vancouver real estate

As I’m sure you’ve heard, there was a 0.75 point increase to prime/variable rates in September, which will decrease affordability for many Buyers (thanks to increased qualification requirements). One of my mortgage brokers expects another 0.25 increase in October and December, with a small decrease next Spring. It takes some time for these rate changes to have the desired effect on inflation, so he thinks rates will be in this general range for a year or two before we see bigger decreases. Despite these thoughts, it’s all fairly unpredictable.

In terms of the market, we have seen some price decreases from the height in the Spring, though there is still activity out there. I was involved in a handful of multiple offer situations this past August and now in September – they didn’t go crazy like they have in the past, which is promising, but it tells me that Buyers are out there for anything that has value. We are also seeing some properties sit on the market, particularly if they are odd or priced too high. The best “deals” right now are tear downs or major reno projects, properties at the expensive end of their overall market or properties with an obvious disadvantage. 

In general, what you’re looking for will be cheaper than it was in the Spring. Expect there to be other interested Buyers on anything *great* or priced very reasonably for the current market (so don’t expect much negotiation room, though it depends on the scenario) and if there’s something over priced that is sitting on the market, a lowball would be worthwhile because some Sellers are pricing their properties expecting to negotiate.

I’m thinking inventory this Fall will be on the low end. I expect to see an increase in inventory in the Spring.

If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with a slowing market.

Here’s a snippet from the Real Estate Board’s Monthly Update:

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.

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

Onto the stats:

Vancouver West Real Estate Stats up to and including August 2022

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including August 2022

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

If you haven’t yet spoken with a mortgage broker, get that process started, particularly if you’re going to be buying and selling. It’s helpful to know your options when it comes to owning two properties via a bridge loan, porting your existing mortgage or understanding how any changes to interest rates will affect you.

If you have any questions as you start thinking about your real estate goals for this year, don’t hesitate to ask. 

The Market has finally started showings signs of slowing down. Between rising interest rates, Buyer fatigue and Sellers wanting the best possible price, the activity in the market has slowed down. Buyers are being a little more picky while looking for a bit of a deal, or have stepped back from the market completely to give themselves a break. I’m seeing a lot of Sellers choose to take their property off the market if they don’t get the price they’re looking for though there are still Sellers who will sell for a bit of a deal – how do you find these Sellers? You have to offer to see how motivated they are.

This is a point in the market that can be hard come to a satisfactory conclusion for all parties. Sellers haven’t yet accepted that their property might be worth a little bit less than before, but Buyers are already expecting to get a great deal after hearing that the market is slowing down, so the difference between the Seller’s expectations and Buyers expectations is high right now, and a lot of negotiations end up falling apart. After some time, Seller’s will understand that the peak of the market is behind us, and Buyers will understand that the bubble isn’t bursting so they may not get the insane deal they’re hoping for.

My advice to all Buyers right now is to keep looking! It’s always true, and especially this year, that summer is slow for real estate (since everyone is out enjoying the weather and travelling) but anyone listed for sale in the summer is probably pretty keen to sell! So if you’re looking for a “deal” you are most likely to get it in the summer. You’ll have less inventory to choose from, but if the property and price are right, it’s worthwhile going for it as the market will pick up steam this Fall, and then again next Spring.

When it comes to pricing strategy, Sellers are generally price high and expecting to negotiate, but occasionally you will still see a property listed obviously low in order to bring in multiple offers. These units will still get multiple offers, but I would be cautioning my Sellers to not expect an incredibly high price, or one that beats a recent comparable. If you’re looking to buy and sell, you can consider offering on properties with a “subject to sale of your existing property” clause which means you’ll only purchase your next property if your current one sells for an appropriate amount. Sellers will be hesitant to accept this clause unless they’re been on the market for awhile but it will give you some peace of mind.

If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with a slowing market.

Here’s a snippet from the Real Estate Board’s Monthly Update:

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,918 in May 2022, a 31.6 per cent decrease from the 4,268 sales recorded in May 2021, and a 9.7 per cent decrease from the 3,232 homes sold in April 2022.

Last month’s sales were 12.9 per cent below the 10-year May sales average.

“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market,” said Daniel John, REBGV Chair. “Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.”

There were 6,377 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2022. This represents a 10.5 per cent decrease compared to the 7,125 homes listed in May 2021 and a 4.4 per cent increase compared to April 2022 when 6,107 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,010, an 8.8 per cent decrease compared to May 2021 (10,970) and a 13.8 per cent increase compared to April 2022 (8,796).

For all property types, the sales-to-active listings ratio for May 2022 is 29.2 per cent. By property type, the ratio is 18.3 per cent for detached homes, 35.5 per cent for townhomes, and 38.1 per cent for apartments.

