Vancouver Real Estate - Westside Market Update

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

Wednesday, May 13, 2009 - Perception vs. Reality

A lot has changed since February/09. It is amazing to me how many people I've recently met, who perceive that the Westside real estate market is still on a downward trend (a 6 month old perception). I was involved in a multiple offer situation the other night, with my first time buyer. We looked at all the comparable sales, and felt the property was very sharply priced. When we were informed that there would be other offers, we increased the offer price by a respectable amount. At the end ... Full Article...

posted in General at Wed, 13 May 2009 10:07:22 -0700

Saturday, May 9, 2009 - Vancouver Westside Market Update - Week Ending May 8/09

Listing inventory has been relatively stable through March and early April, and in the past 4 weeks, we have seen a trend of declining listing counts. All things considered, we are enjoying an active spring market, with a good balance between new listings and sales: Week Ending 5/8/09 5/1/09 4/24/09 New Listings 223 253 222 Sold Listings 197 179 196 Total Inventory 2628 2652 2783 Year to date, 101 properties over $2 mil have been sold, with 22 of those over $3 mil. The highest price o ... Full Article...

posted in General at Sat, 09 May 2009 07:47:13 -0700

Monday, May 4, 2009 - Vancouver Westside Housing Prices April 2009

The Real Estate Board of Greater Vancouver has just released the Housing Price Index for April, 2009: April, 2009 1 Yr Change 3 Yr Change 5 Yr Change Detached $ 1,237,674 - 14.4% 11.0% 58.6% Attached $ 641,206 - 12.2% 18.9% 52.7% Apartment $ 430,318 - 12.9% 8.6% 40.5% Comparing March to April, 2009, the number of new Detached listings are up by 29.8%, Attached are down by 7.6% and Condos are down by 6%. Sales are up compared with last month. The number of Detached homes sold is ... Full Article...

posted in General at Mon, 04 May 2009 18:07:52 -0700

Sunday, May 3, 2009 - Vancouver Westside Market Update - Week Ending May 1/09

Even though the new listings in the Westside are up from last week, 253, vs. 222, and the sales are slightly off (179 this week vs 196 last week), the overall inventory of homes for sale is at the lowest point since January 2, 2009 (at 2,652). There is a good demand for condominiums under $325,000 as first time buyers and investors are back in the market, and the good listings are selling quickly. The same is true of houses under $1 mil.

posted in General at Sun, 03 May 2009 17:25:26 -0700

Friday, April 24, 2009 - JUST SOLD

4106 West 15th Avenue, Vancouver 2465 West 8th Avenue, Vancouver

posted in General at Fri, 24 Apr 2009 15:53:00 -0700

Thursday, April 23, 2009 - Interesting News for Naysayers

Finally, after a terribly frantic and hectic week in real estate, I am able to sit down and analyze the market activity (aside from my own) for the past 8 days. It is completely in balance, with 338 new listings, and 283 sales! This morning, I attended my monthly networking meeting of Royal LePage Realtors, the BC Breakfast Club, and it seems that Vancouver's Westside is ahead of other markets. Squamish appears to be a couple of months behind the West Side, and the eastern suburbs appear t ... Full Article...

posted in General at Thu, 23 Apr 2009 18:32:38 -0700

Wednesday, April 22, 2009 - Bank of Canada Lowers Key Rate by a Quarter Point

Source: Invis Financial (www.invis.ca) "The Bank of Canada reduced its key interest rate by a quarter point (April 21st) to its lowest level ever. In its announcement, the Bank also stated that it expects to hold this policy rate at its current level until the end of the second quarter of 2010, conditional on the outlook for inflation." "While rates for variable rate mortgages are typically impacted by Bank of Canada policy rate changes, what's interesting is that rates for popular five-yea ... Full Article...

posted in General at Wed, 22 Apr 2009 07:46:15 -0700

Tuesday, April 21, 2009 - Vancouver Westside Market Update - Week Ending April 17

There is no update for the past week. I have been really, really, really busy selling homes!

