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I have listed a new property at 20469 98A AVE in Langley.
Need more space? It doesn't get much bigger than this! This 4,505sf beauty is move-in ready for an extended family. The main floor features an airy entertainment space, kitchen (granite counters) & spice kitchen, family room and office. The sprawling top floor has 4 bedrooms, two large enough to be master suites. The basement provides another 2 bedrooms and a large den and could easily be suited. New Carpeting throughout, newer washer/dryer, additional patio space are some of the upgrades. Large garage (with bonus mezzanine) and ample driveway along with the big backyard make this the perfect home for a large family. OPEN: Sat/Sun 2:00-3:00pm.
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The problem with looking at one piece of data out of context is that, all too often, the context is what renders the data useful.  This month’s Real Estate board press release is a terrific example of that very fact.  And the problem with the Real Estate Board not doing a thorough analysis is that the media blindly reprints the board’s press release.

 

Now that we’ve set the stage, let’s start with the usual stats - the numbers shown are a ratio of the number of active listings (at end of month) over the number of sales in that month.  Numbers above a 20% are considered to be sellers’ markets, below a 15% are buyers’ market and in-between are considered balanced.  Beside the number, we’ve indicated the direction the inventory on market moved when compared to the previous month.

  

 

AREA

SALES RATIO

INVENTORY + VARIANCE

AVERAGE

SALE PRICE

DOWN TOWN

Attached

78%

 

370 - Up 6%

 at list price

VAN WEST

Detached

33%

528 - Up 1%

1% below list

VAN WEST

Attached

82%

395 - Up 2%

4% above list

VAN EAST

Detached

27%

448 - Up 1%

3% above list

VAN EAST

Attached

94%

227 - Up 7%

6% above list

NEW WEST

Detached

 

52%

92 - Up 33%

3% above list

NEW WEST

Attached

85%

177 - Down 3%

2% above list

BURNABY

Detached

37%

 349 - Up 30%

2% above list

BURNABY

Attached

93%

369 - Down 1%

3% above list

NORTH VAN

Detached

65%

 209 - Up 28%

3% above list

NORTH VAN

Attached

100%

 147 - Down 3%

3% above

 

 

 

 

Our regular readers will quickly see that almost all of the markets moved further into sellers’ market conditions over the last month (and the few that did move upwards, didn’t really do so by any significant enough amount to be relevant.  In fact, we are now in sellers’ market conditions in all of the areas we track for this report.  These market conditions are not new for condos and townhouses (which have been experiencing sustained sellers’ market conditions long enough that pricing is driving upwards).  The detached market, on the other hand, has been a much more balanced market over the last few months and it’s only recently (the last 3 weeks) that we’ve been experiencing seller’s market conditions on the detached side of things. 

 

Imagine then our surprise when the Vancouver Sun reported that “buyers looking for a detached home will soon have more options to pick from and less competition to out-bid”.  We then remembered that journalism isn’t what it used to be and that they were probably not doing their own analysis, but were getting their information from the Real Estate board’s press release (which we then went to find) which stated that “Home buyers are beginning to have more selection to choose from in the detached market..”.  One of the biggest problems we have with this report is that it doesn’t take into account the number of active listings which are not actually homes available for purchase by buyers looking for a home to live in. As of May 4th, there were 749 detached homes listed in Vancouver. Of those listings, 219 were land assembly properties. That means 30% of the inventory that is being counted as available by the real estate board, and consequently by the media, are not actually available to anyone other than developers.

 

To further illustrate the increased pace of the detached market we will share a story from a sale last week.  An older house (56 years old) with no updates and an unfinished basement on a 33×109.4 lot was listed for 1,200,000 two weeks ago. The closest comparable sale was a month previously of a 29-year old house on an identical lot with a suited basement a block down the street that had sold for 1,368,000.  The older, un-renovated house without a suite ended up selling for 1,333,000 – not nearly enough of a difference to make up the difference in finishing between the two (let alone the extra kitchen and income potential offered by the 29 year old house).

 

We’d be remiss not to mention the impact the changing political climate may have on the housing market.  Opinions on the topic are wide-ranging – with some speculating that if/when the NDP/Green coalition take power, the economy will suffer and housing prices will fall and others speculating that the market demand is too strong to have a noticeable impact on housing prices for any sustained period of time.  However, the changing political climate has already had the impact of everyone wondering what will happen to housing prices.  Generally speaking, the slightest uncertainty has been enough to slow the market – and so it is fairly reasonable to expect that the market will likely slow for some period of time in the not too distant future.

 

For full reports for Metro Vancouver, Greater Vancouver and Fraser Valley market activity by neighborhood and price point, contact me and I would be happy to share. 

