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THE HARD-TO-MISS REAL ESTATE HEADLINES…

“2016 will be another strong year for real estate market” ~ Barbara Yaffe, Vancouver Sun

“53 neighbourhoods join Metro Vancouver’s million dollar club” ~ Joanne Lee-Young, Vancouver Sun

“Vancouver, Toronto real estate markets end year on sky-high note… Sales in both cities set records as prices continue to surge” ~ CBC News

“Metro Vancouver housing market sets new sales record in 2015 as prices keep climbing” ~ Garry Marr, Financial Post

“Vancouver Homes Sales in 2015 Break Records, Rise 28%” ~ REBGV

“Highest total of residential property sales for one year on record, says board, and benchmark prices up 33.6 per cent year over year” ~Joannah Connolly, REW.ca

WHAT WE KNOW FOR SURE

2015 was a record breaking year! Sales for residential real estate in Vancouver rose 28%. The Zwick Chimes Real Estate Group results were no exception to the record-breaking trend. In 2015, our team sales totaled 210 compared to 142 in 2014, representing a 48% increase.

Month after month, the 2015 headlines pointed to strong competition due to low inventory resulting in upward price pressure, making Vancouver a “seller’s market.”

WHAT WE DON’T KNOW

How long can and will this trend continue?

What factors both locally and globally will effect change?

 OUR THOUGHTS?

No doubt you have come across scores of articles speculating what will transpire for 2016 in the Vancouver Real Estate Market. The bottom line; nobody knows for sure! Here are some thoughts from the Zwick Chimes Real Estate Group.

CHINESE MARKET SLUMP

We are hearing both arguments about what the slump in the Chinese market is going to mean to us in Vancouver. On the one hand, some of our developers are concerned. However, our Chinese clients speculate that it’s going to drive more money to safer markets… They certainly love Canada and Vancouver in particular.

CDN CURRENCY

That said, Currency markets must be heavily factored in. For months our CDN dollar has been hammered, falling below 70 cents last week for the first time in 13 years. Therefore, for the foreign market, local Real Estate pricing remains somewhat unchanged over last year. One would think that more foreigners would be flocking to US real estate. However, their market too has been on the rise and is now 30% more expensive than Canadian real estate, year over year.

HURDLES

It still takes  long time to get permits and approvals from the city, which postpones everything from reno’s to new builds of homes, townhouses and condos. It’s too early to tell if inventory will increase (or worse, decrease) over last year but we are deeply hoping for an increase… a more balanced market is definitely in order!

AND BANK OF CANADA?

Speculation on rate change intensified last week with the weakening of both the CDN dollar and crude oil prices.  We await the BOC’s revelation this week… many analysts are saying “a case exists for a rate cut on January 20th.”

BOTTOM LINE

Our best guess is that the first 6 months of this year will be very similar to the past 6 months, but beyond that nobody knows… NOBODY!  Given that 2015 home sales were the highest (annual total) in REBGV history… Fasten your seatbelts!

 
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Market Update

November 2015

The Holiday party season is upon us and with the election over and Trudeau sworn in, you are going to need something to talk about beyond the rainy weather.  S o here's your opportunity to brush up on fast-facts about Vancouver's (still) booming Real Estate Market!  

Vancouver market still Booming

I recently came across an article from the New Yorker; "Real Estate Goes Global" BY JAMES SUROWIECKIwhere he explains that most expensive housing market in North America is not where you’d think...New York City or Orange County, California, but in-fact it is our very own Vancouver, BC.  The author is intrigued.  Yes, Vancouver is a beautiful city, an extraordinary place for recreation and enjoyment of  nature.  However, nothing about Vancouver's economy explains why in a place where the median income is only $70K... a single-family house now sells for "close to a million dollars apiece and ordinary condos go for five or six hundred thousand dollars."  

"Close to a million?!" That had me doing a double-take!...  Only to find out that indeed, the article was written approximately 18 months ago.  "Close to a million" doesn't cut it any more.  The average Eastside single family home has risen from $995K just last October to a whopping $1.288M this past month.  

