MARKET UPDATE- AUGUST 2019

Metro Vancouver housing market sees summer uptick in sales

Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months. 

Total home sales in the residential sector for August 2019 totalled 2,231, representing a 15.7% increase from the August 2018 sales recorded of 1,929 homes sold. Sales did decrease however, 12.7% over last month. Last month’s sales were 9.2% below the 10-year August sales average.

Ashley Smith, REBGV president states, “home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year.”

On the supply side, there were 3,747 newly listed homes comprising of the detached, apartment, and attached residences. This reflects a decrease of 3.5% compared to homes listed in August 2018 and an 18.8% decrease in comparison to the 4,613 newly listed homes last month.

MLS current listings are 13,396 or 13.3% higher than August 2018, whereby listings totalled 11,824. In comparison to July 2019, MLS recorded a decrease of 5.9%.

The sales to activity ratio in August 2019 was 12% for detached, 18.4% for attached (townhouse) and 21.2% for condos. Overall, across all property types, the sales to activity listing ratio were 16.7%.

“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.

Metro Vancouver benchmark price for all residential homes currently sits at $993,300 as indicated by the MLS Home Price Index composite. That is an 8.3% decrease over August 2018 and a 0.2% drop compared to July 2019.

August 2019 saw detached housing increase 24.5% (706) from August 2018 (567). Currently, the detached home benchmark sits at $1,406,700 a 9.8% decrease from August 2018 stats and 0.7% decrease compared to July 2019.

The benchmark price for apartments is currently $654,000. This represents a 7.4 % decrease from August 2018 and a 0.1% increase compared to July 2019.

Lastly, Townhomes or attached homes, sales totals for July were 409, showing a 21.4% increase compared to August 2018 where 337 sales were recorded. The attached home benchmark price currently sits at $771,000 a 7.8% decrease in comparison to August 2018 and a 0.2% increase compared to July 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 AUGUST 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

BUYING A HOME IN THE FALL

Buying a home in the Fall

Throughout most of Canada, and Vancouver in particular, spring is generally considered to be the peak real estate buying season. It turns out however, that not only is fall a great time to buy, it might be the best time of year to buy a home.

A lot of people see Labour Day as the beginning of a new year – when the summer holidays are over and everyone goes back to school and back to work. That’s when the real estate market picks up, as buyers who are planning to move want to be done by the holidays. Some are also driven by the idea that they want the tax benefits of home-ownership this year rather than next year.

The Fall buyer mix typically consists of:

  • First-time homebuyers 
  • Move-up buyers
  • Buyers downsizing/retiring
  • Investors
  • Vacation home buyers

Benefits of buying a home in the Fall

1. Motivated sellers want to close by year-end. Many buyers may find that sellers are looking to make a deal so they can close prior to December 31st and get that tax break.

2. Lower prices. Many sellers put their homes for sale in the spring. Some homes have lingered on the market resulting in a series of price reductions.

3. Less competition. Everyone puts their homes up for sale in the spring. The market is packed with new offerings. Green grass, beautiful flowers and crystal blue waters of open pools all add to the ideal. However, in the Fall, it is much easier to find that hidden gem.

Why buy a home now?

During peak selling months, everyone is busy. In the fall months however, lenders, inspectors, title companies, moving companies, etc. all experience a lighter schedule and have much more time and energy to focus on helping you.

Most sellers  are worn out after the summer selling season and now the have to contend with the fast approaching holiday season. If they want to move and get settled in prior to Christmas, they’ll have to get moving, fast. This makes it a perfect time for you to buy.

 

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

BUY A FIXER-UPPER OR A TEAR-DOWN?

BUYING A FIXER-UPPER OR A TEAR-DOWN

There are a number of mature neighbourhoods in the Greater Vancouver Area that currently have quite an inventory of homes that are either being rebuilt or are being extensively renovated. So what are the advantages of buying a fixer-upper and what are the advantages of buying a tear-down?

One of the great things about buying a fixer-upper is that every time is the right time; it is not dependent upon whether the real estate market is hot or cold. Real estate properties that need some tender loving care can be a real bargain during any real estate climate. The best fixer upper is the home that everybody will covet when it is fixed up, but few can see past its imperfections to see the potential.

Location, location, location.

Location drives saleability. Buying a fixer-upper or a tear-down can be a wonderful opportunity to acquire property in a neighbourhood that is expensive. For some, it is the only way. Fixer-uppers are usually on terrific lots that are big, wide, private, or otherwise scenic. So usually, the selling feature of the property is the location and the lot itself. Those details, obviously, can’t be changed. The home’s interior and exterior can.

Buying a fixer-upper or a tear-down is a great way to obtain a custom-made home. Whether you are the designer and builder, or whether you hire an architect and a general contractor, a fixer-upper is a wonderful way to create your dream home. Depending on how much work needs to be done, these homes open a world of opportunity to choose your flooring, your kitchen, your bathrooms, and much more. For that reason, fixer-uppers can provide much pride and satisfaction.

In some cases, a buyer may just be interested in the land on which a house sits, but he/she may not want the house itself. In others, the house may be condemned and has to come down anyway. If you find yourself interested in a tear-down, you need to know that there are several special considerations that need to be made. Buying a tear-down is a lot different than buying a traditional property. Look below to pick up a few tips that I’ve learned through the years.

Can You Get a Residential Loan for a Tear-Down?

