Toronto sales stabilizing while Vancouver tumbles

Canadian Real Estate Wealth

Home sales in the Greater Toronto Area climbed significantly in July in a divergence from the latest numbers in Vancouver.

Residential home sales were up 18.6 per cent in the GTA for the month compared with last July, the Toronto Real Estate Board said Friday.

The average selling price of the 6,961 homes that changed hands during the month rose 4.8 per cent on an annual basis to $782,129.

July’s climb follows a 2.4 per cent increase in June sales compared with a year earlier after a steep sales drop of 22.2 per cent in May.

“The positive results over the last two months are encouraging,” said TREB president Garry Bhaura.

The results from Toronto show a trend towards stabilization and a more balanced market, said TD Economist Rishi Sondhi.

“It’s improving. It still has a ways to go to get back to the levels it was at before, but overall the market appears to be healthy.”

Results from Toronto are a contrast to Metro Vancouver, where the real estate board said Thursday that home sales tumbled to their lowest level in 18 years.

The Greater Vancouver Real Estate Board said 2,070 properties changed hands in July in a 30 per cent plunge compared to the same month last year.

The general divergence in markets comes after the B.C. government pushed forward with further measures to cool the housing market in February while Ontario has held off, said Sondhi.

“The market’s still sort of contending with those measures as well, and that’s causing sort of a wedge, year to date.”

Toronto’s housing market is stabilizing following the shock from the federal government’s tighter mortgage rules that came into force in January, said Scotiabank Economics vice-president Derek Holt.

“This fits our broad narrative that the second half of 2018 would begin to witness stronger housing figures as the transitory shock from tightened macroprudential rules ebbs,” he said in a note.

Sondhi said TD also expects the market to improve later in the year, but said sales growth will be tempered by rising interest rates and the continued effects of the tighter mortgage rules.

The Toronto real estate board also reported 13,868 new listings during the month, including 4,511 in Toronto alone, but the overall GTA figure was down by 1.8 per cent year-over-year.

The city recorded 2,574 sales in July at an average price of $824,336, while in the rest of the GTA, the 4,387 properties sold last month fetched an average price of $757,365.

Detached homes sold in Toronto were the most expensive, with an average price of $1.35 million. The average detached home price in the rest of the GTA was $907,347.

TREB said while the MLS home price index composite benchmark during the month was down slightly compared to July 2017, the annual growth rate “looks to be trending toward positive territory in the near future.”

The Ottawa Real Estate Board said Friday that sales in the city were up 5.9 per cent for July compared to last year with 1,614 homes sold, above the five-year average of 1,501 sales for July. 

The Canadian Press

Copyright © 2018 Key Media Pty Ltd

Zillow acquires Mortgage Lenders of America

Steve Randall
REP

Zillow’s expansion across the residential real estate market has taken another turn as it plans to enter the mortgage industry.

The group has announced that it will acquire Mortgage Lenders of America, a US national lender, which will enable it to provide home financing options for customers of its Zillow Offers unit which buys homes from eligible sellers.

“Now that we are buying and selling homes through Zillow Offers, we believe that having our own mortgage origination service as an option for consumers will allow us to streamline the process for people who buy a Zillow-owned home,” said Greg Schwartz, president of media and marketplaces at Zillow Group.”

Business as usual Mortgage Lenders of America is based in Kansas with around 300 employees who are expected to remain with the company when it transfers to Zillow’s ownership.

The current president Philip Kneibert will remain as leader of the business as general manager and the mortgage operation will continue to operate from its existing base.

Zillow says that the firm will not be exclusively offering home loans to Zillow customers, it will continue its existing business and will remain on Zillow advertising partners along with many other independent mortgage lenders.

However, expansion is planned.

“Over time, we expect the work we do in conjunction with this new line of business will help us expand our offerings to our partners – including real estate brokers with existing in-house mortgage operations and third-party lenders who co-market with Premier Agents,” added Schwartz. 

Copyright © 2018 Key Media Pty Ltd

Developer has to revise Gibson development again

other

In a disappointing display of NIMBY culture, local residents influenced Sechelt council to scrap a six-storey development proposal in Gibsons, which would have included some affordable housing units.

After a hotly-debated public hearing in which dozens of residents opposed the project, council voted to have the developer propose new plans for the midrise.

This is the second time the developer has been ordered to revise project plans, having knocked several floors off the design already. Sechelt Mayor Bruce Milne supported the revised project, but after the tense community meeting, he felt it unlikely that the rest of council would support it.

