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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.

 

Ben


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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 $400,000'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 $1,099,000 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 and enjoy your summer!

 

Ben

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Market Update

MAY 2014

As expected, there was lots of activity in the Vancouver Real Estate Market in April. The sales to active ratio (or absorption rate) is high at 19% across Vancouver, showing a lot of interested and motivated Buyers. Typically, it's a Buyer's Market when the absorption rate is under 15%, a balanced market when it's between 15 and 20% and a Seller's Market when it's above 20%. We have a lot of clients who are waiting to sell their property before purchasing their next, so the more Buyers there are to buy their property, the more movement we'll see across the board.

 

Prices have remained fairly steady throughout the city, and should continue as we move through the Spring season. As been the case for a few months now, the really great properties have been selling quickly. The best way to be prepared in this market is to be pre-approved for your mortgage and in contact with our team so we can be looking out for your best interest. We are experienced and quick to help, so give us a call if you need professional guidance.

 

EAST VANCOUVER


The condo market in East Vancouver is currently sitting in a balanced market with a 14% absorption rate. Prices are levelling out to the high $300,000's with an average price per sqft at just over $500/sqft. The number of sales has dropped, but given the high activity the area has seen in the last few months, a slight drop isn't a worry. The most active market is the $400k to $500k price bracket (which is East Van, are the larger 1 bedrooms and 2 bedroom units).

 

The townhome market in East Vancouver has been busy, partly thanks to the continued increase in inventory available. With more options to choose from, Buyers are willing to consider their different options. The average price rose to $660k, while the median price dropped to $627k - making these units still much cheaper than some of their westside counterparts. The busiest markets are the $700k to $800k townhome market (most likely 3 bedroom units), and the $500k to $600k market (larger 2 bedroom units). The price per sqft has increased to $500/sqft, mostly thanks to the increase in newer developments charging more per sqft than some older buildings.

 

The East Vancouver detached house market remains the most active market in Vancouver, and that shows with it's 41% absorption rate! Every price bracket under $1.5-million shows a Seller's market thanks to the high interest from Buyers. Average prices have remained steady between $900k and $1-million. The number of new listings continue to increase, and with this amount of interest from Buyers, there will be more Seller's who want to take advantage of the market. Not all of the inventory is quality, and that's where we come in to help you decipher what's good and what you should stay away from. The good houses (i.e. well maintained and in good locations) do sell quickly, so it's in your best interest to be prepared to buy.

 

VANCOUVER WEST

 

The condo market in Vancouver West is a Seller's Market with a 22% absorption rate, and increasing sales and listings. Prices are down over last month - average price is at $638k while median price is at $481k - though they're about the same as May 2013. Mount Pleasant West, Fairview and False Creek are the best performing markets, with the Downtown Market seeing a lot of activity as well (and a 25% absorption rate).

 

The townhome and 1/2 duplex market in Vancouver West performed well last month with a 25% absorption rate. Average and median price are both down slightly over last year, landing at $815k and $770k, respectively. Sales increased significantly over last month, and inventory continues to climb this year, though it's still less than inventory available at this time last year.

 

Detached homes on the westside are seeing an 18% absorption rate, making this a balanced market. Inventory is up this year, but still 10% less than this time last year. Average price sits at $2.7-million and median price is just under $2.3-million. Kitsilano, Cambie and Point Grey remain the most active markets.

 

NORTH VANCOUVER

 

The North Vancouver condo market shows a 14% absorption rate, making it a balanced market, however this rate has been declining in the last few months. Inventory has been strong (thanks to many new developments in the Lonsdale area) amid slowly increasing sales numbers. Average price currently sits at $420k while median price is $395k.

 

The townhomes and 1/2 duplex market in North Vancouver was strong last month with a 29% absorption rate! Inventory was down 20% over last year, while sales increased 10%. Median price sits at $624k while average price is $615k - the variation in prices over the last few months is due to changing inventory more than a changing market.

 

The North Vancouver detached market was one of the most active markets in Vancouver, with a 34% absorption rate and lots of interest from Buyers. Good homes don't last long on the market before being snapped up by educated, prepared Buyers.


Prices have increased just over 10% over last year, with the average landing at $1.2-million and the median at $1.145-million. Canyon Heights, Lynn Valley, Upper Lonsdale and Westlynn showed the most activity.

 

As always, give me a call if you want to chat Real Estate.

 

Ben

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Market Update

FEBRUARY 2014

We're into February now and the Market is picking up speed. The Buyer demand that built up over the fall is finally being satisfied with the increase in number and quality of listings. These Buyers have been ready to buy and are quickly snapping up the attractive listings, and often these purchases are subject to sale of their old home so there are many eager Seller's as well.

