The Inside Scoop....

By the time the Media reports any significant changes in the real estate market, it is old news to those of us working "inside the trenches".  (All statistics quoted are sourced from the Real Estate Board of Greater Vancouver and relate to the West Side Residential Market only, unless otherwise noted).  Bookmark this page and come back often for news on micro changes in the market and to get a prospective from someone in tune with the market, and in direct contact with buyers and sellers on a daily basis.
 

Wednesday, February 8, 2012 - Vancouver Westside Real Estate Prices - January 2012

January 2012 Housing Price Index - Vancouver  Benchmark Price 3 Month Change 1 Year Change Detached (Westside) $ 2,204,500 -0.2% + 21.4% Detached (Eastside) $ 837,500 + 0.7% + 12.9% Townhomes $ 682,900 + 6.5% - 8.9% Condominiums $ 472,600 + 2.0% + 4.8% In the month of January, there seemingly was a large increase in the inventory of homes for sale, but in reality, many of those new listings were actually properties that were on the market in the fall of 2011 that did not sell because of o ... Full Article...

posted in Market News at Wed, 08 Feb 2012 12:27:50 -0800

Wednesday, January 25, 2012 - Vancouver West Side Detached Market News - January 2012

For homeowners selling a Detached home in Vancouver's Westside, the reality is that the market is not shaping up to be what is was in 2011, which was an anomoly.  On this date in 2011, there were only 376 single family homes for sale, versus 777 homes on the market today.  In the month of January, 2011, 171 homes sold at an average selling price of $2,283,943.  In January 2012, only 44 Detached homes have sold, at an average selling price of $2,578,811, a drop of 75% in the number of sales one ... Full Article...

posted in Market News at Wed, 25 Jan 2012 15:14:03 -0800

Thursday, January 5, 2012 - Vancouver Westside Real Estate Prices - December, 2011

The December, 2011 Housing Price Index has just been released by the Real Estate Board of Greater Vancouver:   Benchmark Price 3 Month Avg. % Change Detached - Westside $ 1,990,958 $ 2,006,529 + 20.7% Detached - Eastside $ 845,771 $ 855,121 + 14.2% Townhouse - Westside $ 833,361 $ 826,838 + 8.6% Condominium - Westside $ 519,474 $516,292 + 4.6% Market activity in the month of December, 2011 took a big breather, with Detached sales falling 48%, Townhouse sales dipping 35%, and Condominium S ... Full Article...

posted in Market News at Thu, 05 Jan 2012 14:49:56 -0800

Friday, December 2, 2011 - Vancouver Westside Real Estate Prices - November 2011

The Real Estate Board of Greater Vancouver has just released the Housing Price Index for November, 2011:   Benchmark Price 3 Mo. Avg. 1 year Change Detached (West) $ 2,019,926 $ 2,019,783 + 18.9% Detached (East) $ 863,183 $ 853,701 + 15.9% Townhouse $ 790,046 $ 829,715 + 4.8% Condominium $ 511,412 $ 518,476 + 1.7% Comparing the current Benchmark Price with the 3 month average, prices remain stable, with the exception of Townhouses, where sales are sluggish this fall.  Much of the Westside ... Full Article...

posted in Market News at Fri, 02 Dec 2011 12:38:07 -0800

Wednesday, November 2, 2011 - Vancouver Westside Housing Prices - October, 2011

The Real Estate Board of Greater Vancouver has just released the Housing Price Index for October, 2011:   Benchmark Price 3 Mo. Average 1 Year Change Detached (Van. West) $ 2,008,702 $ 2,000,949 + 23.4% Detached (Van. East) $856,411 $840,632 + 16.2% Townhouses (Van. West) $857,108 $832,393 + 13.7% Condominiums (Van. West) $ 517,991 $522,816 + 2.3% Remember the old slogan "Why wait for Spring, do it now?"  My advice to Buyers is just that.  At this time of the year, there is a good selecti ... Full Article...

