Buyer demand remains strong while home listings increase
Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.
“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.
“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.
Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.
Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.
Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.
Voted #1 Realtors in Vancouver by the Georgia Straight for 2009
First off, we would like to thank all our friends and clients that voted for us in the 2009 Best of Vancouver in the Georgia Straight. Last year we were excited to be voted the runner up but this year we must have done something right- we were voted the Best Realtors in Vancouver. Click here to read the article detailing all of the winners.
I got a phone call from the editor at The Straight and he told me I had won the Best Realtor award in the BOV 2009. I was very surprised and again we say thank you to everyone that voted for us. Jacob and I are dedicated to top-level service to all of our clients buying and selling real estate in Vancouver. The majority of our business comes from referrals, this is a great testament to our commitment to our clients and our great work ethic to ensure all our clients are being treated like the VIP clients they are.
We were invited to City Hall this morning to take some pictures and a breakfast for all the winners. I have attached a few pictures- Jacob and I are in the middle row on the left hand side of the picture. We were also blessed with Vancouver Mayor Gregor Robertson- (middle of the crowd). I had a good chat with Mayor Robertson; we are both very excited for the Olympics and what the major event will do for our amazing city.
Multiple offers are back – are they going to stay?
Are you a buyer looking for a 1-bedroom apartment under $400,000 in Vancouver? Have you noticed every time you submit an offer you are accompanied with at least one other buyer. Multiple offers are back, when are they going to stop? The Real Estate Market in Vancouver has had it’s ups and downs- where are we now?
I would like to evaluate the Real Estate market in Vancouver West NOT the GVRD- If you look at some of the numbers you will see the peak of the market was around May 2008. Since then the market slowed down drastically, with lower amounts of buyers looking for a new home or investment property. The number of sellers increased dramatically due to noticing external factors predicting a turn in the market so numerous homeowners and investors tried to offer their property at an overly optimistic price trying to maximize their returns. The banks also started decreasing the amount of money being leant out- also halting the buyers being able to spend/borrow any money.
As we approached the end of 2008 the Bank of Canada reduced the prime rate resulting in “cheaper” money. Couple this with lowering prices of real estate on the West Side and your dream home is now closer to becoming a reality. This was greatly appreciated by the first time homebuyers who missed the opportunity to purchase their first home the last time the market was at a low.
Since the number of buyers increased- with basic supply and demand- the price of real estate needed to increase, and it did. With a huge amount of buyers looking for a similar product, multiple offers was a common word coming out of the selling realtor’s mouth. Now, once again our buyers are going through the stressful process of doing everything they can to purchase their dream home above asking price in a timely manor. I predict this “crazy” market will continue till the middle of July and then it should slow down till September.
Jacob Krause and I have been involved in hundreds of multiple offers over the last 5 years- if you are considering purchasing your first home in Vancouver- please feel free to email or contact us directly and we can take you through the process of purchasing in a multiple offer while keeping the stress to a minimum.
Saying all of that- when is a good time to buy? The Real Estate market is very cyclical through out each year. The spring and fall months are generally a lot busier than other times in the year. The summer is when most families are out of town, enjoying the few sunny days and looking after the kids when they are not at school. A great time to buy is in the summer months- there is less competition when purchasing in these times of the year but also less inventory because most sellers will be waiting for the busier buying times. The fall months in 2009 will be a very interesting time to buy; depending on the interest rates will also influence the amount of buyers you will be competing with.
Housing market stats in August continue to show momentum
The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007.
New listings for detached, attached and apartment properties increased 4.9 per cent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 per cent from August 2008.
“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4 per cent to $539,600 from $484,211. However, home prices compared to August 2008 levels are down 1.1 per cent.
Sales of detached properties in August 2009 increased 155.5 per cent to 1,367 from the 535 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 0.7 per cent from August 2008 to $732,656.
Sales of apartment properties increased 97.8 per cent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 per cent from August 2008 to $369,263.
