. The average MLS® residential price in BC was $966,530 up 4.8 per cent compared to September 2022. The total sales dollar volume was $5.3 billion, representing a 15.7 per cent increase from the same time last year.
“Home sales in BC have clearly been impacted by the Bank of Canada's recent tightening of interest...
Posted on
October 5, 2023
by
Hafez Panju
VANCOUVER, BC – October 4, 2023 – The month-over-month price gains seen earlier this year abated in the Metro Vancouver1 housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).
“A key dynamic that we’ve been watching this year has...
Posted on
September 15, 2023
by
Hafez Panju
Vancouver, BC – September 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 6,608 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in August 2023, an increase of 15.7 per cent from August 2022. The average MLS® residential price in BC was $958,424, up 5.2 per cent compared to August 2022. The total sales dollar volume was $6.3 billion, representing a 21.7 per cent increase from the same time last year.
“Home sales are starting to settle back into a trend of below-normal activity following an unexpected...
Posted on
September 5, 2023
by
Hafez Panju
VANCOUVER, BC – September 5, 2023 – As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver1 housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663).
“It’s been an interesting spring and summer market, to say...
Posted on
August 14, 2023
by
Hafez Panju
STUNNING VIEW! Welcome to ALTITUDE built by award-winning HUNGERFORD on the top of Burnaby Mountain. This spacious 2 bed, 2 bath home - facing North East with the view of nature green. 9' ceilings, floor to ceiling windows and large balcony. Spacious kitchen with gas cooktop, quartz counters, quality stainless appliances. Amenities include gym, lounge/clubhouse, kids play area & BBQ terrace. Just a block to the bus loop connecting to Production SkyTrain Station, SFU campus, Highland Elementary School, UniverCity's Daycare, Nester's Supermarket, shops and restaurants. GREAT INVESTMENT opportunity...
Posted on
August 11, 2023
by
Hafez Panju
Vancouver, BC – August 10, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 7,103 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in July 2023, an increase of 25.9 per cent from July 2022. The average MLS® residential price in BC was $967,948, up 5.6 per cent compared to July 2022. The total sales dollar volume was $6.9 billion, representing a 33 per cent increase from the same time last year.
“Home sales are up significantly since this time last year,” said BCREA Chief Economist Brendon Ogmundson....
Posted on
July 5, 2023
by
Hafez Panju
VANCOUVER, BC – July 5, 2023 – Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).
“The market continues to outperform ...
Posted on
June 19, 2023
by
Hafez Panju
The Hub. Amazing location in concrete building one bedroom executive condo is a lifestyle. Super modern glass panel bedroom walls. Open concept plan with stainless appliances. Above shopping, eateries, coffee shops and close to transit and right on campus. Live in Burnaby on a mountaintop steps to SFU.
Listing offered by: Royal LePage- Brookside Realty
Posted on
June 16, 2023
by
Hafez Panju
The British Columbia Real Estate Association (BCREA) reports that a total of 9,191 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in May 2023, an increase of 9.9 per cent from May 2022. The average MLS® residential price in BC was $1.02 million up 3 per cent compared to May 2022. The total sales dollar volume was $9.4 billion, representing a 13.2 per cent increase from the same time last year.
“Home sales in May were surprisingly strong,” said BCREA Chief Economist Brendon Ogmundson. “Normally we’d expect to see a more persistent,...
Posted on
June 9, 2023
by
Hafez Panju
Posted on
June 2, 2023
by
Hafez Panju
VANCOUVER, BC – June 2, 2023 – While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,4112 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).
“Back in January, few people would have predicted prices to be up as much as they are –...
Posted on
May 26, 2023
by
Hafez Panju
Summary of Findings
- New listings in BC have fallen to 25 per cent below pre-pandemic norms.
- Most of the explanation for low listings is due to overall slow market activity, but a multi-decade high interest rate differential between old and new mortgages is playing a role.
- The situation should resolve with time, but the current period further highlights the structural problem of chronically undersupplied housing markets, which results in volatility and susceptibility to demand shocks.
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The post-pandemic housing market has been notable for its stubborn refusal to track expectations. One of the most interesting and unexpected recent housing market trends has been the lack of new listings, which have been trending well below average in all areas of the province since the start of the year. At first blush, the lack of new listings is indeed counterintuitive. With borrowing costs at decade highs and high inflation squeezing household budgets, it seems reasonable to assume that new listings would hold steady, or even rise, as some overburdened households were forced to sell their homes. Instead, new listings have declined substantially in housing markets across Canada.
In this Market Intelligence, we show that the pattern of new listings we see is, in fact, a usual outcome of current market dynamics and underlying economic fundamentals. Contrary to expectations, we show that a sharp rise in interest rates has historically been a deterrent to homeowners’ listing their homes.
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Posted on
May 12, 2023
by
Hafez Panju
The British Columbia Real Estate Association (BCREA) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in April 2023, a decrease of 17.7 per cent from April 2022. The average MLS® residential price in BC was 995,506 down 5.6 per cent compared to the average price of close to $1.1 million in April 2022. The total sales dollar volume was $7.4 billion, representing a 22.5 per cent decrease from the same time last year.
“BC home sales have now risen for three consecutive months, but that recovery in sales has not been matched...
Posted on
May 9, 2023
by
Hafez Panju
Lush Forest OutlookOne UniverCity Crescent3 Bed, 2 Bath 1290sqftPriced at $778,800
Lush forest and mountain top views, bright, spacious & in impeccable condition! This is the home you have been searching for. Welcome to this true 3 bed, 2 bath, 1290sqft luxury home, in prestigious One University Cr., located in UniverCity, Vancouver's premier lifestyle neighborhood. Features: freshly painted, East/West exposure, 2 large covered balconies, engineered floors, 9’ ceilings, open kitchen w/SS apps, quartz counters & breakfast bar & a cozy fireplace. The large master has his/her walk-through...
Posted on
May 2, 2023
by
Hafez Panju
VANCOUVER, BC – May 2, 2023 – With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249).
“The...
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