Diane Birk
Royal LePage Westside
5970 East Boulevard , Vancouver, British Columbia
P: 604-261-9311
F: 604-261-6648
Email

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.

Friday, June 10, 2011 - HST in B.C. - Decide for Yourself (continued)

Have you ever dreamed of owning a brand new home? Have you imagined a home of your own, with that "new house" smell, a home where no one else has lived before you, where you can create your own special space? Have you saved for decades for your dream? Maybe your dream is to have a nice new Townhouse in Vancouver's Westside, because a detached house is just out of reach. Maybe you can actually spend up to $1.3 million, a dream many Canadians could never achieve. After all, you have worked h ... Full Article...

posted in General at Fri, 10 Jun 2011 12:34:49 -0700

Friday, May 27, 2011 - National Garage Sale for Shelter Raises Record $410,000!

Who could have imagined that selling old dishes, unwanted furniture and outgrown toys could save a woman’s life and give a young person the chance for a brighter future? Yet on Saturday, May 14, Royal LePagers from across the country once again came together to host the 3rd Annual National Garage Sale for Shelter and did just that. Thanks to their dedication, creativity, hard work and perseverance, we set a new record by raising more than $410,000 in support of local women’s shelter ... Full Article...

posted in General at Fri, 27 May 2011 10:36:53 -0700

Thursday, May 19, 2011 - HST in B.C. - Decide for Yourself

I've read with interest, the propoganda put out by the B.C. Government, and various other analysts in advance of the June Referendum on the H.S.T. in British Columbia. A common thread throughout the information being provided to those who will vote to kill the tax (or not) is the threat of "where will the money come from". At the same time, it is suggested that the HST only adds about $300 per year to each family. Seriously? From my own experience, that is completely untrue. This year, my ... Full Article...

posted in General at Thu, 19 May 2011 15:59:11 -0700

Tuesday, November 9, 2010 - Did you know.....

Did you know that just 3 short years ago, the prime interest rate was 6%. Today's prime rate of 3% looks like bargain basement! Three years ago, the five year posted rate was 7.39% compared to today's posted rate of 5.29%. Three years ago, the Westside market was smoking hot! Today, the Westside market is balanced, and offers a great opportunity for buyers.

posted in General at Tue, 09 Nov 2010 18:22:54 -0800

Saturday, October 30, 2010 - Vancouver Westside Market Update - Week Ending Oct. 29/10

The number of homes for sale in the Westside of Vancouver continues to gradually drop, offering buyers less choice. In spite of industry analysts proclaiming a "housing bubble" in Vancouver, during the past 30 days, 5 homes were reported sold in the $5 to $6 Million dollar range, at an average of 56 days on the market. Just in the past week, a home in Shaughnessy was reported sold in the $17 million range, the highest sale price of any residential property in the Westside in 2010. On the flip ... Full Article...

posted in General at Sat, 30 Oct 2010 10:19:59 -0700

Saturday, August 14, 2010 - Vancouver Westside - 2nd Quarter Market Update

The summer market, simply put, is on an even keel. The number of properties sold each week over the past 7 weeks has fluctuated between 108 to 144, for an average of 126 weekly Sales. At the same time, the number of new listings coming to the market each week has averaged 196, with very little fluctuation. This is a nice balance. The important change to note is that the total number of properties listed for sale has decreased by 15% since the end of June, offering buyers a bit less choice. ... Full Article...

posted in General at Sat, 14 Aug 2010 12:22:09 -0700

Tuesday, June 1, 2010 - Interest Rates on the Rise

Today, the Bank of Canada has increased it's key interest rate by .25%, to .5%, which signals an increase in the Prime Lending Rate to 2.5%. The increase will affect homeowners who have variable rate mortgages, but given the rock bottom rates enjoyed, the increase is considered modest, and fixed mortgage rates remain very attractive. There are some excellent buying opportunities over the summer, as inventory levels are up, and buyers have more choice, less competition from other buyers, and m ... Full Article...