The problem? The sunshine coast, which sits north of West Vancouver and runs between Howe Sound and the Georgia Straight, is facing a housing shortage much like the rest of metro Vancouver. Home prices there have jumped by 70.3 per cent in the last three years, while 25 per cent of renters say they spend more than half their income on rent and utilities.

Embracing new development in the area would provide more space for affordable units, help relieve the soaring prices and provide more opportunities for young workers, families and retirees. But current residents, according to the mayor, are unwilling to support change, even it might have positive results.

Though there have been some notable projects approved for the region, including a single-family subdivision that’s under construction and a townhome project in Porpoise Bay, there’s room for more density, especially considering the area’s vacancy rate, which hovers near zero.

The problem with NIMBY culture is that it prevents responsible development, which has the potential to ease the lower mainland’s housing crunch, enhance the area’s liveability and welcome new residents. We need more of this type of density, not less of it.  

Abana Capital © 2018

The Canadian coffee chain is taking its latest expansion efforts east

Western Investor

Canadian coffee icon Tim Hortons has inked a deal with private equity firm Cartesian Capital Group to expand into China.

Under the exclusive master franchise joint venture agreement, Cartesian will develop and open more than 1,500 Tim Hortons restaurants in China over the next 10 years. Tim Hortons president Alex Macedo said the company’s two main priorities are building and strengthening the company in Canada and then expanding the brand  to the rest of the world.

Tim Hortons has more than 4,700 restaurants in Canada, the United States and internationally.

BMO Capital Markets said the China expansion presents a growth opportunity for the company.                             

In 2012, Cartesian partnered with Tim Hortons parent company Restaurant Brands International and the Kurdoglu family to eventually open more than 900 Burger King restaurants in China

Copyright © 2018 Western Investor

The $750-million headquarters was completed just three years ago

Tanya Commisso
Western Investor

Telus’ $750-million headquarters – completed in 2015 – has sold just three years later to an undisclosed buyer for an unreleased amount. 

Telus Garden comprises an office tower and residential building at 510 West Georgia Street, constructed in a joint venture between Telus and developer Westbank Corp. The sale was revealed in Telus’ latest quarterly earnings report. 

“In August, the Telus Garden real estate joint venture accepted an offer to purchase the income producing property and the related net assets; the sale is expected to be completed subsequent to August 3, 2018,” according to a media release. 

Though the sale price is undisclosed, Telus said it stands to gain $170 million from its share of proceeds from the sale.

Copyright © 2018 Western Investor

SoHo complex located in southeast Kelowna, about a 10-minute drive from the city centre

Michael Bernard
The Vancouver Sun

Project Address: 191 South Hollywood Rd. Kelowna

Project Scope: Eighty-eight condo homes ranging from studios through three-bedroom units in 30 different floor plans in a five-storey wood frame building. Square footages range from 424 sq.ft. to 1,218 sq. ft. Amenities include a fitness room, media room and an outdoor landscaped corridor on the second floor.  Easy access to UBC’s Okangan campus and Kelowna International Airport.  Grocery, coffee shops and transit across the street.

Prices: From $159,900 for studios and from $475,000 for three-bedroom homes

Developer: Aristar, Kelowna

Architect: BlueGreen Architecture Inc., Kelowna

Interior Design: BlueGreen Architecture Inc.

Sales Centre: 191 South Hollywood Rd., Kelowna

Hours: Daily from noon to 4 p.m.

Website: http://www.soHokelowna.com

Completion: 2020

While Kelowna’s downtown real estate market has been experiencing double digit price increases over the last two years, first-time buyers can still get decently priced homes while enjoying the Okanagan city’s resort-like amenities if they go outside the city’s core.

One such affordable development is SoHo, an 88-unit five-storey complex located in southeast Kelowna, about a 10-minute drive from the city centre.  Now in pre-sales, its prices start at $159,900 for a studio unit and starting from $475,000 for the largest three-bedroom homes, says Don Warkentin, whose Fortune Marketing is selling the homes.

Suite sizes at SoHo range from 424 square feet to 1,218 square feet, at prices as low as half the going rate for similar spaces downtown. The prices obviously have been attractive, given that about 25 per cent of the homes have sold in the first month, said Warkentin.

“We are finding a lot of people, particularly young people, moving to Kelowna from the Lower Mainland, partly because of affordability of homes,” he said. “For someone 30 years old, buying their first home is extremely difficult in Vancouver, whereas here it is still affordable.”

