Wednesday, May 14, 2014
Five Fantastic Free Adjustable Rate Mortgage Calculators
Adjustable rate mortgages might be difficult to pin down because of how interest rates change depending on the credit markets. This is when a mortgage calculator can come in very handy. Comparing results can also be a great idea, particularly with something as important as mortgage. With that in mind, let's have a look at five free mortgage calculators that can help you determine which adjustable rate mortgage is best for you.
Yahoo Finance Offers Financial Advice and a Great Mortgage Calculator
Yahoo Finance is a good source for answers to many of your money-related questions. Among other tools, Yahoo Finance also offers a free adjustable rate mortgage calculator. This calculator takes into account factors such as the loan amount, the number of months and the initial interest rate. Added to that are factors such as the absolute minimum and minimum rates over term of loan and how many months before the first adjustments of the rates. There are other factors being taken into consideration as well, so be sure to have a good look at all that this tool offers.
Calcxml, for When Increased Font Size Matters
This adjustable rate mortgage calculator takes into account the same factors as the Yahoo Finance calculator. You might prefer this, however, because of its layout. The Calcxml calculator offers a much cleaner-looking page with a larger font. Though this might not seem like it would be of great importance, it does make things a lot easier for the user.
Zillow Mortgage Calculator: For Those Who Like to See Everything at Once
The Zillow calculator is a great option for those who prefer to be able to see everything on one page. Though the font is smaller, this also means that there's no need for you to keep scrolling up and down, as you have everything right in front of you.
Bankrate Calculator: Because Figures Never Hurt
The Bankrate calculator is much more visual than the previous tools discussed. It takes into account factors such as the mortgage amount, the term in years, and the interest rates. Next to each of these factors, there is a continuum on which you can move an arrow to indicate the desired number. After this, there's a section where you can specify whether you want the amortization reported annually or monthly. Finally, you can specify details about the adjustments.
For Excel Lovers, There's Vertex42 Calculator
If you prefer to use a calculator even when offline, this tool is for you! This calculator allows you to download an Excel file that does all the calculation for you. As with any other Excel-based calculator, you can overwrite the cell formulas to make it suit your needs better. When it comes to your mortgage rates, calculating them five times over doesn't hurt. When the results are this important, it’s important to get everything right!
Tuesday, May 13, 2014
Spring Has Arrived: Buyers and Sellers Exit Their Winter Hibernation, Sparking the Greater Vancouver Housing Market
Categories:April 2014 Real Estate Stats
It's clear that spring has fully arrived as April saw a sizeable increase in home buying and selling activity throughout the Greater Vancouver housing market. According to this month's statistics from the Real Estate Board of Greater Vancouver (REBGV), the Multiple Listing Service® (MLS®) saw a total of 3,050 residential property sales throughout April 2014. This total represents an increase of 16.1% when compared to April 2013 (3,050 vs. 2,627) and a month-over-month increase of 15.5% when compared to March (3,050 vs. 2,641). When compared to the ten-year sales average for the Greater Vancouver market, April 2014 came in at 5.2% lower (3,050 vs. the average of 3,217).
One key factor that has turned a number of heads is the ratio of 'sales to active listings', which represents the percentage of residential properties that sold out of the total number on the market. April 2014 saw a ratio of 19.7%, which represents the highest ratio since June 2011.
Ray Harris, President of the REGBV commented that "We saw steady increases in home seller and buyer activity in April, which is typically the case in the spring months." Explaining the spring increase and the flurry activity, he shared that "People often look to buy or sell their home this time of year as the school year draws to a close and the summer holiday season is still a few months away."
In regards to new listings, April 2014 saw a total of 5,950 attached, detached and apartment properties appear on the market. This total represents an increase of 1.3% when compared to April 2013 (5,950 vs. 5,876) and a month-over-month increase of 12.7% when compared to March (5,950 vs. 5,281). Compared to the ten-year average, April 2014 saw an increase of 1.2% (5,950 vs. the average of 5,880).
According to the MLS®, the total number of active listings for sale in Greater Vancouver is 15,513. This represents a decrease of 7.3% when compared to April 2013, but a 7.2% month-over-month increase vs. March 2014. On this total, Harris stated that "Home prices in the region continue to show steady, yet modest, increases when compared to last year."
More positive traction comes via the MLS® Home Price Index, a benchmark price representing all residential properties for sale throughout Greater Vancouver. The MLS® HPI for April 2014 is $619,000 – a 3.6% year-over-year increase vs. April 2013. This shows that home values continue to rise, outperforming numerous markets throughout Canada.
