August Updates

As we head into September and look back at the summer, it was definitely a blur.  The saying “days are long but years are short” is really starting to resonate with me.  I’m noticing the summers seem to be flying by, especially after losing a couple of weeks to the smoke.  Hopefully these fires are not the new norm in BC.  For any of you that were impacted by the fires this summer please let me know what we can do to help!

A quick update on our business:

I have just brought on an amazing administrative assistant that I look forward to introducing you all to as time goes on.  She has been in the business for years and will tremendously help assist in the growing business.  I have included a small write up below for you to get to know her.

Now on to the market:

As you will see in the stats below August sales in Vancouver were 25% below the 10 year August average.  We can look at this a couple of ways.

1) With the new mortgage rules and financing being trickier less people are CAPABLE of buying

2) Foreign investors have slowed down due to the increased government regulations

3) Buyers are waiting to see where this will fall and are hoping to get properties at a discount

My take is that all 3 of these factors are at work. With only 1 or 2 of them we might have seen a smaller impact but considering the amount of changes all at once it is no surprise that we are seeing a dip in the market.  With that being said we must also remember – August is generally one of the slowest months of the year.  I am expecting a busier September and October as prices are starting to adjust and buyers will be getting back into the market.

Happy September!

NEW LISTINGS/RECENT SALES

3007 – 5470 Ormidale St
SWEEPING VIEWS!
$549,000
Welcome to this brand new, never lived in condo in the sky with GST already paid. One of the best views in the building, this perfectly laid out 1 bedroom and flex offers views Downtown, Burrard Inlet, Pacific Ocean and North Shore mountains. As far as the eyes can see! High end finishes including gas range, stainless steel appliances and quality laminate throughout. Perfect investment property as you are steps to Joyce Patterson Skytrain, minutes to Metrotown and a 15 minute train to downtown. On the 15th floor you will find a beautiful gym and communal garden plots. This home comes with parking and storage, pets and rentals allowed. Move in any time or rent it out right away! Full 2-5-10 warranty.
More info: HERE

104 – 315 Renfrew St
FULLY RENOVATED – MOVE IN READY
$569,000
Welcome to this fully renovated move in ready home located in the heart of Hastings Sunrise. With over 1100 square feet of indoor and outdoor living, your own front door facing the quiet courtyard, and a private setting make this home live like a townhouse. Fully re-modeled with a custom kitchen featuring 2 tone high gloss cabinets, new stainless steel appliances and quartz counter-tops. Fully equipped with in suite laundry, a cozy fireplace and room for a dinning table, this 2 bedroom home lives much larger. 1 Parking, 1 storage, 1 dog or cat, and 4 rentals allowed. Building is fully rain-screened with new windows. 5 mins to Hwy, 10 mins to North Van & excellent transit options!
More info : HERE

Home buyer demand stays below historical averages in August

The Metro Vancouver* housing market continues to experience reduced demand across all housing types.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.

Last month’s sales were 25.2 per cent below the 10-year August sales average.

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”

There were 3,881 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2018. This represents an 8.6 per cent decrease compared to the 4,245 homes listed in August 2017 and an 18.6 per cent decrease compared to July 2018 when 4,770 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,824, a 34.3 per cent increase compared to August 2017 (8,807) and a 2.6 per cent decrease compared to July 2018 (12,137).

The sales-to-active listings ratio for August 2018 is 16.3 per cent. By housing type, the ratio is 9.2 per cent for detached homes, 19.4 per cent for townhomes, and 26.6 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” Moore said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,083,400. This represents a 4.1 per cent increase over August 2017 and a 1.9 per cent decrease since May 2018.

Sales of detached properties in August 2018 reached 567, a 37.1 per cent decrease from the 901 detached sales recorded in August 2017. The benchmark price for detached properties is $1,561,000. This represents a 3.1 per cent decrease from August 2017 and a 2.8 per cent decrease since May 2018.

Sales of apartment properties reached 1,025 in August 2018, 36.5 per cent decrease compared to the 1,613 sales in August 2017. The benchmark price of an apartment property is $695,500. This represents a 10.3 per cent increase from August 2017 and a 1.6 per cent decrease since May 2018.

Attached property sales in August 2018 totalled 337, a 36.3 per cent decrease compared to the 529 sales in August 2017. The benchmark price of an attached unit is $846,100. This represents a 7.9 per cent increase from August 2017 and a 0.8 per cent decrease since May 2018.