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End of Summer Update

Sky is not falling We hope the Summer treated you well and produced great memories for you and your loved ones!  Now that the Fall is in sight, we settle into our normal routines, kids are back in school, and hockey is just around the corner.

This year has brought us a crazy market to say the least and, to top it off, the B.C. government threw us a curve ball with the newly implemented 15% foreign buyer tax.  The repercussions are yet to be determined but one thing is for sure, it gave the market an excuse to slow down from a pace that we all know was unsustainable.  As a result, sales numbers have dropped significantly and the media jumped all over it with headlines like “Is the Metro Vancouver real estate market in free fall?", "Canada's housing market nears extreme bubble”, "Fear and loathing in the Vancouver property market".  It's enough to leave the impression that property values in Vancouver's sky-high real estate market could be collapsing.

Indeed, if we dig into the latest stats released by the Real Estate Board of Vancouver, the average price of a home in the region has actually fallen — drastically.  The average price of a single-family detached home topping out at $1.8 million earlier this year, and then dropping sharply to $1.47 million last month.  That's a loss of $330,000 on the average home but not so fast.  The truth is, unless you're dealing in the upper end of Vancouver's luxury market, the average price shouldn't mean squat to you.  Why?  Average prices are exactly that.  They take all the homes being sold, including those worth $5 to $25+ million, and put them in the same box as the typical single-family residence.  It takes just a few of those stratospheric deals to significantly skew the average value for the whole market  Therefore, when the flurry of activity at the luxury end of the market dropped off this Summer with the reported prices of some homes dropping by millions, it is not surprising to see average prices dropping dramatically too.

But that's not what the numbers say is happening across the rest of the market.  Typical homeowners should not be looking at the average price and concluding that the value of their real estate is suddenly in free fall.  A more accurate gauge of value is calculated by the industry based on what they call the benchmark.  A benchmark home is much more like the one most of us live in.  The number of bedrooms and bathrooms are measured in single digits. The square footage is not in the 4,000+ range and the views include neighbours' backyards or other buildings, not panoramic vistas.  So when you look at the benchmark prices for Metro Vancouver homes, they have not walked off a cliff plunging into free fall, they are in fact still climbing, albeit just barely.

Words like peaked, flattened, stalled apply for now but there’s also a chance that this is just a hiccup in a market that continues to be undersupplied.  Inventory is still low compared to historical averages and interest rates aren’t going up anytime soon.  The big question is demand.  How many buyers are still out there?  Well, the figures show the number of buyers in the market is still out pacing sellers, and so far there are no signs of panic selling, boarded up homes, and speculators defaulting on multiple underwater mortgages.

On top of that, there is ample evidence that those wealthy foreigner buyers never left B.C. Many just have flocked to Victoria, where the tax does not apply, luxury homes are a relative bargain and sales climbed 19 per cent in August.

There is no doubt Vancouver has supercharged real estate values, as prices have outstripped wages for years, and griping about real estate is more popular than the weather. But, unless there is a mass exodus from this city, that's all unlikely to change.

So when the next headline makes you wonder if the bottom has fallen out of the market, and home values are in free fall, take a deep breath and remember: the typical homeowner has a lot less to fear than the average.

 


Hottest Neighbourhoods continue to be Eastside

Eastside continues its hot streak - 3 months supply of product.

Attached are the Sales and Listings Stats updated to the end of April 2014. Sales in Greater Vancouver in April were the highest amount of units sold since June 2011 – the first time we have had over 3,000 units sold in a month since that time as well. Sales were up 15% compared to March 2014 and up 16% compared to April 2013. Total Active listings on market are down 7% compared to this time last year. Most market areas remain in balanced market conditions with some areas/product types seeing seller’s market type of conditions. Richmond showed a decrease in the number of units sold both month over month and year over year. This is against the trend of the market in Greater Vancouver. Vancouver’s West Side and East Side showed less improvement compared to other areas as well, specifically detached homes on Vancouver’s West Side showing only a 6% improvement over March 2014. Vancouver’s East Side detached homes showed a 13% improved in number of units sold compared to March 2014.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in April 2014 was 3,090 – up from 2,697 in March 2014, up from 2,666 in April 2013; Active Listings are at 16,629 compared to 17,854 at this time last year; Month’s Supply of Total Residential Listings is steady at 5 Months (Balanced Market with areas of a Seller’s Market).

Vancouver Westside Residential: Total Units Sold in April 2014 was 629 – up from 571 in March 2014, up from 520 in April 2013; Active Listings are at 3,001 compared to 3,185 at this time last year; Month’s Supply of Total Residential Listings is steady at 5 Months (Balanced Market).

Vancouver Eastside Residential: Total Units Sold in April 2014 was 356 – up from 336 in March 2014, up from 246 in April 2013; Active Listings are at 1,150 compared to 1,441 at this time last year; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market).

North Vancouver Residential:  Total Units Sold in April 2014 was 255 – up from 233 in March 2014, up from 227 in April 2013; Active Listings are at 1,069 compared to 1,101 at this time last year; Month’s Supply of Total Residential Listings is steady at 4 Months (Seller’s Market).

West Vancouver Houses: Total Units Sold in April 2014 was 99 – up from 78 in March 2014, up from 89 in April 2013; Active Listings are at 711 compared to 805 at this time last year; Month’s Supply of Total Residential Listings is steady at 7 Months (Balanced Market).

Richmond Residential: Total Units Sold in April 2014 was 335 – down from 374 in March 2014, down from 350 in April 2013; Active Listings are at 2,267 compared to 2,303 at this time last year; Month’s Supply of Total Residential Listings is steady at 7 Months (Balanced Market).

For a full detail of the numbers please click these links below, both regional and by style.

sales and listings stats regional april 2014

sales and listings stats houses townhouses condos april 2014


Sale UP - Listings DOWN = Solid market (End of Feb 2014 Stats)

Vancouver statsAttached below are the Sales and Listings Stats updated to the end of February 2014. February continued on with a stronger market compared to this time last year. With the distractions of the Winter Olympics and changes in Federal Immigration policy during the month, February provided proof that there is strength in Greater Vancouver’s Real Estate Market. Greater Vancouver sales were up 41% from February 2013 with active listings down 8% and new listings in February down 12% from January 2014. Vancouver’s Eastside Market was up 87% compared to February 2013, proving to be the best performing market in Greater Vancouver. This has all translated to us seeing lots of multiple offers and back up offers too on all properties from detached to attached condos.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in February 2014 was 2,570 – up from 1,804 in January 2014, up from 1,822 in February 2013; Active Listings are at 14,439 compared to 15,758 at this time last year; Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market), down from 8 Months in January.

Vancouver Westside Residential: Total Units Sold in February 2014 was 545 – up from 393 in January 2014, up from 395 in February 2013; Active Listings are at 2,611 compared to 2,906 at this time last year; Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market), down from 6 Months in January.

Vancouver Eastside Residential: Total Units Sold in February 2014 was 313 – up from 173 in January 2014, up from 167 in February 2013; Active Listings are at 1,039 compared to 1,194 at this time last year; Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market), down from 6 Months in January.

North Vancouver Residential:  Total Units Sold in February 2014 was 206 – up from 121 in January 2014, up from 156 in February 2013; Active Listings are at 868 compared to 890 at this time last year; Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market), down from 6 Months in January.

West Vancouver Houses: Total Units Sold in February 2014 was 87 – up from 62 in January 2014, up from 46 in February 2013; Active Listings are at 615 compared to 700 at this time last year; Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market), down from 9 Months in January.

Richmond Residential: Total Units Sold in February 2014 was 341 – up from 265 in January 2014, up from 221 in February 2013; Active Listings are at 2,000 compared to 2,179 at this time last year; Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market), down from 7 Months in January.

sales and listings stats all residential feb 2014

sales and listings stats houses townhouses condos feb 2014


Recently Sold Listing # 102 2255 ETON ST, Vancouver, British Columbia

V1047183 - # 102 2255 ETON ST, Vancouver, British Columbia, CANADAWe have just recently sold this listing at # 102 2255 ETON ST, Vancouver. A great 2 bedroom for under $250,000. What a great find and the building is rainscreened too! Happy Buyer! Congrats.