In regards to detached properties, April 2014 sales totalled 1,336, an increase of 25.6% when compared to April 2013 (1,336 vs. 1,064) and an increase of 18.7% when compared to April 2012 (1,336 vs. 1,126). The benchmark price for detached properties is $956,700; this represents an increase of 4.7% over April 2013's figure.
Attached properties also fared well, with 542 properties changing hands in April 2014 – a 6.1% increase over April 2013 (542 vs. 511) and a 12.2% increase over April 2012 (542 vs. 483). The benchmark rose 2% over April 2013 and currently sits at $464,400.
Finally, apartment property sales totalled 1,172 in April 2014 representing an increase of 11.4% over April 2013 (1,172 vs. 1,052) but declined a slight 1.5% when compared to April 2012 (1,172 vs. 1,190). The benchmark for apartment properties in Greater Vancouver sits at $375,000 an increase of 2.6% over April 2013.
Tuesday, May 13, 2014
Record Low Mortgage Rates Push Home Sales Higher
Record Low Mortgage Rates Push Home Sales Higher
Vancouver, BC – May 13, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 7,730 residential sales were recorded by the Multiple Listing Service® (MLS®) in April, up 12 per cent from April 2013. Total sales dollar volume was $4.3 billion, an increase of 19 per cent compared to a year ago. The average MLS® residential price in the province rose to $561,613, up 6.3 per cent from the same month last year.
"BC home sales trended higher in April as the typically robust spring market unfolds,” said Cameron Muir, BCREA Chief Economist. “Rising consumer demand coupled with fewer homes for sale has most BC housing markets now exhibiting balanced conditions, where neither buyers nor sellers have any particular advantage."
"Housing affordability improved last month as intensifying completion for new business by financial institutions pushed the posted five-year fixed mortgage rate to a record low of 4.79 per cent” added Muir.
During the first four months of the year, BC residential sales dollar volume was nearly 28 per cent to $13.9 billion, compared to the same period last year.
Residential unit sales were up 18 per cent to 24,165 units, while the average MLS® residential price was up 8.3 per cent at $573,965.
Wednesday, May 7, 2014
What is the Difference Between Home Evaluation, Appraisal, and Inspection?
Buying a home is one of the biggest purchase decisions that you’ll make in your entire life. Whether it's buying a first home, a bigger home or downsizing to a smaller home, that decision needs to be an informed one. Just like the ground homes are built on, home purchases need to be based on a solid foundation. Most people don't need help knowing what type of home they like, but they do need help determining if the one they like is a worthy investment. That's where the experts come in. In real estate, there are three different types of valuations to consider based on what stage of the process you are in: Evaluation, Appraisal and Inspection. Here’s what you need to know about each kind of valuation and how they can help you land your dream home.
Evaluation - Is This Market Hot or Not?
The two most important factors in buying or selling a home are price and location. Already know you want to buy in Vancouver? Your home evaluation is halfway done. Need to know you're buying or selling based on the best, on-target home evaluation Vancouver has to offer? Also easy! If you have a reputable, local realtor, that is. Realtors, or real estate agents, typically specialize in certain neighbourhoods or areas and the types of housing located there. The more familiar the realtor is with the neighbourhood you want to live in, the better they are able to evaluate the home you’re considering and advise you on the current market value of homes in that area. They will take into account not only the house or condo and lot (if any), but also factors like the location and neighbourhood, schools, services, amenities and transport, to name a few. They also look at asking and selling prices of comparable properties recently listed in and around the area. Evaluations are generally geared toward determining the selling price, and for that reason, they take into account the somewhat intangible but very important factor that is desirability.
Appraisal - Is This is a Good Investment or Not?
Appraisals differ from evaluations mainly in that certified appraisers, not realtors, perform them. Appraisals are based on many of the same factors that evaluations consider, but generally from a more impartial viewpoint. They are used to verify the value of the home to help determine property taxes, secure mortgages, and approve insurance applications. Appraisals tend to be more conservative and a little more technical, as they factor in cost per square foot and the cost of building or replacing the home. Although not all appraisals include an actual visit from the appraiser, they are likely to be conducted from a buyer's or a banker's point of view, and reflect a slightly more pragmatic assessment of Vancouver property values.
Inspection - Will this House Fall Down or Not?
