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Month: November 2016

by Maggie Chandler Maggie Chandler No Comments

BCREA Predicts BC Home Sales & Prices to Decline in 2017

November 29, 2016.

The British Columbia Real Estate Association (BCREA) just released its 2016 Fourth Quarter Housing Forecast

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent to 96,300 units in 2017. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.

“”Housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers,” said Cameron Muir, BCREA Chief Economist. “However, while home sales are not expected to repeat this year’s record performance, consumer demand is expected to remain well above the ten-year average.”

The average MLS® residential price in the province is forecast to increase 9.8 per cent to $698,900 this year. The supply of homes for sale is expected to trend higher next year as moderating demand is met with added new home completions. A trend toward more balance in the market will unfold next year and exert less upward pressure on home prices. In addition, a larger contraction in the number high-end home sales will contribute to moving the aggregate average price statistic lower. As a result, the average MLS® residential price in the province is forecast to decline 6.4 per cent to $654,200 in 2017.

We are returning to a balanced market.

 

by Maggie Chandler Maggie Chandler No Comments

BC Real Estate Sales Decline

 November 15, 2016

The British Columbia Real Estate Association (BCREA) reports that 7,272 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, down 16.7 per cent from the same month last year. Total sales dollar volume was $4.4 billion in October, down 24.2 per cent compared to the previous year. The average MLS® residential price in the province was $606,787, a decline of 9.1 per cent compared to the same month last year.

“Housing demand remained mixed across the province in October,” said Cameron Muir, BCREA Chief Economist. “Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month to month basis. In contrast, home sales on Vancouver Island and in the interior of the province continue to post strong year-over-year gains.”

“The decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver,” added Muir. Home sales through the Real Estate Board of Greater Vancouver fell to 31.4 percent of BC transactions last month, compared to 42.6 per cent a year ago.

Average sale price is up 10% from a year ago.

 

 

by Maggie Chandler Maggie Chandler No Comments

Interest Rates for Vancouver Home Buyers on the Rise

November 15, 2016

Interest Rate increases are coming fast and furious from all lender this week, including Major Banks and Monoline lender.

In the article below, RBC has taken a position where fixed rates for 5 years are as high as 2.94% and apparently if you want a 30 year amortization, there will be an additional premium on interest rates.

This is a very aggressive change and there will likely be more to come.

At this point, TD has increased fixed rates, nothing yet from Scotiabank.

Most important to note, lower rates in the 2.49-2.59% range are still out there for conventional deals, (20% down payment or more) and for insured (lower down payment 5-20%), rates are still as low as 2.24% (must close by December 31).

Vancouver real estate buyers need to have a proper pre-approval  as the market is in constant movement.

Looking for an experienced mortgage broker?

Jeff Fraser | Mortgage Advisor | Dominion Lending Centres – A Better Way  

604-340-1809 Email. [email protected]

 

by Maggie Chandler Maggie Chandler No Comments

Average Sale Price of Greater Vancouver’s Condo Neighbourhoods

What is the Average Sale Price of Greater Vancouver’s Condo Neighbourhoods? Looking for an alternative neighbourhood the buy a condo in, that is less expensive than Vancouver West Side or East Vancouver?  Check out the below graphs for resale condos in October 2016.

Vancouver West Side, East Vancouver, North Vancouver and Richmond

Burnaby North, South and East, New Westminster

Port Moody, Coquitlam, Port Coquitlam and Langley

 

 

Ladner, Tsawwassen White Rock and North Delta

 

Squamish, Maple Ridge and REBGV

 

Contact me if there’s a graph you like.

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Real Estate Prices and Sales Drop in October 2016

November 5, 2016, from REBGV stats

East Vancouver Real Estate Prices and Sales Drop in October 2016 whilst listings remained flat. The overall average sales price sits at $890,000 which is equal to November 2015. It peaked at $1.107.000 in May and has been sliding since then. Current market conditions favour buyers and I expect this will continue into next year. Overall the market has returned to being balanced and more normal than what we’ve seen over the last year.

Average Sales Price – houses are currently $1.564.000, down from $1.703.000 in July. Townhomes sit at $836,000, down from $905,000 in September and condos are flat at $495,000. Overall price is now the lowest it’s been since Jan’15. Houses are up 10% over the last year, townhomes 13% and condos 14%.

New Listings for the month of October were 435 with only condos increasing

Total Listings are up to 1,037 from the bottom in December of 500. The biggest increase is houses, which have doubled since January this year. This is the highest they’ve been since March 2014 and are 22% more than a year ago.

