Thursday, May 10, 2012 Vancouver Real Estate Market Update - May 2012by Rob Zwick on Thu, May, 10, 2012 06:03 PM
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Market Update
may 2012
The April Real Estate market was really interesting. It was a market dominated by rising inventory levels. Sales activity and average pricing was much less predictable, and showed great variation from market to market. Typically, we would relate this rising inventory and inconsistent sales activity with a market shifting towards the favour of buyers. This year we have one primary factor that at play, and that is mortgage rates. Based on conversations with several of our contacts higher up in the banking world, mortgage pre-approval applications are flooding in with prospective buyers drawn to the low rates. As the banks typically see buyer trends 30-60 days before they become real world buyers, I would not be at all surprised to see a wave of buyers jumping into the market before Summer. It makes sense... Low rates and a rising inventory makes for a great buying opportunity if you choose your spot.
In this month's stats, we have included a comparison to show year over year change in addition to the month over month numbers we typically show. We think it adds an additional perspective that is quite valuable. Let us know what you think... Rob
Unique Homes Blog
Renovated Residence Maintaining its Charm
Check out this house in Sydney Australia. It has clearly been updated yet still retains many of its previous qualities, including the general shape. See more photos on my Unique Homes Blog >>
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Featured Listings
2156 East 10th
- SOLD Offered at $999,000
- 5 Bedrooms, 4 Bathrooms
- 2457 sq ft
- East Vancouver Character Home with Basement Suite
More Details
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2089 Bayswater
- FOR SALE! Offered at $624,900
- 2 Bedrooms, 1 Bathroom
- 980 sq ft
- Renovated Top to Bottom with High End upgrades
More Details
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856 East 14th
- SOLD! Offered at $949,900
- 5 Bedrooms, 2.5 Bathrooms
- 2536 sq ft
- Distinctive Vancouver Special
- A Renovator's dream!
More Details
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... Wednesday, April 11, 2012 VANCOUVER REAL ESTATE MARKET UPDATE APRIL 2012by Rob Zwick on Wed, Apr, 11, 2012 09:52 PM ROB ZWICK Monthly Market Update
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Market Update
April 2012
As expected, March showed further growth in activity as we near the peak of the Spring market. Active listings are up across all markets, though not as significantly as some may have expected. Sales activity was also up in most markets, with the exception of the Westside, which saw a slight drop in activity in both the attached and detached markets. Downtown showed the largest jump in activity with sales up 43.8% over last month. Median pricing remained relatively flat, though a drop off of almost 8% was noted in the Westside detached market.
The hottest market segments last month were:
- Any detached home on the Eastside under $1.2m
- The sub-$1.5m Westside detached market
- Virtually all detached North Van detached homes between $700k and $1.6m
- Entry level downtown condos under $400k
- Higher end North Van condos/townhomes between $800-900k
The next two months should have plenty of Buyer activity, with many looking to use the 2.99% rates that are locked in for the next 90 days. Looking forward to a good Spring (and good spring weather for showings and tours)!
Rob
Unique Homes Blog
Prefab Vancouver Residence
Check out this Prefab Home by PLACES Architects based in Vancouver. Contempory, well made and built for a family of 5, this will chance the way you look at prefab residences. See more photos on my Unique Homes Blog >>
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...Wednesday, March 7, 2012 VANCOUVER REAL ESTATE MARKET UPDATE MARCH 2012by Rob Zwick on Wed, Mar, 7, 2012 07:31 PM
ROB ZWICK Monthly Market Update
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Market Update
march 2012
Now that we have officially survived the dullest and greyest month of the year, it is time to look forward to Spring. While we still have a little ways to go until we get some of that fabulous sunshine, the Vancouver real estate market has started Spring early!
February was a very active month, with sales up dramatically over January in all markets. This is, of course, an expected trend, but the degree of activity increase is certainly worth noting. Another expected trend was an increase in active listings. While all areas experienced this increase, the degree of change is well below the growth in sales. Price changes vary greatly with neighbourhood and product type. The biggest changes in average pricing were the Downtown attached market (+13.8%), Vancouver East attached (+8.0%) and North Vancouver detached (+6.0%).
