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Wednesday, July 13, 2011

Vancouver Rea Estate Market Update Newsletter July 2011

Market Update

July 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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MARKET STATISTICS

Featured Listings

#204 - 283 Davie St.

  • FOR SALE Offered at $669,000
  • 2 Bedrooms & 2 Bathrooms
  • 1,253 Sq Ft
  • Spacious Corner Unit
More Details See All 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 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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Sunday, May 8, 2011

Vancouver Real Estate Market Update Newsletter May 2011

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,

Ben

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MARKET STATISTICS

Featured Listings

310 2528 MAPLE St

  • FOR SALE Offered at $749,900
  • 2 Bedroom, 2 Bathroom
  • 584 sq ft patio
More Details See All Listings

302 929 W 16TH Avenue

  • FOR SALE Offered at $325,000
  • 1 Bedroom, 1 Bathroom
  • 571 sq ft
More Details See All Listings

305 2228 W BROADWAY

  • SOLD! Offered at $625,000
  • 2 Bedroom, 2 Bathroom
  • Massive south-facing outdoor patio
More Details See All Listings

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Saturday, April 9, 2011

Vancouver Real Estate Market Update Newsletter April 2011

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.

Ben

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MARKET STATISTICS

Featured Listings

4273 W 10TH Ave

  • SOLD! Offered at $1,499,000
  • 5 Bedroom, 3 Bathroom
  • 2,695 sq ft
More Details See All Listings

2855 W 49TH Ave

  • FOR SALE Offered at $2,650,000
  • 4 Bedroom, 3 Bathroom
  • 3,501 sq ft
More Details See All Listings

205 531 BEATTY St

  • FOR SALE Offered at $499,900
  • 2 Bedroom, 1 Bathroom
  • 721 sq ft
More Details See All Listings

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Thursday, November 4, 2010

November 2010 Market Update Newsletter


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Market Update

What's Going on with the market?

As we enter into November, and what is typically the start of the slower winter season in the Vancouver real estate market, let's take look back at the October stats.

Let's start with a look at the detached market. Starting on the Westside, a steadily declining inventory has resulted in higher prices over the past 4 months. For the first time since April, the average Westside house price has pushed past the 2 million dollar mark to reach the highest point in history. I don't anticipate this trend continuing, and expect to see a levelling off or slight decline in the coming months. Moving to the Eastside, we see a similar trend with a declining inventory and steady sales volume, but this has not resulted in increasing prices. In fact, we have steady yet slight declines in pricing here since July. Expect things to level off come Winter.

In the condo market, the Westside and Eastside show almost identical trends. The average sales price has levelled off the past few months, while active inventory and sales have declined steadily. Expect more of the same this winter. In the downtown market, we are seeing an even more pronounced decline in inventory that started in May and is contrary to much of the "buyer's market" publicity that is all over the media. We did see prices fall slightly here, though sales volume remained flat. Properties on the lower end of the price scale appear to be moving more quickly as the luxury market has slowed significantly.

For a short term outlook, I expect the continuation of low interest rates and declining inventory to buoy the market and hold prices steady through the winter. What is to come this Spring is yet to be seen, but I think we will enjoy a period of stability over the next few months.



Ben Chimes

Vancouver West - Attached Statistics

Vancouver West Attached Statistics

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Vancouver West - Attached Graph

West_Van Attached graph

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Vancouver West - Detached Statistics

West_Van_Detached STATS

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Vancouver West - Detached Graph

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Vancouver East - Attached Statistics

East Attached

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Vancouver East - Attached Graph

East attached graph

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Vancouver East - Detached Statistics

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Vancouver - East Detached Graph

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Vancouver Downtown Statistics

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Vancouver Downtown Graph

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