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Table of Contents - UDI State of the Market Quarterly Publication ( ) 4 Population.. 7 1.1 Metro Vancouver Population Present 1.2 Metro Vancouver Population Growth Rate (%yoy) 1.3 British Columbia Interprovincial Migration 1.4 British Columbia International Migration 1.5 British Columbia Net Migration 1.6 BC s Population Growth Breakdown Economic Indicators... 8 2.1 Bank of Canada 5 Year Posted Rate (%) 2.2 Consumer Price Index, Canada, BC, Metro Vancouver 2.3 Metro Vancouver Labour Force Totals: Present 2.4 BC Unemployment Rate 2.5 Retail Trade, Sales by NAICS: Present 2.6 Canada GDP: Present Economic Indicators... 9 3.1 Budgetary Balance - Canada 3.2 BC Investment in New Construction: Present 3.3 Price of Crude Oil (US Dollars) 3.4 BC Bankruptcies 3.5 Dow Jones Industrial Average (Close) 3.6 Toronto Stock Exchange, Value of Shares Traded Housing Economic Indicators... 1 4.1 Homeowner Protection Office Single Family Registrations 4.2 Homeowner Protection Office Multi-Family Registrations Housing Economic Indicators.. 11 5.1 CMHC Townhome Starts 5.2 CMHC Apartment Starts 5.3 CMHC Single Family Starts 5.4 Residential Building Permit Values, Metro Vancouver 5.5 Statistics Canada Housing Price Index, BC, Metro Vancouver 5.6 CMHC Rental Housing Vacancy Rates New Home Data: Concrete Condominiums 12 6.1 Concrete Condominium Projects Actively Marketing 6.2 Concrete Condominium Sales 6.3 Concrete Condominium Inventory Levels 6.4 Concrete Condominium Standing Inventory Levels Table of Contents Page 2
- New Home Data: Wood Frame Condominiums.. 13 7.1 Wood Frame Condominium Projects Actively Marketing 7.2 Wood Frame Condominium Sales 7.3 Wood Frame Condominium Inventory Levels 7.4 Wood Frame Condominium Standing Inventory Levels New Home Data: Townhomes... 14 8.1 Townhome Projects Actively Marketing 8.2 Townhome Sales 8.3 Townhome Inventory Levels 8.4 Townhome Standing Inventory Levels UA Affordability Index: New Home Data. 15 9.1 UA Affordability Index: New Concrete Condominiums 9.2 UA Affordability Index: New Wood Frame Condominiums 9.3 UA Affordability Index: New Townhomes Re-Sale Data: Real Estate Board of Greater Vancouver... 16 1.1 Apartment Re-Sales and Listings 1.2 Apartment Re-Sale Prices 1.3 Attached Re-Sales and Listings 1.4 Attached Re-Sale Prices 1.5 Single Detached Re-Sales and Listings 1.6 Single Detached Re-Sales and Prices Re-Sale Data: Fraser Valley Board.... 17 11.1 Apartment Re-Sales and Listings 11.2 Apartment Re-Sale Prices 11.3 Attached Re-Sales and Listings 11.4 Attached Re-Sale Prices 11.5 Single Detached Re-Sales and Listings 11.6 Single Detached Re-Sales and Prices Methodology & Definitions 18 Definitions Prices Income Assumed Down Payments Analytical Methods Other Assumptions Sources.19 Sources Table of Contents Page 3
Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 - UDI State of the Market Quarterly Publication Welcome to the latest edition of UDI Pacific s State of the Market quarterly publication. The - the State of the Market report provides up to date statistics and trends on the new home and re-sale housing markets as well as the amalgamation of relevant economic statistics that impact the housing market. Note that the report also includes the UDI/Urban Analytics Housing Affordability Index which is derived from Urban Analytics New Home Source Live database as well as Homeowner Protection Office BC s new home registry statistics. Population Growth & Housing Starts Metro Vancouver Housing Starts and Population Change (15+) 12 1 8 6 4 2 Q1 Q2 Q1 Q2 Q1 Q2 19 1 4149 4261 3694 72 Q1 6157 79 Q2 9 5327 463 66 Housing Starts Population Change (15+) The above table shows the trend of Metro Vancouver s housing starts and population change over the past four years. Overall housing starts for - (4,63) are up eight percent from the same quarter last year and were also up 1 percent compared to the five year average. 3.5 Metro Vancouver Population Change (15+) per Housing Start 3. 2.5 2. 2.4 1.9 2.1 2.8 2.2 2.6 2.3 1.9 1.7 1.4 1.5 1.3 1..5 Metro Vancouver s net population change was up 6,6, which is down 34 percent from the same quarter last year and down 25 percent from the five year average. Table of Contents Page 4
