We’ve finally had a chance to breathe! To say it’s been a busy few months for the Vancouver real estate market would be an understatement.
This time last year I said that it was one of the busiest starts to the year that we've seen in a long time. Well I can say without doubt that the first half of 2016 has been the busiest six months I’ve ever seen. Like last year; listings are up,...
Happy New Year everyone! With a new year, brings new excitement in the Real Estate Market. Things always slow considerably in December and early January, so there's always a big uptick in the market near the end of this month. Overall, the Vancouver Real Estate Market was busier than last year, and given the number of clients we have who are still looking to buy, along with the number of Sellers who've expressed interest in selling, along with our conversations with other good agents and mortgage brokers, we expect this year to be busy. The holidays are always slow in Real Estate, so expect every market to have fewer listings and sales in December and January.
The most active East Van condo markets were anything priced under $500k, with no activity above $600k. There was activity in every price point in the Townhouse and Half Duplex market in East Van, with the $800k and up market performing well. Expect to see a lot of new condo and townhouse developments come up in East Van. The East Van detached market continues to be a hot market. Even though there were fewer listings and sales, there was still a 50% absorption rate in homes under $1-million last month.
The Vancouver West condo market ended on a strong note, with a 27% sales to active ratio. Though there was some variation throughout the year, the median sale price ended at $467k - a number consistent with the beginning of the year. The Vancouver West Townhouse market also ended on a strong note - with a 25% sales to active ratio. The median price ended at $785k while the average is just under $900k. The detached market in Vancouver West ended at 19%, which was the average for the year. Sales prices are up, with the median at $2.6-million and the average at $3.2-million.
The condo market in North Van ended with the highest sales to active ratio it had all year - 20%. Average and median sale prices were up and down all year, but ended with a median of $350k and an average of $400k. The townhouse and half duplex market in North Van ended with a sales to active ratio of 30% - this number has been up and down all year. Average and median price both ended in the $660k range. The detached market in North Van ended on a strong note thanks to a number of big sales bringing the average up to $1.43-million and the median up to $1.35-million. Sales to active ratio was a strong 38%.
The New Year should be in full swing in the next few weeks - give us a call if you're interested in buying or selling and we'll make sure you're taken care of. We're always here if you have questions.
Check out this New York Times article released today titles "House Hunting in... Canada". I spoke with the interviewer a few weeks ago, and here is the final piece. It's amazing how a long interview is condensed in an article, but there are still some good points to be found here:
The City issued 350 Laneway permits in 2012, that is a big increase from the average of 146 from 2009-2011! Laneway houses are one of the many ways homewowners help pay for their mortgages. With the new mortgage rules limiting what most people can afford, having a secondary source of income in your property, whether through laneway houses or secondary suites, is a natural move for most families. They...
Have a look at this Vancouver School Catchment map. It tells you what schools your kids will go to depending on your area of town! Elementary schools are blue squares (with the different areas defined by a background colour), secondary schools...
Here is a great article explaining where Canada's Central Bank stands regarding debt levels, interest rates and the general economy. This may help explain some of the new Mortgage rules that took affect earlier this year, which may be preventing some people from diving into the housing market.
Here is an excerpt:
“The bank wants to make absolutely clear that it is not contemplating...
This is a great interview with one of my old professors, Tsur Sommerville, on CKNW about Vancouver's Housing Market. It's a real Economist's impartial point of view. Take a listen, it's not very long at only 6 minutes. If you have any further questions on the Real Estate Market in vancouver, please don't hesitate to contact me: Rob@RobZwick.com or 604-727-7612.
Home staging is a very important part of the selling process. The better your home looks, the more appealing it is to Buyer's. People make home decisions using a lot of factors, the "feel" of a place is one of them, and if you show them how good your place "can" look, they'll be much more inclined to want to live there.
Home staging doesn't mean going overboard with furniture or cleanliness; as long...
There is lots of talk regarding Real Estate in Canada (and Worldwide) as the Market is going through a shift. Prices are down compared to the same quarter last year, and demand is slightly lower. Experts expect the Market to flatten for the rest of 2012. Though some good news is Canada is on the better end of the Worldwide Real Estate Market.
Read the full article from the Vancouver Sun here:
This may be a a sign to go with a longer term fixed rate mortgage, as apposed to a variable rate. It's hard to judge what you should do on this hint of higher rates, but the Bank of Canada has been prepping for a return to higher rates for the last year. As discussed in this article, the government is concerned about how house hold debt will be...