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

Onto the stats:

Vancouver West Real Estate Stats up to and including May 2022

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including May 2022

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

If you haven’t yet spoken with a mortgage broker, get that process started, particularly if you’re going to be buying and selling. It’s helpful to know your options when it comes to owning two properties via a bridge loan, porting your existing mortgage or understanding your penalty fees.

If you have any questions as you start thinking about your real estate goals for this year, don’t hesitate to ask. 

The market continued an intense level of activity and competition in February. Everything was receiving multiple offers and selling for quite a bit over their asking price, often a surprising amount. This goes for every market: 1 bedrooms condos (especially in Kits it seemed), 2 bedrooms condos, entry level 3 bedroom townhouses and houses under $3-million. The market seems to be settling down a bit now. Don’t get me wrong – it’s still very busy and you should expect multiple offers – but I’m seeing more properties either not get offers on their offer day (and then often ending up in multiple the next day when Buyers realize there might be an opportunity) or not selling for a significant jump in price. Much of this is attributed to an increase in inventory and the fact that asking prices these days have also increased compared to something similar in January, but it’s also a psychological effect where Buyers see an asking price and assume they’ll have to offer significantly more, so they don’t bother – which means properties priced at their value or above their value won’t see as many offers which means Buyers won’t feel the need to be as competitive in price. And I’ve mentioned before – don’t get caught up in how much a unit sells for over its asking price – units may be listed artificially low to bring in multiple offers, so when they sell for a lot more, that was by design.

This makes it really tough to value properties – basing your price off recent sales doesn’t necessarily lead you to the expected sale price. You should still expect to need to be competitive, but the offer strategy may be slightly different depending on how many offers they expect and end up receiving. I don’t anticipate the Spring market to be without multiple offers, but I anticipate that we’ll see see fewer offers on listings as time goes on (for example, instead of 5+ offers it may just be 1 or 2 offers) which helps the market remain a little more steady. I still anticipate Summer to be slow before picking up again in the Fall.

Interest rates did increase 0.25, and we will likely see another few increases this year (it remains to be seen how the issues with Russia will affect this plan). I’m certainly seeing a drive from Buyers to secure a property before their interest rate expires (and then increases) in the next few months.

If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. How an agent handles a multiple offer situation as you listing agent can be critical in ensuring you get good offers that are in your best interest. There is a finesse to dealing with multiple offers as both a listing agent and buyer’s agent, so make sure you’re working with good agents. 

Onto the stats:

Here is a snippet of the monthly market update from the Real Estate Board:

“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said. 

There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4 per cent increase compared to the 5,048 homes listed in February 2021 and a 31.2 per cent increase compared to January 2022 when 4,170 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3 per cent decrease compared to February 2021 (8,358) and a 19.1 per cent increase compared to January 2022 (5,663). 

“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said. 

For all property types, the sales-to-active listings ratio for February 2022 is 50.8 per cent. By property type, the ratio is 34.9 per cent for detached homes, 64.3 per cent for townhomes, and 62.2 per cent for apartments.“

Vancouver West Real Estate Stats up to and including February 2022

Condos in Kitsilano still seem to be going strong (I was involved in a 14 offer scenario on a nice 1 bedroom the other day), but I’m seeing a bit of a settling down in the detached house market.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including February 2022

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

Now is a great time to check in with your mortgage broker about your existing pre-approval considering that fixed rates are going up. My preferred mortgage brokers have been great about detailing the difference between fixed and variable rates and how you may be better off going variable, so if you’re looking for a mortgage broker, please ask for a referral! Having a thoughtful, organized broker can make a big difference in the sale, and knowing where you stand from a financial perspective now can give you sometime to improve your file to be ready for the busy part of the Spring market.

If you have any questions as you start thinking about your real estate goals for this year, don’t hesitate to ask. 

Boy, did things pick up in January! I expected the market to be busy, but WOW.

We are seeing multiple offers on everything, and record breaking prices on a lot of properties. It’s really tough to value properties these days – you can barely use the recent sales in the building as a gauge because the market has increased so quickly, and everything seems to be selling for a much higher price than anticipated. Expect to be very competitive when it comes to your offer and price. And don’t get caught up in how much a unit sells for over its asking price – units are often listed artificially low to bring in multiples, so when they sell for a lot more, that was by design. Sometimes they sell for what seems to be too much, but that is the current market.

For those of you that own investment properties, or those of you that own in questionable buildings, now is a great time to consider selling.

