Queen Mary Park, Surrey - Announcing a price reduction on 204-8115 121A Street, a 892 sq. ft., 2 bath, 2 bdrm apartment "Prime 2 Bedroom". Now $229,000 - The Proudest on the Block.
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Peaceful, Private & Convenient
• 4 bath, 3 bdrm 3 story "Fully Finished & Decorated" - $439,000 - Truly Better then New!
Riverwood, Port Coquitlam - Sitting on the edge of a large green area this wonderful, 3 bedroom, 2 full bath & 2 half bath, end unit townhome offers the best location in River's Walk! In showhome condition it's young and pampered. The only difference between this and a brand new home is No GST. Luxurious Maple cabinets in the spacious kitchen,
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Eagle Ridge, Coquitlam - The 3 story at 402-1176 Falcon Drive has been sold.
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Distinctive & Elegant
• 892 sq. ft., 2 bath, 2 bdrm Condo - $239,000 - The Proudest on the Block
Queen Mary Park, North Surrey - You've heard of Pride of Ownership? This is where the expression must have started. Absolutely Sparkling 2 bed - bath Apartment in the Crossings! Luxury Condominium with Granite Slab Countertops, Ceramic Sinks & Ceramic Bath Surrounds. Owners have Pampered this Corner Suite since New & fresh Decorator colours by Benjamin Moore enhance this Warm, Private & Quiet Strata Home. Pristine Laminate & Tile floors, Oversize Baseboards, Crown Mouldings & Loads of Natural Light flood the home with an abundance of Window space. Balcony looks out at the Green of Trees. Two, side by side Parking spaces [largest in bldg] close to Shops & Transit. Community Room, Guest Suite, Wired for High Speed Cable & Security. You'll feel at Home here.
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Klahanie, Port Moody - Announcing a new listing in Klahanie, a 1,310 sq. ft., 3 bdrm, 2 1/2 bath, 3 level. $439,000 - Smartest Price in Indigo!. An exciting opportunity
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Market conditions drive strong June housing sales
VANCOUVER, B.C. – July 3, 2009 – The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.
Sumptious Upgrades-Stunning View
• 889 sq. ft., 1 bath, 1 bdrm apartment "Bedroom, Den & Office!" - $479,000 - Classy Condo with View!
Yaletown, Vancouver - Unimpeded Water & Shoreline View! Watch the Sailboats and Soak in the Inescapable Peace of the Blue Water. Great spot to Check out the Annual Dragon Boat Races. Overlooking Popular David Lam Park this Gem is the Ultimate in Sumptious, Yaletown Living. 'No Holds Barred' Updates in Kitchen & Bath! Rich Wood Flooring & Earthy Ceramic Tiles, Fashionable Stainless Steel Appliances, Task & Mood Lighting, Deliciiously Decorated & Artfully Desgned. A Retreat from the World Outside yet right in the Heart of Downtown Convenience. Urban Fare Market is close and you can Stroll the Seawall for a hit of Sea Air. Walk to English Bay or hop a Water Bus to Granville Island. A unique Breezeway offers an alternate, Open Air View into the Lush Courtyard. The Building? Sound & Well managed, Rainscreened, New Window Systems & Roof with remainder of a 10 Year Warranty.
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Metro Vancouver recorded its best year-over-year sales increase in May since February 2008 with 3,524 sales reported through the Multiple Listing Service, 17 per cent higher than the 3,002 sales recorded in the same month a year ago. (Vancouver Sun June 3)
For the second month in a row, the Canadian housing market has recorded an increasing number of sales in most areas around the country.
“Conditions in the resale housing market have improved markedly this Spring,” according to TREB President Maureen O’Neill. “Home purchases have increased as households have taken advantage of low interest rates and slightly lower home prices.”
While April sales remained lower than last year, the housing market gained momentum on a month-over-month basis.