posted in General at Tue, 21 Apr 2009 14:14:00 -0700

Sunday, April 12, 2009 - Vancouver Westside Market Update - Week Ending April 10

In spite of a short week, the number of sales reported have kept pace with the previous week. 138 Properties were reported sold. However, the number of new listings and price reductions is down this week. The total inventory of homes for sale in the Westside is down slightly to 2,804, about even with the inventory in mid January, 2009. Easter Weekend is typically a slow time in real estate, but I've really been run off my feet this weekend, and I am hearing the same from other Realtors®. ... Full Article...

posted in General at Sun, 12 Apr 2009 09:17:26 -0700

Sunday, April 5, 2009 - Westside Market Update Week Ending April 3rd

The market has remained quite stable over the past few weeks. 134 Properties were sold in Vancouver’s Westside last week. Even though we are seeing roughly 200 new listings coming to the market each week over the past few weeks, the total inventory in the Westside is down slightly, at 2,864. As long as inventory doesn’t start to spike, prices should remain relatively stable. If you are looking for a detached house in the Westside under $1,000,000, there is a marginal supply, and ... Full Article...

posted in General at Sun, 05 Apr 2009 08:55:32 -0700

Thursday, April 2, 2009 - Vancouver Westside Housing Prices

The Real Estate Board of Greater Vancouver has just released the March statistics, and the Housing Price Index shows a very marginal decline in prices, leading to stability with increased sales. Dec/08 Jan/09 Feb/09 Mar/09 Det. $1,165,007 $1,134,773 $1,170,886 $1,127,017 Att. $609,623 $650,919 $635,072 $624,746 Apt. $424,509 $425,678 $422,456 $422,264 Compared to the month of March, 2008, the total residential units listed in the Westside are down by 22%, sales are down by 9%, and ave ... Full Article...

posted in General at Thu, 02 Apr 2009 20:23:28 -0700

Friday, March 27, 2009 - Westside Market Update week ending March 27th

The total inventory in the Westside is down very slightly from last week, now at 3,030. The number of sales (128) have almost kept pace with the previous week. The number of new listings to the market is down a bit. Last year at this time is when we saw the market starting to get flooded with listings. It's difficult to say whether inventory levels will climb this spring, but right now, the inventory in entry level homes and condos is very tight. We are seeing some new listings to the mark ... Full Article...

posted in General at Fri, 27 Mar 2009 20:15:50 -0700

Saturday, March 21, 2009 - Westside Market Update weekending March 20/09

Over the past week, listing inventory in the Westside remains stable at 3,050 total. The inventory in Detached homes has been dropping ever so slightly every week, for the past 4 weeks, and likewise, the inventory in Attached homes has been edging up slightly. We saw a marked increase in the total number of sales, 135, as compared to an average of 106 for the past 6 weeks. In the past week, 21% of the reported sales were over $1 million, and 48% of reported sales were under $500,000. 7 Prop ... Full Article...

posted in General at Sat, 21 Mar 2009 06:56:07 -0700

Saturday, March 14, 2009 - Westside Market Update week ending March 13th

Over the past 5 weeks, the average number of properties sold is 106 per week, and this week, 103 properties were reported sold in the West Side. The average number of new listings over the same time period is 219 per week, and there were 226 new listings in the past week. To sum it up, everything is on an even keel. Total listing inventory in the Westside is quite stable, hovering close to the 3,000 mark for the past 5 weeks. Some of the inventory is taken up by sales, and some of it is sti ... Full Article...

posted in General at Sat, 14 Mar 2009 08:30:19 -0700

Saturday, March 7, 2009 - Westside Market Update week ending March 6th, 2009

Once again, we are seeing stablity in the Westside stats over the past week. 116 sales were reported, slightly up from 104 the previous week. Although the number of new listings were also up (242 compared with 194 in the previous week), the total inventory on the Westside has dropped from 3,061 to 2,983 in the past week. There are only 50 detached houses for sale West of Granville Street, that are priced under $1 million. Several detached houses in this bottom end have accepted offers, and ... Full Article...