The highest absorption rates (ie. fastest moving product) in each market place was:
- North Van homes between $700,001 - $900,000
- Eastside homes between $600,001 - $700,000
- Westside homes between $1m -1.5m
- Westside condos between $300,001 - $400,000
- Eastside townhouses between $600,001 - $700,000
- Downtown condos between $300,001 - $400,000
- North Van condos between $400,001 - $500,000
So what does all that mean? Well, almost all of those categories would be classified as 'entry level' for each marketplace. To me, this suggests a pulling back of the foreign money that has been driving the market and a strong push from local buyers. This will be a very interesting trend to follow in the coming months.
What's next? Look for further, albeit smaller, increases in sales heading in to March, along with future growth in active inventory.
Rob
Unique Homes Blog
Japanese modern
Check out this Japanese Modern House located in Hinomiya, Japan. Clean lines, lots of wood, big windows and overhangs, all squeezed on a small lot - seems fairly similar to Vancouver!! See more photos on my Unique Homes Blog >>
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Featured Listings
1316 West 7th Ave.
- FOR SALE! Offered at $694,000
- 2 Bedrooms, 3 Bathrooms
- 1,201 sq ft in 2 levels
- Home with modern fixtures and a private garden patio
More Details
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514-1088 Richards st.
- FOR SALE! Offered at $465,000
- 1 Bedroom + Den + Solarium, 1 Bathroom
- 745 sq ft
- Brand New Yaletown Condo with 2-5-10 Warranty
More Details
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707 - 2055 Yukon St.
- SOLD! Offered at $619,000
- 2 Bedrooms, 2 Bathrooms
- 1,081 sq ft
- False Creek Condo with lots of upgrades and a functional layout
More Details
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... Tuesday, February 7, 2012 Vancouver Real Estate Market Update Newsletter February 2012by Rob Zwick on Tue, Feb, 7, 2012 07:47 PM
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Market Update
February 2012
The first month of 2012 is officially in the books. Hopefully your new year's resolutions are still in tact and the year is off to a great start!
The Vancouver real estate market has picked up significantly after a sleepy holiday season. Listing inventories are up 18-38% with the curious exception of Vancouver East detached homes, which sat flat. Sales are up 20-70% depending on the neighbourhood, which makes sense given the low sales numbers through December. Median pricing is all over the place compared to December, though some trends should develop next month.
The sub-categories that were in highest demand last month, determined by current absorption rates, were:
- Entry-level condos (less than $300k) in Vancouver Westside
- Mid-level condos & townhomes ($500-600k) in Vancouver East
- Higher end condos ($700-800k) in North Vancouver
- Entry-level condos ($300-400k) Downtown.
- The entire sub-$1.2m detached market in North Vancouver
- Entry-level detached houses ($700-900k) in Vancouver East
- Mid-level detached houses ($1.4-2.0m) in Vancouver West
Look for further increases in listing inventory and more active sales next month. With low interest rates essentially guaranteed until 2014 and a healthy stable of eager buyers, it looks like we will have another busy Spring market this year. And, like 2011, it looks like the Spring market may start a little early this year.
Rob
Unique Homes Blog
Modern Kitchen and Bathroom Renovations
Here is a fantastic, contemporary kitchen and bathroom renovation from a household in Florida. It is streamlined, modern and designed to suit the homeowners needs and style. Compare the before and after photos - anything is possible in the world of home renovations! See more photos on my Unique Homes Blog >>
  Read more >>
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Featured Listings
1316 West 7th Ave.
- FOR SALE Offered at $694,000
- 2 Bedrooms, 3 Bathrooms
- 1,201 sq ft in 2 levels
- Home with modern fixtures and a private garden patio
More Details See All Listings
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2465 West 8th Ave.
- SOLD! Offered at $1,299,000
- 3 Bedrooms, 3 Bathrooms
- 1570 sq ft
- Kelly Deck designed townhome featured in House & Home Magazine
More Details See All Listings
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420-8988 Hudson St.
