Open House. Open House on Sunday, February 19, 2017 2:00PM - 4:00PM
Open house today February 12 2017 2:00-4:00
#102 1633 W.11th Avenue. Fairview, Vancouver BC
EXTRA LARGE GARDEN SUITE IN PRIME SOUTH GRANVILLE.
SW facing, incredibly quiet and very private. Efficient floor plan with open living/dining area great for entertaining. Features include cozy real wood burning fp, granite countertops, h/w floors , insuite laundry & more. Amazing 650 sq. ft. deck comes to life in the Spring. Expect azalea, rhododendrons & climbing hydrangeas to be out. Walkers paradise. 5 minutes to everything, shopping, theatres, restaurants, short walk to Granville Island & close to downtown. One small dog or 2 cats. Parking and storage included. Well managed building. Age rest. to 19+ to occupy. Open House Feb. 11th & 12th 2:00-4:00pm. A pleasure to show.
2017 Real Estate News Update / January 2017 Report
Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold.
Last month’s sales were 10.3 per cent below our 10-year January sales average.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,140 in January 2017. This represents a 6.8 per cent decrease compared to the 4,442 homes listed in January 2016 and a 215.5 per cent increase compared to December 2016 when 1,312 properties were listed.
The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,238, a 9.1 per cent increase compared to January 2016 (6,635) and a 14.1 per cent increase compared to December 2016 (6,345).
The sales-to-active listings ratio for January 2017 is 21 per cent. This is the lowest the ratio has been in the region since January 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Conditions within the market vary depending on property type. The townhome and condominium markets are more active than the detached market at the moment,” Morrison said. “As a result, detached home prices declined about 7 per cent since peaking in July while townhome and condominium prices held steady over this period.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $896,000. This represents a 3.7 per cent decline over the past six months and a 0.2 per cent decrease compared to December 2016.
Sales of detached properties in January 2017 reached 444, a decrease of 57.6 per cent from the 1,047 detached sales recorded in January 2016. The benchmark price for detached properties is $1,474,800. This represents a 6.6 per cent decline over the last six months and a 0.6 per cent decrease compared to December 2016.
Sales of apartment properties reached 825 in January 2017, a decrease of 24.7 per cent compared to the 1,096 sales in January 2016.The benchmark price of an apartment property is $512,300. This represents a 0.3 per cent increase over the last six months and a 0.4 per cent increase compared to December 2016.
Attached property sales in January 2017 totalled 254, a decrease of 32.4 per cent compared to the 376 sales in January 2016. The benchmark price of an attached unit is $666,500. This represents a 0.4 per cent decline over the last six months and a 0.7 per cent increase compared to December 2016.
Open House. Open House on Sunday, February 12, 2017 2:00PM - 4:00PM
Open House. Open House on Saturday, February 11, 2017 2:00PM - 4:00PM
New property listed in Fairview VW, Vancouver West
A heated year for Vancouver Real Estate
A heated year for Metro Vancouver real estate draws to a close VANCOUVER, BC – January 4, 2017 –
The Metro Vancouver* housing market had its third highest selling year on record in 2016, behind only 2015 and 2005. Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.
“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.
“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.” Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 per cent compared to the 57,249 properties listed in 2015 and a 2.6 per cent increase compared to the 56,066 properties listed in 2014.
The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.
A quick snap shot of Metro Vancouver's Real Estate Market
Home buyers and sellers face changing market dynamics 2016
“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said.
“We’re seeing more demand for condominiums and townhomes today than in the detached home market.”
October 2016 Home buyers and sellers face changing market dynamics
Home buyers and sellers face changing market dynamics October 2016
Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014.
Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.
Last month’s sales were 9.6 per cent below the 10-year sales average for the month.
“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).
The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.
“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.
Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.
Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.
Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.
market video October 2016
market video October 2016
Just Sold 1850 Comox St. Downtown Vancouver Westside
#2103 1850 Comox. St. $449,000
Amazing 21st floor views of English Bay, Ocean and mountains.
Sunny south west corner suite.
Living the Vancouver Westside Lifestyle
Metro Vancouver Home Sales Decline & Return To Typical August Levels.
