MARKET UPDATE- JULY 2019

Home buyer demand picked up across Metro Vancouver last month

July (a traditionally quieter month in real estate) became the second highest selling month so far this year.

Total home sales in the residential sector for July 2019 totalled 2,557, representing a 23.5% increase from the July 2018 sales recorded of 2,070 homes sold. Sales also increased 23.1% over last month.

Ashley Smith, REBGV president states, “while home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced. Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”

On the supply side, there were 4,613 newly listed homes comprising of the detached, apartment, and attached residences. This reflects a decrease of 3.3% compared to homes listed in July 2018 and an 2.9% decrease in comparison to the 4,751 newly listed homes in last month.

MLS current listings are 14,240 or 17.3% higher than July 2018, whereby listings totalled 12,137. In comparison to June 2019, MLS recorded a decrease of 4.9%.

“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,” Smith said.

The sales to activity ratio in July 2019 was 13.5% for detached, 20% for attached (townhouse) and 22% for condos. Overall, across all property types, the sales to activity listing ratio were 18%.

Metro Vancouver benchmark price for all residential homes currently sits at $995,200 as indicated by the MLS Home Price Index composite. That is an 9.4% decrease over July 2018 and a 0.3% drop compared to June 2019.

July 2019 saw detached housing increase 32% (841) from July 2018 (637). Currently, the detached home benchmark sits at $1,417,000 an 10.5% decrease from July 2018 stats and 0.5% decrease compared to June 2019.

The benchmark price for apartments is currently $653,200. This represents a 8.8% decrease from July 2018 and a 0.2% decrease compared to June 2019.

Lastly, Townhomes or attached homes, sales totals for July were 473, showing a 33.6% increase compared to July 2018 where 354 sales were recorded. The attached home benchmark price currently sits at $770,000 an 9% decrease in comparison to July 2018 and a 0.6% decrease compared to June 2019.

What do these stats mean to you? Call us today and let us help you read the market for your home.

Discover if your individual neighbourhood and price band is either a Buyer, Seller or balanced market. Email us to receive the current market stats for February 2019. 

 

Get in touch with the top Vancouver real estate team to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

CHOOSING YOUR REAL ESTATE PROFESSIONAL

Choosing Your Real Estate Professional

As one of Vancouver’s top real estate teams, the Lee + Pete Vancouver Real Estate Group takes great pride in working with our clients, and we work diligently to meet their needs. Our experience, knowledge of the market and dedicated marketing department are just a few tools we use to help our clients find success when buying or selling their homes.

The relationship between the real estate professional and the client is a very important part of the buying or selling process and it is very important to choose your real estate agent carefully. Working with a real estate professional who is experienced and trustworthy is the most effective and profitable way to sell or buy a home.

A good real estate agent will have a clear handle on the ins and outs of the housing market in your area. While we believe that we are the best choice in real estate, listed below are some of the best places to turn to find someone you know you can trust.

1. Find the agent with the most listings

One simple, somewhat passive way to find the best real estate agent is to see which agents have the most listings in your area. Experience with many clients indicates a certain amount of ambition and hustle.

2. Get referrals from family and friends

Another common strategy for finding a top agent is through word of mouth. Ask your family, friends, and neighbours whom they would recommend.

“If people close to you have used an agent they liked, then you’ll probably like them as well,” says Lee Bryant.

“The question to ask is, would you use this person again?” says Pete Shpak. “Do you believe they would look out for your interests like no one else would.”

Have a look through our testimonials here.

3. Ask a relocation specialist

A cross-province or cross-country move can be daunting, especially if you’re unfamiliar with any real estate agents in the area. A relocation specialist can gather information on the type of property you’re looking for and use that to match you with a top real estate professional in your area.

4. Look for community participation

Look beyond the performance numbers and find an agent who has actually invested in the area.

“Work with someone who believes in the community and does more than sell homes – someone who participates in local schools, businesses, or charities,” says Pete. “Someone who is really invested in the community has started selling your home before you’ve even met.”

5. Evaluate what ‘good’ means to you

Your idea of a good real estate agent is most likely different from someone else’s, so it’s important to make a list of qualities you’d most like to see in the person you hire to sell or find you a home. Does “good” mean they’re the most ethical, have the highest sales volume, or have the greatest experience? Do you want an agent who takes charge, or one who focuses more on listening to your needs? Is customer service the highest priority? All these are things to consider and it is always in your best interest to find an agent you have a natural rapport with. As always, we at Lee + Pete Vancouver Real Estate Group are here to answer your questions. Call us anytime with your real estate needs.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

WHAT’S ON IN VANCOUVER THIS SUMMER

Here’s a quick guide to some events we thought were pretty exciting!

Click the links for tickets or further information!