- SOLD! Offered at $325,000
- 1 Bedroom, 1 Bathroom
- 639 sq ft
- Modern Fixtures in the concrete "Retro Lofts Building
More Details See All Listings
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...Wednesday, January 11, 2012 VANCOUVER REAL ESTATE MARKET UPDATE JANUARY 2012by Rob Zwick on Wed, Jan, 11, 2012 03:54 PM *|MC:SUBJECT|* | Market UpdateJanuary 2012 Happy New Year! I hope you have all recovered from the holiday season and are back into the swing of things to start 2012 off on the right foot. The December stats showed the expected dips in sales volume and new listings we would expect for this time of year and the numbers were consistent across the board. So, rather than looking back this month, let's look forward to what we can expect in the coming year: (1) Look for a strong start to the year. There are a lot of eager buyers out there looking for good product and inventory levels have disappointed many of them the past few months. They are ready to buy if they can find what they are looking for. (2) Listing inventory will climb. And it's about time. Those eager buyers from the previous point should finally have some options to choose from come February. (3) Mortgage rates remain low. Likely right through to the end of the year and possibly beyond. (4) The chaos in the global markets will not have a huge impact in Vancouver... yet. I would bet that we make it through the first half of the year unscathed. I will have to re-evaulate as we move forward before making any predictions beyond that point. (5) 2012 will be a great year. Make it so! Rob Unique Homes Blog Carpinteria Foothills Residence by Neumann Mendro AndrulaitisThis contemporary residence is designed to seamlessly open unto the panoramic coastal ridge-top site via expansive operable glazed walls. The glazed transparency is balanced and the home is anchored in place by substantial cut native sandstone walls. The architectural design evolved from our client’s desire for a home that is a tranquil place for living, art and retreat...  Read more >> |
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| Featured Listings 1088 Richards- Offered at $479,000
- 1 Bedroom + Den + Solarium, 1 Bathroom
- 745 sq ft
- HST incl. brand new condo, S/S appl & granite counters
More Details See All Listings |
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... Tuesday, December 6, 2011 VANCOUVER REAL ESTATE MARKET UPDATE DECEMBER 2011by Rob Zwick on Tue, Dec, 6, 2011 04:52 PM *|MC:SUBJECT|* | Market UpdateDecember 2011 The holiday season is upon us and the Vancouver real estate market is starting its seasonal slow down. As I'm sure you are all busy putting up Christmas decorations, shopping and attending/recovering from parties, I'll keep it short this month and get straight to the numbers. Active listings are down across the board, in most cases more than 10%, as most potential Sellers are now waiting until the new year to put their home on the market. Look for this number to dip even further in December before beginning a steady climb to start the year. Not surprisingly, sales activity also dipped in all markets, with the exception of downtown (up 5.9%). Median pricing was all over the map. Vancouver West saw prices hold relatively flat while Vancouver East saw dips in both the attached and detached markets. Despite the busier sales numbers, downtown actually showed the biggest price drop at almost 10%. North Vancouver showed a surprising bounce back in prices across the board. What lies ahead? Look for December and January to be predictably slow, both with active listings and sales, while prices sit fairly flat. The big boost to inventory will hit come February and that is when we will see how the Buyer demand matches up and impacts affordability. If the market follows typical seasonal trends and Buyers are out in full force, look for prices to stay flat through the first half of the year. Should demand not live up to expectations, we may see a slight dip in prices across the board.Have a safe and happy holiday season! Rob Unique Homes Blog Washington Park Residence by Sullivan Conard Architects This Washington Park Residence sits on a bluff overlooking Lake Washington with views of the Eastside and Cascades beyond. The house takes advantage of the site by contrasting mass and transparency to capture broad, unobstructed views while preserving privacy...  Read more >> |
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| Featured Listings | |  456 Moberly Rd.- SOLD! Offered at $399,900
- 1 Bedroom, 1 Bathroom
- 681 sq ft
- Rainscreened, Concrete condo on False Creek
More Details See All Listings |
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... Monday, November 7, 2011 VANCOUVER REAL ESTATE MARKET UPDATE NOVEMBER 2011by Rob Zwick on Mon, Nov, 7, 2011 06:11 PM *|MC:SUBJECT|* | Market UpdateNovember 2011 After a somewhat surprising September, one that showed decreased sales rather than the typical upswing of activity, we were very curious to see what would the market would do in October. As it turns out, it completely depends on the neighbourhood. Last month's statistics show a large segmentation developing between individual markets and the 'overall picture' does not give a very clear sense of what is happening in each sub-section of the market place. Let me explain... Starting with detached houses: - The Vancouver East market showed a substantial drop in sales (-24.3%), a slight drop in active listings (-5.4%) and a minor slip in median pricing (-2.7%)
- The Vancouver West market displayed a healthy boost in sales activity (+16.9%), a negligible slip in inventory (-0.9%) and an increase in median pricing (+4.4%)
- The North Vancouver market noted a noticeable increase in sales (+12.7%), a small dip in listings (-6.1%) and marginal price drop (-1.9%)
In the condo/townhome markets: - Downtown Vancouver was marked by a healthy increase in activity (+10.1%) and pricing (+3.6%), with an insignificant drop in inventory (-1.2%)
- In the Westside, median prices rose (+7.0) while both active listings (-4.0%) and sales activity (-2.6%) trended downwards
- The Eastside showed an rise in sales activity (+10.7%) and median price (+3.9%) while inventory dropped (-3.9%)
- North Vancouver experienced a huge lift in sales activity (+42.6%), thanks in part to significant price drops (-15.4%), while inventory remained flat (-0.9%)
So what can we take from all this? In general, with the obvious exception of the Eastside detached market, sales activity is up substantially. This is the trend we expected to see in September and it finally materialized. Another interesting trend is that inventory levels seem to be slipping. Not by a lot, but if that downward trend continues, it would certainly help keep prices up. And speaking of prices... there is not really a consistent trend to attach on to. Price variance is very specific to the individual market at the moment and extra care should be taken to ensure that you are really aware of what is happening directly in the market you are focused on. The broad statistics of Vancouver as a whole just don't tell an accurate story anymore.