UDI State of the Market Quarterly Publication ( ) The previous chart shows Metro Vancouver s Population growth to housing starts. The current ratio of 1.4 new residents per housing start is down from the 1.7 recorded last quarter, and down from the 2.3 recorded in -. This ratio is below the five year average of 2.2 new residents per housing start and should become more favorable to buyers/tenants if this ratio persists. Local Economic Factors The most notable recent events have been the continued measures undertaken by the Provincial Government in attempts to impact the overall housing market. In December, the Provincial Government announced that it would be providing a five year interest-free loan for first time buyers (up to $37,5) to assist them with getting into the housing market. In late January, the Provincial Government also announced that it plans on lifting the 15 percent foreign buyer tax on people who have work permits and pay taxes in the province. BC s economy continues to remain reasonably strong, however, its official unemployment rate edged up slightly to 5.1%. Metro Vancouver s new home market rebounded from its slowdown and once again showed signs of strength. A combined total of 4,347 new multi-family home sales were recorded in - and while this total is down 15 percent from a near record total recorded in -, note that they were up 46 percent from last quarter. Concrete condominiums sales were particularly strong the 3,211 concrete condominium sales represent 74 percent of overall fourth quarter sales totals. At the end of -, there were a total of 3,416 new multi-family homes available to purchase, which is down 3 percent from the sale quarter last year and still near historic lows. Low released and unsold inventory levels continue to be a primary contributor to the lack of new home affordability across the region. Global Economic Factors The most impactful global event was the recent election of Donald Trump as the 45 th President of the United States and the subsequent initiatives undertaken within his first few weeks in office. One of the more notable initiatives is the temporary travel ban on seven countries. While the ramifications of this policy is uncertain, our stance is that immigration controls such as these only further elevate the status of Canada as a safe and desirable place to immigrate to. The DJIA stock index moved up near the 2, mark and has re-established an all-time high and Canada s TSX composite index moved up above the 15,2 mark and is also nearing all-time highs. We hope that you enjoy the most recent edition of the report and find it to be informative, helpful and convenient. As always, we welcome any feedback or comments on the publication. Sincerely, Urban Analytics Inc. - Michael Ferreira Jon Bennest Table of Contents Page 5