An Evening with Tony Gioventu

 

 

PRESENTS AN EVENING WITH TONY GIOVENTU - ALL ABOUT

BUYING AND MAINTAINING A STRATA PROPERTY:

Tony Gioventu

 Executive Director of Condo Homeowners Association

Topic: Condos and townhouses: do we know what we own? Understanding depreciation reports, maintenance and operation plans and protecting our investements

www.choa.bc.ca

 Jerry Jackman, Stephen Jackman and Elaine Gee

Topic: Understanding key points in financing strata properties
Mortgage Brokers with Verico Mortgages

www.thinkmortgages.com

 Purchase vs Rent – Discussion on benefits of Purchasing over Renting

Wednesday February 19, 2014
From 6pm to 9pm
(Doors: 6pm - Discussion: 6:30pm followed by Q & A)

Heritage Hall – 3102 Main Street – Vancouver

Light refreshments will be served and Door Prizes Drawn!

Event is Compliments of Dexter Associates Realty
Limited Seating - Please Confirm with us By February 12, 2014 at info@uptownvancouver.com

 


AND... We're OFF!

January Stats

Real Estate stats Attached are the Sales and Listings Stats updated to the end of January 2014. January typically starts off slower and gains momentum as the month progresses. This year was no different. Only 5 times since 1986 has January seen a higher number of units sold compared to the preceding December for Greater Vancouver. As well, Greater Vancouver sales in January 2014 were higher than January 2005, with total sales in 2005 being the highest amount on record. A pretty good start after all. Total Active Listings are down from this time last year and 2012, with strong absorption of new listings coming on market – 33% in January 2014, compared to 26% in January 2013 and 27% in January 2012. The Benchmark Price for Greater Vancouver is at the same level as it was in January 2012 but up 3% compared to January 2013. So while prices declined through 2012 and into 2013, they are recovering coming into 2014. While the weather is cold to start February in Vancouver, the real estate market is starting to warm up!

Here’s a summary of the numbers (LINK TO FULL STATS BELOW):

Greater Vancouver: Total Units Sold in January 2014 was 1,804 – down from 1,990 in December 2013, up from 1,374 in January 2013; Active Listings are at 13,577 compared to 14,149 at this time last year; Month’s Supply of Total Residential Listings is at 8 Months (Balanced Market).

Vancouver Westside Residential: Total Units Sold in January 2014 was 393 – even to 393 in December 2013, up from 314 in January 2013; Active Listings are at 2,435 compared to 2,561 at this time last year; Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market).

Vancouver Eastside Residential: Total Units Sold in January 2014 was 173 – down from 236 in December 2013, up from 140 in January 2013; Active Listings are at 955 compared to 1,047 at this time last year; Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market).

North Vancouver Residential:  Total Units Sold in January 2014 was 121 – down from 137 in December 2013, up from 106 in January 2013; Active Listings are at 748 compared to 775 at this time last year; Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market).

West Vancouver Houses: Total Units Sold in January 2014 was 62 – down from 75 in December 2013, up from 47 in January 2013; Active Listings are at 582 compared to 598 at this time last year; Month’s Supply of Total Residential Listings is at 9 Months (Balanced to Buyer’s Market).

Richmond Residential: Total Units Sold in January 2014 was 265 – up from 249 in December 2013, up from 165 in January 2013; Active Listings are at 1,875 compared to 1,963 at this time last year; Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market).

sales and listings stats all residential jan 2014

sales and listings stats houses townhouses and condos january 2014


GET YOUR HOLIDAY BOOGIE ON

An UptownVancouver Holiday Mix

HAPPY HOLIDAYS! From all of us at Uptownvancouver. Here is a new twist on the holiday classics that we put together for you all to enjoy over the holiday season. Please feel free to download and enjoy with you friends and family.

 Please note that this link might only be available on our full site - please click link to full sight. There is a download button on the bottom right hand side of the mix.


Movember Metro Vancouver Stats

Sales Stats Vancouver 2013Attached are the Sales and Listings Stats updated to the end of November 2013. November of this year saw a 38% increase in units sold compared to November 2012, albeit down 11% compared to October of this year in Greater Vancouver. November typically sees the real estate market wind down as we get closer to the holiday season. Total Active Listings are down 8% compared to this time last year.  Year to date, 2013 should finish 12 to 15% above 2012 for total units sold in Greater Vancouver. In their Fall Housing Market Outlook, the Canada Mortgage and Housing Corporation (CMHC) outlined that existing home sales are expected to increase in 2014 by 8% with the market to remain in balanced conditions. This is to be supported with an increase in economic and job growth projected in 2014. Further strengthening in global economies will benefit Vancouver and help sustain economic growth. And of course, pent up demand in our housing market will continue to be a positive factor moving forward.

New for this month’s sales and listings stats is the addition of statistics for Burnaby, New Westminster, Port Moody, Port Coquitlam, Coquitlam, Tsawwassen and Ladner.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in November 2013 was 2,390 – down from 2,698 (11%) in October 2013, up from 1,733 (38%) in November 2012; New Listings in November 2013 were down 25% from October 2013; Month’s Supply of Total Residential Listings is steady at 6 Months (Balanced Market).

Vancouver Westside Residential: Total Units Sold in November 2013 was 488 – down from 579 (16%) in October 2013, up from 358 (36%) in November 2012; New Listings in November 2013 were down 26% from October 2013; Month’s Supply of Total Residential Listings is steady at 5 Months (Balanced Market).

Vancouver Eastside Residential: Total Units Sold in November 2013 was 282 – down from 288 (2%) in October 2013, up from 197 (43%) in November 2012; New Listings in November 2013 were down 26% from October 2013; Month’s Supply of Total Residential Listings is steady at 4 Months (Bordering on Seller’s Market).

North Vancouver Residential:  Total Units Sold in November 2013 was 197 – down from 221 (11%) in October 2013, up from 145 (36%) in November 2012; New Listings in November 2013 were down 34% from October 2013; Month’s Supply of Total Residential Listings is steady at 4 Months (Bordering on Seller’s Market).

West Vancouver Residential: Total Units Sold in November 2013 was 89 – down from 110 (19%) in October 2013, up from 45 (98%) in November 2012; New Listings in November 2013 were down 34% from October 2013; Month’s Supply of Total Residential Listings is steady at 7 Months (Balanced Market).

Richmond Residential: Total Units Sold in November 2013 was 290 – down from 327 (11%) in October 2013, up from 210 (56%) in November 2012; New Listings in November 2013 were down 10% from October 2013; Month’s Supply of Total Residential Listings is steady at 7 Months (Balanced Market).

sales and listings stats vancouver and surrounding by dwelling type nov 2013 a

sales and listings stats suburbs all residential nov 2013 a

sales and listings stats vancouver and surrounding all residential nov 2013 a

 


New Listing 609 - 2635 Prince Edward Street, Vancouver, British Columbia

V1037649 - 609 - 2635 Prince Edward Street, Vancouver, British Columbia, CANADAThis is our latest and greatest new listing at SOMA LOFt  609 - 2635 Prince Edward Street, Vancouver and its currently listed at 659900.

Sweeping West/North/East views from this PENTHOUSE @ SOMA LOFTS. View from all principle rooms. Centrally located off the Main street corridor and in one of the most desirable buildings in the UPTOWN Mt. Pleasant area of Vancouver. This 2 bedroom 2 bath unit features updates to the kitchen and bathrooms with infloor heating, concrete floors and 10'5' ceilings throughout. Solid concrete construction and open layout design. Kitchen features granite counter tops and S/S apppliances. Large balcony (195 sq/ft) off the living room and steps to all the shops Main street has to offer. Transit, groceries, and more a block away with access to Downtown minutes away. Comes with one parking and lots of insuite storage and secure bike storage. Soma Lofts and the area have fantastic walk, bike and transit scores and if you drive its easy to leave your car at home. Building now features a small gym.


Recently Sold Listing 3655 YALE ST, Vancouver, British Columbia

V1029785 - 3655 YALE ST, Vancouver, British Columbia, CANADAWe have just recently sold this very cool home at 3655 YALE ST, Vancouver to a very happy family.