posted in Market News at Wed, 02 Nov 2011 14:44:26 -0700

Wednesday, October 5, 2011 - Vancouver Westside Real Estate Prices - September, 2011

The Real Estate Board of Greater Vancouver has just released the September, 2011 Housing Price Index:   Benchmark Price 3 Mo. Average 1 Year Change Detached (Van. West) $2,030,720 $2,012,830 + 24.5% Detached (Van. East) $ 841,509 $ 839,830 + 15.7 Townhouses (Van. West) $ 841,990 $ 817,539 + 9.5% Condominiums (Van. West) $ 526,026 $ 522,951 + 5.8% August was a month of speculation, as there was notable change in the market.  Was it a real slowdown and a sign of a changing market, or was it ... Full Article...

posted in Market News at Wed, 05 Oct 2011 10:53:26 -0700

Friday, September 2, 2011 - Vancouver Westside Real Estate Prices - August, 2011

The Real Estate Board of Greater Vancouver has just released the latest Housing Price Index for the month of August, 2011:   Benchmark Price 3 Month Avg. 1 Year Change Detached $ 1,963,426 $ 2,025,543 + 19.6% Townhouse $ 798,081 $ 810,359 + 6.5% Condominium $ 524,432 $ 522,492 + 6.7% In a nutshell, the real estate market has taken a breather over the month of August, with new listings and the number of sales down in all categories.  However, prices remain stable, due to a limited amount of ... Full Article...

posted in Market News at Fri, 02 Sep 2011 14:45:14 -0700

Wednesday, August 3, 2011 - Vancouver Westside Housing Prices - July, 2011

The Real Estate Board of Greater Vancouver has just released the Housing Price Index for the month of July, 2011:   Benchmark Price 3 Mo. Average 1 Year Change Detached $ 2,044,344 $ 2,011,667  + 26.9% Attached $ 812,545 $ 809,588  + 9.3% Condominium $ 518,396 $ 522,604  + 4.4% Prices appear to be at the peak and are showing signs of levelling off.  The number of new listings to the market has decreased in all three categories over the previous month, and the number of sales has also shown ... Full Article...

posted in Market News at Wed, 03 Aug 2011 13:58:54 -0700

Tuesday, July 5, 2011 - Vancouver Westside Housing Prices - June 2011

The Real Estate Board of Greater Vancouver has just released the Housing Price Index for the month of June, 2011:   Benchmark Price 3 Month Average 1 Year Change Detached $ 2,068,857 $ 1,986,905 + 30.2% Townhouse $ 820,452 $ 812,179 + 8.7% Condominium $ 524,650 $ 525,502 + 4.4% Detached,  Single Family homes in Vancouver's West Side have risen an unprecedented 30% in the last year, mainly driven by offshore buyers.  The number of new listings have decreased by 3% over May, 2011, while sale ... Full Article...

posted in Market News at Tue, 05 Jul 2011 14:17:53 -0700

Friday, June 10, 2011 - Vancouver Westside Detached Market

The inventory of houses for sale in the West Side of Vancouver remains extremely tight for current market conditions.  There are currently 571 houses for sale, and in the past 30 days 150 homes have sold, indicating about 3.8 month's supply of inventory.  Since early March, the inventory of detached homes has remained steadily consistent, as new listings are bought up at the same rate that they come to market.  The average list price of detached homes for sale in the West Side is now $3.1 milli ... Full Article...

posted in Market News at Fri, 10 Jun 2011 12:22:23 -0700

Thursday, June 2, 2011 - Vancouver Westside Housing Prices May 2011

The Real Estate Board of Greater Vancouver has just released its Housing Price Index for the month of May, 2011:   Benchmark Price 3 Mo. Avg. 1 Yr. Change Detached $ 1,921,801 $ 1,935,499 + 14.4% Townhomes $ 795,768 $ 799,642 + 4.0% Condominiums $ 524,766 $ 523,061 + 2.7% Detached:  The number of detached listings dropped by 5.6% from April, whereas the number of sales have increased by 6.5% over April, and the market still strongly favours Sellers.  The listing inventory in the detached m ... Full Article...

