January 17, 2018
Tips for Selling Your Home in the New Year
2018 is the perfect time to sell your home. The Vancouver real estate market continues to be the hottest in all of Canada and is most definitely a seller’s market. As the premier real estate agent for UBC homes, I would like to offer you the following tips that will sell your home quickly and at a high price.
The Right Agent
When it comes to selling your home, the most important decision you will be faced with is finding the right real estate agent. The right agent will dictate not only your final sale price, but also how long your home will be on the housing market. Some of the qualities that you should look for in your real estate agent include:
- Implementing all the best real estate marketing tools (internet, open houses, and private showings) to attract a large pool of potential buyers.
- Hard working and honest.
- Understands the local housing market and has intimate knowledge of the neighbourhood and community.
- Is flexible and always has your best interest in mind.
Other qualities that your real estate agent should possess include an outgoing personality, a strong track record of selling homes and a marketing plan that will attract many interested parties.
Pick a Date
Once you have chosen the right real estate agent, it is time to look at a calendar and pick some important dates. These dates include when you want to list your home, any open houses that you want to schedule and perhaps even a hopeful closing date. You may want to include other dates in your calendar, especially if you are looking at buying a house during this time.
Here’s the Deal:
Using a calendar and highlighting dates is an important part of selling your home because it provides a visual of your overall marketing plan and breaks down the overall selling process into more manageable chunks.
Staging it Right
A properly staged home is a home that will sell at a high price. When it comes to staging your home, less is more. It is important that you remove all of your personal belongings from each room so that any potential buyer can envision their belongings in this space.
Another key to a well-staged home is empty space. You want the floor plan and space of each room to be the centerpiece, not your belongings or furniture. This also applies to kitchen appliances, wall decorations and your home’s bathrooms.
If you would like more information or advice about how to properly stage your home, I would love to help.
These few important tips will turn that for sale sign into a sold sign in 2018. I would love to be a part of your real estate sales team. I can get you top dollar for your UBC home. Contact me today and see why I am the right real estate agent for you.
January 3, 2018
Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market
After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential sales in 2015.
Last year’s sales total was, however, 9.7 per cent above the 10-year sales average.
“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”
Home listings in Metro Vancouver reached 54,655 in 2017. This is a 5.1 per cent decrease compared to the 57,596 homes listed in 2016 and a 4.5 per cent decrease compared to the 57,249 homes listed in 2015.
Last year’s listings total was 4.4 per cent below the 10-year listings average.
“Market activity differed considerably this year based on property type,” Oudil said. “Competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state, giving home buyers more selection to choose from and more time to make decisions.”
The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9 per cent compared to December 2016.
The benchmark price of condominiums increased 25.9 per cent in the region last year. Townhomes increased 18.5 per cent and detached homes increased 7.9 per cent.
“Strong economic growth, low interest rates, declining unemployment, increasing wages and a growing population all helped boost home buyer demand in our region last year,” Oudil said.
Sales of detached, attached, and apartment properties totalled 2,016 in the region in December 2017, a 17.6 per cent increase from the 1,714 sales recorded in December 2016 and a 27.9 per cent decrease compared to November 2017 when 2,795 homes sold.
Last month’s sales were 7.5 per cent above the 10-year sales average for the month.
“As we move into 2018, REALTORS® are working with their clients to help them understand how changing interest rates and the federal government’s new mortgage qualifications could affect their purchasing power,” Oudil said. “Only time will tell what impact these rules will have on the market.
“Home buyers today should get pre-approved before making an offer to ensure that your home buying goals align with your financial situation,” Oudil said.
There were 1,891 residential homes newly listed for sale in December 2017. This represents a 44.1 per cent increase compared to the 1,312 homes listed in December 2016 and a 54 per cent decrease compared to November 2017 when 4,109 properties were listed.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 6,958, a 9.7 per cent increase compared to December 2016 (6,345) and a 20.5 per cent decrease compared to November 2017 (8,747).
The sales-to-active listings ratio for December 2017 is 29 per cent. By property type, the ratio is 14.4 per cent for detached homes, 38.8 per cent for townhomes, and 59.6 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Sales of detached properties in December 2017 reached 617, a 14 per cent increase from the 541 detached sales recorded in December 2016. The benchmark price for a detached home in the region is $1,605,800. This represents a 7.9 per cent increase compared to December 2016.
Sales of apartment homes reached 1,028 in December 2017, a 12.3 per cent increase compared to the 915 sales in December 2016.The benchmark price of an apartment in the region is $655,400. This represents a 25.9 per cent increase compared to December 2016.
Attached (or townhome) property sales in December 2017 totalled 371, a 43.8 per cent increase compared to the 258 sales in December 2016. The benchmark price of an attached home in the region is $803,700. This represents an 18.5 per cent increase compared to December 2016.
December 11, 2017
Tips for Getting Your Home Winter Ready
Now that the leaves have all fallen and we are gearing up for the holidays, there is that distinctive chill in the Vancouver air signaling the beginning of the winter season. Before the temperatures drop too much or the snow begins to fly, now is the perfect time to get your home ready for the winter. As the premier realtor for UBC homes I would like to offer you the following tips that will keep your home warm and comfortable this winter.
