Wednesday, January 11, 2012 Vancouver Real Estate Market Update Newsletter January 2012by Ben Chimes on Wed, Jan, 11, 2012 04:14 PM Tuesday, December 6, 2011 Vancouver Real Estate Market Update Newsletter December 2011by Ben Chimes on Tue, Dec, 6, 2011 06:02 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!
Ben
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Monday, November 7, 2011 Vancouver Real Estate Market Update Newsletter November 2011by Ben Chimes on Mon, Nov, 7, 2011 04:46 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.
Ben
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| Featured Listings|
|  203 - 3290 W. 4th Ave- SOLD! Offered at $458,000
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|  411 - 3638 W. Broadway St.- SOLD! Offered at $338,000
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Wednesday, October 12, 2011 Vancouver Real Estate Market Update Newsletter October 2011by Ben Chimes on Wed, Oct, 12, 2011 05:41 PM
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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.
Ben
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Featured Listings
#102 - 175 E 4th St
- FOR SALE Offered at $249,900
- 1 Bedroom & 1 Bathroom
- 636 Sq Ft
- Beautifully Renovated Home in the Heart of Lower Lonsdale
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1137 Homer St
- FOR SALE Offered at $665,000
- 2 Bedrooms, 3 Bathrooms
- 1,072 sq ft
- Modern 2 Level Townhome with an Open Floor Plan
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1701 Old Ferry Rd
- FOR SALE Offered at $1,980,000
- 8 Bedrooms, 9.5 Bathrooms
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- Waterfront Estate Property 20 min East of Kamloops
More Details See All Listings
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Wednesday, September 7, 2011 Vancouver Real Estate Market Update Newsletter September 2011by Ben Chimes on Wed, Sep, 7, 2011 03:00 PM | Market UpdateSeptember 2011 I hope everyone enjoyed the (finally) fabulous weather we saw in August. I was off on a little European adventure to end the summer, but am back in the swing of things now feeling fully re-charged!
Taking a peek back at the numbers from August, you will notice that we have added another statistic to our charts: Median Sale Price. This was done to help avoid the sometimes dramatic spikes and drops that we would see due to the odd ultra luxury property that would completely skew the numbers, particularly in the Vancouver Westside and Downtown regions. The median price point is a more accurate reflection of where the true middle of a market is, though we will continue to show the average price as well as this is the number most often referred to in the media. If you have any questions on the differences, please don't hesitate to ask.
On to the trends...
(1) Not at all surprisingly, sales numbers plunged in August as is typical at the end of the Summer. Interestingly enough, sales activity as a whole was up 8% over August of last year.
(2) Active listings rose marginally in the Vancouver Westside and Eastside areas, while dipping slightly in North Vancouver and Downtown. Across the board, the changes here were not what I would consider significant. It will be interesting to see what happens with inventory over the next few weeks as September is typically a busy listing month.
(3) Using the 'new' Average Median Sale Price, we see minimal price drops in Vancouver Eastside, North Vancouver and Downtown. Vancouver Westside attached dipped slightly as well, while the Vancouver Westside detached market was the only area that show prices increases, effectively negating the price drops we had seen there last month.
Even with all the global economic stories of woe out there, the market here appears stable and healthy. September is historically a busier time in the Vancouver market and the general buzz around here suggests that this year will be no different.
Ben
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| Featured Listings|
 604 E 13th Av- FOR SALE Offered at $599,000
- 2 Bedrooms & 2 Bathrooms
- 1,123 Sq Ft
- Top Level Townhouse in a 3 Floor Triplex
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|  1747 W 16th Av- FOR SALE Offered at $1,599,000
- 3 Bedrooms, 4 Bathroom
- 2,308 sq ft
- 1/2 Duplex - 1300 sqft. of outdoor space
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|  406 3083 W 4th Av- SOLD! Offered at $399,900
- 1 Bedroom + Den, 1 Bathroom
- 634 Sq Ft
- Blocks from the beach in Kitsilano
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Tuesday, August 9, 2011 Vancouver Real Estate Market Update Newsletter August 2011by Ben Chimes on Tue, Aug, 9, 2011 05:41 PM
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Market Update
August 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!
Ben
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Featured Listings
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1747 W 16th Ave
- FOR SALE Offered at $1,599,000
- 3 Bedrooms, 4 Bathroom
- 2,308 sq ft
- 1/2 Duplex - 1300 sqft. of outdoor space
More Details See All Listings
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#2306 - 128 W. Cordova
- SOLD! Offered at $1,345,288
- 2 Bedroom, 3 Bathroom
- 1,900 Sq Ft
- 2 Level Skyhome - 23rd-25th Floors
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Wednesday, July 13, 2011 Vancouver Rea Estate Market Update Newsletter July 2011by Ben Chimes on Wed, Jul, 13, 2011 04:21 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!