The market feels like it could be in a period of flux right now. I don’t anticipate the Spring market to be any slower, but I’ll be curious to see what happens in the Fall, after what I expect to be a slow summer. I think there are still too many Buyers out there for the market to drop significantly but another few months of continued price increases will have its affect on potential buyers – both financially and emotionally. I anticipate that we’ll see see fewer offers on listings as time goes on (for example, instead of 5+ offers it may just be 1 or 2 offers).

Interest rates are expected to increase 0.25 in March and likely 1% in total by the end of the year. Not only should you lock in a rate now, but these anticipated interest rate is going to lead people to try to secure a home soon, because if interest rates rise and they are purchasing at the top of their budget, they will be priced out of the market for the type of property they’re looking for, which is especially important for Buyers who already own a 2 bedroom and are looking to break into the 3+ bed market (whether townhouses or detached). This may lead to Buyers either leaving the city or sticking it out in their current property for a few more years.

If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. How an agent handles a multiple offer situation as you listing agent can be critical in ensuring you get good offers that are in your best interest. There is a finesse to dealing with multiple offers as both a listing agent and buyer’s agent, so make sure you’re working with good agents. 

Onto the stats:

Here is a snippet of the monthly market update from the Real Estate Board:

“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said. 

For all property types, the sales-to-active listings ratio for January 2022 is 40.3 per cent. By property type, the ratio is 28 per cent for detached homes, 51.6 per cent for townhomes, and 49.7 per cent for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

Sales of detached homes in Metro Vancouver in January 2022 reached 622, a 15.9 per cent decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7 per cent increase from January 2021 and a 2.2 per cent increase compared to December 2021. 

Sales of apartments in Metro Vancouver reached 1,315 in January 2022, a 10 per cent increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14 per cent increase from January 2021 and a 1.8 per cent increase compared to December 2021. 

Townhome sales in Metro Vancouver in January 2022 totalled 348, a 23.3 per cent decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3 per cent increase from January 2021 and a 2.5 per cent increase compared to December 2021.

Vancouver West Real Estate Stats up to and including January 2022

HPI Price increased again this past month, though not by much. Detached Houses increased to $3,445,000 for detached houses ($12k over last month), $1,311,900 for townhouses ($5k increase compared to last month), and $853,400 for condos ($11k increase over last month).

Overall, the number of new listings increased significantly over last month, which is really positive to see. All markets saw more then double the number of new listings this past month compared to December. Inventory is still quite a bit lower than what we expect for Spring.

The sales to active ratio has been a Seller’s market for everything except detached houses: 12% for houses, 30% for townhouses, 31% for 2 bedroom condos and 45% for 1 bedroom condos. In general though, a good detached house will still sell quickly and in multiples – the “balanced” sales to active ratio for houses is mostly pertaining to the glut of tear downs ands very expensive new properties in Point Grey and Dunbar.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including January 2022

HPI Price increased again this past month – we’re up to $1,805,000 for detached houses ($35k over last month), $1,053,000 for townhouses ($30k drop compared to last month), and $650,100 for condos ($3k increase over last month).

Overall, the number of new listings effectively doubled for each market, though the amount of inventory was somewhat stagnant, only because all of those new listings were snapped up really quickly. Inventory will increase in the Spring – expect the highest levels of inventory in March through May.

The sales to active ratio has been really high: 18% for houses, 57% for townhouses, 52% for 2 bedroom condos and 64% for 1 bedroom condos – some REALLY strong numbers for this time of year, though I will say that the detached house percentage is skewed, likely by land assemblies and just terrible tear downs. Anything livable and in good shape is flying off the shelves.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

Now is a great time to check in with your mortgage broker about your existing pre-approval considering that fixed rates are going up. My preferred mortgage brokers have been great about detailing the difference between fixed and variable rates and how you may be better off going variable, so if you’re looking for a mortgage broker, please ask for a referral! Having a thoughtful, organized broker can make a big difference in the sale, and knowing where you stand from a financial perspective now can give you sometime to improve your file to be ready for the Spring market.

I hope you’re getting out to enjoy this Winter Paradise as we ease back into life after the holidays. All the best for a fantastic New Year. Here’s hoping this is the year life finally, consistently, gets back to normal.

If you have any questions as you start thinking about your real estate goals for this year, don’t hesitate to ask. 

Hello East Van!I’m getting right into it – March 2021 was the busiest month ever for Greater Vancouver Real Estate. March sales were 72.2% above the 10 year March sales average and the highest monthly sales total ever – WOW. I don’t know how many people would have predicted this at the onset of a global pandemic but the desire to find a home that works for your lifestyle has been paramount for many, in addition to incredibly low interest rates (and at the moment many buyers have a sub-2% interest rate locked in until mid-June) and renewed optimism in the economy thanks to ongoing vaccine distribution (yay!).  