First-time home buyer Marko Bosnjak was one of the first purchasers, although he has lived most of his life in the Okanagan. “I’ve been looking for a while for a place,” said Bosnjak, who currently rents an old house closer to downtown with two buddies for $2,000 a month.

What makes Bosnjak unusual is that by the time he had reached his 21st birthday last January, he had managed to save a whopping $45,000. That allowed him to put down a deposit on a $234,900 two-bedroom unit without going to his parents for financial help.

He managed to build that nest egg by putting a little away each week from his job at a Valley First credit union branch, a position he got through his high school at age 16. Then last January, while still working at his day job, he teamed up with a friend to form a digital marketing and website service company they called Eureka. Last month, the pair celebrated reaching almost $10,000 in monthly sales.

Warkentin said SoHo has a lot to offer young people like Bosnjak, but the project has also attracted move-up buyers and downsizers who want to escape the drudgery of single-family home ownership.  “By 65, they don’t want to be cutting lawns and shovelling snow anymore.”

SoHo, a name derived from nearby South Hollywood Road, rates a high walk score of 92 out of a possible 100 for being located just steps from Willow Park shopping centre, which is home to an IGA food market and a Shoppers Drug Mart, as well as smaller merchant shops. It’s also on a public transit line, and is just two kilometres from a Costco warehouse outlet and a Walmart store, and 10 kilometres from Kelowna International Airport and UBC’s Okanagan campus.

The home boast a long list of features comparable to higher priced units, including nine to 11-foot ceilings. All units come with Whirlpool stainless steel appliance packages with a french door fridge with built-in ice maker and a bottom freezer compartment, a freestanding electric range with ceramic top, and an ultra-quiet dishwasher.  Buyers can choose an upgrade package that includes a fan -convention oven and temperature sensor, and a steam microwave unit with sensor cooking.

Countertops are scratch and stain-resistant quartz, and the cabinetry is a contemporary combination of white square-edge upper cabinets paired with satin finish horizontal grain melamine base cabinets and drawers. The cabinets have halogen underlighting and kitchens come equipped with islands with cabinet storage and ample room for bar seating in select homes.

Flooring is engineered luxury vinyl planking. Blinds are standard with all windows. In the bathroom, there is an American Standard high-efficiency toilet, an acrylic and bathtub combo, while ensuites feature a frameless glass shower with brushed steel handles.

All homes are equipped with full-size washer and dryer units, upgradable to premium Whirlpool appliances. Other upgrades include a master bedroom closet organizer.

Each home is heated and cooled by a Packaged Terminal Air Conditioner (PTAC), which are electrically powered, providing centralized air conditioning and heating.

There is one designated parking spot per home while additional spaces can be purchased.

SoHo is being developed by Aristar, a local developer with more than 25 years in the business. Its award-winning portfolio includes both single family and multi-family homes in the Okanagan and on Vancouver Island.

© 2018 Postmedia Network Inc.

Hunter at Lynn Creek offers close proximity to shops, walking and biking trails

Michael Bernard
The Vancouver Sun

Hunter at Lynn Creek, North Vancouver

Project Address: 1401 Hunter St., North Vancouver

Project Scope: A total of 326 units in two concrete towers of 27 and 16 storeys each located on 2.1 acres. Homes range from studios at 500 sq. ft. to three-bedroom suites and townhouses of 1,500 sq. ft plus. Development includes construction of the 27,000 sq. ft. Lynn Creek Community Centre. The project includes an 8,400 sq. ft. landscaped private courtyard with children’s play area, a social lounge with a chef kitchen, a bicycle repair room, and a local high street with an easy walk to Park and Tilford shopping centre.

Prices: From $509,900

Developer: Intergulf Development Group

Architect: Ramsay Worden Architects Ltd.

Interior Design: Area 3 Design

Sales Centre: 481 Mountain Highway, North Vancouver

Sales phone: 604.936.1888

Hours: Noon to 5 p.m. daily (except Fridays)

Website: http://www.hunterlynncreek.com

Completion Date: 2021

For real estate agent Jim Lanctot, buying a one-bedroom suite in Hunter on Lynn Creek seemed a no brainer, and a simple way of planning ahead for his two young daughters.

“My kids are not going to want to live up here in Lynn Valley with me and the old fuddy-duddies,” he says referring to Lynn Valley about three kilometres north of the 326-suite two-tower development which will overlook Lynn Creek near the Ironworkers Memorial Bridge. “They would rather live in Lynn Creek.”