 

Even with the variation in statistics from the holidays, the Vancouver Real Estate Market is balanced, and has been for the last year. The number of listings was up over December, while the number of sales is down - this isn't something to be too worried about, most of January's interest in Real Estate happened at the end of the month so many sales haven't yet registered in the system. In a balanced market, you'll see a lot of homes with a competitive list price reflective of the current market.

 

This news all points to a the start of a busy Spring Season. We have quite a few Buyer's ready to go, along with Sellers preparing their listings, so expect the healthy activity to continue.

 

DETACHED HOUSES

 

Detached Houses in Vancouver West performed well over January. The number of listings and sales were up, and we saw only a 2-3% decrease in prices over December. The best performing price bracket by far is the sub-$2.5-million market, with Kitsilano and Oakridge seeing the most action.

 

The East Vancouver Detached House Market is a balanced market with lots of interest from Buyers. Quality inventory has been lacking since Fall, but we're finally starting to see turnkey ready homes near Main St - the ideal for many families looking to make the move to East Vancouver, yet still be close to the Westside. The median and average prices haven't changed much since last month, but they have each seen a 10% increase over last year. Grandview-Commercial Drive, Fraser and Renfrew had the most activity last month. Every Detached House sale in East Vancouver last month was under $1.75-million, however, 8 of the sales were above $1.25-million, indicating growth and interest in East Van Real Estate.

 

North Vancouver's Detached House Market has a healthy 22% Sales to Active ratio. The number of listings increased 30% to 244 listings, while the sales declined slightly to 54. Every price category under $2-million performed well last month leading to an increase in median price to $1.15-million and an increase in average price to $1.2-million. We have a lot of Buyer's seeing the value in North Vancouver and are making the move to some of the family oriented neighbourhoods over the bridge. Lynn Valley, Central Lonsdale and Blueridge saw good activity.

 

TOWNHOMES & 1/2 DUPLEXES

 

Townhomes and 1/2 Duplexes in Vancouver West saw a 30% increase in listings, with 6 fewer sales than last month. The median sale price increased slightly to $830k, while the average sale price dropped slightly to $890k. Note that all but 3 sales were priced between $650k and $1.3-million. Though this is a large gap, it gives prospective Buyers a good sense of the affordability. Fairview and Mount Pleasant continue to see interest from Buyers. As mentioned last month, expect the 1/2 Duplexes to be on the higher end of the pricing spectrum.

 

The Vancouver East Townhome and 1/2 Duplex Market has been strong - it's absorption rate is 21% which is nearing a Seller's Market, and the number of sales, average price/sqft and days on market remained steady over last month. The median sale price was $665,000 and the average sale price was $642,396, however the sales spread evenly across price brackets with one third of sales under $600k, one third of sales above $750k and one third in between.

 

North Vancouver's Townhouse and 1/2 Duplex market remained balanced over last month with only 13% more listings to a total of 96 and 19 sales. The differences in price are notable - the median price dropped 24% to $585k and the average dropped 13% to $650k. This market will see more new listings hit the market every month as developer's start building more Duplexes and Townhomes to reach the mid-range market.

 

CONDOS

 

Condo activity in Vancouver West remained stable since last month. There was a 30% increase in listings with only 2% fewer sales as prices remained steady with the median being $475k and the average being $630k. Overall this is a balanced market with the most activity in the sub-$430k entry level condo market with Fairview and False Creek being the hotspots. Downtown Vancouver saw a huge increase in sales - perhaps thanks to the release of a few new condo high rises. Yaletown remains the most active downtown market.

 

The East Vancouver Condo Market saw a 30% drop in sales over last month, after a 37% increase in listings. The median and average sales prices also dropped slightly with the median sitting at $315,000 and the average sitting at $348,094. East Vancouver still remains an affordable market for those looking for an entry level condo in Vancouver with Mount Pleasant performing best.

 

North Vancouver's Condo Market is seeing some variation over last month - listings increased 21% while sales decreased 17%. The average and median prices have stabilized to $380k even though the most active market was between $400k and $650k. Lonsdale and Roche Point remain the most active markets.

 

We're always here to help if you have any questions, just let us know.

 

Ben

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Market Update

DECEMBER 2013

Happy Holidays Everyone! The Real Estate Year isn't quite over yet - not only have we listed a few new listings last week, but we're busy working hard to close some deals for interested Buyers and keen Sellers before the holidays.