Prepare your "Elevator Speech"

Many Realtors take advantage of the Real Estate Board's monthly stats package, and use the data to create newsletters and postings with a plethora of information! The Board tracks all kinds of  stats including inventory, sales, price, days on the market etc.  It's an awful lot of information!  Sure, we too provide full statistical details in our Monthly Newsletter but in the meantime - 'Tis the season to prepare your Vancouver Real Estate "elevator speech!"  So when you are standing there, cocktail in hand, you'll be ready to impress!...

 images 2

Inventory... What inventory?

1st important Real Estate message; Inventory is at a record low.  Buyers are plentiful and Sellers are "staying put..."  Sellers are aware that the market strongly favours them.  But where will they go? They have no interest in participating in bidding wars. Which brings us right back to... inventory is remarkably low! The truth is, there are some very interesting, quality "attached" choices out there for downsizers and plenty of pre-construction and new-construction options to consider as well. I happen to know many downsizers who have cashed out and sold their family homes.  They are elated with their new "cosmopolitan" lifestyle and the liberation of low maintenance living and worry-free travel.  

We would be delighted to review your options with you and while at it… provide you with a home evaluation that will give you reason to feel especially festive this season!

Paying Full-Pop

Next... All of Vancouver homes are selling at their list price,  or (+/-) 1-3% of list price.  Unless you live in Tsawwassen where the homes are selling, on average, 8% above list price.  The secret is out... buyers have discovered VALUE in Tsawwassen, especially in the $900K - $1.25M range with a 100% sales-to-active listing ratio.  The landscape there is changing.  Construction on the new bridge to replace the antiquated Massey Tunnel will begin in 2017.  That's good news for commuters.  Even better news for consumers... A huge Mall complex rivalling Burnaby's Metrotown is slated for an October 2016 opening. 

Might be time to start thinking about a trip to Tssawwssen?!  We would be happy to point you in the right direction and set up a few showings along the way!

DOM (and we don't mean the Champagne)

Finally… How about "Days on Market?”  (DOM) Yes there is still a phrenetic energy out there! Homes are selling quickly across the board.  Here’s a 5 year comparison of “DOM's” for select areas: 

DOM

Unfortunately, in such a fast-paced market, once a property’s DOM surpasses the average illustrated above, it is immediately assumed that there is something wrong with it! This is unfortunate for the Sellers but could bring good fortune to all those buyers waiting in the wings…  Yes, it is possible that a property does not sell because indeed, there is something wrong with it - perhaps the inspection did not go so well.  

Stay open-minded

You must consider this too - you may be looking at a listing with an over-the-average “DOM” however, be open-minded!  This may be a perfectly saleable property that has experienced the good fortune of a solid offer, or even multiple solid offers and has had the misfortune of resulting in a “collapsed offer.”  Believe me, offers can collapse for many reasons other than a poor inspection.  Don’t be fooled but those above-average “DOM’s” - dig deeper and stay open-minded.  It could be your “leg-up” on the competition.

As one of the top teams in Vancouver and #1 here at Re/Max Crest Realty Westside, we are constantly fielding the kind of questions that really should be reserved for fortune tellers!  What’s going to happen in the market? We can only rely on knowledge and experience and with that, we can assure you that in the past 10 months, we have witnessed countless Real Estate stories of hope & success… actually 185 (team sales since January) to be exact and we have countless more buyers just waiting for your listings!  Yes!… it’s time to SELL!

Rhonda Sacks is an Associate Realtor with the Zwick Chimes Real Estate Group.  Contact: rhonda@zwickchimes.com, 604-785-4145

 
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Market Update

MARCH 2015

I have to say, this has been one of the busiest starts to the year that we've seen in a long time. Across the board, listings are up, sales are up, prices are up and "days on market" are down. The market is showing a lot of activity, in every neighbourhood and in many different price points. We've seen MANY units go into multiple offers a few days after being listed, thanks to a high demand from prospective Buyers who are financially ready and knowledgeable of both the market and what they want in a home. Many Buyers have unfortunately been involved in a few unsuccessful multiple offer attempts, which increases the desire to secure a good property when it's listed. Mortgage rates are low, which gives some Buyers an extra financial lift, and with all the sunny days we've been having, properties show better and get people out of the house to view them. It's a Seller's Market, but the quality of homes on the market is getting better every week, giving Buyers some good options.