Being out there with clients looking for everything from condos to houses I can tell you this intense activity was felt by everyone. In general, just about everything is receiving multiple offers but the property does have to be priced reasonable to low in order to create that scenario. Homes that are modern and move in ready have the most interest (and no doubt thanks to increasing construction costs).  

On another note, this week, the Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages. The new proposal for the qualifying rate for uninsured mortgages is the higher of the mortgage contract rate plus 2%, or 5.25%, whichever is higher. The current qualifying rate is contract plus 2% or 4.79%, whichever is higher. Since rates have been below 2.79% for the past year plus, all files have been qualified at 4.79%. The increase in qualifying rate will decrease affordability for uninsured buyers by 5%. It’s expected that this change will take effect on June 1st.

As I mentioned above, interest rates have also increased recently (and for many Buyers will take effect in June) which may act as extra incentive for Buyers to complete their purchase before June.  Otherwise, inventory levels have been decent, though it doesn’t necessarily feel that way since so many properties are being sold that we’re not seeing the amount of inventory grow from month to month in order to pressure the market down. I think we’re going to continue to see new inventory over the next few months so keep your eye on the market – your opportunity will come. 

If you’re thinking about selling your property, give me a call to chat about value and the process. I understand the intricacies of marketing a property expected to receive multiple offers and negotiating the best contract possible for you. There are plenty of details to chat about so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371.

Onto the stats:

Last month I said the stats weren’t telling the whole story but that’s not the case this month! There was a big jump in HPI Price and sales this past month – have a look at the graphs. Note that the number of new listings and total inventory indicate different numbers: Total Inventory is the number of properties available for sale in active status at the end of a given month. New Listings is a count of the properties that have been newly listed on the market in a given month.

Vancouver West Real Estate Stats up to and including March 2021

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including March 2021

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

Finally, my monthly reminder to keep supporting local businesses – especially now that many are working reduced capacity given the current Health Orders.  It’s also a good time of year to start working on some home projects – everything from exterior touch ups, gutter cleaning, furnace and duct maintenance, grout cleaning and resealing, carpet cleaning, spring garden planning and more. And your health benefits have renewed so contact your favourite health service providers for a treatment!

– Kristi

Happy New Year East Van! I hope your holidays were relaxed and enjoyable, giving you the energy for a great year.

The Real Estate Market slowed to one notch above a halt over the holidays, which was expected and welcome! I did see a handful of listings sell over the last few weeks – many of these listings have been on the market for a little while so it’s nice to see old inventory sell to make way for new inventory coming up over the next couple of months.

This will be a fairly quick update, but December still had the activity and interest levels despite much lower inventory numbers, so I expect the New Year market to be just as busy. Inventory will slowly start trickling out on January 4th with – typically – the highest level of inventory seen in the Spring.

There are still a lot of Buyers out there – with good properties still receiving more than one offer (I’m seeing 2+ offers on mediocre listings and 5+ offers on good listings) you have to expect a lot of competition between Buyers. Don’t be put off if a listing doesn’t have any other interest – somethings it’s a unit where new floors and a paint job will do wonders, and sometimes it’s the staging (or lack thereof) and sometimes it’s just priced too high. If you see the potential, then go for it. Mortgage Rates are still incredibly low (I’ve seen 0.99% recently!) so I anticipate a lot of Buyers will want to continue their search.

If you’re interested in entering the market this year, prepare yourself for multiple offer scenarios. This means ensuring that your financing is pre-approved and as organized as possible, this means seeing properties as early as possible when they hit the market and preparing yourself for the emotional rollercoaster that is competitive offers. Here’s a blog I wrote explaining the scenario and what you should be thinking about: About Multiple Offers.

If you’re thinking about selling your property in the New Year, give me a call to chat about timing, the purchase and sale process and what you can do now to increase the value of your home (staging works!). There are still a lot of Buyers out there to buy your unit, but you may have to be prepared for competition on your next purchase. Plenty of details to chat about so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371.

Onto the stats:

Here are some thoughts on the Vancouver East and Vancouver West Real Estate Markets. If you’d like numbers or information regarding particular neighbourhoods, or types of properties, don’t hesitate to ask.

For some reason the HPI Price hasn’t updated yet on the graphs so unfortunately I can’t comment on that stat, though once the system updates, it will be reflected in the links below.

Vancouver West Real Estate Stats up to and including December 2020

Inventory dropped significantly for each type of product, which we expected. The detached house market dropped the most, so it will be interesting to see if we see an influx of new detached listings this month.

The sales to active numbers are still really strong about 21% for houses and townhouses, 26% for 2 bedroom condos and 39% for 1 bedroom condos. Nice to see the 1 bedroom condo market is busy because that keeps the market active.