posted in General at Tue, 01 Jun 2010 11:17:51 -0700

Thursday, April 29, 2010 - JUST SOLD

#603 - 5615 Hampton Place, Vancouver #805 - 1470 Pennyfarthing, Vancouver #701 - 989 Richards Street, Vancouver

posted in General at Thu, 29 Apr 2010 10:23:37 -0700

Saturday, April 17, 2010 - Being your Own Realtor

I think it's fair to say that most people don't buy and sell homes every day. The Real Estate industry is highly regulated and every transaction is different. Every property is unique and therefore, the contract to a transaction needs to be handled with skill and attention to detail. It amazes me that people who aren't aware of all the potential pitfalls of not having proper representation still prefer to go it alone. This week, I got an interesting call from a colleague in my office, who go ... Full Article...

posted in General at Sat, 17 Apr 2010 11:34:36 -0700

Saturday, February 6, 2010 - Vancouver Westside Housing Inventory Stable

The big question on everyone's mind, "What will happen to real estate prices in Vancouver this year?" I keep saying that inventory levels are the key. We are still early into 2010, and inventory levels over the past 3 weeks have barely edged up, now at only 2,030 in total, with only 399 detached houses for sale. The sale to list ratio last week was 45%, down from 61% the previous week. As the 2010 Olympics are less than 1 week away, excitement around the City is buzzing. Many Vancouverites ... Full Article...

posted in General at Sat, 06 Feb 2010 10:01:35 -0800

Friday, February 5, 2010 - Westside Detached Market Remains Strong

Foreign investment, along with low inventory levels, are keeping the prices of Detached homes on the Westside of Vancouver at peak levels. Year to date, 35% of all detached homes sold were priced over $2 million. Foreign investors are buying homes on larger lots, and "lot value" properties with large lots, with emphasis on location within certain school boundaries. The median price of detached homes sold to date is $1,778,500, with median days on the market being 13. If you are contemplatin ... Full Article...

posted in General at Fri, 05 Feb 2010 11:32:25 -0800

Tuesday, February 2, 2010 - Vancouver Westside Housing Prices

The Real Estate Board of Greater Vancouver has just released its Housing Price Index for January, 2010. Here's how prices on the Westside are looking over the past year: January, 2009 July, 2009 January, 2010 Detached $ 1,134,773 $ 1,340,352 $ 1,574,159 Attached $ 650,919 $ 699,385 $ 758,012 Apartment $ 425,678 $ 469,550 $490,060 December, 2009 ended with very low inventory levels, which is typical. The amount of listings coming to market over the past month has far exceeded December l ... Full Article...

posted in General at Tue, 02 Feb 2010 18:49:38 -0800

Friday, January 29, 2010 - Westside Market Update - Week Ending Jan. 29/10

Listing inventory is up by 40% since January 1st, now a total of 1,950. However, inventory for detached houses remains low at 375. Offshore buyers are very active in the detached market, and certain properties are getting bid up significantly over the list price. Those properties are generally centered in desirable school catchments, many with large lots. Sales activity in all categories is generally improving from a slow start at the beginning of January. The sale to list ratio over the p ... Full Article...

posted in General at Fri, 29 Jan 2010 18:38:06 -0800

Sunday, January 24, 2010 - Westside Market Update - Week Ending Jan. 22/10

Total listing inventory is creeping up, however, there is still a significant shortage of detached homes for sale on the Westside (only 342). So far in January, the number of sales are lagging from December/09, but sales are slowly increasing. The sale to list ratio over the past week was 33% (104 units were reported sold). Moving forward into 2010, the listing inventory will be a key factor in what happens with prices.

posted in General at Sun, 24 Jan 2010 15:42:24 -0800

Monday, January 18, 2010 - Westside Market Update - Week Ending Jan. 15/10

Over the past 2 weeks, inventory has been creeping up, now at a total of 1,720 (up from 1,396 on January 1st), however, the number of reported sales has not been keeping pace with December sales. The sales to new listings ratio over the past week was 29%, and only 67 properties were reported sold on the West Side. The number of detached homes for sale remains very low, only at 309. The low number of sales could be attributed to the quality of listings coming on, compared to the type of prope ... Full Article...