posted in General at Sat, 07 Mar 2009 10:35:04 -0800

Tuesday, March 3, 2009 - Vancouver Westside Housing Prices

The Real Estate Board of Greater Vancouver has just released the latest statistics, and our Housing Price Index shows that prices on the Westside have been relatively flat since December, 2008: Nov/08 Dec/08 Jan/09 Feb/09 Det. $1,116,267 $1,165,007 $1,134,773 $1,170,886 Att. $569,949 $609,623 $650,919 $635,072 Apt. $428,548 $424,509 $425,678 $422,456 In the past year, the price of Detached Homes show a decrease of 19%, but the 5 year trend is an increase of 58%. Townhomes have shown a ... Full Article...

posted in General at Tue, 03 Mar 2009 14:38:46 -0800

Saturday, February 28, 2009 - Westside Market Update week ending Feb. 27th

Once again, the past week showed very stable sales numbers. 104 properties were sold, compared to 106 and 104 in the previous two weeks. The number of new listings is just very slightly less, 194, compared with 219 and 217 in the previous two weeks. What is different from last week, is that roughly half of the properties sold were over $500,000, with 23 sales between $1 mil and $3 mil, and two properties sold over $3 million. The official month end statistics will be out next week, but we s ... Full Article...

posted in General at Sat, 28 Feb 2009 10:13:39 -0800

Tuesday, February 24, 2009 - Low-Ball Offers

In a Buyer’s market, Sellers are often faced with "low-ball" offers. There are many aspects to an offer that can be attractive to a Seller in spite of the price, such as conditions or "subjects", the amount of deposit, dates, included items, etc.. Some Sellers, faced with a low priced offer, but few conditions, ideal dates, and no other wierd clauses in a contract, will take your offer more seriously than an offer that is cluttered with crazy conditions, and likely will negotiate a pric ... Full Article...

posted in General at Tue, 24 Feb 2009 11:58:22 -0800

Friday, February 20, 2009 - Last Week's Stats on the Westside

The stats for this past week are almost a carbon copy of the previous week, with 106 sales, versus 104 last week, and 219 new listings versus 217 last week. The lion's share of sales were under $500,000, and while the Media continues to use their scare tactics to intimidate buyers in this "buyer's market", 19 properties over $1 million were reported sold last week. Two of those were over $2 million. The word I am getting at Open Houses is that many would-be buyers are confused, and feel sa ... Full Article...

posted in General at Fri, 20 Feb 2009 17:27:58 -0800

Friday, February 13, 2009 - Unit Sales Continue to Improve

32, 40, 41, 57, 69, 104 Nope, these are not this week’s lotto numbers, but the number of sales reported in the Westside for the past 6 consecutive weeks. Notice a trend? Although prices are not climbing, and likely won’t any time soon, we seem to be moving toward some market stablization compared with the past few months, when buyers literally went on strike. Many Realtors® are reporting very busy showings and open houses (compared with recent past), which will eventually lead to ... Full Article...

posted in General at Fri, 13 Feb 2009 21:41:15 -0800

Friday, February 13, 2009 - One More Sale Over List

A lovely 1 bedroom apartment in Kitsilano has just been reported sold for $3,000 over the list price. The asking price was in the low $300's. We've seen a few of these "over list" sales in the past couple of weeks. This is not an indication of prices going up, but rather, an establishment of value to buyers. The number of sales reported this week is up again, and it is starting to look like the market is gaining some momentum, to the point where there is actual data to reasonably establish ... Full Article...

posted in General at Fri, 13 Feb 2009 08:23:32 -0800

Tuesday, February 10, 2009 - Yet Another "Over List" Sale

A charming house in the Cambie neighborhood has just been reported sold, at $10,000 over the list price, within 7 days of coming to market. This home was very sharply priced, and once again, buyers reacted favourably.

