Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market.

After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential sales in 2015.

Last year’s sales total was, however, 9.7 per cent above the 10-year sales average.

“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”

Home listings in Metro Vancouver reached 54,655 in 2017. This is a 5.1 per cent decrease compared to the 57,596 homes listed in 2016 and a 4.5 per cent decrease compared to the 57,249 homes listed in 2015.

Last year’s listings total was 4.4 per cent below the 10-year listings average.

“Market activity differed considerably this year based on property type,” Oudil said. “Competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state, giving home buyers more selection to choose from and more time to make decisions.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9 per cent compared to December 2016.

The benchmark price of condominiums increased 25.9 per cent in the region last year. Townhomes increased 18.5 per cent and detached homes increased 7.9 per cent.

“Strong economic growth, low interest rates, declining unemployment, increasing wages and a growing population all helped boost home buyer demand in our region last year,” Oudil said.

December summary

Sales of detached, attached, and apartment properties totalled 2,016 in the region in December 2017, a 17.6 per cent increase from the 1,714 sales recorded in December 2016 and a 27.9 per cent decrease compared to November 2017 when 2,795 homes sold.

Last month’s sales were 7.5 per cent above the 10-year sales average for the month.

“As we move into 2018, REALTORS® are working with their clients to help them understand how changing interest rates and the federal government’s new mortgage qualifications could affect their purchasing power,” Oudil said. “Only time will tell what impact these rules will have on the market.

“Home buyers today should get pre-approved before making an offer to ensure that your home buying goals align with your financial situation,” Oudil said.

There were 1,891 residential homes newly listed for sale in December 2017. This represents a 44.1 per cent increase compared to the 1,312 homes listed in December 2016 and a 54 per cent decrease compared to November 2017 when 4,109 properties were listed.

The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 6,958, a 9.7 per cent increase compared to December 2016 (6,345) and a 20.5 per cent decrease compared to November 2017 (8,747).

The sales-to-active listings ratio for December 2017 is 29 per cent. By property type, the ratio is 14.4 per cent for detached homes, 38.8 per cent for townhomes, and 59.6 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Sales of detached properties in December 2017 reached 617, a 14 per cent increase from the 541 detached sales recorded in December 2016. The benchmark price for a detached home in the region is $1,605,800. This represents a 7.9 per cent increase compared to December 2016.

Sales of apartment homes reached 1,028 in December 2017, a 12.3 per cent increase compared to the 915 sales in December 2016.The benchmark price of an apartment in the region is $655,400. This represents a 25.9 per cent increase compared to December 2016.

Attached (or townhome) property sales in December 2017 totalled 371, a 43.8 per cent increase compared to the 258 sales in December 2016. The benchmark price of an attached home in the region is $803,700. This represents an 18.5 per cent increase compared to December 2016.

Click here to download the December 2017 stats package

Presale condos are commonplace in the Vancouver housing market.  As the city attempts to bolster housing inventory in order to combat rising prices, they are greenlighting multi-unit condo developments at unprecedented rates.  With the increase in condos available, it should be no surprise that presale condos are increasingly available as well.  If you’re interested in purchasing a presale condo, these tips for buying presale could save you significantly.

Know your Risk

Sizeable investments such as real estate investments always carry some risk, and presale condos represent unique risks that you may or may not understand.  Knowing the downside of buying these properties can help you avoid certain pitfalls that can cost you a lot of money.  First time home buyers should especially take note as presale condos are not typical when compared to completed properties currently on the market.  In fact, presale condos represent a contract wherein the purchaser agrees to pay for a condo at an agreed upon future date.  Future market conditions or financial resources are not relevant, so it’s important to know the risks.

First, presale condos are subject to taxes including GST and HST.  As is the case with all new property purchases in British Columbia, you’ll be required to pay these taxes when the presale contract is completed.  In addition, property transfer tax will need to be paid, so you’ll need to include these taxes in the final sale price of your condo.  Most buyers are not surprised to learn they’ll owe taxes, but the fact that these taxes are essentially deferred until the sale completes means they can sometimes be overlooked.

Of greater cause for concern is that your presale condo contract does not reflect market changes.  So, if the housing market falls, you’re still required to pay the agreed upon price for the condo.  This means that the market value of the condo when you finally take ownership may be less than you agreed to pay and you cannot terminate the contract.  That’s right, you cannot back out of a presale condo contract.

Negotiating Mortgages

Another factor to consider when purchasing presale condos is that mortgages are not always guaranteed.  Many buyers can have a mortgage approved for a presale condo, but it can be tricky.  You’ll need to be clear with your lender of your intention to buy a presale condo to ensure your mortgage will be approved.