posted in General at Mon, 18 Jan 2010 16:59:27 -0800

Friday, January 15, 2010 - Bank of Canada Rate Announcements

Homeowners who currently hold variable rate mortgages are advised to keep a close watch on rates, which are very likely to go up this year. Bank of Canada's scheduled rate annountments for 2010 are: January 19th March 2nd April 20th June 1st July 20th September 8th October 19th December 7th You will need to assess your personal situation, and weigh the pros and cons of locking in now versus taking a wait and see approach. The best 5 year fixed rate I have seen is 3.89%. That is only 1.64% ... Full Article...

posted in General at Fri, 15 Jan 2010 14:29:36 -0800

Friday, January 8, 2010 - Vancouver West Side Market Update - Week Ending Jan. 8/10

It is a great time to sell! Inventory is still at a low of 1,519 total units, with only 278 houses for sale on the West Side. Most of the new listings in the past week are condos, and it looks like a nice variety of condos are coming to market in different price ranges. The sale to list ratio this week was only 28%, but this reflects 2 short weeks over the Holidays, as sales are reported after conditions are removed and sales become firm.

posted in General at Fri, 08 Jan 2010 17:49:55 -0800

Tuesday, January 5, 2010 - Keep Vancouver Spectacular!

When I moved to Vancouver in 1987, I was impressed by the cleanliness of our City. At that time, it was unusual to see even a gum wrapper on a sidewalk or street. Over the years, and most noticeably since the last 2 City Garbage Strikes, it appears that the public attitude has changed, evidenced by Litter - lots and lots of it! As a concerned citizen, I have had many conversations with City of Vancouver officials about the growing epidemic of Litter, and have recently been informed that street ... Full Article...

posted in General at Tue, 05 Jan 2010 09:51:55 -0800

Monday, January 4, 2010 - 2009 In Review

Simply put, 2009 was a year of getting back on track after the market freeze in the latter part of 2008. Here's how a year over year comparison looks: DETACHED HOMES 2009 2008 Change Units Listed 2,629 3,135 - 16% Units Sold 1,946 1,033 + 88% % Sales to Listings 74% 32% Avg. Price/Unit - 4% ATTACHED (TOWNHOUSES) 2009 2008 Change Units Listed 1,300 1,566 - 16% Units Sold 908 512 + 77% % Sales to Listings 69% 32% Avg. Price/Unit Ev ... Full Article...

posted in General at Mon, 04 Jan 2010 10:57:04 -0800

Monday, January 4, 2010 - Today is the Right time to Sell!

The total inventory of listings available on the West Side is only 1,391 (compared to 2,511 on year ago), and only 265 of those are detached homes. With sales to listing ratios of 174% and 196% in the last two weeks of December, demand remains high. While inventory levels are low, this is an ideal time to sell, if that is in your plans for 2010. Call Diane today for a personal Market Evaluation - 604-261-9311!

posted in General at Mon, 04 Jan 2010 10:40:51 -0800

Saturday, December 19, 2009 - Vancouver West Side Market Update - Week Ending Dec. 18/09

The total amount of active listings in the Westside has fallen to 1,787, with only 356 Detached homes for sale. Over the past week, the sales to list ratio was 151%! This is largely due to fewer properties being listed at this time of year, and buyers still being very active. A year to date snapshot of the West Side shows that there were 15% fewer properties listed compared to 2008, with a 57% increase in sales over 2008. The year to date Sale to List Ratio is 69% compared to 37% in 2008. ... Full Article...

posted in General at Sat, 19 Dec 2009 11:52:59 -0800

Monday, December 14, 2009 - Vancouver West Side Market Update - Week Ending Dec. 11/09

Surprising for this time of year (which is traditionally slow in sales), the sales to listing ratio for the past two consecutive weeks has been 102% and 100%. Listing inventory on the West Side has declined to a total of 1,914, with only 397 Detached homes available for sale. Compared to the same time last year, that is almost half of the inventory available, and sales numbers are nearly triple what they were in the last quarter of 2008.

posted in General at Mon, 14 Dec 2009 09:35:07 -0800

Friday, December 4, 2009 - Vancouver Westside Housing Prices

The Real Estate Board of Greater Vancouver has just released the latest Housing Price Index: Indexed Price 1 Year Change 3 Year Change Detached $1,445,248 29.5% 29.9% Townhouse $ 715,027 25.5% 14.8% Condo $ 492,247 14.9% 17.0% Although the price gain over the past year appears significant, it is not that much different from the 3 year gain. This is due to falling prices during the market freeze of the fall of 2008, and 2009 price increases to near peak ... Full Article...