posted in General at Tue, 10 Feb 2009 15:40:56 -0800

Tuesday, February 10, 2009 - Another Property Sells Over List Price

In this uncertain market, buyers are certainly shopping for bargains. A 2 bedroom "starter" condo in Kitsilano recently sold $8,000 over the asking price. This property was priced at $315,000 and, and buyers responded with offers, bringing the selling price up to $323,000.

posted in General at Tue, 10 Feb 2009 08:28:41 -0800

Saturday, February 7, 2009 - Sales are Edging Upward

The number of homes Sold in the Westside are starting to edge up ever so slightly, a trend we haven't seen since last October. The number of homes sold in the last 3 consecutive weeks are 41, 57, and 69. Given the activity level of showings compared with last fall, we should see this trend continue into the Spring market. The recent drop in interest rates means that buyers can lock into a much lower mortgage payment now, rather than waiting to time the bottom of the market, which would be a ... Full Article...

posted in General at Sat, 07 Feb 2009 08:53:45 -0800

Wednesday, February 4, 2009 - Another Westside Home Sells Over List Price

A house in the Cambie neighborhood has just sold for $13,750 over list price. Last week, a Kerrisdale townhouse sold $23,000 over list price. These are examples of properties priced to reflect the corrections that have occurred in the past few months. A few of our colleagues have experienced multiple offers in the past week, in some cases under list price, or not wildly over asking price, but nonetheless, within the range of today’s market value. Prices may bump around for a while, bu ... Full Article...

posted in General at Wed, 04 Feb 2009 13:29:12 -0800

Wednesday, February 4, 2009 - Vancouver Westside Prices

The Real Estate Board of Greater Vancouver has just released the Housing Price Index for the month of January, which indicates a levelling off of prices over the past three months: Oct/08 Nov/08 Dec/08 Jan/09 Det. $1,279,528 $1,116,267 $1,165,007 $1,134,773 Att. $630,738 $569,949 $609,623 $650,919 Apt. $448,630 $428,548 $424,509 $425,678 The price of townhomes looks like it is on a rollercoaster, however, this is due to an insignificant number of sales to make an analysis of the pric ... Full Article...

posted in General at Wed, 04 Feb 2009 08:32:48 -0800

Friday, January 30, 2009 - Westside Market Update Week Ending January 30th

Well, here’s some news. A townhouse in Kerrisdale has been reported sold this week at $23,000 over the list price! The number of sales reported this week are up by 28% over last week, and the number of new listings this week are down by 31% compared to last week. Inventory in detached houses remains fairly stable, with few new listings coming onto the market. If you are looking for a house West of Granville, there are only 42 listings under $1,000,000. There are currently 698 detache ... Full Article...

posted in General at Fri, 30 Jan 2009 20:51:23 -0800

Wednesday, January 28, 2009 - It seems like things are looking up...

Those of us in touch with buyers and sellers on a daily basis get a visceral sense when things are about to change. In the past week, I have noticed that internet traffic on the Board’s public advertising site is up significantly. Phone calls and showing requests are up. I had a very busy Open House on the weekend - much busier than in previous months. In discussion with colleagues, I am hearing that several properties in the $300,000 range and $500,000 range have offers on them. One ... Full Article...

posted in General at Wed, 28 Jan 2009 15:27:47 -0800

Saturday, January 24, 2009 - Westside Market Update Week Ending January 23rd

Over the past week, we saw a rise in listing inventory on the Westside to 2,217, with 264 new listings added to the market. It is important to note, however, that 92 of those listings are priced at over $1 million, and only 52 of those listings are priced under $400,000. We have seen a significant number of properties listed in newly constructed developments in the downtown core over the past week. There were 106 price adjustments in the past week, with only modest adjustments in the lower e ... Full Article...

posted in General at Sat, 24 Jan 2009 13:49:11 -0800

Friday, January 16, 2009 - Last Week's Stats on the Westside

There were 40 reported sales in the Westside over the past week. It is important to note that many of these sales took place in the latter part of December and early January, over the holiday period, and during a period of the worst snow accumulation I can remember in Vancouver (and we Vancouverites don’t do snow!). We saw an increase in the total Westside inventory (since January 1st) of 8%, up to 2,787. A good number of these new listings are in projects that are under construction, ... Full Article...