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Thousands Population - 1.1 Metro Vancouver Population - Present 1.2 Metro Vancouver Population Growth Rate (%) 2,2 2,15 2,1 2,5 2, 1,95 1,9 1,85 1,8 1,75 1.%.75%.5%.25%.% -.25% -.5% 1.3 British Columbia Interprovincial Migration 1.4 British Columbia International Migration 9, 7, 5, 3, 1, -1, -3, 22, 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, -2, -4, 1.5 British Columbia Net Migration 1.6 British Columbia Growth Breakdown 25, 2, 15, 1, 5, -5, Metro Vancouver s population as of - is now estimated at 2,177,2 residents. This is up 3,7 residents over the past year and up 6,6 or a.3% increase from last quarter s estimate. The interprovincial migration increase of 3,579 residents this past quarter was the lowest total recorded since Q1-. International migration for the most recent update (-) was net positive by 14,798, with a net positive year-to-date migration of 33,572 in. International migration as of - is up 33% and down 2% when compared to the same quarter in and, respectively. Net migration for the most recent update (-) was up 18,377 residents, which was the fifth highest total recorded over the past decade. Table of Contents Page 7
Billions BIllions Thousands Index - Economic Indicators 2.1 Bank of Canada 5 Year Posted Rate (%) 2.2 Consumer Price Index 8% 13 Canada Metro Vancouver 7% 125 12 6% 115 11 5% 15 1 4% 95 2.3 Metro Vancouver: Labour Totals - Present 2.4 British Columbia Unemployment Rate 1,5 9% 1,45 1,4 8% 1,35 7% 1,3 1,25 6% 1,2 5% 1,15 1,1 4% 1,5 3% 2.5 Retail Trade, Sales by NAICS: - Present 2.6 Canada GDP: - Present $2 $19 $18 $17 $16 $15 $14 $13 $12 $11 $1 $1,825 $1,75 $1,675 $1,6 $1,525 $1,45 $1,375 $1,3 Bank of Canada 5 year conventional mortgage rates continued to remain unchanged in - since Q2-. The current rate of 4.64% is an all-time low. Note that the majority of large banks in Canada (BMO, TD, HSBC, Scotiabank, etc.) are currently offering lower 5 year fixed rates (ranging between 2.89% and 4.49%). Also note, however, that new mortgage rules came into effect in -, which requires mortgages with less than a 2% down payment to qualify at the Bank of Canada s 5 year posted rates. Canada s GDP as of the most recent update was up 15.3 Billion in - compared to the previous quarter. Unemployment rates in BC have increased by 4% since - up to 5.1% in -. The CPI for Canada (128.4) and Metro Vancouver (124.7) are up 1.5% and 1.9%, respectively, as compared to the same quarter last year. Retail sales were also up as of the most recent update, increasing 5.6% compared to the same quarter last year. Table of Contents Page 8
Billions Thousands Billions Millions - Economic Indicators 3.1 Budgetary Balance, Canada 3.2 BC Investment in New Construction: - Present $6 $4 $2 $ -$2 -$4 -$6 -$8 $2, $1,8 $1,6 $1,4 $1,2 $1, $8 $6 $4 $2 $ 3.3 Price of Crude Oil (US Dollars) 3.4 British Columbia Bankruptcies $14 $12 $1 $8 $6 $4 $2 2,9 2,4 1,9 1,4 $ 9 3.5 Dow Jones Industrial Average (Close) 3.6 Toronto Stock Exchange, Value of Shares Traded 22, 2, 18, 16, 14, 12, 1, 8, 6, $2 $175 $15 $125 $1 $75 $5 $25 $ After OPEC nations decided to cut production of crude oil in November, prices reached $52.61 USD per barrel as of the end of -: an increase of 16% relative to November and a 44% increase from the same quarter last year. The Dow Jones Industrial Average continued to climb, closing at 19,763 at the end of -. This marks a 21% increase by the end of - since the last dip seen in -. The TSX moved up to just over the 15,2 mark, which is up 4% compared to the 14,726 reported at the end of the third quarter of this year. Only 1,95 consumer and 3 business bankruptcies were recorded in BC last quarter; the lowest combined total recorded in over 1 years. BC had the highest investment in new construction in - of $1.748 Billion. This is the highest total recorded within the last 1 years. Canada decreased its budgetary deficit by 17% from Q2- to -, recording a $26.6 billion deficit this past quarter. Table of Contents Page 9