Lanctot is so enthusiastic about the District of North Vancouver’s vision for the Lynn Creek Town Centre that earlier he bought another two-bedroom suite in a nearby low-rise development.

“My main motivation in buying this suite in Hunter is that I can get close enough to breaking even (by renting out both properties) so as to lock into today’s price,” he says. “So when my two kids move out of Lynn Valley, this will be kind of a foothold in the market where they will want to live for a while.”

Lanctot sees the District’s Lynn Creek Village Centre as one of the most successful of the District’s village and town centres, which include nearby Maplewood to the East, Lynn Valley, Edgemont Village and Lions Gate Village at the base of Capilano Road and Marine Drive.

“I think you will see a lot of young families taking advantage of the close proximity to shops and to the walking and biking trails,” he says.

The District’s plans for Lynn Creek are transportation-focused with a major revamping of the Phibbs Exchange bus terminal at the north end of the Ironworkers Memorial Bridge, construction of a new community centre to serve the area, as well as parks and landscaped gardens and trails that connect with paths that take hikers and cyclists up Lynn Creek to an elaborate network that leads to the Baden Powell Trail. The district plan includes encouraging and enhancing commercial and retail businesses that will serve an estimated 6,000 Lynn Creek residents.

Hunter at Lynn Creek sits on a 2.1-acre parcel and features two towers, one 27 storeys high and the other 16 storeys, joined at the base by a podium that will house the development’s townhomes. Residents will be able to walk to a high street of shops and services and use a pedestrian bridge across Lynn Creek to reach nearby Park and Tilford shopping plaza.

Craig Anderson of Magnum Projects, which is marketing Hunter at Lynn Creek, says the two towers will serve as an anchor for the village development much as a major department store or grocery store serves as an anchor for a shopping mall.

Anderson says from his own experience of living in False Creek he has come to appreciate the convenience of living in a village with everything within easy reach, as he says “every day we walk to get our groceries, walk to get our dry cleaning and see our neighbours along the way. Hunter will be like that in Lynn Creek village.”

Similar developments, such as the foot of Lonsdale, served by the Seabus, and the various neighbourhoods that have sprouted along the Skytrain line over the last five years show how successful a community-build alongside transportation lines can be. The redevelopment of Phibbs Exchange also calls for creation of a car and bike park in the existing cloverleaf that buses now take when coming off the bridge.

Pricing for Hunter indicates a range of housing possibilities for first-time buyers and for downsizers.  One-bedroom homes starting at 552 square feet – with up to 93 square feet of outdoor space – start at $509,900. Two-bedroom homes between 804 square feet and 920 square feet – with 122 to 174 square feet of outside space – start at $797,900. A three-bedroom, two-level townhome on the podium has a starting price of $1,449,900.

All residents have access to 2,000-square-feet of indoor and outdoor amenities, including a wellness centre with cardio and weight training equipment, a dedicated outdoor yoga and meditation space and steam and sauna rooms. A private courtyard with 8,400-square-feet of landscaped green space, including a 2,350-square-feet children’s play area and an outdoor lounge area, are located near Lynn Creek.

Inside the homes, Area3 Design Studio incorporates wide-plank laminate flooring throughout main living areas and plush carpeting in the bedrooms. Each suite comes equipped with a Blomberg front-loading washer and dryer and high-efficiency Jaga hydroponic heating and air conditioning.

Condos come with eight-foot-eight-inch-high ceilings while townhomes and penthouses have overheight ceilings.

The kitchens feature European-inspired soft-close cabinets, integrated puck lighting, durable quartz countertops, and porcelain tile backsplashes.  Typical homes have Fisher & Paykel stainless steel appliances including a 30-inch microwave and hood fan, a 30-inch slide-in gas range, 30-inch fridge with bottom-mount freezer, and 24-inch Blomberg dishwashers. Select kitchens feature an AEG pull-out hood fan, Panasonic microwave with built-in trim kit, and built-in pantries.

Bathrooms are outfitted in large-format wall and floor porcelain tiles, polished quartz countertops on European-inspired cabinets, floating medicine cabinets in ensuite bathrooms, soaker bathtubs and spa-like showers in ensuite bathrooms with Grohe hand showers.

© 2018 Postmedia Network Inc.