East Vancouver Update

The East Vancouver market remains one of the busiest markets in Vancouver, with a hot housing market, a new influx of condo buildings, and affordable options compared to the Westside. Houses in East Van are selling as quickly as they're listed. After a 57% increase in the number of sales in January, Detached Houses in East Van showed a 41% sales to active ratio, with a 71% sales to active ratio in the $600k to $1.25-million price range. Average detached prices are now over $1.1-million, which that average likely higher for neighbourhoods closer to downtown (Mount Pleasant, Main, Fraser, Knight and Victoria). The East Vancouver townhouse and half duplex market has been a sporadic market with monthly fluctuations in average price, sales to active ratios, sales and total inventory. We saw double the number of sales over January with average and median prices over $700k, though this market is arguably the most varied, with townhouses as low as $300k and half duplexes well over $1-million, which can easily cause some differences in price. The East Vancouver condo market has been busy this month with a 26% sales to active ratio and 50% more sales than the previous month, though last year at this time saw more sales. Prices increased 17% over last month to an average price of $407k and a median price of $379k.

Vancouver West Update

The Vancouver West Real Estate Market has been very strong the last month or two. Detached houses are showing a 21% sales to active ratio which is in line with the highest it's been in the last few years and indicates a Seller's market. The average price is $2.8M while the median price is $2.588M in Vancouver West. We saw the number of new listings quadruple since December and the number of sales increase to 167. The most active markets are Cambie, Kitsilano, Dunbar and Mackenzie Heights. The townhouse and half duplex market in Vancouver West is showing a 30% sales ratio (easily the highest it's been in the last few years) with the average price at $1.03M and the median price at $911k. The Vancouver West condo market has been busy as well, with a 28% sales ratio - though take heart prices are not at the highest they've been in the last few years - average price is sitting at $654k while median price is at $499k. The most active markets here are Mount Pleasant, Kitsilano and Fairview.

North Vancouver

Like the rest of Vancouver, the North Van detached house market has been incredibly strong the last few months. The sales ratio is at 43%, easily the highest it's been in years with a 100% sales rate in the $900k to $1M price point. The median price is now $1.278M with the average sales price at $1.326M. Total inventory is at a low point, likely thanks to the high sales numbers. The most active markets are Canyon Heights, Edgemont, Lynn Valley, Capilano and Upper Delbrook. The townhouse and half duplex market in North Vancouver is VER busy with a 49% sales ratio, easily 10% more than any month in the last few years, with average and median prices in the mid-$600's. The condo market in North Vancouver is likely the slowest market, though it's doing well compared it it's recent history. It has a 22% sales ratio (higher than it's been in years) with average price at $408k and median price at $369k. The most active attached markets are Lynn Valley, Northlands, Central Lonsdale and Upper Lonsdale.

Give us a call to chat about your real estate goals.

Rob

 
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Market Update

February 2015

The Vancouver Real Estate Market had one of the busiest January's we've seen in years, even with less inventory from which to choose. The bottom line? Buyers are eager, and are jumping on all the homes that show well and are priced within the market for sale. The single family home market has been strong in East Van and North Van, where we're seeing multiple offers and high bids within the first week a desired property is listed. The condo and townhouse markets have been performing well even amidst lower inventory. If you're looking to sell - now is a great time.

The Zwick Chimes Team received some good news this month - we're RE/MAX Crest Realty's #1 Team, the #6 Selling Real Estate Team in Greater Vancouver, a Top 50 RE/MAX Team in Canada, and are yet again, in the Top 1% of all Realtors in Greater Vancouver. Thanks to all of our clients for a great year!

As always, we're here if you have any questions about the Vancouver Real Estate Market, so feel free to give us a call. Here's a quick breakdown of each market:

East Vancouver

The East Vancouver detached market remains the most active market in Vancouver, showing a 32% sales to active ratio. The number of listings is down compared to this time last year, but the number of sales is up. Good properties are being snapped up quickly, often with multiple offers and strong bids. The most active markets, showings sales to active ratio's above 40%, are the $900,000 to $1,250,000 market and the sub-$800,000 market. The average and median price are in the low $1.1-million's. Main, Mount Pleasant, Grandview, Renfrew and Victoria were the hottest markets last month.