The Great Unknown

Finally, since your presale condo is not a physical property you can tour before you purchase it, you need to be very careful to negotiate all expectations in your contract.  If you’re expecting granite countertops and a whirlpool tub, make sure that’s in your contract.  It’s even advisable to have a lawyer review your contract before you sign because developers rely on the fine print to protect themselves in case they can’t deliver on all their sales promises.

Metro Vancouver continues to experience above-average demand and below-average supply!

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,795 in November 2017, a 26.2 per cent increase from the 2,214 sales recorded in November 2016, and a 7.5 per cent decrease compared to October 2017 when 3,022 homes sold.

Last month’s sales were 17 per cent above the 10-year November sales average.

“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, REBGV president said.

There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2017. This represents a 30.6 per cent increase compared to the 3,147 homes listed in November 2016 and a 9.5 per cent decrease compared to October 2017 when 4,539 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,747, a 4.3 per cent increase compared to November 2016 (8,385) and a 4.3 per cent decrease compared to October 2017 (9,137).

“While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels,” Oudil said.

The sales-to-active listings ratio for November 2017 is 32 per cent, which is up three per cent since September 2017. By property type, the ratio is 15.9 per cent for detached homes (up one per cent since September 2017), 36.4 per cent for townhomes (down six per cent since September 2017), and 67.8 per cent for condominiums (up seven per cent since September 2017).

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,046,900. This represents a 14 per cent increase over November 2016 and a 0.4 per cent increase compared to October 2017.

Sales of detached properties in November 2017 reached 841, a 31.8 per cent increase from the 638 detached sales recorded in November 2016. The benchmark price for detached properties is $1,608,000. This represents a 6.1 per cent increase from November 2016 and a 0.1 per cent decrease compared to October 2017.

Sales of apartment properties reached 1,508 in November 2017, a 25.7 per cent increase compared to the 1,200 sales in November 2016. The benchmark price of an apartment property is $648,200. This represents a 23.9 per cent increase from November 2016 and a one per cent increase compared to October 2017.

Attached property sales in November 2017 totalled 446, an 18.6 per cent increase compared to the 376 sales in November 2016. The benchmark price of an attached unit is $805,200. This represents a 17.9 per cent increase from November 2016 and a 0.3 per cent increase compared to October 2017.

Click here to download the November 2017 stats package

First time home buyers often have a lot of questions around home inspections in the Vancouver real estate market.  Often, these questions focus on the nature of home inspections, what is included, and why they are conducted.  Home inspections are an important factor in real estate transactions and ultimately protect both the buyer and seller, but many banks or lenders may also request a home inspection. 

Let’s start with the basics – a home inspection is simply an expert survey of all aspects of a home, inside and out.  Qualified home inspectors check exterior and interior components and structures including the foundation, basement, roof, heating, plumbing and electrical to ensure the home is in good condition.  Sellers are not necessarily required to submit to an inspection, but this may mean the buyer is not interested in pursuing the sale.  That being said, there are some strata properties that might restrict inspector access to certain areas of a building (such as roof or boiler room) due to liability or warranty concerns.

Home inspectors may act on behalf of the buyer or the seller – so, whoever has requested the inspection will receive the final report.  Sellers often decide to get a home inspection so they are prepared for any repairs that may need to be made in advance of selling.  Alternatively, buyers ask for inspections so they know that the home is in good repair and no major projects are on the horizon.  Not surprisingly, the results of a home inspection can have a significant impact on the selling price of a home.

In reality, home inspections are rarely a requirement of a real estate transaction, unless of course your bank requests it.  However, home inspections are always recommended by real estate professionals in Vancouver.  Home inspections not only tell the buyer that the home is free from major problems, but also gives them valuable information about the kinds of renovations that may or may not be possible.  And as mentioned, if a buyer’s home inspection report indicates significant repairs are required, this can be used in negotiating the final selling price.

So, if you are considering buying a home in the Vancouver real estate market, you should also carefully consider getting a home inspection. 

At the end of the day, a home inspection will give you peace of mind knowing that the home you are purchasing will be comfortable for you and your family for years to come.  If your inspection comes back suggesting major repairs are required, you have the necessary information to decide whether you would prefer to purchase a different home or if you want to try to get that home for a more affordable price.

OCTOBER SALES EXCEED HISTORICAL AVERAGE!

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,022 in October 2017, a 35.3 per cent increase from the 2,233 sales recorded in October 2016, and an increase of 7.1 per cent compared to September 2017 when 2,821 homes sold.

Last month’s sales were 15 per cent above the 10-year October sales average.

"Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices," Jill Oudil, REBGV president said. "It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices."