Sales now sit at 195 and have contined to decline since the peak in March at 408 and are 41% lower than Oct’15 and equal to December 2015.

Sales to Active Ratio currently sits at 19%, compared to 40% a year ago. It peaked in March at 67%.

Average Days on Market flat at 11 and equal to a year ago

Percentage of Original Price 99%, down from June’s peak of 105%. Currently the lowest it’s been since Jan’15.

Dollar Volume is about 60% less than the peak in May and 40% lower than a year ago. Almost back to Feb’14 levels.

View the average sale price since 2011

View sales since 2011

Put my decades of hyper-local knowledge to work for you! Call Maggie 604-328-0077.

 

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side Real Estate Prices, Listings and Sales Drop in October

Vancouver’s West Side Real Estate Prices, Listings and Sales Drop in October. Compared to the previous month, listings sales and prices declined. Compared to a year ago listings and sales are lower and average sale price is considerably higher for condos, lower for townhomes and up a tad for houses.

Listings dropped from 1,840 in September to 1,733 in October and are 13% less than a year ago. Usually listings decline in the Fall.

New listings are 10% less than a year ago and dropped from 932 in Septemberto 736 in October

Sales peaked in March at 981 and now sit at 404. Houses are down 51% from a year ago, townhomes 63% and condos 34%. House sales increased from 61 in September to 79 in October. Condos sales set a record in March at 683 for the month and were down to 301 in October. Townhomes peaked at 77 in March and are down to 24. The market hit bottom in November 2008 with only 171 West Side property sales

Sales to active ratio is only 12% for houses, 17% for townhomes and 32% for condos. Analysts say that upward pressure on prices occurs when the ratio is above 20% and downward pressure when is it below 12%. The peak was March at 65%, currently it is 23%.

Best Selling Price Range – condos $500,000-$600,000. townhomes $1.1M- $1.2M and houses over $3M.

Average days on market sits at 28 compared to 30 a year ago. From June to August it bottomed at 19 days. Houses are taking the longest to sell, with an average of 39, townhomes are 15 and condos 26. The peak was January 2009 with an average of 73 days to sell.

Percentage of original price – houses sit at 93%, townhomes at 103% and condos at 98%. April was the top at 104% and it has been declining since then, now down to 97%. This is the lowest its been since Feb’15.

Dollar volume hit a record in March this year at 1,587,730,189 and has been on a downward trend since, now at 568,531,740, approximately a 60% drop!

updated November 5, 2016 based on REBGV stats

 

by Maggie Chandler Maggie Chandler No Comments

Metro Vancouver Real Estate Prices Up in October but Sales and Listings Down

Metro Vancouver Real Estate Prices Up in October but Sales and Listings Down.

Real estate sales were 15% below the 10 year October average. House sales clocked in at 2,233 which is a 38% drop from a year ago and 0.9% lower than September. House sales were 652, down 54% from a year ago. Townhomes sales were 39% lower than a year ago and condos were also 39% less than a year ago. Towhome sales were up a tad from the previous month but houses and condos declined.

New  listings were 9.5% below the 10 year average for the month and were also lower than September.

Total listings clocked in at 9,143, down 4.5% from a year ago and 2.3% lower than the previous month.

Sales to active listings ratio was only 24% – meaning that only 24% of listings sold. Analysts say upward pressure occurs when the ratio surpasses 20% and downward pressure when the ratio is less than 12%. The ratio was down slightly for townhomes and flat for houses and condos.

Average days on the market was 21 for houses, 12 for townhomes and 11 for condos. Compared to the beginning of the year only houses have increased.

Average percentage of original price declined for all types of Metro Vancouver properties. Houses are currently selling at 95% of original price, townhomes and condos at 99%.

Dollar volume is way down for houses – 52% lower than a year ago. Townhomes are down 29% and condos 12%.

Average sale price – houses peaked in February at $1.811.000 and is now down to $1.619.000. Townhomes peaked in July at $735,000 and now sit at $681,000. Condos peaked in July at $573,000 and now sit at $572,000.

Houses increased from $1,541,000 in September to $1,649,000 in October. Townhomes dipped from $721,000 to $681,000 and condos increased from $549,000 to $562,000.

The affordability factor is benefiting townhomes and condos.

View the 10 year average sales price for houses, townhomes and condos.

View the 10 year sales graph

Put my decades of hyper-local knowledge to work for you! Call Maggie 604-328-0077.