posted in Market News at Thu, 02 Jun 2011 11:48:39 -0700

Friday, May 6, 2011 - Vancouver Westside Housing Prices April 2011

The Real Estate Board of Greater Vancouver has just released the latest Housing Price Index for April, 2011:   Benchmark Price 3 Month Avg. 1 Year Change Detached $ 1,970,056 $ 1,911,589 + 17.6% Townhouse $ 820,316 $ 802,815 + 5.7% Condominium $ 527,089 $ 519,516 + 2.9% In spite of increasing prices, the number of detached homes sold in April were 23.3% less than in March, 2011.  Townhome sales increased by 5.6% over the previous month, and the number of Condominiums sold dropped by 22.4% ... Full Article...

posted in Market News at Fri, 06 May 2011 13:43:33 -0700

Thursday, April 14, 2011 - Buying a House in Cambie?

Many local buyers today are desiring to buy a house in Cambie / Douglas Park, but it is proving to be a challenge.  Since the completion of Canada Line and a revitalization of businesses on Cambie Street after years of disruptive construction, there is a huge draw to the neighborhood.  Douglas Park has always been a desirable neighborhood for young families, but the demand has increased recently. As of this date, there are only 33 Detached Homes offered for sale in Cambie, and 20 homes have sol ... Full Article...

posted in Market News at Thu, 14 Apr 2011 13:01:43 -0700

Tuesday, April 5, 2011 - Vancouver Westside Housing Prices - March 2011

The Real Estate Board of Greater Vancouver has just released the Housing Price Index for the month of March, 2011: Westside Prices  Benchmark Price 3 Month Average 1 year Change Detached $1,914,639 $1,843,546 + 15.5% Townhouse $782,842 $ 771,100 + 1.6% Condominium $ 517,329 $ 511,228 + 1.6% The number of sales in each category has increased over the previous month, with the most notable increase being in the Condominium category, which is up by 43.8% over February, 2011.  Detached sales nu ... Full Article...

posted in Market News at Tue, 05 Apr 2011 09:40:50 -0700

Thursday, March 3, 2011 - Vancouver Westside Housing Prices - February 2011

The Real Estate Board of Greater Vancouver has just released the latest Housing Price Index for the month of February, 2011:   Benchmark Price 1 Year Change 3 Year Change Detached $ 1,850,072 + 11% + 27.3% Townhouse $ 805,288 + 5.1% + 11.1% Condominium $ 514,129 + 1.6% + 3.2% DETACHED home sales are up 80.6% over January's sales.  The number of new listings to market increased by 21.2% over the previous month, but there are still not enough homes for sale to meet the current demand.  Just ... Full Article...

posted in Market News at Thu, 03 Mar 2011 16:08:52 -0800

Monday, February 7, 2011 - Vancouver Westside Housing Prices - January 2011

The lastest Housing Price Index has been released by the Real Estate Board of Greater Vancouver:   Benchmark Price 1 Year Change Detached $ 1,765,171 + 12.2% Townhouse $ 725,171 -4.3% Condominium $ 502,227 +2.5% The prices of Detached homes have seen a marked increase over the past year, as compared to stable prices in the townhouse and condominium sectors.  This is due to a high demand from offshore buyers, who are choosing larger, high end homes, and larger building lots, in proximity to ... Full Article...

posted in Market News at Mon, 07 Feb 2011 09:44:35 -0800

Monday, January 17, 2011 - Federal Government Announces Changes to Mortgage Financing Requirements

This morning, the Federal Government announced 3 changes to rules for Government-backed mortgages: 1.  The maximum amortization period is reduced from 35 years to 30 years.  2.  The maximum amount of the value of a home that can be refinanced will drop from 90% to 85%. 3.  Government insurance will no longer be available to financial institutions wishing to insure home equity lines of credit. The adjustments to the mortgage insurance guarantee framework will come into force March 18, 2011.  The ... Full Article...