Vancouver Real Estate Numbers June 2013

Vancouver market stats

Attached below are the Sales and Listings Stats updated to the end of June 2013.

As is typical in June, units sold tend to be lower than May as buyers and sellers gear up for summer and the end of school. But we did see an 11.2% increase in units sold for June 2013 over June 2012 in Greater Vancouver. This is the largest year over year increase in 2 years. In Greater Vancouver new listings in June were down 13.8% compared to May 2013 and down 12.4% compared to June 2012. Total Active Listings on market are down 6.2% compared at the end of June compared to end of June 2012. With an increase in fixed mortgage rates there will be an increase in buyer demand over the next few months which should help move through inventory in the market. Balanced conditions continue to be present in the market with a focus continuing to be on pricing. Competitively priced properties are getting buyer attention and selling quicker.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in June 2013 was 2,668 – up from 2,398 in June 2012, down from 2,937 in May 2013; New Listings in June 2013 were down 13.8% to May 2013; Month’s Supply of Total Residential Listings is up to 7 Months from 6 (Balanced Market).

Vancouver Westside Residential: Total Units Sold in June 2013 was 595 – up from  479 in June 2012, down from 654 in May 2013; New Listings in June 2013 were down 15% to May 2013; Month’s Supply of Total Residential Listings is steady at 5 Months  (Balanced Market).

Vancouver Eastside Residential: Total Units Sold in June 2013 was 279 – down from 281 in June 2012, down from 335 in May 2013; New Listings in June 2013 were down 10.8% to May 2013; Month’s Supply of Total Residential Listings is up to 5 Months from 4 (Balanced Market ).

North Vancouver Residential:  Total Units Sold in June 2013 was 207 – up from 163 in June 2012, down from 217 in May 2013; New Listings in June 2013 were down 9.4% to May 2013; Month’s Supply of Total Residential Listings is up to 6 Months from 5 (Balanced Market ).

West Vancouver Houses: Total Units Sold in June 2013 was 94 – up from 69 in June 2012, down from 100 in May 2013; New Listings in June 2013 were down 13.4% to May 2013; Month’s Supply of Total Residential Listings is up to 9 Months from 8 (Buyer’s Market ).

Richmond Residential : Total Units Sold in June 2013 was 308 – up from 248 in June 2012, down from 377 in May 2013; New Listings in June 2013 were down 14% to May 2013; Month’s Supply of Total Residential Listings is up to 8 Months from 6 (Balanced to Buyer’s Market ).

Sales and Listing Stats by Region

Sales and Listing Stats by Type - houses, townhouses, condos


Inventory Levels are Down

 

End of March 2013 Vancouver Real Estate Stats

Vancouver real estate inventory numbers

 

Attached below are the Sales and Listings Stats updated to the end of March 2013. March saw the real estate market blooming, becoming stronger and more balanced. In most market areas, the number of properties sold was higher than they have been since last spring and summer. The number of new listings coming on market continues to be at below average levels. For Greater Vancouver, new listings in March 2013 were down 16% to March 2012 and down 38% to March 2011. With fewer properties to choose from, Buyer engagement is improving. While still conscious of price, there is a realization that new listings priced at today’s prices are moving quicker than we have seen.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in March 2013 was 2,373 – up from 1,822 in February 2013 down from 2,919 in March 2012; New Listings in March 2013 were down 16% to March 2012; Month’s Supply of Total Residential Listings is down to 7 Months from 9 (Balanced Market).

 

Vancouver Westside Houses: Total Units Sold in March 2013 was 151 – up from 104 in February 2013 close to 152 in March 2012; New Listings in March 2013 were down 18% to March 2012; Month’s Supply of Total Residential Listings is down to 6 Months from 9 (Balanced Market).

Vancouver Westside Condos: Total Units Sold in March 2013 was 324 – up from 253 in February 2013 down from 394 in March 2012; New Listings in March 2013 were down 18% to March 2012; Month’s Supply of Total Residential Listings is down to 5 Months from 7 (Balanced Market).

Vancouver Eastside Houses: Total Units Sold in March 2013 was 94 – up from 77 in February 2013 down from 155 in March 2012; New Listings in March 2013 were down 23% to March 2012; Month’s Supply of Total Residential Listings is down to 6 Months from 7 (Balanced Market).

Vancouver Eastside Condos: Total Units Sold in March 2013 was 99 – up from 67 in February 2013 down from 138 in March 2012; New Listings in March 2013 were down 30% to March 2012; Month’s Supply of Total Residential Listings is down to 5 Months from 7 (Balanced Market).

North Vancouver Houses: Total Units Sold in March 2013 was 113 – up from 76 in February 2013 down from 121 in March 2012; New Listings in March 2013 were down 5% to March 2012; Month’s Supply of Total Residential Listings is down to 4 Months from 5 (Becoming Buyer’s Market).

North Vancouver Condos: Total Units Sold in March 2013 was 62 – up from 52 in February 2013 down from 91 in March 2012; New Listings in March 2013 were down 16% to March 2012; Month’s Supply of Total Residential Listings is flat at 7 (Balanced Market).

West Vancouver Houses: Total Units Sold in March 2013 was 58 – up from 31 in February 2013 down from 78 in March 2012; New Listings in March 2013 were down 11% to March 2012; Month’s Supply of Total Residential Listings is down to 9 Months from 16 (Balanced Market).

Richmond Houses : Total Units Sold in March 2013 was 89 – flat to 89 in February 2013 down from 104 in March 2012; New Listings in March 2013 were down 31% to March 2012; Month’s Supply of Total Residential Listings is flat at 10 (Balanced Market).

Richmond Condos: Total Units Sold in March 2013 was 117 – up from 80 in February 2013 flat to 118 in March 2012; New Listings in March 2013 were down 20% to March 2012; Month’s Supply of Total Residential Listings is down to 7 Months from 10 (Balanced Market).

Sales and Listing Stats by Area

Sales and Listings Stats by Type (condo, townhouse, house)


Where are we NOW?

Stats Attached are the Sales and Listings Stats updated to the end of February 2013. This year is continuing at a tepid pace, providing plenty of room to grow! While sales are lagging behind last year, so is the number of new listings coming on market. We saw through February the Sales to New Listings Ratio (absorption rate) improving, brining some markets into a balance state. While good opportunities for buyers still exist, they are dwindling. With new listings coming on at better price points and confidence in the market growing, sales will accelerate.

 

Greater Vancouver: Total Units Sold in February 2013 was 1,822 – up from 1,374 in January 2013 down from 2,572 in February 2012; New Listings in February 2013 were down 12% to February 2012; Month’s Supply of Total Residential Listings is down to 9 Months from 10 (Buyer’s Market).

Vancouver Westside Houses: Total Units Sold in February 2013 was 104 – up from 83 in January 2013 down from 177 in February 2012; New Listings in February 2013 were flat to February 2012; Month’s Supply of Total Residential Listings is flat at 9 Months (Buyer’s Market).

Vancouver Westside Condos: Total Units Sold in February 2013 was 253 – up from 200 in January 2013 down from 323 in February 2012; New Listings in February 2013 were down 20% to February 2012; Month’s Supply of Total Residential Listings is down to 7 Months from 8 (Balanced Market).

Vancouver Eastside Houses: Total Units Sold in February 2013 was 77 – up from 56 in January 2013 down from 125 in February 2012; New Listings in February 2013 were down 12% to February 2012; Month’s Supply of Total Residential Listings is down to 7 Months from 8 (Balanced Market).

Vancouver Eastside Condos: Total Units Sold in February 2013 was 67 – up from 57 in January 2013 down from 102 in February 2012; New Listings in February 2013 were down 33% to February 2012; Month’s Supply of Total Residential Listings is down to 7 Months from 8 (Balanced Market).

North Vancouver Houses: Total Units Sold in February 2013 was 76 – up from 52 in January 2013 down from 103 in February 2012; New Listings in February 2013 were down 4% to February 2012; Month’s Supply of Total Residential Listings is down to 5 Months from 6 (Balanced Market).

