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More supply and less demand seen across Metro Vancouver housing market

The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.


Last month’s sales were 36.1 per cent below the 10-year September sales average.


“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”


There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8 per cent decrease compared to the 5,375 homes listed in September 2017 and a 36 per cent increase compared to August 2018 when 3,881 homes were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2 per cent increase compared to September 2017 (9,466) and a 10.7 per cent increase compared to August 2018 (11,824).


For all property types, the sales-to-active listings ratio for September 2018 is 12.2 per cent. By property type, the ratio is 7.8 per cent for detached homes, 14 per cent for townhomes, and 17.6 per cent for condominiums.

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.


“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600. This represents a 2.2 per cent increase over September 2017 and a 3.1 per cent decrease over the last three months.


Sales of detached properties in September 2018 reached 508, a 40.4 per cent decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5 per cent decrease from September 2017 and a 3.4 per cent decrease over the last three months.

Sales of apartment properties reached 812 in September 2018, a 44 per cent decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4 per cent increase from September 2017 and a 3.1 per cent decrease over the last three months.


Attached property sales in September 2018 totalled 275, a 46.9 per cent decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4 per cent increase from September 2017 and a two per cent decrease over the last three months.

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Here’s a handy checklist you can use to quickly prep your home for a viewing. Take a look: 

 


Imagine you were selling your car, and a prospective buyer was on the way over to see it. What would you do? You would probably make your vehicle look as clean and shiny as possible, inside and out.




The same holds true if you’re selling your home and there’s a potential buyer on the way. You want the buyer to be wow’d by your property. Here’s a handy checklist to follow:




  • Clean every room. Make your entire house look as “guest ready” as possible.
  • As much as is feasible given the time, reduce clutter. Consider packing some items into boxes and storing them in the basement or garage.
  • Get pets out of the house. You can take them for a walk, have a neighbour watch them, or take them to a good kennel.
  • Turn on the lights, even during the day. You want each room to look bright.
  • If there are any maintenance issues, such as a dripping faucet, let your Realtor know. Often, it’s best for buyers to be told rather than discover such issues themselves.

  • Open the curtains, except in those rooms where the sun will be uncomfortably strong during the viewing.
  • Move your vehicles from the driveway so the buyer can park there. (That can help them imagine living there, which is what you want!)
  • Make sure your foyer is especially clean and uncluttered. It’s the first “room” the buyer visits.
  • Avoid cooking just before a viewing. Even if the meal is wonderful, the aroma may linger. (Some people don’t like the smell of certain dishes, such as fish.)
  • Freshen up the outdoor space. Sweep the walkway.




This viewing checklist will help you prepare your home quickly, so when the buyer comes in your front door, there’s a much better chance he or she will be impressed. 



Erica Rendell 


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There are many good reasons to put your property on the market.


Some examples include a relocation, the kids leaving the nest, the need for something bigger or smaller, and the list goes on and on.


However, there are also some less-than-obvious indicators that it may be time to sell.


Consider the following:


1. Your Property is no longer a Good "Fit" Your home may have been perfect for you when you bought it. But things change. Families grow. Needs evolve. For any number of reasons, your property may no longer be a good fit for you. If that's the case, it makes sense to at least take a look at what's available on the market. Who knows? Your next "perfect" home may be for sale right now — within your price range!


2. The Neighbourhood is Changing You may have been in love with the neighbourhood when you first moved in. But, over time, the characteristics of any area can change. Those changes don’t necessarily mean the neighbourhood is getting worse. In fact, it may be changing in a positive way; perhaps becoming more urban. But, "more urban" may not be what you want. So take a look at the direction your neighbourhood is heading. Ask yourself, "Do I still want to be living here in two years?"


3. You're Ready for Your Dream Home Remember when you purchased your current property? Did it have every feature you wanted? Was it your dream home? Or, did you have to compromise on a few things, such as the size of the kitchen? If you had to make some tough choices back then, it might be time for you to finally get the home of your dreams.