Check that Thermostat
Your home’s thermostat is the control panel responsible for heating your home. If you do not have a programmable thermostat, I suggest that you get one today. This often-overlooked feature could help save you up to 3% on your heating bills this year. If used properly, it will pay for itself over the course of this winter.
Here’s the deal:
By programming your thermostat, you control what rooms are heated in your home and when they are heated – no more forgetting to turn the heat down at night or having to crank the thermostat when you get home from work while sitting in a cold house for the next 30 minutes.
Stop those Drafts
Drafts can account for up to 30% increase in energy use over the winter season and can give false readings to your thermostat, making your furnace run overtime. Here are some tips on how to stop those drafts and keep the heat in your home, where it belongs:
- Weather stripping can help to eliminate drafts around windows. Make sure to use weather stripping thick enough that it provides an adequate seal.
- If your window is in an out of the way place, consider using a plastic film that will seal out drafts and prevent heat from escaping.
- Use a door sweep to stop drafts that will come in under the doors. Make sure that the door sweep covers any gaps between the door and the door jam and is thick enough to provide a proper seal.
Another cost effective way of stopping drafts that may be along foundations or doors is to simply roll up a towel and set it against the draft. This will stop cold air from leaking in and prevent excess energy consumption.
Maintain your Furnace
Another key piece of winter maintenance for your home is your furnace. It is so important that you keep your furnace running smoothly and properly maintained. You should replace or at least look at your furnace filter annually. A clean filter will allow for better air flow and less energy consumption.
I also suggest that you get your furnace serviced before winter each year to keep it running efficiently and effectively. The last thing you want is a broken furnace on the coldest days of the year.
If you are looking at replacing your furnace, replace it with an energy smart unit. Not only will this save you money in your heating bills, energy smart furnaces also offer tax break incentives.
By following these winter tips, you should be able to enjoy this beautiful season in Vancouver from a warm and comfy home. If you would like some other tips on how to winterize your home or to see some of the exciting new properties that are available in the UBC area, please contact me today.
October 12, 2017
Getting Your Home Ready for Fall – Part 1
Now that school is back in and the days have gotten shorter, it is time to make that transition from summer to fall. Not only does that mean putting away the shorts and patio furniture, it also means it is time to do some routine maintenance to get your home ready for the fall season.
I would like to share with you these important outdoor maintenance tips to help get your UBC home in tip top shape for the fall.
Clean your Downspouts and Eaves troughs
Just one look in your front yard and you will see that fall is synonymous with falling leaves. In your front yard this is no big deal, a rake and a garbage can will solve your problems; However, leaves can quickly plug your eaves troughs and downspouts creating havoc and water run-off.
Make sure to dedicate an afternoon to thoroughly clean out your home’s gutters. By clearing out the debris that has collected, you will allow for proper drainage and ensure that there will be no excess water damage done to your home.
Inspect your Roof and Chimney
While you are up cleaning out your eaves troughs, take the extra few minutes and check your roof and chimney. Keep in mind that the average lifespan of asphalt shingles is anywhere from 15-20 years. However, there are certain factors that can speed up deterioration. These include:
- Severe weather conditions
- Moss and debris under shingles that has led to excessive wear
- Heavily treed areas
Besides these factors, you should also look for missing or damaged shingles, loose shingles and shingle granules in your eaves troughs that are a sign of heavy wear.
In addition to inspecting your shingles, while you are on the roof, look at the metal flashing between your eaves troughs and shingles and make sure that it is securely attached and not damaged. You should also inspect the vents on your roof to ensure that they are properly sealed and caulked.
If you have a chimney, inspect it to make sure that there are no damaged or loose bricks and that you do not have a resident squirrel or birds nest inside.
It is important to try to keep your lawn as leaf free as possible so that the leaves will not plug up the city’s curb drainage. You can compost the leaves or collect them in decomposable bags and check the city’s compost pick-up schedule.
While you are out raking the leaves do a quick walk around and have a look at each of the trees on your property. Look for any damaged limbs that can become problematic with the onset of the fall rains and winds. Also look for any limbs that are too close to your roof or powerlines.
The brisk mornings and cool, crisp days make fall one of the best seasons in Vancouver. To fully enjoy the season, however, make sure that your home is properly maintained and ready for the infamous Vancouver fall rain.
Good luck and enjoy the fall season.
September 20, 2017
3 Tips for Selling Luxury Homes
Vancouver real estate continues to be the hottest market in the country and it looks like this trend will continue into the fall. Even in this market, getting full value for your home can be difficult if not done right. When it comes to selling a luxury home, even more attention to detail is needed if you want a quick sale and do not want to leave money on the table.
UBC Homes would like to offer these three tips to help you get top dollar for your Vancouver luxury home.
Properly Stage your Home
When I talk about staging with clients, I always go with the preface of “Less is More”. Remember it is important, especially when selling a luxury home, that the space and specific features of the home are shown off. A crowded dining area for instance, will take away from the ambiance of the room.