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I have sold a property at 201 1396 BURNABY ST in Vancouver.
Walk to the beach from your boutique West End condo! Enjoy the lifestyle of this location in your spacious 2-bedroom home. Look out to a lovely treed view from this northwest corner suite featuring abundant natural light throughout and a spacious open balcony. This unit is in the rarely available the Brambleberry building – a well cared for and carefully managed strata with only 17 homes. Secure parking and pet friendly building. Building upgrades include new roofing, plumbing, painting, landscaping, siding repairs & a very modern & sleek foyer & hallways. Nothing to do but move in and enjoy this home and wonderful community. See Realtor's website for Virtual Tour.
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I have listed a new property at 217 3606 ALDERCREST DR in North Vancouver.
Large 1 bedroom and den available in Destiny at Ravenwoods! With beautiful views through the oversized windows of the mountains and reflecting pond, this unit has 9’ ceilings, large balcony, laminate floors, quartz counters and s/s appliances. The building offers a fully equipped gym, clubhouse, bike storage and a dog wash area. 1 Parking and 1 Storage. OPEN: Sat/Sun May 27/28, 2:00-4:00PM
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I have sold a property at 2110 ETON ST in Vancouver.
Welcome to centrally located, comfortable living in Eton Crest. Built in 2014 this 3 level townhouse has 3 bedrooms, 2.5 bathrooms and 3 outdoor areas, including a large yard. Perfect for entertaining; enjoy the beauty of the mountains, downtown skyline & Vancouver Harbour from your private rooftop patio. Made for a variety of living arrangements with a potential ground level 1 bedroom lock-off suite. Each home is finished with all premium amenities: rich floors, large basin kitchen sink, quartz counter tops, s/s appliances, elegant fireplace, double sink washroom & much more. Plus enjoy the convenience of being minutes away from downtown & East Village shops.
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I have sold a property at 603 7088 SALISBURY AVE in Burnaby.
Live the life of luxury in Highgate Village. Only 20 minutes to downtown Vancouver, without paying Vancouver prices! This 3 bedroom, 2 bath corner unit has it all. Luxury building amenities including gym, hot tub, parking and storage locker. Inside the 1120 sqft unit everything is top of the line: stainless steel appliances, solid wood cabinetry, granite countertops and fireplace. Centrally located in the convenient Highgate location, near transit, restaurants, shops and perfectly groomed parks.
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I have listed a new property at 105 1266 13TH AVE W in Vancouver.
Large ground level 1 bedroom, available in central Fairview. Located on a quiet street, this large unit in The Landmark Shaughnessy is full of potential. Unit features a fabulous layout, awaiting your finishing touches. The spacious private patio is perfect for gardeners and entertainers alike. Bonus - Includes storage, parking and shared laundry. Walkable to Shops, Transportation, Restaurants, VGH and more. Maint. fee includes gas, heat and hot water. Sorry, but pets are not allowed. Call today to book a private showing. OPEN: Sat/Sun May 6/7 12:00pm - 2:00pm
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I have sold a property at 304 2025 STEPHENS ST in Vancouver.
Great location at the corner of West 4th and Stephens in the heart of Kitsilano. This efficient open plan 1 bedroom & den north facing unit offers fantastic value for Kits. Lifestyle at its best with everything Kitsilano has to offer at your fingertips. The suite features an open plan, laminate floors, cozy gas fireplace, insuite laundry & lots of storage. Building is rainscreened & well maintained for your peace of mind. Perfect for your first time home or as an investment property. Rentals allowed. 1 parking & 1 storage included. Building has bike room, elevator & lovely landscaped courtyard. Transit express buses to UBC & downtown one block away. 1 Cat no Dogs. Visit realtors website for video & floorplan. OPEN HOUSES SAT/SUN APRIL 29/30, 2-4PM.
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I have listed a new property at 201 1396 BURNABY ST in Vancouver.
Walk to the beach from your boutique West End condo! Enjoy the lifestyle of this location in your spacious 2-bedroom home. Look out to a lovely treed view from this northwest corner suite featuring abundant natural light throughout and a spacious open balcony. This unit is in the rarely available the Brambleberry building – a well cared for and carefully managed strata with only 17 homes. Secure parking and pet friendly building. Building upgrades include new roofing, plumbing, painting, landscaping, siding repairs & a very modern & sleek foyer & hallways. Nothing to do but move in and enjoy this home and wonderful community. See Realtor's website for Virtual Tour. OPEN: Sat/Sun May 6/7 2:00 - 4:00PM
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I have listed a new property at 603 7088 SALISBURY AVE in Burnaby.
Live the life of luxury in Highgate Village. Only 20 minutes to downtown Vancouver, without paying Vancouver prices! This 3 bedroom, 2 bath corner unit has it all. Luxury building amenities including gym, hot tub, steam room, clubhouse, parking and storage locker. Inside the 1110 sqft unit everything is top of the line: stainless steel appliances, solid wood cabinetry, granite countertops and fireplace. Centrally located in the convenient Highgate location, near transit, restaurants, shops and perfectly groomed parks. OPEN: Sat/Sun May 6/7 2:00 - 4:00PM
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I have listed a new property at 2110 ETON ST in Vancouver.
Welcome to centrally located, comfortable living in Eton Crest. Built in 2014 this 3 level townhouse has 3 bedrooms, 2.5 bathrooms and 3 outdoor areas, including a large yard. Perfect for entertaining; enjoy the beauty of the mountains, downtown skyline & Vancouver Harbour from your private rooftop patio. Made for a variety of living arrangements with a potential ground level 1 bedroom lock-off suite. Each home is finished with all premium amenities: rich floors, large basin kitchen sink, quartz counter tops, s/s appliances, elegant fireplace, double sink washroom & much more. Plus enjoy the convenience of being minutes away from downtown & East Village shops. OPEN: Sat/Sun May 6th/7th 2:00 - 4:00PM
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I have sold a property at 410 333 WETHERSFIELD DR in Vancouver.
Your oasis in the city! This 2 bedroom, 2 bath separate entrance unit at Langara Court has it all. Meticulously cared for and updated featuring fully renovated kitchen and bathrooms and a large open living space with beautiful stone lined fireplace. Soaring vaulted ceilings with skylights provide an abundance of natural light. Your large private patio faces the peaceful forested courtyard. Amenities include landscaped grounds, an indoor pool, sauna and lounge. 2 large, secured underground parking stall and 1 storage locker all in a very well run building. Walk to Langara golf course, college, Oakridge mall and Canada Line Skytrain. The perfect location for the perfect home. 19+. See Realtor website for virtual tour.
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I have sold a property at 2239 TRAFALGAR ST in Vancouver.
Explore your options with this 2324 sq. ft. home with 3 easily separated suites: garden, main and upper. Owner occupied for 46 years. Mechanically updated with newer roof (2011), exterior paint (2012), gas furnace (2006), on demand hot water (2013) and tastefully renovated over the years with newer floors, gas fireplace, appliances, windows, fixtures and combined 395 sq. ft. of deck space. Tucked on a RT-8 lot on a beautiful and quiet tree-lined street, this home offers convenient access to schools, recreation centre, buses, shopping and Kits beach. Resident only parking out front. See realtor’s website for floorplan and virtual tour. Walk Score: 97 OPEN: Sat/Sun. Mar 11/12 2:00 - 4:00pm
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Going back a few months, our market was fairly quiet and some were declaring an imminent crash.  In reviewing this months’ numbers, it’s reasonably clear that any threat of a imminent crash has disappeared.

