Rob Blair

RE/MAX Colonial Pacific Realty

Cell 604-617-1208

Office 604-541-4888

Email: robblair@remax.net

METRO VANCOUVER MARKET HIGHLIGHTS
APRIL 2021

DETACHED
Active Listings:4,426Sales:1,655Benchmark Price:$1,755,500Avg. Days On Market:17

TOWNHOUSE
Active Listings:1,378Sales:964Benchmark Price:$900,900Avg. Days On Market:18

APARTMENT
Active Listings:4,441Sales:2,289Benchmark Price:$729,600Avg. Days On Market:24

Supply response emerges in Metro Vancouver’s active housing market:
April 2020

1,109
Sold

April 2021
4,903
Sold
(+342.6 %)

Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6 per cent increase from the 1,109 sales recorded in April 2020, and a 14 per cent decrease from the 5,708 homes sold in March 2021.

Last month’s sales were 56.2 per cent above the 10-year April sales average and is the highest total on record for the month.

"Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill. This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers."
Keith Stewart, REBGV economist

There were 7,938 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2021. This represents a 243.2 per cent increase compared to the 2,313 homes listed in April 2020, a 4.2 per cent decrease compared to March 2021 when 8,287 homes were listed and is the highest new listing total ever recorded in the region in April.

"While homes are now being listed at record levels, more supply is needed to meet today's demand and help market conditions achieve greater balance," Stewart said.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,245, a 9.1 per cent increase compared to April 2020 (9,389) and a 12 per cent increase compared to March 2021 (9,145).

Today’s active listings total is 11.2 per cent below the 10-year April average.
For all property types, the sales-to-active listings ratio for April 2021 is 47.9 per cent. By property type, the ratio is 37.4 per cent for detached homes, 70 per cent for townhomes, and 51.5 per cent for apartments.

Sales-to-active listings ratio - April 2021
Detached homes37.4%
Townhomes70%
Condominiums51.5 %
Total 47.9 %

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.

“Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes,” Stewart said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,152,600. This represents a 12 per cent increase over April 2020 and a 2.6 per cent increase compared to March 2021.

"With our market at record activity in recent months, and with the continued safety risk that COVID-19 poses, REALTORS® remain focused on helping their clients make sound and responsible buying and selling decisions today while continuing to strictly follow the pandemic safety protocols established for real estate in our province," Taylor Biggar, REBGV Chair said.

Sales of detached homes in April 2021 reached 1,655, a 326.5 per cent increase from the 388 detached sales recorded in April 2020. The benchmark price for a detached home is $1,755,500. This represents a 20.9 per cent increase from last year and a 3.2 per cent increase compared to March 2021.

Sales of apartment homes reached 2,289 in April 2021, a 355.1 per cent increase compared to the 503 sales in April 2020. The benchmark price of an apartment home is $729,600. This represents a 5.9 per cent increase from April 2020 and a 1.9 per cent increase compared to March 2021.

Attached home sales in April 2021 totalled 964, a 342.2 per cent increase compared to the 218 sales in April 2020. The benchmark price of an attached home is $900,900. This represents a 13.9 per cent increase from April 2020 and a 3.3 per cent increase compared to March 2021.

*Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
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Monthly sales and new listings in the Fraser Valley continue blistering pace; surge in inventory starting to calm prices

SURREY, BC – For the eighth consecutive month, Fraser Valley real estate saw record-breaking sales with April topping the previous monthly high set in 2016. The 2020/2021 pandemic seller’s market in the Fraser Valley has now surpassed the previous longest stretch of seven consecutive, record-breaking months, last set in 2015/2016.

In April, the Fraser Valley Real Estate Board (FVREB) processed 3,016 sales on its Multiple Listing Service® (MLS®), an increase of 338 per cent compared to April 2020 and a 9 per cent decrease compared to March. (Note that sales and new listings in April 2020 were significantly restricted due to the pandemic lockdown.) The previous record high for sales in April was 2,969 in 2016.

Larry Anderson, President of the Board, said, “Although it remains very competitive and challenging for buyers, April could be the turning point in this historic market. In the last couple of weeks, we have seen evidence of a change in pace.

“In general, we’re seeing fewer multiple offers, fewer subject-free offers, and homes over-priced are starting to sit longer. These are positive signs that the market is responding to near-record levels of new inventory.”