North Vancouver Condos: Total Units Sold in February 2013 was 52 – up from 38 in January 2013 down from 82 in February 2012; New Listings in February 2013 were down 18% to February 2012; Month’s Supply of Total Residential Listings is down to 7 Months from 9 (Balanced Market).

West Vancouver Houses: Total Units Sold in February 2013 was 31 – down from 38 in January 2013 down from 68 in February 2012; New Listings in February 2013 were up 39% to February 2012; Month’s Supply of Total Residential Listings is up to 16 Months from 11 (Buyer’s Market).

Richmond Houses : Total Units Sold in February 2013 was 89 – up from 63 in January 2013 down from 119 in February 2012; New Listings in February 2013 were down 17% to February 2012; Month’s Supply of Total Residential Listings is down to 10 Months from 13 (Buyer’s Market).

Richmond Condos: Total Units Sold in February 2013 was 80 – up from 59 in January 2013 down from 125 in February 2012; New Listings in February 2013 were down 20% to February 2012; Month’s Supply of Total Residential Listings is down to 10 Months from 12 (Buyer’s Market).

End of Feb Sales and Listings Regional PDF

End of Feb Sales and Listings Houses Townhouses and Condos PDF


A better Atmosphere!

Attached are the Sales and Listings Stats up to the end of January 2013. The New Year has started on better terms than how it finished. With unit sales in January 2013 up from December 2012 and the number of new listings coming on market slowing, the result was the Month’s Supply declining in all areas. Energy in the real estate market is returning and with it sales should continue to increase. While not at levels previously seen in the frenetic markets but creating more of a balance, one that will still favour buyers to a degree. With that pricing continues to be a determining factor on listings selling. Properties listed at today’s prices will speak to buyers more than what continues on market at yesterday’s prices. With interest rates continuing at low levels and better sentiment in the economy, a better positive feeling in the market will help to create a better atmosphere.

Sales and Listings Regional PDF

Sales and Listings Houses Townhouses and Condos PDF

Greater Vancouver: Total Units Sold in January 2013 was 1,374 – up from 1,171 in December 2012; New Listings in January 2013 were down 11% to January 2012; Month’s Supply of Total Residential Listings is down to 10 Months from 12 (Buyer’s Market).

Vancouver Westside Houses: Total Units Sold in January 2013 was 83 – up from 49 in December 2012; New Listings in January 2013 were down 31% to January 2012; Month’s Supply of Total Listings is down to 9 Months from 14 (Buyer’s Market).

Vancouver Westside Condos: Total Units Sold in January 2013 was 200 – up from 156 in December 2012; New Listings in January 2013 were down 12% to January 2012; Month’s Supply of Total Listings is down to 8 Months from 10 (Buyer’s Market).

Vancouver Eastside Houses: Total Units Sold in January 2013 was 56 – up from 54 in December 2012; New Listings in January 2013 were down 20% to January 2012; Month’s Supply of Total Listings is down to 8 Months from 9 (Buyer’s Market).

Vancouver Eastside Condos: Total Units Sold in January 2013 was 57 – up from 53 in December 2012; New Listings in January 2013 were up 10% to January 2012; Month’s Supply of Total Listings stayed at 8 (Buyer’s Market).

North Vancouver Houses: Total Units Sold in January 2013 was 52 – up from 32 in December 2012; New Listings in January 2013 were up 19% to January 2012; Month’s Supply of Total Listings is down to 6 Months from 9 (Balanced Market).

North Vancouver Condos: Total Units Sold in January 2013 was 38 – up from 34 in December 2012; New Listings in January 2013 were down 19% to January 2012; Month’s Supply of Total Listings stayed at 9 (Buyer’s Market).

West Vancouver Houses: Total Units Sold in January 2013 was 38 – up from 29 in December 2012; New Listings in January 2013 were down 16% to January 2012; Month’s Supply of Total Listings is down to 11 Months from 14 (Buyer’s Market).

Richmond Houses: : Total Units Sold in January 2013 was 63 – up from 44 in December 2012; New Listings in January 2013 were down 24% to January 2012; Month’s Supply of Total Listings is down to 13 Months from 19 (Buyer’s Market).

Richmond Condos: Total Units Sold in January 2013 was 59 – up from 54 in December 2012; New Listings in January 2013 were down 25% to January 2012; Month’s Supply of Total Listings is down to 12 Months from 14 (Buyer’s Market).

 


HAPPY 2013! But how did 2012 End off?

2013 Real estate VancouverHappy New Year! Attached are the end of December 2012 Sales and Listings Stats. The New Year started as they typically do, with less homes listed for sale. Total Residential Active Listings in Greater Vancouver are down 30% from November 30, 2012. Total properties listed for sale during December were down 49% to November 2012 and down 16% to December 2011. While sales in December are down from November 2012 and December 2012, we’ve seen that through 2012 so it is not news.

Perspective is the key. Where prices go is anyone’s guess. But considering the financial crisis of 2008 didn’t cause widespread panic selling and significant price drops, than what will? People need bigger homes, people need smaller homes, renters want to own and immigration into Vancouver leads to more buyers. As always, the focus will shift from where prices are going to making your living situation better. As we go forward people will get back to doing what they want and need to do: Moving!

Greater Vancouver: Total Units Sold in December 2012 was 1,171 – down from 1,733 in November 2012; and down from 1,700 in December 2011; Month’s Supply of Total Residential Listings is at 12 Months (Buyer’s Market).

Vancouver Westside Houses: Total Units Sold in December 2012 was 49 – down from 77 in November 2012; and down from 62 in December 2011; Total Active Listings as of January 2013 are down 29% from November 2012; Month’s Supply of Total Active Listings is at 14 Months (Buyer’s Market).

Vancouver Westside Condos: Total Units Sold in December 2012 was 156 – down from 241 in November 2012; and down from 262 in December 2011; Total Active Listings as of January 2013 are down 46% from November 2012; Month’s Supply of Total Active Listings is at 10 Months (Buyer’s Market).

Vancouver Eastside Houses: Total Units Sold in December 2012 was 54 – down from 91 in November 2012; and down from 95 in December 2011; Total Active Listings as of January 2013 are down 34% from November 2012; Month’s Supply of Total Active Listings is at 9 Months (Buyer’s Market).

Vancouver Eastside Condos: Total Units Sold in December 2012 was 53 – down from 69 in November 2012; and up from 51 in December 2011; Total Active Listings as of January 2013 are down 32% from November 2012; Month’s Supply of Total Active Listings is at 8 Months (Buyer’s Market).

North Vancouver Houses: Total Units Sold in December 2012 was 32 – down from 60 in November 2012; and down from 53 in December 2011; Total Active Listings as of January 2013 are down 39% from November 2012; Month’s Supply of Total Active Listings is at 9 Months (Buyer’s Market).

North Vancouver Condos: Total Units Sold in December 2012 was 34 – down from 59 in November 2012; and down from 62 in December 2011; Total Active Listings as of January 2013 are down 32% from November 2012; Month’s Supply of Total Active Listings is at 9 Months (Buyer’s Market).

West Vancouver Houses: Total Units Sold in December 2012 was 29 – down from 32 in November 2012; and down from 38 in December 2011; Total Active Listings as of January 2013 are down 31% from November 2012; Month’s Supply of Total Active Listings is at 14 Months (Buyer’s Market).

Richmond Houses: Total Units Sold in December 2012 was 44 – down from 76 in November 2012; and down from 62 in December 2011; Total Active Listings as of January 2013 are down 32% from November 2012; Month’s Supply of Total Active Listings is at 19 Months (Buyer’s Market).

Richmond Condos: Total Units Sold in December 2012 was 54 – down from 81 in November 2012; and down from 75 in December 2011; Total Active Listings as of January 2013 are down 29% from November 2012; Month’s Supply of Total Active Listings is at 14 Months (Buyer’s Market).

Sales and Listing stats by region

Sales and Listings stats by type - houses/townhouses/condos


BOO! October wasn't so scary!