posted in General at Fri, 04 Dec 2009 10:37:11 -0800

Saturday, November 28, 2009 - Vancouver West Side Market Update - Week Ending Nov. 27/09

As is typical this time of the year, the amount of new listings coming to the market has declined over the past week. Although the total listing count in the West Side is stable at 2,096, the number of detached homes for sales has dropped by 17% since the end of October, keeping pressure on prices. Pricing on condominiums seems to be levelling off for the time being. The sale to list ratio over the past week was 78%, not too bad for this time of year.

posted in General at Sat, 28 Nov 2009 08:40:06 -0800

Monday, November 23, 2009 - Vancouver Real Estate Market Update

One year ago today, there were 969 Detached homes for sale in the West Side of Vancouver. Bank Prime was 4%, and the posted mortgage rate for a 5 year term was 7.2%. In the first 23 days of November last year, only 22 detached homes sold, and prices were in a seeming freefall, with no telling where the bottom of the market was. Negativity in the Media was rampant and honestly, quite depressing. Fast forward 12 months. Today, there are only 475 Detached homes for sale in the West Side, and ... Full Article...

posted in General at Mon, 23 Nov 2009 11:40:16 -0800

Saturday, November 14, 2009 - Vancouver Westside Market Update - 2 Weeks Ending Nov. 13/09

The market continues at a fairly consistent pace, with (lower) inventory levels being relatively constant since mid July, 2009. Week Ending Nov. 6/09 Nov. 13/09 New Listings 208 184 Sold Listings 198 154 Sale to List Ratio 95% 83% Total Inventory 2,149 2,161 I am often asked about the impact of the Olympics on prices of real estate in Vancouver. My hunch is that post-Olympics, it will be business as usual. I expect that during the Olympic and Paralympic Games, we will see a slow dow ... Full Article...

posted in General at Sat, 14 Nov 2009 14:33:52 -0800

Wednesday, November 4, 2009 - Vancouver West Side Housing Prices

The Housing Price Index for the month of October, 2009 has just been released by the Real Estate Board of Greater Vancouver. Indexed home prices for the West Side are: Detached Homes - $1,491,294 (up 16.6% in the past year) Townhouses - $722,981 (up 14.6% in the past year) Condos - $489,773 (up 9.2% in the past year)

posted in General at Wed, 04 Nov 2009 07:06:30 -0800

Monday, November 2, 2009 - Vancouver Westside Market Update - Week Ending October 30/09

Market activity on the Westside has been fairly consistent over the past few weeks. Listing counts are flat, at 2,234. 232 New properties came to market last week, and 169 were sold, a sale to list ratio of 72%. We are still seeing some multiple offers on choice properties, but not to the degree that we experienced from June to August.

posted in General at Mon, 02 Nov 2009 12:39:44 -0800

Sunday, October 25, 2009 - Vancouver Westside Market Update - Week Ending Oct. 23/09

New listings = 217 (down 12% from last week) Sold = 167 Sale to List Ratio = 77% (up 11% from last week) Total Inventory 2,251 (static)

posted in General at Sun, 25 Oct 2009 09:48:39 -0700

Saturday, October 17, 2009 - West Side Market Update - Week Ending Oct. 16/09

The Vancouver Westside market remains active. In the past week, 164 properties were reported sold, and of those, 22% sold over the asking price, which indicates that there were multiple offers (most of these are condos). Many properties sold at the full asking price, or within 1% of list. The listing inventory is only slightly up from a low in early September and is now at 2,270. As fixed mortgage rates have increased, and there is a threat of the Prime lending rate going up in the next 6 m ... Full Article...

posted in General at Sat, 17 Oct 2009 07:49:32 -0700

Saturday, October 10, 2009 - Vancouver West Side Market Update - Week Ending Oct. 9/09

Since mid-year, we have been averaging about 250 new listings per week. This week, there were 350! Listing counts are up very slightly to 2,221. 205 properties were reported sold for a sale to list ratio of 58%. If more properties continue to come to market this Fall, we should start to see a bit more balance, with buyers having more choice, and prices stabilizing.

