I’ve written four offers in the last four days and three of them were multiple offer situations.
My listing at 1199 Marinaside Crescent in Yaletown got three offers as soon as it was published on MLS. I was a buyer agent for a waterview condo at Sapphire in Coal Harbour. We were close to reaching an agreement when another offer came in and got accepted. My buyer selected not to increase his offer. Currently there are no other listings on the market like this one. The third offer was also in Coal Harbour and had no other competing offers. The fourth offer was a house in McKenzie Heights which had 5 offers and the winner wrote a non subject offer.
It’s a move up market. I’ve had more showings on my luxury listings this week than I’ve had all year. I’ll be do a post on luxury listings.
In my opinion we’re back to a 2006 market , more buyers than sellers. Read more
Take a look at what’s happening in the Canada real estate market. Compared to one year ago, Real Estate prices in the big cities of Toronto, Vancouver, Calgary and Edmonton are down, Winnipeg, Ottawa, Montreal prices are up, as are the Maritime Provinces. The following is a release by CREA, you can hold your mouse over a specific city and view the current average price and the average price one year ago.
View my Canadian real estate blogs Read more
As part of its Spring 2009 Housing Forecast, the British Columbia Real Estate Association (BCREA) reported today that housing market conditions have improved more rapidly than expected. As a result, BCREA has revised its home price forecast upwards, reflecting greater price stability through the balance of the year. The average Multiple Listing Service® (MLS®) residential price in British Columbia is forecast to decline eight per cent to $420,600 in 2009, instead of 13 per cent originally forecasted at the beginning of the year.
“The majority of the decline in home prices has already occurred,” said Cameron Muir, BCREA Chief Economist. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these areas.”
Home sales in the province have climbed out of a trough, posting double-digit percentage gains for three consecutive months (seasonally adjusted).
BC MLS® residential sales are forecast to decline 12 per cent to 60,755 units this year, as a result of a weak first quarter. However, stronger consumer demand is expected to continue for the balance of the year and through 2010. Residential sales in 2010 are forecast to climb 10 percent to 66,740 units. Read more
Who collects and keeps client ID?
Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as of February 20, 2009, real estate developers and builders are required to comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requirements when selling a new house (detached, attached or condominium), commercial or industrial building, or multi-unit residential building.
A real estate developer is defined as an individual or an entity other than a real estate broker or sales representative who has sold at least:
- five new houses or condominium units;
- one new commercial or industrial building;
- one new multi-unit residential building each of which contains five or more residential units; or
- two new multi-unit residential buildings that together contain five or more residential units. Read more
Numbers released by Canada Mortgage and Housing Corporation (CMHC) show that new home starts in Vancouver moved lower in April. Fewer multiple unit and single detached homes started construction in the first four months of the year. The total number of housing starts was down by nearly two-thirds from last year’s strong performance.
“Starts numbers so far this year are consistent with CMHC’s forecast. However, the rate of decline is expected to moderate in the remainder of the year,” said Robyn Adamache, senior market analyst with CMHC. “New home construction is facing competition from a well-supplied resale market and a growing inventory of unsold new homes. Builders will remain on the sidelines until some of the existing new and resale supply is absorbed.”
Nationally, new home construction declined 20 per cent to 117,400 SAAR (seasonally adjusted at an annual rate) in April (compared to March). B.C. urban housing starts edged up from 9,800 in March to 9,900 SAAR in April
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Buying or selling Vancouver real estate? contact an experienced realtor, Maggie, marketing homes since 1981
Aspring housing market that was more active than anticipated has prompted a change to the MLS® home sales forecast issued by The Canadian Real Estate Association (CREA) for the rest of 2009, and for 2010.
National home sales activity is forecast to be down 14.7 per cent to 370,500 units in 2009. This is slightly less than the reduction in activity predicted in CREA’s forecast issued last February. The forecast decline in annual activity was trimmed to reflect a stronger than expected rebound in activity in British Columbia and Ontario in the first quarter of 2009. Forecast declines in annual activity were reduced for these provinces. They were also shaved for Manitoba, Quebec, New Brunswick, and Prince Edward Island to reflect stabilizing trends in sales activity in these provinces.
National MLS® home sales activity is forecast to rebound by 7.2 per cent to 397,000 units in 2010. This is a slightly weaker rebound than predicted in CREA’s previous forecast. The revision reflects recently downgraded forecasts for economic growth next year. The rebound in activity in 2010 is forecast to be biggest in British Columbia and Alberta. Read more
Vancouver real estate statistics for False Creek North (Olympic Village) saw listings down and sales up for April 2009. We can only track the activity for this neighbourhood through MLS, not the Developers who are pre-selling, but that will eventually change and then we can get a better feel for the neighbourhood.