The East Van townhouse market performed well last month, with a 19% sales to active ratio. There were 20 sales, with 8 of them being units built in 2014, or planned for a completion in 2015. The sales were spread out over every price point, with the $400,000 to $600,000 market bring the most active. Average and median price are in the low $600,000's. The townhouse and half duplex market saw fewer sales last month compared to January 2014, but with new developments being listed all the time, the market should remain busy.

The East Vancouver condo market performed well last month, though there is still room for more activity. There were 80 sales last month, which is up from both last month and last year. The average and median prices are in the low $300,000's. The most active market's are the $400,000 to $500,000 market with a 33% sales to active ratio, and the sub-$300,000 market with a 21% sales to active ratio. Given the sales last month, 33 of the units are yet to be built which shows a strong pre-sale market as well.

Vancouver West

The Detached Market in Vancouver West saw a slight drop in Sales to Active Ratio in the last month - it's now sitting at 16% - which maintains a balanced market, and isn't far off the average we saw throughout last year. Sales prices hit a high point last month, but the median has since dropped to $2.4-million, and the average has since dropped to $2.7-million. Days on market is a very low 14 days which is the lowest it's been in 3 years (it's down from 35 last month). Kitsilano was slow this past month, but that market should pick up as we enter the Spring. Otherwise Mount Pleasant, Mackenzie Heights, Arbutus and Dunbar were active.

The Vancouver West townhouse and half duplex market had a 21% sales to active ratio with a median price of $750k and an average price of $924k. Only 5 of the sales are brand new developments, and only 2 of the total sales were duplexes. Prices ranged under $400k for a 1 bedroom townhouse to over $5-million for a Yaletown townhouse.

The Vancouver West Condo Market has a 19% sales to active ratio, though lower than last month, it's still a higher average than much of last year. The average sales price increased to $723k thanks to a few high end sales, while the median sales price increased slightly to $492k.

North Vancouver

The Detached Market in North Van was reminiscent of the East Van Market - we saw a number of listings get high bids and multiple offers just days after being listed thanks to a renewed interest in North Vancouver and a lack of good inventory. The median prices sits at $1.2-million, while the average price sits at $1.4-million. Days on market has dropped to 8 days, and listings were being sold, on average, above list price. The most popular markets were Blueridge, Edgemont, Forest Hills, Lynn Valley and Pemberton Heights.

The North Vancouver townhouse and half duplex market had a sales to active ratio of 23%, which was around the average it's been for the year. Sales prices have been up and down all year, with the median and average both around $675k - a number higher than the year's average.

The condo market in North Vancouver has been slow, with a sales to active ratio of 17%, and and average days on market of over a month. Sales prices both rose over last month, though they are still lower than last year's high: median is at $392k, and average is at $429k. This market has a lot of room to increase.

Give me a call if you have any questions, or want to chat Real Estate.

-Rob

 
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MARKET STATISTICS

Vancouver West
Vancouver East
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Downtown

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Market Update

DECEMBER 2014

Happy Holidays Everyone! Tis the season for the Real Estate Market to slow down, and boy has it ever. The number of listings available for sale is dwindling, and so are the sales numbers. Buyers are snapping up the good properties before Christmas (and planning for the January move) while it seems many other Buyers and Sellers are planning to make the big move in the Spring. Looking at our list of clients hoping to buy or sell in the New Year, we expect a very busy February through May!

Overall, given what has been listed and sold, the market is performing well with positive Sales to Active Ratios, minimal fluctuation in price and overall interest from people looking to buy or sell in Vancouver. Keep reading for a further breakdown of each market segment: 

East Van

The East Vancouver detached market has been the most active market in Vancouver all year. The number of sales decreased 45% over last month, and 30% over this time last year. Even with this huge decrease in sales activity, the market is still showing a very strong sales to active ratio of 25%. Prices haven't budged over last month, but they have increased 5% over last year. This market will still be very busy next year, we're just hoping to see some good product for sale. Grandview, Hastings East, Main and Mount Pleasant are the hotspots.

