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Realtors Could Tion Originating from the MLS® Was Last Adjusted in 2009

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Realtors Could Tion Originating from the MLS® Was Last Adjusted in 2009 ADVERTISEMENT SATURDAY, MARCH 25, 2017 VANCOUVER SUN F1 A SPECIAL FEATURE CELEBRATING THE 2016 MEDALLION CLUB QUALIFIERS Recommendations Prepare THE your to improve housing bid affordability Choose your neighbour- ome ownership offers ROAD TO significant benefits to hood Hcommunities. Foremost are the number of jobs and spin- offs created every time a home changes hands. HOME OWNERSHIP In Metro Vancouver last year, 39,943 homes sold, generating an estimated $2.5 billion in econom- Plan ic spin-off activity and 17,600 jobs. ahead The total dollar value of residen- tial sales transacted through the Multiple Listing Service® in the Get Hire your region totalled $40 billion last pre-approved Realtor year. The rising cost of homes in the region has, however, made home ownership increasingly difficult to attain. Residential real estate values in Metro Vancouver have risen 80 per cent over the last 10 years and detached home prices have surged 110 per cent. These increases underscore concerns about how our children and newcomers can afford a home, and how the most vulnerable SPONSORED BY THE REAL ESTATE BOARD OF GREATER VANCOUVER among us can find basic shelter, and have led to heated debates about possible solutions. How to cut through the hype and Governments at the provin- cial and municipal levels have responded with new taxes as a solution. But taxation doesn’t navigate today’s housing market directly improve supply or reduce the cost of homes. G. MARION JOHNSON The Real Estate Board of Great- calating prices, demand remains historical average for the month. er Vancouver (REBGV) has a long POSTMEDIA CONTENT WORKS product you’re looking for. A Realtor consistent with long-term trends To gain a competitive edge who’s acting for you understands the history of making progressive f there’s one subject that while supply is limited. when it comes to making a nuances of your situation and will recommendations to government dominates local headlines In fact, February 2017 had the successful offer, you need to be help you manage expectations and including on ways to improve Iin Metro Vancouver, it’s real lowest number of homes listed prepared going in and work with get the home you want at the price affordability. estate. With so much hap- for sale compared to the same your local Realtor. you can afford.” pening in the market, it can be month since 2003. New listings for “You want to have your ducks Although finding a house Here are the REBGV’s six hard to make sense of it all. detached, attached and apartment lined up: be pre-approved for a with a white-picket fence recommendations to improve That’s especially true for properties in Metro Vancouver mortgage so you know what price within a five-minute com- affordability. home buyers, who may be totalled 3,666, a decrease of nearly point you’re looking at and be mute downtown is simply not as overwhelmed as they are 37 per cent compared to February crystal clear on financing, what’s a reality for most buyers, it’s 1. The Home Buyers’ Plan (HBP) excited about making the biggest 2016. available to you and what you can important to understand that The HBP has helped more than purchase of their lives. Residential home sales in the afford,” says Dan Morrison, presi- Metro Vancouver is not the 2.9 million Canadians become The long-term effects of last region in February 2017, dent of the Real Estate Board of homogenous market it’s often home owners since its incep- year’s government interventions meanwhile, were down by close to Greater Vancouver (REBGV). “The portrayed as being in the media. tion in 1992. This program al- into the market won’t be fully 42 per cent from the record-break- important thing for buyers is to find lows first-time home buyers to known for some time. And de- ing activity one year earlier, but a Realtor who specializes in your CONTINUED ON PAGE F4 borrow up to $25,000 ($50,000 spite those efforts to temper es- remained in line with the long-term neighbourhood and in the type of SEE AFFORDABLE per couple) from their RRSP to use as a down payment toward buying a home. But since 1992, Congratulations Greater Vancouver Medallion Club qualifiers the HBP has lost $5,500 in pur- chasing power and $2,700 since it Each year, the Real Estate Board resents the top 10 per cent of the through which Realtors could tion originating from the MLS® was last adjusted in 2009. of Greater Vancouver (REBGV) more than 13,500 members partici- compete and cooperate at the is the most reliable and compre- celebrates the achievements of its pating on the MLS® in the region. same time. It’s variously been hensive source of