 

The market is particularly late this year, so this strong November is making up for a slower start this fall. With that said, it's a fragmented market with some product moving quickly and others just sitting there. There are many, many buyers out there, so if I had to predict what is going to happen this Spring, I'd put my money on it being a Seller's market in the lower to mid range single family market, and healthy balanced condo market. Look for an onslaught of listings to hit the market in mid-January (many of which were never sold in the fall) along with many quick deals from Buyers who have been waiting for the right home to come along.

 

Let us know if you're interested in buying or selling your home - we have a thorough Marketing Plan and our team is one of the top teams in Vancouver, and we'd be happy to help.

 

CONDOS


Condos in Vancouver West saw a 15% decline in sales amongst slight increases in prices, with the average being $606,421 and the median being $472,500. There is a positive change over last year, with 21% more sales and very slight increases in prices. The Vancouver West Condo Market is one of the largest markets in Vancouver, with it's most popular areas being Kitsilano, Fairview, Downtown and Yaletown. The downtown condo market saw a 33% increase in sales over last month and a 40% increase over last year, with prices holding steady.

 

The East Van Condo Market has remained steady over last month after a huge increase in activity over last year. Prices have remained steady throughout this increase in interest, with the Average Price of $380,000 and a Median Price of $340,000 ensuring that Vancouver East is still one of the most affordable condo markets in Vancouver. A majority of the sales are located near Main Street and the SOMA District, with the East Village garnering some interest as well. We expect this market to maintain the interest levels it's seen given the variety of homes available including older buildings & new construction; one of the biggest determining factors is the quality of the building. The neighbourhoods are only getting better and we expect first time Buyers to continue to find their first home in East Van.

 

The North Vancouver Condo Market saw some improvement over last month and over last year. The 87 sales is a high point, with median price increasing to $385,000 and average price increasing to $443,000. Breaking the price segments down even further, the average price for a 2 bedroom unit is $445,000 while the average price for a one bedroom unit is $320,000. As expected most sales are in the Lower Lonsdale area with quite a few in the Roche Point Area as well. There has also been a rise in the number of newer condos buildings in North Vancouver, so expect interest in North Vancouver condos to continue.

 

TOWNHOMES & HALF DUPLEXES


The Vancouver West townhome and half duplex market saw some large price drops over last month, with the average price landing at $848,444 and the median price landing at $745,000. With such a big market spanning many different neighbourhoods, this type of variation is expected. A majority of the townhomes and half duplexes sold this month are found in the Fairview area, with others scattered across Vancouver West. The downtown townhome and half duplex market saw a huge increase in median and average price - though with only 6 listings, a few high end sales easily brought up the average.

 

The East Vancouver townhome and half duplex market also remained steady over last month, after seeing an increase in activity over last year. The Average and Median prices hover around $630,000 for an, on average, 1300 sqft home. A good majority of the homes sold had 3 bedrooms as developers are focusing on families who need extra space and bedrooms. One third of the sales this past month were units built in 2012 or 2013, and having worked with clients who purchased the last remaining townhome unit in a recently completed complex near Commercial Drive, I know that this market has a lot of interested Buyers. The location, and number of bedrooms one the same level are key factors in families choosing their new home.

 

The townhome and half duplex market in North Vancouver saw decreases across the board - 11 fewer sales than last month, and a decrease in Average and Median price to $615,000. Interestingly, this brings the numbers in line with November 2012. On average, townhomes and half duplexes are about 1600sqft with 3 bedrooms, making them larger and more affordable than the East Van options.

 

DETACHED HOUSES


The Vancouver West Detached House Market has seen a decrease over last month, but still remains strong over last year. With a 20% sales to active ratio, Vancouver West is a balanced market. Even as the most expensive detached house market in the city, Vancouver West still saw an increase in average price to $2.5-million, and an increase in median price to $2.3-million. Homes are selling, on average within 4% of list price so the quality of homes on the market has also increased. Dunbar, Point Grey, Mackenzie Heights and Cambie remain strong markets.

 

The Vancouver East Detached House Market is still one of the strongest markets in Vancouver with a 26% sales to active ratio. The average price increased over last month and last year landing in the mid to high $900,000's. If this market sees good inventory, it will have a lot of interested Buyers. Anything in Cedar Cottage, or around Main St typically sells fairly quickly and at a good price, on average 1% below list price. Given the upcoming holidays, many Seller's are choosing to hold off on listing their homes until the New Year, with many Buyers waiting anxiously for a good home. House sales in East Vancouver are spread evenly throughout the area.