October wasn’t so scary after all! Units Sold in October in all areas were up over September 2012, matching numbers we hadn’t seen since the spring. At the same time, total new listings were down and total active listings continued to fall. At the start of November, close to 900 listings came off the market in Greater Vancouver. What we have been talking about is happening, opportunities for buyers are diminishing. We’ve seen the price corrections occur and now the market is balancing. Activity levels are increasing at open houses and showings, with properly priced listings getting the attention of buyers engaged. As we continue to move through the fall we’ll see the opportunities for buyers continue to decrease. Look around, less for sale signs and more sold stickers!

Greater Vancouver: Total Units Sold in October 2012 was 1,970 – up 28% to September 2012; New Listings in October 2012 were down 18% to September 2012; Month’s Supply of Total Residential Listings is down to 9 Months (Buyer’s Market).

Vancouver Westside Houses: Total Units Sold in October 2012 was 104 – up 21% to September 2012; New Listings in October 2012 were down 30% to September 2012; Month’s Supply of Total Active Listings is down to 9 Months (Buyer’s Market).

Vancouver Westside Condos: Total Units Sold in October 2012 was 264 – up 25% to September 2012; New Listings in October 2012 were down 3% to September 2012; Month’s Supply of Total Active Listings is down to 8 Months (Buyer’s Market).

Vancouver Eastside Houses: Total Units Sold in October 2012 was 93, up 26% to September 2012; New Listings in October 2012 were down 86% to September 2012; Month’s Supply of Total Active Listings is down to 7 Months (Trending on Balanced).

Vancouver Eastside Condos: Total Units Sold in October 2012 was 70 flat to September 2012; New Listings in October 2012 were down 28% to September 2012; Month’s Supply of Total Active Listings is 8 Months (Buyer’s Market).

North Vancouver Houses: Total Units Sold in October 2012 was 78, up 77% to September 2012; New Listings in October 2012 were down 39% to September 2012; Month’s Supply of Total Active Listings dropped to 6  Months (Balanced Market).

North Vancouver Condos: Total Units Sold in October 2012 was 56, up 30% to September 2012; New Listings in October 2012 were down 39% to September 2012; Month’s Supply of Total Active Listings is down to 8 Months (Buyer’s Market).

West Vancouver Houses: Total Units Sold in October 2012 was 51, up 19% to September 2012; New Listings in October 2012 were down 31% to September 2012; Month’s Supply of Total Active Listings is 11 Months (Buyer’s Market).

Richmond Houses: Total Units Sold in October 2012 was 79, up 54% to September 2012; New Listings in October 2012 were down 15% to September 2012; Month’s Supply of Total Active Listings is down to 13 Month’s (Buyer’s Market).

Richmond Condos: Total Units Sold in October 2012 was 85, up 16% to September 2012; New Listings in October 2012 were up marginally to September 2012; Month’s Supply of Total Active Listings is 11 Months (Buyer’s Market).

sales and listings stats regional

sales and listings stats houses townhouses and condos


Opportunity awaits - End of Month

Sales and listings statistics are out for September. While the numbers show a September not to remember – perspective is the key. Over the last 25 years, September has more often than not shown lower units sold than August. September is a transition month, as much in life as in real estate. Activity in the real estate market did increase week by week as we moved through September. Over 1000 listings came off the market as October 1st appeared, with many more inactive listings on the market – buyers are engaging those listings coming on that are priced sharply leaving a bulk of listings sitting quiet. Benchmark prices in all areas have seen declines since their peak this year showing that Sellers will have to be reactive in their pricing going forward. And Buyers have their opportunity!

Greater Vancouver: Total Units Sold in September 2012 was 1,536 – down 8% to August 2012; New Listings in September 2012 were down 6% to September 2011; Month’s Supply of Total Residential Listings is 13 Months (Buyer’s Market).

Vancouver Westside Houses: Total Units Sold in September 2012 was 86 – up 15% to August 2012; New Listings in September 2012 were down 16% to September 2011; Month’s Supply of Total Active Listings is 12 Months (Buyer’s Market).

Vancouver Westside Condos: Total Units Sold in September 2012 was 212 – down 14% to August 2012; New Listings in September 2012 were down 13% to September 2011; Month’s Supply of Total Active Listings is 10 Month’s (Buyer’s Market).

Vancouver Eastside Houses: Total Units Sold in September 2012 was 74, down 6% to August 2012; New Listings in September 2012 were down 10% to September 2011; Month’s Supply of Total Active Listings is 10 Month’s (Buyer’s Market).

Vancouver Eastside Condos: Total Units Sold in September 2012 was 71 down 5% to August 2012; New Listings in September 2012 were down 6% to September 2011; Month’s Supply of Total Active Listings is 8 Months (Buyer’s Market).

North Vancouver Houses: Total Units Sold in September 2012 was 44, down 14% to August 2012; New Listings in September 2012 were up 9% to September 2011; Month’s Supply of Total Active Listings is 11 Month’s (Buyer’s Market).

North Vancouver Condos: Total Units Sold in September 2012 was 43, down 10% to August 2012; New Listings in September 2012 were down 3% to September 2011; Month’s Supply of Total Active Listings is 11 Months (Buyer’s Market).

West Vancouver Houses: Total Units Sold in September 2012 was 43, up 79% to August 2012; New Listings in September 2012 were up 2% to September 2011; Month’s Supply of Total Active Listings is 13 Months (Buyer’s Market).

Richmond Houses: Total Units Sold in September 2012 was 54, down 10% to August 2012; New Listings in September 2012 were down 27% to September 2011; Month’s Supply of Total Active Listings is 21 Month’s (Heavy Buyer’s Market!!!).

Richmond Condos: Total Units Sold in September 2012 was 73, up 12% to August 2012; New Listings in September 2012 were down 31% to September 2011; Month’s Supply of Total Active Listings is 13 Months (Buyer’s Market).

 


What is going on! - September Week 3 Stats Update

 

“Too many people miss the silver lining because they’re expecting gold” – Maurice Setter

 

Attached below are the sales and listings update as of September 23, 2012. .

As typical of September, the real estate market takes time to get going after the summer. Total units sold in September should be higher than August of this year with October pushing forward even more. Total units sold has increased week over week so far in September showing acceleration in the market. The fundamentals of Vancouver’s Real Estate market appear much stronger than what is currently being reported. Opportunities exist in the market whether buying or selling, pricing as always remains extremely important.

Great time to move on up!

sales and listings stats regional a

sales and listings stats houses townhouses and condos b


Middle of Month Market Update

Attached are the Sales and Listings Stats Update as of September 16, 2012. After a slow first week of September, unit sales accelerated in the second week. Activity levels are stronger than August, which should push sales for the month around 2,000, similar to September sales levels for the last 2 years. There is strong growth in new listings coming on the market, which if priced properly are getting the attention of Buyers in the market. Sharply priced listings are selling and Buyers are engaging. Some of the highlights are:

Greater Vancouver: Total Units Sold so far in September are 702 – 2,299 total in September 2011; New Listings out in September are 2,924 (5,799 in September 2011.)

Vancouver Westside Houses: Total Units Sold so far in September are 36 – 104 total in September 2011; New Listings out in September so far are 177 (386 in September 2011.)

Vancouver Westside Condos: Total Units Sold so far in September are 95 – 317 total in September 2011; New Listings out in September so far are 368 (785 in September 2011.)

Vancouver Eastside Houses: Total Units Sold so far in September are 37 – 141 total in September 2011; New Listings out in September so far are 138 (277 in September 2011.)

Vancouver Eastside Condos: Total Units Sold so far in September are 27 – 82 total in September 2011; New Listings out in September so far are 113 (227 in September 2011.)

North Vancouver Houses: Total Units Sold so far in September are 19 – 79 total in September 2011; New Listings out in September so far are 130 (204 in September 2011.)

North Vancouver Condos: Total Units Sold so far in September are 21 – 48 total in September 2011; New Listings out in September so far are 103 (196 in September 2011.)

Regional listing and sales stats Greater Vancouver

Lisitng and sales stats broken down regionally by houses townhouses and condos

Next update begining of October with the end of September Stats.