There were 4,539 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2017. This represents a 14 per cent increase compared to the 3,981 homes listed in October 2016 and a 15.6 per cent decrease compared to September 2017 when 5,375 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,137, a 0.1 per cent decrease compared to October 2016 (9,143) and a 3.5 per cent decrease compared to September 2017 (9,466).

For all property types, the sales-to-active listings ratio for October 2017 is 33.1 per cent. By property type, the ratio is 16.8 per cent for detached homes, 44.8 per cent for townhomes, and 66 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

"The growth in our provincial economy and job market is contributing to today's demand," Oudil said. "The federal government's announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term. Many buyers are trying to enter the market before the changes are in place."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,300. This represents a 12.4 per cent increase over October 2016 and a 0.5 per cent increase compared to September 2017.

Sales of detached properties in October 2017 reached 940, a 44.2 per cent increase from the 652 detached sales recorded in October 2016 and a 34.6 per cent decrease from the 1,437 sales in October 2015. The benchmark price for detached properties is $1,609,600. This represents a four per cent increase from October 2016 and a 0.5 per cent decrease compared to September 2017.

Sales of apartment properties reached 1,532 in October 2017, a 30.1 per cent increase compared to the 1,178 sales in October 2016 and a 0.7 per cent decrease from the 1,543 sales in October 2015. The benchmark price of an apartment property is $642,000. This represents a 22.7 per cent increase from October 2016 and a one per cent increase compared to September 2017.

Attached property sales in October 2017 totalled 550, a 36.5 per cent increase compared to the 403 sales in October 2016 and a 17.4 per cent decrease from the 666 sales in October 2015. The benchmark price of an attached unit is $802,400. This represents a 17.7 per cent increase from October 2016 and a two per cent increase compared to September 2017.

Click here to download the October 2017 stats package

An often overlooked alternative to the standard mortgage lending process in Vancouver, British Columbia, private financing is a worthwhile consideration for acquiring funding for real estate investment.  Many residents in the city are all too familiar with the challenges associated with breaking into the real estate market – prices and competition is high, and financing can be difficult to arrange.  Still, when weighing the costs and benefits of renting versus purchasing, home owners will tell you that buying your property means money is ultimately going into your own pocket as you pay off a mortgage and build equity.

Getting a mortgage approved can certainly be a deterrent to some folks who would prefer to purchase property.  If you’ve ever been concerned that you would not get approved for a mortgage in BC, private financing might be the alternative you need.  Banks and other conventional lenders often have a much more stringent mortgage lending process, particularly since the real estate market took a huge hit in 2007 and banks were left holding the bag.  Banks poor lending practices and inadequate approaches to due diligence ultimately resulted in consequences for borrowers too, and in today’s competitive real estate market it is much more challenging to get a mortgage.

Fortunately, private lenders in BC represent a growing network of mortgage lending services that are available to the public whether they’re looking to purchase their own home or to invest in local real estate.  Private financing companies in BC often offer attractive mortgage rates and reasonable lending requirements.  Typically, approval for private financing requires that borrowers have around 15 percent to put toward a down payment, while higher down payments (such as 20 or 25 percent) are preferred.  In addition, evidence of a stable income over the past 12 months or more.  Satisfying these two conditions is often all you’ll need to get private financing in BC. 

Credit scores and credit history are not a major concern as private lenders are more interested in your current credit standing rather than a history that can be explained by predictable life circumstances.  In fact, private lending can often help borrowers rebuild their credit score while they also build home equity.  Even though interest rates for private financing are usually a little higher than banks, the equity you build and the money you save by investing in your own home will well outweigh the costs of increased interest payments.  Then, after a couple of years on a private mortgage and an improved credit score, you can seek lending through traditional banking options and reduce your interest rates. 

For many borrowers, private lending in BC is an attractive choice that can help them get into a home, improve their credit history, all while keeping money in their own pockets.

Home buyer demand continues to differ based on housing type

Apartment and townhome activity is outpacing the detached home market across Metro Vancouver*. This activity helped push total residential sales above the historical average in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold.

Last month’s sales were 13.1 per cent above the 10-year September sales average.

“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers' market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12 per cent increase compared to the 4,799 homes listed in September 2016 and a 26.6 per cent increase compared to August 2017 when 4,245 homes were liste

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent increase compared to August 2017 (8,807).

“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”

For all property types, the sales-to-active listings ratio for September 2017 is 29.8 per cent. By property type, the ratio is 14.6 per cent for detached homes, 42.3 per cent for townhomes, and 60.4 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 per cent increase over September 2016 and a 0.7 per cent increase compared to August 2017.