 

 

 

 

 

by Maggie Chandler Maggie Chandler No Comments

Why I Bought a Pied-a-Terre in Vancouver

Why I bought a pied-a-terre in Vancouver! The concept of a Pied-a-Tierre residence can be appealing for different reasons for different people. Whether it’s to decrease the frequency of a lengthy commute, to create a getaway and a chance to have easy access to the mountains and beach or simply an opportunity to stay connected to a city you love and for whatever reason have had to depart as a full time resident. The concept of Pied-a-Tierre is different than merely a vacation home because of its location and the lengths of visits the owners tend to have. They are primarily in urban areas and usually entail some form or downsizing on multiple fronts or exist as a secondary residence to a primary one, which may be in a more rural and less urban area. They are often used for longer visits, giving the owner more time to fully immerse themselves and family in what the city offers at their fingertips.

 

It is undeniable that Vancouver is the West Coast Canadian gem. Your average Canadian is familiar with the saying “West Coast, Best Coast”. The emphasis on Coast is a key component to what makes Vancouver different from other major Canadian cities. The stunning urban waterfront adds a little something extra to business trips to the city, which makes the concept of wanting to invest time into the city beyond hotel rooms and boardrooms more appealing. It’s definitely hard to end up stuck visiting chain restaurants and roaming industrial areas surrounding your hotel when you are in an urban environment like Vancouver’s. With the city as a home base combining business with pleasure is made easy. You can go from the boardroom, to a unique and tasty lunch spot in Gastown and then back to the office before wrapping up your day with a walk along the water and snagging a spot on a patio for happy hour. The transit system makes it easy to avoid owning a car so heading home to your Pied-a-Tierre condo to get ready for the next day’s work is a breeze after your evening activities. This professional’s experience is different than the average hotel experience because you have more of an opportunity to live the urban Vancouverites lifestyle. You can be here for business and at the same time explore and experience the city, combined with the perk of being able to come home to a space that is truly yours and not just a familiar hotel chain.

 

There’s also the strong possibility that you’re someone who loves the outdoors, and that was your main incentive to make Vancouver your second home. The views of the mountains and waterfront are not only easy to enjoy from a handful of the city’s downtown neighborhoods and urban areas, they truly are as close as they seem, and for the most part can be accessed within a couple of hours drive. This is what makes this west coast city a haven for urban inhabitants who pine for the outdoors as part of their urban experience. You can hit the Sea to Sky highway and get to one of the world’s premier mountain resort communities for a rip down the mountain on your bike in the summer and board in the winter. Whistler is one of the further drives, which is still only a couple of hours, but if you’re looking for a quick drive to the outdoors there are mountains such as Grouse and Seymour that are even closer. This is where the accessibility becomes a very appealing aspect of this Pied-a-Tierre lifestyle for those who are combining business with pleasure. You can work a full day in the office and hit the slopes as an alternative Happy Hour to top of a long day indoors.

 

There is also the other end of the spectrum of people who see the appeal in Vancouver being a second home. People who have chosen to downsize their one large home into two smaller ones for reasons beyond the office. The access to a variety of downtown easts and activities seems endless in this city with new areas constantly emerging each offering a different vibe and lifestyle. It can be hard to leave a city as spectacular as Vancouver, so the fact that it can be dearly missed by those who depart is a driving force as to keep a little bit in the form of a Pied-a-Tierre. You can have a larger primary property with the backyard and multiple bedrooms, for your perhaps more affordable suburban or country life, which offers you everything you cannot easily access from your primary residence outside of the city. This is one of the great appeals of urban living and Vancouver is a prime location to fill that void. All you need is a small space, in a great location that gives you the chance to involve yourself in all of the things you love about Vancouver urban living.

 

A key element of the Pied a Tierre lifestyle is the factor that resident is wanting more of the city. The Pied a Tierre is a way to keep in touch with a city you love but for whatever reason no longer live in as a primary residence. It’s a way to stay immersed in all that Vancouver has to offer in a way a tourist or visitor is unable to, without having a home base and being able to spend longer periods of time in the city. Vancouver has a lot to offer as an urban area that make it somewhere people are left wanting more. The city itself takes a while to explore and become familiar with, even after living here for extended periods of time there is always something new to try. Once you start venturing out of the urban areas for getaways from your Pied-a-Tierre you’ll find yourself with endless camping, lakes, wine tours, hiking, beautiful drives, resorts etc. It’s the accessibility and variety that Vancouver places on your condo’s doorstep that make it a very hard city to leave with both feet. Search for your Vancouver pied-a-terre!

 

 

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