Rob
Unique Homes Blog Cortez Island Unique HomeLocated at the south end of Desolation Sound on Cortes Island, British Columbia, the site is formed of natural granite bedrock. The site contains a dramatic peninsula and cliff which serve as a windbreak for Cortes Bay and the Seattle and Vancouver yacht clubs. The sea front side of the house is elevated up off of the bedrock with steel columns and exposed wood floor beams...  Read more >>
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| Featured Listings | #514 1088 Richards St.- FOR SALE Offered at $479,000
- 1 Bedroom, 1 Bathroom
- 745 sq ft
- Brand New unit in Richards Living
More Details See All Listings |
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... Tuesday, October 4, 2011 VANCOUVER REAL ESTATE MARKET UPDATE NEWSLETTER OCTOBER 2011by Rob Zwick on Tue, Oct, 4, 2011 12:30 PM Categories: VANCOUVER MARKET UPDATE, vancouver newsletter, vancouver real estate market update, vancouver real estate news, vancouver real estate newsletter, Vancouver real estate statistics, vancouver real estate update, vancouver renovation, vancouver special, vancouver special blog, vancouver special exterior, vancouver special renovation*|MC:SUBJECT|*
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Market Update
October 2011
I have been eagerly awaiting this month's statistics to see what sort of bounce back, if any, we would see after the slower Summer season. The answer, somewhat surprisingly, is that the we didn't seen any bounce back in sales activity at all - in any of the neighbourhoods we look at. The degree of sales drop varies quite a bit, with more than 30% drops in sales activity in the Downtown, Vancouver Westside attached and detached, and North Vancouver attached markets compared to just 6.7% in the Vancouver East attached market and 16.6% in the Vancouver East detached market. Interestingly enough, this decreased sales activity has not really impacted sales prices as both the average and median prices in most markets held relatively stable. We have also not seen a dramatic spike in listing inventories. Should listing inventory start to rise in October, we may be looking at some minor slips on the pricing side. It is my belief, however, that the commitment to hold interest rates until 2013, in conjunction with positive employment and immigration numbers, should keep prices steady through to next year. One market to keep an eye on is the Vancouver Westside detached market. It is the one market that showed a large increase in active listings (up 22%) as well as a large drop off in sales activity (down 33%) and median sale price (down 6.3%). As a market that has experienced tremendous gains in median pricing over the past year, it seems the table may finally see an adjustment. I would speculate that the rapid rise in listings is stemming from those 'testing' the market as they see their neighbours sell far above what market conditions would have allowed for last year. As prices slip, we may see many of these listings simply get pulled off the market. If not, look for further drops here. Rob
Vancouver Special Blog
Rain Screening
Now that we've finished with the installation of the Tyvek (waterproofing) and strapping, we were ready to start with the siding. There are a number of different types of metal siding to go with, but which one would look best? In this case, we decided to go with a wider offset, just to make sure that the front didn't look too busy....
 Read more >>
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Featured Listings
604 E 13th Ave
- FOR SALE Offered at $599,000
- 2 Bedrooms, 2 Bathroom
- 1,123 sq ft
- Top Level Townhouse in a 3 floor Triplex
More Details See All Listings
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206 518 Beatty St.
- FOR SALE Offered at $3,95,000
- 0 Bedrooms, 1 Bathroom
- 680 sq ft
- Fully Renovated Studio on the Beatty Block!