 

The North Vancouver Detached House Market has seen a big increase in interest. Compared to last year, listings are down 30% whereas the number of sales are up 40%. Average and median prices have increased as well, but not considerably, landing around $1,050,000, with homes selling, on average, for 5% under list price. The decrease in listings and sales over last month is in part due to the holiday season, so we should see a big upswing in the New Year. We continue to see some lovely family homes for sale in North Vancouver, those with a true neighbourhood feel along with some privacy and quiet amongst the natural surroundings.

 

Enjoy the holiday season and remember that I'm always here to help.

 

Ben

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Market Update

OCTOBER 2013

September came and went and we saw some good activity in Vancouver Real Estate. Though the number of listings did increase over last month, it wasn't a large increase by any means, especially compared to the high number of listings in September 2012. We had quite a few clients looking to buy a place with their mortgage rate hold, while others jumped on the few good places that came up for sale. Inventory wasn't fantastic, so many of the good listings received multiple offers, while other listings are still waiting for offers. Townhomes across Vancouver are a very strong market, and the East Van House Market has a lot of activity.

 

As we noted last month, we expect October to see the peak in number of listings and quality of listings, so keep your eyes on the market and let us know if you want to see any listings or need our professional opinion.

 

Vancouver West


HOUSES

 

The detached market in Vancouver West is quite strong right now. The number of listings is on the rise and the number of sales increased by 14%, which is considerable compared to other markets in Vancouver. The median price remained steady ay $2.2-million, while the average price dropped slightly to $2.5-million. Having said that, the busiest markets are the $1-million to $2.5-million, with some very high end listings bringing up the average - there are 104 homes listed above $5-million in Vancouver West.

 

TOWNHOMES

 

The Vancouver West Townhome market remained strong this past month. We saw slight increases in listings and sales, along with large increases in median price (up 19% to $938k) and average price (up 14% to $1.2-million). Like most other townhome markets in the city, compare the difference in price to last year and we're looking at huge increases: median price is up 40% and average price is up 59%. The most active townhome markets are those sold for $650k and up, with most units being 3 bedroom homes. About half of the current townhomes for sale in the Westside of Vancouver are in Kitsilano and Fairview.

 

CONDOS

 

Location is arguably the biggest factor in determining price in Vancouver Real Estate, and that rings especially true when it comes to condos in Vancouver West. With such a varied market, including Downtown Vancouver and everything south of False Creek and West of Ontario St, there will be huge differences in prices and inventory.

 

As a whole, condos in Vancouver West are selling well. Slight increases in sales and listings (about 2%), with slight decreases in sale prices (between 5 and 11%) mean the market is moving along. The average price per square foot remains just about the same as last month, and last year.

 

The best performing markets are Kitsilano, False Creek, Shaughnessy, Cambie and Fairview - not surprising since they are close to Vancouver proper where many people work, live and play. Condos sub-$425k (which is also the threshold for Buyers to redeem the full First Time Home Buyers Benefit) are the best performing price bracket.

 

Vancouver East


HOUSES

 

The East Van Houses for Sale is a hot market right now. In trying to book an East Van house tour for some clients recently, 8 out of the 11 properties I called had accepted offers or just recently sold (for very close to list price). Unfortunate luck for my clients, but more listings will keep coming on the market and it could be a good thing that they won't be competing with these motivated Buyers.

 

In terms of the market stats, the numbers haven't changed much since last month - though the median sale price dropped to $910k and the average East Van house price increased to $952k, this is thanks to the ebb and flow of the market and the quality of listings coming up for sale. The bigger story here is the change from last year! We had double the number of sales this year compared to last year, with higher prices and less inventory.

 

Like I said, East Van Houses are in demand right now.

The biggest markets are between $800k and $1.25-million (not at all surprising), though there's still some interest in the $600k to $800k market (which typically means it's small, needs a big reno, or is further East).

 

TOWNHOMES

 

The townhome market in East Van is growing - both in interest and number of listings. We saw a 10% increase in listings over last month (and a 120% increase in listings over last year), and though the number of sales remained the same, I expect that number to increase in October. Sale prices jumped by $40k in Median Price and by $75k in Average price, over last month thanks to better inventory and motivated Buyers. Most townhomes are designed for families, with at least 3 bedrooms.

There are a number of new townhome/half duplex developments planned in East Van for the next year or two, and with prices stabilizing in Vancouver Real Estate, expect this market to remain fairly consistent.