posted in General at Fri, 16 Jan 2009 18:19:55 -0800

Tuesday, January 13, 2009 - Listing Counts Holding Steady

We started off 2009 with 2,571 listings on the Westside. In the past 13 days, 314 new listings were reported, along with 53 sales. However, the overall inventory count remains largely unchanged, at 2,706. With new listings, or relisted properties coming back to market, other properties are still being withdrawn. The mood among my piers remains optimistic that this is still a great time to buy. We are seeing some amazing deals right now. For example, a recently renovated house on a 50&rsqu ... Full Article...

posted in General at Tue, 13 Jan 2009 14:02:17 -0800

Monday, January 5, 2009 - Housing Prices December 2008

The latest Housing Price Index has just been released by the Real Estate Board of Greater Vancouver. Here’s the results for the Westside residential market: Type Benchmark Price 1 Yr. Change 5 Yr. Change Detached $ 1,165,007 16.6% down 64.0% up Attached $ 609,623 12.6% down 68.5% up Apartment $ 424,509 11.6% down 54.0% up

posted in General at Mon, 05 Jan 2009 14:08:08 -0800

Thursday, January 1, 2009 - 2009 Starts with a Drastic Reduction in Listing Inventory

While it is quite normal for many listings to expire or terminate at month end/year end, it was quite shocking to see an OVERNIGHT decline in the total number of listings on the Westside by 21%! That is down 35% since October 31st. The overnight decline in Detached is 21%, and Attached is down by 18%. Since October 31st, this represents a reduction of 41% in the number of houses for sale, and a 33% reduction in the number of condos and townhomes for sale, which is quite significant. This me ... Full Article...

posted in General at Thu, 01 Jan 2009 09:36:41 -0800

Monday, December 29, 2008 - Further Declines in Housing Stock

The inventory of homes for sales in the West Side of Vancouver is currently down by 18% since October 31st. The number of detached homes for sale is down by 22% and condo/townhomes are down by 15%. A reduction in inventory means less choice for buyers, and possibly more stable prices if the trend continues.

posted in General at Mon, 29 Dec 2008 12:17:45 -0800

Saturday, December 20, 2008 - December Market Update on the Westside

Sales are still on a flat line, with 53 Westside properties reported sold this week. New listings have declined to 73, and price changes are at 58. The overall housing inventory on the Westside is still on the decline, down a total of 15% since October 31st. The amount of detached homes for sale is down 20%, and attached (condos and townhomes) is down by 13%. In spite of economic conditions, it is interesting to note that so far this month, 26 detached homes have sold, as compared to only ... Full Article...

posted in General at Sat, 20 Dec 2008 08:52:55 -0800

Tuesday, December 16, 2008 - MLS Listing Inventory Continues to Slide

The total number of MLS® listings in the Westside is down by 14% since October 31st. Detached listings are down by 17% and attached (condos and townhouses) listings are down by 11% since October 31st. Both the Bank Prime Rate and Mortgage Interest Rates are also down in the past week. Sales activity is very steady, and prices are near end-of-2006 levels. These are all the right ingredients for buyers. This is an absolutely "ripe" time to buy. Our phones are ringing just a bit more, and gi ... Full Article...

posted in General at Tue, 16 Dec 2008 08:59:28 -0800

Saturday, December 13, 2008 - Last week on the Westside

Once again, activity has been relatively stable, with 50 sales reported, 96 new listings and 113 price changes. The largest decline in inventory is in detached homes, which is down 16% since October 31st. I sense that we may see a bit more buying activity once we get past the holiday season. In spite of a very soft market, I very nearly got into a bidding war the other day, on a property that had been substantially reduced in price, and suddenly looked really appealing to more than one buyer ... Full Article...