It looks like there was a slight uptick in prices this past month, but overall, it looks like the prices of Westside properties stayed fairly steady this past year, despite the increase in activity.

East Vancouver Real Estate Stats up to and including December 2020

Inventory dropped significantly this month, as expected, but it was still higher than inventory at this time last year, and no doubt because the market was busy enough that some Sellers were feeling confident. The sales to active ratio increased in December but that is due to decreased inventory and sales rather than increased activity levels. Overall, there were more sales this year than the last couple years, which isn’t a surprise given that 2018 and 2019 were slower.

The sales to active ratio this past month were really high – easily a strong Sellers Market which each type of product showing a 40% or more absorption rate.

It looks like average and median prices remained somewhat steady, except for townhouses, though I imagine that is more due to the average price of the product available vs a decline in that particular market. I expect the HPI Price to show that things were fairly steady this past month when the graph is updated with current data.

Looking back on the Average Price to start the year – townhouses remained steady but the pice of detached houses increased by almost $100k. Detached houses in general are always going to have value in a City where the number of detached houses is declining, but the pandemic drove everyone’s desire to have their own space and outdoor space. I expect detached houses to continue to see a lot of interest from Buyers over the next year.

If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

A reminder to keep supporting local businesses. January is always a slow month for restaurants, and more so this year. Order take out from your favourites to show them some support. It’s also a good time of year to start working on some home projects – everything from exterior touch ups, gutter cleaning, furnace and duct maintenance, grout cleaning and re-sealing, carpet cleaning, spring garden planning and more.

Here’s to a fantastic start to the New Year!

– Kristi

Happy Holidays East Van! I hope your tree is up and your spirits are high. It’s going to be a different kind of Christmas this year but still lots to look forward too as we all relax over the holidays. We’ve seen such encouraging news about the vaccines. I know it’ll still be months before it doesn’t feel like we’re in the thick of a pandemic, but this is positive news for the economy and local businesses who may not be getting the support they need.

Meanwhile, the Real Estate market hasn’t really slowed down. We’ve certainly seen many fewer listings over the last couple of weeks (typically for this time of year!) which has naturally slowed the market, though there are still a lot of Buyers out there waiting for their opportunity. Typically we don’t start seeing many new listings until mid-January and even then it’s typically a slow roll out. I find many of the first listings to come out in the next year are the units that didn’t sell now, often with price drops.

If you’re looking for a great place, don’t despair, we see the highest number of listings throughout the year in the Spring, so your time is coming. In the meantime, stay ready and stay on your toes – I think the market will remain fairly busy next year so expect competition on the good listings. 

November was still really busy and the beginning of December has been the same, though we’ve seen a significant drop in the number of new listings hitting the market. The detached house market is still seeing a lot of competition and multiple offers (with high priced subject free offers often winning). The townhouse and condo market has slowed down a bit – some units are still getting multiple offers though not everything is selling subject free. I’ve noticed a lot of units that have been sitting on the market have been selling as people look to secure their next place before the new year. Like I mentioned above, I don’t expect many new listings until at least the first or second week of January, so enjoy the downtime as I expect the market to pick up where it left off. 

If you’re thinking about selling your property in the New Year, give me a call to chat about timing, the purchase and sale process and what you can do now to increase the value of your home. There are still a lot of Buyers out there to purchase your unit, but you may have to be prepared for competition on your next purchase. Plenty of details to chat about so don’t hesitate to contact me if you’d like to chat about it: kristi@realestatevancity.ca or 778-387-7371. 

Onto the stats: 

Here are some thoughts on the Vancouver East and Vancouver West Real Estate Markets. If you’d like numbers or information regarding particular neighbourhoods, or types of properties, don’t hesitate to ask.

Vancouver West Real Estate Stats up to and including November 2020

The HPI Price for detached houses remained steady this past month at $3,122,000, though they started the year at $2,970,000. The HPI price for townhouses remained steady this past month and this past year at $1,150,000. The HPI price for condos has also remained fairly steady: they started the year at $775k and are now sitting at $764k after decreasing from $784k last month. 

The sales to active ratio is not as strong as East Van, but still generally represent a busy balanced market or a Seller’s Market. 

The number of new listings dropped this past month for each market, but it’s still quite a bit more than we saw in November 2019. This is likely due to the fact that the market is much more active right now as compared to last year, so Seller’s carry more confidence in selling now than they did last year. The total inventory we’re seeing for condos is still quite a bit higher now than it was last year whereas townhouses and detached houses didn’t see a big increase in listings this year.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including November 2020

The HPI Price for detached houses continued to increase. Last month it went from $1,507,000 to $1,533,000. It started the year at $1,424,000. 

