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.

 

courtesy of the Real Estate Board of Greater Vancouver 

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2013 Report

The Real Estate Board of Greater Vancouver reported today that total sales of properties in 2013 reached 28,524, a 14 per cent increase from the 25,032 sales recorded in 2012, and an 11.9 per cent decrease from the 32,390 residential sales in 2011.

“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t compare to some of the record-breaking years we experienced over the last decade,” Sandra Wyant, REBGV president said.

Last year’s home sale total ranks as the third lowest annual total for the region in the last ten years, according to the region’s Multiple Listing Service® (MLS®).
The number of residential properties listed for sale on the MLS® in Metro Vancouver declined 6.2 per cent in 2013 to 54,742 compared to the 58,379 properties listed in 2012. Looking back further, last year’s total represents an 8.1 per cent decline compared to the 59,539 residential properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.
“It was a year of stability for the Greater Vancouver housing market,” Wyant, said. “Balanced conditions allowed home prices in the region to remain steady, with just a modest increase over the last 12 months.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $603,400. This represents a 2.1 per cent increase compared to December 2012.

December summary
Residential property sales in Greater Vancouver totalled 1,953 in December 2013, an increase of 71 per cent from the 1,142 sales recorded in December 2012 and a 15.9 per cent decline compared to November 2013 when 2,321 home sales occurred.
December sales were 8.1 per cent above the 10-year December sales average of 1,807.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,856 in December 2013. This represents a 34.5 per cent increase compared to the 1,380 units listed in December 2012 and a 42.8 per cent decline compared to November 2013 when 3,245 properties were listed.
Sales of detached properties in December 2013 reached 762, an increase of 79.3 per cent from the 425 detached sales recorded in December 2012, and a 21 per cent increase from the 630 units sold in December 2011. The benchmark price for detached properties increased 2.5 per cent from December 2012 to $927,000.
Sales of apartment properties reached 850 in December 2013, an increase of 68.7 per cent compared to the 504 sales in December 2012, and an increase of 9.8 per cent compared to the 774 sales in December 2011.The benchmark price of an apartment property increased 1.8 per cent from December 2012 to $367,800.
Attached property sales in December 2013 totalled 341, an increase of 60.1 per cent compared to the 213 sales in December 2012, and a 34.3 per cent increase from the 254 attached properties sold in December 2011. The benchmark price of an attached unit increased 1.2 per cent between December 2012 and 2013 to $456,100.

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The Rules of Repair and Renos

 

It may be cliché to say but it’s true: your home is likely the biggest investment you’ll ever make. Keep that in mind any time you start home repair or a renovation. Finding ways to keep costs down is a smart idea but cutting corners never is.

Guts over glory

If you’re renovating with the hopes of reselling your home, make sure to start with basic home improvements that prospective buyers will appreciate – and be willing to pay for. Most experts agree that maintaining the home’s guts – repairing a leaking roof or basement, upgrading your Heating-Ventilation-Air-Conditioning (HVAC) or plumbing, or changing your home’s exterior siding – is a better expense than creating a glorious kitchen or bathroom. Most buyers can live with a dated kitchen, but not a leaky roof. If you’re renovating so you can enjoy a state-of-the-art kitchen, by all means do it – just don’t assume someone shopping for your home will reimburse you.

If you live in an older home with one bathroom, your money will be better spent adding another bathroom instead of remodeling the original one – buyers usually like more than one. In fact, more space or amenities – like converting an attic or basement or adding an extension – is almost always a better investment than simply remodeling.

The only exception to the guts over glory rule, if you’re preparing to sell your place, may be in terms of curb appeal. They say don’t judge a book by its cover but, let’s face it, people often do. If your home’s exterior and lawn look rundown or unkept, most potential buyers will just drive on by.

 

Remember the basics

Whatever repairs or renovations you take on, always remember these 7 basic rules:

  1. PLAY SAFE – No matter the home repair or renovation project, always take simple precautions like wearing goggles and making sure not to overload electrical outlets.
     
  2. DO RESEARCH – There’s always one neighbour on the street who’s had to rip up a new deck, tool shed, fencing or addition because he didn’t get a building permit from the city. Taking the risk is not worth the time or money. Also, speak to experts in your area to gauge the best types or renovations to add value to your home – adding $70,000 of improvements to a $100,000 home means you could end up with an unsellable $170,000 home in a $100,000 neighbourhood.
     
