Down 10% from 2011

Hello Everyone

Here we are well and truly in the Fall season and motoring our way towards the holidays. Yes the rain has returned but some very nice crisp dry days with blue skies and glorious sunsets have intermittently raised the bar. So it is not all grey and gloom out there. 

We are now into the latter half of the greater Vancouver fall property markets and as we look back at October, there is a clear pattern emerging. The change in the borrowing and mortgage insurance rules are continuing to have a noticeable effect on the industry, especially at the first time buyer entry level. We are also seeing the luxury housing markets slowing down every month and that is no surprise as Canadian and global economies are still pretty sluggish. 

So what does that look like in numbers? The following graphs are sales in major Vancouver markets for October 2012:

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 14.6 per cent to $2.7 billion in October compared to the same month last year. A total of 5,276 MLS® residential unit sales were recorded over the same period, down 10 per cent from October 2011. The average MLS® residential price was $508,292, down 5.1 per cent from a year ago.

"While consumer demand was stronger in October on a provincial basis, home sales continue to trend below last year’s level,” said Cameron Muir, BCREA Chief Economist. “Tighter mortgage credit regulation has moderated housing demand on the South Coast."

Year-to-date, BC residential sales dollar volume declined 18.2 per cent to $31.1 billion, compared to the same period last year. Residential unit sales declined 10.5 per cent to 59,946 units, while the average MLS® residential price was 8.6 per cent lower at $518,321.

If you are a seller and want to make things happen, accept the reality and get your home sold. It is a very strong buyers market and pricing sharply is the key. Be in the market and not just on it.

To all you buyers out there. Take advantage of it as so much is in your favour with incredible long term interest rates, mortgage deals and a very strong negotiating position. 

Good luck everyone!

The Lowest Sales for September in a 10 year history

Hello Everyone

I hope you all had a great Thanksgiving with copious amounts of delicious food, drinks, friends, family, the beautiful weather we had. On Monday recovery day we went up to Cyprus mountain for a walk and it was 18C. Shorts and T shirts in October here in Vancouver is something to behold. It was beautiful and a great end to the long weekend. 

You may or may not been hearing through the press how Greater Vancouver has been seeing sales slide downwards every month since March 2012. The global economic downturn and a reduction in amortization years for insured mortgages is really having an effect. The latest information from the Real Estate Board show Greater Vancouver sales down by 41.6 percent below the ten year average:

• residential property sales of detached, attached and apartment properties reached 1,516 in September, a 32.5 per cent decline compared to the 2,246 sales in September 2011 and an 8.1 per cent decline compared to the 1,649 sales in August 2012.

Here is a detailed graphical breakdown of September sales in Vancouver, Burnaby North, South and New Westminster historically since 2010.

The numbers speak for themselves and in a market like this remember the important things:

As a buyer it is a great time to be out there taking advantage of fantastic deals, amazing fixed mortgage rates and bargaining power not seen in Vancouver for a long time. 

For all you potential sellers out there, be sure you have a real good reason to put your place on the market. Work with an educated, connected and informative Realtor who will provide you with the support and information you need to price your place sharply, present it to the best it can be and get you in the market and not just on it. 

For more personalised market analysis feel free to get in touch and make it happen!

Good luck. 

Gerry

Vancouver is a Buyers Market!

Happy September Everyone!

I hope you all have been having a great time so far and looking forward to more of the same as September promises to be a great outdoor month. It is hard for me to stay indoors in this weather but I suppose at some point we all have to get back to the routine. However there are always the evenings and weekends so onwards and upwards.

You may all be aware that 2012 has seen a significant downturn in the Greater Vancouver real estate markets. Some areas have seen a drop in sales of over 50% and price corrections happening all over. It has been the quietest August for over 10 years and it will be interesting to see what happens when the traditional fall markets kick off later this month. It is either going to be fizzing fireworks or flat foam. So lets take a look at what has been happening with sales. See below the latest data with 3 year historical figures to 2010 for August 2012 for Greater Vancouver including Burnaby and New Westminster:

For all you potential sellers out there. If you need to sell your home, make sure you work with and listen to an educated Realtor who will provide you with in depth market analysis so you are priced competitively, achieve your goals and move on. Be in the market and not just on it. 