The Best Deals of the Year


Real estate is arguably the single best vehicle to a comfortable retirement.  Think about how many people you know that have maintained or improved their lifestyle after their working days were over.  Now ask yourself how many of them did it via savings, mutual funds, stocks, RRSPs, or any way other than real estate?  We find that, in most cases, the response is 1 maybe 2 but often NONE.  Why is that?  Why can’t people stick to their long-term financial plans?  The answer is simple: life happens!

Every plan that extends over a long period of time will have deviations from the original.  We cannot exactly predict our future circumstances and end up having to make changes along the way or, sometimes, start over.  It takes work, discipline, and constant adjustments to make it successful.  The difference in real estate is that we are, from an early age, conditioned to make it succeed.

Once we are on our own and need a roof over our heads, we get used to the financial responsibilities of having a place to live.  Paying rent, utilities, insurance, etc. automatically instill the discipline required to own real estate in us.  When hydro costs change, we adjust.  When insurance premiums go up, we pay.  It’s automatic!

That said, if you are in a position that allows you to buy real estate in the Greater Vancouver area right now, your timing couldn’t be better!  Check out the graph below:

 Residential Average Sale Prices vancouver 1977 - July 2012

To put into perspective, let’s say you were one of the “crazy” people who purchased an “overpriced” property in the middle of a major world financial crisis in 2008.  How would you feel about that investment today?  Yes, hindsight is 20/20 but history repeats itself over and over giving us the terminology “market cycle”.  Now look at where we are today, it’s almost a carbon copy!

The best deal of the year and possibly your lifetime is here.  Now it is up to you to seize the opportunity or let it pass you by.

UPTOWN VANCOUVER M.M.

Link to PDF of Graph

Vancouver residential real estate sales 1977 - july_2012_graph.pdf


Converge on Main Street July 19th 6-9PM

Shop. Eat. Discover Main Street.

Pretty cool evening on Main Street.

On July 19th between 6-9PM Local Uptown Main street shops and restaurants will be offering discounts at every participating shop and specials at every participating restaurant.

Converge on Main st  

http://convergeonmain.com/


The Compressing Bump Up and June Stats

thecarreetblog supply level.If you are thinking of moving up in the Vancouver real estate market now is a good time. You might not sell for what prices were acheiving in the spring but if you are thinking of selling a 1 or 2 bed and moving on up to a 2 bed+ or even a house you will save $$$ as a percentage decrease will benefit you when you buy up. Don't fear the market, take advantage of the current real estate market in Vancouver. Buyers markets do not last long in Vancouver as history has shown. Call or email us to discuss the benefits of a compressing market info@uptownvancouver.com

Attached are the final listings and sales statistics for June. While the number of sales for all areas in June were down from May, the number of listings appears to be peaking – and should start to come down as we move through the summer. OPPORTUNITY! For buyers, now is a great time to find that property and take advantage of less competition. To know when the absolute best time to buy is, that will be evident 3 or 4 months after the fact; and the best opportunities will be behind us. For sellers, engage those buyers that are there and be a leader in being competitively priced! Most of all, remember that if you’re trading in the same market then don’t focus on where the market is going... And if the move makes your life better, how do you put a price on that!

Here are some highlights:

Greater Vancouver: 2,398 Sales in June 2012, down 17.3% from May 2012, currently there is an 8 Month’s Supply of listings – a Buyer’s Market.

Vancouver West Side: 479 Sales in June 2012, down 16.6% from May 2012, currently there is an 8 Month’s Supply of listings – a Buyer’s Market.

Vancouver West Side Houses: 102 Sales in June 2012, down 14.4% from May 2012 (down 52.2% from June 2011), currently there is an 11 Month’s Supply of listings – a strong Buyer’s Market.

Vancouver West Side Condos: 331 Sales in June 2012, down 17.7% from May 2012, currently there is a 7 Month’s Supply of listings – a Buyer’s Market.

East Side: 281 Sales in June 2012, down 10.3% from May 2012, currently there is a 5 Month’s Supply of listings – a Balanced Market.

East Side Houses: 107 Sales in June 2012, down 29.7% from May 2012 (down 40.5% from June 2011), currently there is a 6 Month’s Supply of listings – a Balanced Market.

East Side Condos: 136 Sales in June 2012, up 23.6% from May 2012 (a sign of the first time and entry level market strength and reaction to mortgage rule changes), currently there is a 4 Month’s Supply of listings – in between a Seller’s Market and Balanced Market.

North Vancouver: 163 Sales in June 2012, down 36.4% from May 2012 (down 46.8% from June 2011), currently there is a 7 Month’s Supply of listings – moving into a Buyer’s Market.

North Vancouver Houses: 73 Sales in June 2012, down 40% from May 2012 (down 52.3% from June 2011), currently there is a 6 Month’s Supply of listings – a Balanced Market.

listings_and_sales_stats_regional_h.pdf

listings_and_sales_stats_houses_townhouses_condos_a.pdf


Are Multi-unit properties a good buy?

Multi unit House

In a real estate market that rarely seems to cool off, buyers often have a hard time determining good value in Vancouver.  What is the best area to buy in?  Where is the best return on investment without sacrificing that family neighbourhood feel?  The answers are hard to find in such a dynamic market but, by looking into the right trends, we can often help you identify the best area.

Right now, multi-unit properties in the Uptown Vancouver neighbourhoods are starting to emerge as the best value in town.  What?  Where?  Why?  Let us explain:

Multi-unit properties are typically old-timer, character homes built in the early 1900’s that have much more square footage than allowed in today’s building code.  They’re often situated in a duplex, triplex, or apartment zoned area and contain 3 or 4 separate units.  This setup provides a lucrative opportunity for investors looking for solid rental income or young professionals wanting to buy a house with tenants paying for most of their mortgage costs.

After an eye-opening appreciation of detached houses West of Oak Street in 2011, prices in the Westside reached an all time high creating a huge gap between Westside and Eastside values.  With Main Street becoming ever so trendy and popular, young families are now looking for affordability and equity growth potential in areas that provide tree-lined streets, proximity to shopping, great parks, easier access to downtown and out of town, schools nearby, and many more conveniences.  In other words, that feel of Westside living but for a fraction of the price!

The Uptown neighbourhoods expanding from Cambie to Knight Street between 33rd Avenue and Broadway along with the Commercial Street corridor have been the hottest pockets in the city this Spring.  Many houses continue selling well above the asking price and multiple offers are very common.  They range from $800,000 (land value) to $1,200,000 and keep rising.  These are 2 or 3 level homes with basement suites (or potential to put one in) that provide young families the opportunity to get away from strata living and own a piece of land in Vancouver.

All that said, multi-unit properties in the same area are taking long to sell and prices are starting to drop.  The reason?  A combination of two factors:

  1. Investors are reluctant to buy after last year’s price hike that resulted in an appreciation of 15 – 20% in most parts of the Westside.  A lot of them expect a price correction to occur in the near future and, therefore, are on a wait-and-see mode. 
  2. Couples wanting to live on one of the units and rent the others are finding that the banks have tightened the requirements to obtain a mortgage based on rental income and final approval is more difficult to obtain. 

These are the two main buyer segments that purchase multi-unit properties and, since they’re not out there snapping up the supply, sellers have to make them attractive by lowering prices or settling for a lower offer.  The ladder is where the opportunity lies!

Since January 1st, the MLS system has produced 41 multi-unit listings in the before mentioned areas with 19 of them still for sale today.  The amazing and tale-telling number is that only 10 properties have sold this year!!!  That’s less than 25% of the listings!  The others have been taken off the market so, what we have now is about 10 months’ supply (if sales continue at the same pace of just 2 per month).  Will the current listings take that long to sell?  Extremely unlikely since the Vancouver market historically adjusts quickly once prices fall.  On top of that, we have regular houses in the same area selling in multiple offers with prices rapidly approaching the value of multi-unit properties ($1.3M - $1.5M).  This is a classic buyer’s market but, chances are, it will be short lived.

Once a pattern of falling prices is established, they eventually reach a point where buyers see good value and start buying again.  Multi-unit properties are on the brink of that and, by then, the best opportunity to obtain a great deal is gone!  Competition for the properties comes back and prices rise again.