Paul Penner, President of the Fraser Valley real estate board, says current conditions have created one of the best buying opportunities in years. “REALTORS® have successfully communicated to their sellers to be more realistic with their prices, which is why we’ve seen a 29% increase in sales from March to April.”
Penner also attributes the increase to all-time historically low interest rates and still relatively high inventory for Fraser Valley, although it is dropping rapidly.
Below is a brief summary of sales activities in some areas across the country:
British Columbia Surrey, May 4, 2009: The Fraser Valley real estate market continued to show signs of rebalancing in April with the number of sales increasing for the third month in a row while the volume of available properties stayed constant. Benchmark prices for detached homes and condominiums also showed increases over the last three months.
In April, there were 1,293 sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®), reflecting a 28% decrease compared to the 1,787 sales in April of last year, however, a 29% increase over March sales. At the same time, the Board received 44% fewer new listings compared to one year ago, 2,477 in contrast to 4,458 in April 2008, helping to stabilize the number of active listings in the Fraser Valley at 9,855.
The Housing Price Index (HPI) benchmark price of Fraser Valley townhouses decreased 11.6% from $333,982 in April 2008 to $295,078 in April 2009. That decrease, however, slowed to 0.1% during the last three months. The benchmark price of apartments also decreased year-over-year by 11.4% going from $260,037 in April of last year to $230,337 in April 2009. Similar to detached homes, the benchmark price for apartments has increased by 4.4% over the last three months.
Popular Neighbourhood
• 1,730 sq. ft., 2 bath, 3 bdrm single story - $439,000 - Smart Rancher!
North West Maple Ridge, Maple Ridge - This 3 Bedroom Rancher in Popular Davison Subdivision is a smart choice for Buyers wanting a quiet neighbourhood of well maintained homes - minutes from Everything! Appealing, Open Plan connects Spacious Kitchen to large Eating Area & Family Room. Ample room sizes also include Master with 3 Piece Ensuite, Formal Dining Area and Large Living Room with Vaulted Ceiling. Skylights enhance the tiled Foyer. Full Bath opens privately to secondary bedroom or conveniently to Hallway for guests. Peaceful, sun drenched patio and yard faces South for Great Gardening. New furnace, New Roof [2 yrs ago, 2 Gas Fireplaces. New fence on west side, Double Garage, gorgeous, fenced yard. Alouette Elementary is just around the corner. Nice!
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Once more the Bank of Canada has dramatically lowered consumer interest rates! An April 21, 2009 article expresses intention to hold rates until 2010. Read here. Courtesy of the Bank of Canada.
Which statement is correct? Wth so much media attention it's hard to filter out the truth. Here are some statistics to ponder:
Today, on the Metro Vancouver & Fraser Valley Multiple Listing Service, there were 333 new Residential Listings posted. Also, today, there were 240 sales posted. That equates to a 72% sales to listing ratio. A 'normal' market is when 60% of all listed properties sell during the listing period. Yes it's not a perfect way to calculate the likelihood of any particular home selling for how much and when. However, since January of this year we have, somewhat nervously, been watching the daily stats that are displayed 'real time' on our MLXChange program. What it has been showing us is a steady crawl from a 17% sales to listing ratio at the beginning of the year to a ratio hovering around 34% in February on up through the 50-60% range and now to the current ratio mentioned above.
The 'nervousness' we experienced was not that of two Realtors 'hungry' for a sale but that of two Realtors facing a serious challenge when asked for our 'opinion' on where we thought the market was going. We wanted to give 'credible' advice to our clients and prospective clients and, more than once we took the safe road, agreeing that 'waiting' might be the right thing to do - for a while.
Now, whether you are a buyer or a seller and you ask us what we think we will point to the Facts. 72% sales to listing ratio seems like an indication that moving from one home to another is, again, a whole lot easier. Just last weekend a townhome in East Vancouver sold for $26,000 above asking price because of multiple offers. Go figure!