The East Van townhouse and half duplex market showed good sales and steady prices over last month, and last year. This market will continue to see new inventory next year with developers building more and more family sized townhouse and half duplex units. Something to note in the numbers is that though the average and median price increased this month, the average price per sqft decreased. One way to look at this is that units are getting bigger, though we need quite a few months of this stat to continue, as well as quite a bit new inventory to be sure. 

Considering that sales and new listings were expected to slow down for the holidays, the East Van condo market is still performing well. Though sales and listings are down, the sales to active ratio is still a positive 17%. The average and median price have increased over last month, and are equal to what they were last year, showing that overall, the market has been pretty steady in prices.

Vancouver West 

The Vancouver West detached market saw the highest average and median prices that we've seen since 2011. The average price sits at $2.96M and the median price sits at $2.65M. The total amount of inventory is at the lowest we've seen all year, but that is expected with the holidays coming up. The sales to active ratio is at 17% which is just about the average we've seen since early 2013. Mackenzie Heights, Kitsilano, Cambie and Dunbar remain the hotspots. 

The townhouse and half duplex market in Vancouver West is showing an 18% sales to active ratio, with median price at $755,000 and average sitting at just over $1-million. This market has a wide range of product, including affordable 1 bedroom townhomes, to high end half duplexes, which cause the price fluctuation you see. Total inventory is down over last month, but it still significantly higher than last year.

The Vancouver West condo market had a 22% sales to active ratio in November, which is the third highest absorption rate we've seen in the last 3 years. Average price sits at $647k while the median price is at $495k. The average price per sqft, now at $695, is the highest it's been in the last 3 years.

North Vancouver

The North Vancouver detached house market has a high sales to active ratio of 28%, which is just about the average we've seen all year. Average price is at a 3-year high of $1.3-million, while median price has dropped slightly, and just over $1-million. There hasn't been as much inventory that we've seen as compared to previous years in North Van, but the market remained busy throughout the entire year. 

The North Van townhouse and half duplex market has a very strong 41% sales to active ratio - one of the highest we've seen in the last few years, however it was as low as 16% in August. Average and median price are both around $650k, and inventory has been steadily decreasing after a high in 2013. 

The North Vancouver condo market is showing a sales to active ratio of a respectable 18%. The average and median price at at $440k, and we saw the highest price per sqft foot - at $489 - that we've seen in the last few years. This market has changing thanks to all the newer condo buildings hitting the market, which has been bringing up the prices and increasing the amount of inventory available. 

As always, don't hesitate to let me know if you have any questions or want to chat real estate. Have a wonderful Holiday Season, and Happy New Year!

Rob

 
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MARKET STATISTICS

Vancouver West
Vancouver East
North Vancouver
Downtown

STAY ON TOP OF THE Market



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Market Update

OCTOBER 2014

Happy October everyone! With the cool breeze in the air, Fall has definitely arrived. It's always an interesting time in real estate because it can often affect how you feel when you view potential homes. For those searching for a new home, you'll be able to see how the space feels on a grey day (which is often in Vancouver). Warm interior spaces can take centre stage over outdoor spaces that won't be used as often.

I feel like I've been saying this for a few months now, but inventory just hasn't been as good as we hoped for this Fall Real Estate Market. There are still a lot of Buyers looking to get into the East Van detached house market, but there aren't many homes to choose from. If you've been thinking about selling, now can be a great time - we still have two months of Real Estate activity before things slow down for Christmas. Contact us and we'll tell you how we can get the most value out of your home on the current market.

East Vancouver Real Estate

The East Vancouver house market is similar to how it's been in the last few months - not enough (good) inventory to satisfy the demand of Buyers. The good houses not only get snapped up quickly, but often with multiple offers. The sales to active ratio is at 30% making it a very strong market. We have a list of Buyers looking for houses in East Van (with various specifications - character homes, Vancouver Specials, etc) so if you're looking to sell your East Van house, give us a call. The townhouse and half duplex market in East Van is a fairly steady market, with the same number of sales as last month and a slight increase in listings; prices remain in the mid-$600,000's. The East Van condo market Inventory is up, but sales are down over last month and last year - equating to a 16% sales to active ratio. Otherwise, sales prices are starting to edge upward, with the average hitting $407k and the median at $352k.