Listings – Feb 19, Mar 18, Apr 16
Sales – Feb 0, Mar 3, Apr 5
Average Days on Market for Solds – Mar 22, Apr 28
Average Sale Price – Mar $399,000 , Apr $325,000
Average $ pr sq ft – Mar $485, Apr $533 Read more
Every real estate transaction in British Columbia requires the Buyer to pay a property transfer tax. If you are a first time buyer you are exempt if you meet certain criteria.
Have you ever been confused by BC Government information about the Property Transfer Tax (PTT)? If you answered yes, you’re not alone.
To help home buyers understand the tax and how to calculate their payment, the Ministry of Finance now provides plain language documents on all aspects of the PTT, from explaining what the tax is to calculating an exemption and filing a PTT return.
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I’ve always believed the best way to keep your pulse on the Vancouver real estate market is to be working with Buyer Clients.
When setting up a buyer tour, it becomes quickly evident what’s selling and what’s not and one is able to establish current market value by viewing comparable properties for sale. In addition, posting my neighbourhood stats every month on my blog definitely keeps me on the cutting edge. I also determine what’s currently happening in the market by the number of leads I receive from potential buyers and sellers. Right now the buyer leads way exceed the sellers. Also, I follow a Google graph that shows the number of people searching for real estate.
It is my opinion that we are in a seller’s market for lower end properties – condos under $500,000, west side houses under $1.2M. When phoning to set up buyer’s tours almost everything is sold or has an accepted offer! Read more
CMHC just released their latest Housing Market Outlook for Vancouver. It includes a market overview, the rental market, new construction overview and forecast summary tables. The report also includes Fraser Valley.
The report shows projected Vancouver real estate listings to be at the same level they were in 2006 which was lower than 2007 and 2008 and to be less again in 2010. They show projected MLS sales for 2009 to be less than 2006, 2007 or 2008 and to increase in 2010. The forecast price for 2009 to be greater than 2006 but less than 2007 and 2008 and to decrease 2% between 2009 and 2010. Read more
On Friday, May 18 a REALTOR® received a call from a man identifying himself as Mr. Lin (speaking Mandarin with Fujian accent) who demanded $20,000 to smuggle someone back to China. The caller threatened physical harm to the member’s family if the demands were not met.
This call is similar to other extortion attempts recently reported to police across the Lower Mainland. Below is a public warning that Richmond RCMP have issued on the matter. Read more
Listings Down! Sales Up! Vancouver real estate analysis for False Creek North in April (compared to March) saw listings down to 174 from 231 and down from 258 in January. Sales up to 42 from 28. Days on the market flat at 76. The average selling price up from $592,388 to $654,438. Average $ psf is up from $600 to $628. The average supply of condos in this waterfront hood dropped to 4 months, half of what it was in March and down from 13 in February and 17 in January. No sales over $2 million (last month there were none over $1M). This neighbourhood is least supplied under $500,000. The most number of sales were between $400k and $500K and $700,000 to $1M. Market sales increasing and the price range that’s selling is moving up. See how bad things were in November.
Listings – 174. 5 listings under $400,000 (including 2 under $300,000. 13 listed between $400,000 & $500,000. 31 listed between $500,000 and $700,000. 51 listed between $700,000 and $1 million. 56 listed between $1 & $2 million and 18 listed over $2 million.
Least expensive $259,00 for a studio at 910 Beach. This sold new in 1997 for $169,000. Most expensive The 6900 sq.ft. Penthouse at 1000 Beach. Now listed at $9,800,000. Read more
Vancouver real estate in the West End saw listings down to 228 in April, from 254 in March, having reached a record high for the year in November. Sales climbing from 26 in January to 73 in April, which is the highest for the year. The days on the market for condos that sold dropped to 51. The average selling price increased from $441,480 to $521,593, the highest for the year. 70% of the sales were under $500,00 and the highest price was $1,180,000 in the Shangri-la. The list price to sale price ratio increased to 96% indicating sellers showing less flexibility. The West End inventory dropped again to just over 3 months, down from 9.7 months in January. The average $ pr sq ft for those West End condos that sold is up to $558. The market between $300,000 and $400,000 and between $500,000 and $700,000 has the most demand (in February it was the market under $300,000). Higher price ranges doing better.
