Metro Vancouver residential real estate sales are up 20%, says realtors

The Board of Real Estate Professionals released its monthly sales report for the metro Vancouver region on Sunday. It finds that sales were up 14% and median selling prices were up about 5% over…

Metro Vancouver residential real estate sales are up 20%, says realtors

The Board of Real Estate Professionals released its monthly sales report for the metro Vancouver region on Sunday. It finds that sales were up 14% and median selling prices were up about 5% over the same period in 2018.

Year to date, total sales volume in June was up 25% from last year and the median selling price is up 5% over last year.

The Board’s monthly sales report is available in the Scribd server.

Across Canada:

— In June, there were 39,167 resale residential sales across Canada, a decline of 3.1% from the previous month and an increase of 5.6% over June 2018.

The annual decline in resale volume was largely driven by a greater number of multi-family homes sales.

There were 9.1% fewer resale condos sold this June compared to the same period last year, 3.3% fewer detached houses sold and a 2.4% decline in row houses sold.

Resale sales of townhomes and row houses were about the same as they were this time last year.

The resale market has been notoriously tight across Canada this year. The Board attributes this to higher mortgage rates, tighter mortgage rules and tighter restrictions for immigration.

— The Board’s national housing market index reveals that average prices across the country were down 6.7% in June from May 2018.

The major metropolitan markets with the lowest index prices were Sault Ste. Marie (up 7.2%), Hamilton (down 7.1%) and Saint John (down 7.9%).

However, the Toronto market appears to be shifting back to a downward trajectory, as average prices are down 4.7% from last month.

The average price index for Toronto was down 11.5% year-over-year, with the number of apartments sold year-over-year increasing 5.3%.

The Kitchener-Waterloo market experienced a significant price drop in June, down 15.4% from last month. The Kitchener-Waterloo market average price was down 17.6% year-over-year. The number of apartments sold year-over-year was down 31.5%.

— In June, MLS home price indices declined in all the major metropolitan markets. They were also down nationally, with the largest monthly declines coming in Calgary (7.9%), Ottawa (7.8%) and Hamilton (7.6%). The Calgary index was down 2.5% on the year and the Ottawa index was down 2.2%.

According to the Board, this decline is largely due to the impact of higher mortgage rates on the housing market.

Montreal and Toronto continue to display the largest changes in total prices over the last year, with the Kitchener-Waterloo market the second highest year-over-year change.

Qatar’s Construction Cabinet to Meet Monday

The Qatar National Contractors Regulatory Authority (QNCRA) has confirmed that the Qatari construction cabinet is to meet on Monday.

The Department of Construction says the holding of the Qatari cabinet will include a national event to discuss the progress of the 2022 FIFA World Cup Qatar and the strategies being implemented to support the successful execution of mega projects.

This event is to inform the Qatari construction sector about the progress made on the global projects and strategies being implemented to support the successful execution of mega projects.

The date for the 2019 building season will be announced on Monday.

© The Conversation, UK

Disclaimer: The opinions expressed in this article are for general information only and are not intended to offer specific advice or recommendations for any individual.

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