Archive for May, 2009
Wordless Wednesdays
May 27th, 2009 Categories: Wordless Wednesdays
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Multiple Offers Abound in Vancouver Real Estate
May 26th, 2009 Categories: Real Estate
I’ve written four offers in the last four days and three of them were multiple offer situations.
My listing at 1199 Marinaside Crescent in Yaletown got three offers as soon as it was published on MLS. I was a buyer agent for a waterview condo at Sapphire in Coal Harbour. We were close to reaching an agreement when another offer came in and got accepted. My buyer selected not to increase his offer. Currently there are no other listings on the market like this one. The third offer was also in Coal Harbour and had no other competing offers. The fourth offer was a house in McKenzie Heights which had 5 offers and the winner wrote a non subject offer.
It’s a move up market. I’ve had more showings on my luxury listings this week than I’ve had all year. I’ll be do a post on luxury listings.
In my opinion we’re back to a 2006 market , more buyers than sellers. Read the rest of this entry »
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Canada Real Estate Roundup
May 26th, 2009 Categories: Real Estate
Take a look at what’s happening in the Canada real estate market. Compared to one year ago, Real Estate prices in the big cities of Toronto, Vancouver, Calgary and Edmonton are down, Winnipeg, Ottawa, Montreal prices are up, as are the Maritime Provinces. The following is a release by CREA, you can hold your mouse over a specific city and view the current average price and the average price one year ago.
View my Canadian real estate blogs Read the rest of this entry »
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BCREA Revise their Forecast for Vancouver Real Estate Market
May 26th, 2009 Categories: Real Estate
As part of its Spring 2009 Housing Forecast, the British Columbia Real Estate Association (BCREA) reported today that housing market conditions have improved more rapidly than expected. As a result, BCREA has revised its home price forecast upwards, reflecting greater price stability through the balance of the year. The average Multiple Listing Service® (MLS®) residential price in British Columbia is forecast to decline eight per cent to $420,600 in 2009, instead of 13 per cent originally forecasted at the beginning of the year.
“The majority of the decline in home prices has already occurred,” said Cameron Muir, BCREA Chief Economist. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these areas.”
Home sales in the province have climbed out of a trough, posting double-digit percentage gains for three consecutive months (seasonally adjusted).
BC MLS® residential sales are forecast to decline 12 per cent to 60,755 units this year, as a result of a weak first quarter. However, stronger consumer demand is expected to continue for the balance of the year and through 2010. Residential sales in 2010 are forecast to climb 10 percent to 66,740 units. Read the rest of this entry »
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What you should know about Realtors working for Developers or Builders
May 25th, 2009 Categories: Real Estate
Who collects and keeps client ID?
Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as of February 20, 2009, real estate developers and builders are required to comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requirements when selling a new house (detached, attached or condominium), commercial or industrial building, or multi-unit residential building.
A real estate developer is defined as an individual or an entity other than a real estate broker or sales representative who has sold at least:
- five new houses or condominium units;
- one new commercial or industrial building;
- one new multi-unit residential building each of which contains five or more residential units; or
- two new multi-unit residential buildings that together contain five or more residential units. Read the rest of this entry »
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April New Home Construction in Vancouver
May 24th, 2009 Categories: Real Estate
Numbers released by Canada Mortgage and Housing Corporation (CMHC) show that new home starts in Vancouver moved lower in April. Fewer multiple unit and single detached homes started construction in the first four months of the year. The total number of housing starts was down by nearly two-thirds from last year’s strong performance.
“Starts numbers so far this year are consistent with CMHC’s forecast. However, the rate of decline is expected to moderate in the remainder of the year,” said Robyn Adamache, senior market analyst with CMHC. “New home construction is facing competition from a well-supplied resale market and a growing inventory of unsold new homes. Builders will remain on the sidelines until some of the existing new and resale supply is absorbed.”
Nationally, new home construction declined 20 per cent to 117,400 SAAR (seasonally adjusted at an annual rate) in April (compared to March). B.C. urban housing starts edged up from 9,800 in March to 9,900 SAAR in April
CREA
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Buying or selling Vancouver real estate? contact an experienced realtor, Maggie, marketing homes since 1981
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CREA Homes Sales Forecast Revised for Canada
May 23rd, 2009 Categories: Real Estate
Aspring housing market that was more active than anticipated has prompted a change to the MLS® home sales forecast issued by The Canadian Real Estate Association (CREA) for the rest of 2009, and for 2010.
National home sales activity is forecast to be down 14.7 per cent to 370,500 units in 2009. This is slightly less than the reduction in activity predicted in CREA’s forecast issued last February. The forecast decline in annual activity was trimmed to reflect a stronger than expected rebound in activity in British Columbia and Ontario in the first quarter of 2009. Forecast declines in annual activity were reduced for these provinces. They were also shaved for Manitoba, Quebec, New Brunswick, and Prince Edward Island to reflect stabilizing trends in sales activity in these provinces.
National MLS® home sales activity is forecast to rebound by 7.2 per cent to 397,000 units in 2010. This is a slightly weaker rebound than predicted in CREA’s previous forecast. The revision reflects recently downgraded forecasts for economic growth next year. The rebound in activity in 2010 is forecast to be biggest in British Columbia and Alberta. Read the rest of this entry »
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Vancouver Real Estate Analysis for Olympic Village
May 22nd, 2009 Categories: Olympic Village
Vancouver real estate statistics for False Creek North (Olympic Village) saw listings down and sales up for April 2009. We can only track the activity for this neighbourhood through MLS, not the Developers who are pre-selling, but that will eventually change and then we can get a better feel for the neighbourhood.
Listings – Feb 19, Mar 18, Apr 16
Sales – Feb 0, Mar 3, Apr 5
Average Days on Market for Solds – Mar 22, Apr 28
Average Sale Price - Mar $399,000 , Apr $325,000
Average $ pr sq ft - Mar $485, Apr $533 Read the rest of this entry »
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Understanding British Columbia’s Property Transfer Tax
May 21st, 2009 Categories: Real Estate
Every real estate transaction in British Columbia requires the Buyer to pay a property transfer tax. If you are a first time buyer you are exempt if you meet certain criteria.
Have you ever been confused by BC Government information about the Property Transfer Tax (PTT)? If you answered yes, you’re not alone.
To help home buyers understand the tax and how to calculate their payment, the Ministry of Finance now provides plain language documents on all aspects of the PTT, from explaining what the tax is to calculating an exemption and filing a PTT return.
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My Take on Vancouver Real Estate Market
May 21st, 2009 Categories: Real Estate
I’ve always believed the best way to keep your pulse on the Vancouver real estate market is to be working with Buyer Clients.
When setting up a buyer tour, it becomes quickly evident what’s selling and what’s not and one is able to establish current market value by viewing comparable properties for sale. In addition, posting my neighbourhood stats every month on my blog definitely keeps me on the cutting edge. I also determine what’s currently happening in the market by the number of leads I receive from potential buyers and sellers. Right now the buyer leads way exceed the sellers. Also, I follow a Google graph that shows the number of people searching for real estate.
It is my opinion that we are in a seller’s market for lower end properties – condos under $500,000, west side houses under $1.2M. When phoning to set up buyer’s tours almost everything is sold or has an accepted offer! Read the rest of this entry »
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