19 JULY 
42nd Annual Vancouver Folk Music Festival

30 JULY 
Nathaniel Rateliff & The Night Sweats – PNE Amphitheatre

4 AUGUST 
Vancouver Pride Parade and Festival

5 AUGUST 
Vancouver Mural Festival 

7 AUGUST 
Mumford & Sons play BC Place

9 AUGUST
Kits Fest

17 AUGUST – 2 SEPTEMBER 
PNE FAIR

17 AUGUST 
SeaWheeze Half Marathon & Sunset Festival

17 AUGUST 
BLUE RODEO – PNE Amphitheatre

18 AUGUST 
ZZ TOP 50th ANNIVERSARY TOUR – PNE Amphitheatre

20 AUGUST 
98 DEGREES – PNE Amphitheatre

21 AUGUST 
BURTON CUMMINGS – PNE Amphitheatre

23 AUGUST 
SMOKEY ROBINSON – PNE Amphitheatre

25 AUGUST 
STYX – PNE Amphitheatre

27 AUGUST 
UB40 – PNE Amphitheatre

27 AUGUST 
BON IVER – PNE Amphitheatre

Hope to see you out and about.

As always, email us to receive any information on buying or selling your home.

We’re here to help.

 

Get in touch with Vancouver’s top realtors to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

MARKET UPDATE- JUNE 2019

Housing supply up, home sales and prices down in June

Home buyer demand was below long-term historical averages in June making for a larger than normal supply of homes.

Total home sales in the residential sector for June 2019 totalled 2,077, representing a 14.4% decrease from sales recorded in June 2018 with 2,425 homes sold. Sales also decreased 21.3% over last month. Last month’s sales were 34.7% lower than the 10-year June sales average.

Ashley Smith, REBGV president states, “we’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver. Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”

On the supply side, there were 4,751 newly listed homes comprising of the detached, apartment, and attached residences. This reflects a decrease of 10% compared to homes listed in June 2018 and an 18.9% decrease in comparison to the 5,861 newly listed homes in last month.

MLS current listings are 14,968 or 25% higher than June 2018, whereby listings totalled 11,947. In comparison to May 2019, MLS recorded an increase of 1.9%.

“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”

The sales to activity ratio in June 2019 was 11.4% for detached, 15.8% for attached (townhouse) and 15.7% for condos. Overall, across all property types, the sales to activity listing ratio were 13.9%.

Metro Vancouver benchmark price for all residential homes currently sits at $998,700 as indicated by the MLS Home Price Index composite. That is an 9.6% decrease over June 2018 and a 0.8% drop compared to April 2019.

June 2019 saw detached housing decrease 2.6% (746) from June 2018 (766). Currently, the detached home benchmark sits at $1,423,500 an 10.9% decrease from June 2018 stats and 0.1% increase compared to May 2019.

The benchmark price for apartments is currently $654,700. This represents a 8.9% decrease from June 2018 and a 1.4 % decrease compared to May 2019.

Lastly, Townhomes or attached homes, sales totals for June were 390 showing a 6.9% decrease compared to June 2018 where 419 sales were recorded. The attached home benchmark price currently sits at $774,700 an 8.6% decrease in comparison to June 2018 and a 0.6% decrease compared to May 2019.

What do these stats mean to you? Call us today and let us help you read the market for your home.

Discover if your individual neighbourhood and price band is either a Buyer, Seller or balanced market. Email us to receive the current market stats for February 2019. 

 

Get in touch with the top Vancouver real estate team to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

The Daily Hive: A look inside: New super-green Passive House townhomes in Vancouver

Our recently listed Passive House project (futrhaus) designed by B2 Architecture Inc was just featured on the Daily Hive .

“These three units offer three or four bedrooms in a very desirable Vancouver neighbourhood, but will be especially attractive for a professional couple interested in their environmental footprint,” says Pete Shpak of Lee & Pete Vancouver Real Estate Group which is marketing the project. “The significant savings in energy costs will also add to the affordability of futrhaus.”

Passive House technology is considered to be the most rigorous voluntary energy-based standard in the design and construction industry today. Passive House buildings consume up to 90 per cent less heating and cooling energy than conventional buildings. The benefits of employing Passive House standards include fine-tuned control over indoor air quality and temperature with simple to use and durable systems, making them extremely quiet and comfortable throughout the changing seasons

If you’re interested in learning about buying this exciting eco-friendly home, click here to access our selling process. Of course, we’re always available for a call or a coffee to chat further about how we can help you plan for success!!!

info@leeandpete.com
604- 729-5646

So You Want To be A Landlord

So you want to be a landlord? Buying a home or condominium for the purpose of leasing out to tenants is something many people are doing today and is generally a positive financial move – rents take care of expenses (mortgage, taxes etc) while the property appreciates.

It’s very important, however to understand exactly what you’re getting yourself into before making the decision to become a landlord.