The Board received the highest volume of new listings ever in March 2021 and that elevated pace continued in April. Last month, the Board received 5,018 new listings, an increase of 254 per cent compared to April 2020, and a decrease of 1 per cent compared to March 2021. The influx of new listings improved supply with total active inventory reaching 6,030 in April 2021, 20 per cent higher than in March and the highest it’s been in six months.

Baldev Gill, Chief Executive Officer of the Board, added, “Buyers and sellers will note that we’re already seeing increases in home prices start to slow in response to the new supply.

“If you have an active listing now or are thinking of selling, it’s critical to work with a professional REALTOR® to ensure your asking price is realistic and competitive based on today’s market, not yesterday’s.”

Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 13 and a townhome was 10 days. Apartments took, on average, 22 days to sell.
 
MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,293,300, the Benchmark price for an FVREB single-family detached home increased 4.5 per cent compared to March 2021 and increased 30.3 per cent compared to April 2020.

Townhomes: At $652,400, the Benchmark price for an FVREB townhome increased 4.5 per cent compared to March 2021 and increased 18.0 per cent compared to April 2020.

Apartments: At $478,700, the Benchmark price for an FVREB apartment/condo increased 2.9 per cent compared to March 2021 and increased 9.3 per cent compared to April 2020.
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White Rock revives Centre Street walkway:

Council votes to use CACs for hillside path:

ALEX BROWNEMar. 18, 2021 10:00 a.m.LOCAL NEWSNEWS

The City of White Rock is reviving a never-implemented 2014 conceptual plan for a hillside pedestrian corridor linking Columbia Street and Marine Drive.

At its March 8 meeting, council unanimously endorsed moving ahead with the long-delayed Centre Street Walkway, and using $900,000 in community amenity contributions (CACs) from recent development projects to pay for a preliminary design, budget and schedule for construction.

Subject of a task force throughout 2014 — following up on a motion originally passed in December 2013 — the plan calls for construction and landscaping work to improve the accessibility and safe usage of the steeply-sloping road allowance which offers views of Semiahmoo Bay.

Developed in consultation with residents who live adjacent to the walkway, the original concept was drafted with the idea of formalizing existing stairs, terraces and walkways, opening up more park and green space, providing an opportunity for public art, and enhancing already-used pedestrian linkages and thoroughfares.

Cost of the project, originally estimated at $800,000, has been adjusted to allow for inflation, according to a report to council from engineering and municipal operations director Jim Gordon.
Gordon explained that it had been brought forward as a result of a recent session in which council examined potential CAC projects and that the city still has the conceptual designs for the project.

He noted there had been “extensive community consultation” at the time the idea was first developed.

“I’m not sure why, but it did not get approved.”

Coun. Helen Fathers, who has championed the project, noted that it had council support when first suggested, but was later superseded by a focus on redeveloping Memorial Park and building the waterfront parkade.

“That’s what the council of the day chose to go for at that time,” she said. “I’m happy to see the Centre Street project back on the books.”

“This is money well-spent – I think residents are going to be thrilled with the result,” Coun. Scott Kristjanson said.

“It would be a challenge to do the project this year,” Gordon told council.

“But certainly, if council approves this, we will give every effort to this project – start with a preliminary design, hire a project manager and get started as soon as possible.”

CITY OF WHITE ROCK
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A new cannabis store is expected to open on Marine Drive, directly across the street from the White Rock Pier.

At its regular meeting Monday evening, White Rock council gave third reading to a rezoning bylaw that would allow Seed and Stone to open a cannabis retail store in the old Giraffe Restaurant building, located at 15053 Marine Dr.

Giraffe was a fixture on the beach from 1989 until it closed its doors in 2017. The building has been vacant ever since:

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t's time to have your say and provide some extremely valuable input as the City of Vancouver looks at the future of False Creek South lands.


We're seeking public input about how 80 acres of City-owned lands in False Creek South could potentially be used to help address city-wide priorities such as the housing crisis, climate emergency and local economy.


False Creek South is the site of a 1970s visionary development and legacy, which became a model for progressive urban planning, nationally and around the world.


We want to know what Vancouver residents think about a potential update to that original vision, consistent with the community’s history as an inclusive, affordable, livable urban neighbourhood, while also potentially addressing public priorities such as housing options.