Prices are definitely correcting in Vancouver and it has everything to do with the value gap between the West and East sides.  If the same type of houses 10 - 25 blocks apart have a price difference of $500,000 to $800,000, it’s obvious that the market will adjust.  In Vancouver’s case, the Eastside is appreciating while the Westside corrects.  Multi-unit properties on the Westside are listed around the $2 million range.

Typically, having equity of $300,000 to $600,000 on a condo doesn’t get a buyer approved to finance a home with a price tag of $1,500,000 to $2,000,000 on the Westside.  It’s only natural that people are moving east and multi-unit properties are clearly the best value today.

Marcus Maia 
UPTOWN VANCOUVER
Dexter Associates Realty

Supply supply supply. Tells the whole story.

May stats and supply levels. 

End of May stats Uptown Vancouver

Attached are the listings and sales for the month of May. Please note that due to a change in the benchmark price calculation, May’s Benchmark Price will not be available until next week. While the Real Estate Board did provide a Benchmark Price for May, previous month’s prices need to be changed to match the new calculation.

Most areas saw a continued increase in listings for May. Units sold in May were similar to the amounts sold in April – although down from 2011 May sales. Here are a few highlights:

Greater Vancouver: Units Sold in May 2012 up 2.1% from April 2012 and down 15.6% from May 2011. Total Active Listings are up 20.2% from May 2011, currently there is a 7 Month’s Supply of Listings – Balanced Market.

WESTSIDE

Vancouver West Side Residential: Units Sold in May 2012 up 4.4% from April 2012 and down 22.7% from May 2011. Total Active Listings are up 38.9% from May 2011, currently there is a 6 Month’s Supply of Listings – Balanced Market.

Vancouver West Side Houses: Units Sold in May 2012 down 6.2% from April 2012 and down 46.5% from May 2011. Total Active Listings are up 78.1% from May 2011, currently there is a 9 Month’s Supply of Listings – Buyer’s Market.

Vancouver West Side Condos: Units Sold in May 2012 up 11.6% from April 2012 and down 8.9% from May 2011. Total Active Listings are up 28.1% from May 2011, currently there is a 6 Month’s Supply of listings – Balanced Market.

EASTSIDE

Vancouver East Side Houses: Units Sold in May 2012 up 12.6% from April 2012 and down 28% from May 2011. Total Active Listings are up 22% from May 2011, currently there is a 4 Month’s Supply of listings – Seller’s Market.

Vancouver East Side Condos: Units Sold in May 2012 down 27.7% from April 2012 and up 10% from May 2011. Total Active Listings are up 36.5% from May 2011, currently there is a 6 Month’s Supply of listings – Balanced Market.

NORTHSHORE

North Vancouver Houses: Units Sold in May up 4.2% from April 2012 and down 17.5% from May 2011. Total Active Listings are up 25.2% from May 2011, currently there is a 3 Month’s Supply of listings – Seller’s Market.

RICHMOND

Richmond Houses: Units Sold in May down 11.5% from April 2012 and down 25.2% from May 2011. Total Active Listings are up 22.4% from May 2011, currently there is an 11 Month’s Supply of listings – Buyer’s Market!

Richmond Condos: Units Sold in May down 23.2% from April 2012 and down 31.2% from May 2011. Total Active Listings are up 30.2% from May 2011, currently there is an 11 Month’s Supply of listings – Buyer’s Market!

Be a leader in this market, not a follower! Cause you might be following for a while and it sucks.

STAT PACKAGES (c/o DEXTER ASSOCIATES REALTY)

listing and sales stats regional

listings and sales stats houses townhouses and condos 

REBGV MAY UPDATE - (VIDEO.)


April Stats - Eastside and North Van inventory Low

In most markets, the amount of homes available for sale are growing creating a balanced to Buyer’s Market in some cases. Richmond is still firmly entrenched in a Buyer’s Market. The Eastside and North Van remain strong with low supply. Pricing remains steady and with sales levels below typical amounts for April, pricing needs to be sharp for sellers. Buyers are active and there are opportunities for them to act on.

Attached below are the updated Sales and Listings Stats for the month ending April. A few numbers of note:

 

0-4 Months Supply = Sellers Market

5-6 Months Supply = Balanced Market

7 +  Months Supply = Buyers Market

 

Greater Vancouver – 2,837 Sales, down 2.2% from March 2012. At month’s end there were 17,559 active listings, a 6 Month’s Supply of properties (Balanced Market).

Vancouver West Side – 550 Sales, down 10.5% from March 2012. At month’s end there were 3,386 active listings, a 6 Month’s Supply of properties (Balanced Market).

Vancouver West Side Houses – 130 Sales, down 14.5% from March 2012. At month’s end there were 949 active listings, a 7 Month’s Supply of properties (going towards a Buyer’s Market)

Vancouver West Side Condos – 360 Sales, down 8.7% from March 2012. At month’s end there were 2,090 active listings, a 6 Month’s Supply of properties (Balanced Market).

Vancouver East Side – 341 Sales, up 1.5% from March 2012. At month’s end there were 1,302 active listings, a 4 Month’s Supply of properties (trending towards Seller’s Market).

Vancouver East Side Houses – 135 Sales, down 12.9% from March 2012. At month’s end there were 549 active listings, a 4 Month’s Supply of properties (up from 3 months in March) still in a Sellers’ Market.

Vancouver East Side Condos – 152 Sales, up 10.1% from March 2012. At month’s end there were 565 active listings, a 4 Month’s Supply of properties (Seller’s Market).

West Vancouver Houses – 83 Sales, up 6.4% from March 2012. At month’s end there were 475 active listings, a 6 Month’s Supply of properties (Balanced Market) – with some exceptions of quicker sales happening.

North Vancouver Houses – 118 Sales, down 2.5% from March 2012. At month’s end there were 33 active listings, a 3 Month’s Supply of properties (Seller’s Market with very low inventory levels).

Richmond – 307 Sales, flat to March 2012. At month’s end there were 2,552 active listings, an 8 Month’s Supply of properties (Buyer’s Market continues).

sales_and_listing_stats_regional_b.pdf

sales_and_listings_stats_houses_townhouses_condos_a.pdf

rebgv_statspackage_april2012.pdf


April Stats to date

Attached are the Sales and Listings Stats update. Trending towards, in most areas, to a Buyer’s Market, however the East Side Remains strong with a 4 month supply. An adjustment of Seller’s expectations may be needed. Buyers have had choice this spring especially in the condo side of the market but with sharp pricing comes movement so buyers need to prepared to make the jump when they find something they like. Some highlights of the market are:

Greater Vancouver: As of April 21, 1,966 Sales (3,270 Sales in April 2011), 17,154 Active Listings (15,239 in April 2011)  – should finish the month with a 7 Month’s Supply

Vancouver West Side: As of April 21, 386 Sales (761 Sales in April 2011), 3,260 Active Listings (2,624 in April 2011) – should finish the month with a 7 to 8 Month’s Supply

Vancouver West Side Detached: As of April 21, 88 Sales (214 in April 2011), 902 Active Listings (590 in April 2011) – should finish the month with a 7 to 8 Month’s Supply

Vancouver West Side Condos: As of April 21, 260 Sales (451 in April 2011), 2,007 Active Listings (1,766 in April 2011) – should finish the month with a 6 to 7 Month’s Supply

 

Vancouver East Side: As of April 21, 232 Sales (322 in April 2011), 1,288 Active Listings (1,094 in April 2011) – should finish the month with a 4 Month’s Supply

Vancouver East Side Detached: As of April 21, 91 Sales (171 in April 2011), 534 Active Listings (528 in April 2011) – should finish the month with a 4 Month’s Suppy.

sales and listings stats regional1.pdf

sales and listings stats houses townhouses and condos.pdf

 


HST Calculator

CalculatorAre you wondering how much HST you will have to pay or what sort of rebate you will get on your new home purchase?  This is a great tool that provides calculations based on different completion dates and scenarios surrounding the April 1, 2013 repeal of the HST.