- Housing Economic Indicators 4.1 New Single Family Registrations 4.2 New Multi-Family Registrations 7 Vancouver Proper Inner Metro Outer Metro 26 Vancouver Proper Inner Metro Outer Metro 6 22 5 4 18 14 1 3 6 2 2 All new homes in the province must be registered with the Homeowner Protection Office (HPO), a Branch of BC Housing. The registration data are collected by the HPO branch in the public registry. The majority of registered new homes are enrolled with home warranty insurance which protects against construction defects. The registration of new homes must occur prior to the issuance of building permits and housing starts. The new home registrations measure residential construction activities at the beginning of a project before construction commences. A study has been conducted by the Bank of Canada in collaboration with BC Housing to assess whether new home registration data under the Homeowner Protection Act can be used as a leading indicator for economic activity in B.C. The research finds that quarterly increases in new registrations for single-detached homes have statistically significant predictive content for growth in real GDP over the next one to three quarters, and provide stronger signals compared to housing starts and building permits over this forecast horizon. The research report has been published under Staff Discussion Papers on the website of the Bank of Canada. http://www.bankofcanada.ca/wp-content/uploads//2/sdp-3.pdf - Single includes the new single detached homes enrolled with home warranty insurance or with approved Owner Builder Authorizations. - Multi includes the new homes in multi-unit buildings (2 or more dwelling units) enrolled with home warranty insurance and does not include new homes in multi-unit rental buildings (purpose built rentals). Note: Some minor adjustments may be made to the figures over time as registrations are withdrawn or cancelled from home warranty insurance from time to time. There were 1,313 HPO single family registrations recorded throughout Metro Vancouver in - which is down nearly 1% from the same quarter last year and down just over 11% from the same quarter in. Overall HPO single family registrations in Metro Vancouver have been trending downwards since the second quarter of. There were 4,788 multi-family registrations recorded in Metro Vancouver in -, which roughly doubled compared to the 2,236 recorded in -. This overall rise is attributed to an almost three-fold increase in multi-family registrants to 3,5 in - from Inner Metro, when compared to the same quarter last year. Despite this upward trend, there was a leveling in Outer Metro where new multi-family registrations were down only 1% compared to -. Table of Contents Page 1
Index Starts Millions Starts Starts - Housing Economic Indicators 5.1 CMHC Townhome Starts 5.2 CMHC Apartment Starts 7 63 56 49 42 35 28 21 14 7 2475 225 225 18 1575 135 1125 9 675 45 225 5.3 CMHC Single Family Starts 5.4 Residential Building Permits 8 7 6 5 4 3 2 1 $9 $8 $7 $6 $5 $4 $3 $2 $1 $ 5.5 Statistics Canada Housing Price Index 5.6 CMHC Rental Housing Vacancy Rates 11 Metro Vancouver BC Vancouver North Shore Tri-Cities/Ridge Meadows 15 1 Surrey/Langley/White Rock Richmond/Delta Burnaby/New Westminster 95 9 85 8 75 7 1.2% 1.%.8%.6%.4%.2%.% There were 4,63 overall new housing starts recorded in -, which is down 14% from the previous quarter but up 8% compared to the same quarter last year. There were 916 single family housing starts recorded in -, which is down 28% from last quarter and up just over.5% compared to the same quarter last year. There were 791 townhome starts in -, which is up just over 11% compared to last quarter but up 13% compared to the same quarter last year. Outer Metro represented 72% of overall new townhome starts in -, which remains proportionally similar to last quarter. There were 2,896 condominium starts recorded in -, which is down 9% from last quarter but up 9% compared to the same quarter last year. Vancouver and Inner Metro represented 48% and 39% of overall condominium starts in -, respectively. Table of Contents Page 11