 

CONDOS

 

Vancouver East is still a great market for entry level, 1 bedroom condos. With a good mix of old and new condo buildings, you can find a unit for a good price in an upcoming area of town. Due diligence is required to ensure the building you're buying into is in good condition and managed properly, and considering the amount of re-zoning and development in Vancouver East, it would be smart to talk to the city about any potential construction that could change the dynamic of the area you have your eye on.

Prices increased slightly over August, with a 10% difference in Average Price. Interestingly, the prices now sit very close to what they were in September 2012, with an average of $480/sqft. This market remains fairly strong, and with an 18% absorption rate, it's a balanced market for both Buyers and Sellers.

 

North Vancouver


HOUSES

 

The North Vancouver detached market shows some positive numbers for Buyers. The number of listings increased to 379, the days on market decreased to 40 days, while the median price dropped to $968k and the average price dropped to $1.05-million. The most activity is between $600k and $1-million. When we look at comparing September 2013 to September 2012, we'll see the same trend as the condo and townhome market - a huge 71% increase in sales, a 26% decrease in listings and slight increases in average and median prices.

 

TOWNHOMES

 

The townhome market in North Vancouver is similar to the condo market. Listings were up, sales were down, and prices remained fairly steady compared to last month, with the average price landing at $693k. The big story here is the positive improvement over last September: many more sales and an increase in prices. The average days on market increased significantly as well (from 18 to 57), though with a 115% increase in the number of sales, an increase is expected.

 

CONDOS

 

The North Vancouver condo market wasn't very strong in September. Sales decreased by 11% and the average days on market increased by over 25%. The average price (and average price/sqft) increased to $405k this month, but that's thanks to a couple higher end sales (above $890k) rather than a shift in the market. This is also evident in that the median price dropped, indicating that half of the 57 sales were less expensive than $360k. One good note on the North Vancouver condo market - it's improved quite a bit over September 2012.

 

New listings are constantly hitting the market, and many Buyers are eager to buy and move in before Christmas. If you see a home you like online, give us a call, we'll get you in to see it as soon as possible.

 

Ben

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Market Update

AUGUST 2013

July saw not a drop of rain and lots of Real Estate activity. The big trend that developed from analyzing July's numbers was a sheer increase in the number of sales compared to July of last year, along with a decrease in the number of listings. Last July was the start of a slow market and this July saw a return to a normal amount of activity. I suspect that since the last four months of 2012 were slow, the 2013 stats will continue look good in comparison. The media, as always, will ride this "story" of a hot market using these comparisons. Pent-up demand from the last half of 2012, is what fed our spring market, and with the help of the "hot market stats", I'm guessing that we'll be steady for the rest of the year... Take a look below for a full breakdown.

 

On another note, we've released two new websites this month - LiveKitsilano.com and WeLoveEastVan.com - offering a great search tool, interesting blogs and some great neighbourhood information. We'll be constantly adding more information to each site so to check back often.

 

Vancouver East


Vancouver East saw some of the biggest changes compared to last year, and across all markets. Looking at detached houses in East Van, the market stayed fairly steady compared to June, with only slight changes to listings, sales and prices. The best performing markets were the sub-$900k mark showing that there are many people looking to get into the market in East Van, most likely with the plan to renovate or flip the house. East Van remains the cheapest detached house segment in the city so everyone - including builders - are flocking to this area for the chance to make a profit off the growing interest in this area of town.

 

Townhomes and Half Duplexes in Vancouver East has showed continued growth. Almost double the number of sales over last year and a solid 30% increase over last month. The prices have dropped ever so slightly, with the median and average prices being just over $600k. Most of these units are 3 bedrooms or more, with a good mix of both new and old units. We'll continue to see an influx of new townhomes and half duplexes on the market in East Van thanks to builders rezoning property to allow for more units that still work for families.

 

Condos in East Van haven't showed signs of slowing down. Sales increased quite a bit over last month, and last year, with prices dropping ever so slightly. The most activity was in the sub-$400k market, with none over $759k. There's still a significant difference in price per sqft in Vancouver: the west shows $655 while the East remains around $470 so your chances of finding an affordable apartment unit in East Van are much higher.

 

Vancouver West


Vancouver West showed a 50% increase in sales over July 2012, however we saw a 13% decrease over last month. The sales to active ratio is 15% - double than last year at this time - putting us squarely in a balanced market. The most sales were in the $1.5-million to $3-million bracket, which isn't surprising for Vancouver West, however, we saw a considerable jump in average and median prices this month, mostly thanks to 20% of sales being over $3-million.