Our approach to exploring more housing options on City-owned lands in False Creek South would be based on: 

  • Retaining public ownership of the lands 
  • Providing clarity for those with homes on land currently leased from the City
  • Potentially phasing in a new vision for the area incrementally, over time

This work is connected to, but independent from, the City’s False Creek South community planning process which paused in 2018.


We will be seeking input until February 28, 2021, and the feedback will be used to help inform long-term decisions about the future of False Creek South. Public input from this engagement will also inform the City’s broader Vancouver Plan.


About False Creek South lands

These lands are located between the Cambie and Burrard Street bridges on the south shore of False Creek, and there are approximately 1,800 residential units—both market and non-market—on leased lands which are owned and managed by the City on behalf of all Vancouver residents. There are additional units on private lands in the community.

Share your thoughts

We want to hear from you about options for the future of City-owned lands in False Creek South, which will help shape our city for the benefit of current and future generations. Here’s how you can get involved:

  • Participate in the Talk Vancouver online survey
  • Attend an online information and Q&A session
  • Send us an email

https://rem.ax/2MykbaF




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FOR IMMEDIATE RELEASE:

Home buyer demand remains elevated across Metro Vancouver

VANCOUVER, BC – February 2, 2021 – 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.
“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.”

There were 4,480 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2021. This represents a 15.7 per cent increase compared to the 3,872 homes listed in January 2020 and an 86 per cent increase compared to December 2020 when 2,409 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,306, a 3.6 per cent decrease compared to January 2020 (8,617) and a 2.7 per cent decrease compared to December 2020 (8,538).

For all property types, the sales-to-active listings ratio for January 2021 is 28.8 per cent. By property type, the ratio is 26.3 per cent for detached homes, 37.6 per cent for townhomes, and 27.8 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.

“Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 per cent increase compared to January 2020 and a 0.9 per cent increase compared to December 2020.

Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020.

Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020.

Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 per cent increase from January 2020 and a 0.2 per cent increase compared to December 2020.

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

The real estate industry is a key economic driver in British Columbia. In 2020, 30,944 homes changed ownership in the Board’s area, generating $2.1 billion in economic spin-off activity and an estimated 14,728 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $33.7 billion in 2020.

The Real Estate Board of Greater Vancouver is an association representing nearly 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit
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Fraser Valley real estate market full steam ahead in January; another record-setter for property sales

SURREY, BC – In a month that is usually one of the quietest in real estate, Fraser Valley’s market continued at a breakneck pace, producing the strongest January sales on record as well as a modest uptick in new listings.

The Fraser Valley Real Estate Board processed a total of 1,718 sales of all property types on its Multiple Listing Service® (MLS®) in January 2021, an increase of 76 per cent compared to January 2020 and 18 per cent fewer then were processed in December 2020. Sales in January set a new, record high for the month; 72 per cent above the 10-year average, and 28 per cent higher than the previous record of 1,338 sales set in January 2016.

“Buyers are very motivated right now,” said Chris Shields, President of the Board, “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year in how people value their homes. People are asking us to find them more space.

“I am working with a young couple who want and are able to move up – from a condo to a townhome – due to interest rates and the equity they’ve gained over the last couple of years. The challenge is supply. It improved slightly in January, but we’ve got a long way to go to replenish our housing stock. It remains a seller’s market.”

The Board received 2,784 new listings in January 2021, an increase of 26 per cent compared to January of last year. Total active inventory for the month was 4,210, down 18 per cent from last year’s 5,143 active listings, and still 30 per cent below the 10-year average.

Baldev Gill, Chief Executive Officer of the Board, added, “Homeowners may be reluctant to sell because of concerns about buying and selling safety protocols; or the challenge of finding a new home to buy. The industry has worked hard to make it as easy as possible for you to thoroughly evaluate homes online first and then, for serious, final consideration, strict regulations are in place for in-person viewing.”
“And note, we’re already seeing an improvement in supply levels compared to December, a trend we anticipate that will continue as spring approaches bringing what is typically one of the busiest markets of the year.”

In January 2021, the average number of days to sell a single-family detached home in the Fraser Valley was 35, compared to 60 days in January 2020; 28 days on average to sell a townhome and 37 days for apartments, compared to 47 and 49 days respectively, in January of last year.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,106,500, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to December 2020 and increased 15.2 per cent compared to January 2020.