Inventory Inventory Levels Projects Sales - New Home Data: Concrete Condominiums 6.1 Concrete Condominium Projects Actively Marketing 6.2 Concrete Condominium Sales 8 7 6 5 4 3 2 1 2,4 2,2 2, 1,8 1,6 1,4 1,2 1, 8 6 4 2 6.3 Concrete Condominium Inventory Levels 6.4 Concrete Condominium Standing Inventory Levels 4, 3,5 3, 2,5 2, 1,5 1, 5 45 4 35 3 25 2 15 1 5 There are currently 88 actively selling concrete condominium projects in Metro Vancouver, which represents a 32% decrease from the same quarter last year and a 33% decrease from the same quarter in. There were 3,191 concrete condominium sales in -, which is down 3% from the same quarter last year but up 44% from the same quarter in. Following declining sales numbers in -, increases in sales in - were seen in both Vancouver Proper and Inner Metro. Concrete condominium sales this quarter in Inner Metro have surpassed the previous peak seen in Q1-, and continue to be strongest in this region since -. This can be attributed to the launch of major projects in the Burnaby/New West and Coquitlam sub-markets this quarter, which collectively brought just over 2, units to market during -. Included within these are towers at City of Lougheed, Station Square, Imperial, Triomphe, and Lougheed Heights. These projects accounted for a combined 1,783 sales during the quarter. The following sales totals were recorded in - 546 sales in Vancouver proper, 2,69 sales in Inner Metro, and 36 sales in Outer Metro. Overall released and unsold inventory of concrete condominiums (1884) is down 34% from the same quarter last year and represents the third lowest total recorded over the past six years. There are only 26 concrete condominium units in Metro Vancouver that are completed and unsold. This represents the lowest standing inventory level recorded over the past five years. Table of Contents Page 12
Inventory Inventory Levels Projects Sales - New Home Data: Wood Frame Condominiums 7.1 Wood Frame Condominium Projects Actively Marketing 7.2 Wood Frame Condominium Sales 6 5 4 3 2 1 1 9 8 7 6 5 4 3 2 1 7.3 Wood Frame Condominium Inventory Levels 7.4 Wood Frame Condominium Standing Inventory Levels 18 16 14 12 1 8 6 4 2 8 7 6 5 4 3 2 1 There are currently 41 actively selling wood frame condominium projects in Metro Vancouver in -; only up by 1 project from last quarter. - actively selling wood frame condominium projects are down 59% from the same quarter last year and down 65% from the same quarter of. Overall new wood frame condominium sales were recorded at 676 in -, which is down 21% compared to the same quarter last year and down 13% when compared to the same quarter in. Vancouver Proper is the only region which saw an increase in sales relative to -. Wood frame condominium sales are also a result of being restricted by low levels of supply. - sales of wood frame condominiums in both Outer (235) and Inner Metro (279) declined relative to -, at 27% and 1%, respectively. Overall released and unsold inventory of wood frame condominiums (739) in - is down 51% from the same quarter last year and represents the third lowest total recorded over the past six years. There are currently 27 new wood frame condominiums in Metro Vancouver that are completed and unsold. This represents a 92% decrease in standing inventory compared to the 34 recorded in - and also represents a six year low. Note that this six year low follows a significant depletion of standing inventory in the Outer Metro region from a six-year high of 667 in Q1-. Table of Contents Page 13