 

Townhomes and half duplexes in Vancouver West saw an increase in sales and a decrease in listings over last year, but otherwise was quite steady compared to last month. This isn't surprising since townhomes and half duplexes are the affordable option for most in Vancouver West.

 

Condos on the westside offer a mix of affordable one bedrooms to luxury units. The best performing market is the sub $430k, one bedroom market, with the other markets performing strongly as well.

 

North Vancouver


Detached homes in North Vancouver saw the biggest changes - almost double the sales over July 2012, with a solid 17% increase over last month and fairly steady prices. Interest here is high with people looking to get a family home for under $1million. Consider the $700-$800k price brackets - they average a 67% sales to absorption rate! Every other market under $1.75-million was strong. With many of our clients looking to buy in North Vancouver, the demand isn't waining anytime soon.

 

Townhomes and half duplexes in North Van were the exception to the bunch. No change in sales compared to last year, and a big 33% drop compared to last month. Prices haven't changed much either, and at $379/sqft, they are quite a bit lower than even the $450/sqft in East Van. Most sales fell in the $400-$700k bracket and are most likely a 3 bedroom unit.

 

Condos in North Van followed the typical trend of the month - 40% increase in sales over last year and a 11% increase over last month. This demand has pushed up prices where we're sitting at $462/sqft, which is quite close the the $470sqft we're seeing in East Van. The difference between the two markets is that the units in North Van are generally larger than in East Van.

 

We've got quite a few new listings coming up thanks to Sellers trying to jump the gun before the fall market - so if you're at all interested in joining in as well, give us a shout - we're happy to get the ball rolling!

 

Ben

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Market Update

JULY 2013

The Vancouver Real Estate market hasn't seen a noticeable Summer slow down and neither have we! We're moving into the fourth month in row with an absorption rate (sales-to-active listings ratio) sitting at or above 15%, which is known to be a balanced market. Favouring neither Sellers nor Buyers, we are seeing well priced listings from Sellers, and reasonable Buyers. Sales and interest has been strong in the last month or two. If you're still looking for a home - don't fret, though there will be less listing than you'll typically see in the Spring, there will also be less Buyers to compete with.

 

The mortgage market has seen some changes as well. Interest rates have been climbing so we highly encourage you speak with your mortgage broker to secure a rate hold (meaning you have about 90 days to buy a home financed with that interest rate). It will be interesting to see if this keeps the real estate market busy through what is typically the slowest time of the year.

 

Let's see what happened last month..

 

CONDOS

 

In the Vancouver West Condo market, we see a lot of the same as last month - except for the average price. Don't be fooled, this is thanks to a couple very high end luxury listings selling in Coal Harbour skewing the average price. Condos selling in the least expensive price bracket (sub-$425k) had the best absorption rate in Van West, though everything seemed to be in demand, especially entry level homes in Kitsilano. Looking Downtown, 1 bedroom unit and homes in Yaletown seem to be a Seller's best bet.

 

In comparison, we saw a 18% drop in condo sales in Vancouver East and a long 16 day increase in the number of days on market. There is specific demand in East Van: condos under $600k had a good absorption rate whilst anything more expensive showed less demand, leading to a Buyer's market. With average prices still hovering around $350-$360k, and the average price per sqft having decreased by $10 since last year, this is still a great entry level market for new Buyers. After a slow start to the year, demand has picked up in Hastings and Hastings East.


After a decrease in May, the North Van condo market saw slight increases in both sales and listings. The average price also returned to a more typical $414k after jumping to $450k in May. Good news for Sellers - the days on market decreased to 49 days making this the fastest moving condo market. Most sales occurred in the sub-$400k market, with the $400-$650 2 bedroom market performing as well.

 

TOWNHOMES & HALF DUPLEXES

 

In the Vancouver West townhome market we see a big 25% drop in listings and a 10% drop in sales - both typical of the time of year. Good news for Sellers and Buyers alike: the days on market and price per sqft have continued to drop since last year. Every price bracket showed a 17% or higher absorption rate (a balanced market), with 2 and 3 bedroom units being the norm. You can't read too much into average prices in this area since downtown has a large variety of price brackets, really skewing the numbers. However, the median price is $846k so half of the 63 sales were less expensive than this, most likely sitting around the $700k mark.

 

Vancouver East saw a big change in the townhome market last month. Though the number of listings remained steady, sales dropped 23% and both the average and median prices jumped about 10% to about $640k. Not surprisingly, the best selling market was $600-$750k with 3 bedrooms or more. Townhomes in East Van will continue to be most people's next purchase after owning a condo and before owning a house - note the 15% increase in listings and 18% increase in sales since June 2012.

