For January 2015, a total of 18 units of strata homes, i.e. condos and townhomes, were sold in UBC.  This is an increase from the 16 units that sold in December, and equal to the 18 units that sold in January 2014.

Of the 18 units that sold last month, 2 was a 1-bedroom home, 11 were 2-bedroom homes, and 5 units were 3-or-more bedroom homes.

As expected, the majority of the total is from the UBC’s newest and largest neighbourhood, South Campus’ Wesbrook Place (more commonly referred to as Wesbrook Village) with 8 units, 4 units from Hampton Place, 1 unit from Hawthorn Place, 1 unit from Chancellor Place, and 4 units from the East Campus including 2 freehold properties in Acadia.

I've lived in the UBC campus for over 10 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a REALTOR®, I also love to share my expertise in this area as well. If you are thinking of listing your UBC property, or for a FREE private consultation, please call me, Len Diaz, at 604-551-1323.

Sold units does not include single detached homes, pre-sale, under construction, and private (FSBO) sales.  All figures are taken from MLS.

Metro Vancouver home sales above average in October

VANCOUVER, B.C. – November 4, 2014 – Home sales in the Metro Vancouver* housing market continue to outpace long-term averages for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 per cent increase compared to the 2,661 sales in October 2013, and a 4.6 percent increase over the 2,922 sales in September 2014.

Last month’s sales were 16.6 percent above the 10-year sales average for October.

“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight percent depending on the property,” said REBGV president Ray Harris.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,487 in October. This represents a four percent increase compared to the 4,315 new listings in October 2013 and a 14.7 percent decline from the 5,259 new listings in September.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,851, a 9.2 percent decline compared to October 2013 and a 6.6 percent decrease compared to September 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a six percent increase compared to October 2013.

“Detached homes continue to increase in price more than condominium and townhome
properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said.

Sales of detached properties in October 2014 reached 1,271, an increase of 19.1 percent from the 1,067 detached sales recorded in October 2013, and a 60.9 percent increase from the 790 units sold in October 2012. The benchmark price for detached properties increased 7.9 percent from October 2013 to $995,100.

Sales of apartment properties reached 1,268 in October 2014, an increase of 15.5 percent compared to the 1,098 sales in October 2013, and a 57.9 percent increase compared to the 803 sales in October 2012. The benchmark price of an apartment property increased four percent from October 2013 to $380,200.

Attached property sales in October 2014 totalled 518, a 4.4 percent increase compared to the 496 sales in October 2013, and an 53.3 percent increase over the 338 attached properties sold in October 2012. The benchmark price of an attached unit increased 4.7 percent between October 2013 and 2014 to $479,500.

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

The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of
residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2013. The Real
Estate Board of Greater Vancouver is an association representing more than 11,000 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
www.rebgv.org.

For more information please contact:
Craig Munn, Assistant Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 761-8858
cmunn@rebgv.org

Improved confidence in the global economy renews focus on growth in real estate sector

Eighty-five percent of real estate industry executives say the global economy is improving or stable, and Canada is poised to benefit from that optimistic outlook, according to EY's Global Capital Confidence Barometer: Real Estate, Hospitality and Construction.

Emerging markets, including India, China, Qatar and Chile, led the pack of countries poised for real estate investment in the next 12 months, with Canada following closely in fifth.

“Confidence is returning to the sector as credit availability and strong industry fundamentals create a more stable foundation for deal-making," says Krista Blaikie, EY’s National Real Estate leader. “Companies that were focused on maintaining stability and operational efficiency are now shifting gears and looking ahead at new investment opportunities.”

Overall, respondents’ optimism is up considerably from 53% one year ago.

“Investors are looking beyond the developed world — with the exception of Canada — and focusing their investment strategies in emerging markets with immense growth potential,” says Blaikie. “Canada, on the other hand, continues to attract the attention of investors searching for a stable political and economic environment not found in the Eurozone.”

Those ready to transact in the year ahead are focused on smaller deals, with 64% of companies expecting the majority of deals to fall between US$51m and US$500m.

“Making the most of transaction opportunities, whether small or large, depends on a thorough understanding of the local market, regulatory environment and culture. Those that perform thorough due diligence and select the right partners will be best positioned for sustainable growth,” says Blaikie.

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.