Those are just three indicators it may be time for you to make a move. Of course, there are many others. If you've been entertaining the idea of selling your property and finding your next dream home, give me a call. I can show you what's available on the market, and keep you informed of new listings that match what you're looking for.


Contact me anytime.

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FIND WHAT YOU LOVE with Erica Rendell Let's Get Moving.

604 38 Leopold $542,000 


Welcome to Eagle Crest, a beautifully designed concrete high-rise with only 4 suites per floor, surrounded by floor to ceiling windows NW exposure providing natural sunlight.


This 6th floor corner suite is spacious w 2 beds, 2 full baths, 2 balconies & HUGE PARKING stall (PLENTY BIG enough for 2 VEHICLES plus a bike)! Enjoy the rich wood floors & cozy gas fireplace in the entertainment size living & dining room. Kitch w large eating area and newer blinds throughout w blackout dual shades. Mstr with balcony access & en-suite. A stone's throw to historic Queens Park and close to all shopping and amenities. 5 min drive to Columbia Skytrain. Location is perfect for the commuters. Bonus: Maintenance fees INCLUDE gas and cable! 


www.ericarendell.com

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FIND WHAT YOU LOVE with Erica Rendell : Just Sold :

1202 501 Pacific st.  $679,900


Extremely well laid out, bright and contemporary one-bedroom plus den Yaletown city home of 592 SQFT faces southeast with sweeping city, water and park vistas.


Open concept living offers expansive windows, gas fireplace, media feature wall plus a large, covered patio. The den is an ideal office or walk in closet. Open kitchen highlights gas range stove, an abundance of cabinetry, breakfast bar & more. Value in suite laundry, extensive built-ins, a storage locker plus one secured parking. The 501 has incredible views to False Creek, English Bay & the City. Amenities include an indoor/outdoor pool, whirlpool, steam, sauna, fitness center, games room, TV lounge, volleyball court & two guest suites. Both pets and rentals are permitted making this purchase an excellent investment.

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Home seller supply grows as demand declines


With home sale activity dipping below long-term historical averages, the supply of homes for sale in Metro Vancouver reached a three-year high in June.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,425 in June 2018, a 37.7 per cent decline from the 3,893 sales recorded in June 2017, and a 14.4 per cent decrease compared to May 2018 when 2,833 homes sold.


Last month’s sales were 28.7 per cent below the 10-year June sales average.


“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, REBGV president said.


“Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”


There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2018. This represents a 7.7 per cent decrease compared to the 5,721 homes listed in June 2017 and a 17.2 per cent decrease compared to May 2018 when 6,375 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,947, a 40.3 per cent increase compared to June 2017 (8,515) and a 5.8 per cent increase compared to May 2018 (11,292). This is the highest this total has been since June 2015.


“With reduced demand, detached homes are entering a buyers’ market and price growth in our townhome and apartment markets is showing signs of decelerating.”


For all property types, the sales-to-active listings ratio for June 2018 is 20.3 per cent. By property type, the ratio is 11.7 per cent for detached homes, 24.9 per cent for townhomes, and 33.4 per cent for condominiums.


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.



The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,093,600. This represents a 9.5 per cent increase over June 2017 and is virtually unchanged from May 2018.


Sales of detached homes in June 2018 reached 766, a 42 per cent decrease from the 1,320 detached sales recorded in June 2017. The benchmark price for a detached home is $1,598,200. This represents a 0.7 per cent increase from June 2017 and a 0.6 per cent decrease compared to May 2018.


Sales of apartment homes reached 1,240 in June 2018, a 34.9 per cent decrease compared to the 1,905 sales in June 2017. The benchmark price for an apartment is $704,200. This represents a 17.2 per cent increase from June 2017 and a 0.4 per cent increase compared to May 2018.


Attached home sales in June 2018 totalled 419, a 37.3 per cent decrease compared to the 668 sales in June 2017. The benchmark price of an attached home is $859,800. This represents a 15.3 per cent increase from June 2017 and is virtually unchanged from May 2018.