Certain parts of your luxury home will not need to be staged, but rather timed. What I mean by timed is, it may be wise to schedule certain appointments in and around sunsets if your home faces west or at peak times when your yard is fully encased in the sunshine.
Here’s the Deal:
There is a direct correlation between well timed showings and getting full market value for your home.
Make sure to set up all your furniture and stage your home with the focal point out the main windows and on any type of natural setting such as a large backyard, the North Shore Mountains or a waterfront view, if you are lucky enough to have one.
Price it Correctly
I feel that a well-priced house is one of the most important first steps when it comes to selling your luxury home. This can be challenging because there may not be a lot of properties that you can compare your home to. I can help you with this important step and know many different ways of finding a great asking price that is sure to attract a host of potential buyers.
A luxury home that is priced too high will sit on the market and develop a stigma and a home that is priced too low will be a great deal for a buyer, but not necessarily a great deal for you.
A properly priced home is one of the reasons why it is so important to find the right realtor for the job.
Find the Right Realtor
Besides finding a price that will make your home attractive to a wide range of buyers, the right realtor needs to bring a large skill set to the table.
Some of the skills that are required to sell any luxury home include:
- Understanding the local real estate market
- Being efficient and effective at online marketing as well as creating an online profile that will get your home noticed
- Have a vast network to draw from to attract potential buyers
- Be an effective salesperson and communicator for you, the seller
These are just some of the many skills that are required from an effective realtor. In addition, it is important that your realtor be friendly, professional and have your best interests in mind always.
I am a top real estate salesman in the UBC area and am familiar with the neighbourhood and the area. I have experience in selling luxury homes and am 100% dedicated to selling your home for top dollar. I would love to be a part of your sales team today.
July 17, 2017
5 Things to Start Your Must-Have List
Searching for a new home can be overwhelming if you aren't sure where to start. There are so many listings to see and, unless you can already tell your real estate agent just what you're looking for, you may find it helpful to start narrowing your choices down by composing a list of features that you want your ideal house to have.
The market is full of UBC homes to suit all kinds of needs and preferences, so when you're considering what is most important to you in a home, start with these essentials.
Light and Space
Inside and outside, your new home should have enough space to feel welcoming and not constricting. Consider where you spend most of your time at home and prioritize that area. Perhaps you enjoy being outside and need a yard that leaves space between your home and your neighbours. Perhaps you love cooking and would like a kitchen that is open to the eating or living areas and has plenty of windows.
Remember to take windows into account: a little shade is lovely, but you don't want your rooms to be constantly in the dark because of tree cover or insufficient windows. Natural light may help make a room less crowded. If that is a priority for you, try visiting potential new houses more than once on days with different weather.
How much space does your potential new home need to have? Look around for storage space and consider whether you will be able to fit what you have into the new house. Is the square footage divided between storage and living space in about the same proportion as where you live now, or will you find yourself with lovely, spacious rooms and insufficient closets?
Utilities for Your Lifestyle
Does the clothes washer spend all the hot water and make it impossible to do the dishes while it's running? If someone in the house flushes the toilet, does the water pressure drop, or will anyone showering find themselves standing under freezing water? Try turning on several faucets around the house and flushing a toilet to see whether the plumbing and water heater work as well as you'd like them to.
Think about your electricity use. Does the new house have enough electrical outlets in the rooms where you'll want them? What time of day will you be using a lot of power? For example, if you set the heating or air conditioner to come on in the morning, about the same hour as you heat up breakfast, run a hair dryer, listen to the news on the television and boot up a computer, all those devices will put pressure on the home's electricity.
This is harder to test, but you can ask a home inspector or let your realtor know your family's power needs.
Location and Traffic
How near would you like to be to shops, parks or schools? Will your morning commute be horrendous, or is the way relatively clear and the drive tolerable? Try driving to your potential new house from your workplace during your normal travel hour, just to make sure there aren't any traffic surprises that could make day-to-day living in an area difficult.
Something for You've Missed
Think about where you live now. What do you find inconvenient around your house? Is the kitchen too small for the time you spend there to be comfortable and creative? Are you sick of street noise, or is there a streetlight or neighbour's lamp that shines straight in your bedroom window? Do you have space for your hobbies, whether that means a comfortable game room or sunny windows for potted plants?
Brainstorm all the little things that have kept your last home from being a dream home and anything you've not been able to do due to the constraints of your space. You may find that these become deal-breaker items in your search for a new space. Once you have your list, let me know. I'll find homes that suit you and keep an eye out for new listings that might be just right for you.
June 21, 2017
What Millennial Buyers Want in a Home
If it seems like a lot of younger people are entering the home buyer's market, it is by design. A 2016 study from the National Association of Realtors shows that millennials — those people born between 1980 and 2000 — are the largest population of buyers at 36 percent. Generation X (people born between 1965 and 1979) are close behind at 26 percent.
Whether it’s for a simple home with little to no repairs needed, or a fixer-upper that can be updated and used for potential future value, the next generation of homeowners know what they are looking for in potential houses to buy. This guide from UBC Homes shows some of the features millennials are looking for in their next home.
