Market Update

May 2011

With the cherry blossoms in full bloom, we enter into what could be a surprising May in the Vancouver real estate market. Typically a peak time for sales activity, the April market stats show sales activity dropping in virtually all categories (excluding North Vancouver Detached). Will May continue this trend? If so, and I suspect it will, it appears the 'summer slowdown' that we typically see towards the middle of June has started early this year. There are a few possible explanations for this, but the biggest factor in my mind is the surge in activity we saw in February and March due to buyers rushing to purchase to beat the new mortgage rules that came into effect March 18, 2011. That surge effectively started the Spring market earlier than expected this year, so perhaps it is only natural that the activity tails off sooner as well.

Two other trends to take note of from last month:

(1) Listing inventory climbed, up as much as 23%, in all markets. The number of new listings was not dramatically higher the months previous, but as sales activity slows, the active inventory grows.

(2) Sales prices climbed in all markets, with the exception of downtown (which dipped almost 9%). The red hot Westside detached market led the charge here with a 9.5% increase over last month, while most other markets showed much more marginal increases.

Look for prices to flatten out over the summer, while activity slows slightly but remains stable. All in all, if we ignore the Westside detached category, we are enjoying a pleasantly balanced market. And, with any luck, by the time I sit down to write next month's newsletter, the Canucks will be Stanley Cup champions!

Cheers,

Rob

SPLIT House by SuperkÜl Architects

Superkül Architects have designed the SPLIT House in Toronto, Canada. Source: Contemporist

Description from the architects:

Split in plan and section, the parti of the house allows for a flood of light to the centre. The house is designed as space for spectacle - the owners are regular hosts of their large network of friends and family, and they wanted a place that could feel grand. The trick with this was to make a house that could also feel intimate for when they were on their own. Read more See all Blog Posts

Market Update

April 2011

Spring is here! Or maybe it's not... Depends on the day, but when the sun it out, it sure feels like it is close! Hopefully you are dusting off the patio furniture and planning some long weekend getaways as the calendar hits April.

March was an interesting month in the Vancouver market, as we saw changes in mortgage rules mid-month that reduced the maximum mortgage amortization period from 35 years to 30 years and requires investors to put a minimum of 20% down on purchases. These changes created a big push early in the month to get deals done before the new rules took effect and caused things to slow down towards the end of March. It will be interesting to see if things pick right back up in April, as it is typically a busy buying season, or market activity remains relatively flat.

Compared to February, March continued to show increases in new listings and sales activity across the board. Sale prices also creeped upwards in most areas, with the exception of the inflated Vancouver Westside detached market and the slightly cooling North Van detached market. I suspect both areas will level off this month after the correction.

At this point, it appears that the relatively stable market that we have enjoyed all year will continue into the Summer.

Rob

Vancouver Special Renovation Blog

We're finally coming down the home stretch with this reno.

The solid bamboo floors were totally different from what we ordered, but they still worked with the space, so we went ahead with them anyways. I really wanted to do what we could to dampen the noise for our tenants downstairs, so we installed high density rubber padding underneath the hardwood, then nailed through everything at once. In the bathrooms, we installed NuHeat heated floors, and some really nice striated porcelain tile. Thank god we went with NuHeat, our master is over part of the garage, and it is ice cold when the floor is turned off. One thing that I will do differently next time, is to pay more attention to the bathroom fixtures and cabinets that we go with. Read more See all Blog Posts