As top performing Vancouver realtors, we at Lee + Pete Vancouver Real Estate Group have helped countless clients invest in real estate. Not only can we assist you in selecting your investment property, (view some current featured listings here) we can offer some helpful tips that might make becoming a landlord a stress free experience.

Being a landlord has great benefits.

  • Financially rewarding
  • Long-term value in the property itself
  • Strong, positive relationships with tenants.

Being a landlord though, comes with great responsibility. Landlords are never off the clock. Emergencies can occur at a rental property at any time of the day or night and the landlord must be available to address these issues at a moment’s notice.

Great tenants are a blessing but sometimes unfortunately, you find yourself with a bad one. Bad tenants can fail to pay rent in a timely manner, they can cause damage to the property and even possibly, damage to the building itself. This can all be costly to you. Make sure that you are financially capable and stable enough to deal with any surprises that may come your way.

There are also laws that landlords are required to follow when renting out a property. Make a point to review housing laws. Laws related to health codes, security deposits, safety of tenants and discrimination could spell trouble for you if you do not read and understand these laws prior to issuing a lease to a tenant. The lease that you give to a tenant must comply with these laws. Failure to comply with housing laws may mean that the lease is not legally binding.

This is a just a brief collection of things you need to consider. For further information, assistance in finding a property or access to our rolodex of top mortgage brokers and lawyers, give us a call today.

If you’re interested in learning about buying an investment property, click here to access our selling process and speak to Vancouver’s top realtors. Of course, we’re always available for a call or a coffee to chat further about how we can help you plan for success!!!

info@leeandpete.com
604- 729-5646

MARKET UPDATE- MAY 2019

May sees modest increase in home sales

Home sales in Greater Vancouver eclipsed 2,000 for the first time this year in May.

Total home sales in the residential sector for May 2019 totalled 2,638, representing a 6.9% decrease from sales recorded in May 2018 with 2,833 homes sold. Sales however increased 44.2% over last month. Last month’s sales were the lowest total for the month since 2000.

Ashley Smith, REBGV president states, “high home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today.”

MLS or Multiple Listing Service recorded 5,861 newly listed homes comprising of the detached, apartment, and attached residences. This reflects a decrease of 8,1% compared to homes listed in May 2018 and a 2.1% increase in comparison to the 5,742 newly listed homes in April 2019.

MLS current listings are 14,685 or 30% higher than May 2018, whereby listings totalled 11,292. In comparison to April 2019, MLS recorded an increase of 2.3%.

“Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market,” Smith said. “To be competitive, it’s important to work with your local REALTOR® to assess and understand the latest trends in your neighbourhood and property type of choice.”

The sales to activity ratio in May 2019 was 14.2% for detached, 20% for attached (townhouse) and 21.2% for condos. Overall, across all property types, the sales to activity listing ratio were 18%.

Metro Vancouver benchmark price for all residential homes currently sits at $1,006,400 as indicated by the MLS Home Price Index composite. That is an 8.9% decrease over May of 2018 and a 0.4% drop compared to April 2019.

May 2019 saw detached housing decrease 1.4% (913) from May 2018 (926). Currently, the detached home benchmark sits at $1,421,900 an 11.5% decrease from May 2018 stats and 0.5% drop compared to April 2019.

The benchmark price for apartments is currently $664,200. This represents a 7.3% decrease from May 2018 and a 0.5% decrease compared to April 2019.

Lastly, Townhomes or attached homes, sales totals for May were 479 showing a 0.6% increase compared to May 2018 where 476 sales were recorded. The attached home benchmark price currently sits at $779,400 a 7.6% decrease in comparison to May 2018 and a 0.6% increase compared to April 2019.

What do these stats mean to you? Call us today and let us help you read the market for your home.

Discover if your individual neighbourhood and price band is either a Buyer, Seller or balanced market. Email us to receive the current market stats for February 2019. 

 

Get in touch with us to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

FEATURED HOME OF THE WEEK

WELCOME TO #1001 – 1171 JERVIS STREET, VANCOUVER, BC

Spectacular home with panoramic views at highly coveted brand new Jervis by Intracorp. This stunning home presents over 1,000 square feet of sophisticated open concept living with gourmet kitchen incl. Italien cabinetry and top-of-the-line Gaggenau appliances and large custom island. The living area extends to the large covered outdoor sundeck featuring sweeping city & mountain views, perfect for entertaining. Bedrooms are on opposite ends for max privacy, the master with spa-like marble covered ensuite and walk-in glass shower. Other luxury finishings include Air Conditioning, wide eng. hardwood floors & and abundance of windows bathing the exquisite interior in natural light. Enjoy amenities incl. gym & concierge plus secure parking and locker.