On The Inside
One of the big factors for millennial home buyers is in a place most people take for granted. Younger people like having the kitchen and bathroom updated as, since most of the budget will go to furnishing and down payments, it leaves little for overhauling fixtures in these rooms. Low maintenance options are often sought after, including hardwood floors and granite counters.
Speaking of kitchens, the bigger the better. The younger generation views the kitchen as the ultimate hangout spot, compared to a dining room, so having an open floor plan where the kitchen can easily transition to a TV room is a major plus. Also, with an increase of people working from home, having a designated office space is becoming more of an important feature to include.
As with many other things, millennials are looking for the latest technology to include in their new home. What used to include cable hookups and telephone service is now replaced by internet and wireless. Even if these options are out of the seller’s control, they should be prepared to face questions regarding both of these and how they can be useful for the new purchasers.
Technology is not just limited to the inside of the house. Energy efficiency is an important feature for home buyers as they want properties that homes that are green. Mostly this includes insulation levels and parts of the home that can be energy efficient.
Location, Location, Location
Of course, where the house is located can be the biggest factor for a home purchaser. As more and more younger people look to homes in major cities, many buyers in this age range are taking into consideration walkability and access to public transportation. This can change for those with children, as they may look for property in more residential areas.
What UBC Homes Offers Millennial Home Buyers
With a higher number of younger people looking to buy a house, it’s important for them to find real estate agents that understand the things they are looking for in a home. At UCB Homes, we have a wide selection of homes throughout the Vancouver area that provide features that match the needs of millennials and other buyers. For more information, call 778-991-0649, and view our listings on our web site.
May 17, 2017
Must-Tackle Home Maintenance Tasks This Spring
Well, springtime is in full swing, and while we’re thinking about planting the garden, sweeping off the deck, and getting ready for our first cookouts of the year, there are also important home repair and maintenance tasks that have to be accomplished. You may be thinking that this is the best time for selling UBC homes and getting yours on the market, or you may just want to get it looking great for visitors and entertaining. Whatever the reason, learn these easy but must-tackle outdoor home maintenance tasks for this spring.
Clean Your Gutters
You’d be amazed how many people just forego, forget or ignore this important task. Springtime is the rainy season, and having clogged up downspouts and gutters can actually do real damage to your house. Get up on a ladder and clear out the debris, whether it’s leaves, twigs and muck or loose granules from shingles. Spray out the downspout and make sure everything is clear.
This is another DIY check that too many people ignore. You might hate to get up on the ladder, but a quick visual inspection of your roof is an important activity every year. Take a good look, check for loose, missing or curled shingles, granules in your gutter, cracked caulking and sealant, and other indicators that the roof is in need of repair.
Repair Bad Paint
Your paint is important for keeping your home looking great, to be sure, but it’s also vital inkeeping your home in good repair. Paint protects the surface beneath from the ravages of heat, cold, moisture and the environment in general. If you’ve got chipped or peeling paint, scrape it and touch it up. Never leave wood exposed to the elements—doing so leads to rot, which can be expensive to fix.
Trim Your Shrubs
Overgrowth can do serious damage to your home. Trim tree branches that brush against the house, as well as shrubs and bushes that grow too close. You want tree branches at least five feet from your homes, both to discourage moisture and to discourage squirrels, chipmunks and raccoons!
You should change the filter in your HVAC system with every season change. Since springtime is here, it’s time to replace that filter! This is possibly the easiest DIY home maintenance task you can do—just pull out the old one and slide the new one in!
Touch Up Wood Surfaces
Do you have wood surfaces outdoors? Whether it’s a patio, a deck, a handrail, stairs or any other surface, it’s important to make sure it’s sealed and protected from moisture and the elements. Take a few hours to refinish and seal your wood surfaces every year.
Selling UBC Homes
You may be taking care of your home maintenance to spruce it up for sale, since spring is also moving season. If so, you’ll want a realtorexperienced in selling UBC homes. If so, call UBC Real Estate Specialist Sam Huang and get your house on the market today!
April 13, 2017
Boost your Spring Time Curb Appeal
Springtime is one of the most beautiful times in British Columbia. It's no coincidence that it's also one of the most active times of the year for selling UBC homes. Families prepare for big moves in the summer, and people of all life situations feel more inclined to get out and view houses.
During this time, putting your home’s best foot forward in terms of staging is absolutely critical. Lots of homes will look drop-dead gorgeous from the curb and in online photos, so if your home is not high up in terms of these criteria, it could get overlooked.
So make sure to boost your home’s selling prospects by boosting its curb appeal using these four tips:
Get Rid of Lawn Clutter
A good rule of thumb for the inside of your house is to reduce the amount of furniture so that your home feels airy, spacious and roomy. You can apply this same rule to the outside of your house! Think in terms of open green space versus ornamental plants.
Ideally, you will have most underbrush removed so that all plants have a clear, purposeful presence rather than feeling like a “wild” clump. Get rid of all weeds and all growing plants you did not purposefully plant or propagate. Trim back lower branches of trees so that light can penetrate throughout your yard and travel into your house. Frame all ornamental bushes with gravel, mulch, bark, lava rocks or a similar substrate that makes every planted area picture-worthy.