posted in General at Sat, 13 Dec 2008 10:39:25 -0800

Thursday, December 11, 2008 - Active Westside Listings

As of this afternoon, the total listing inventory in the Westside of Vancouver is down 12% since October 31st. I am sensing a change in the market on a visceral level. After 16 years in the business, sometimes your gut knows better than analytical statistics. It is interesting to see what is being reported as sold this week, compared with previous weeks, where we were seeing a majority of sales only in the very bottom end of the market (under $300,000). This week, we are really starting to ... Full Article...

posted in General at Thu, 11 Dec 2008 16:07:08 -0800

Saturday, December 6, 2008 - Week Ending December 5th on the Westside

One of the factors that drove the residential market to an almost screeching halt was the onslaught of new listings to the market earlier this year. Today, the total inventory of residential properties is 3,534, down 10% from October 31st (only 5 weeks ago). Since that date, available detached homes are down by 13%, and attached are down by 8%. Over the past 7 weeks, we have seen an average of 45 sales per week. This week, 62 sales were reported. Given that we are in the first week of a hi ... Full Article...

posted in General at Sat, 06 Dec 2008 08:01:16 -0800

Monday, December 1, 2008 - MLS Listing Counts on the Decline

As of this morning, we have seen a 5% drop in the total number of active listings on the market in the Westside from November 30th figures. This translates to a 6% decline in Detached homes, and a 4% decline in condos and townhomes for sale. It remains to be seen whether these properties will come back to the market before year end. Historically, many homeowners prefer to not have their homes listed during the busy holiday season, particularly if they have been on the market for a while. I ... Full Article...

posted in General at Mon, 01 Dec 2008 12:06:25 -0800

Sunday, November 30, 2008 - Last Week on the Westside

Once again, we see the magic number of 44 reported sales for the week. New listings are down to 131, and most of those properties are newly constructed condos in the Downtown core. There were 169 price adjustments, and the active listing count is 3,808, relatively unchanged for many weeks.

posted in General at Sun, 30 Nov 2008 10:15:58 -0800

Saturday, November 29, 2008 - Sellers' Reality Check

November is traditionally a slower market period, but nonetheless, people still buy homes in Nomvember and December. Sellers who have had their home on the market a while, might be wondering what the heck is going on. (Maybe it’s the agent’s fault). But here are some important numbers. From 2000 to 2007, the number of sales for Detached homes in the month of November averages 117. In November, 2008, only 13 Detached homes have sold. If we look at the condo market, the average ... Full Article...

posted in General at Sat, 29 Nov 2008 12:31:11 -0800

Thursday, November 27, 2008 - The Latest Buzz for Buyers

This morning, I attended the Annual Meeting with members of the Westside Division, and the Board of Directors of the Real Estate Board of Greater Vancouver. The meeting was well attended by perhaps 200 or so Realtors®. Events like this are a good chance for us to network and share our opinions on the market. Have you ever wondered what it would be like to be a fly on the wall in a room full of Realtors®? The comments echoed go something like this: "The people who are buying right now are g ... Full Article...

posted in General at Thu, 27 Nov 2008 12:11:14 -0800

Friday, November 21, 2008 - This week on the Westside

Sales remain static at 44 this week. New listings have dropped to 151. The active listing count is up ever so slightly at 3844, which is attributed mostly to (Downtown) post-construction re-sale units coming to the market. The inventory of detached homes is down slightly. New inventory of condos in the desirable neighborhoods of Kitsilano and Fairview has been pulling back over the past several weeks. We should see prices start to stablize in these neighborhoods.

posted in General at Fri, 21 Nov 2008 20:33:43 -0800

Friday, November 21, 2008 - Westside Housing Prices

In the past 30 days, the median price of a Detached house on the Westside was $1,220,000. Median days on the market was 27, with a 91% sell to list price ratio. The highest sale was $3.55 mil, and the lowest was $751,000. In the past 30 days, the median price of an Attached (condo or townhouse) home on the Westside was $408,000. Median days on the market was 41, with a 94% sell to list price ratio. The high price was $2.2 mil, and the lowest was $215,000. Clearly, quality properties, pric ... Full Article...