Inventory Inventory Levels Projects Sales - New Home Data: Townhomes 8.1 Townhome Projects Actively Marketing 8.2 Townhome Sales 7 12 6 5 4 3 2 1 1 8 6 4 2 8.3 Townhome Inventory Levels 8.4 Townhome Standing Inventory Levels 9 75 6 45 3 15 4 35 3 25 2 15 1 5 There are currently 64 actively selling new townhome projects in Metro Vancouver. This number is down only 1 project relative to last quarter and down 11% compared to the same quarter in. All regions of Metro Vancouver saw an unchanged number of townhome projects actively selling this quarter, with the exception of Outer Metro which went from 36 projects in - to 35 in -. There were 46 new townhome sales recorded in Metro Vancouver in -, which is down 59% compared to - and lower than - totals by 31%. Note that townhome sales in Outer Metro (352) represent 77% of overall new townhome sales this past quarter. Outer Metro is also the only region to experience an increase in sales relative to last quarter. Note that the number of released and unsold townhome units in Inner Metro and Vancouver were recorded at 216 and 67, respectively. Overall released and unsold townhomes (681) in -, is up 2% compared to an almost six-year low in Q1-, but up 2% compared to -. There are currently 8 townhomes in Metro Vancouver that are completed and unsold, which represents a year-long low (falling to only 2 units in Q2-) over the last five years. Table of Contents Page 14
- UA Affordability Index: New Home Data 9.1 UA Affordability Index: New Concrete Condominiums 9.1 UA Affordability Index: New Concrete Condominiums Outer Metro Inner Metro Vancouver Outer Metro Inner Metro Vancouver 71% 72% 72% 71% 71% 7% 74% 74% 74% 76% 77% 77% 75% 74% 74% 72% 71% 72% 72% 71% 71% 7% 74% 74% 74% 76% 77% 77% 75% 74% 74% 72% 54% 56% 54% 54% 53% 52% 55% 54% 55% 53% 52% 53% 51% 34% 39% 4% 4% 39% 39% 41% 39% 36% 32% 32% 3% 44% 42% 21% 34% 34% 54% 56% 54% 54% 53% 52% 55% 54% 55% 53% 52% 53% 51% 44% 42% 39% 4% 4% 39% 39% 41% 39% 36% 32% 32% 3% 21% 34% 13% 9% 1% 13% 9% 1% Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 9.2 UA Affordability Index: New Wood Frame Condominiums 9.2 UA Affordability Index: New Wood Frame Condominiums Outer Metro Inner Metro Vancouver Outer Metro Inner Metro Vancouver 75% 73% 74% 73% 74% 72% 72% 75% 73% 73% 72% 74% 73% 74% 64% 62% 62% 62% 6% 59% 63% 62% 62% 62% 6% 6% 57% 68% 67% 73% 74% 73% 74% 75% 72% 72% 73% 73% 72% 74% 73% 74% 68% 67% 66% 64% 62% 62% 62% 6% 59% 63% 62% 62% 62% 6% 6% 57% 42% 4% 4% 42% 35% 4% 41% 39% 4% 38% 4% 37% 55% 53% 49% 31% 27% 3% 29% 42% 4% 4% 42% 35% 4% 41% 39% 4% 38% 4% 37% 31% 55% 53% 49% 3% 29% 27% Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 9.3 UA Affordability Index: New Townhomes 9.3 UA Affordability Index: New Townhomes Outer Metro Inner Metro Vancouver Outer Metro Inner Metro Vancouver 65% 68% 67% 67% 65% 66% 7% 68% 7% 69% 68% 64% 65% 59% 58% 54% 53% 54% 54% 54% 52% 5% 51% 51% 47% 49% 48% 49% 46% 37% 36% 33% 35% 33% 26% 27% 32% 27% 23% 25% 22% 22% 16% 16% 19% 11% 9% 8% 65% 68% 67% 67% 65% 66% 7% 68% 7% 69% 64% 68% 65% 53% 54% 54% 54% 52% 5% 51% 51% 49% 47% 48% 59% 49% 33% 35% 32% 26% 22% 23% 25% 27% 27% 22% 16% 16% 19% 58% 54% 46% 37% 33% 36% 11% 9% 8% Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Affordability decreased for most locations and product forms in -, except townhomes in Inner Metro and concrete condominiums in Vancouver. The largest decline in concrete condominiums occured in Inner Metro, which fell 8.% from 42.2% last quarter. Townhomes in Inner Metro saw an increase in affordability of 3.7% (up to 36.3%) relative to last quarter, and a slight increase in concrete condominium affordability occurred in Vancouver to 9.8% from 9.% last quarter. New wood frame condominiums in all regions saw a decline in affordability as a result of declining inventory in Metro Vancouver. 46.3% of new townhomes in Outer Metro were affordable to the average working household in -, down 7.4% recorded last quarter. Single family affordability decreased in Vancouver Proper and Inner Metro while Outer Metro saw an increase of 2.5% compared to -, representing the second consecutive quarterly increase after a near four year decline. Table of Contents Page 15