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Four Things You Should Know About Staging


You've probably heard about "home staging". As the name implies, it's all about arranging each room in your home in a way that will make the best impression on buyers. Here's what you need to know about staging if you're thinking of listing your property.


1. Staging can get you a higher price.


On average, a fully-staged home tends to sell for 17% more than an unstaged home of the same type in the same local market.

Depending on the current market value of your property, doing some staging in your home could put thousands of extra dollars in your pocket, post-sale.


2. It can speed up the sale.


A study by the Real Estate Staging Association (RESA) showed that fully-staged homes spend an average of 90% less time on the market. So, if you need to sell quickly – without dropping your price – or you just want the comfort of having offers come in sooner, staging will definitely help.

3. You don't have to go crazy.


Completely staging every room in your home is going to give you the full benefits of this strategy. However, you don't have to go that far. In fact, just implementing a few simple staging techniques to some key rooms can make a big difference.


4. Get professional help or advice.


When it comes to home staging, don't guess at it. Get professional help or advice. As a REALTOR®, I have a lot of expertise in this area and often provide clients with proven, do-it-yourself staging tips and suggestions. If necessary, I can also recommend a professional stager. Contact me anytime. 604-724-0725.

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5 Ways to Make the Selling Process Stress-Free

 

For some homeowners,the process of listing, showing and selling their home can be stressful.

 

Fortunately, there is plenty you can do to make it much less nerve-racking—and even exciting and enjoyable.

 

Here are some ideas:

 

1. Make a plan. Decide when you’re going to show your property, search for a new home, view listings, etc. Block out these times in an agenda book or calendar. That way, you and your family can see what’s coming up.

 

2. Be flexible. Few things go exactly as planned! So, it’s important to build in flexibility. For example, you may plan to see homes for sale on Saturdays, but if an opportunity comes up on a weeknight, give yourself room in your schedule to jump on it.

 

3. Eat well. There are numerous studies that connect poor nutrition with increased stress. When people are selling and moving, there’s a tendency to rely on quick fixes, such as hot dogs and pizza! Try to plan more nutritious meals that will keep everyone healthy and energized.

 

4. Get stuff done early. Doing things last minute, such as finding a real estate lawyer or getting rid of clutter, can quickly lead to stress and frustration. Whenever possible, get tasks done early. That way, you won’t have to worry about them.

 

5. Hire the right professionals. By far, the surest way to a stress-free move is to get the right professionals working for you: everyone from contractors to mortgage brokers to movers. By the way, a big part of what I do for clients is help make every aspect of buying, selling and moving go smoothly.

 

Contact me to learn how I can help you.

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Just sold this Awesome 1905 character home in the heart of Strathcona, the friendliest community in the city!


This home has been lovingly maintained and upgraded over the years. Features include 2 bedrooms up, 2 baths, original fir floors, roomy kitchen, french doors, sunny private backyard w/deck and a very unique 1 bedroom coach house mortgage helper.


Newest improvements include replaced house footings, roof, double glazed wood windows, wall insulation, furnace and s/s kitchen appliances. Duplex zoned. The neighborhood boasts several parks, community gardens, pre& elementary schools, local corner stores, many hip restaurants and great shopping! 


Asking $1,669,000.00

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Fewer home sales and listings in the first quarter of 2018

Home buyers and sellers were less active in Metro Vancouver throughout the first quarter of 2018.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017, and a 14 per cent increase compared to February 2018 when 2,207 homes sold.

 

Last month’s sales were 23 per cent below the 10-year March sales average.

There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter of 2018, a 13.1 per cent decrease from the 7,527 sales over the same period last year. This represents the region’s lowest first-quarter sales total since 2013.

 

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

 

There were 4,450 detached, attached and apartment properties newly listed for sale in Metro Vancouver in March 2018. This represents a 6.6 per cent decrease compared to the 4,762 homes listed in March 2017 and a 5.4 per cent increase compared to February 2018 when 4,223 homes were listed.