The purpose of a home inspection is to determine the structural integrity of the property (building and grounds) and to avoid any nasty surprises for buyers and sellers. A licensed home inspector should perform the inspection. The buyer usually hires inspectors once the buyer and seller have come to an agreement conditional on inspection. Home inspections generally take a few hours, and the inspector will examine all accessible areas of the property. The inspector will provide a full report of any and all issues that may need to be addressed concerning the state of the foundation, roof, walls, plumbing, electrical, heating, windows, appliances and types of materials present. The inspection should also reflect Vancouver-specific standards and codes. A home inspection report should represent the inspector's professional opinion of the condition of the house, and help the parties involved to adjust, decline or accept the offer on the table. Buying a home is not only a big financial investment for most people, but an emotional one, too. From personal preferences to pride of ownership, buying a new home takes a significant amount of time, effort and energy. It also requires excellent timing, sound judgment and good advice. I am very familiar with all that Vancouver has to offer, and I can guide you through the entire home buying and selling process. Whether you're looking to start viewing properties, buy a home or get a home evaluation to sell yours, the first step is to bring in the right professional.
Wednesday, April 30, 2014
How to Recover When You Get a Lower Home Evaluation Than You Hoped For
When you get a home evaluation that's lower than what you expected, the news can sometimes come as a shock. This is common when it comes to seeking a professional evaluation from a real estate agent, as they base their evaluation of your home on other comparable sales in the current market. Here are some ways you can recover when your home evaluation is lower than you hoped for.
Wait for a Shift in the Market
Since the sales in your neighbourhood, or your building if you own a condo, significantly affect the value of your home, you might just need to watch the market and wait for a shift to occur. If you keep up-to-date with your real estate news, a change in the market could be just a season away. Noting other comparable homes that come onto the market closer to the price you're after can be an indication that the time has come for you to recover from a low home evaluation.
Get a Second and Third Opinion
You shouldn't always put all your eggs in one basket, and the same is true when it comes to listing your home. Don't hesitate to get a second and third opinion from other professional and established real estate agents or home evaluation Vancouver specialists. You just might get better news from another point of view.
Methods to Raise the Value of Your Home
If it's necessary for you to sell in the current market, and you're willing to put in some extra effort to bring up the value of your home, you might just be able to attain the figure you'd hoped for. Making slight upgrades to your home, such as installing new light fixtures, painting it, and getting it professionally cleaned can help with its overall appeal when showing it to buyers.
You should also consider having your home professionally staged, which is a small investment but one that can significantly affect your home's immediate value to the buyer. A home stager can replace furniture, tidy, decorate, organize, and rearrange your home to transform it in a pleasing way. This is especially helpful if you're selling a home that's vacant.
Once you've assessed which method is best for you, ensure that you have a strategic plan for either waiting or listing. Also be cognizant of the fact that listing your home too high and letting it sit on the market for too long can be counterproductive to its future sale.
Wednesday, April 23, 2014
How Much Is Your Home Worth? Your Personal Checklist for Home Evaluation in Vancouver
When it comes to deciding what your home is worth, there are many different factors involved. There are also many different ways to determine your home's value, whether through a home appraiser or a professional real estate agent. The best and most trusted home evaluators, however, are the buyers in your particular market, since they are ultimately the ones who decide what they're willing to pay for your home. Here's your personal checklist for your home evaluation in Vancouver.
What Does the Market Say?
When it comes to determining what your home is worth, the end result has little to do with the home itself and much more to do with the current state of the market. Doing your research on the homes in your neighbourhood, or in your building, is key to assessing what your home is worth. What are other, comparable homes listed for? What have they sold for? These numbers will give you a good idea of what your home's real time, real market, real value is.
Price Per Square Foot
When it comes to assessing the value of a condo, this can be much simpler since you will likely have more comparisons to work with. If there's a recently sold or listed condo in your building that is just like your suite, you can use a common evaluation method that is employed among realtors: the price per square foot method. This will allow you to determine the exact price of your condo based on other viable sales in the building while compensating for the difference in size.
Your BC Tax Assessment
Your BC tax assessment gives you a value that states what your home is worth. Depending on your neighbourhood and the market, this number can be more or less valid. Some homes sell way above the assessed value, and others sell way below. This number can be useful in accurately pricing your home however, especially when comparing it to other homes in your neighbourhood.
Find a home that's assessed at the same value as yours, and find out - what did it sell for? Then, of course, there are subjective values such as the view, the history, and the comfort of the home which are much more difficult to put a number on.
