The Inside Scoop....

Since September 1st, 2008, a total of 1,435 properties have been withdrawn from the Westside market.  That is a very significant amount.  281 Listings were cancelled, 547 listings expired, and 607 listings were just terminated.  This represents property owners who have decided not to sell for the time being, and this significant number contributes to perhaps a tightening of inventory as we near year end.  A tighter inventory is one contributing factor to a market that might level off shortly.  ... Full Article...

This past week has been a near carbon copy of the previous.  We saw 218 new listings, 239 price changes, and 53 sales.  Of the 53 sales, only 12 of those were detached houses.  The highest sale price was $2.6 million in Point Grey, a 10 year executive style home with big views.  The lowest price ($245,000) was a one bedroom, 30 year old condominium on a busy street.  We are starting to see some Sellers pull their properties off the market, and today, there are 3918 active listings in the Westsi ... Full Article...

Well, the good news for Sellers is that the NEW listings this week totalled 180 versus the previous week at 325, so that means not as many new listings to compete with.  We saw 223 price reductions versus 240 last week, so not much change there.  Sales were only 41 for the week versus 76 last week.  As we have a short week due to the Thanksgiving holiday, there is likely some impact there, but I believe we are also seeing the fallout of the negative press around financial markets before the bai ... Full Article...

After 16 years in the real estate business, "going on tour" is still a regular part of my weekly routine.  Agent's Opens (or as we call it "Tour") are held weekday mornings, and are a chance for Realtors® to preview new listings, preview properties for specific buyers, get product knowledge, and build relationships with other Realtors®.  It is these relationships that can make a deal go smoothly.  There is a lot of information sharing on Tour in terms of market activity on certain properties an ... Full Article...

I've been watching the daily stats very closely, and noticed for the first time in a long time, that this week, the number of new listings and price reductions have decreased  slightly.  Typically, as we head closer to the end of the year, we see supply tighten up, and when the inventory starts to shrink, that is time for Buyers to pay attention.  We have seen a .25 drop in the Prime rate this week, and a further cut is possible.  For anyone sitting on the sidelines of the market, this may be a ... Full Article...

In these uncertain times, one can't help but wonder about the value of their investments, particularly with all the fear-based media reports.  Here's a snippet of the average selling prices of properties in Vancouver's Westside in the past 30 days: Detached Homes (25 total sales) - $1,638,000 Townhomes (27 total sales) - $741,000 Apartments (138 total sales) - $577,000

Every new building in the Province must meet strict standards for energy and water efficiency.  The new green requirements, which apply to all new construction in BC, were announced by the provincial government in April, and came into effect on September 5, 2008.  New houses, multi-family residential buildings under five storeys, and small commercial and industrial buildings will now have to comply with the Province's new insulation requirements.  New high-rise residential towers and large comm ... Full Article...

Most lenders have now all but eliminated any discounts tied to Prime, and as such, with the exception of one or two lenders who are, at least for now, offering Variable Rates at Prime minus .25% (Currently 4.50%); the Variable Rate mortgage is now pegged at Prime (Currently 4.75%). That's quite a difference from about year or two ago when rates of Prime minus .90% were available but, the Variable may still be a good choice and the spread between a Variable Rate and Fixed Rate is not insignifica ... Full Article...

The September market stats are now out, and it shows us that the little has changed in September, compared with August, except that prices continue to soften.  We didn't see a rejuvenation in the number of sales from the summer lull, as expected.  I was having a conversation with someone yesterday, and he said to me "hey, let me know when the market bottoms out".  Unfortunately, we won't know where the bottom of the market is until we are well past it, and the opportunity is lost.  Just like an ... Full Article...