Vancouver West Real Estate

The detached market in Vancouver West saw slight changes in the numbers compared to last month, but large changes over last year. Sales price increased 15% over last year to a median of $2.3-million and an average of $2.8-million. Inventory has been pretty steady compared to last year and last month. Overall, the sales to active ratio is a strong 20%, with 2014 has been a good year for this market. The townhouse market in Vancouver West is showing a steady 19% sales to active ratio, with a jump in median sales price at $873,000 and average sales price at $947,231. The price per sqft is just about the highest it's been in the last three years. The Vancouver West condo market is showing a strong 25% sales to active ratio, though inventory has been steadily decreasing since the spring with sales remaining fairly steady. Interestingly, price per sqft of $691 is the highest it's been in the last three years, yet average and median price are not the highest.

North Vancouver Real Estate

The detached market in North Vancouver has a steady sales to active ratio of 27%, yet inventory and sales are down over the last few months. Average and median price are just above $1.1-million. The townhouse market in North Van has a 19% sales to active ratio, with a price per sqft of $400 and an average and median price hovering around $600,000. The condo market in North Van has a 16% sales to active ratio, with a slight decrease in sales and listings after a busy spring. Average and median price remain around $400,000.

If you have any questions going into the last few months of 2014, don't hesitate to call.

Rob

 
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Market Update

SEPTEMBER 2014

After a slow start to the month, August turned into a busy summer month for Vancouver Real Estate. The market picked up with activity across many different neighbourhoods and price points in Vancouver. Inventory was down in almost every market (typical at the end of summer), but there was still a lot of interest from Buyers and some strong absorption rates. Overall, prices are up slightly over last year.

We saw a lot of new listings (and re-lists of older listings) hit the market this past week, and that should continue throughout the fall. Keep you eye on the market and don't hesitate to let me know if you have any questions.

East Vancouver

The detached house market in East Van is still the most active market in Vancouver, with not enough (good) inventory to satisfy the number of eager Buyers. There was a drop in sales this past month due to the lack of inventory, but we should continue to see lots of activity in this market through the fall - the sales to active ratio is a high 31%. Average and median prices are hovering around the $1-million mark. Townhouses and half duplexes in East Van saw a big jump in average price per sqft - from $454 to $524 - thanks to lots of newly built units and continued interest from buyers looking to upgrade from their condo. The condo market in East Van has a lot of activity - with average prices hovering in around $350k and a strong 21% sales to active ratio.

Vancouver West

The detached house market in Vancouver West saw a drop in activity over the summer, with a slight increase in prices, but overall, the market has been steady over the last few months showing a balanced 15% sales to active ratio with average prices hovering around $2.4-million. Townhouses and half duplexes in Vancouver West are showing a good 21% sales to active ratio with average [rices around $900,000 and median prices in the low $700,000's. The condo market in Vancouver West is similar to the townhouse market with a strong sales to active ratio and lots of activity.

North Vancouver

The detached market is another busy area of Vancouver, with a strong 31% sales to active ratio and rising prices - average price is over $1-million. The townhouse and half duplex market in North Van is showing a 17% sales to active ratio with average and median prices in the high $600,000's. The condo market in North Van is increasing, with average and median prices above $400,000 and a 17% sales to active ratio.

Give me a call if you want to talk Real Estate.

Rob

 
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Market Update

AUGUST 2014

Now that we've hit mid-August, you can officially say that we're in the dog days of summer. Real Estate activity in Vancouver becomes slower than normal, with fewer new listings and sales hitting the market (even in the very hot East Van Detached House Market) with most people choosing to spend their weekends away rather than shopping for real estate. This drop in activity is higher in some markets than others, but all things considered, every market is performing well . Expect things to pick up in the fall.

It's always harder to analyze the market in summer, but take a look at what's happening:

Condos

The condo market in East Van continues to perform pretty well - the number of sales was unchanged from last month, and within range of last year, and with a 20% sales to active ratio, people are buying! Average and median price have crept up to the mid to high $300,000's, though price per sqft still sits under $500/sqft. Interestingly, the most active markets are the $400k to $700k price ranges, perhaps thanks to buyers realizing that value goes a little further on the Eastside.