A home evaluation Vancouver specialist, such as a real estate agent, will be able to give you a real time, real life evaluation of your home.
Tuesday, April 15, 2014
Three Steps to Choosing a Realtor
Getting a professional Realtor to help with buying and selling is always a good idea. But how do you know if you’vegot the right Realtor for your needs? Here are some tips to help you make the right decision.
#1. Before the Search
Know what you want.
Sit down and make a list of things you want from your realtor. These can be certain services or even characteristics. Everyone benefits form a good partnership, so don’t be shy, write down everything you would want in a perfect Realtor.
Adjust your list
Its great to know exactly what you want, but nobody is perfect. Figure out what is most important, and start looking for realtors with those qualities. The other items on your list can be bonuses, or help you decide between two great choices.
#2. Start Searching
Talk to previous clients
Hearing first hand stories about your potential realtor can give you valuable insight to how they conduct themselves.
There are plenty of awards available in the Real Estate world. Look for realtors who have gained awards based on their performance. Odds are, they know what they’re doing.
Look at their listings
Check for price ranges and types of homes so you get an idea of what kind of houses they are selling. This can help you determine if you and your house would be a fit. Remember that the numbers don’t tell the full story. If they only have a few listings, it could mean they are either great at selling and have been selling their houses fast or they are having trouble getting clients to list with them. Either way, it will give you some more information, and some prep questions for if you decide to meet with them.
Make sure your Realtor is online. Most buyers start their search on the internet, and a Realtor who is online is paying attention to buyer and seller behaviour.
Ask about houses for sale that are not listed by the Realtor in your area if you are selling, or in the area you want to move too. If they can give you information about houses in the markets you are interested in, they know the area and are on top of the market.
Be clear with your expectations
Run by all your expectations, like how often and when you would like to be informed of changes, or when the realtor is available for you. As well as anything else you need help with that you would like their assistance with, such as finding a mortgage broker.
Remember to meet with several Realtors before making your decision. It is important you are comfortable with you choice so that the home buying or selling experience can be positive.
Monday, April 14, 2014
Century 21 Centurion Producer and Masters Hall of Fame
On March 10th I was awarded the Century 21 Centurion Producer and Masters Hall of Fame award.
The Century 21 Centurion Producer award is given out to the top agents that sell between 60 - 120 units per year.
The Masters Hall of Fame Award: CENTURION® Producer is awarded to top Realtors for seven out of ten consecutive years of service.
I would like to extend a heart felt thank you to all my amazing clients for working with me over the years!
Tuesday, April 8, 2014
Steady Vancouver Real Estate Market is Trending Towards Sellers
Real estate listings in the Greater Vancouver area are on the rise. Listings this March have risen 9.1% from March 2013 listings, and have increased 12.4% since February 2014. The increase in listings means more supply for buyers. This is good news for buyers and sellers. Buyers have more choices, but sellers are still seeing multiple offers. A great house that is priced right can even sell within a week.
Hot neighbourhoods are popping up all over the Vancouver real estate market. Areas like Main Street, Mount Pleasant East & West, Cambie, Point Grey, and Dunbar are in high demand. Good properties are scarce here, which is creating high competition among buyers. Foreign investors and buyers are snatching up west side homes, which increases the push to seek homes in the east end. This is pushing buyers to look further east for more affordable homes. But they are being met with high prices because of the large buyer to seller ratio. It is a good time to be selling in these neighborhoods.
Numbers are especially high in the detached housing market. Buyers are very eager to buy land and houses. They are also being more selective of properties and interest is high for properties in good shape.
The sales-to-active-listings ratio remains at 18.2% since last February. What seemed to be a balanced market is now trending towards a sellers market.
Monday, March 31, 2014
Available Now: A Rare Luxury Penthouse Real Estate Opportunity in Vancouver
Vancouver has some amazing penthouses which rarely come up for sale. When they do, they offer a rare opportunity for buyers looking to get into the luxury real estate market in Vancouver.
The Sterling Penthouse is now one of those rare opportunities.
Situated at 1050 Smithe in downtown Vancouver, the Sterling Penthouse offers over 2000 square feet of exclusive two level luxury living. 19 foot vaulted ceilings with floor to ceiling windows and amazing panoramic views of Vancouver make the Sterling an exceptional gem in the heart of the city.