 

Let’s start with the usual stats - the numbers shown are a ratio of the number of active listings (at end of month) over the number of sales in that month.  Numbers above a 7 are considered to be buyers’ markets, below a 5 are sellers’ and in-between are considered balanced.  Beside the number, I’ve indicated the direction the market moved when compared to the previous month.

 

Months Supply

Van West

Van East

North Van

Richmond

Burnaby

New West

Detached

5.9

Down

4.3

Down

2.4

Down

4.3

Down

3.8

Down

2.4

Down

Attached

2.0

Down

2.1

Down

1.2

Same

1.9

Down

1.6

Down

1.3

Down

Condo

1.4

Down

1.1

Down

0.9

Down

1.0

Down

1.3

Down

1.2

Down

 

The incredible thing about these numbers is to see how quickly and how strongly the detached markets have rebounded.  Admittedly the West side of Vancouver is now “only” in a balanced market, but it is important to remember that a short two months ago, we were reporting 15.6 months of inventory in that market (the strongest buyer’s market conditions we’ve seen since in any of our markets since January of 2009).  Similarly, detached markets in our other regions (which had been trending in the 7-9 months range) are all back squarely into being seller’s markets.  Realistically, the attached/condo markets didn’t really have much “recovery” to make (as anyone who regularly reads this newsletter will know) – they’ve mostly all remained in sellers market conditions.  Admittedly, it is striking to see that they’ve managed to get even tougher on buyers than in the last few months.