real estate in- Recommendation: Index the top-producing Realtors on the Mul- The President’s Club represents the called a “listing exchange,” formation in Canada. HBP withdrawal limit to the tiple Listing Service® (MLS®) with top one per cent. “cooperative listing service” and This supplement is a celebra- Consumer Price Index and adjust the Medallion Club and President’s The idea of a “multiple list- today’s “MLS®.” tion of the 2016 Medallion Club it in $2,500 increments to prevent Club awards. ing service” was born from the The MLS® today is a sign of and President’s Club qualifiers and inflation eroding its value. Extend The 2016 Medallion Club rep- need to create an infrastructure quality. Home listing informa- their clients. the HBP to home owners experien- cing significant life changes such as a job relocation, accommodat- ing an elderly family member, the Life death of a spouse, or a marital breakdown. membership 2. Help increase the supply of transit-oriented affordable homes status in the In Metro Vancouver, low and moderate income households Jeff Benna Leo BruneauRobin Cameron Peter Chan often face a trade-off between Medallion Club housing and transportation costs. To find more affordable housing, 2016 residents must move further from the urban core. Transportation The Real Estate Board of GreaterVancouver is proud to costs increase as a result, negat- also recognize its newest Life Members of the Medal- ing savings on housing costs. lion Club. Life membership is earned by Realtors who achieve Medallion Club status for 20 years.The 18 Recommendation: Transit- Realtors featured here earned Life Member status in oriented development ensures that 2016. We’d also like to congratulate this year’s Medallion land and transit are used more Club Rookie of theYear winner Leanne Shum. Stephen Chan Jeff Donohoe Mario Felicella Caroline Hong efficiently. The federal govern- ment can provide funding to local governments and transit author- ities on the condition that local government: • uses the funding to buy land near transit; • rezones it for higher density de- velopment including duplexes, townhouses, stacked townhouses and small in-fill houses; Willi Isaak Sue JohnsonSteven Koss Victor Kwan Robert Lin • offers it for sale at below mar- ket rates to developers who build affordable market and rental hous- ing geared to households earning less than $75,000; and • provides covenants on the prop- erty title to minimize windfall prof- its on subsequent sales. ROOKIE OF THE YEAR CONTINUED ON PAGE F4 Richard Liu Aileen Noguer Kevin PerraLuc Preville Ralph Tedford Leanne Shum SEE RECOMMENDATIONS F2 SATURDAY, MARCH 25, 2017 VANCOUVER SUN ADVERTISEMENT MEDALLION CLUB ADVERTISEMENT Low supply continues to limit Metro Vancouver home buyers Reluctance among Metro Vancouver home sellers is impacting sale and price activity throughout the region’s housing market esidential home sales in the Rregion totalled 2,425 in Feb- ruary 2017. This is a 41.9-per-cent decrease from the record 4,172 homes sold in February 2016, and an increase of 59.2 per cent com- pared with January 2017 when 1,523 homes sold. Last month’s sales were 7.7 per cent below the 10-year February sales average. “February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) pres- ident. “Limited supply and snowy weather were two factors hamper- ing this activity in February.” New listings for detached, at- tached and apartment proper- with February 2016 (7,299) and a enced last year, home seller sup- decrease of 58.1 per cent from the past six months and a 2.7-per- mish, West Vancouver, North ties in Metro Vancouver totalled 4.9-per-cent increase compared ply is still struggling to keep up 1,778 detached sales recorded in cent increase compared with Vancouver, Vancouver, Burnaby, 3,666 in February 2017. This rep- with January 2017 (7,238). with today’s demand. This is why February 2016. The benchmark January 2017. New Westminster, Richmond, resents a 36.9-per-cent decrease The region’s sales-to-active- we’ve seen little downward pres- price for detached properties Attached property sales in Port Moody, Port Coquitlam, Co- compared with the 5,812 units listings ratio for February 2017 sure on home prices, particularly is $1,474,200. This represents a February 2017 totalled 404, a de- quitlam, Pitt Meadows, Maple listed in February 2016, and an was 31.9 per cent, a 10-point in- in the condominium and town- 6.5-per-cent decrease over the crease of 33.1 per cent compared Ridge and South Delta. 11.4-per-cent decrease compared crease from January. Generally, home markets,” Morrison said. past six months and is virtually with the 604 sales in February The real estate industry is with January 2017 when 4,140 analysts say that downward pres- The MLS® Home Price Index unchanged compared with Janu- 2016.
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