All of these tasks reduce the appearance of lawn maintenance while making your yard look more spacious and organized.
Power Wash Your Sidewalk, Paths and Driveway
Renting or hiring out a power washer is a minimal cost, but it can do so much for your outdoor appearance. Just a few hours is all it takes to make your paths look cleaner, brighter and maybe even bigger while eliminating a common source of visual blight.
Give Your Curb Presence Some Visual “Pop”
Planting some flowers by your mailbox and front entrance is a common technique for adding a touch of colour and beauty to your home, but why stop at plants? You can use other, similar techniques to add some flair while helping home viewers know they have come to the right place.
Using bold brass numbers on your mailbox or front door frame is a common approach, and you can also substitute them for a colourful or natural material that complements the aesthetic of your home. Brightly coloured paints on accents like your front door, front porch support trusses or shutters can also help give people clear visual markers while making your home feel more charming.
Add Some Fencing or a Trellis
You do not want to clutter your yard with excessive accents, but having a few architectural touches can serve to “frame” a yard and sometimes even make it look larger. Add a few feet of decorative fence to a corner of the yard to give it some more upscale charm, or add a trellis or arbor to a pathway to make it feel more picturesque.
Get More Curb Appeal Advice for Selling UBC Homes From an Experienced Agent
You can implement all of these suggestions in the perfect way to complement your home and learn even more techniques for selling a home near UBC when you work with a local, experienced agent familiar with area.
Using these tips and personalized advice from a UBC real estate agent, your home can look more beautiful from the curb than you ever imagined!
April 5, 2017
REBGV Stats March 2017
Demand for homes continues to outpace supply in Metro Vancouver
A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.
Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold.
Last month’s sales were 7.9 per cent above the 10-year sales average for the month.
“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 per cent compared to the 6,278 units listed in March 2016 and a 29.9 per cent increase compared to February 2017 when 3,666 properties were listed.
This is the lowest number of new listings in March since 2009.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease compared to February 2017 (7,594).
The sales-to-active listings ratio for March 2017 is 47.2 per cent, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 per cent decrease over the past six months and a 1.4 per cent increase compared to February 2017.
Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 per cent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 per cent decrease over the past six months and a one per cent increase compared to February 2017.
Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 per cent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 per cent increase over the past six months and a 2.1 per cent increase compared to February 2017.
Attached property sales in March 2017 totalled 588, a decrease of 25.2 per cent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 per cent increase over the past six months and a 1.4 per cent increase compared to February 2017.
Download the full March 2017 stats package here.
March 2, 2017
Vancouver’s Best Outdoor Attractions
Vancouver has a lot to offer as a city. There are highly rated restaurants and bars, endless events and entertainment and, perhaps best of all, some of the most spectacular natural views. When talking with my clients, I try to describe just how accessible the great outdoors are to Vancouver residents. The strong connection with nature makes this city one of the most clean, welcoming and safe areas to live in British Columbia.
But don’t just take my word for it! See for yourself how our UBC homes will keep you within arm’s reach of some of Vancouver’s best outdoor attractions.
Take a Break in Pacific Spirit Regional Park
Not far from the University of British Columbia is the Pacific Spirit Regional Park. This nature preserve is huge, offering more than 73 km of hiking and walking trails for visitors. Not far from the park, there are plenty of UBC homes for sale as well, which offer the perfect balance of urban living and natural escapes. Take a moment for an impromptu afternoon walk, or spend the day there with a picnic and good friends. This is a little slice of paradise in the middle of the city.
Become a Local with a Visit to Stanley Park
Stanley Park is a gorgeous spiritual haven with lots to offer. Locals love to hang out here and enjoy the shaded walking paths, sandy beaches and famous totem poles. The Seawall promenade also offers breathtaking views of the woods, sea and sky for hikers and bikers to enjoy.
With so many great park options, it’s easy to see that there’s never a dull moment for Vancouver residents. There are always new parks to discover and trails to explore.
Combine City Views with Tranquil Nature at the Chinese Garden
The Dr. Sun Yat-Sen Classical Chinese Garden is another staple of Vancouver living. Escape from the hustle of busy urban life and experience the soothing sounds flowing water.
If you want to make an event out of it, you can even book a guided tour that describes the symbolism and history of the garden. Tours typically last about 45 minutes and are yet another way to gain appreciation for all that Vancouver has to offer.
Spend a Day at the Beach
I couldn’t talk about Vancouver’s wonderful outdoor attractions without mentioning the many beaches the city has to offer. Families and students flock to the beaches when the weather warms up, but it’s also the perfect spot to watch sunsets all year round.
Enjoy the heated pool and playground on Stanley Park’s Second Beach. Or take a detour downtown to the English Bay Beach. With spring just around the corner, you can even plan a weekend barbeque on Third Beach, another more secluded area in Stanley Park.