 

There were 12,469 homes listed for sale in Metro Vancouver during the first quarter of 2018, a 0.8 per cent decrease from the 12,568 sales over the same period last year. This represents the region’s lowest first-quarter new listings total since 2013.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,380, a 10.5 per cent increase compared to March 2017 (7,586) and a 7.1 per cent increase compared to February 2018 (7,822).

 

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

 

For all property types, the sales-to-active listings ratio for March 2018 is 30 per cent. By property type, the ratio is 14.2 per cent for detached homes, 39.9 per cent for townhomes, and 61.6 per cent for condominiums.

 

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.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 16.1 per cent increase over March 2017 and a 1.1 per cent increase compared to February 2018.

 

Sales of detached properties in March 2018 reached 722, a decrease of 37 per cent from the 1,150 detached sales recorded in March 2017. The benchmark price for detached properties is $1,608,500. This represents a 7.4 per cent increase from March 2017 and a 0.4 per cent increase compared to February 2018.

 

Sales of apartment properties reached 1,349 in March 2018, a decrease of 26.7 per cent compared to the 1,841 sales in March 2017. The benchmark price of an apartment property is $693,500. This represents a 26.2 per cent increase from March 2017 and a 1.6 per cent increase compared to February 2018.

 

Attached property sales in March 2018 totalled 446, a decrease of 24.1 per cent compared to the 588 sales in March 2017. The benchmark price of an attached unit is $835,300. This represents a 17.7 per cent increase from March 2017 and a two per cent increase compared to February 2018.

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$ 2,280,000 MLS #r2237891 Southlands Vancouver West


 

Open House is Sat March 31th, 2-4.



Absolutely charming 4 bdrm split level bungalow stylishly renovated and move in ready. Located on one of the prettiest streets in Dunbar / Southlands. You've got Musqueam Park right across the street . This home is ideal for a young family or empty nesters wanting to downsize but still wanting single family living. The home offers all double windows, Air Cond, refinished HW floors, upgraded On Demand Heating System, New Roof, upgraded wiring and renovated kitchen & bathrooms. Nothing to do here but enjoy. Open House is Sat March 31th, 2-4.

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Absolutely charming 4 bdrm split level bungalow stylishly renovated and move in ready.


Located on one of the prettiest streets in Dunbar / Southlands. You've got Musqueam Park right across the street . This home is ideal for a young family or empty nesters wanting to downsize but still wanting single family living. The home offers all double windows, Air Cond, refinished HW floors, upgraded On Demand Heating System, New Roof, upgraded wiring and renovated kitchen & bathrooms. Nothing to do here but enjoy. 


Open House is Sat March 31th, 2-4.

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Absolutely charming 4 bdrm split level bungalow stylishly renovated and move in ready. Located on one of the prettiest streets in Dunbar / Southlands. You've got Musqueam Park right across the street . This home is ideal for a young family or empty nesters wanting to downsize but still wanting single family living. The home offers all double windows, Air Cond, refinished HW floors, upgraded On Demand Heating System, New Roof, upgraded wiring and renovated kitchen & bathrooms. Nothing to do here but enjoy. Open House is Sat March 24th, 2-4.
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Metro Vancouver* home sales dipped below the long-term historical average in February.

 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a nine per cent decrease from the 2,424 sales recorded in February 2017, and a 21.4 per cent increase compared to January 2018 when 1,818 homes sold.

Last month’s sales were 14.4 per cent below the 10-year February sales average. By property type, detached sales were down 39.4 per cent over the same period, attached sales were down 6.8 per cent, and apartment sales were 5.5 per cent above the 10-year February average.

 

“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”

 

There were 4,223 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2018. This represents a 15.2 per cent increase compared to the 3,666 homes listed in February 2017 and an 11.2 per cent increase compared to January 2018 when 3,796 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,822, a three per cent increase compared to February 2017 (7,594) and a 12.6 per cent increase compared to January 2018 (6,947).

“The spring is traditionally the busiest time for home buyers and sellers in our market. We’ll wait to see how they react to the taxes and other policy measures that our provincial and federal governments have introduced so far this year,” Oudil said. “To help you navigate these changes in today’s housing market, it’s important to work with your local REALTOR®.”