Thousands Thousands Thousands Re-Sale Data: Real Estate Board of Greater Vancouver - 1.1 Apartment Re-Sales and Listings 1.2 Apartment Re-Sale Prices 7, 6, 5, 4, 3, 2, 1, Sales Listings $55 $5 $45 $4 $35 $3 $25 $2 $15 $1 Greater Vancouver Benchmark Price 1.3 Attached Re-Sales and Listings 1.4 Attached Re-Sale Prices 2,5 2, 1,5 1, 5 Sales Listings $7 $65 $6 $55 $5 $45 $4 $35 $3 $25 $2 Greater Vancouver Benchmark Price 1.5 Single Detached Re-Sales and Listings 1.6 Single Detached Re-Sale Prices 7, 6, 5, 4, 3, Sales Listings $1,7 $1,5 $1,3 $1,1 $9 Greater Vancouver Benchmark Price 2, $7 1, $5 $3 4,14 apartment, 1,243 townhome, and 2,791 single family re-sales were recorded in -. Apartment re-sales were down 4%, townhome re-sales were down 21% and single family re-sales were down 22% compared to the same quarter last year. Average benchmark prices were up 18% for apartments, up 32% for townhomes, and up 24% for single family homes when compared to the same quarter last year. Average benchmark prices, decreased marginally when compared to -; apartment benchmark prices were down.1% from $512,233, down just over 1% for townhomes from $674,533, and down 4% from $1,578,333 for single family homes. - benchmark prices for all sectors saw the first decrease relative to all-time highs over the last decade which were established in -. The Average Benchmark Price of all product types in Greater Vancouver in - are as follows: Apartment - $511,567, Townhome - $666,33 Single Family - $1,513,467. Table of Contents Page 16
Thousands Thousands Thousands - Re-Sale Data: Fraser Valley Board 11.1 Apartment Re-Sales and Listings 11.2 Apartment Re-Sale Prices Sales Active Listings 2,5 2, 1,5 1, 5 Average Price $295 $29 $285 $28 $275 $27 $265 $26 $255 $25 $245 $24 $235 $23 $225 $22 11.3 Attached Re-Sales and Listings 11.4 Attached Re-Sale Prices Sales Active Listings 1,8 1,6 1,4 1,2 1, 8 6 4 2 Average Price $49 $47 $45 $43 $41 $39 $37 $35 $33 $31 11.5 Single Detached Re-Sales and Listings 11.6 Single Detached Re-Sale Prices 7, Sales Active Listings $1,1 Average Price 6, 5, 4, 3, $1, $9 $8 2, $7 1, $6 $5 In -, the relevant Fraser Valley municipalities recorded 794 apartment re-sales, 796 townhome re-sales and 977 single family re-sales. Apartment re-sales were up 21%, townhome re-sales were down 7%, and single family re-sales were down 52% compared to the same quarter last year. The number of active listings for all product types dropped at the end of -. Since -, the number of active listings for Apartments, Townhomes, and Single Family have decreased 34%, 6%, and 23%, respectively. Overall average benchmark prices increased only for townhomes which continued their upward trend, yet at a declining rate in -. Dissimilarly, both single family homes and apartments experienced declines in average benchmark price after a steady increase over roughly the past seven years. The Average Benchmark Price of all product types in the Fraser Valley in - are as follows: Apartment - $284,862, Townhome - $475,625, Single Family $1,21,228. Table of Contents Page 17