The Sterling Penthouse also boasts top of the line Sub-Zero & Bosch appliances, Granite counter tops, 2 large decks with over 1100 square feet of outdoor living space and a Limestone gas fireplace.
Friday, January 17, 2014
I have sold a property at 601 888 HOMER ST in Vancouver
Categories:Downtown VW, Vancouver West Real Estate
I have sold a property at 601 888 HOMER ST in Vancouver.
Welcome to the Beasley - A life of luxury soaring 34 storeys above Yaletown & Robson Street. This south west BRIGHT facing 2 BDRM, 2 bath + den offers 940 sq ft of spacious living in a perfectly laid out open floor plan w/separate bdrm.Open your door to rich hardwood flooring & a gourmet chefs kitchen complete with oversized stone slab C/T, SS Premium appliances, bar pendant lighting & high quality modern shaker cabinetry & full height ceramic tub surround & heated tile floors. Great views of greenery & down Homer Street from your over sized patio. The Beasley perfectly balances beauty, style & functionality.
Monday, July 9, 2012
Gastown Condos Lead the Way for Modern Design
When it comes to Vancouver's ubiquitous condos, few are as highly-coveted as those in the vibrant downtown neighbourhood of Gastown, best known today for its chic restaurants and stylish denizens. Gastown was originally named in honor of the legendary Captain "Gassy Jack" Deighton. He built a saloon near Burrard Inlet in the 1860s, starting a precedent for business, socializing, and comfortable living in what is now downtown Vancouver. Over the course of several decades, more busineses followed Gassy Jack's lead, and the Gastown district was born. In Gastown today, you will see a wide variety of charming buildings that still retain the flair of history, Victorian living, and Edwardian architecture. But step inside a Gastown condo, and all the comforts of the modern era are alive!
With such a wide diversity of condos available - and more being built every year - Gastown has a condo that fits just about anyone's personal style. If you love the charm and nostalgia of history, then you will love the exposed brick walls, refinished hardwood floors, custom paint on the walls, and beautiful views over the city of Vancouver from your historic condo building that retains all the original external architecture of an era gone by. Those with more of an eye towards the future, for their part, will probably prefer some of the newer developments going up, which tend to embrace the glass-and-steel skyscraper look that's come to dominate Vancouver's skyline over the past twenty years. Streaming with reflective, shiny glass, the condos give you a wake up call with the streaming West Coast sun and a kiss goodnight as the moon shines on you in bed. You will also typically enjoy custom stainless steel appliances, granite countertops, and sleek, contemporary home furnishings. What the newest condos and the refurbished classics have in common is, of course, their avant-garde interior design and layout - a cutting-edge style that has come to define Gastown's identity as much as its real estate market.
So, what exactly defines the Gastown style of interior design? Of course, there's plenty of variation depending on the residents' specific aesthetic tastes, but there are also 3 overarching themes that pop up over and over again:
1. Embracing modernism. From sleek modern sofas to flawless-looking stainless steel appliances, contemporary Gastown condos are renowned for their love of modern-style interior furnishings and design schemes. The principles of modern design are based around simplicity, with straight lines and basic designs taking precedence over curves or convoluted patterns. This interior design aesthetic is thought to provide a subconscious boost to relaxation, as its eschews clutter and a "busy" look in favor of minimalism and utilitarianism. In today's fast-paced world, it's no wonder so many people want their condos to resemble streamlined havens from all the problems of the hectic world outside!
2. Incorporating nature. In line with its West Coast geography, Gastown style interior design has historically embraced nature, both in terms of exterior scenery and interior accessories. The omnipresent full-length windows effortlessly facilitate easy views of the scenic Coast Mountain range and the blue Pacific Ocean, with some lucky condos also enjoying a view of world-famous Stanley Park as well. Beyond that, many Gastown condos have brought a part of nature high above the city streets, from potted ferns and balcony gardens to coffee table books about local wildlife and history.
3. Open floor plans. If home is where the heart is, Gastown condos are all about hearts being open, versatile, and welcoming. This is accomplished with the neighbourhood's iconic open floor plans, which allow condos to be designed - and redesigned - as many times as necessary, with great ease. Transforming a condo from a family domicile to the perfect venue for a cocktail party becomes as easy as shifting furniture around and changing up the decorations. Above all else, open floor plans are about empowering the homeowner to be able to adjust their residence to suit any need, taste, or trend.
Whether you choose to embrace Gastown style interior design, or simply take inspiration from select pieces of it, you're sure to fit in in one of Vancouver's most chic and desirable neighbourhoods. Happy designing!