Explore UBC Homes Today
The current state of Vancouver’s real estate market may seem confusing and uncertain, but it’s a great time for home buyers. I’m happy to help assist you in finding the perfect UBC home, in a place where you can fully take advantage of all the city’s outdoor attractions.
There are listings I would love to show you. So, please, give the number at the top of the page a call. I look forward to helping you.
March 1, 2017
Low supply continues to limit Metro Vancouver home buyers
Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.
Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.
Last month’s sales were 7.7 per cent below the 10-year February sales average. “February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed. This is the lowest number of new listings registered in February since 2003.
The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).
The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.
Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.
Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.
Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.
February 2, 2017
Condo vs. Townhouse: Which One is Right for You?
When speaking with my clients, one of the most common questions I get is whether a condo or a townhome is the right choice. Although both condos and townhomes make for excellent choices when you’re living in UBC, every person has different living needs, which means you need to learn which option is suitable for you.
Fortunately, deciding between a townhome and a condo when you have the right information and a trusted local realtor like me on your side. Learn whether a condo or a townhome is the right option for you and find out how I can help you find great UBC homes that will meet your needs.
Ownership and Rules
The biggest difference between a condo and a townhome is in terms. If you live in a condo, the only thing that you own is the unit itself. Everything else, including common areas, is property of whoever owns the condo development. Townhomes, on the other hand, is simply a description of a type of house. With a townhome, you would own the entire property, including any yard space your property possesses.
Another factor to consider is the existence of a Homeowner’s Association (HOA). Virtually every condo development that you move to will have a HOA. However, this isn’t true for every townhouse. While your HOA will work to maintain the common areas, you will also have to pay dues and follow any rules for living in the development. HOA rules can include when you can access common areas, how you can decorate your home and how you dispose of trash.
Protecting Your Privacy
A factor to consider when choosing between a townhome or a condo is what level of privacy and security you’ll have access to. For example, both condos and townhomes have multiple shared walls, which means you may be able to hear your neigbours and your neighbours may be able to hear you as well. Ask about the thickness of a walls between of a townhome and condo make sure you’ll have your needed privacy.
When it comes to security, one of the main issues will be the location of your condo or townhome. Like I tell my clients, the safer the location, the safer the home. Fortunately, many condo developments come with advanced safety features like underground parking and security cameras. If you choose a townhome, you can install the same security options that you would in a free-standing home.
Tour UBC Homes with Help
Choosing between a condo and a townhome really comes down to what you want out of your home. For example, if you want all the excitement that comes from living in the heart of a city and in a low maintenance home, you should choose a condo. On the other hand, if you want the freedom to decorate or landscape your home as you see fit, then the better option for you is to move into a townhome.
If you’re ready to tour great UBC homes, including condos and townhomes, then you need to work with me, Sam Huang. I can tell you about the best UBC homes available and help you find the right fit for you. Contact me today so that we can get started your perfect home.
February 1, 2017
Metro Vancouver housing market off to a quieter start than last year
Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the detached home market.
Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold.
Last month’s sales were 10.3 per cent below our 10-year January sales average.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,140 in January 2017. This represents a 6.8 per cent decrease compared to the 4,442 homes listed in January 2016 and a 215.5 per cent increase compared to December 2016 when 1,312 properties were listed.
The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,238, a 9.1 per cent increase compared to January 2016 (6,635) and a 14.1 per cent increase compared to December 2016 (6,345).
The sales-to-active listings ratio for January 2017 is 21 per cent. This is the lowest the ratio has been in the region since January 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Conditions within the market vary depending on property type. The townhome and condominium marketsare more active than the detached market at the moment,” Morrison said. “As a result, detached home prices declined about 7 per cent since peaking in July while townhome and condominium prices held steady over this period.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $896,000. This represents a 3.7 per cent decline over the past six months and a 0.2 per cent decrease compared to December 2016.
Sales of detached properties in January 2017 reached 444, a decrease of 57.6 per cent from the 1,047 detached sales recorded in January 2016. The benchmark price for detached properties is $1,474,800. This represents a 6.6 per cent decline over the last six months and a 0.6 per cent decrease compared to December 2016.
Sales of apartment properties reached 825 in January 2017, a decrease of 24.7 per cent compared to the 1,096 sales in January 2016.The benchmark price of an apartment property is $512,300. This represents a 0.3 per cent increase over the last six months and a 0.4 per cent increase compared to December 2016.
Attached property sales in January 2017 totalled 254, a decrease of 32.4 per cent compared to the 376 sales in January 2016. The benchmark price of an attached unit is $666,500. This represents a 0.4 per cent decline over the last six months and a 0.7 per cent increase compared to December 2016.
January 2, 2017
A heated year for Metro Vancouver real estate draws to a close
The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.
Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.
“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.
“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”
Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 per cent compared to the 57,249 properties listed in 2015 and a 2.6 per cent increase compared to the 56,066 properties listed in 2014.
“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.”
The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 per cent decrease over the past six months and a 17.8 per cent increase compared to December 2015.
Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 per cent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 per cent compared to November 2016 when 2,214 homes sold.
Last month’s sales were 8.1 per cent below the 10-year sales average for the month. New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 per cent compared to the 2,021 units listed in December 2015 and a 58.3 per cent decrease compared to November 2016 when 3,147 properties were listed.
