Market Statistics - October 2019

We hope that everyone had an enjoyable October with some Halloween fun! We've attached a video below of a homeowner's decorations on their house at the bottom of this email. 

On to the statistics:
We have broken through the 10-year sales average for both the Greater Vancouver and Fraser Valley Real Estate Boards! Greater Vancouver's sales were 9.8% above and the Fraser Valley was above. (No number was given. Sales were almost 38% over those of October of 2018.) Prices have risen slightly in most areas of the Lower Mainland, as well. That's 4 months of "recovery" activity for our market. 

We are into the first week of November and here are some of the highlights:

  • Multiple offers are becoming more plentiful than in past months on some well-priced and well-presented homes although the sale prices have been very close to the asking price and not always above as in years past.

  • Open Houses are becoming well attended again. We had almost 50 groups over this last weekend at a well-priced home in Port Coquitlam.

  • Interest rates are remaining relatively flat although some lenders have raised their rates about 5 basis points. The best rate that I've found is 2.59% for a 5 year fixed mortgage under fairly restrictive circumstances.

  • The First Time Home Buyer Incentive is now active which is where you can apply for a 5-10% shared equity mortgage with the Government of Canada. They are talking about raising the ceiling on the property value from $480K to $789K. More information HERE

  • The Bank of Canada (BoC) has kept their lending rate at 1.75% and it seems likely that they will maintain that rate through the end of the year.

From the Greater Vancouver Real Estate Board's October Statistics:
"The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019. "

From the Fraser Valley Board's October Statistics:
"The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a 18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year."

From the Vancouver Island Real Estate Board's October Statistics:
"Sales of single-family homes in October dropped by 11 per cent from 2018 and were virtually the same as in September. Apartment and townhouse sales dipped by nine per cent and 22 per cent, respectively.

Last month, 343 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 345 the previous month and 384 in October 2018. In the apartment category, 88 units sold last month, while 42 townhouses changed hands."

We will be sending out the Stats Centre statistics reports from the REBGV in a few days, once they are released. 

Here are the full statistic packages for Greater Vancouver, the Fraser Valley (which includes Surrey, North Surrey, South Surrey/White Rock, Cloverdale, Delta, Langley, Abbotsford, Chilliwack, and Mission), and Vancouver Island (which includes Campbell River, Comox, Duncan, Nanaimo, Parksville/Qualicum, and Port Alberni.) 
Below is a link to a graph showing the rise in prices in the Lower Mainland just for resale properties (no new homes) over the last year. This link is live so it will update when the new statistics come in each month. LINK to live graph
Featured Video of the Month: (Click on the image below for the video to open in a new window.)
And now, for a little fun: This homeowner has gone all out to create an amazing Halloween display. (Click on the image below for the video to open in a new window.)

Please feel free to contact us if you would like specific information for your neighborhood, would like to be set up on a search to keep track of your local market, or if you would like a market evaluation of the value of your home.