Attached property sales in August 2009 increased 108.2 per cent to 610, compared with the 293 sales during the same month in 2008. The benchmark price of an attached unit declined 0.9 per cent between August 2008 and 2009 to $459,159.
Real Estate Board monlthy update for June
Market conditions drive strong June housing sales
VANCOUVER, B.C. – July 3, 2009 – The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.
New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.
“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said.
“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” Russell said. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”
Residential benchmark prices, as calculated by the MLSLink® Housing Price Index, declined 8.2 per cent to $518,855 in June 2009 compared to June 2008.
The number of sales of detached properties increased 81.6 per cent to 1,667 from the 918 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 8.4 per cent to $701,384 in June 2009 compared to June 2008.
The number of sales of apartment properties in June 2009 increased 69.3 per cent to 1,790, compared to 1,057 sales in June 2008. The benchmark price of an apartment property declined 8.2 per cent from June 2008 to $356,880.
The number of attached property sales in June 2009 increased 78.2 per cent to 802, compared with the 450 sales in June 2008. The benchmark price of an attached unit declined 7.3 per cent between June 2009 and 2008 to $441,620.
Bright spots in Greater Vancouver in June 2009 compared to June 2008:
Detached:
Burnaby up 109.7 per cent (151 units sold from 72)
Coquitlam up 122.2 per cent (160 units sold from 72)
Delta – South up 107.7 per cent (56 units sold from 27)
Maple Ridge/Pitt Meadows up 54.3 per cent (162 units sold from 105)
New Westminster up 104.8 per cent (43 units sold from 21)
North Vancouver up 96.2 per cent (153 units sold from 78)
Port Moody/ Belcarra up 120 per cent (33 units sold from 15)
Richmond up 77.4 per cent (204 units sold from 115)
Squamish up 107.7 per cent (27 units sold from 13)
Sunshine Coast up 33.9 per cent (75 units sold from 56)
Vancouver East up 71.2 per cent (238 units sold from 139)
Vancouver West up 85.2 per cent (200 units sold from 108)
West Vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)
Attached:
Burnaby up 81.8 per cent (140 units sold from 77)
Coquitlam up 80 per cent (54 units sold from 30)
Maple Ridge/Pitt Meadows up 48.6 per cent (55 units sold from 37)
North Vancouver up 121.2 per cent (73 units sold from 33)
Port Coquitlam up 82.6 per cent (42 units sold from 23)
Port Moody/ Belcarra up 77.3 per cent (39 units sold from 22)
Richmond up 84.5 per cent (155 units sold from 84)
Vancouver East up 118.5 per cent (59 units sold from 27)
Vancouver West up 121.8 per cent (122 units sold from 55)
Apartments:
Burnaby up 60.4 per cent (239 units sold from 149)
Coquitlam up 93.9 per cent (95 units sold from 49)
New Westminster up 57.1 per cent (121 units sold from 77)
North Vancouver up 71.4 per cent (120 units sold from 70)
Port Coquitlam up 58.1 per cent (49 units sold from 31)
Port Moody/Belcarra up 128.6 per cent (48 units sold from 21)
Richmond up 54.1 per cent (225 units sold from 146)
Vancouver East up 58.7 per cent (165 units sold from 104)
Vancouver West up 87.2 per cent (627 units sold from 335)
West Vancouver/Howe Sound up 155.6 per cent (23 units sold from 9)
Shangri-La Hotel & Condos in Vancouver BC Canada
We take you on a tour of the Shangri-La Hotel and Residences. Our video is from the 41st floor, imagine what the view is like from the Penthouse suite!
The Shangri-La Hotels and Resorts are world renowned for their luxurious Asian style rooms and suites. Vancouver BC hosts the first Hotel of it’s kinda to North America, boasting 61 floors of gleaming steel and glass, making it the tallest building in our city. The building completed early 2009 and at the time of writing is currently filling with residences and hotel guests.
Vancouver Shangri-La has two addresses, estate units are floors 43 – 62, located at 1128 Georgia Street. The same address and lobby is used for the hotel rooms and suites using floors 1 – 15. The other address on the other side of the building is 1111 Alberni St, providing private live/work units spanning floors 16 – 42.