Vancouver Homes Sales Decline
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015;
10.2 per cent less than the 2,771 sales in August 2014;
and one per cent less than the 2,514 sales in August 2013.
August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.
From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.
“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said.
"Sales have been trending downward in Metro Vancouver for a few months.
The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.
Vancouver Home + Design Show 2016
MARK YOUR CALENDARS!
Vancouver Home + Design Show returns
October 27-30, 2016!
The Vancouver Home + Design Show is a must-see fall event.
Find fresh inspiration, helpful tips, innovative products and fantastic deals!
People in Vancouver visit the home show to become inspired, informed and energized with helpful advice, thousands of solutions and the coolest new products.
Thursday, October 27, 2016 4 p.m. - 9:00 p.m.
Friday, October 28, 2016 NOON - 9:00 p.m.
Saturday, October 29, 2016 10:00 a.m. - 9:00 p.m.
Sunday, October 30, 2016 10:00 a.m. - 6:00 p.m
I have sold a property at 2103 1850 COMOX ST in Vancouver
Thinking of buying an investment property?
Thinking of buying an investment suite? Here are features you should consider.
The geographic boundaries in which you intend to invest will be mostly restricted by whether you intend to outsource property management services or manage the property yourself. If the latter is the desired route, you are going to want to look for properties that are within a relatively close travelling distance. If you are contracting outside property management services, this is less of a factor.
Here are 10 features that investors should evaluate and consider when hunting for that perfect real estate investment property.
1. Employment Opportunities: Locations with a growing job market tend to attract more people. More people mean more renters, especially if you target an area with a large rent/own ration. You can visit Statistics Canada for reliable and timely data on the labour market for the area you are considering. If you notice a large corporation moving to the area, migration will follow. College towns are now also a viable option as there is the steady flow of students needing off-campus housing, although the demand may only be strong for the September to April school year.
2. Location, Location, Location: The quality of the location will influence the type of renters attracted to your rental property. Look at criteria, such as the Walk Score, proximity to transportation, hospitals, proximity to universities and colleges, major business centres, local restaurants and shopping. The more central the location, the greater the demand.
3. Rent: For income properties, your monthly rent is your staple. Find out what the average rental rates are in the area. Can you achieve above or below the average? At the very least, you are going to want to cover your mortgage payment, taxes and miscellaneous expenses like insurance. If this can be achieved, then you can move on.
4. Safety: No one wants to live in an unsafe neighbourhood. You can inquire about crime rates. Again, Statistics Canada is a great resource, and even the local police department can tell you whether the neighbourhood is safe and secure.
5. Amenities: What attractions are nearby that will both be a draw and requirement for renters? Things that must be considered are shopping malls, parks, movie theatres, gyms and access to public transportation.
6. Schools: One of the top considerations for your renters may hinge on the school district and specific schools that they want their children attend. Researching the local schools will be a key variable which can increase your renter pool as well as significantly impact the overall appreciation of your investment property.
7. Future Development: What developments are planned for the area which would positively or negatively impact the value of your investment property? Is it a high-growth area or one that is currently in decline? A neighbourhood in the early stages of gentrification might result in a faster and higher appreciation for your investment property.
8. Inventory: Is there a lot of inventory available on the market? Make sure you look at market trends for the last few years as you don’t want to be in a seasonal trend only when making your investment decision. You have to review the vacancy rates that have existed based on inventory levels and how this may impact your monthly rental rates.
9. Property Taxes: These costs affect your bottom line. Review the taxes and the current market value assessments and determine if they are high, and if so, whether there’s a reason.
10. Insurance: These are additional costs that erode your bottom line returns. Of course, you don’t want to invest in areas where you cannot get insurance, like flood plains or possible proximity to natural disasters. You can do your research with your insurance agent to determine the risks of claims that might exist and if you can get coverage at all.
The easiest and possibly best investment properties for beginners are residential single family homes and condominiums. Condos are low maintenance, as generally the condo corporation is responsible for external repairs. You must keep an eye out for high maintenance fees which are generally charged on a cost per square foot per month basis. Do your research and comparative analysis to ensure these costs are in line for the building in question.
