Real Estate Advisor with Engel & Völkers Vancouver, Canada


Metro Vancouver homes sales down across all property types

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Home buyer demand remains below long-term historical averages in the Metro Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018 when 1,966 homes sold.

Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.

“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”

There were 3,461 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2018. This represents a 15.8 per cent decrease compared to the 4,109 homes listed in November 2017 and a 29 per cent decrease compared to October 2018 when 4,873 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,307, a 40.7 per cent increase compared to November 2017 (8,747) and a 5.2 per cent decrease compared to October 2018 (12,984).

For all property types, the sales-to-active listings ratio for November 2018 is 13.1 per cent. By property type, the ratio is 8.9 per cent for detached homes, 14.7 per cent for townhomes, and 17.6 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Home prices have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,“ Moore said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,100. This represents a 1.4 per cent decrease over November 2017 and a 1.9 per cent decrease compared to October 2018.

Detached home sales in November 2018 reached 516, a 38.6 per cent decrease from the 841 detached sales recorded in November 2017. The benchmark price for detached homes is $1,500,100. This represents a 6.5 per cent decrease from November 2017 and a 1.6 per cent decrease compared to October 2018.

Apartment home sales reached 810 in November 2018, a 46.3 per cent decrease compared to the 1,508 sales in November 2017. The benchmark price of an apartment property is $667,800. This represents a 2.3 per cent increase from November 2017 and a 2.3 per cent decrease compared to October 2018.

Attached home sales in November 2018 totalled 282, a 36.8 per cent decrease compared to the 446 sales in November 2017. The benchmark price of an attached home is $818,500. This represents a 2.6 per cent increase from November 2017 and a 1.3 per cent decrease compared to October 2018.

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November 2018 Market Highlights

Snapshot of Real Estate Board of Greater Vancouver November Market Highlights

november 2018 market highlights

New Listing 6602 Delwood Court, Burnaby, BC

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Beautiful neighbourhood located a short distance to the amazing Brentwood, & walking distance to transit, elementary schools, high schools, SFU, shops, eateries, hockey rink, recreational parks, and more. Located in a quiet cul-de-sac on Sumas park, this home is ideal for a family looking to invest in prime real estate. With this fabulous location, roof done 2011, water tank 5 years old, & furnace 3 yrs old, this beautiful & well maintained home is ready for new homeowners. Open house Sunday 2-4pm

Greater Vancouver real estate market highlights October 2018

See below latest Real Estate board highlights!

greater vancouver real estate market highlights october 2018

Robb Report Award Given to Engel & Völkers, Two Years in a Row

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For the second consecutive year,
Engel & Völkers has won the 2018 Robb Report Award for the
Best Real Estate Agency. 



  On October 16th, the prestigious magazine, Robb Report, one of the leaders in the field of luxury, celebrated its Best of the Best awards ceremony. Just like the previous year, Engel & Völkers, the leading real estate agency in the high 'standing' sector at European and global level, has won the 'Best Real Estate agency' award in 2018. Undoubtedly, this is one of the the most important awards that an agency of this type can receive. 

Everything that the Best of the Best of Robb Report stands for 
The jury responsible for choosing the winner of the Best of the Best award from Robb Report defines it as an award focused on giving recognition to the best companies based on the quality of their services. In fact, during the gala, those responsible for the publication of this popular magazine within the Spanish territory defined the values that govern the work of Engel & Völkers as a constant search for improving the living standards of its customers. 

Many well-known personalities participated in the awards ceremony. In addition, it must be said that Robb Report not only awards the best real estate agency of the year, but also the best companies in the perfumery, watchmaking, fashion, jewellery and oenology sectors. A total of 14 categories comprise the award. Honours are also distributed to the most important technological advances of the year and to the best tourist destinations. 

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The representation of Engel & Völkers in the awards ceremony 
The Best of the Best awards ceremony took place at the prestigious Westin Palace Hotel in Madrid. The representation of Engel & Völkers was attended by the director of International Marketing of the company, Silke Dittrich and the CEO of Engel & Völkers in Spain, Portugal and Andorra, Juan Galo Macià. In fact, the latter had the honour of collecting the award. 

During the speech by Juan Galo Macià there was no lack of gratitude to his team of agents and other colleagues from Engel & Völkers. In fact, he did not hesitate to say that, without them, it would have been impossible for the company to receive such a prestigious award. 

An unmissable event year after year 
Robb Report has made its Best of the Best awards become prestigious in various sectors. In fact, the delivery gala is an important date on the calendar for lovers of what they themselves define as 'the good life'. But, in addition, it is also just as important for many of the top companies in Spain. In fact, the relationship between this magazine and Forbes is very close. 

All this emphasises even more the complexity involved in obtaining such an award, so the merit of having achieved this award on two consecutive occasions means a lot to Engel & Völkers.

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Realtors Care ® Blanket Drive

Show Love! Show Care! Give the gift of comfort and warmth to someone in need!

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On Top OF The Market Podcast: New Duplex Zoning Regulations with Hector Bremner.

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Episode 1: Hosted by Chris Burns & Jeff Fitzpatrick. In Episode 1 will be discussing the new Duplex Regulations implemented by the City of Vancouver featuring a very special guest, Hector Bremner, currently running for Mayor of Vancouver.

Engel & Völkers Vancouver Dressed for Success Fundraising

Engel & Völkers Vancouver raising awareness for Dressed for Success Fundraising Opportunity, to help someone in need.

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September 2018 Housing Market Update for Real Estate Board of Greater Vancouver

View the latest update and stats on real estate market in Vancouver.

september 2018 housing market update   real estate board of greater vancouver

MAJOR $200k Price Reduction In Heart of Burnaby!

Catch this great property now at a MAJOR $200K reduced price in excellent neighbourhood.

6602 delwood   price reduction

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