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New Listing 14 7322 HEATHER STREET, Richmond, BC


R2350395 - 14 - 7322 Heather Street, Richmond, BC, CANADAView my new listing for sale at 14 - 7322 Heather Street, Richmond and currently listed at $875,000.

The Heather Gardens is centrally located in a quiet family oriented McLennan North neighbourhood. The complex is close to Garden City Park, shopping, public transporatation, Henry Anderson Elementary and AR MacNeill Secondary School. This unit features an open concept floor plan with laminate flooring, large size kitchen and family room adjacent to the dining room. Paulik Neighbourhood Park is just a few steps away from the unit's front door. See to appreciate!

Vancouver Housing Market Update


Vancouver Housing Report - February, 2019

Richmond currently is showing a supply of about 20 months when 777 homes are for sale and with the 5 % monthly SOLD rate. The Richmond market is projected to remain a Buyer's market for a while. 

On average, single family homes in Greater Vancouver experienced a monthly decline of $13,230 which was the same as the month before. The Fraser Valley's housing market was balanced with just about $500 monthly price decline.

The condo market showed 63% the condos in Greater Vancouver (Lower Mainland) experiencing decreasing prices. At the same time, 67% of townhouse markets were decreasing in values.

The Condo/Townhouse Markets are expected to continue in Buyers Market territory for the short term.

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New Listing 106 - 7300 Gilbert Street, Richmond, BC


R2347067 - 106 - 7300 Gilbert Street, Richmond, BC, CANADAView my new listing for sale at 106 - 7300 Gilbert Street, Richmond and currently listed at $539,000.

Bright and spacious with 9' ceilings throughout, LARGE QUIET INSIDE CORNER unit with 1,005 sq ft, 2 bedrooms and 2 full baths at MONTEREY PARK in central location. In-suite laundry, natural gas fireplace (Maintenance fee including Gas), pets allowed w/Restrictions, rentals allowed, large storage locker, roof was replaced in 2009 and one secure parking stall. Public transportation in front of strata complex, easy access to Canada Line, short walk to Richmond Centre Shopping Mall, Minoru Park, libary and swimming pool, school catchment is Ferris Elementary and Richmond High School catchments.

Richmond Housing Report - January 2019


Richmond HPI Price In Decline

Detached home prices in Richmond suffered a dip towards the second half of 2016 and recovered to plateau out from mid 2017 to early 2018. Slower sales in 2016, 2017 eventually gave way to a price decline in early 2018. The pace of price decline accelerated and over the past 9 months, Richmond detached homes had declined 10% from $1.75M to $1.59M.

Using the price trend/band as shown on the chart below, there is a possibility for the price to decline another 15% to touch the lower green price band. Similarly, both townhouses and condos in Richmond may correct and fall lower to touch their respective price bands. 

Falling home sales is a precursor to falling home prices. The severity of the sales drops for the 3 housing types in recent months, compared to the 10-year average sales is pointing to a more challenging situation where significant price declines could happen.

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Average Price Per Square Foot

The average price per square foot decline for Richmond detached homes was more significant compared to those for townhouses and condos. The figures are affected by the proportions of new compared to resale homes. The figures being derived from MLS sales which are mostly resale units, the distortion in the figure is more for condos. It is generally known that new presale condos in Richmond are now posting at prices around $1,000 per sq ft or higher.

decrichmond cps

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Vancouver Housing Market Update


Vancouver Housing Report - January 2019 

The Real Estate Board of Greater Vancouver (REBGV) reported that home sales at 1,103 units declined 39.3% compared to January 2018. It showed a 2.9% increase compared to the previous month.

Last month’s sales were the lowest January-sales since 2009 and the sales were 36.3% below the 10-year January sales average.

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Effect Of Strict Mortgage Rules

The mortgage stress test mandated by the Office of the Superintendent of Financial Institutions, came into effect in 2018. The rules requires borrowers to show they can service their mortgage at their contractual mortgage rate plus 2%, or the 5-year benchmark rate published by the Bank of Canada. This has resulted in the cooling of the housing markets by limiting the ability of buyers to qualify for mortgages as it reduced the loans buyers would be able to borrow to buy a home.

Declining Home Prices

The benchmark price for single family detached homes at $1,453,400 was 9.1% lower than a year ago. The townhosue benchmark price at 800,600 was 6.2% over the past six months. The condo benchmark price at $658,600 was 6.6% lower compared to six months ago.

The housing market is undergoing some major adjustments to higher interest rates, stricter mortgage rules and government policy measures that dampened the market. In a declining housing market, home buyers are more cautions and they prefer to adopte a wait-and-see attitude to see how the market turns out.

Sellers who are motivated to sell are now adjusting to the market and many are starting to reduce their listing prices.  

