Market Update

A blog category dedicated to my monthly Real Estate Market Updates for Vancouver.

Kristi Holz Market Update

February 2020 Real Estate Market Update

Hi Everyone! We’ve made it through January and the market is picking up steam. We’re seeing new listings every week and Buyers getting excited about their options, which is normal activity for January. What’s interesting this month is the number of multiple offer scenarios we’re seeing and the differences between the Eastside and the Westside. 

On the Westside of Vancouver, inventory is at decent number – generally higher than this time in 2018 and generally lower than this time in 2019. The number of condos and townhouses is at a good number for this time of year, but the number of detached houses is down compared to the last few years. I expect all of these numbers to increase as the market continues to gain steam. Overall the HPI price is similar to both last month and this time last year, though it’s trending upwards. The consistency in price over the year should be an indication that this market has staying power. Overall, the condo market is a Balanced/Sellers market – the area and product affects this distinction greatly – entry level 1 and 2 bedroom condos are getting multiple offers where the higher end market doesn’t have the same extreme activity. 

On the Eastside of Vancouver, the market has some stronger legs. The HPI Price has seen a noticeable increase over last month and is in line with this time last year. It’s the inventory that’s interesting – the number of listings on the market is far lower than this time last year, with detached houses and townhouses being at their lowest numbers since 2016. Inventory levels for Detached Houses are particularly low, which aligns with the fact that we are seeing multiple offers on anything half decent right now. The total inventory for condos is somewhat low right now so I’m hoping for a big increase in good options. The number of townhouses doesn’t vary much but we need to see more options to keep the market moving. Overall, each market in East Van is a Balanced/Sellers market so be prepared for a busy market – work with a good agent (me!) and a good mortgage broker (ask me for one!). 

This market isn’t easy to figure out. Some listings are getting multiple offers, and I can usually pinpoint the ones that will, but others are sitting on the market with some negotiation room. This kind of market leads to a needed reminder for Sellers – you need to ensure your property looks good, is priced right and has an agent truly trying to sell it. Call me to talk about the best plan of action for the sale of your home – you need good marketing  positive open houses, market knowledge and good negotiation. It’s still early in the year, and the market still has a lot of growth to see this Spring.

Have a look at that stats for Vancouver East and West Real Estate below. If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or other cities, contact me: kristi@realestatevancity.ca! There are big differences in market characteristics for different area sand style of homes. Ask if you’re curious!

East Vancouver Real Estate Stats up to and including January 2020

HPI Price for East Vancouver

Median Percentage of Original Price for East Vancouver

New Listings for East VancouverTotal Inventory for East Vancouver

Total Sales for East Vancouver

Sales to Active Ratio for East Vancouver

Median Days on Market for East Vancouver

Vancouver West Real Estate Stats up to and including January 2020

HPI Price for Vancouver West

Median Percentage of Original Price for Vancouver West

New Listings for Vancouver WestTotal Inventory for Vancouver West

Total Sales for Vancouver West

Sales to Active Ratio for Vancouver West

Median Days on Market for Vancouver West

Based on these stats, the bottom of the market was August 2019. The market has been picking up ever since, and based on my conversations with other agents, everyone seems to have some great new listings hitting the market sometime in the next few months. Like I mentioned above, the good listings come and go really quickly, so now is the time to get your financing sorted out and to start learning about the market so you can understand your options and make the most of the slowly increasing market. If you want to start learning about the market, send me a message or give me a call and let’s sit down to chat about the process, your questions, and your options.

If you’d like to slowly dip your toes in the market, I can also set you up on a Custom Real Estate Search, just fill in the form on https://realestatevancity.ca/home-finder/ or feel free to contact me: kristi@realestatevancity.ca or 778-387-7371.

Kristi Holz Market Update

January 2020 Real Estate Market Update

Happy New Year Everyone! I hope you have a great holiday season filled with lots of holiday and family fun. The real estate market always slows down in December – full stop over Christmas – before gaining energy in January, so I’ll keep the stats review short this month, but instead offer a general recap of the market.