The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 per cent increase compared to December 2015 (6,024) and a 24.3 per cent decrease compared to November 2016 (8,385).
Sales of detached properties in December 2016 reached 541, a decrease of 52.4 per cent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 per cent increase compared to December 2015 and a 1.8 per cent decrease compared to November 2016.
Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 per cent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 per cent increase compared to December 2015 and a 0.3 per cent decrease compared to November 2016.
Attached property sales in December 2016 totalled 258, a decrease of 44.6 per cent compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a 20.4 per cent increase compared to December 2015 and a 0.8 per cent decrease compared to November 2016.
November 10, 2016
Reaction to Foreign Investment Tax Creates a Brief Window for UBC Home Buyers
There’s been a lot of talk in the news lately about British Columbia’s 15 percent foreign investment tax hike, which went into effect Aug. 2. The tax aims to reduce speculative buying in the Vancouver residential real estate market by targeting a highly active and visible group: foreign investors, particularly those from China.
Many blame these investors for causing a surge in prices in recent years, while others point out that foreign buyers are just one element in a complex market system driven primarily by increasing demand.
Proponents of the tax do have data on their side now, though, and it shows that the tax implementation had a dramatic effect for metro Vancouver home sales and average prices for the month of Aug. 2016.
However, I would argue that the extreme drop in buying activity is just a temporary reaction to the changes. In time, I predict the Vancouver housing market, including UBC homes for sale, will likely stabilize and return to a similar pace of value increases given the strong demand in the area and its relatively low supply.
Those interested in buying homes for sale near UBC should therefore act now before that market correction happens to take advantage of the sudden price drops and uncertainty.
Foreign Buyers Deterred, But Not Gone
The Finance Ministry released a report on Oct. 28 revealing that foreign buying activity in Metro Vancouver dropped severely for the months of August and September. Foreign buyers accounted for just 1.3 percent of the total sales by value in this period, whereas before the tax they were around 13.2 percent.
What this data fails to show is the start-and-stop nature of foreign buying before and after the tax. Simply put, most foreign buyers strategized that they should close their sale and register their property before the tax hit. Data published in Bloomberg shows that foreign buyers bought up an astounding $2.3 billion CAD worth of homes in the seven weeks leading up to the Aug. 2 tax start date.
After that date? Less than $50 million CAD worth of homes were bought by foreigners for the next few weeks. Some people even report long lines at the land title office the last week before Aug. 2, filled with foreign buyer registrants or their representatives.
So, I ask, what happens when foreign buyers have time to recover from the sudden shock this tax created? Industry analysts assert that it will be at least six months before we can even begin to evaluate the effects, but that is also time foreign investors could be using to recalculate their investment decisions. They may certainly be priced out of some deals, but analysts like Jeremy Kronick worry that the investors could simply move downmarket towards cheaper properties where the tax has less of an impact.
This is all mere speculation, of course, but even if foreign buyers don’t come back in force as some predict, the Vancouver housing market itself will continue to reflect the low supply and high demand seen in the area for the past several years.
Buy Now to Take Advantage of UBC Homes Low Prices
This type of period, where many analysts and investors feel confused and unsure, is an amazing time for home buyers. Prices will likely continue to be depressed year-over-year until at least late February, when sales activity usually begins to pick back up.
I strongly urge any buyers interested in UBC homes for sale to look at listings in the area and get a sense of how sellers are feeling. Sellers may be more willing to negotiate or accept lower prices given the sudden exit of many possible buyers and the uncertainty within the current market.
Navigating this environment is not a guarantee, though, so make sure you have a real estate agent with knowledge of the UBC housing market at your side. I am available to answer any questions seven days a week, and can communicate and negotiate with any sellers on your behalf.
So, please, take a moment to look at my buyer’s page to find out more about the UBC market and see if you can find a property while prices remain low.
October 12, 2016
Choosing the Best Listing Agent for You
Finding the right listing agent to help you select the perfect UBC home can be a hassle. You want an agent that you can connect with, someone that understands the type of home you want and why you need it. A real estate agent becomes a confidant to buyers. They will help you navigate the real estate market and help you manage your expectations.
There is no clear-cut science to finding the right real estate agent, It’s all about research and personal interaction. Referrals from family and friends also help tremendously. After speaking on the phone or through email, schedule a meeting with an agent before enlisting them. A brief meeting can give you a sense of the agent’s personality, qualifications and professionalism.
Whether you are buying or selling a home, you need to know that your agent has good marketing skills. Being a seller is all about the art of marketing as well as the ability to “speak” to different people in a way they can understand. To help you with your search, read some of my tips for finding the right listing agent for you. Contact me today for tips on how to sell UBC homes.
What does A Real Estate Agent Sell?
If someone were to ask you what a real estate agent sells, you will most likely say property. However, the selling experience is about much more than that. The seller needs to do research to find out what the appropriate listing price should be for your home. Properties that are overpriced run the risk of sitting on the market for years. Undervalued properties get sold at a loss to the owner. It is the job of the selling agent to make sure your property is priced at a level that is attractive to buyers and your profit margin.