posted in General at Sat, 10 Oct 2009 11:53:54 -0700

Saturday, October 3, 2009 - Vancouver West Side Market Update - Week Ending Oct. 2/09

The Real Estate Board of Vancouver has released the Housing Price Index for the month of September, 2009: Detached - $ 1,448,233 (the 3 month average is $ 1,399,858) Attached - $ 713,482 (the 3 month average is $ 707,136) Condo - $ 480,959 (the 3 month average is $ 475,364) Listing inventory has dropped slightly from last week, now at 2,127. 285 New listings hit the market over the past week, and 188 untis were reported sold, a sale to list ratio of 66% (up from the previous week). The incr ... Full Article...

posted in General at Sat, 03 Oct 2009 11:45:10 -0700

Sunday, September 27, 2009 - Vancouver West Side Market Update - Week Ending Sept. 25/09

Listing counts are rising slightly, now at 2,173, and sales have moderated. In the past week, there were 313 new listings, and 185 properties were reported sold, for a sale to list ratio of 59%. Although inventory is climbing, many of the new listings are priced well above affordability levels for first time buyers, so the market for condominiums priced under $500,000 remains strong, as inventory is still in short supply.

posted in General at Sun, 27 Sep 2009 18:13:01 -0700

Saturday, September 19, 2009 - Vancouver West Side Market Update - Week Ending Sept. 18/09

Listing inventory is starting to inch upwards, now at 2,100. Over the past week, 298 new listings hit the market, the highest weekly amount in all of 2009. 186 properties were reported sold, for a sale to list ratio of 62% which represents a balanced market. If inventory levels continue to grow, this could be the end of the sizzle that we experienced in June, July and August. However, it is too early to make that call. One pocket that is still very hot is detached houses in the Main Street ... Full Article...

posted in General at Sat, 19 Sep 2009 08:56:12 -0700

Saturday, September 12, 2009 - Vancouver Westside Market Update - Week Ending Sept. 11/09

The trend of a falling sales to list ratio continues. During the past week, there were 266 new listings, and only 132 sales, a sale to list ratio of 50%. This could be due in part, to a short week, or the type of new product hitting the market as compared to the sectors where demand remains highest. Most of the listings hitting the market in the past week have been in the higher end properties, which are not getting snapped up as quickly as the under $450,000 properties. Inventory remains s ... Full Article...

posted in General at Sat, 12 Sep 2009 09:02:52 -0700

Sunday, September 6, 2009 - Vancouver Westside Market Update - Week Ending Sept. 4/09

Over the past four weeks, we have seen a trend in a consistent number of new listings coming to market, but a decline in the number of sales, and a corresponding decline in the list to sale ratio. In the past week, there were 246 new listings, and 169 properties sold, for a list to sale ratio of 69%. This trend can be attributed to the type of product coming on the market, compared with the hot price points. We are seeing fewer listings at entry level pricing for first time buyers, where dem ... Full Article...

posted in General at Sun, 06 Sep 2009 12:03:09 -0700

Sunday, August 30, 2009 - Vancouver West Side Market Update - August 28/09

New Listings - 237 Listings Sold - 188 List to Sale Ratio - 79% Total Inventory - 2,028 Comparing August, 2009 to August 2008, the number of active listings are down significantly in all categories (Detached - down 47%, Townhomes - down 38%, Condos - down 40%). And, the number of sales compared to a year ago, are way up (Detached - up an astounding 330%, Townhomes - up 124%, Condos - up 107%). Going into the fall market, we do need more listings to meet current demand. In particular, we nee ... Full Article...

posted in General at Sun, 30 Aug 2009 07:38:12 -0700

Friday, August 21, 2009 - Vancouver Westside Market Update - Week Ending Aug. 21/09

New Listings - 241 Sold Listings - 202 Sale to List Ratio - 84% Total Inventory - 2,024 units

posted in General at Fri, 21 Aug 2009 21:39:41 -0700

Sunday, August 16, 2009 - HST and your Condo Fees or New Home Purchase

Remember when the GST was implemented? Your Property Manager came to your Strata Council and told them they needed to budget an additional 7% on just about every expense to cover the GST. The proposed HST will now add another 7% onto your Property Management fees, costs of major repairs, your plumber’s bill, your gardener’s bill, your gas bill, and just about every other expense that makes up your condo fees. As a Council Member in my own Condo, I am wondering where our seniors a ... Full Article...