B.C. Real Estate New Home HST/GST Calculator

http://www.rosborough.com/bc-real-estate-new-home-hst-calculator.html

 Related blog post:

http://uptownvancouver.com/new-rebates-hst-and-1st-timers

 


Top 28 grants and rebates for property buyers and owners.

Dollar sign house

 

If you are a home owner looking to do a reno, go a little green or a first time home buyer here is a list of rebates available to home owners and purchasers. There’s some fabulous information here, including ones I have never even heard of and in a great format and easy to read!

A downloadable PDF link is below.

Top 28 Rebates Top 28 Rebates

top_28_grants_and_rebates.pdf

 


Coffee and treats on East 15TH AV

One thing Vancouver is not lacking is places to go to for a coffee. However, getting a good coffee with a great atmosphere is a whole different story. Last week I met a friend for coffee and thought to try something new and not at one of our many chain coffee houses in Vancouver. Uptown Main street has many funky joints but wanted to try something off the beaten track. I had heard great things about this new roastery Matchstick, especially how great their coffees were and that 2 doors down was a gluten free bakery that people have been raving about. 

Tucked away on the 600 block of East 15th Matchstick coffee Roasters and The Gluten Free Epicurean are nestled between Le Faux Bourgeois and Chez Baba Yoga and Cantina. This little block is becoming quite hip.

I decided to check out The Gluten Free Epicurean first to see what sort of goodies they offered, as my wife is a celiac and we are always on the hunt for decent baked goods she can eat. The first thing out of my mouth was "are these all gluten free?" Delainy, the owner responded with "yes, everything is gluten free and lots of Vegan free too (for those that have other intolerances along with wheat). So much to select from and even things you can take home and bake yourself. They have pizza dough, cookie mix, pancake mix and more.

My wife was at work so I decided to surprise her after my coffee with a few treats. I got her a cinnamon bun and a pizza bun, 2 things she hadn't eaten in years. For myself I picked up a gluten free apple fritter (couldn't tell the difference and in fact these may be better than the original glutenous kind) and headed 2 doors down to Matchstick for a tasty coffee.

Matchstick is minimalistic with its blond wood features, subway tiles, wood beams and a long communal table reminding me of Europe. They even have a little kids area. Through the back they have a coffee roaster free standing in an open room ready for roasting coffee (which they plan to start roasting in a few weeks). My friend and I ordered a couple of americanos and chocolate croissants and sat down by the window to catch up. I would have to say that that was one of the best coffees I have had in Vancouver and rivals Italy. I have always wondered why I haven't been able to get an "Italian" tasting coffee outside of Italy and I think the reason is we all drink too much brewed drip coffee. At Matchstick they make each cup of coffee individually. Smooth, tasty, and no sugar needed. My friend commented on the croissants as being so good the French couldn't make them better.

       

All in all a great block to grab some treats (gluten free or not) and have a coffee, bridging Commercial street and Main street, giving the Cedar Cottage and Fraser Kingsway neighbourhoods a cool hip place to relax, work or meet up with a few friends for a great coffee. 

Oh and as for what my wife thought of the baked goods I picked up... absolutely loved them. We went back on the weekend.
 

matchstick location

Picture courtesy of Matchstick Coffee Roasters and The Gluten Free Epicurean's Websites.


Meccanica by Cressey

Here is an awesome new development by Cressey at the corner end of Southeast False Creek on 1st and Quebec: If you ask me this whole area is going through an amazing transition. No longer a fast food strip with McDs and Burger King; but instead all the big developers are jumping in and redefining the area. This central Main Street area will be unrecognisable in 3-4 years with much more density and a sense of life. Minutes to Downtown via Skytrain, bike, walk.

We did a Realtor preview this afternoon and had a look at what they are launching and I would have to say that I like the direction this project is taking. A lot of the design elements are taken from the intermeccanica Roadster custom built on that same block the development is on. 

Concrete floors, A/C, retro Porsche colours, industrial hints, 9'4" ceilings, open floor plans, custom metal doors and much more.

Maintenance fees are slated @ 0.35c a foot and the deposit structure can be found on the price range sheet below. Estimated completion fall of 2014.

Floor plans are attached to the Preview Package below.

Call either Marcus or Chris and we'll arrange a showing for you and get the inside track. Goes on Sale March 10, 2012. 

Meccanica by Cressey Building Shot

price_range_a.pdf
meccanica_by_cressey_preview_package.pdf


New Rebates HST and 1st Timers

HST transition

H.S.T. will be eliminated April 1, 2013 (yes, April Fool’s Day). To help purchasers of new homes, the provincial government has announced transitional rules.


Effective April 1, 2012, buyers may be eligible for a provincial enhanced New Housing Rebate if they buy, as their primary residence, a home (as currently defined) priced up to $850,000. The current threshold is $525,000.

In addition, buyers may also be eligible for a provincial New Housing Rebate if they buy a secondary vacation or recreational home outside the Greater Vancouver and Capital Regional Districts priced up to $850,000.

Buyers of new homes will be eligible for a rebate of 71.43% of the provincial portion of the HST paid on the new home up to a maximum rebate of $42,500. Homes priced at more than $850,000 will be eligible for a flat rebate of $42,500.

Below are the typical scenarios.

If a buyer enters into an agreement dated on or before April 1, 2012 and they take ownership or possession on or before April 1, 2012, nothing changes. The buyer will pay the 12% HST and be eligible for a rebate of up to $26,250 on homes priced to a maximum of $525,000. Homes priced at more than $525,000 are eligible for a flat rebate of $26,250.

If buyers have entered into an agreement dated on or before April 1, 2012 and they take ownership or possession on or before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced at more than $850,000 are eligible for a flat rebate of $42,500.

If a buyer purchases a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession on or after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will pay a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

If a buyer purchases a presale residential property and they have an agreement dated on or after April 1, 2012 and before April 1, 2013, and they take ownership and possession before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced more than $850,000 are eligible for a flat rebate of $42,500.

If a buyer purchases a residential property and they have an agreement dated on or after April 1, 2012 but the construction of the home commenced before April 1, 2013, and they take ownership and possession after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will pay a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

If the Contract of Purchase and Sale is signed on or after April 1, 2013, with possession after April 1, 2013, only GST is applicable. The HST will generally cease to apply to sales of real property (including residential real property) if ownership and possession of the property transfer on or after April 1, 2013. This will be the case for sales of new housing, irrespective of whether the agreement of purchase and sale was entered into before April 1, 2013 or whether construction of the new housing began before April 1, 2013.

If a Contract of Purchase and Sale is signed on or before November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 special transitional rules apply. In this situation a Buyer will pay a 2% transition tax.

If a Contract of Purchase and Sale is signed after November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 the buyer will pay a 2% transition tax. However the 2% tax will not apply where construction has been substantially completed before July 1, 2010 and the PST Transitional New Housing Rebate has not been claimed as of February 17, 2012.

All the same rules apply to recreational property that apply to other residential property.


HST Rebate Examples

HST Real Estate Board Communication

BC's First Time "NEW" Home Buyers Bonus


Brewing the creek?

Brewery StorageMain Street Pilsner coming to a building near you? That's the word on the street in the Uptown Vancouver neighbourhood of Mt. Pleasant. However, word is, several residents are up in arms over the fact that they were not made aware of a potential brewery and restaurant going in the historic 'yellow' brewery storage warehouse (located at the corner of Scotia and 7th part of Amacon's District development). Main Street Pilsner is currently brewed in Surrey by the Russell Brewing Co. The application includes 5,000 square feet of artist space, 3,190 square feet for a brewery, 3,950 square feet for a restaurant with a patio of approximately 566 square feet.

On the same 200 block of E 1ST AV another proposal has been submitted by Cameron Hardisty of ANKENMAN MARCHAND ARCHITECTS to construct a fourth principal building to be used as a brewery for Red Truck Brewery with ancillary restaurant and alter the exterior of the existing buildings on the site.

Uptown Mt. Pleasant residents sure do love their beer and more restaurants are in demand, but it seems as though the neighbourhood is growing faster than what some are ready for.

Brewery Creek may once again live up to its name. That's the word on the street.

Chris Spotzl Uptown Vancouver