Tuesday, November 27, 2018

$1 billion money laundered by crime networks in BC real estate?

Criminal networks could have used British Columbia’s real estate market for more than $1 billion of money laundering.
A secret police report, obtained by Global News, reveals that crime networks are linked to 10% of the 1,200 luxury real estate purchases in the Lower Mainland included in a police study in 2016.
These include a $17 million Shaughnessy mansion owned by a suspected importer of the potent drug Fentanyl.  
Of around 120 properties linked to crime, 95% are believed to have Chinese crime network origins.
Global News own analysis says that the crime networks may have laundered more than $5 billion in Vancouver-area homes since 2012.

Monday, November 5, 2018

Vancouver supply crunch eases

The Real Estate Board of Greater Vancouver says home supply is rising and reaching levels not seen in roughly four years, even as the average price inches up year-over-year.
The board says the composite benchmark price for all homes was $1,062,100 in October _ up one per cent since October 2017, but down 3.3 per cent over the last three months.
Sales of all types of homes _ detached, townhomes and condos _ in October fell 34.9 per cent compared with the same month last year, dropping 26.8 per cent below the 10-year October sales average.
Meanwhile, nearly 4,900 new properties were listed for sale last month, up 7.4 per cent compared with October last year.
Nearly 13,000 homes are listed in Metro Vancouver or 42.1 per cent more than in October 2017.
Board president Phil Moore says the additional supply gives home buyers more choice and home sellers more competition.
Detached home sales fell 32.2 per cent in October compared with the same month last year, while the benchmark price fell to $1,524,000 marking a 5.1 per cent drop year-over-year and 3.9 per cent fall over the last three months.
Sales of townhomes declined 37.5 per cent and condos fell 35.7 per cent year-over-year. The benchmark price for townhomes rose 4.4 per cent from last year to $829,200, while condo prices jumped 5.8 per cent to $683,500. Over the past three months, townhome prices fell 2.8 per cent and condo prices dropped 3.1.
The three-month price drop ``is providing a little relief for those looking to buy compared to the all-time highs we've experienced over the last year,'' says Moore.

The Canadian Press

Friday, November 2, 2018

Vancouver home sales rally in October as prices ebb

VANCOUVER (NEWS 1130) – The long plunge in Vancouver-area home sales is pushing prices slightly lower, driving a sales surge in October.
“Home prices have edged down between three and five per cent, depending on housing type… since June,” says Real Estate Board of Greater Vancouver president Phil Moore.
The realtors’ group says says sales of apartment-style condos, the largest segment of the market, jumped 21 per cent from the previous month to 985. Single-detached houses had a 26 per cent gain to 634 units, while sales of attached properties such as townhouses and duplexes rose 25 per cent to 344. Sales across all categories were still down 35 per cent from the previous October, to 1,966.
Moore adds “The supply of homes for sale today is beginning to return to levels that we haven’t seen… in about four years.”
The sales-to-listings ratio is still low at 10.3 per cent for detached houses, while condos are at 20.6 per cent, which is close to the midpoint for upward or downward pressure on prices.
The board’s adjusted “benchmark” price for a condo is $683,000, down 0.5 per cent from September, 3.1 per cent lower over three months, but 5.8 per cent higher than a year earlier. Single-detached houses averaged $1.5 million, representing a drop of 1.1 per cent in one month, 3.9 per cent in three months and 5.1 per cent lower than the previous October.
Vancouver’s month-over-month sales jump comes despite stricter mortgage qualification rules that have reduced the amount some buyers can borrow and squeezed others out of the market entirely.
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