posted in Market News at Mon, 17 Jan 2011 14:30:00 -0800

Saturday, January 8, 2011 - Vancouver West Side Housing Inventory

2011 has started out with a low inventory of properties to buy.  In fact, there are only 306 Detached homes, and only 1,297 Condominiums for sale in the entire West Side today.  We started to see local buyers coming back to the market in the latter part of 2010, and that trend should continue, as the market has rebalanced and stablized.  For property owners considering selling in the near future, it would be advisable to get a jump on the spring market, while inventory is low.  For Buyers, if t ... Full Article...

posted in Market News at Sat, 08 Jan 2011 10:35:59 -0800

Wednesday, January 5, 2011 - Vancouver West Side Housing Prices - December, 2010

The Real Estate Board of Greater Vancouver has just released the Housing Price Index for December, 2010:   Benchmark Price 3 Month Avg.  B/M Price 1 Year Change Detached $1,649,775 $1,658,862 + 8.8% Attached $ 767,015 $ 758,229 - 1.2% Condominium $ 496,542 $ 501,905 + 0.5%  As noted previously, prices of Townhomes and Condominiums have remained stable over the past year, while prices of Detached homes have increased approximately 8.8% due to increased demand from offshore buyers.

posted in Market News at Wed, 05 Jan 2011 13:49:28 -0800

Tuesday, January 4, 2011 - Vancouver Westside - 2010 Real Estate Review

The real estate market on the West Side of Vancouver in 2010 could best be described as an anomoly.  The impact of Vancouver hosting the 2010 Olympics and Paralympics was felt before, during and after the events.  The market picked up in the Spring, and then first time buyers immediately moved to the side-lines after mortgage qualification rules changed in April.  Off-shore buyers continued to snap up high end luxury homes, and larger building lots located near the best schools.  After a normal ... Full Article...

posted in Market News at Tue, 04 Jan 2011 16:22:38 -0800

Thursday, November 4, 2010 - Vancouver Westside Housing Prices - October 2010

The latest Housing Price Index released by the Real Estate Board of Greater Vancouver shows a modest increase over the past year:   Benchmark Price 1 Year Change Detached $ 1,627,887 + 9.2% Townhomes $ 753,614 + 4.2% Condominiums $ 506,447 + 3.4% As mentioned in a previous post, the sales of detached homes are mainly driven by offshore buyers.  The neighborhoods of Oakridge, South Cambie, South Granville, Shaughnessy, and Southlands have seen the largest price gains, due to a demand for la ... Full Article...

posted in Market News at Thu, 04 Nov 2010 15:23:11 -0700

Tuesday, July 20, 2010 - Bank of Canada Hikes Key Interest Rate Today

The Bank of Canada hiked its key interest rate by .25 today, for the second month in a row, and most lending institutions are expected to raise their prime lending rates in response.  This will affect those with variable rate mortgages, however, fixed rate mortgages are not affected by today's rate announcement.  Mortgage holders or potential borrowers should consult with their mortgage professional to figure out the best strategy as it relates to their personal financial situation.

posted in Market News at Tue, 20 Jul 2010 13:03:38 -0700

Monday, July 12, 2010 - Vancouver Westside Housing Prices

It feels like the summer of 2008.  In the first 2 quarters this year, housing prices on the Westside continued to rise, due to a lack of inventory, pent up demand, and low mortgage rates.  April, May and June brought a large number of listing to the market at the same time that buyers were nearing the end of the deadline before a change in mortgage qualification rules.  Prices have peaked in June, and are on a softening trend.  The latest Housing Price Index by the Real Estate Board of Greater ... Full Article...

posted in Market News at Mon, 12 Jul 2010 09:05:55 -0700

Saturday, July 3, 2010 - Vancouver Westside Market Update - Week Ending July 2/10