 

The North Vancouver townhome market saw 9 more sales than last month and a $8 drop in price per sqft foot. This area remains the least expensive townhome market that we analyze. Demand is still good: townhomes sell in an average of 36 days on market and the area has almost double the sales compared to June of last year.

 

DETACHED HOUSES

 

Moving into the Vancouver West house market, we saw a 21% decrease in sales and a 5% decrease in listings with prices remaining fairly steady. This is quite indicative of the fact that Buyers are looking for a certain product, that being something under $3-million with the sub $1.5-million market performing best (having a 50% absorption rate). Not surprisingly, most homes had 4 bedrooms or less, which is typical of the less expensive price range in this area. Take a look at the change since last year: 47% increase in sales and 25% decrease in listings. Single family homes in Vancouver West continue to be in demand, and not surprisingly, Kitsilano is a Seller's best bet.

 

We're seeing a different story in Vancouver East. The number of sales dropped 10%, though demand is quite strong over last year with 30% more sales) while the average and median price dropped at least $50k. The best performing markets are between $700-$900k, typically with 4 to 6 bedrooms. Though the average price is about $900k, budget about $1-million for extra renovations to make the house more comfortable or to add a basement suite (as a mortgage helper). The demand remains high in Main, Grandview and Fraser, while the further from downtown you get, the lower the demand.

 

In North Vancouver saw a 17% decrease in sales, with slight gains in median and average price. The best performing price bracket was $600-$800k, with most sales being less than $1.5-million. As with most other areas, the number of days on market increased to 43 days. Lynn Valley and Upper Lonsdale remain the hot spots.

 

We've got a few new listings coming up in the next week or two, with many more Buyer's tours scheduled. With the number of days on market creeping towards 60 days, patience is a virtue for Sellers and Buyers. Send us an email if you're interested in jumping into the Summer market.

 

Ben

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Market Update

MAY 2013

The Spring Market has certainly heated up through April and we are seeing strong signs for continued activity moving into the Summer months. It appears that we are finally seeing the effects of what we've been discussing the past few months: an increasing supply of homes, both in quantity and quality, allowing many eager (and patient) home buyers to jump into the market. This cause and effect has lead to interesting pricing scenarios and a very fine line in setting market price. Sharply priced listings are selling extremely quickly, with many examples of multiples offers of late, while Sellers who are 'testing the waters' with prices above current market valuations are seeing their listing sit on the market for lengthy periods. The Vancouver marketplace is an educated one... Buyers know a good deal when they see it and the know when something is over-priced. Price it well and it will sell.

 

Looking at the Vancouver market as a whole, the sales-to-active ratio is sitting just over 15%, which puts us in a balanced market for the second month in a row. The last time we saw this ratio at or above 15% was in May 2012, so to all the Sellers out there: the Buyers are back. Looking into the specific market segments:

Westside Detached prices appear to be fairly stable, although the number of listings has increased 5% and the number of sales has decreased 6%. The biggest sales-to-active ratio is over 25% and is found in the sub-$2 million market, showing a shift in what consumers are looking for. With sales in every price category in the detached Westside market, this market is definitely stabilizing. The Eastside detached market was booming last month with a 40% increase in sales and after only an 11% increase in listings. Ironically, prices dropped ever so slightly over last month, so Buyers saw the opportunity and took advantage of it. Every price category under $1 million dollars was performing well with a sales-active ratio of over 23%. Keep in mind that most of these homes will require some renovations to be comfortably enjoyed, and many of these buyers are budgeting for that. North Vancouver has continued to show solid numbers. The number of listings has increased 13%, with an increase in sales and a 10% increase in Median Price. North Vancouver is showing strong demand in every price category under $1.5-million dollars, with a majority of them hovering around the $1-million dollar mark.

 

Examining the Townhome and 1/2 Duplex market in the Westside: The number of listings and sales are both up from last month with a 4% decrease in pricing landing at an average of $850k. With most sales occurring in the 3 bedroom market, this is where many young families are buying. The average price per sqft is hovering over the $600 mark, this month averaging $630/sqft. In the East, townhomes are selling for much less, at $466/sqft. Even with a 10% increase in pricing, the $660k average price for a townhome in East Vancouver is $200k cheaper than the Westside, which could be a factor in the 28% increase in sales and the 20% decrease in days on market (at 28 days). In North Vancouver, townhomes and 1/2 duplexes are remaining stable over last month with slight changes in price and sales numbers. Townhomes here are going for under $400/sqft, for an average of $650k, meaning you're getting slightly more square footage than the average Eastside attached home. The downtown townhome market is quite unique with the highest prices, highest days on market and lowest number of listings and sales, due to the luxury Coal Harbour market and the high end Yaletown townhome market.

