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Housing supply up, home sales and prices down in June

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.


Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.


“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”


On the supply side, there were 4,751 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2019. This represents a 10 per cent decrease compared to the 5,279 homes listed in June 2018 and an 18.9 per cent decrease compared to May 2019 when 5,861 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 per cent increase compared to June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685).

“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”


For all property types, the sales-to-active listings ratio for June 2019 is 13.9 per cent. By property type, the ratio is 11.4 per cent for detached homes, 15.8 per cent for townhomes, and 15.7 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019.


This is the first time the composite benchmark has been below $1 million since May 2017.

Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.


Sales of apartment homes reached 941 in June 2019, a 24.1 per cent decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment property is $654,700. This represents an 8.9 per cent decrease from June 2018 and a 1.4 per cent decrease compared to May 2019.


Attached home sales in June 2019 totalled 390, a 6.9 per cent decrease compared to the 419 sales in June 2018. The benchmark price of an attached unit is $774,700.


This represents an 8.6 per cent decrease from June 2018 and a 0.6 per cent decrease compared to May 2019.


Questions or if you want market statistics for your area, please call. 



Erica Rendell Let's Get Moving 

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Finding a Great Home in a Hurry

Finding a Great Home in a Hurry?


Do you have only a few weeks to search for your next dream home?  Don't panic. There are things you can do to find the perfect (or, at least, almost perfect) property — without getting too stressed out!


Consider these tips: • Pre-arrange your mortgage. You want to be able to make a good offer on a home right away, without worrying about financing.


So, talk to your mortgage advisor or lender about getting a mortgage preapproval. Sellers will take your offer more seriously if you have financing in hand.


• Decide what you want. What type of home are you looking for? What type of neighbourhood do you want to live in? The narrower your focus, the less time you’ll waste looking at properties that don’t fit your needs.


• Be open to possibilities. There are probably terrific homes on the market — right now — that are close to what you're looking for. So be prepared to consider properties that are less-than-perfect. Remember, what a home lacks today may be remedied with a renovation later on.


• Be flexible with your schedule. When you see a home you like, schedule a viewing immediately, even if it's at an inconvenient day/time, such as a weekday after work. Finding a great home, quickly, is worth some inconvenience.


• Get alerted to new listings. As they say, the early-bird gets the worm. So arrange to be alerted to new listings the moment they come on the market. That way, you can see these properties right away. Want more tips on finding a home, quickly? Feel free to give me a call and Let's Get Moving.


Erica Rendell 604-724-0725

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Ask these 5 questions if you're struggling to decide whether or not to sell:

Stay or Move? 5 Questions that Help you Decide


It can be tough to make the decision to sell. In fact, for many homeowners, it's overwhelming. If you're considering making a move and struggling with the decision, here are five helpful questions to ask yourselves:


1. "What are our practical reasons for selling?"

This question refers to what you'll get by moving to a new home. The reasons could include a bigger backyard, shorter commute to work, an extra bedroom, a more desirable neighbourhood, etc.


2. "What are our emotional reasons for selling?"

This question refers to how you'll feel about living in a new home. For example, you might feel safer, less cramped, less worried (because the local schools are better), or happier (because the shorter commute means more time with your family.)


3. "What type of new home can we afford?"

This question involves finding out how much you'll likely get when you sell your existing home and how much of a mortgage you qualify to receive. With that information, you'll have a price range within which you can comfortably shop plus a clear idea of what your mortgage payments will be.


4. "In what ways will our lifestyle be better in a new home?"

This ties in closely with emotional reasons for selling. It relates to what your life will be like in a new home. Try to paint a picture in your mind. For example, you might want to be able to spend Saturday afternoons relaxing in your bigger backyard or Sunday nights entertaining friends and family in your larger living room.


5. "What else do we need to know before we decide to sell and move?"

Sometimes people are hesitant about selling simply because they have unanswered questions. So, if there's any part of the selling and buying process that’s not clear, be sure to ask me.


Did thinking about these questions help make the decision easier?


If you need more help or want to talk about your decision feel free to call me. 


Erica Rendell 604-724-0725.

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Thinking of buying into a new development? Read this first

Should you Buy a Resale or a New-Build?

If you're thinking about buying a new home, you may be considering purchasing in a new development.


How does that compare to purchasing a resale property?


Buying a newly-built home has some advantages. Depending on the development, you may have leeway in the style of the home and the lot you choose. Also, when the home is built, you'll be moving into a place where everything is brand new!