Townhomes: At $580,800, the Benchmark price for an FVREB townhome increased 0.8 per cent compared to December 2020 and increased 7.2 per cent compared to January 2020.

Apartments: At $439,800, the Benchmark price for an FVREB apartment/condo increased 0.3 per cent compared to December 2020 and increased 4.4 per cent compared to January 2020.


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White Birch developer feels ‘betrayed’ by City of White Rock council

Application for new rental building at 1485 Fir St. turned down by council:


A developer who planned to build a six-storey rental building on Fir Street, only to have the project shot down in the final hour, says he feels betrayed by some members of White Rock council.


Mahdi Heidari said that for two years he was given the impression that council was supportive of the project because it’s not only 100 per cent rental, but also because of adjustments he’s made, at request of city staff, to appease council.

“I feel I have been betrayed by those councillors because they gave me so much encouragement and support for two years, but the very end, they pulled the carpet out from my feet,” Heidari told Peace Arch News Tuesday.


The application, which was defeated at Monday evening’s regular council meeting, involved a six-storey, 80-unit rental building proposed for 1485 Fir St. The redevelopment was to replace an aging three-storey rental, which was built in 1965.


Couns. Erika Johanson, Scott Kristjanson, Christopher Trevelyan, Anthony Manning, who are all members of the Democracy Direct party that campaigned on a promise to slow development, voted against the project.


Mayor Darryl Walker, who is part of the same slate, voted for the project, as did Couns. Helen Fathers and David Chesney.


During Monday’s meeting, Democracy Direct councillors shared similar reasons for why the project should be stopped, including that the city is undergoing an official community plan (OCP) review that would set a guideline for building heights in the area. The councillors agreed that a decision should wait the until the OCP review is complete.

During the meeting, Coun. Johanson read a message to council that is posted on the Democracy Direct party website. “We strongly believe that our city hall should listen to the needs, hopes and concerns of the residents of White Rock. We believe everyone should have a voice and be heard. We believe that the OCP needs to be reviewed with the public and then adhered to,” Johanson said, reading the party message.


However, a majority of people who provided feedback to the city were in support of the project, 33 to 20.

During discussion Monday, Fathers made note of the support at the public hearing, where eight people spoke in support and four people voiced opposition.

“The public hearing was scarcely attended,” Johanson said in response to Fathers, adding that 140 people attended an OCP review – “I think that’s significant.”

Johanson listed a number of concerns council has heard regarding the project, including compromised views, increased traffic, not enough green space, style of the building, challenges with finding new homes for existing residents, and increased rental rates for returning residents.


As part of his compensation and tenant relocation package, Heidari was offering existing tenants up to a 30 per cent discount on market rent if they decided to return to the building once construction was complete.


“This would be a social housing contribution of this project. I mean, there is only so much a developer can do on their own. I do not receive $1 from any level of government, municipality or any charities,” Heidari said.

“If this is not affordable, if this is not social housing, I just don’t know what else can please this council.”


Chesney, who threw his support behind the “tremendous project,” told council an increase in rent is to be expected. “I’d still like to be able to buy a ’66 Mustang for $2,000, but that’s just not the state of the land these days,” Chesney said. “I don’t know how we can possibly hold our rents down at the level that they were in the 1970s by any stretch of the imagination.” Heidari said council’s decision to vote down the project will send a message to the development community that might tarnish the city’s reputation. “This will send a very, very negative message,” Heidari said. “I believe the message that’s it’s going to send out is, ‘Don’t come to White Rock, even for rental.’”


During last week’s public hearing, Heidari mentioned to council the carrying costs of the building. Tuesday, he told PAN that he has sunk “hundreds of thousands” of dollars into the project and no longer has savings to pay for the carrying costs.


Heidari said the mortgage, property tax, insurance, and utilities alone costs twice as much as he collects in rent. Asked what’s next for the building, he replied that he wasn’t sure, but added that bankruptcy and foreclosure is on the table.


“They should have at least given me some idea of what to do, how to keep the building running until there is a better decision, but obviously they just rejected the idea. This will hurt everybody. It will hurt me, it will hurt the tenants, it will hurt the city,” Heidari said.


“I wish council will approve to pay me something from the (community amenity contribution) or from somewhere, so I can at least pay for the carrying costs, to look after the tenants until there is a solution.”


aaron.hinks@peacearchnews.com




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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.