SoHo complex located in southeast Kelowna, about a 10-minute drive from the city centre

Michael Bernard
The Vancouver Sun

Project Address: 191 South Hollywood Rd. Kelowna

Project Scope: Eighty-eight condo homes ranging from studios through three-bedroom units in 30 different floor plans in a five-storey wood frame building. Square footages range from 424 sq.ft. to 1,218 sq. ft. Amenities include a fitness room, media room and an outdoor landscaped corridor on the second floor.  Easy access to UBC’s Okangan campus and Kelowna International Airport.  Grocery, coffee shops and transit across the street.

Prices: From $159,900 for studios and from $475,000 for three-bedroom homes

Developer: Aristar, Kelowna

Architect: BlueGreen Architecture Inc., Kelowna

Interior Design: BlueGreen Architecture Inc.

Sales Centre: 191 South Hollywood Rd., Kelowna

Hours: Daily from noon to 4 p.m.

Website: http://www.soHokelowna.com

Completion: 2020

While Kelowna’s downtown real estate market has been experiencing double digit price increases over the last two years, first-time buyers can still get decently priced homes while enjoying the Okanagan city’s resort-like amenities if they go outside the city’s core.

One such affordable development is SoHo, an 88-unit five-storey complex located in southeast Kelowna, about a 10-minute drive from the city centre.  Now in pre-sales, its prices start at $159,900 for a studio unit and starting from $475,000 for the largest three-bedroom homes, says Don Warkentin, whose Fortune Marketing is selling the homes.

Suite sizes at SoHo range from 424 square feet to 1,218 square feet, at prices as low as half the going rate for similar spaces downtown. The prices obviously have been attractive, given that about 25 per cent of the homes have sold in the first month, said Warkentin.

“We are finding a lot of people, particularly young people, moving to Kelowna from the Lower Mainland, partly because of affordability of homes,” he said. “For someone 30 years old, buying their first home is extremely difficult in Vancouver, whereas here it is still affordable.”

First-time home buyer Marko Bosnjak was one of the first purchasers, although he has lived most of his life in the Okanagan. “I’ve been looking for a while for a place,” said Bosnjak, who currently rents an old house closer to downtown with two buddies for $2,000 a month.

What makes Bosnjak unusual is that by the time he had reached his 21st birthday last January, he had managed to save a whopping $45,000. That allowed him to put down a deposit on a $234,900 two-bedroom unit without going to his parents for financial help.

He managed to build that nest egg by putting a little away each week from his job at a Valley First credit union branch, a position he got through his high school at age 16. Then last January, while still working at his day job, he teamed up with a friend to form a digital marketing and website service company they called Eureka. Last month, the pair celebrated reaching almost $10,000 in monthly sales.

Warkentin said SoHo has a lot to offer young people like Bosnjak, but the project has also attracted move-up buyers and downsizers who want to escape the drudgery of single-family home ownership.  “By 65, they don’t want to be cutting lawns and shovelling snow anymore.”

SoHo, a name derived from nearby South Hollywood Road, rates a high walk score of 92 out of a possible 100 for being located just steps from Willow Park shopping centre, which is home to an IGA food market and a Shoppers Drug Mart, as well as smaller merchant shops. It’s also on a public transit line, and is just two kilometres from a Costco warehouse outlet and a Walmart store, and 10 kilometres from Kelowna International Airport and UBC’s Okanagan campus.

The home boast a long list of features comparable to higher priced units, including nine to 11-foot ceilings. All units come with Whirlpool stainless steel appliance packages with a french door fridge with built-in ice maker and a bottom freezer compartment, a freestanding electric range with ceramic top, and an ultra-quiet dishwasher.  Buyers can choose an upgrade package that includes a fan -convention oven and temperature sensor, and a steam microwave unit with sensor cooking.

Countertops are scratch and stain-resistant quartz, and the cabinetry is a contemporary combination of white square-edge upper cabinets paired with satin finish horizontal grain melamine base cabinets and drawers. The cabinets have halogen underlighting and kitchens come equipped with islands with cabinet storage and ample room for bar seating in select homes.

Flooring is engineered luxury vinyl planking. Blinds are standard with all windows. In the bathroom, there is an American Standard high-efficiency toilet, an acrylic and bathtub combo, while ensuites feature a frameless glass shower with brushed steel handles.

All homes are equipped with full-size washer and dryer units, upgradable to premium Whirlpool appliances. Other upgrades include a master bedroom closet organizer.

Each home is heated and cooled by a Packaged Terminal Air Conditioner (PTAC), which are electrically powered, providing centralized air conditioning and heating.

There is one designated parking spot per home while additional spaces can be purchased.