The HPI Price for condos and townhouses remained consistent at $586,000 and $902,000 respectively. Condos started the year at $585,000 while townhouses started the year at $913,000.  Both markets had months that were higher and lower than the current HPI price so the market has certainly seen some changes this year. I’m surprised that the condo and townhouse HPI Prices haven’t increased this past year given the amount of interest but these numbers do represent all of East Van so the numbers may be different in different markets. If you’re curious to see the stats for different types of product in different neighbourhoods, shoot me an email and I’ll send you the information. 

The number of new listings last month dropped considerably and inventory levels dropped overall for each market. I expect both numbers to drop again when we get the December stats. Overall, inventory levels for condos are higher now than they have been in a few years whereas inventory levels for detached houses are lower than they have been over the last few years. Obviously, detached houses are often replaced with multi-unit complexes and many owners stay in their detached houses for a lot longer than they would a condo. 

The sales to active ratio indicates a Seller’s market for each type of property. 

And finally, we have seen more sales in each market over the last couple months than we have in recent years so there is certainly a lot of movement! 

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

Mortgage rates are still incredibly low. I imagine we’ll see some change in rates but I can’t see them increasing significantly over the next few months. It’s a good time to lock in with a new rate or re-finance if you’re near the end of your current term. Ensure you talk to a good mortgage broker about your options when it comes to your short and long term real estate goals. If you’re thinking of buying in the New Year, it’s smart to have an initial conversation with your mortgage broker so you can find out if there’s anything you need to do to improve your options (this is helpful for anyone to do, specifically people with unique financial scenarios like the self employed or contract workers). I have recommendations for a couple great mortgage brokers if needed. 

If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371. 

All the best this holiday season! It’s not too late to continue supporting local businesses – there are lots of great stores to pick out gifts, great restaurant fare to enjoy and service providers to support (now is the time to use up your remaining health benefits!). If family and friends are asking you what you’d like for Christmas, ask for a gift card to a local restaurant – many will mail you a card or keep it at reception for you to pick up. There are also plenty of charities to support this year whether you’re looking to donate funds, toys, clothing or support. My favourites include the BC SPCA and the Greater Vancouver Food Bank. I also appreciate when my friends and clients bring my attention to charities that are near and dear to their heart so if you’re raising donations for a charity this holiday season, please let me know!

I hope you get a chance to relax and get outside for some fun winter activities. I can imagine 2021 will be an interesting year, so take the time to recharge!

Sending my best during this holiday season and the New Year! 

– Kristi

Hello Clients, Friends and Readers! What a start to November it’s been. Decent weather all around, an encouraging result in the USA and news that vaccines are getting closer (albeit still far from a tangible effect). 

October was generally still a busy market but I had a lot of clients mention that they’ve noticed fewer new listings, and fewer listings worthwhile of consideration. I’m not surprised that we’re seeing fewer listings right now: it’s common to see the market slow down as we get closer to the holidays and with the market being busy since April, market fatigue is setting in earlier than it normally would. Typically the market slows down in July and August while everyone enjoys summer but that didn’t happen this year due to some lifestyles changes brought on by COVID, so instead we’re starting to see the market slow down a little earlier in the Fall. There are still a lot of keen Buyers out there so if something good were listed then it will garner a lot of interest and should sell fairly quickly, but I’m also seeing a lot of units be listed above their market value and buyers haven’t been biting when units are priced too high. 

It’s getting to the point in the market where my advice for people who need to sell before buying are likely better off waiting until next year – selling is still generally easy but if we’re seeing fewer new listings come up every week then they won’t have many options to consider purchasing, so they’re likely better off selling early in the new year so they will be ready to buy their next property as we see the increase in Spring inventory. Having said that, everyone’s situation is unique, and my advice could different depending on what property you have to sell and what property you’re looking to buy. 

With COVID still keeping folks at home for work, I anticipate the desire to purchase bigger properties will continue into the new year, so expect to see the market pick up again in January/February. 

I still have a lot of clients who are keen to jump into their next property so if you’ve been thinking about listing, especially if you don’t necessarily have to purchase your next home immediately after, now is a good time to consider listing your property. 

Overall, Buyers looking to purchase in the 2 bedroom market (specially, the entry level 2 bedroom market) as well as the detached house market need to be prepared for multiple offer scenarios, but good listings that are priced well in each market will still have a lot of interest. 

Onto the stats: 

Vancouver West Real Estate Stats up to and including October 2020

The HPI Price for detached houses on the Westside increased slightly but townhouses and condos continued to remain steady. HPI Price of condos and townhouses on the Westside have effectively been steady since mid 2019 – an encouraging sign given the market and worldwide changes we’ve seen in that time. The HPI Price for detached houses sits just above $3.11-million. while townhouses are at $1.15-million and condos are at $783k.