Are you asking me what 'I' would do? I would probably slap on some sunscreen and go for a sail. Or, maybe I would call my mortgage broker to check out the lowest interest rates in six decades! Think maybe that has something to do with the pickup in sales?
By the way, we're talking about the Urban market here. The suburbs traditionally react a bit later, but in some cases the reaction is already evident.
It will be fun watching how things develop over the next few months.
Happy sailing!
Ps. to those of you who are considering selling your home...pricing it right is still critical as the inventory of competing homes has not quite dried up yet.
Where Are You From?
It's a question often asked when people meet someone in Vancouver, for the first time. Why? Well, not only are Vancouverites curious people but, also, because 52% of Vancouver residents were born in another country. In Metro Vancouver the number is 43%. The impact of this phenomenon continues to challenge the way we live, the way we work and the way we play. All in all, Vancouverites have risen to the challenge by learning about our neighbours' unique cultures. We have been encouraged, and even forced, to become more aware of the beliefs and traditions of our new & old immigrant partners. And in order to understand and embrace the evolving state of our metropolitan mosaic it often means looking to our own past to see what our forefathers' challenges and aspirations were. Why did they choose Canada as a new place to call home? And why did they settle in this greatest of all Canadian Cities & surrounding municipalities? Metro Vancouverites have learned that all change requires a recognition of the fact that 'things will never be the same' again. It's from that starting point that we get to enjoy the sometimes confusing but often inspiring contributions that fresh citizens of the world bring to our home. Welcome to B.C.
Property sales strengthen in current market cycle
VANCOUVER, B.C. – April 2, 2009 – The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.
Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.
Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.
“There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is levelling off,” said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).
New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to March 2008. This is the fifth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent.
Despite these trends, total active listings at the end of March 2009 had still reached14,579, a 19 per cent increase compared to the end of March 2008.
“REALTORS® are seeing an increasing level of interest from first-time buyers who are attracted to low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years,” Russell said.
Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.
Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.
Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563. New Release...Courtesy of Real Estate Board of Greater Vancouver
News Release (GVREB)
VANCOUVER, B.C. – March 3, 2008 – Residential housing sales in Greater Vancouver rose 94 per cent in February compared to the month before, with 1,480 sales registered in February compared to 762 sales in January, which was the slowest month for housing sales in 25 years. Over the past 10 years, February sales have typically surpassed January by an average increase of 53 per cent.
At the same time, new MLS® listings for residential properties continued to decrease for the fourth month in a row. New listings decreased 25.6 per cent in February compared to the previous year; 20 per cent in January; 8.6 per cent in December; and 10 per cent in November.
“There are terrific opportunities out there right now, but with property listings continuing to decrease, those opportunities may be available only for a brief window of time,” said Dave Watt, president of the Real Estate Board of Greater Vancouver (REBGV).
REBGV reports that year-over-year property sales in Greater Vancouver declined 44.7 per cent in February 2009 from the 2,676 sales recorded in February 2008. Year-over-year, those are the lowest sales figures for February since the mid-1980s.
“REALTORS® are reporting more activity compared to recent months as people begin to see whether their position in the housing market has strengthened as a result of falling interest rates and improved affordability,” Watt says. “It took, on average, 67 days to sell a home in Greater Vancouver in February, seven days less than last month, but behind the seller’s market of last February when the average stood at 33 days.
Sales of detached properties in February 2009 declined 41 per cent to 587 from the 995 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 14.2 per cent from February 2008 to $653,452.
Sales of apartment properties declined 45.6 per cent last month to 650, compared to the 1,197 sales in February 2008. The benchmark price of an apartment property declined 13.9 per cent from February 2008 to $333,143.
Attached property sales in February 2009 decreased 49.8 per cent to 243, compared with the 484 sales during the same month in 2008. The benchmark price of an attached unit declined 9.7 per cent between Februarys 2008 and 2009 to $426,268.
New listings for detached, attached and apartment properties declined 25.6 per cent to 3,916 in February 2009 compared to February 2008, when 5,260 new units were listed.