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November 2018 Richmond Housing Report


Richmond November Homes Sales

Richmond's November home sales suffered another month of double digit sales decline with detached homes and townhouses recording a drop of over one-third in saes compared to a year ago. Richmond Condos in November suffered the most, cutting the 2017 condo sales by more than a half from 190 to just 84 units. The HPI detached home price for Richmond continued to decline in price for November, posting $1,606,900 which was 7.2% lower than a year ago. Although townhouses and condos had now reached the lower band of a balanced market, they managed to post sales prices 4.3% and 4.9% higher than a year ago respectively. 

richmond housing market summary

MLS® QUICK SEARCH:  > Richmond Detached Homes <   > Richmodn Townhoses <   >Richmond Condos <

Incresing Days On Market

Since the middle of 2017, buying interest for Richmond detached homes was visibly absence and demand drifted lower into a buyer market. The days on market figures for detached, townhouses and condos continued to move higher signifying dropping buyer interest and slowing housing demand. The average HPI price for detached homes continued its decline from its peak price of $1,770,000 in April, 2017. The November HPI price for Richmond detached homes was $1,606,000 which is 7.2% lower than a year ago.  richnd november housinbg report 

Sales To Active Ratio Deteriorating

The sales-to-active ratios for both townhouses and condos are now approaching the lower bands of a balanced market. The continuation in the current tight lending standards imposed by Canadia Banks will depress sales activities and home prices. The current housing downturn is expected to last for some time before buying interest return to the market.

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October 2018 Greater Vancouver Housing Market Update


October 2018 Greater Vancouver real estate market video news update, Oct 18, 2018

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region dropped 34.9% compared to October 2017. Total sales for the month were 26.8% below the 10-year October sales average.

Home sale activity across Metro Vancouver remained below long-term historical averages in October.

The current supply has returned to the level about four years ago.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1% increase compared to 9,137 in October 2017 and a 0.8% (13,084) fewer homes for sale compared to September 2018.

Tighter mortgage rules and declining single-family home sales and prices are alredy sending shock waves to the market. Waning demand for townhouses and condos the past few months are reported across the lower mainland of Vancouver and Fraser Valley. The big worry is what happens to home sales and prices if a recession hits in the next two or three years? Could home prices fall significantly and turn to a recession?  

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Canadian Housing Report & News


Are Australian house prices going to join the Canadian Club? - NEWS.com.au

Sun, 11 Nov 2018 20:15:00 GMT

Housing crash — is it time to panic? Remember — in a market where people expect price growth, even a short fall can make a big difference. The relatively brief ...

 

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Prices easing but Canada's housing market still 'highly vulnerable': CMHC - CTV News

Thu, 25 Oct 2018 17:58:38 GMT - Financial Post

Prices easing but Canada's housing market still 'highly vulnerable': CMHCCTV News... a decline in prices. Despite these factors, markets in Toronto, Vancouver, Victoria and Hamilton are still considered to have a “high degree of overall ...

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Canadian Real Estate Prices Turn Negative According To The US Federal Reserve - Better Dwelling

Fri, 19 Oct 2018 13:40:27 GMT

Better DwellingCanadian Real Estate Prices Turn Negative According To The US Federal ReserveBetter DwellingSince prices were below the peak, they weren't in “bubble” territory. In a more technical sense, they were still experiencing the ..... Canada' ...

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Vancouver & Richmond Housing Report


October Greater Vancouver Home Sales Report

Home sale across Greater Vancouver remained below long-term historical averages in October. The todate home sales across various municipalities in Greater Vancouver were about 30% lower than a year ago.

For the month of OCtober, Greater Vancouver residential home sales totalled 1,966 was 35% lower than 3,022 sales recorded in October 2017. Compared to last month sale of 1,595 homes, it was 23% higher.

The October sales were 26.8 per cent below the 10-year October sales average.

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More Supply Of Homes Slower sales had resulted in higher inventory - levels that were seen four years ago. Home sellers are facing pricing pressure to cut prices to sell their homes. Listings for the month jumped 7.4% to 4,873 compared to 2017, but 7.7% less homes listed compared to last month. Year-over year, the total number of homes listed for sale in OCtober at 12,984 units is 42.1% higher.

rebgvfvreb sales

Market Outlook For 2019 & 2020

The real estate market has entered a down cycle after over 10 years of rapid growth in home sales and rising prices. Since the peark of 2016, the market showed weakness in detached home sales and declining prices that acclerated the past 12 months. Multi-family homes in recent months experienced slower sales and home prices were weakening. Signs of more aggressive price discounting were noticed the past 2 months.

The housing market for Greater Vancouver and Fraser Valley are expected to continue to decline in demand due to higher interest rates and much tougher for home buyers to obtain financing for mortgages. How much lower in home sales and price decline are hard to predict as current market sentiment is subdued and no panic seller deparation to sell has been reported yet. 

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Land Assembly: Fraser Valley & Vancouver


Land Assembly

What is Land Assembly? A land assembly is combining adjacent lots into a larger land parcel for the purpose of developing the land into a new development.

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Why Land Assembly is Necessary? The lack of suitable large land parcel in Greater Metro Vancouver and Fraser Valley has resulted in many municipalities and developers looking for redevelopment sites. The assembled lots are rezoned from low density single family lots into multi-family zoning for higher density townhouse and condo developments.

Land Assembly Is a Windfall For Owners? As part of a land assembly, home owners are able to sell their homes at prices that land parcel generate the best and highest use after rezoning.

Official Community Plan (OCP). A land assembly is prompted by the OCP for the area as proposed by a local municipality that controls the redevelopment plan for the area. The timeline for a land assembly to rezoning and issuance of a building permit can take from 1 to 3 years.

Below Is The Land Assembly Process

- Listing and marketing the land assembly to a potential Buyer/Developer

- Offer negotiation, acceptance and subject removal which include plan Submission, geotech & environmentals, arborist study, etc.

- Subject removal and complation

View some of the land assembly sites available for sale in Greater Vancouver and Fraser Valley.

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