The sales to active ratio increased slightly for everything except 1 bedroom condos. Overall, the Westside market is not as busy as the Eastside, though prices are still higher on the Westside. The number of new listings declined this past month as did total inventory. The median days on market is still averaging around 2 weeks so units are still generally selling fairly quickly. 

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including October 2020

The HPI Price for East Van detached houses increased slightly, but decreased for townhouses and condos. The HPI Price for detached houses is just over $1.5-million, and sits at $900k for townhouses and just under $600k for condos. 

Like I mentioned above, the market is starting to slow down. The number of new listings each month has been climbing since April, but we saw a drop this past month in each market and the sales to active ratio has been fairly steady over the last month, but it is trending down as well. Total inventory has been somewhat steady since August, but even that will start to decline as people cancel their listings for the holidays. The median days on market has remained somewhere within 14 days of listing since June, which isn’t surprising given that most units are selling after the first week of showings.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

Finally…

It sounds like these rock bottom mortgage rates will be staying low for the time being, so there isn’t a huge push to lock into a rate, but you’ll still do yourself a giant favour by chatting with a mortgage broker now to find out what you can afford, what you need to do to improve your file and if there’s anything important to know (your mortgage penalty rate? options to re-finance? etc).

Feel free to contact me – no question is stupid or too soon to ask: kristi@realestatevancity.ca or 778-387-7371.

Sending you health and happiness as we move into a strange, socially distanced holiday season. Hopefully the strict measures in place now make a difference over the next few weeks. And please continue supporting your local East Van businesses when you’re thinking about buying your friends and family Christmas Gifts: restaurant gift cards, service gift cards, locally made products and of course charities for toys, food and warm clothes – there are going to be a lot of people who need extra assistance this year. 

– Kristi

Hello Vancouver! I hope everyone has recovered from a fun long weekend. I’m going to keep this market update short because not much happens in August. All eyes are on the new Fall Market and what it will bring. 

August was busier than normal, no doubt thanks to the slower Spring we had due to Covid. Already in the first week of September we’ve seen a big increase in inventory so hopefully more listings will help to ease demand, or at least, give Buyers a few more options. Good options that are priced well are still getting multiple offers, and I find units that are priced a touch high don’t have the same level of interest. Sellers, keep that in mind when you’re pricing your property. For Buyers who keep losing in multiple offers, go back and check out the properties that have sat on the market for a couple weeks – they could be priced high and offer you an opportunity to negotiate. An increase in inventory may help to ease the competition which would be welcome for Buyers.

Keep your eyes on the new listings hitting the market(I have a few great ones including #419 288 E 8th and #204 234 E 5th) and don’t hesitate to let me know if you have any questions about the upcoming market and my expectations for the next few months. 

Onto the stats. 

Vancouver West Real Estate Stats up to and including August 2020

The Westside of Vancouver has remained pretty steady. We saw another month with very minimal growth in HPI Price, though the price of detached houses is ever so slowly trending upwards. Otherwise, inventory is up right now, particularly condos. Townhouse inventory has been fairly steady and the number of detached houses for sale is still down from its height a few years ago. The sales to active ratio is still in a Seller’s Market for attached properties, and a Balanced Market for detached properties. 

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including August 2020

In East Van, August saw an average sales to active rate of about 28% which is firmly in a Seller’s Market and generally in line with the previous months. In general, specifically for the attached market, new inventory and sales slowed, which is common for the end of the Summer. Total inventory for detached houses is still significantly down from the last few years, while 1 and 2 bedroom condo inventory is nearing the highest they’ve been in 5 years. Townhouse inventory doesn’t change much due to it being a small market. Overall HPI went up slightly this past month, nearing the highest mark we’ve seen in the last couple years. 

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

It’s in your best interest to start chatting with professionals if you’re thinking about buying in the next 12 months. There is a lot of information to learn – everything from what you can afford and how you can improve your affordability, what’s expected for the Fall market, standard inventory to expect, differences in construction and Stratas, and whether or not your real estate goals are reasonable. A few ways you can start planning your eventual move include: 

• Connecting with a Mortgage Broker: My top two recommendations, thanks to their skills and hard work, include Eitan Pinsky and Anais Greer.  It can take some time to get all of your financials in order, and there may be some changes you can make now to increase your mortgage approval for next year, so best to chat with a broker sooner rather than later. 
• Connecting with me to find out if what you’re hoping for is reasonable given your budget. If you’re just getting started in your search and want to see what’s out there, I can set you up on a Custom Search so you can follow new listings and sales. If you’re keen to really start learning and viewing properties, we can ramp it up and get you up to speed with important information and property viewings. 