- Methodology & Definitions Affordability Index Definitions Inner Metro: West Vancouver, North Vancouver, Burnaby, New Westminster, Richmond, South Delta, Coquitlam, Port Moody & Port Coquitlam. Outer Metro: Langley, North Delta, Surrey, White Rock, Pitt Meadows and Maple Ridge. Vancouver: Downtown Vancouver, Vancouver West and Vancouver East. Prices Prices for the new home market were collected from actively selling new multi-family projects in Metro Vancouver. Re-sale prices were collected from the Real Estate Boards of Greater Vancouver and the Fraser Valley (with median and benchmark prices used). Income The Index uses household income information from Statistics Canada data from the Household Survey. Assumed Down Payments Wood frame and concrete condominiums: 2% Townhomes: 3% The reason for the difference is the assumption that townhome buyers are more likely to be move-up buyers with equity built up in their existing property. Analytical Methods Five year, fixed rate 3-year amortization mortgages were used, taking an average of the best rates at eight banks at the time of analysis. Other Assumptions The affordability index assumes that a person can afford a maximum of 32 percent of their gross family income to go toward mortgage payments. Table of Contents Page 18
- Sources Sources 1.1 - Statistics Canada Monthly Labour Force Survey 1.2 - Statistics Canada Monthly Labour Force Survey 1.3 - Stats Canada Quarterly Demographic Estimates 1.4 - Stats Canada Quarterly Demographic Estimates 1.5 - Stats Canada Quarterly Demographic Estimates 1.6 - Stats Canada Quarterly Demographic Estimates 2.1 - Bank of Canada 2.2 - BC Stats Consumer Price Index 2.3 - Statistics Canada Monthly Labour Force Survey 2.4 - Statistics Canada Monthly Labour Force Survey 2.5 - Statistics Canada Retail Trade by Province 2.6 - Statistics Canada Gross Domestic Product 3.1 - Stats Canada Revenue, Expenditure & Budget 3.2 - Statistics Canada Investment in New Housing 3.3 - Index Mundi (Monthly Spot Oil Prices) 3.4 - Industry Canada Insolvency Statistics 3.5 - Statistics Canada Stock Market Statistics 3.6 - Statistics Canada Stock Market Statistics 4.1 BC Housing (data collected by the HPO branch) - New Single Family Registrations 4.2 BC Housing (data collected by the HPO branch) - New Multi-Family Registrations 5.1 - CMHC Housing Now Vancouver & Abbotsford 5.2 - CMHC Housing Now Vancouver & Abbotsford 5.3 - CMHC Housing Now Vancouver & Abbotsford 5.4 - Statistics Canada Building Permits 5.5 - Statistics Canada New Housing Price Indexes 5.6 - CMHC Rental Market Report 7.1 - UA New Home Source Database 7.2 - UA New Home Source Database 7.3 - UA New Home Source Database 7.4 - UA New Home Source Database 8.1 - UA New Home Source Database 8.2 - UA New Home Source Database 8.3 - UA New Home Source Database 8.4 - UA New Home Source Database 9.1 - UA New Home Source Database, Stats Canada, Bank Websites 9.2 - UA New Home Source Database, Stats Canada, Bank Websites 9.3 - UA New Home Source Database, Stats Canada, Bank Websites 1.1 - REBGV Monthly Statistics 1.2 - REBGV Monthly Statistics 1.3 - REBGV Monthly Statistics 1.4 - REBGV Monthly Statistics 1.5 - REBGV Monthly Statistics 1.6 - REBGV Monthly Statistics 11.1 - FVREB Monthly Statistics 11.2 - FVREB Monthly Statistics 11.3 - FVREB Monthly Statistics 11.4 - FVREB Monthly Statistics 11.5 - FVREB Monthly Statistics 11.6 - FVREB Monthly Statistics 6.1 - UA New Home Source Database 6.2 - UA New Home Source Database 6.3 - UA New Home Source Database 6.4 - UA New Home Source Database Table of Contents Page 19
THE LARGEST REAL ESTATE EXPOSURE IN BC Connect with thousands of active real estate buyers and sellers REAL REAL ESTATE ESTATE WEEKLY Metro Vancouver s go-to source for new and resale home listings, plus real estate news, advice and tools rew.ca Western Canada s largest and most trusted commercial real estate marketplace westerninvestor.com 64-669-85 ext. 2 rewads@rew.ca