Over the past week, there has been a 6% decrease in the total inventory of homes for sale in Vancouver's Westside.  In fact, the number of new listings hitting the market has been declining every week in the month of June.  In March, April and May, there was a significant rise in listing inventory, but that seems to be stabilizing or perhaps dropping.  With that said, the total inventory today is at 3,516 units.  Fixed mortgage rates dropped slightly, and prices have stablized over the past mon ... Full Article...

posted in Market News at Sat, 03 Jul 2010 08:15:50 -0700

Sunday, June 20, 2010 - Vancouver Westside Market Update - Week Ending June 18/10

Over the past four weeks, the average number of new listings in the Westside is 295, while the average number of properties sold is 137, or a sale to list ratio of 46%.  While this makes a balanced market, the average number of price changes is 174.  Properties are taking a  little longer to sell, and Sellers need to price their properties sharply.  In this market, over-pricing at the outset will lead to Sellers chasing the market as it continues to find its balance. 

posted in Market News at Sun, 20 Jun 2010 08:54:49 -0700

Tuesday, May 25, 2010 - Vancouver West Side Market Update - Week Ending May 21/10

Over the past week, we have seen the listing inventory stablize, and sales increase slightly over previous weeks.  There are now 3,597 properties for sale in Vancouver's West Side, compared to 3,268 at the end of April.  The sale to list ratio for the past week was 58%, up from the past 3 weeks, which were (respectively) 47%, 38% and 44%.  Bank of Canada interest rates will be announced next week.  Some fixed term mortgage rates have dipped by .10% over the past couple of weeks, and "prime minu ... Full Article...

posted in Market News at Tue, 25 May 2010 14:44:28 -0700

Sunday, May 16, 2010 - The West Side Market is Changing

One cannot help but notice a lot of "For Sale" signs in most neighborhoods.  The listing inventory in the West Side of Vancouver is now 3,563, an increase of about 1,000 units in the past 60 days.  In spite of a rising inventory, the weekly sale to list ratio has remained fairly consistent.  But what is noticeable is that we are seeing fewer "over list" sales, and properties which were priced in anticipation of escalating prices are being reduced.  Properties that are well priced are selling qu ... Full Article...

posted in Market News at Sun, 16 May 2010 12:39:28 -0700

Wednesday, May 5, 2010 - Vancouver Westside Housing Prices - May 2010

Detached:  The current Housing Price Index released by the Real Estate Board of Greater Vancouver indicates that the Benchmark Price of a Detached home on the Westside is now $1,656,986, a positive change of 47% from one year ago.  The number of new listings for the month of April, 2010 has increased by 68.2% from March, but the number of sales also increased by 60%.  All in all, the Detached market on the Westside has remained strong, whereas we may be seeing some signs of weaking in the Condo ... Full Article...

posted in Market News at Wed, 05 May 2010 17:30:32 -0700

Thursday, April 29, 2010 - LISTING INVENTORY ON THE RISE

The Real Estate Board of Greater Vancouver recently issued a notice to all members that due to the high volume of new listings being submitted, the data input department will be working until 9 pm until further notice.  Some of the major banks have increased fixed mortgage rates by an addtional .15%, from the recent increase of .60%.  Sales continue to be strong, and multiple offers continue, as Buyers compete to get the best listings before rate holds expire. Look for the market to bump around ... Full Article...

posted in Market News at Thu, 29 Apr 2010 10:28:17 -0700

Friday, April 9, 2010 - Vancouver Westside Market - Week Ending April 9/10

The current listing inventory on the West Side is now 2,920, up from 2,229 six weeks ago, with the most significant increase in listings in condominiums.  The number of detached listings is 560, up from 422 six weeks ago.  Over the past week, we saw the most number of new listings posted in any week, year to date, but we also saw the most sales reported in a single week this year.  Over the past week, there were 420 new listings and 202 sales reported, or a sale to list ratio of 48%.