For all you buyers, keep your eye on the ball, work with and listen to an educated Realtor to help you take advantage of this current market and get the most out of it. It is a great time to be a buyer. 

Let's get together and make this happen!

Cheers

Gerry

The Joy of Moving House!

Yes, myself and my partner moved house recently and have relocated to a great apartment down town. 

At the best of times, moving is very demanding physically and mentally and when good things happen along the way it helps to make it so much more pleasant. 

We used Raincity Moving to get most of our stuff packed up and relocated. The owner, Richard Kovacs is a great guy. Very honest, reliable, respectful and  a friendly lively person who offers a very professional service along with his great team of people he hires. I have used Raincity Moving a few times now and I have never been let down. 

He will also drop off high quality large packing crates in advance if needed and can even store your possessions overnight in the moving truck located at a very secure location if your closing and possession dates don't fall on the same day. I would highly recommend this English man in Vancouver. It is not overpriced and a very professional friendly service! The number is 778 316 1712 and the webpage can be accessed from this link at www.raincitymoving.com

The other great experience was going to Mr. Mattress to get a new mattress for our beautiful new bed. I have known about this place for a while but this was the first time we had a reason to go. Richard the owner is great. From the moment we entered we got fantastic service without being pressured. This East Van business has been around since 1964.

They sell great double sided mattresses made locally and are wonderful quality at a great price, a lot less than the major competitors and more bang for your buck in quality and comfort. Richard was very knowledgeable, gave us amazing information, didn't rush the experience and made sure we bought the product that was right for us. He also has loads of positive energy and is very welcoming to the diversity of people that come through his door.

The delivery was also a great friendly professional service. They also have a quality selection of mattress accessories and pillows. I would highly recommend Richard and Mr. Mattress for your new bed purchase as you won't be disappointed and it is soooooooo comfortable!!! We will definitely be going back. The number is 604 255 2113 and the website link with address details can be accessed here at www.mrmattress.ca. 

Stay Tuned for more feedback!

Cheers

Gerry

Greater Vancouver July 2012 Sales to Active Listings Ratios

Hello again

As promised here is a graphical breakdown of the July 2012 Greater Vancouver Property Markets. They include Richmond, Burnaby and New Westminster, highlighting the Sales to Active Listing Ratios. Most areas have seen a slow down this year and it will be interesting to see what happens when the fall markets return in September. 

All the data strongly supports a buyer's market. As a seller you need to be aware of this and price your property sharply. Buyers have a great opportunity to take advantage of this current market and the fantastic mortgage deals to be had. 

If you have any questions feel free to get in touch. Let's get together and make this happen!

Cheers

Gerry

Phew! August is a hot one.

Hello Everyone

I hope you are all extremely well and enjoying this fantastic August weather we are having. I love all the great festivities happening in the city and the long warm evenings sitting out with friends and soaking up the atmosphere.

The real estate markets here in Vancouver are still chugging away at less than full speed. As July came and went, we have noticed many areas see a significant drop in sales activity with a buyers market firmly established. So what are the numbers: 

Greater Vancouver: Total Units Sold in July 2012 were 2,135 – down 11% to June 2012; New Listings in July 2012 were down 14% to June 2012; Month’s Supply of Total Residential Listings is 9 Months (Buyer’s Market).

Vancouver Westside Houses: Total Units Sold in July 2012 were 83 – down 19% to June 2012, down 45% to March 2012, and down 70% to March 2011; New Listings in July 2012 were down 18% to June 2012; Month’s Supply of Total Active Listings is 13 Months (Buyer’s Market!).

Vancouver Westside Condos: Total Units Sold in July 2012 were 276 – down 17% to June 2012, down 30% to March 2012, and down 52% to March 2011; New Listings in July 2012 were down 14% to June 2012; Month’s Supply of Total Active Listings is 8 Month’s (Buyer’s Market).

Vancouver Eastside Houses: Total Units Sold in July 2012 were 109, 2% higher than June 2012, down 30% to March 2012, and down 52% to March 2011; New Listings in July 2012 were down 15% to June 2012; Month’s Supply of Total Active Listings is 7 Month’s (Balanced trending to Buyer’s Market).

Vancouver Eastside Condos: Total Units Sold in July 2012 were 104 down 24% to June 2012; New Listings in July 2012 were down 32% to June 2012; Month’s Supply of Total Active Listings is 5 Months (Balanced Market).