When you have the type of property you desire and the neighbourhood narrowed down, look for the best properties that have both appreciation potential and good projected cash flow. You should choose an experienced realtor who has a proven track record. You’ll want a successful realtor to help and advise you with this exciting opportunity.
Feel free to me at 604-724-0725 for more information and tips.
New Foreign Tax effective August 2
Government to introduce a 15 per cent foreign buyer tax effective August 2
Message from the Real estate board of Greater Vancouver:
The provincial government will implement a 15 per cent foreign buyer tax on all residential transactions effective August 2, 2016. The tax will be added to the Property Transfer Tax and will apply to all residential properties purchased by foreign nationals or foreign-controlled corporations.
The new tax will be payable on applicable transfers registered with the Land Title Office on or after August 2 regardless of when the deal was completed.
The tax will apply to any transferee that is a foreign national, foreign corporation, or taxable trustee. Foreign nationals are defined as people who aren’t Canadian citizens or don’t have permanent resident status in Canada. (Permanent residents will have a valid permanent resident card issued by the Canadian government.)
“Housing affordability concerns all of us who live in the region. Implementing a new real estate tax, however, with just eight days’ notice and no consultation with the professionals who serve home buyers and sellers every day needlessly injects uncertainty into the market,” Dan Morrison, Board president said. “Government has had a long time to take action on the affordability issue, yet they decide to bring this new tax in over a long weekend, with no notice, and no time to prepare. It would have been prudent to seek consultation from the people most knowledgeable about the impact.”
Under the new tax, for example, a foreign buyer or foreign-controlled entity will pay an additional $300,000 in tax on a $2 million home.
“To minimize short-term volatility in the market, we’re calling on government to exempt real estate transactions that are in the process of closing from this new tax,” Morrison said.
Foreign corporations are any corporation not incorporated in Canada, or are incorporated in Canada but controlled in part, or wholly, by a foreign national or corporation. Publicly traded companies are excluded.
Commercial properties are excluded, and mixed-use properties will only pay the tax on the portion of the property’s value that’s for residential use.
For more information:
Read the government announcement here.
Read the government’s tax information sheet here.
We’ll continue to share information with you on this development as we learn more.
Home buyers remain active across Vancouver!
Home buyers remain active across Metro Vancouver
Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.
Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold.
Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.
"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.
“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase compared to May 2016 (7,726).
The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 per cent increase compared to June 2015.
Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500.
Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per cent from June 2015 to $501,100.
Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from June 2015 to $656,900.
What's the market speed in Vancouver's Fairview neighbourhood?
Vancouver's Fairview sales at a glance! June 2016
Price band Inventory Sales Sales Ratio
$400,001 – $500,000 36 48 100%
$500,001 – $600,000 41 42 100%
$600,001- $700,000 56 49 88%
$700,001-$800,000 35 31 89%
Overall in Fairview there were 59 attached homes listed for sale and there were 58 sales. This is a 98% Sales ratio!
What is sales ratio percent as reported in Fairview?
The speed of which the current inventory of homes are selling. It is also known as the Sales-to-Active Listing Ratio and defines the official market type.
The formula: sales for the month ./. Active listings (Inventory) = % of Homes Selling Rate in Fairview
Fact: it is a sellers’ market when we have more than 21% sales or greater. We currently have 98% sales ratio across the raider in Fairview so the market is over heated.
DAYS ON MARKET AVERAGE 11
The Most active price band is between $400,000 & $500,000 with average > 100% Sellers Ratio ( Sellers’ Market!)
If you are thinking of selling your Fairview home feel free to call me for a FREE home evalutaion. 604-724-0725
We want to thank you for helping us smoothly sell our condo. You have demonstrated experiences and professionalism in your timely communication, sound real estate knowledge and skills in negotiating offers and completing the contract. Your comparative analysis of the market condition also helped us to lay out a realistic strategy which leads to a smooth conclusion of the sales of condo. We are lucky to have you as our realtor, who takes the real estate job seriously as a life-long career.
Sherry & Erwin