 

The question becomes – what’s driving these conditions.  For the most part, the answer continues to be a lack of inventory.  Homeowners simply don’t seem to be selling their homes in as large numbers as our market has/had become accustomed to.  Excluding 2016 from the analysis momentarily, we are seeing inventory levels at ½ of what we would in the month of March for any of 2011-2015.  Sales numbers are also down when compared to those years, but not be nearly the same percentages. (generally closer to 25% - 30% less sales in any comparable March).

 

What does this all mean?  It means that as long as these pressures remain for any sustained period of time, we’ll see prices increasing again.  We had seen prices decrease through last fall.  Most of the pricing graphs for these markets are now showing a leveling off of prices and, in some cases, price increases again. 

 

 

 

Post CommentComments: 0Read Full Story
I have listed a new property at 201 1396 BURNABY ST in Vancouver.
Walk to the beach from your boutique West End condo! Enjoy the lifestyle of this location in your spacious 2-bedroom home. Look out to a lovely treed view from this northwest corner suite featuring abundant natural light throughout and a spacious open balcony. This unit is in the rarely available the Brambleberry building – a well cared for and carefully managed strata with only 17 homes. Secure parking and pet friendly building. Building upgrades include new roofing, plumbing, painting, landscaping, siding repairs & a very modern & sleek foyer & hallways. Nothing to do but move in and enjoy this home and wonderful community. See Realtor's website for Virtual Tour. OPEN: Sat/Sun April 8/9 2:00 - 4:00PM
Read Full Story
I have listed a new property at 410 333 WETHERSFIELD DR in Vancouver.
Your oasis in the city! This 2 bedroom, 2 bath separate entrance unit at Langara Court has it all. Meticulously cared for and updated featuring fully renovated kitchen and bathrooms and a large open living space with beautiful stone lined fireplace. Souring vaulted ceilings with skylights provide an abundance of natural light. Your large private patio faces the peaceful forested courtyard. Amenities include landscaped grounds, an indoor pool, sauna and lounge. 1 large, secured underground parking stall and 1 storage locker all in a very well run building. Walk to Langara golf course, college, Oakridge mall and Canada Line Skytrain. The perfect location for the perfect home. 19+. See Realtor website for virtual tour. OPEN: Thu, Apr 6 10am-12pm; Sat, Apr 8 2pm-3:30pm, Sun, Apr 9 12pm-1:30pm.
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I have sold a property at 101 1640 11TH AVE W in Vancouver.
Central Fairview location in a rock solid building. This beautifully renovated, ground level unit has it all - 805 sqft, 1 bedroom + den/2nd bedroom (no window), North facing, sunken living room, gas fireplace and large private patio. The kitchen has been totally remodelled, featuring gorgeous stone backsplash and marble countertops. The huge master bdrm has a generous walk-thru closet into the updated bath and Euro washer/dryer combo. A perfect place to call home, in the heart of the city. See Realtor's website for virtual tour.
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I have sold a property at 202 2828 MAIN ST in Vancouver.
Amazing opportunity to live in this sprawling 1 bedroom and giant flex space with insuite storage and laundry, walk through master bedroom closet and cheater ensuite bathroom. DOMAIN is centrally located along one of Vancouver's hippest streets with coffee shops, restaurants, antique stores and entertainment right outside. Inside the unit the modern and sustainable cork floors are complimented by over height ceilings, floor to ceiling cabinets and a stainless steel appliance package. Get inspired by this high quality Holborn built condo with the remaining warranty.
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I have listed a new property at 1162 BEECHWOOD CRES in North Vancouver.
Welcome to this family home situated in one of the best locations in North Van; the beautiful Norgate Community. Sitting on a flat 65 x 100 CORNER lot, this 1300 sq ft single level home, with 200 sq ft garage, has a lovely outlook to the greenbelt of the Spirit Trail. Inside enjoy 3 bedrooms, a spacious open kitchen with stainless steel appliances and both a family and living room. Walk out to your private, fully fenced backyard with stunning North Shore mountain views. Situated a short walk to the local school, transit, shopping, great parks, daycares, trails and bike paths. OPEN: Tues. Mar. 21 10am -12pm Sat/Sun March 25/26, 2:00-3:30pm
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I have listed a new property at 311 2020 8TH AVE W in Vancouver.
Here is your chance to live in Kits! This comfortable, 1 bedroom unit features gas fireplaces, in-suite storage, and south facing covered patio, engineered flooring, SS appliances, walk in closet, in-suite laundry, and full bathroom renovation. AND it is situated in a friendly, well maintained building. The walk score is an amazing 98, so most days you will be able to leave your car in the parking spot that comes with the unit. Have a pet? Not a problem; building is pet friendly! Rentals are allowed with restrictions. Visit open house Thursday 5:30-6:30, Saturday and Sunday 2-4pm.
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