Whether guest of the hotel are visiting for business or pleasure their stay will be an experience. Many rooms feature private balconies, elegant finishes and wonderful city views. Residences and hotel are located in the center of the city where you’ll find the best shopping, restaurants & services. The Shangri-La amenities include a spa, fine dining (Market by Jean-Georges), many meeting and conference rooms.
If you’re looking to purchase a hi-end condo in Vancouver BC, Shangri-La would be one of the buildings you’d be interested in. Most of the upper floors feature larger suites with floor to ceiling windows and unobstructed views of city, mountains and water. With all the amenities offered within the building and by location, Shangri-La would interest most buyers searching for a luxury apartment or penthouse.
If you’re interested in purchasing an apartment or suite within the Shangri-La feel free to contact Jacob or Mike to talk about what’s currently available within the building for sale.
The housing market heats up in Vancouver increasing demand.
A continued increase in buyer activity over the last four months has resulted in increased home sales and lessened the downward pressure on housing prices in Greater Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 4.5 per cent to $506,201 from $484,211. However, home prices compared to May 2008 levels are down 10.9 per cent.
“The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region,” Scott Russell, REBGV president said. “MLS® data continues to show a trend toward a balanced market in the region.”
New listings for detached, attached and apartment properties declined in Greater Vancouver, down 36 per cent to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. At 13,641, the total number of property listings on the Multiple Listing Service® (MLS®) declined 4.7 per cent compared to last month and 16 per cent compared to May 2008.
Sales of detached properties increased 16.5 per cent to 1,402 from the 1,203 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 11.8 per cent from May 2008 to $680,320.
Sales of apartment properties in May 2009 increased 17.2 per cent to 1,458, compared to 1,244 sales in May 2008. The benchmark price of an apartment property declined 10.2 per cent from May 2008 to $349,987.
Attached property sales in May 2009 are up 19.6 per cent to 664, compared with the 555 sales in May 2008. The benchmark price of an attached unit decreased 9 per cent between May 2008 and 2009 to $435,848.
Bright spots in Greater Vancouver in May 2009 compared to May 2008:
Detached:
Burnaby up 48.9 per cent (140 units sold from 94)
Maple Ridge/Pitt Meadows up 13.4 per cent (144 units sold from 127)
North Vancouver up 31.4 per cent (134 units sold from 102)
Port Moody/Belcarra up 52.6 per cent (29 units sold from 19)
Richmond up 14.0 per cent (170 units sold from 142)
Vancouver East up 11.1 per cent (180 units sold from 162)
Vancouver West up 59.5 per cent (193 units sold from 121)
Attached:
Burnaby up 31.5 per cent (96 units sold from 73)
Maple Ridge/Pitt Meadows up 43.8 per cent (46 units sold from 32)
North Vancouver up 31.8 per cent (58 units sold from 44)
Vancouver West up 54.5 per cent (102 units sold from 66)
Apartments:
Burnaby up 32.6 per cent (187 units sold from 141)
North Vancouver up 22.6 per cent (103 units sold from 84)
Richmond up 27.4 per cent (200 units sold from 157)
Vancouver East up 28.7 per cent (139 units sold from 108)
Vancouver West up 25.4 per cent (529 units sold from 422)
Real Estate Board monthly update for May
Buyer activity brings greater stability to the housing market
VANCOUVER, B.C. – May 4, 2009 – With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.
For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.
“We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.
“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”
Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.
Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.
Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.
Bright spots in Greater Vancouver in April 2009 compared to April 2008:
Detached:
Vancouver West up 59.5 per cent (193 units sold from 121)
Attached:
Port Coquitlam up 69.6 per cent (39 units sold from 23)
Richmond up 17.9 per cent (132 units sold from 112)
Vancouver West up 46.3 per cent (98 units sold from 67)
Apartments:
North Vancouver up 29.2 per cent (84 units sold from 65)
