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Saturday, Oct 12, 2019

Volume 28 Number 41

Phone: 604-502-6100

Fax: 604-501-6111 Email: voicerealtyads@gmail.com

Buyer’s market persists in Greater Vancouver as home prices continue decline in Q3 Sellers adapting to current market reality to keep listings attractive amid rising inventory

VANCOUVER: According to the Royal LePage House Price Survey[1] released today, the aggregate price of a home in the Greater Vancouver decreased 5.2 per cent year-over-year to $1,194,900 in the third quarter of 2019. When broken down by housing type, the median price of a two-storey home and bungalow in Greater Vancouver decreased 4.2 per cent and 7.6 per cent to $1,503,017 and $1,296,447 respectively in the third quarter compared to the same period in 2018. Meanwhile, the median

price of a condominium within the region decreased 5.9 per cent year-overyear to $646,902. Across Greater Vancouver, bungalows experienced the largest year-over-year price declines during the third quarter. Langley, West Vancouver, Burnaby, Coquitlam and North Vancouver bungalows saw sizable decreases, with median prices down 13.5 per cent, 12.1 per cent, 10.0 per cent, 9.6 per cent and 8.4 per cent respectively. Standard two-storey homes in North Van-

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couver and condominiums in Langley were the only segments to appreciate year-over-year, with an increase in median prices of 0.4 per cent and 2.2 per cent respectively. “Buyers are in control in the detached market. Sellers have had to embrace the new market reality to get deals done,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “As the housing market stabilizes, we’ve seen an increasing number of homebuyers become willing to enter the market. We expect activity to continue to pick up as we head into the end of 2019. “Higher inventory levels in some areas are offering buyers multiple options to choose from. They are not in a rush,” continued Ryalls. “These days may be coming to an end.” Looking to the fourth quarter of 2019, Royal LePage forecasts that the aggre-

gate price of a home in Greater Vancouver will begin to stabilize decreasing a modest 0.4 per cent compared to the third quarter of 2019, which is a 5.5 per cent decrease year-over-year. “Greater numbers of buyers are taking advantage of favourable market conditions and excellent mortgage rates, leading to what appears to be a solid footing in our price correction. Low unemployment, wage growth and pent-up demand

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New plunge in mortgage rates could save borrowers thousands of dollars The average rate on the popular 30year fixed mortgage was at 3.75% last Friday. By Thursday, it had dropped to 3.62%, according to Mortgage News Daily. Rates are now about 1.25 percentage point lower than they were at this time last year. For the average borrower taking out a $300,000 mortgage, that is a savings of about $225 on the monthly payment, or $2,700 per year. Market sell-off is causing unexpected turnaround in mortgage rates Fall homebuyers are getting a bonus. The sell-off in the stock market is causing an unexpected turnaround in mortgage rates. Mortgage rates fell throughout much of the summer but then made a sharp jump higher in September. Now rates are headed back down, along with the Dow Jones Industrial Average, which fell more than 800 points total on Tuesday and Wednesday, the two first days of October. The average rate on the popular 30year fixed mortgage was at 3.75% last Friday. By Thursday, it had dropped to 3.62%, according to Mortgage News Daily. This is an average for borrowers with solid credit scores and at least a 20% down payment. More dramatic is the comparison with a year ago. Rates are now about 1.25 percentage point lower than they were at this time last year. For the average borrower taking out a $300,000 mortgage, that is a savings of about $225 on the monthly pay-

ment, or $2,700 per year. That is big savings for borrowers refinancing their loans, and it gives buyers significantly more purchasing power in an already pricey housing market. Lower rates are already boosting sales for the nation’s homebuilders. Lennar posted higher-than-expected new orders in the third quarter as interest rates dropped. “The market for new homes has been improving from last year’s pause, as lower interest rates have stimulated demand and improved affordability, while the overall fundamentals of the economy have remained strong,” Lennar Executive Chairman Stuart Miller said on a call with analysts. He also said low rates outweighed concern over a potential recession. “I know that there is a lot of question about upcoming potential recession and things like that. Our customers don’t seem to be viewing it that way, and I think that the housing market in general seems solid and strong and continuing to improve,” Miller added. At an open house in Atlanta last weekend, buyers definitely had mortgage rates in mind. The home was listed at $215,000, just below the national median price. That made it ripe for both first-time buyers and investors. “You can’t beat a good rate, especially with the speculating of a pending bubble burst. I think now is a good time to get in if you’re looking to

purchase a property,” said Andrew Hughes, a real estate investor touring the home. Nadia and Bryant Mormon want to stop wasting money on their rental and make a solid investment. They see an opportunity with low rates and a slight cooling in home price appreciation. “If you’re waiting, waiting, oh this might happen, or that might happen, it would be a year, 2 years from now, and this beautiful home that’s at a very affordable price point now will be $300,000, and then it’s out of your budget,” said Bryant. “You can’t be paralyzed by what may happen and what may not happen.” “You can’t be paralyzed by fear, that’s for sure,” added Nadia. Home prices are still rising, but the

gains have been cooling. More demand could reheat those gains again, especially given the low supply of homes for sale. Mortgage applications to refinance a home loan jumped 14% last week, according to the Mortgage Bankers Association. That was before the move even lower this week. Most lenders recommend that if a borrower can lower their rate by at least 75 basis points, a refinance is probably worth the work and the fees. Mortgage rates generally follow the yield on the 10-year Treasury, which is now the lowest in about a month. Friday’s monthly employment report could push it even lower or just the reverse, depending on what the report says about the strength of the economy.