Sales of detached properties in September 2017 reached 852, a 27.9 per cent increase from the sales recorded in September 2016 (666), a decrease of 33 per cent from September 2015 (1,272), and a decrease of 32.9 per cent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1 per cent increase compared to August 2017.

Sales of apartment properties reached 1,451 in September 2017, a 19.1 per cent increase compared from the sales recorded in September 2016 (1,218), a 5.1 per cent decrease from September 2015 (1,529), and a 22.1 per cent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 per cent increase from September 2016 and a 1.4 per cent increase compared to August 2017.

Attached property sales in September 2017 totalled 518, a 40.4 per cent increase compared to the sales recorded in September 2016 (369), a 4.8 per cent decrease from September 2015 (544), and an 11.6 per cent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 per cent increase from September 2016 and a 1.1 per cent increase compared to August 2017.

Click here to download the September 2017 stats package

Whether you find yourself in a buyers’ or sellers’ real estate market, getting the best price for your home requires considerable preparation.  Ultimately, marketing your home effectively starts with a few simple tasks that you should tackle before you put it up for sale.  The following tips on how to prepare your home for sale will help you get top dollar.

Get Things in Order

From cleaning and landscaping to making repairs, getting your home in order is the first step to a good sale.  Even though we’ve been taught never to judge a book by its cover, this adage does not ring true for real estate transactions.  Curb appeal is likely one of the first things your real estate agent will mention because they know you need to make a good impression on potential buyers.  This means your yard must look immaculate – cut your lawn, trim your hedges, and weed your garden.

You’ll also want the exterior of your home to look clean and tidy.  Obviously, you need to remove unnecessary clutter and garbage, but you’ll also want to consider power washing exterior surfaces such as siding, decks, and driveways.  Any noticeable repairs must also be accounted for – this means no broken windows, shabby shingles, or other signs your home isn’t in tip top condition.

Make your Space Comfortable

An inviting home is a home that sells quickly and for a good price.  Just as you would remove clutter from your yard, you should de-clutter the interior of your home.  A fresh coat of paint in neutral colours is also advisable as it gives your home not only a “new” appearance, but also enables potential buyers to visualize their own sense of décor.  Personal items should be neatly organized and out of sight – remove family photographs, keep bathrooms free of cosmetics and personal hygiene items, and remove appliances from kitchen surfaces.  This will help to create the sense of space and will ensure potential buyers aren’t distracted from seeing themselves living in the home.

Clean Homes Sell

Finally, it can’t be stressed enough that your home must be cleaner than ever.  All surfaces must be polished and sparkling, closets and drawers should be highly organized, and anything that emits bad odors must be neutralized.  You want to create the most positive possible atmosphere for potential buyers and make sure not to give the impression that your home is uncomfortable, disorganized, or requiring major work to get it up to snuff.

Often times, homeowners are surprised at the impact that a little preparation can make not only in the speed of a sale but also in the final price fetched; but when you speak to real estate experts, they’ll almost always offer the same advice.  Create a clean slate in your home and buyers will be attracted.

Condominium sales drive August activity

Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 per cent increase from the 2,489 sales recorded in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.

Last month’s sales were 19.6 per cent above the 10-year August sales average.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

There were 4,245 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2017. This represents a 1.1 per cent decrease compared to the 4,293 homes listed in August 2016 and a 19.2 per cent decrease compared to July 2017 when 5,256 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,807, a 3.5 per cent increase compared to August 2016 (8,506) and a 4.2 per cent decrease compared to July 2017 (9,194).

For all property types, the sales-to-active listings ratio for August 2017 is 34.6 per cent. By property type, the ratio is 16.3 per cent for detached homes, 44.8 per cent for townhomes, and 76.3 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets," Oudil said. "Detached homes have entered a balanced market. This means there's less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,029,700. This represents a 9.4 per cent increase over August 2016 and a one per cent increase compared to July 2017.

Sales of detached properties in August 2017 reached 901, a 26 per cent increase from the 715 detached sales recorded in August 2016. The benchmark price for detached properties is $1,615,100. This represents a 2.2 per cent increase from August 2016 and a 0.2 per cent increase compared to July 2017.

Sales of apartment properties reached 1,613 in August 2017, a 20.1 per cent increase compared to the 1,343 sales in August 2016. The benchmark price of an apartment property is $626,800. This represents a 19.4 per cent increase from August 2016 and a 1.7 per cent increase compared to July 2017.

Attached property sales in August 2017 totalled 529, a 22.7 per cent increase compared to the 431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a 12.8 per cent increase from August 2016 and a 1.9 per cent increase compared to July 2017.