The Vancouver West condo market is running a 20% sales to active ratio, which is close to the highest average it's been in the last few years. Inventory is dropping now, but will pick up in the fall. Average price per sqft is in the mid to high $600 range.

Condos in North Van have a 14% sales to active ratio, and average and median prices in the high $300,000's. There are quite a few new developments coming to North Van, so the interest level should continue, if not increase.

Townhomes and Half Duplexes

The East Van townhouse and half duplex market continues to be steady, with a 23% sales to active ratio last month. Prices are steady compared to last year and last month, with the average and median prices landing in the low-$600,000's. The most active market is the $500k to $600k market (likely where many new townhouse developments are priced).

The townhouse market on the Westside also has a 23% sales to active ratio, though the average price is almost $875,000 and the median price is just about $800,000.

North Van townhomes and half duplexes are showing a 30% sales to active ratio and average and median prices in the mid-$600,000's.

Detached Homes

The East Vancouver Detached house market has been the most active market in Vancouver for quite a few months now. Take a look at the numbers - East Van has a high 36% sales to active ratio. Within the $600k to $1.2-million price range, the average sales to active ratio is just over 50%. Average prices have climbed compared to last year - the average and median price is now in the high-$900k to low $1-million range.

The Detached market on the Westside slowed compared to last month, and now has a 15% sales to active ratio. Average and median price increased this month, with the median at $2.5-million and the average at $3-million.

Houses in North Van are showing a 30% sales to active ratio, which is down from the Spring high of 37%. Average and Median price are just under $1.2-million, which has been steadily increasing the last few years.

Give us a call to get ready for the fall season, and enjoy the rest of your summer!

Rob

 
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Market Update

JULY 2014

The Vancouver Real Estate Market continues to show strong sales over last month and last year, with a 21.3% sales to active ratio - the highest it's been in the last 3 years. We've definitely beed busy the last few months, and we expect this summer to be busier than most. We have a handful of new listings coming out in the next few weeks so keep your eye out for what's new, and let us know if you have any questions.

EAST VANCOUVER

Detached Houses in East Van - it's a Strong Seller's market with a 37.5% sales to active ratio. For those looking for a nice home with good bones, it can be pretty sparse for inventory, which is leading to a lot of multiple offer scenarios. Good opportunities on the East Side aren't coming up very often so be ready for quick offers in the detached house market. For Sellers, if you're interested to sell, now is the time! We have some interested clients.

The townhome and half duplex market in East Vancouver has a 20% sales to active ratio even with a 35% drop in sales over the previous month. The $600,000 to $700,000 market and $800,000 to $900,000 market are strong, likely the result of people not yet being able to jump into the detached market, and the increase in attached homes being built by developers.

Condos in East Vancouver showed a respectable 20% sales to active ratio. There was activity in every price bracket with the sub-$600,000 market performing best. The average and median price have been fairly steady in the mid to high $300,000 range.

VANCOUVER WEST

The detached house market in Vancouver West saw a drop in inventory and sales, though median price remained fairly steady at $2.3-million, with the average jumping to $2.7-million (indicative of some higher end sales). The sales to active ratio is a very good 20% - though expect this number to drop as we move into the summer.

The townhouse and half duplex market in Vancouver West saw an increase in activity to a 23% sales to active ratio thanks to a slight decrease in inventory and an increase in sales. Median price is at $903k with average price sitting at $897k.

The Vancouver West condo market has a strong 23% sales to active ratio - higher than last month and last year - and this should remain that way through July. The average price has been dropping since March, now sitting at $612k, while the median price is at $484k. Expect a 1 bedroom home in most neighbourhoods to be around $400k, while 2 bedrooms are generally $500k and up.

NORTH VANCOUVER

The North Vancouver Detached market has continued seeing interest from buyers, with a high 34% sales to active ratio - the highest it's been in over two years. The median price has been dropping, sitting at $1,015,000 this past month while the average price is at $1,136,595. Inventory increased significantly after December, but is starting to drop now that we've entered the summer season.

The townhouse and half duplex market in North Van is also a strong market, with a 33% sales to active ratio - up from 20% last month. Average price sits at $618,800 while median price is at $614,500.