posted in General at Sun, 16 Aug 2009 08:46:36 -0700

Sunday, August 16, 2009 - Vancouver Westside Market Update - Week Ending Aug. 14/09

By the end of this week, the Westside listing inventory has dropped to its lowest level this year, and now stands at 2,033. 261 Properties sold in the week, compared to 248 new listings, a sale to list ratio of 105%. The majority of sales were under $1 million, with properties under $500,000 being snapped up quickly. Low interest rates, combined with high demand and low inventory has put pressure on prices. As buyers recognize that low interest rates have stimulated the market as intended, ... Full Article...

posted in General at Sun, 16 Aug 2009 08:12:26 -0700

Sunday, August 9, 2009 - Vancouver Westside Market Update - Week Ending Aug. 7/09

New Listings - 185 Sold - 114 List to Sale Ratio - 62% Total Inventory 2,120 An anomoly this week - many of the price changes on current listings have gone up instead of down. The Real Estate Board of Greater Vancouver released its July stats, which showed the highest number of sales for the month on record. Many people miscontrue the "number of sales" with "selling prices", and it is possible that this has resulted in some sellers increasing their prices.

posted in General at Sun, 09 Aug 2009 08:48:12 -0700

Thursday, August 6, 2009 - July 2009 Housing Price Index

The Housing Price Index for July 2009 has just been released by the Real Estate Board of Greater Vancouver. Here are the numbers for the West Side of Vancouver: Property Type Index Price 1 Year Change Detached $1,340,352 - 3.6% Townhouse $ 699,385 - 4.5% Apartment $ 469,550 - 2.6% The current busy pace of the market reflects pent-up demand, particularly from First Time Buyers. Many buyers sat on the fence last Fall and early this year, waiting for catastrophic predictions to come tr ... Full Article...

posted in General at Thu, 06 Aug 2009 14:07:53 -0700

Tuesday, August 4, 2009 - Vancouver Westside Market Update - Week Ending July 31/09

New LIstings - 227 Sold Listings - 225 List to Sale Ratio - 99% Current Inventory - 2,099

posted in General at Tue, 04 Aug 2009 09:30:20 -0700

Sunday, July 26, 2009 - Vancouver West Side Market Update - Week Ending July 24/09

The past week has been a near carbon copy of the previous week: New Listings - 249 Properties Sold - 194 List to Sale Ratio - 80% Total Inventory - 2,206

posted in General at Sun, 26 Jul 2009 07:07:58 -0700

Friday, July 17, 2009 - Vancouver Westside Market Update - Week Ending July 17/09

This week's list to sale ratio is 80%, with 245 new listings, vs. 196 properties reported sold. The inventory of homes for sale continues to decline, presently at 2,207, down from a high of 3,061 at the end of February/09. Lower supply, increased demand, and historical low interest rates have helped to stabilize the market and stop the price declines that we saw early this year. The bottom of the market is now well behind us.

posted in General at Fri, 17 Jul 2009 19:08:02 -0700

Saturday, July 11, 2009 - Vancouver Westside Market Update - Week Ending July 10/09

New Listings - 240 Sold - 163 List to Sale Ratio - 68% Total Inventory - 2,233 (about the same as last week) The list to sale ratio is down this week as compared with previous weeks. Is this the start of a typical summer slowdown? Now that school is out, and families tend to take summer vacation, we could see this trend continue, but we expect condo sales to remain strong, as inventory has tightened, and demand remains steady. Throughout the spring, we have had a steady influx of overseas ... Full Article...

posted in General at Sat, 11 Jul 2009 09:59:02 -0700

Saturday, July 4, 2009 - Westside Market Update - Week Ending July 3/09

New Listings - 213 Sold Listings - 198 List to Sell Ratio - 93% Total Inventory 2,224 (shrinking)

posted in General at Sat, 04 Jul 2009 08:58:06 -0700

Saturday, June 27, 2009 - Vancouver Westside Market Update - Week Ending June 26/09