More Details See All Listings
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1607 1088 Richards St.
- SOLD! IN 3 DAYS! Offered at $519,000
- 1 Bedroom & Den, 1 Bathroom
- 710 sq ft
- Brand New unit in Richards Living
More Details See All Listings
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... Wednesday, August 10, 2011 VANCOUVER REAL ESTATE MARKET UPDATE NEWSLETTER AUGUST 2011by Rob Zwick on Wed, Aug, 10, 2011 01:02 PM Categories: vancouver homes stats, vancouver house statistics, vancouver housing market, VANCOUVER MARKET UPDATE, vancouver newsletter, vancouver real estate information, vancouver real estate market update, vancouver real estate news, vancouver real estate newsletter, Vancouver real estate statistics, vancouver real estate update, vancouver update | Market UpdateAugust 2011 As the dog days of summer, along with some long overdue sunshine, kick into full gear, let's take a look at the July numbers. As would be expected going into the Summer months, sales activity has dropped substantially with declines from 14% to a whopping 50%. Detached homes in Vancouver Westside and North Vancouver, as well as North Vancouver condos were the hardest hit here. We are also seeing active listings creep up slightly, but nothing more than a few percent in any area. Prices mostly slipped across the board, with two notable exceptions: Detached homes in Vancouver Westside fell 10%, which would appear to be a natural correction after a ridiculous run of rising prices, while the average price Downtown surprisingly climbed by 19%. This is mainly attributable to a few ultra high-end sales and, when digging deeper, the median price Downtown actually dipped last month. Looking into August, don't expect much to change. The real question remains what happens in September. This is a month where we typically see an upswing in activity, but it will be curious to see how all this bad press regarding the international markets plays out. I suspect we will remain relatively stable through the end of the year, but I will re-evaluate that statement as things unfold. Enjoy the rest of Summer! Rob Unique Homes BlogThis house was designed for comfortable everyday living with a focus on sustanability. While simple in form the exterior utilizes a variety of low maintainence materials. The interior is organized around a large open entertaining area, which includes the kitchen, dinning room, and living room...  Read more >>
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| Featured Listings 2855 W 49th Ave- FOR SALE Offered at $2,499,900
- 4 Bedrooms + Den, 3 Bathroom
- 3,501 sq ft on 80 X 136 ft lot
- Newly Renovated
More Details See All Listings |
| |  #2306 128 W. Cordova St.- SOLD! Offered at $1,345,288
- 2 Bedrooms, 3 Bathrooms
- 1,900 sq ft
- 2 Level skyhome in Woodwards, 23rd-25th floor
More Details See All Listings |
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... Wednesday, July 13, 2011 VANCOUVER REAL ESTATE MARKET UPDATE NEWSLETTER JULY 2011by Rob Zwick on Wed, Jul, 13, 2011 12:45 PM | Market UpdateJuly 2011 With the summer market in full swing, it appears we are still waiting for the summer weather to catch up. As expected, it is much more of the same this month compared to last. Sales are down across the board, with the exception of the North Vancouver attached market which appears to be bucking the trend. Expect that to correct next month. Average sale prices and active listings are fluctuating across the board, but prices in most markets slipped slightly without enough dip to cause alarm. Everything we are seeing is typical for the seasonal nature of the Vancouver market and I expect to see a continuation of these trends for the next two months before an upturn in September. Looking at the bigger picture, predicting the local market is beginning to require more and more knowledge of international financial markets. Using local trends to predict the market has quickly become a fool's game and many more factors must be taken in to account. We will have to keep an eye on foreign markets in the coming months, as they will likely play a larger role in the Vancouver market moving forward than rising mortgage rates will. Any questions, ask away. And enjoy the summer! Rob Unique Homes BlogPlastolux has gathered 20 modern kitchens from their past blog post.They posed an interesting question, "Let me ask you this, what one element of a kitchen from the flooring to the cabinets or even the appliances can make or break a modern kitchen for you?" - What do you think?  Read more >>
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| Featured Listings 2855 W 49th Ave- FOR SALE Offered at $2,499,900
- 4 Bedrooms + Den, 3 Bathroom
- 3,501 sq ft on 80 X 136 ft lot
- Newly Renovated
More Details See All Listings |
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© Rob Zwick of RE/MAX® Crest Realty Westside 1428 West 7th Ave, Vancouver BC | Personal Real Estate Corporation | Site
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