Feel free to contact me – no question is stupid or too soon to ask: kristi@realestatevancity.ca or 778-387-7371. 

Sending you health and happiness. And please continue supporting your local East Van businesses!!!!!

– Kristi

Hi Everyone!! I hope you’re taking care of your self, physically and mentally, given everything going on. If you’re healthy, I hope you’ve gotten out to support local businesses now that many have opened their doors again to semi normal interactions – restaurants, shops, extended health care providers, and the cosmetic industry can all use your support right now. We are so lucky to live in BC, which has experienced one of the lowest death tolls due to Covid in North America. All showings and Open Houses still require proper precautions – masks hand sanitizer, gloves, sometimes shoe covers. I imagine these precautions will continue for awhile. 

The market has continued to be busy throughout May. Overall, the number of listings and sales is still a lot lower than normal, but the percentage of sales compared to listings is still quite strong, which means the market is active for Buyers and Sellers looking to make a move. Well priced listings continue to sell, often in multiple offers. I’m seeing a lot of activity on entry level condos, family sized strata properties, detached houses on the Eastside and Westside and lots for developers, so there is certainly a lot of confidence in the future of the market! 

Meanwhile, there are still some units that sit on the market. These units don’t have that big draw that really brings Buyers in (whether that’s a sharp price, great renovations, a great patio, being in great building, ideal location, etc) and these units tend to sit on the market. I find there’s a lot of psychology involved – if a unit has sat on the market for a couple weeks, everyone is going to assume it’ll still be on the market later, so Buyers wait for new and better properties every week, thinking they can circle back to the unit still on the market. Depending on the situation, there can be some good reason to submit a low offer to get a sense of the Seller’s motivation and to get a unit for a better price (which might covers the minor renovations needed to make it feel more like home). If you find yourself losing in multiple offers, circle back to the units that have been sitting on the market and really think about them as a possibility (at the right price!). 

As far as I’m aware, the moratorium on tenant evictions and showings is over as of June 9th, which means it makes sense again for landlords to consider selling their units. I imagine we’ll see an increase in inventory now that tenants can be evicted if an end user buyer purchases a property

With travel restrictions still in place and weddings cancelled for months, I still believe the real estate market is going to continue to be busy in the summer and through the Fall, so keep following the market! You never know when that great place will hit and prepared Buyers are the ones who find the best properties or the best deals.  

Onto the stats. 

Vancouver East Real Estate Stats

– The HPI Price has remained steady for another month, which shows some stability in the market since February. Prices are ever so slightly higher than this time last year with detached houses at $1,447,800, townhouses at $905,000 and condos at $595,300. 

– The amount of inventory is down 44% in the detached market and around 33% in the condo and townhouse market which is a big change in inventory when the inventory numbers last year were still down compared to previous years! 

– Though the market certainly feels active, the sales to active ratio is down 7% in the detached market and over 20% in the condo and townhouse markets, which reinforces the idea that good properties are selling, while others sit on the market.

HPI Price for East Vancouver

*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House

Median Percentage of Original Price for East Vancouver

New Listings for East Vancouver

Total 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

– The HPI Price remained steady for condos and townhouses, but is showing a slight increase in the detached market. Prices are slightly higher now than they were at this time last year, with condos at $801,000, townhouses at $1,125,000 and detached houses at $3,041,000. 

– The amount of inventory has been increasing for condos, and ever so slightly decreasing for townhouse and condos. Inventory numbers are down 30-40% compared to this time last year, though May of last year saw very high numbers compared to the previous few years. 

– The sales to active ratio for condos and townhouses is similar to what it was last year, but the sales to active ratio for condos is down 20%, so there is less interest than last year. 

HPI Price for Vancouver West

*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House

Median Percentage of Original Price for Vancouver West

New Listings for Vancouver West

Total Inventory for Vancouver West

Total Sales for Vancouver West

Sales to Active Ratio for Vancouver West

Median Days on Market for Vancouver West

If you want to chat through your options, best path forward and the intricacies of the market, let me know! I’m happy to jump on a call to get you started. It takes some finesse to handle a buy and sell, so make sure you know your options before jumping in. If you’d like to slowly dip your toes in the market, I can also set you up on a Custom Real Estate Search so feel free to contact me: kristi@realestatevancity.ca or 778-387-7371 to let me know what you’re looking for in a new home.

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. Contact me to talk about the best plan of action for the sale of your home – you need good marketing, positive viewings, market knowledge and strong negotiation.

Sending you health and happiness. Support Local!!!!

– Kristi, contact me at kristi@realestatevancity.ca or 778-387-7371