SoHo is being developed by Aristar, a local developer with more than 25 years in the business. Its award-winning portfolio includes both single family and multi-family homes in the Okanagan and on Vancouver Island.

© 2018 Postmedia Network Inc.

GTA condo construction starts set record

Neil Sharma
Canadian Real Estate Wealth

Condo construction starts during the second quarter of this year set a record.

Those 7,981 units are part of 63,903 total units under construction in the Greater Toronto Area, of which 95% were presold, according to Urbanation. However, new condo sales declined 56% in Q2 of 2018 over the same period last year, to 4,977 units, as new project openings slowed down.

Last year set a record for new condo activity. To illustrate this year’s shortfall, the 9,058 sales during the first half of 2018 are down 58% from 2017’s 21,316, and 13% below the 10-year first-half average of 10,471. Urbanation speculates that preconstruction buyers are chary after last year’s exorbitant prices for new condominium apartments, as well as the slower price appreciation in the resale condo market.

Moreover, because new condo sales are largely driven by investors, their interest appears to be waning and that’s impelled developers to launch fewer sites. In fact, launch sites declined 51% in Q2 over the same period in 2017, and that’s kept inventory low and prices steady at last year’s levels.

“Fewer new preconstruction condo sales this year will help keep the supply pipeline in check as construction starts and completions move to new highs over the next couple of years,” said Shaun Hildebrand, Urbanation’s president. “Ultimately, low unsold inventory and a stabilizing resale market will provide support for the new condo market in the second half of 2018.”

Volume in the resale market for condos dropped 17% in Q2 year-over-year, however, that’s an improvement over the 31% drop during Q1. The 6,019 resales in the second quarter represent a 5% hike over the 10-year Q2 average of 5,708 sales.

According to REMAX Hallmark broker Jasmine Lee, condos priced $650,000 and above have been staying on the market longer and tend to sell below asking.

However, everything below that price point either sells for asking or above asking.

“I find that one-plus-ones without parking move easier because parking drives prices up,” said Lee. “New developments are getting a lot of interest, as opposed to freehold detached properties, because people are priced out of the market.”

Copyright © 2018 Key Media Pty Ltd

Metro Vancouver?s housing market is feeling the impact of a quieter summer

Kerrisa Wilson
other

Metro Vancouver’s housing market is feeling the impact of a quieter summer with home sales falling to an 18-year low for the month of July.

Last month, 2,070 homes changed hands in the region — a 30 per cent drop from the 2,960 sales recorded in July 2017, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), published Thursday.

July’s home sales were 29 per cent below the 10-year sales average for the month.

In a statement, REBGV President Phil Moore says with slower demand in the market, there’s less upward pressure on home prices across the region.

“This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years,” says Moore.

In July, 4,770 detached, attached and apartment properties were newly listed for sale in Metro Vancouver, down nine per cent compared to the 5,256 homes listed a year ago and a roughly 10 per cent decline from June 2018.

Here are 8 more facts that show Metro Vancouver’s quiet housing market this summer.

1. There were a total of 12,137 homes listed for sale in Metro Vancouver, up 32 per cent compared to 9,194 homes listed in July 2017.

2. REBGV’s Moore says summer is traditionally a quieter time of year for real estate and this is evident in Metro Vancouver’s market this year. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being,” says Moore.

3. For all property types, the sales-to-active listings ratio for July was 17 per cent. REBGV says typically downward pressure on home prices occurs when the ratio falls below the 12 per cent mark for a prolonged period of time, while home prices experience upward pressure when it surpasses 20 per cent over several months.

4. By property type, the sales-to-active listings ratio was nearly 10 per cent for detached homes, 20 per cent for townhomes and 27 per cent for condos.

5. In July, the benchmark price for all residential properties in Metro Vancouver hit $1,087,500, up nearly seven per cent from July 2017.

6. A total of 637 detached homes sold in July, down nearly 40 per cent from the 949 units sold a year ago. In July, the benchmark price of a detached home reached $1,588,400 — a 1.5 per cent drop from the same period last year.

7. In the condo segment, a total of 1,079 homes sold in July, down 26 per cent compared to the 1,468 sales in July 2017. The benchmark price for condos was $700,500, up nearly 14 per cent from a year ago.

8. Attached property sales totalled 354 in July, down roughly 35 per cent compared to the 543 sales in July 2017. Attached home prices hit $856,000 last month, up 12 per cent from a year ago.

© 2018 BuzzBuzzHome Corp.