2019 was an interesting year. It was really slow at the end of 2018 into 2019. Listings were sitting for awhile, Buyers weren’t motivated and there wasn’t a lot of excitement in the market. I was getting bored seeing the same listings come up on MLS and I’m certain everyone else was too. Finally, and somewhat unexpectedly given the timing, the market picked up again in late Spring, which lead me to have my busiest Summer in years. This increased activity developed from a confluence of falling prices, good interest rates and Buyers finding opportunities – and it continued for the rest of the year. It’s a great feeling to see Buyers come back to the table because once properties started selling, potential Sellers gain a little more confidence and decide to list their property as well – so more Buyers in the market lead to an increase in new listings too. The increase in interest did lead to a slight increase in prices, and I wouldn’t be surprised if we continue to see a slight increase over the next year given increasing demand (though inventory levels will make a big difference in prices next year). In the Fall I was seeing multiple offers happen on some really good listings (i.e. a great, entry level detached house) and on some really well priced listing (i.e. those priced far lower than their value to pull in multiple offers). Despite there being multiple offers, I wasn’t seeing any insane price increases or many unconditional offers, so these scenarios weren’t as disheartening for Buyers as they have been in the past. On the flip side, overpriced listings sat on the market because Buyers were not keen to negotiate very much so Sellers had to be reasonable in order to attract Buyers.

Personally, I’m seeing a lot of Buyers enter the market (for the first time, or again after taking a break) in addition to the folks who started searching in the Fall – so I anticipate a busy Spring with high sales numbers. Hopefully the amount of inventory increases to match Buyer demand, and I think it will. I anticipate a Balanced Market, which is good for everyone. It’s a good time for current owners to be thinking about a buy and sell – you can be confident your listing will sell in a reasonable amount of time (assuming it’s not over priced) and you’ll have options to buy as well.

Let’s have a look at Vancouver East and West:

For East Vancouver, the inventory and number of new listings dropped in December, as expected, but the HPI Price increased ever so slightly though it’s within a few percentage points over this time last year. The sales to active ratio was strong, thanks to December having fewer listings and Buyers wanting to get their purchase done before the New Year.

For Vancouver West (i.e. west of Ontario St to UBC), as expected, inventory and new listings dropped in December. HPI Price remained steady in December, and priced are still down over this time last year, with Vancouver West Detached Houses being the furthest behind (at 6.7%), as expected. The detached house market also has the biggest % difference between List Price and Sale Price, so if you’re looking to buy in that market, negotiate hard!

If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or other cities, contact me: kristi@realestatevancity.ca! I find the market characteristics is pretty common across all cities in the GVA, though there may be some minor differences in how different cities have reacted to the market waking up (if anything, cities outside of Vancouver are typically slower to gain traction). Ask if you’re curious!

East Vancouver Real Estate Stats up to and including December 2019

HPI Price for East Vancouver

Median Percentage of Original Price

New Listings for East Vancouver

Total Sales for East Vancouver

Sales to Active Ratio for East Vancouver

Median Days on Market

Vancouver West Real Estate Stats up to and including December 2019

HPI Price for Vancouver West

Median Percentage of Original Price

New Listings for Vancouver West

Total Sales for Vancouver West

Sales to Active Ratio for Vancouver West

Median Days on Market

The market is going to slowly pick up as everyone shakes off the rust from the holidays and gets back to work. If you want to start learning about the market, send me a message or give me a call and let’s sit down to chat about the process, your questions, and your options.

If you’d like to slowly dip your toes in the market, I can also set you up on a Custom Real Estate Search, just fill in the form this page or feel free to contact me: kristi@realestatevancity.ca or 778-387-7371.

Kristi Holz Market Update

December 2019 Real Estate Market Update

Happy December everyone! I’ve been listening to “All I want for Christmas is You” all week and I’ve got my tree up and a roaring fire on my TV, so it’s officially Christmas season – yay! 

The Real Estate Market is still chugging along.. we have 2 more weeks before everyone really takes it easy for the holidays. November kept up the activity of October, despite what felt like low inventory numbers. The number of new listings dropped this past month but it did seem like everything that was listed was priced to sell. Sellers don’t have as many weeks to test the market at this time of year (with Christmas very quickly approaching) so they’re often a little more motivated. 

The low inventory also lead to increased sales to active numbers indicating that Buyers were out there putting in offers and securing their next home. This time of year is often a good time to find a “deal” since a lot of Sellers may want to get their sale done before Christmas rather than dip their toes in the January/February market. These Sellers may have priced their listing too high from the start, or have been unlucky with the sale up to now, and realize that they have the next few weeks to get the sale done. This sentiment goes for Buyers as well. There have been some buyers who have been looking for months now, and want to get moving, so they’re often the ones taking advantage of the opportunities. If you’re keen on a property, submit an offer! You never know how low the Seller is willing to go until you try. You won’t have any competition and interest rates are still low so you can secure a new place with great numbers to back it up. 