This week's update is brief - I am busy, busy, busy! New listings: 264 Number of properties sold: 221 List to Sale Ratio: 84% Total inventory is down again to 2,391 (Detached down to 590, Attached up slightly to 1,773)

posted in General at Sat, 27 Jun 2009 12:44:55 -0700

Saturday, June 20, 2009 - Vancouver Westside Market Update Week Ending June 19/09

Some interesting things are happening in the market. Fixed mortgage rates are creeping up, inventory continues to slightly decline, and demand is healthy, particularly among first time buyers. In the past week, a two bedroom condo in Fairview, listed in the low $400's, sold in the very high $400's, with more than 20 offers. Although prices are stable generally, attractive and well-located properties, priced more conservatively, are selling quickly, and in some cases with multiple offers, or ... Full Article...

posted in General at Sat, 20 Jun 2009 08:31:19 -0700

Sunday, June 7, 2009 - Vancouver Westside Market Update - Week Ending June 5/09

While the gap between the number of new listings (265) and the number of sales (194) is a bit wider this week than in previous weeks, the total inventory continues to decline (now at 2,433). Of the 194 sales this week, 27 properties sold over the list price, 15 properties sold at full asking price, and 26 properties sold within $5,000 of the asking price.

posted in General at Sun, 07 Jun 2009 20:46:14 -0700

Wednesday, June 3, 2009 - Fixed Rate Mortgages on the Way Up

Fixed rate mortgages are on the way up. Royal Bank was first out of the gate to increase its five to ten-year fixed rates effective June 2nd, while TD Canada Trust, CIBC and National Bank followed suit today. All four banks raised their rates by 0.20%.

posted in General at Wed, 03 Jun 2009 16:37:12 -0700

Wednesday, June 3, 2009 - Vancouver Westside Housing Prices - May 2009

The Housing Price Index for May, 2009 has just been released. Although prices are roughly 10% down from May, 2008, we have seen a very slight upward trend in housing prices over the past 4 months. This is due to a higher demand, lower interest rates, and a declining inventory. Feb/09 Mar./09 Apr./09 May/09 Det. $1,170,886 $1,127,017 $1,237,674 $1,273,131 Att. $635,072 $624,746 $641,206 $659,323 Apt. $422,456 $422,264 $430,318 $444,076 The number of sales in the Westside of Vancouve ... Full Article...

posted in General at Wed, 03 Jun 2009 07:07:07 -0700

Friday, May 29, 2009 - Westside Listing Inventory Continues to Drop

The total number of active listings is down again this week, presently at 2,484. Inventory has been dropping steadily since the middle of March, 2009. There were 251 new listings this week, and 217 sales, so the list to sale ratio remains pretty tight. Buyers have discovered that they are not so in charge as they were in the months of November, December, January. There is a lot of speculation that we are experiencing just a blip, and things will cool off in the summer. Who really knows? P ... Full Article...

posted in General at Fri, 29 May 2009 17:06:16 -0700

Friday, May 22, 2009 - Vancouver Westside Market Update - Week Ending May 22/09

Over the past week, the number of sales has actually out-paced the number of new listings. There were 200 properties reported sold in the Westside, versus 182 new listings. The total listing count is down again, to 2,514. As inventory tightens up, and sales increase, prices are remaining stable. However, in some categories, buyers are finding it difficult to buy. Where inventory is very tight, we are seeing bidding wars again, on "gem" properties that are priced at or slightly under market ... Full Article...

posted in General at Fri, 22 May 2009 21:13:25 -0700

Saturday, May 16, 2009 - Vancouver Westside Market - Week Ending May 15/09

In a nutshell, the market continues on a very balanced trend. We had 247 new listings in the past week, and 217 sales. The total listing count is down again this week, at 2,582. I am working with a Relocation client this weekend, and of the properties I selected to show them, about half of them are sold or have accepted offers. This is in the $500-600,000 price range for a larger 2 bedroom condo. This segment of the market was virtually dead 5 to 6 months ago, and now things have definitel ... Full Article...

posted in General at Sat, 16 May 2009 07:59:05 -0700

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