On the downside, however, you may be forced to make a decision based purely on marketing brochures and floor plans. Unless there's a model home just like the one you want, you'll be buying sight unseen. Also, there may be unpredictable construction delays — an unpleasant experience if you've already sold your current property.


Of course, buying a resale home may also have a downside. For example, the house might need work, such as a new roof. What you see is pretty much what you get. And, that’s true for the floor plan too. You can't ask for the living room to be five feet wider, unless you decide to renovate.


On the other hand, a big advantage of a resale home is moving into a neighbourhood that is already there for you to see and explore. Unlike in a new development, you can get a very clear idea of what it’s going to be like to live there.


Plus, you get to see the house too! Regardless of which way you go,


I can help you make the best decision and find the home that's perfect for you. Call today.

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May sees modest increase in home sales while housing supply reaches five-year high

VANCOUVER, BC – June 4, 2019 – Monthly *Metro Vancouver1 home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019.


“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, REBGV president said.


Click here for the full article

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Reduced demand and increased supply remain the trend across Metro Vancouver’s housing market

VANCOUVER, BC – May 2, 2019 – Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver* housing market.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,829 in April 2019, a 29.1 per cent decrease from the 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019.


Last month’s sales were 43.1 per cent below the 10-year April sales average.


“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” Ashley Smith, REBGV president said. “Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”


There were 5,742 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2019. This represents a 1.3 per cent decrease compared to the 5,820 homes listed in April 2018 and a 16 per cent increase compared to March 2019 when 4,949 homes were listed.


The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 14,357, a 46.2 per cent increase compared to April 2018 (9,822) and a 12.4 per cent increase compared to March 2019 (12,774).


“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.


” The overall sales-to-active listings ratio for April 2019 is 12.7 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.4 per cent for townhomes, and 15.3 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


Click here for the full report.

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How much will moving day cost? This will give you some idea

Budgeting for Moving Day Expenses

On moving day, you'll have a big task. You’ll need to get your possessions from your old property to your new one — ideally without delays or damage! Surprisingly, many people underestimate the time and costs involved in doing that. Careful planning and budgeting are crucial to ensuring moving day goes smoothly.

You basically have three options:

  1. Hire a moving company to handle everything.
  2. Hire a truck and crew, while doing some of the work yourself. (For example, you can pack and help with loading.)
  3. Do it all yourself by renting a moving van and getting friends and family to help.

If you're going with option one, get quotations as early in the buying/selling process as possible. Services, costs and quality vary widely among full-service moving companies.

If you're going to do some or all of the move yourself, the best place to start is by making a list of what you'll need. In addition to renting a moving van, or hiring a truck and crew, there are many supplies you may require. For example, you’ll need boxes, protective fill and/or wrapping (i.e. bubble wrap), markers for labeling boxes, packing tape, and more.

You may decide to rely on friends to help load the truck on moving day. That's fine. Just be sure you have enough people to do the job within a reasonable timeframe, and confirm everyone's attendance at least a couple of days before.

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Here are some helpful tips on how to move quickly so you get the home you want

When You See a Home You Love

Imagine driving through a desirable neighbourhood and, just as you turn a corner, you see the absolutely perfect home. Guess what? It's for sale! But, there’s a problem. Your current property isn't on the market. In fact, until this moment, you hadn’t seriously considered moving.

So what do you do?

Your first step is to find out more about the listing. Get a description of the property. Find out the listing price. Check out the size, layout, number of bedrooms and other features. If it all looks good, schedule a viewing.

Chances are, you can do all that in less than a day.

If you go to see the property and still love it, your next step is to determine if it fits within your budget. To do that, you'll need to quickly find out the Current Market Value of your home — what it will likely sell for — so you can determine how much money you'll have available after your outstanding mortgage and any other costs are deducted. It’s a smart idea to speak to your lender about getting a pre-approved mortgage at this point too.

Next, you'll need to make an offer on the new home. Depending on the competitiveness of the neighbourhood, and the likelihood of multiple offers, you might need to list your home first. That, along with a pre-approved mortgage, will make your offer more credible.

You might end up buying the new home before your current property sells. Although that might cause some jitters, this scenario happens all the time in real estate. If you do the right things, and prepare your home properly, there's a good probability it will sell in time and that everything else regarding the two transactions will go smoothly.

But, you do need to move quickly and make some fast decisions if you want to get that perfect home.

I can help. Call me. 

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