To have the smoothest experience possible, you’re going to want to get a residential loan for the property that you’d like to buy. However, that’s not always possible with a tear-down. If the house itself is condemned, the land is considered to be unimproved. No house is technically on the property, so a residential loan is out of the question. That’s a problem because your other financing options are likely to require higher down payments and will probably have higher interest rates as well.

Leave at Least Part of the Structure Intact

If the house that you’d like to tear down isn’t condemned, you should be able to get a residential loan. However, you might not want to tear it down completely. If you do, you will have to deal with getting new permits, and the process can be extremely complex and confusing. One way to get around it is by leaving at least a few walls standing. In that case, you will technically be rebuilding the house. The permits shouldn’t be as difficult. If the foundation is still in good shape, you can save time and money by using it for your new house too.

Build the New House Before Tearing Down the Old One

Another possible way to simplify the process is by building your new house before tearing the old one down. This will eliminate issues regarding financing, but it could prove to be impossible. Is there enough room to build another house on the same land? If you want the new house to be on the site of the old one, that will be an issue too.

 

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- 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

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

MARKET UPDATE- APRIL 2019

Reduced demand and increased supply remain the trend across Metro Vancouver’s housing market

The Real Estate Board of Greater Vancouver says decreased demand is making the supply of homes for sale to accumulate across the Metro Vancouver housing market.

Total home sales in the residential sector for April 2019 totalled 1,829, representing a 29.1% decrease from sales recorded in April 2018 with 2,579 homes sold. Sales however increased 5.9 % over last month.

Ashley Smith, REBGV president states, “government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing.”

MLS or Multiple Listing Service recorded 5,742 newly listed homes comprising of the detached, apartment, and attached residences. This reflects an increase of 16% compared to homes listed in March 2019 and an 1.3% decrease in comparison to the 4,949 newly listed homes in April 2018.

MLS current listings are 14,357 or 46.2% higher than April 2018, whereby listings totalled 9,822. In comparison to March 2019 MLS recorded an increase of 12.4%, with 12,744 homes listed the previous month.

“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.”

The sales to activity ratio in April 2019 was 9.4% for detached, 15.4% for attached (townhouse) and 15.3% for condos. Overall, across all property types, the sales to activity listing ratio were 12.7%.

Analysts are saying that downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

Metro Vancouver benchmark price for all residential homes currently sits at $1,008,400 as indicated by the MLS Home Price Index composite. That is an 8.5% decrease over April of 2018 and a 0.3% drop compared to March 2019.

April 2019 saw detached housing decrease 24.7% (586) from April 2018 (807). Currently, the detached home benchmark sits at $1,425,200 an 11.1% decrease from April 2018 stats and 0.8% drop compared to March 2019.

The benchmark price for apartments is currently $656,900. This represents a 6.9% decrease from April 2018 and is unchanged in relation to March 2019.

Lastly, Townhomes or attached homes, sales totals for March were 358 showing a 22.8% decrease over April 2018 where 464 sales were recorded. The attached home benchmark price currently sits at $783,300 a 7.5% decrease in comparison to April 2018 and is unchanged in relation to March 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

MARKET UPDATE- March 2019

Prospective home buyers remain on the sidelines in March

Total home sales in the residential sector for March 2019 totalled 1,727, representing a 31.4% decrease from sales recorded in March 2018 with 2,517 homes sold. Last month’s sales were also 46.3 % below the 10-year March sales average, actually marking this the lowest total for the month since 1986.

Ashley Smith, REBGV president states, “housing demand today isn’t aligning with our growing economy and low unemployment rates. What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term.”

MLS or Multiple Listing Service recorded 4,949 newly listed homes comprising of the detached, apartment, and attached residences. This reflects an increase of 27.2% compared to homes listed in February 2019 and an 11.2% increase in comparison to the 4,450 newly listed homes in March 2018.

MLS current listings are 12,77 or 52.4% higher than March 2018, whereby listings totalled 8,380. In comparison to February 2019 MLS recorded an increase of 10.2%, with 11,590 homes listed the previous month.

The sales to activity ratio in March 2019 was 9.4% for detached, 15.9% for attached (townhouse) and 17.2% for condos. Overall, across all property types, the sales to activity listing ratio were 13.5%.

March 2019 Sales-to-active listings ratio 

Detached homes

9.4%

Townhomes

15.9%

Condominiums

17.2%

Total 13.5%

The key is to price homes for the market. Well priced homes attract more buyers and open houses have experienced more traffic.

The general rule of thumb for analysts is home prices adjust downward when the sales to activity ratio drop below 12% for a sustained time. Home prices increase when this ratio exceeds 20% for a sustained period of time.

Metro Vancouver benchmark price for all residential homes currently sits at $1,011,200 as indicated by the MLS Home Price Index composite. That is a 7.7% decrease over March of 2018 and a 0.5% drop compared to February 2019.

March 2019 saw detached housing decrease 26.7% (529) from March 2018 (722). Currently, the detached home benchmark sits at $1,437,100 a 10.5% decrease from March 2018 stats and 0.4% drop compared to February 2019.

The benchmark price for apartments is currently $656,900. This represents a 5.9% decrease from March 2018 and a 0.5% decrease from February 2019.

Lastly, Townhomes or attached homes, sales totals for March were 325 showing a 27.1% decrease over March 2018 where sMLS recorded 446 sales. The attached home benchmark price currently sits at $783,600 a 6% decrease in comparison to March 2018 and a 0.7% decrease over last month.

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

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