Wednesday, January 4, 2012
Balanced real estate market prevailed through much of 2011
The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.
“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.
Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.
More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.
The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.
“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.
Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.
Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.
Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.
Download the complete stats package by clicking the link bellow:
Monday, November 7, 2011
Greater Vancouver at lower end of balanced housing market
Categories:October Real Estate Board Stats
With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.
“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.
The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.
Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.
Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.
Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.
Download the complete stats package bellow:
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Tuesday, August 9, 2011
Active home sellers bring greater selection to the Greater Vancouver Housing Market
Categories:Home Sellers,Jules Seaman,Property Listings,Vancouver,Vancouver Housing Market,Vancouver Lisitngs,Vancouver Real Estate,Vancouver Realtor
Monday, July 25, 2011
Vancouver Real Estate is Valuable Regardless of the Weather
Categories:Jules Seaman,Vancouver,Vancouver Beaches,Vancouver Festival,Vancouver Lifestyle,Vancouver Listings,Vancouver Real Estate,Vancouver Realtor
With the weather unseasonably cold and rainy as it has been, it’s easy to forget why we live in Vancouver. Vancouver real estate is among the most expensive in the world, after all, so what exactly are we paying for?
Vancouver is consistently named one of the top places to live in the world, landing as number one on several surveys. We have a beautiful, clean, safe and environmentally friendly city in an economically and politically stable country. While beautiful scenery surrounds Vancouver, we are also blessed with world-class shops and restaurants, offering something for everyone.
Situated on the coast of the Pacific Ocean, Vancouver residents enjoy more than just a gorgeous view. We have fabulous beaches such as Spanish Banks and Third Beach, one of the longest seawalls in the world, and innumerable islands to explore, all accessible by boat. Cycle the seawall, join a beach volleyball team, or play Pitch and Putt in Stanley Park overlooking the ocean. Sure, it’s colder than usual for this time of year, but it’s still possible to enjoy these summer activities!
The stunning backdrop of the mountains over Vancouver’s skyline makes our city one of the most beautiful in the world. Residents of Vancouver, however, know the mountains provide more than this panorama. Although skiers and snowboarders revel in the countless hours of fun the ski season brings, these mountains are enjoyed by all year-round. Mountain bikers and hikers have a playground at their doorstep, and tourists venture from all over the planet to catch the view from the top of Grouse Mountain.
Vancouver is a melting pot of cultures from around the world, and summer is the best time to experience a taste of what some of these cultures have to offer. Italian Day takes place on Commercial Drive, and Greek Day on Broadway. Caribbean Days light up North Vancouver, as does the Lantern Festival in Deer Lake Park. The Night Market in Chinatown occurs every weekend in the summer, where visitors can sample Asian Fare and browse merchandise. The Celebration of Light features international competitors offering extravagant fireworks displays that can be enjoyed from points all around Vancouver.
West Coast living is bound to come with some wet weather, but we get so much more than rain. Granted, we wait out the winter in exchange for the epic summers for which Vancouver is renowned, but enjoying all this beautiful city has to offer is not dependent on the sun. It may be disappointing at times, but if anyone knows how to handle a little rain, Vancouverites do.
Monday, July 4, 2011
Vancouver Housing Market Trends Towards Balance after an Active Spring Season
Categories:Jules Seaman,Residential Property,Vancouver,Vancouver Housing Market,Vancouver Listings,Vancouver Real Estate,Vancouver Realtor
Friday, June 17, 2011
Greater Vancouver Housing Market Holds Steady and Favours Sellers in May
Categories:Apartment Properties,Attached Properties,Detached Properties,Jules Seaman,Vancouver Housing Market,Vancouver Listings,Vancouver Real Estate,Vancouver Realtor
Monday, May 9, 2011
Greater Vancouver Housing Market Sees Typical Spring Activity in April
Categories:Apartment Properties,Jules Seaman,Vancouver Housing Market,Vancouver Listings,Vancouver Real Estate,Vancouver Realtor
Friday, April 8, 2011
Vancouver Home Buyers and Sellers Enter the Real Estate Market at Near Record Pace in March
Categories:Apartment Properties,Jules Seaman,Real Estate Board of Greater Vancouver,Real Estate Market,Vancouver Home Buyers,Vancouver Home Sellers,Vancouver Listings,Vancouver Properties,Vancouver Real EState,Vancouver Realtor
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