VIEW FULL LISTING HERE

 

If you’re interested in learning more about how to sell your home, click here to access our selling process. Of course, we’re always available for a call or a coffee to chat further about how we can help you sell your home!!!

info@leeandpete.com
604- 729-5646

Prepping Your Home for Vacation

The kids are almost out of school and its time to plan for that family getaway. Whether it’s a trip to grandma’s house for a week, or a month-long jaunt abroad, there are several things you can do to prep your home for your absence.

Use this checklist below to ensure a worry free vacation.

  • The fridge: We certainly don’t want a mouldy surprise when we return so make sure to throw away any foods that will expire while you’re gone. It wouldn’t hurt to do a little quick clean either. Wipe away any spills and any residue and a box of Arm & Hammer tucked in the back will keep things smelling fresh.
  • The laundry: Wash and put away laundry before you leave because you KNOW you will have loads to do upon your return. The last thing you want to do is stress out the moment you arrive home.
  • The pets: Are you boarding Fido? Is the pet sitter coming in daily to feed Fluffy? Either way, you need to prep detailed instructions for those in care of your furry friends. Make sure foods, toys, treats and medicines are well stocked and available.
  • The plants: Many of us have a heard enough time keeping houseplants alive when we’re home, never mind while away so hopefully a friend or neighbour has better results. Same as with pets, leave detailed watering instructions and hope for success.
  • Light it up: If the trip is a short one, leaving a few lamps on throughout the house can make it look occupied. For a longer vacation, you can invest in automatic timers that can turn your lights on and off at random intervals (but these are expensive), so if possible, have a trusted neighbour keep an eye out and randomly turn on a few lights.
  • Heating & cooling: No need to run the A/C or furnace too much while you’re away, so make adjustments to the thermostat to save energy. Unplug and unnecessary as well.
  • The mail: Nothing shows would-be thieves that a home is empty like mail and newspapers piling up on the doorstep. Call the post office and news carrier to put a hold on delivery while you’re away.
  • Tidy up: Do a quick clean before you leave so you’re not overwhelmed when you come home. There’s nothing like coming home to fresh sheets and a clean house.

Have a great vacation!

If you’re interested in learning about buying or selling your home, let Vancouver’s top selling real estate professionals be your guide. Click here to access our selling process. Of course, we’re always available for a call or a coffee to chat further about how we can help you sell your home!!!

info@leeandpete.com
604- 729-5646

FLEX YOUR CURB APPEAL – 5 DIY LANDSCAPING TIPS

There are many reasons to update your homes outdoor space – a quiet place to relax, a place for the kids to play – or, as we are going to discuss here – a way to increase it’s for sale value!

Adding curb appeal to your house not only makes it easier to sell, but it also gives your house that nice and finished look in which you can take pride in.

Plan Ahead

Before jumping in and tearing up the grass and randomly placing flower gardens, it’s important to step back and get an overall assessment of your home’s exterior. Where does the sun hit it? Where does the wind flow? Does your front door need a coat of bright, fresh paint? Let Mother Nature be your guide – she has great taste. Based on what you see, you can now begin creating your space. Sitting areas are best located out of line with the wind, so consider planting trees or shrubs where needed. Flowers tend to love the sunniest spots – and even on cooler days – it’s important to know where the sun can provide warmth.

No Diving

Tread lightly now. Dip your toes in and see how things feel. Set up some chairs where you think you want to create your sitting area. Maybe move your placement around until it fits. Take note of focal points and how each location interacts with the exterior of your home. Until you sit in a spot and take time in one space or another, you may not know how or if it fits in with your plan. Remember you are trying to create function and beautify at the same time. Paths are great for providing engagement with your property and make it welcoming.

K.I.S.S.

Keep it simple… A clean, well-organized space it best. Always remember, you want your exterior space to look great from your front door, as well as the curb. Let the exterior of your home become an extension of the interior. From the front door, imagine stepping out to a bed of flowers, a comfortable patio or lush potted plants. These also welcome those to your home and guide them inside.

Curb Appeal

Now that we understand where and why to place plants, trees, bushes and paths on our property, we can use them to create the visual frame of our home. Create focal points that enhance your home. Cross the street and think how that tree, while providing shade in the summer, can also offer vibrant fall colours. Flowering trees are especially interesting. Flower gardens and perimeter plantings also make colorful focal points and enliven the outdoor experience. 
A colourful front door, with new hardware adds particular charm.

Maintenance

Remember, your goal may be to enhance your property’s value, but it is still your home and while many of these enhancements are simple, you still need to maintain them to keep your exterior looking fabulous. Ensure you have plenty of room to guide your lawn mower or to weed your garden. Rake in the fall and always maintain a well-trimmed lawn.

First impressions matter!

 

If you’re interested in learning more about how to sell your home, click here to access our selling process. Of course, we’re always available for a call or a coffee to chat further about how we can help you sell your home!!!

info@leeandpete.com
604- 729-5646

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