Listings – 228
Least expensive – $159,00 for a leashold studio
Vancouver’s luxury waterfront neighbourhood of Coal harbour saw real estate sales double in April over March, to 33, and was the best month since February 2008. Listings down from 191 to 172. Days on market up to 86 from 75. Coal Harbour inventory dropped from 19 months in February to 5 months. The average sale price is now over $800,000 for condos that sold. List price to sale price ratio increased to 95% (sellers showing less flexibility). Average $ pr sq ft for sold listings dropped to $576. Under $500,000 and between $900,000 and $1M is the best selling price range. More high end sales in April but nothing selling over $3M. Of the 27 listings that did not sell and expired, only 8 got relisted, hence the falling inventory.
Listings – 172. 30 listed under $500,000. 51 listed between $500,000 and $900,000. 11 listed between $900,000 and $1M. 15 listed between $1M and $2M. 42 listed between $2M and $3M and 23 listed over $3M.
55% are listed over $1M, down from 60% in February and up from 45% in January. Read more
Vancouver, BC – May 14, 2009. The British Columbia Real Estate Association (BCREA) reports that April was the third consecutive month of increasing home sales in the province, on a seasonally adjusted basis. Consumer demand was bolstered by lower home prices and record low mortgage interest rates. Housing affordability hit a three-year high at the beginning of the month.
“Downward pressure on home prices has eased considerably,” said Cameron Muir, BCREA Chief Economist. “An increase in consumer demand combined with fewer homes for sale has trended the market near balanced conditions.” The number of homes for sale through the Multiple Listing Service (MLS®) fell to a twelve-month low in April, on a seasonally adjusted basis.
MLS® residential sales dollar volume in BC declined 25 per cent to $3.1 billion in April, compared to the same month last year. Residential unit sales declined 20 per cent to 6,918 units during the same period. The average MLS® residential price in the province was $449,372 in April, down 6 per cent from April 2008. Year-to-date, MLS® residential sales dollar volume was down 41 per cent to $7.8 billion over the same period last year. A total of 1,889 units were sold in the first four months, down 35 per cent from 2008, while the average MLS® price declined 9 per cent to $433,246.
Vancouver Reflections – certainly a perfect time for buyers, based on the graph which shows that the last time the market was tilted in the buyer’s favour was at the beginning of the millenium. However, it is moving back to an equal market and we certainly see that in the marketplace, given multiple offer situations happening this year.
Published by Cameron Muri , Chief Economist, BCREA
keep up to date with Vancouver’s changing market, subscribe via RSS or email
Buying or selling Vancouver real estate? contact an experienced realtor, Maggie, marketing homes since 1981
Vancouver’s Downtown condo market saw listings drop slightly to 416 (compared to 426 in March) and are the lowest since January 2008. 51 condos expired and came off the market (vs. 78 in Jan). Sales down from 129 to 117. and are the highest since Mar’08. Average days on the market for condos that sold are down to 49. The average price for Downtown condos that sold are down a tad to $391,929 (from $400,000). The average $ pr sq ft for condos that sold up to $543. A whopping 89% of the sales were under $500,000 and only 1 over $1M. Downtown Vancouver only has a 3.5 month supply of condos (vs.16 months in October). Best selling price range is under $400,000. Market tight between $400,000 to $500,000 also.
Listings -416. Least expensive $199,000 for 1 bd 558 sq.ft. ($356 pr sq ft).bank sale sold “as is, where is”. Most expensive –$2.8M for 3800 sqft at 283 Davie
Listings Inventory – 33 listings Downtown under $300,000. 102 between $300K and $400K. 91 listings between $400K and $500K. 75 condos listed between $500K and $600K, 39 listed between $600,000 and $700,000. 37 sold between $700,000 & !M and 44 listed over $1M. Read more
City Hall, this week, placed a moratorium on Vancouver’s Downtown new construction. The area consist of a 17 block area from Stanley Park (2000 block) to Cambie Street Bridge.
City staff, who are at the tail end of a five-year re-think of the downtown, recommended that a much wider section of the downtown core be preserved for business-only, although some exceptions will be allowed. If a mixed-use, part-condo development can help preserve a heritage site or residential hotel or if it’s a particularly large site, then council can consider allowing it.
The new area will cover about 15 per cent of the downtown peninsula, extending east and west from the Commercial Business District (CBD) core that exists now. Read more