 

For all property types, the sales-to-active listings ratio for February 2018 is 28.2 per cent. By property type, the ratio is 13 per cent for detached homes, 37.6 per cent for townhomes, and 59.7 per cent for condominiums.

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.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,071,800. This represents a 16.9 per cent increase over February 2017 and a 1.4 per cent increase compared to January 2018.

 

Sales of detached properties in February 2018 reached 621, a 16.6 per cent decrease from the 745 detached sales recorded in February 2017. The benchmark price for detached properties is $1,602,000. This represents an 8.2 per cent increase from February 2017 and is virtually unchanged from January 2018.

 

Sales of apartment properties reached 1,185 in February 2018, a 7.1 per cent decrease compared to the 1,275 sales in February 2017. The benchmark price of an apartment property is $682,800. This represents a 27.2 per cent increase from February 2017 and a 2.6 per cent increase compared to January 2018.

 

Attached property sales in February 2018 totalled 401, a 0.7 per cent decrease compared to the 404 sales in February 2017. The benchmark price of an attached unit is $819,200. This represents an 18.1 per cent increase from February 2017 and a 1.9 per cent increase compared to January 2018.

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The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,071,800.


This represents a 16.9 per cent increase over February 2017 and a 1.4 per cent increase compared to January 2018.

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Absolutely charming 4 bdrm split level bungalow stylishly renovated and move in ready. Located on one of the prettiest streets in Dunbar / Southlands.

You've got Musqueam Park right across the street .

This home is ideal for a young family or empty nesters wanting to downsize but still wanting single family living. The home offers all double windows, Air Cond, refinished HW floors, upgraded On Demand Heating System, New Roof, upgraded wiring and renovated kitchen & bathrooms.


Nothing to do here but enjoy. Open House is Sat March 24th, 2-4.


Asking $2,280,000.

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The Phoenix in Vancouver's master planned community - River District.


This SW facing unit with river view overlooks the park, laminate floors throughout and new paint in 2017, updated stove, fridge & dishwasher in 2016.


Unit has 2 bedrooms, 1 bathroom, insuite laundry, a balcony, 2 parking stalls side by side and 1 locker. The building has been completely updated including repipes & new style mailbox.

Amenities include indoor pool, swirlpool, gym and recreation centre.


Pro-active council with long-term maintenance and well kept. Vibrant and comprehensive neighbourhood with lots of future amenities including community plaza, shopping,

waterfront access to trails and outdoor facilities.


Lovely 2 bedroom suite on the waterfront.

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Open House Questions Some Buyers Forget to Ask

 

An Open House is an event. And, like many events, it’s easy to get caught up in all the excitement and energy. In fact, when you visit an Open House, you might even end up rubbing elbows with other buyers who are there at the same time. It can feel like a party! In an environment like that, it’s not unusual to forget to ask important questions about the property. Here are some of the most common:

• How old is the roof?

 

• How old is the furnace, air conditioner and other HVAC equipment?

 

• How does the price compare to similar properties in the neighbourhood? (You don’t want to make an offer that’s too high.)

• What are the characteristics of the neighbourhood? (Amenities, safety, traffic, access to public transit, property turnover, etc.)

 

• What doesn’t come with the home? (Ask specifically about kitchen appliances, gas-connected BBQs, chandeliers, window coverings.)

 

• Are there any potential impediments to the sale? (Tenants, outstanding liens, etc.)

 

• Are there any outstanding maintenance issues, or repairs that need to be done? (For example, cracked ceramics on the foyer floor.)

 

• Are there any issues that impact the full use of the property? (Ask specifically about shared driveways or walkways, public “right of way” through the property, water drainage rights from neighbouring homes, etc.) Yes, an Open House can feel like a frenzy, and if it’s a home you love, you might feel pressured to make an offer.

 

But, it’s important to take the time to ask the right questions and consider your decision carefully.

 

You don’t want to find out, too late, that there were questions you should have asked.

 

Want more tips on finding the home of your dreams? Call today

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