posted in General at Fri, 21 Nov 2008 10:10:53 -0800

Saturday, November 15, 2008 - Last week on the Westside

In spite of "the sky is falling" headlines that one can't escape from, there has been relative stability in the market over the past 5 weeks. Doom and gloom media figures are comparing market statistics of last year's stellar numbers, with statistics from a correcting market, and global economic instability. It is fair to say, however, that homes are still selling, and life goes on. Last week, in spite of 2 massive downtown projects being completed, and several units in those projects coming ... Full Article...

posted in General at Sat, 15 Nov 2008 10:10:12 -0800

Tuesday, November 11, 2008 - Listing Counts

An update from my last report on West Side listings counts: From September 1, 2008 to date, the number of listings withdrawn from the market is now 1,953. In spite of new listings constantly being added to the market, this number is keeping the listing supply hovering around the 3,800 mark.

posted in General at Tue, 11 Nov 2008 13:11:33 -0800

Saturday, November 8, 2008 - When is the best time to buy?

Buyers ask me this question often. The answer is simple - "when no one else is". Right now, while everyone is sitting on the fence wondering where the bottom is, shrewd investors are out there, making offers, some unsuccessful, but some are picking up good properties at 2006 prices! Consider that right now is the time where conditions are perfect for buyers: 1. We have seen a signifcant price correction in the market. 2. Your choice of homes could never be better. Right now, we have a 28 ... Full Article...

posted in General at Sat, 08 Nov 2008 08:09:39 -0800

Saturday, November 1, 2008 - Last Week on the Westside

The market, although marketedly different from one year ago, has remained fairly consistent over the past 3 weeks. We haven't seen any wild swings like the stock market. The number of new listings to the market is up slightly (243) however, a large number of these are in a newly released conversion project in the West End, so the number of resale listings coming to the market has actually declined. We saw 254 price changes, and 50 sales. In the past week, we saw 3 properties sell at $3 mil ... Full Article...

posted in General at Sat, 01 Nov 2008 08:16:20 -0700

Monday, October 27, 2008 - Listing Counts

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...

posted in General at Mon, 27 Oct 2008 15:26:34 -0700

Saturday, October 25, 2008 - Last week on the Westside

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...

posted in General at Sat, 25 Oct 2008 07:58:53 -0700

Saturday, October 18, 2008 - Last week on the Westside

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...

posted in General at Sat, 18 Oct 2008 16:26:09 -0700

Wednesday, October 15, 2008 - Does Your Realtor go on "Tour"?

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...

posted in General at Wed, 15 Oct 2008 09:51:46 -0700

Friday, October 10, 2008 - This Week on the Westside

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...

posted in General at Fri, 10 Oct 2008 11:15:50 -0700

Wednesday, October 8, 2008 - Average Selling Prices in the Last 30 Days

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

posted in General at Wed, 08 Oct 2008 08:13:28 -0700

Monday, October 6, 2008 - BC's Green Building Code

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...

posted in General at Mon, 06 Oct 2008 13:31:49 -0700

Monday, October 6, 2008 - Variable Rate Mortgages

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...

posted in General at Mon, 06 Oct 2008 09:22:12 -0700

Friday, October 3, 2008 - Market Jitters

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...

posted in General at Fri, 03 Oct 2008 10:14:46 -0700

Saturday, September 20, 2008 - Ooh, What's that Smell?

While out with clients showing properties today, I was again reminded that our noses are very powerful tools in the home buying process. Did you know that a shower curtain can make your home smell like a leaky condo? You may not recognize ordinary odors in your home, but a stranger to your home can, and will. Sometimes those odors can be misconstrued, and cost you a sale. A bit of mildew on a shower curtain liner can be a fairly common thing, but it can also give a buyer the wrong impressio ... Full Article...

posted in General at Sat, 20 Sep 2008 17:44:59 -0700

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