Otherwise, I’m getting a lot of inquiries from potential Sellers and new Buyers right now. So with a bit of time and education, these folks will (likely) be pursuing their options in the Spring. Everyone moves at their own pace, and despite the intention of your move being a smart investment, you also want to ensure that you want to live there (unless, of course, you’re buying as an investment, the make sure the numbers work and find the best deal you can). 

There is always a fine dance to Buying and Selling at the same time, and that’s something that you want to pursue at the beginning of a market, rather than at the end, so I anticipate a lot of buy-sell transactions in the new year. This type of movement is what really keeps the market moving because these folks are truly moving up (or downsizing) and are keen to make it happen, whereas first time buyers know they can stay in they rental until they need too, and investor sellers have time on their side as well. 

Let’s have a look at each market in Vancouver: 

For East Vancouver, the sales to active ratio increased for each market this past month, though new inventory dropped this month and sales remained fairly steady indicating that it wasn’t so much an increase in activity as it was existing listings being sold. The HPI Price remained steady for East Van condos, townhouses and detached houses and I expect this to continue into the New Year. 

For Vancouver West (i.e. west of Ontario St to UBC), the HPI Price remained steady for each market. It’s still down over this time last year, but right now we’re not seeing any major swings. The number of new listings was down across the board – expected for this time of year (it won’t be until mid-to-late January that things start to pick up) – while sales were also a bit down this month, mostly due to lower inventory numbers but I did also see a lot of potential Buyers decide to step back and wait until the New Year. 

Here are the basic stats for Vancouver East and West. If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or other cities, contact me: kristi@realestatevancity.ca! I find the market characteristics is pretty common across all cities in the GVA, though there may be some minor differences. Ask if you’re curious! 

East Vancouver Real Estate Stats up to and including November 2019

HPI Price for East Vancouver

New Listings for East Vancouver

Total Sales for East Vancouver

Sales to Active Ratio for East Vancouver

Vancouver West Real Estate Stats up to and including November 2019

HPI Price for Vancouver West

New Listings for Vancouver West

Total Sales for Vancouver West

Sales to Active Ratio for Vancouver West

Like I mentioned above, now is the time of year when everything starts to slow down, but it’s still a good time of year to get your ducks in a row. Send me a message or give me a call – let’s sit down to chat about the process, your questions, and your options – so if you’re buying you can take advantage of the new inventory that’ll hit in the New Year and if you’re selling you can be one of those great listings! 

If you’d like to slowly dip your toes in the market, I can set you up on a Custom Real Estate Search, feel free to contact me: kristi@realestatevancity.ca or 778-387-7371.

Kristi Holz Market Update

November 2019 Vancouver Real Estate Market Update

October kept up the activity we saw in September, which is great since it’s a balanced market for Buyers and Sellers. Inventory hasn’t been especially deep and I’m sensing a lot of Buyers are starting or re-starting their searches and getting familiar with what’s happening in the market. I expect this interest to carry over into the new year and keep the Spring Market busy as well. Interest rates are still quite low so it’s a great time to be pre-approved. 

There hasn’t been a lot of inventory this Fall – a part of that is because listings are selling, and a part of that is because of the changing market. The market slowed down significantly in 2018 to the point where nothing was selling, which isn’t a great time to list. Now that the market is picking up, Sellers have more confidence that their listing will sell. This confidence leads to more listings, which leads to excited Buyers, which leads to more activity, and the market keeps rolling from there. This lower than average inventory is why good listings are still selling quickly and often in multiple offers. 

When the market finally picks up after a slow down, First Time Buyers are always the slowest to come back to the table which can create a bit of a log jam in the market. I find they’re always a bit more nervous and slower to move than people who have gone through the process before, and for good reason, it’s a big decision! My message for First Timers is to get pre-approved with a mortgage broker and to start taking to a realtor. Realtors have so much history of buildings, understanding of value, knowledge of stratas and it’s our job to help you find a unit that works great for you. You don’t have any obligation to buy and don’t worry about wasting our time – it’s our job to help you. 

Historically, this year of year is when you can find a deal! There are a lot of Sellers who have likely had their property on the market for a little while now, and likely have some negotiation room built into their asking price, so try an offer and secure your new place while Competition is low and interest rates are good. 

Yet again, the stats show that prices (based on HPI Price) remained steady the last month, which is down about 7% from this time last and more from the height of the market in Spring 2018. Inventory is also down from this time last year, but like I mentioned earlier, part of that is because more listings are selling right now and part is because we’re not seeing as many new listings – 17% fewer new listings compared to this time last year. The sales to active ratio is really strong right now – 22% for Vancouver West and 27% for Vancouver East. In my view, that seems to apply to newer listings as there are still some listings sitting on the market due to a high asking price. 