Click here to download the August 2017 stats package

If you’re thinking of selling a condo in Burnaby, there are many factors to consider.  From marketing, timing, preparation, and pricing, making a sale that works for you is not always as straightforward as you may think.  Here’s what you need to know about selling a condo in Burnaby.

Marketing Matters

Condos today are as unique as the neighbourhoods they’re found in, so marketing your condo effectively is an important component of selling your condo.  Know your building, know your neighbourhood, and know your audience – these are all critical aspects of marketing, even as important as pricing your condo properly.  Then obviously, you need to display your Burnaby condo attractively.  You needn’t throw a bunch of money into renovations, but a new coat of paint and a clean, clutter-free appearance can make a world of difference.  And finally, you need to have quality photos of your condo for marketing purposes.  If you’re not confident in your photography skills, consider hiring a professional so that your condo attracts more potential buyers.

Timing is Everything

When you’re selling a condo in Burnaby, carefully consider the seasonal changes in the real estate market.  Each seller is going to have different reasons including financial reasons, job changes, or other personal motivators.  That being said, there are seasonal fluctuations in the market.  From January to March, the market tends to be slower and the spring market is when sellers get the most value for their properties.  As the weather heats up and people are on vacation, we tend to see dips in the market – prices come down and sales slow.  The second busiest time for the real estate market tends to be the end of summer to early fall.  So, if you can afford to wait for the spring season, you’re likely to get a great price for your condo.

Preparation and Pricing

Preparing and pricing your condo are also major factors in selling your home.  When it comes to preparation, you have to think of making a good first impression – clean, tidy, spacious, and attractive condos sell faster.  Consider hiring professional cleaners to ensure your property is immaculate.  Also, keep your space organized – beds should be made, clutter should be stored out of view, and you should also remove all unnecessary furniture and knickknacks to give the impression of more space.  Finally, ensure your condo is in good repair so that potential buyers won’t try to negotiate the price based on even minor problems they find in the home.

Speaking of price, how do you accurately price your Burnaby condo?  Clearly, you have to consider the average market price to determine the value of your property.  Your sales goals are also important – you might want to get the best possible price for your home or you might need to sell by a particular date.  Once you understand your goals, you can consider your pricing strategy.  Ultimately, getting top dollar means you’ll sell your home when the market is hottest, and this takes patience.  On the other hand, if you’re in a hurry to sell your home, you probably want to price at or just above market value to attract more potential buyers.

Need more information? Call me 604-499-1996 today!

Secrets for buyer's direct from the horse's mouth!

1. Location.

First-time buyer, investor or existing homeowner, you need to understand the best locations for your investment. If your an investor, a condo near public transit or a university is always good.

2. Know your credit rating.

Do not just assume your credit is in order. Before proceeding with a lender check your credit and make sure there are no outstanding issues that may hold you back after finding your dream property. In addition if there is a mistake with your credit from an old bill for example this can be easily rectified in most cases. You can call either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166 to check.

3. Don't rule out heading out of the city.

Young families are heading out to buy affordable and newer resale homes. Sometimes it pays to go further depending on what you're looking for. If you value the space more and have a strict budget then buying downtown Vancouver most likely wont do.

4. Know your true price range.

Meet with one or more mortgage lenders to get pre-approved and understand what your true price range is. Often times in this market especially under 1 million dollars Condos/Townhomes in the lower mainland, if you go to make an offer the odds are you will be in a competing scenario. A good tip with this market is if your budget is 500k for example then its not a bad idea to also look at properties priced around 50-100k under that budget. The harsh reality right now is that the majority of attached properties are all selling over asking & in some cases well over. Otherwise In a more traditional market it would be normal to look at properties above your budget and try to negotiate lower against no competition.

Also a good tip is when you are in that multiple offer scenario and trying to determine how much your offer should be, I tell all my clients to offer as high as your comfortable with and then use this exercise. Imagine the property sold for 10 thousand more then your highest offer price, Would you be upset and feeling afterward you would have paid that? If the answer is no then you have found your maximum offer for that particular property.

5. Get the best representation.

A home for most people is the biggest investment you'll make so you want to feel comfortable when you go to buy it or sell it. A good starting point is find an agent you feel you can trust and who operates in a sales manner that your comfortable with. Some prefer a more high intensity pressure type sales agent to represent them where as others prefer to work with someone a little more laid back. Regardless find an agent who has a solid marketing plan plus a proven track record of successful negotiated sales.

Need more information? Call me 604-499-1996 today! 

Metro Vancouver sees fewer home sales and more listings in July

Home buyer activity returned to more typical summer levels in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017.

Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.

Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.

Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017.

Click here to download the July 2017 stats package