BC Business
IMAGE BY: Flickr user Jeff Djevdet
Housing shortage Metro Vancouver’s residential real estate market continues to obey the law of supply and demand. “Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” said Darcy McLeod, president of the Real Estate Board of Greater Vancouver, in a release. “This activity has created favourable market conditions for anyone considering selling their home today.”
In October, total residential listings in Metro Vancouver decreased 30 per cent compared to October 2014 and 11.4 per cent compared to September 2015—the lowest active listing total in Metro Vancouver since December 2010.
Over the same period, sales increased 19.3 per cent compared to October 2014 and 9 per cent compared to September 2015. They were 36.2 per cent above the 10-year sales average for October.
Sales of detached properties increased 13.1 per cent from October 2014 and a 34.7 per cent from October 2013. The benchmark price for a detached property in Metro Vancouver increased 20.1 per cent from October 2014 to $1,197,600.
Apartment sales increased 21.7 per cent compared to October 2014 and 40.5 per cent compared to October 2013. The benchmark price of an apartment property increased 11.4 per cent from October 2014 to $425,800.
Sales of attached properties increased 28.6 per cent compared to October 2014 and 34.3 per cent from October 2013. The benchmark price of an attached unit increased 9.3 per cent between October 2014 and 2015 to $526,700.
The composite benchmark price for all residential properties in Metro Vancouver is $736,000, 15.3 per cent higher than October 2014.
Rental squeeze There’s no break for B.C. renters either. According to preliminary data from CMHC’s fall 2015 Rental Market Survey released Tuesday, over the past year rent for purpose-built apartments increased 4.6 per cent in Vancouver, more than anywhere else in Canada. Rents in B.C. overall also increased more than any other province: 3.8 per cent for an average two-bedroom purpose-built apartment. Over the same period, vacancy rates fell to some of the lowest in the country in Vancouver, Victoria, Kelowna and Abbotsford.
Coffee clash Frank Dennis, president and CEO of Burnaby’s Ten Peaks Coffee Company and a finalist in the 2015 Ernst & Young Entrepreneur of the Year awards, is now making waves in New York. His subsidiary Swiss Water Decaffeinated Coffee Company is handing out samples of decaf coffee at a pop-up shop in Soho from October 30 through November 8. Despite being mocked for the promotion aimed at people who want to drink high-quality coffee late at night and still be able to sleep in the “city that never sleeps,” Dennis welcomes the attention. (via CBC)