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Housing Affordability Survey Shows It Takes 52 Years To Save For A House In Vancouver MONTREAL As Canada’s major political parties work to outdo each other on policies aimed to help homebuyers struggling with house prices, a new survey from real estate site Zoocasa shows just how large a problem affordability has become at least in some places. They put together a chart comparing 15 Canadian cities on how long it would take a median-earning household to save for a down payment for a typicallypriced house. In six of those markets, a household earning the median income meaning half of households earn more, half earn less would be able to afford a benchmark-priced house after one year of savings, assuming they save 20 per cent of their income. Those cities would be Calgary, Edmonton, Halifax-Dartmouth, Regina, Saskatoon and Winnipeg. In Ottawa, it would take three years to save for a down payment. Housing Affordability

Survey Shows It Takes 52 Years To Save For A House In At the other end of the spectrum is Vancouver, where the median household income doesn’t come close to qualifying for a mortgage on a benchmark home. (A “benchmark” price is the price for what the local real estate board deems is a “typical property within each market,” and in this case it reflects both condo and detached house prices.) There, the typical house-

hold would have to come up with a 76-percent down payment of around $750,000. That would take a typical household 52 years to save, putting away 20 per cent of income every year. In Toronto, making up the gap would take 32 years. No wonder people are turning to the bank of mom and dad, or moving outside the city to nearby places like Hamilton, Ont. Saving up for decades is “not realistic for anyone, but it’s a way to illustrate

what the (affordability) gap is like,” said Penelope Graham, editor in chief at Zoocasa.

“We wanted to highlight the median income just how different market conditions can be across Canada.” The Liberals, Conservatives and NDP have all announced housing policies aimed at helping first-time homebuyers. NDP Will Ease B.C. Housing Costs By Tackling Money Laundering Scheer Promises To Remove Stress Test For Mortgage Renewals New Green Party Ads Take A Grim Look At The Future For Young People The Liberals are promising an expansion of the First-Time Home Buyer

Incentive, with costs covered by profits at Canada Mortgage and Housing Corp. The Conservatives want to extend mortgage amortizations to 30 years and to loosen the rules around the mortgage stress test. The NDP have announced plans to boost housing construction by an additional 500,000 units, starting with an initial $5-billion investment. Housing Affordability Survey Shows It Takes 52 Years To Save For A House In ZOOCASA

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CONTINUED FROM 1 In West Vancouver, bungalow and condominium prices fell by double-digits , with median prices down 12.1 per cent and 16.8 per cent year-over-year to $2,412,664 and $1,060,543 respectively. Standard two-story homes declined at a slower pace, with the median price down 2.7 per cent to $3,309,132. Across the Greater Vancouver, the only market to see appreciation in the standard two-storey segment was North Vancouver, where the median price showed a relatively flat increase of 0.4 per cent year-over-year to $1,662,624. The median prices of bungalows and condominiums decreased 8.4 per cent and 5.4 per cent respectively, to $1,493,513 and $644,707. In Richmond, the median price of a two storey-home decreased 10.0 per cent year-overyear to $1,327,929. Meanwhile, bungalow and condominium prices saw single-digit decreases, down 5.4 per cent and 6.9 per cent to $1,369,846 and $555,060 respectively. The Burnaby and Coquitlam detached segments experienced similar price depreciation during the third quarter. The median price of a standard two-storey home decreased 6.5 per cent and 5.0 per cent year-over-year respectively. Meanwhile, the median price of a bungalow decreased 10.0 per cent and 9.6 per cent respectively. The condominium segment in both regions experienced lower depreciation, with median prices decreasing 4.4 per cent and 7.0 per cent. In Surrey, the median price of a standard two-storey home decreased 6.2 per cent to $970,103 in the third quarter compared to the same period in 2018. Bungalow and condominium prices showed similar depreciation, with the median price decreasing 4.1 per cent and 4.6 per cent year-over-year respectively. Across Greater Vancouver, the only market to see appreciation in the condominium segment was Langley, where the median price showed a moderate increase of 2.2 per cent year-over-year to $407,238. Median prices in the detached segment showed depreciation, with standard two-storey homes decreasing 7.4 per cent and bungalows decreasing 13.5 per cent. Nationally, the aggregate price of a home in Canada has continued to post steady yearover-year gains during the third quarter of 2019 as the real estate market sustained its re-

Saturday, Oct. 12, 2019

covery from the significant downturn of 2018 and early 2019, following the introduction of the federal mortgage stress test. The Royal LePage National House Price Composite, compiled from proprietary property data in 63 of the nation’s largest real estate markets, showed that the median price of a home in Canada increased 1.4 per cent yearover-year to $630,335 in the third quarter of 2019. Looking to the fourth quarter of 2019, Royal LePage forecasts that the aggregate price of a home in Canada will rise 1.5 per cent year-over-year to $632,226, which is a 0.3 per cent increase compared to the third quarter of 2019. The 2019 fourth quarter forecast is dependent on consistent economic conditions and no new housing policy changes. For national and regional analysis, visit Royal LePage’s media room to find city-specific releases. The media room also contains royaltyfree assets such as images and b-roll that are free for media use. About the Royal LePage House Price Survey The Royal LePage House Price Survey provides information on the three most common types of housing in Canada, in 63 of the nation’s largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian Real Estate Market Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge. About Royal LePage Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of over 18,000 real estate professionals in over 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women’s and children’s shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE. For more information, please visit www.royallepage.ca.


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Saturday, Oct. 12, 2019

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