I don’t foresee prices increasing over the next little while but I also don’t see them decreasing. I’m anticipating a slow time over the holidays with another increase in activity next year, so if you’re keen to buy soon, embrace the next two months, otherwise you’ll be waiting for things to pick up in February.

Here are the basic stats for Vancouver East and West. If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or other cities, contact me: kristi@realestatevancity.ca!

East Vancouver Real Estate Stats up to October 2019

HPI Price for East Vancouver

New Listings for East Vancouver

Total Sales for East Vancouver

Sales to Active Ratio for East Vancouver

Vancouver West Real Estate Stats up to October 2019

HPI Price for Vancouver West

New Listings for Vancouver West

Total Sales for Vancouver West

Sales to Active Ratio for Vancouver West

Like I mentioned before, at this time of year there are going to be a lot of properties that have been on the market for awhile! Many of these Sellers may be keen to sell and would rather negotiate the price rather than drop the price, so try an offer. If you’re looking for a deal, this is the time of year to find it! 

If you haven’t already, now is the time to get your mortgage pre-approval done and start working with a real estate agent so you can jump on the good listing you’ve been waiting to hit the market. I’m happy to give you a referral to a great mortgage broker, just contact me: kristi@realestatevancity.ca

– Kristi Holz

Kristi Holz Market Update

October 2019 Vancouver Real Estate Market Update

September is such a great month. Every sunny day feels like a bonus and every rainy day is a good chance to relax! When it comes to real estate, August always slows down so it’s exciting when it picks up in September. New listings to consider, new clients excited about their opportunities and some movement in the market. This past September delivered, with some great new listings and a lot of activity in the market.

The stats show that prices remained pretty steady across the city this past month, which is what I saw on the ground as well. You might be wondering “So many listings are selling under the asking price, so how are prices remaining steady??” That is because I’m referring to prices in relation to value.

If you’re seeing prices drop right now, it’s often because the listing was overpriced to start as many Seller listed with some built in negotiation room. When those units drop their price, they’re getting closer to their actual value. I have been involved in a handful of multiple offer situations this past month, so Buyers are out there when a home is priced really well (as in, low!) so in certain situations you’ll see units selling for above their asking price closer to their true value.

I’m finding a lot of Buyers don’t want to negotiate on listings that have sat on the market for awhile, but that’s an opportunity available to you. You’ll have little competition and time for appropriate due diligence if it’s accepted. Regardless of what the listing agent says, you never know how keen a Seller is until you start negotiating.

The total inventory remained fairly steady this past month, but the number of new listings and sales both increased – Buyers were taking advantage of the new listings. This kind of movement is what encourages other Sellers to finally list their property which is what keeps Buyers coming back to the table.

Overall this is a great market for both Buyers and Sellers. There’s a good amount of inventory (though I wouldn’t mind seeing a little more), prices aren’t increasing (balance!), and conditional offers are still the norm (except for those pesky underpriced listings).

I don’t foresee prices increasing over the next little while but I also don’t see them decreasing. I’m anticipating a slow time over the holidays with another increase in activity next year, so if you’re keen to buy soon, embrace the next two months, otherwise you’ll be waiting for things to pick up in January and February.

Check out my current listings:

#E407 515 E 15th: A top floor 1 bedroom condo with in suite laundry in a pretty central location, asking $489,900! This is a great condo for a first time buyer.

#109 1450 Laburnum: A ground floor condo with a 500sqft patio located in Kits Point! Another great option for a first time buyer, or investor since rentals are allowed.

Here are the basic stats for Vancouver East and West. If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or other cities, contact me!

East Vancouver Real Estate Stats up to September 2019

HPI Price for East Vancouver

New Listings for East Vancouver

Total Sales for East Vancouver

Sales to Active Ratio for East Vancouver

For a more detailed review of East Van, including past months, check out my Market Update Blog on WeLoveEastVan.com!

Vancouver West Real Estate Stats up to September 2019

HPI Price for Vancouver West

New Listings for Vancouver West

Total Sales for Vancouver West

Sales to Active Ratio for Vancouver West

With a busy market, good listings that are priced right will sell quickly, so make sure you’re ready with a pre-approval and knowledge about the market you’re considering. Good listings that are overpriced may still take awhile to sell, depending on how reasonable the Seller is, so try your offer if there’s reason for a lower price!