  3. HIRE A PRO – There are lots of repairs you can do yourself, but know when to call in an expert – electrical repair is a particular hazard and plumbing can be a big headache if not done properly. Don't alter your home's structural framing without consulting an engineer. If you're not the DIY type, make sure you hire a professional renovator or contractor with good references who listens to what you want, appreciates your budget and offers helpful advice. Get at least three written quotes from different professionals with full job specs and time it will take. Never pay in advance.
     
  4. MEASURE CAREFULLY – An inch or even half an inch can make a big difference. If the dimensions of what you’re building or renovating aren’t exact, your work could look shoddy or may not function properly.
     
  5. PRIME – When repainting walls, always start with a coat of primer – it’ll create a stronger bond for the new coat of paint.
     
  6. LAY SUBFLOOR – Make sure you lay down a proper underlayment or vapour barrier to protect laminate flooring, and for hardwood floors, use a subfloor compound to level the surface. For tile, use cement backer board.
     
  7. CHOOSE THE RIGHT WINDOWS – Make sure the style of new windows matches the home’s exterior architecture and doesn’t adversely affect the interior’s lighting or ventilation.
     
  8. WHATEVER YOU BUDGET, expect it to cost more. It will take more time too, so be prepared!

   

 

Did you know?

RENO COSTS VS VALUES

You probably won’t recoup the cost of a reno if you sell your home, but some projects retain their value more than others:

  • The average basement remodel adds 50% to 75% of what you spend to your home’s resale price.
  • The return on investment for landscaping, paving, interlocking walkways is lower – 25% to 50% of what you spend.
  • You’ll see the least return – 0% to 25% – on skylights, whirlpool tubs and swimming pools.
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Now that the summer season is kicking off, it's time to get back in the grilling groove. According to the National Fire Protection Association, gas and charcoal grills cause more than 8,000 house fires each year. Before firing up the grill, homeowners should consider these safety tips:

 

Grills should be located no closer than 10' (3m) from any structure. Never use a grill under a porch, deck, overhang, carport, or in a garage. Make sure the grill rests on a stable surface and can't be tipped over.

 

Never use a propane or charcoal grill indoors.

 

Check hoses and connections on gas grills periodically throughout the grilling season. Replace any cracked or brittle hoses before using the grill. Propane cylinders should never be stored inside a garage or other structure at any time.

 

Start charcoal fires using a chimney starter instead of charcoal fluid. Not only is a chimney starter safer, but your meal will taste better. If charcoal fluid is used, never add it to the coals once the fire has been lit.

 

Once the grill is lit, never leave it unattended. It can take just a few seconds for a serious fire to erupt.

 

While lighting and cooking on the grill, do not wear clothes that are loose-fitting or that have wide sleeves that could catch fire. Use long-handled utensils to handle food while cooking. Wear close-toed shoes while at the grill - you can always change to flip flops later.

 

Control flare ups by lowering the heat on a gas grill. On charcoal grills, remove the food from the grill and distribute the coals more evenly. If necessary, a flare up can be put out with water from a spray bottle, but remove food from the grill first to avoid smoke contamination.

 

To help prevent grease fires, remove any accumulated grease and residue from inside the lid of the grill at least every 5-6 uses. Baking soda can be used to extinguish a grease fire still contained within the grill unit.

 

Always keep young children and pets away from the grill during and after cooking. The grill's exterior can remain hot long for a long time.

 

This information is brought to you by:  Pillar To Post Home Inspections

 

 

 

Wayne DeJong, P. Eng 
 
Registered Home Inspector & National Certificate Holder

License BPCPA #47414
Proudly Serving the Vancouver area.

 

We know our stuff!
 
 Vancouver@pillartopost.com
www.pillartopost-vancouver.com
 
 Phone:  604-250-9263
Fax:        604-873-9536

 

 

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Check out these great events and festivities in our great Kits community this summer:


May 20th – October 21st: Kitsilano Farmer’s Market 10am Kits Community 

 

May 31st – September 22nd: Bard on the Beach – Vanier Park

 

June 24– August 17: Kitsilano Showboat, Mon/Wed & Friday at 7pm

 

July 13th – 15th: 35th Annual Vancouver Folk Music Festival Jericho Beach 

 

July 21st: Khatsalano! West 4th Art + Music Festival

 

July 28th – August 4th – Honda Celebration of Light

 

August 10th – 12th: KITSFEST

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