posted in Market News at Fri, 09 Apr 2010 20:08:51 -0700

Wednesday, April 7, 2010 - Vancouver West Side Market - 1st Quarter 2010

Detached:  The current Benchmark Price of a detached home in the Westside is $1,656,986, an increase of 47% over the past year, according to the Housing Price Index just released by the Real Estate Board of Greater Vancouver.  That huge increase takes into account an unexpected rebound from the bottom of the market in the first quarter of 2009.  A low supply of inventory during the first quarter of 2010, coupled with strong demand predominantly from offshore buyers has kept pressure on detached ... Full Article...

posted in Market News at Wed, 07 Apr 2010 11:58:58 -0700

Saturday, March 27, 2010 - Westside Vancouver Real Estate - Week Ending March 26/10

The good news for buyers is that inventory levels are increasing, and mortgage rates have dipped slightly.  One can get a 5 year fixed rate as low as 3.79% upon approval.  However, the Olympic hiatus is over, and sales are also increasing.  Over the past week, it really feels like the spring market is upon us.  Here's the relevant market data in the Westside: Week Ending March 12 March 19 March 26 New Listings 396 370 378 Sold Listings 119 133 162 Sale to List Ratio 30% 36% 42% Total Invent ... Full Article...

posted in Market News at Sat, 27 Mar 2010 16:21:42 -0700

Saturday, March 13, 2010 - Vancouver Real Estate - Week Ending March 12, 2010

Over the past week, there has been a marked increase in the listing inventory, however, many of the new listings are in the upper end of the price spectrum.  The number of sales reported was down slightly from the previous week, and the sale to list ratio was only 30%.  Total ctive listings in the Westside are now at 2,436, up from 2,229 in the previous week.  The largest increase was in the Condominium category, and inventory of Detached houses remains low.

posted in Market News at Sat, 13 Mar 2010 14:03:24 -0800

Friday, March 5, 2010 - Vancouver Real Estate - Week Ending March 5/2010

The latest release of the Housing Price Index shows a benchmarch price of $1,667,089 for Single Family Detached Homes on the West Side of Vancouver.  With a current inventory of only 422 detached homes, 320 of those homes are priced over $1,5 million.  The number of detached homes for sale is 39% lower than it was in February, 2009, while units sold are up 30%.  In the past week, we saw a modest spike in new listings, however, many of those listings are 1 bedroom condominiums in the Downtown ... Full Article...

posted in Market News at Fri, 05 Mar 2010 17:42:31 -0800

Saturday, February 27, 2010 - Vancouver Real Estate - Week Ending February 26/10

Considering that Vancouver has been hosting the largest International event that we will ever see for years to come, the real estate market has been fairing not too badly.  Although we saw significantly fewer new listings hit the market last week, the number of sales reported was 97, compared with an average of 120 over the past 7 weeks.  The total inventory now sits at 2,115, only a marginal increase from the previous week.  Inventory of Single Family Homes remains low, at 431, which is keepin ... Full Article...

posted in Market News at Sat, 27 Feb 2010 11:09:31 -0800

Saturday, February 20, 2010 - Vancouver Real Estate - Week Ending February 19, 2010

We've just made it through Week 1 of the Olympic Games in Vancouver, and I must say, it is feeling like the euphoria and excitement around the City has overshadowed any sense of normality.  A False Creek resident, I live in the hub of activity, a 10 minute walk to Granville Island, the Live City venues, BC Place and GM Place, and all the other central attractions that have been oh so crowded.  It feels a bit like there is a party happening in my living room, while I am in the bedroom.  With tha ... Full Article...

posted in Market News at Sat, 20 Feb 2010 13:14:41 -0800

Friday, October 2, 2009 - Good News on Variable Rate Mortgages

The premium being charged over Prime for some Variable Rate Mortgages have now been reduced to zero "0" with some lenders. For now, Variable Rate mortgages on new business, will float at Prime, which is currently 2.25%. As attractive as these rates are, remember that interest rates WILL go up, as soon as Bank of Canada deems it viable to do so.  If the risk of rising rates will impact your ability to make monthly payments, consider locking in at some of the attractive fixed rates.  As always, ... Full Article...

posted in Market News at Fri, 02 Oct 2009 11:29:46 -0700

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