The North Van condo market has a 18% sales to active ratio, which is lower than all other markets, but still a balanced market for Buyers and Sellers. The average price is at $438,781, while the median price is $361,688. Total inventory is dropping, after a huge spike since December.


Given these numbers, our best advice is to be active in the current market if you're looking for a new home. Ensure you're getting out to see homes soon after they're listed and let us know what you're looking for so we can not only keep our eye on the market for you, but we can make sure you're knowledgeable and prepared to write an offer when the time comes.

Rob

 
 

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Market Update

JUNE 2014

There is a lot going on in the Vancouver Real Estate Market right now, with sales surpassing 3,000 in both April and May of this year - the most activity we've seen in the last 3 years. Sales are up across the board, with high demand for Detached Houses, especially in East Van and North Van. The condo and townhouse market has a lot of interested Buyers, though prices are remaining steady across Vancouver. We're continuing to see a lot of interest and new listings as we edge closer to the summer season. Expect the warm weather to slow down activity during the summer months.

Condo Market

The East Vancouver Condo Market was busy last month: 67% more sales than the previous month with prices holding steady. Average and median price are between $360,000 and $375,000 with the average price per sqft at a respectable $507/sqft (it would be $100/sqft more in Kitsilano!). The most active markets are the sub-$400,000 market and the $500,000 to $700,000 market (where you'll find the two bedroom condos and newer buildings). Main, Downtown Vancouver East and Collingwood remain the neighbourhoods with the most sales activity.

The Vancouver West Condo Market is also performing very well, with Mount Pleasant, Kitsilano and Dunbar seeing the most activity. The median sale price for Westside condos is at $490,000 this month, while the median price per sqft is at $635/sqft - this number has been dropping since January. The amount of Westside inventory has been steadily increasing since December giving Buyers lots of choice when it comes to finding their perfect home.

The condo market in North Vancouver has a 16% sales to active ratio putting it squarely in a balanced market. Average price is sitting at $440k while median price is at $388k, with a price/sqft in the high $400k's.

Townhome and Half Duplex Market

Townhomes and Half Duplexes in East Van saw a lot of activity last month with a 60% increase in sales over the previous month and a slight increase in prices. The Average price was $666,051 while the Median Price was $656,000. Similar to the condo market, the average price per sqft was at $506/sqft, which is significantly more affordable than the Westside. The most active markets are the $500,000 to $600,000 market and the $900,000+ market (all half duplexes).

The Westside Townhome and Half Duplex market hasn't seen the high increase in activity that many other markets have seen. The amount of inventory has been climbing, but prices have been up and down - expected in a market that has a wide variety of price brackets (townhouses are usually in the lower end of this market while half duplexes take up the higher end). Average price is sitting at $099,000 while median price is at $788,000.

Townhomes sales in North Vancouver have a strong 31% sales to active ratio amidst rising inventory and levelling prices. Average and median price are at $645,000. Like condos, the most popular areas are Lower Lonsdale, Central Lonsdale and Lynn Valley.

Detached House Market

The East Van Detached House Market remains one of the hottest markets in Vancouver. A number of Buyers are interested in property here, it's just a matter of having enough good inventory to satisfy the demand. Average price increased to just over $1-million while the Median price is at $950,000. The hottest neighbourhoods in East Van for Detached Homes are Main, Mount Pleasant East, Hastings and Grandview-Commercial Drive.

The Westside Detached Market has been the busiest it's been since July 2011, with a 22% sales to active ratio and a 30% increase in sales over last month. The Average and Median prices have been dropping, with the average price sitting at $2.6-million and the median price sitting at $2.3-million. Kitsilano and Dunbar have been the hottest market for detached houses on the Westside.

North Vancouver's Detached Market is very active right now, with a high 35% sales to active ratio. Interest in North Vancouver has been climbing since 2012 thanks to homes that are more affordable than the Westside, and a renewed interest from young families. The average and median price in North Van are just over $1-million. The busiest markets in North Vancouver are Lynn Valley, Pemberton, Boulevard and Edgemont.

As always, let me know if you have any questions.

Rob

 
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