 

Finally the condo market. In the Westside, you'll find a Buyer's market thanks to an increase in listings, and a decrease in sales and price. It's interesting that the median price sits at $467k and the average price sits at $572k showing that half the sales were under $467k and half the sales were quite a bit more expensive $467k (notably the 2+ bedroom condos). Downtown condos have seen a decrease of over 10% in prices since last month, with a decrease in listings as well - looks like many of these Sellers aren't willing to match the current market suggestions for price. In the East, we're seeing quite a difference over last month. Listings are up 20% whereas sales are down 20%, with prices decreasing to an average of $330-350k. With only one sale over $600k, this is still a good entry market for new Buyers. Notice the huge difference in price per sqft between the West ($630/sqft) and the East ($469/sqft). In North Vancouver, were seeing a busier market. With more listings and sales, this market is seeing stabilized prices (and the least expensive price per sqft: $445).

 

Our subjective interpretation of the market is clearly playing out in the numbers as well. If you have a property that is suitable for a young family then you're most likely sitting in a Seller's market. Many of our Buyers who have been looking since the fall have finally secured their new home, or are actively looking. We've experienced quite a few multiple offer situations in the last few weeks, and it seems that the Buyers who are best prepared are the most successful.

 

This is only the beginning of the Spring Market, so things should continue to move for the next few months. Call us if you have any questions or want to get in on the action.

 

Ben

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Market Update

APRIL 2013

We are into April and, as expected, the market is showing signs of picking up. While there is much talk in the news of March sales being down up to 30% over the 10 year average, sales have increased substantially compared to the first two months of 2013. This is a trend is likely to continue through April and May. Interestingly, and perhaps a result of some Seller's believing too much of what they hear on the news, the number of listings in most market segments are decreasing. I suspect we will see inventory start to climb again slowly as the both consumer confidence, and the weather, begin to improve.

 

You will note that our numbers are presented slightly differently this month. Due to a couple of technical changes with the real estate board, we are no longer able to pull the information in the same way we did before... at least not with proper accuracy. As the real estate board does not separate townhomes from condos, which we find extremely valuable, our price breakdowns have become more limited for those segments. We apologize for the change.

 

Let's start with the Detached market this month:

 

On the Westside, March 2013 look remarkable similar to March of 2012. Sales, inventory and active listings remained virtually the same, though we did notice an increase in time on market. Compared to February, we noted a big 46.2% uptick in sales, perhaps spurned by some more realistic sellers - as evident in the slip in Median Pricing of 11.9%. The sub-$2m market remains quite active here with a marked down turn in the higher end properties.

 

Moving to the Eastside, we note a few differences to what we are seeing on the Westside. Here, March showed a substantial drop of 39.4% in sales compared to 2012, in spite of the 22.1% increase over last month. Inventory increased only slightly, while Median Pricing sat 5.1% below the same time last year. The entry level price bracket remains to hottest product here, but there was some healthy movement in the $1.5 - 1.75m range as well.

 

Over in North Van, we are seeing more inventory start to hit the market, but we also saw sales spike 48.7% over last month. Median Pricing is down 8% over last year and slipped slightly compared to February. Basically all price segments are moving swiftly at the moment here, with the exception of the upper end $1.75m+ market.

 

The townhome market is more consistent across market segments. Year over year, we are seeing inventory remain relatively stable, while sales have fallen 14.7% - 29.3%. Median pricing has slipped in all three segments as well, though all three have been less than 4%. We also noted inventory drops and a substantial uptick in sales activity compared to last month, so the townhome market as a whole is showing signs of strength.

 

On to the condo market: Sales have increased between 14% and 47% in every area of town, with the number of listings and median, average & price/sqft holding relatively steady. Breaking down the price categories, we see a very balanced market, meaning every type of condo has interested Buyers. The one bedroom and sub $425k market (where new Buyer's can get a Property Transfer Tax exemption) is performing best, with condos in Vancouver East being the lowest priced (and having the biggest increase in sales).

 

As noted above, all markets are showing rising sales and lower inventory, which is leading to a more balanced market and stabilizing prices. We've noticed that if you have a unique property that's priced sharp and marketed well, it will sell quickly. The change from PST to GST will decrease the tax on new construction, as well as real estate commissions, which may add some movement as well.

 

If you have any questions, please don't hesitate to ask.

 

Ben

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