Ben |
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|  #601 - 29 Smithe Mews- FOR SALE Offered at $675,000
- 1 Bedroom, 1 Bathroom
- 983 Sq Ft
- Private Rooftop Deck w/ Water Views
More Details See All Listings |
|  #406 - 3083 W 4th Ave- FOR SALE Offered at $425,000
- 1 Bedroom & Den, 1 Bathroom
- 634 sq ft
- Open Floor Plan w/ Vaulted Ceilings
More Details See All Listings |
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Thursday, June 9, 2011 Vancouver Real Estate Market Update Newsletter June 2011by Ben Chimes on Thu, Jun, 9, 2011 03:36 PM
| Market UpdateJune 2011 Well, I was hoping we would be Stanley Cup champions by the time I sat down to write this month's newsletter, but I will certainly settle for the fact that we are still in the running! In fact, I think the Canucks playoff run added some much needed positivity to the city considering the awful run of weather we had through April and May. Let's hope the beautiful sunshine we've had to start June sticks around for awhile. Now, on to the real estate market.... As discussed last month, the trend of decreasing sales volume continued through May with declines from 5% to 40%. It does appear that the early start to this year's Spring market has resulted in an early start to the Summer slowdown as well, which we now appear to be fully entrenched in. That said, the decreasing sales volume appears to be the only trend that is consistent across all market, so this month let's take a look at the individual markets a little more closely. The Vancouver West detached market finally showed some signs of slowing of its torrid run to start the year. Sales dropped 17.1% while prices fell 8.7%, with active inventory remaining flat. The absorption rate remains high and the market here is still strong, but I expect to see further declines in this market moving forward. In the Vancouver West attached market, sales volume dropped a more dramatic 36.7% with prices slipping 9% and inventory climbing 6.7%. The declining sales here is not entirely unpredictable given the seasonality of the market, though the degree of the decline is more than expected. I suspect we may see a mild rebound in June and July. The detached Vancouver East market showed the most resiliency this past month with sales slipping a mere 4.8% and prices down just 1.8%. Inventory actually dropped here as well, down 4.3%. Given the current disparity in prices between East and West, I believe this market will remain strong throughout the year. The Vancouver East attached market shows more similarity to its West side counterpart, with sales down 31%. This market, however, also shows inventory dropping 7.7% and prices that have actually climbed 2.4%. I would venture to guess that we will see these prices follow the downward trend next month. Downtown, we saw a price rebound of 4.7% this month, after a significant drop last month, in spite of sales being down over 34%. Listing inventory remained flat, with less than a 1% change, so look for this market to remain stable over the Summer. Taking a look at North Vancouver now, we see trends similar to the East side. The detached market showed modest declines in sales (10.7%) and prices (3.6%), but also displaying a dip in inventory of 4.1%. The attached market here took the hardest hit volume wise, with a 41.6% drop in sales and 7.6% increase in listing activity, but also saw prices climb 8.7% to an average $526,753. As with the East side market, look for those prices to slip downwards over the summer as well. Much of the activity in the market right now can be attributed to seasonal factors, as the trends do follow in line with what we would expect historically. The exact timing this year has been moved up 4-6 weeks, but the general movement and scale of things falls within the expected range. Overall, homes that are priced well are still selling quickly and Buyers are seeing a little more selection than the beginning of the year presented. Enjoy the start of the Summer and let me know if you have any questions! Ben |
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| Featured Listings|
| #601 - 29 Smithe Mews- FOR SALE Offered at $675,000
- 1 Bedroom, 1 Bathroom
- 983 Sq Ft
- Private Rooftop Deck w/ Water Views
More DetailsSee All Listings |
| #406 - 3083 W 4th Ave- FOR SALE Offered at $425,000
- 1 Bedroom & Den, 1 Bathroom
- 634 sq ft
- Open Floor Plan w/ Vaulted Ceilings
More DetailsSee All Listings |
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Sunday, May 8, 2011 Vancouver Real Estate Market Update Newsletter May 2011by Ben Chimes on Sun, May, 8, 2011 09:11 PM Saturday, April 9, 2011 Vancouver Real Estate Market Update Newsletter April 2011by Ben Chimes on Sat, Apr, 9, 2011 05:39 PM
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Market Update
April 2011Spring 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.
Ben | | | |
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