If you haven’t already, now is the time to get your mortgage pre-approval done and start working with a real estate agent so you can jump on the good listing you’ve been waiting to hit the market. I’m happy to give you a referral to a great mortgage broker, just contact me: kristi@realestatevancity.ca.

– Kristi

Kristi Holz
778-387-7371
kristi@realestatevancity.ca

Kristi Holz Market Update

September 2019 Vancouver Real Estate Market Update

Summer has come and gone. Now it’s back to school and back to work, with fall and winter around the corner.

August is always one of the slowest months in Real Estate – everyone seems to focus on fun rather than real estate, so we typically see fewer listings, fewer sales and not much motivation from Buyers. Last month was slower than July so this wasn’t a surprise, but I did still sense some motivation from Buyers, a trend which I think is going to continue into the Fall.

I’ve had a lot of conversations recently with new Buyers, old Buyers looking to get serious, and Sellers who are getting ready to sell.

A lot of people are looking to make the jump from their current home to something bigger, and there’s no better time to climb the property ladder then when sales start to pick up after a slow market. This is the best time because you have a lot more confidence that your current property will sell, and also have a more options to choose from when you’re considering your purchase, without intense competition from other Buyers. Typically, affordable units tend to hold their value longer than more expensive units, so the hope is that the price gap between your current home and new home has narrowed during the slow market (and the stats support this thought.. houses have seen a bigger drop in price than condos and townhouses).

My expectations include:

  • a lot of new listings in September. The past two days have seen my notifications blow up with new listings!
  • a lot of price drops from older listings that haven’t yet sold
  • Buyers taking advantage of the low interest rates
  • a lot of transactions, which is good for both Buyers and Sellers

Here are some basic stats for Vancouver East and West going back 3 years, including last month. The stats show a good sales to active ratio, for condos and townhouses, with houses being a bit slow. Keep in mind, the stat for houses also includes the significant number of tear downs and major reno projects on the market. The number of good, livable houses for sale isn’t high. If you’re interested in specific neighbourhoods or other cities, just let me know!

East Vancouver Real Estate Stats for August 2019

HPI Price for East Van

Total Inventory for East Van

Sales to Active Ratio for East Van

Vancouver West Real Estate Stats for August 2019

HPI Price for Van West

Total Inventory for Van West

Sales to Active Ratio for Van West

With an active market, I do expect the good listings that are priced right to sell quickly. If you’re somewhat serious about buying, now is the time to get your mortgage pre-approval done and start working with a real estate agent so you can jump on the good listing you’ve been waiting for. Let me know if you have any questions: kristi@realestatevancity.ca.

– Kristi

Kristi Holz
778-387-7371
kristi@realestatevancity.ca

Kristi Holz Market Update

August 2019 Vancouver Real Estate Market Update

This summer was off to a great start! July is typically a fairly slow month for new listings and sales, but this past July was very active. As per the Real Estate Board, July was the second highest selling month this year. Personally, all of my listings sold this past month – no small feat in what has been a slower market this year – and I’ve had a few Buyers find some great properties.

July is typically slow because the weather draws people to the beach and mountains instead of realtor.ca, weddings take preference over weekend Open Houses and everyone seems to go away on vacation. I think this past July has been busy thanks to low interest rates, Buyers understanding that it’s a good opportunity to take advantage of low prices and Sellers adjusting to the new market. This Fall should remain fairly busy though I don’t anticipate any big increases in price.

If you’re looking to find a good “deal”, you need to be prepared. Start getting your mortgage pre-approval underway (talk to me for a mortgage broker referral) and start learning about the market (talk to about that too). If you’re looking to sell your property when you’re competing with a number of other listings, you need to look good and be priced right. Your realtor needs to ensure the property is marketed correctly too. 

Here are some basic stats for Vancouver East and West. If you’re interested in learning about specific neighbourhoods or other cities, contact me.

East Vancouver Real Estate Stats for July 2019

HPI Price for East Van

Total Inventory for East Van

Sales to Active Ratio for East Van

Vancouver West Real Estate Stats for July 2019

HPI Price for Van West

Total Inventory for Van West

Sales to Active Ratio for Van West

Though there are certain aspects of the Vancouver Real Estate Market that affect every neighbourhood (sales are down overall, interest rates are the best they’ve been in awhile), if you want the specifics of how your price range and neighbourhood are reacting to the current market, let me know and I’ll dive into the stats for you: kristi@realestatevancity.ca! In the meantime, enjoy the sun! 

– Kristi

Kristi Holz
778-387-7371
kristi@realestatevancity.ca