Experienced listing agents know what qualities buyers are looking for in a home. They will take into consideration any upgrades and renovations you have done to create a favorable figure. They will also research the selling price of comparable homes in the area as well as the property’s location.
The Importance of Staging
Many buyers do not know that the right staging can make or break a sale. Staging involves decorating a home to attract buyers. The right staging techniques will highlight the right attributes in a home such as lots of natural light and minimize unattractive qualities.
A trained selling agent will know how to make a home look inviting with the right decorating tips and ideas. They may even hire an interior decorator to help create the right look. Selling agents will also recommend changes to the home such as renovations to help up the selling price. The agent will then schedule an open house for buyers and other agents to view the property and do a quick walk through.
Good real estate agents have a network of colleagues they will contact when a hot property is on the market. Word-of-mouth is still one of the best forms of advertisement and real estate agents always have a few clients looking for a new property. Listing agents will also know the appropriate demographic to market to. They will list properties in periodicals and on websites that your target demographic reads.
Contact Me For Tips on Selling UBC Homes
Buyers and sellers in the British Columbia community that are looking for a great listing agent should contact Sam Huang. Sam is an experienced UBC real estate specialist that can assist you with buying the perfect home or with selling it. The UBC area is a prime real estate market and I can help you navigate it with ease. Call me today to discuss your property.
October 4, 2016
REBGV Stats September 2016
Home buyers and sellers face changing market dynamics
Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014.
Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.
Last month’s sales were 9.6 per cent below the 10-year sales average for the month.
“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached homemarket.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).
The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.
“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.
Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.
Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.
Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.
Download the complete stats package by clicking here.
September 21, 2016
Tips for Finding a Great Roommate
Living alone while you are working through college is easier said than done—finding a roommate might be the best choice for you. The University of British Columbia community is one of the most thriving areas in the Lower Mainland area, so finding a great person to share your new place at UBC homes is not as difficult as you might think. Of course, you have heard the horror stories of roommate arrangements gone wrong, and the last thing that you want to do is add your own personal experience to that list. Before you put yourself out there, read through these tips for finding a great roommate.
Take Your Time
Okay, so you need a place to call home—like, yesterday. You can’t afford a place on your own, so you can’t move in anywhere until you find a roommate. It is tempting to jump at the first person who says that they have a room available, or the first classmate that agrees to move in with you, but haste can lead straight to disaster.
Date Your Roommate
This might sound a little weird, but trust me—you want to really know the person that you’ll be living with for the next year or so. Try to learn about your potential roommate, their likes and dislikes. Are they reclusive or do they like hanging out with a large group of friends? Do they enjoy junk food, or are they on an all vegan diet? Do they have any pets? These are all examples of very important questions that you should ask each other before moving in together. Try hanging out a few times, grab some coffee or go to the dog park.
Don’t Ignore Red Flags
If the relationship just doesn't feel right, do not commit. You’re not going to have time to deal with someone who won’t pull their weight when it comes to taking care of the house, is full of drama or can’t pay their share of the bills.
Be Upfront with Expectations
Lay your expectations out immediately. Are you a little OCD? Your potential roommate needs to know. You might give off some “red flags” of your own, and that is totally okay. You both want to mesh with one another. Also, talk with this person about finances. You both need to be sure that you can pay the bills as a team.
Run a Background Check
Alright, this might seem overly cautious, but you can never be too careful in the world that we live in. Don’t feel ashamed if you feel the need to run a background check on your potential roommate for peace of mind.
Find Your UBC Home
UBC homes is located in a thriving community that fits the wants and needs for a variety of lifestyles. After you have found a great roommate, let me help you to find a great home. For more information, visit the buyers page or contact Sam Huang, your neighborhood UBC real estate specialist, today.
September 2, 2016
REBGV Stats August 2016
VANCOUVER, BC – September 2, 2016 – For the second straight month, home buyer demand in Metro Vancouver* moved off of the record-breaking pace seen earlier this year and returned to more typical levels.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 per cent less than the 2,771 sales in August 2014; and one per cent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.
From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.
“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.
“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 per cent compared to the 4,281 units listed in August 2015 and an 18.1 per cent decrease compared to July 2016 when 5,241 properties were listed.
The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 per cent decline compared to August 2015 (10,897) and a 1.9 per cent increase from July 2016 (8,351).
The sales-to-active listings ratio for August 2016 is 29.3 per cent. This is indicative of a seller’s market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 per cent increase compared to August2015 and a 4.9 per cent increase over the last three months.
“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”
The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time.
Sales of detached properties in August 2016 reached 715, a decrease of 44.6 per cent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 per cent from August 2015 to $1,577,300. This represents a 4.2 per cent increase over the last three months.
Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 per cent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 per cent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months.
Attached property sales in August 2016 totalled 431, a decrease of 25.4 per cent compared to the 578 sales in August 2015. The benchmark price of an attached home increased 31.1 per cent from August 2015 to $677,600. This represents a 7.1 per cent increase over the last three months.
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