North Vancouver Houses: Total Units Sold in July 2012 were 60, down 18% to June 2012, down 50% to March 2012, and down 55% to March 2011; New Listings in July 2012 were down 27% to June 2012; Month’s Supply of Total Active Listings is 7 Month’s (Balanced trending to Buyer’s Market).

North Vancouver Condos: Total Units Sold in July 2012 were 55, down 20% to June 2012; New Listings in July 2012 were down 14% to June 2012; Month’s Supply of Total Active Listings is 9 Months (Buyer’s Market).

Richmond Houses: Total Units Sold in July 2012 were 60, down 21% to June 2012, down 42% to March 2012, and down 73% to March 2011; New Listings in July 2012 were down 8% to June 2012; Month’s Supply of Total Active Listings is 20 Month’s (Heavy Buyer’s Market!!!).

Richmond Condos: Total Units Sold in July 2012 were 101, down 11% to June 2012; New Listings in July 2012 were down 22% to June 2012; Month’s Supply of Total Active Listings is 10 Months (Buyer’s Market).

So that is it in a nutshell. Watch out for the next blog that will graphically break down the markets featuring listings and sales ratios historically from 2010 -2012. 

For all you potential sellers out there, stay in touch with your Realtor to keep up to date with the latest statistics and information so you can be competitively in the market and not just on it. 

All you potential buyers out there should take advantage of the fantastic mortgage deals and buyers market that has not been seen in Vancouver for quiet some time. 

If you have any questions feel free to get in touch. Let's get together and make this happen!

Cheers

Gerry

Summer is finally here!!!

Hello Everybody


I hope you are all enjoying the amazing weather we are finally having here as the summer has just about got kick started. I have been to Stanley Park and the beach several times this week and it looks amazing. 


So great to see so many people soaking it all up. The place is alive with activity and all the bars and restaurant patios are filled with lively conversation as people enjoy the outdoor experience that makes Vancouver so special. I hope you all have some great outdoor activities planned this weekend to take full advantage. I am off to Bowen Island with the dogs, friends and a picnic packed for some island time, great walks and a relaxing afternoon on some secluded beach somewhere. 


So what has been happening in the Greater Vancouver Property Markets for July 2012? There is no doubt about it. All the signs and the numbers point to a real slowdown in the markets this year. The only areas that seem to have reasonable energy left in them are parts of East Vancouver. The Grandview area around Commercial Drive is getting very popular as more people take advantage of the great things this area has to offer, the steady improvements to public spaces and choice of local amenities and of course the affordability factor compared to other parts of the city. 

Lets take a look at the big picture. Here are the latest statistics from the Vancouver Real Estate Board for you to digest:


VANCOUVER WEST SALES ACTIVITY JUNE 2010-2012

VANCOUVER WEST ACTIVE LISTINGS JUNE 2010-2012

VANCOUVER EAST SALES ACTIVITY JUNE 2010-2012

VANCOUVER EAST ACTIVE LISTINGS JUNE 2010-2012

NORTH VANCOUVER SALES ACTIVITY JUNE 2010-2012

NORTH VANCOUVER ACTIVE LISTINGS JUNE 2010-2012

WEST VANCOUVER SALES ACTIVITY JUNE 2010-2012

WEST VANCOUVER ACTIVE LISTINGS JUNE 2010-2012

RICHMOND SALES ACTIVITY JUNE 2010-2012

RICHMOND ACTIVE LISTINGS JUNE 2010-2012

So there you have it. If you have your home listed or are contemplating listing it, you will need to get your price very sharp and in line with the markets as there are record levels of listings in many areas out there right now. You may even want to consider putting back listing your place until the fall markets in September/October and see where everything is at. Talk to us here at imaginevancouver and make an educated informed decision.

For buyers, this is a fantastic time to take advantage of what is now for the most part a buyers market. With so much property to choose from and great mortgage deals to be had this may be your chance to negotiate hard, get that piece of real estate you always wanted. Talk to us here at imaginevancouver and see how you could achieve this. 

Stay tuned for more market information coming your way. If you have any questions feel free to get in touch. Lets get together and make this happen!

Have a great weekend

Cheers

Gerry