Hey Everyone,

Hope you're all managing to keep warm and dry!  Our autumn season arrived quite suddenly, it seems.  Hopefully those mountains will start getting some snow so we can kick off the ski and snowboard season!

While October sales figures were still below the 10 year average for the month (by 28.5%), we saw an overall increase in the number of sales, compared to September.  Additionally, fewer new homes were listed for sale, which also contributed to an overall reduction in the amount of inventory for buyers to select from.  Because of these two factors, our month's supply of inventory has decreased.  While still in a buyer's market, we're currently trending back towards a more balanced market.

Here's your snapshot:

 

Here's a look at how October 2012 sales stack up against October 2011 sales:
Vancouver Westside:
Detached: down 14.0%
Attached: up 8.9%
Apartments: down 19.6%

Vancouver Eastside:
Detached: down 25.0%
Attached: down 43.2%
Apartments: down 28.6%

....and median sales prices for October 2012 vs October 2011:
Vancouver Westside:
Detached: down 1.7% @ $2,182,500
Attached: down 13.5% @ $843,000
Apartments: up 2.1% @ $484,900

Vancouver Eastside:
Detached: down 1.2% @ $825,000
Attached: up 2.3% @ $622,000
Apartments: down 9.9% @ $310,000

“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”

Please don't hesitate to get in touch if you have questions about any of this information.  Likewise, give me a shout if you'd like more information on your own home or neighbourhood, or are thinking about jumping into the market.

Kind regards,
Kim

Hi Everyone,

As expected, both the east and westside of Vancouver ended September as a buyer's market.  In anticipation of the autumn market, we saw the number of new listings coming onto the multiple listing service (MLS), increase, and with it, the overall number of active listings on the market.  However, the number of sales made during the months was, in most cases, less than we saw in August.  In fact, September 2012 sales figures for Vancouver were 41.6% below the 10-year September sales average.

Here's a quick snapshot of info:

 

 

 

 

 

Here's a look at how September 2012 sales stack up against September 2011 sales:
Vancouver Westside:
Detached: down 18.9%
Attached: down 32.7%
Apartments: down 33.3%

Vancouver Eastside:
Detached: down 47.9%
Attached: down 42.4%
Apartments: down 13.3%

....and median sales prices for September 2012 vs September 2011:
Vancouver Westside:
Detached: up 1.1% @ $2,035,000
Attached: down 25.7% @ $669,000
Apartments: up 3.8% @ $490,875

Vancouver Eastside:
Detached: down 2.5% @ $862,500
Attached: up 8.3% @ $650,000
Apartments: up 2.1% @ $347,250

Eugen Klein, REBGV President had this to say about the September market:

“Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two”

“There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” Klein said. “This makes homes less affordable for the people of the region.”

Sales are still happening, of course, with well-priced properties selling fairly quickly.  One of my own listings for a two bed condo in East Van sold in just nine days for over asking price in a multiple offer situation.

 

Please don't hesitate to get in touch if you are thinking about jumping into the market or have questions about the current value of your own home or investment property.  And I'm never too busy for your referrals.

Kind regards,
Kim

Hello All,

Despite the beautiful sunny and warm weather we're still enjoying, summer has officially come to a close.  So, what happened in the real estate world?

Looking at a quick snapshot of some of the key indicators, we're seeing that both the East and West side of Vancouver finished out August as buyer's markets, bar East side apartments, which are just on the edge of a balanced market.  As is typical in the summer months, we saw less new inventory come into the market and the number of active listings go down as a result.  The number of sales was also down from previous months:

 

 

 

 

2012 has been a slower year overall for sales and August was no exception.  Bearing in mind that 2011 was quite a strong year for sales, here's how August 2012 sales stacked up against August 2011:
Vancouver Westside:
Detached: down 39.7%
Attached: down 29.8%
Apartments: down 26.0%

Vancouver Eastside:
Detached: down 46.6%
Attached: down 34.8%
Apartments: up 7.2% - the star of Vancouver sales, showing the only gain compared to 2011.

....and here's a look at the median sales prices of August 2012 vs August 2011:
Vancouver Westside:
Detached: down 7.6% @ $2,030,000
Attached: down 2.4% @ $916,250
Apartments: down 2.5% @ $495,500

Vancouver Eastside:
Detached: up 4.2% @ $867,500
Attached: up 20.0% @ $670,000
Apartments: down 13.1% @ $308,500

Now that we've moved into September, more listings are coming onto the market to kick off the Autumn season.  I believe the trend will continue and we'll continue to see slower sales for the remainder 2012 and most likely into 2013. 

Real estate is a cyclical market so despite sensationalistic headlines, this is to be expected every 7 to 8 years.  We've had a long run of 13 years in Vancouver in an up market.  With the current uncertainty of the global markets in Europe and China, it's not surprising our market is cooling.  The US real estate market is showing signs of recovery, but it's early days there too.

Please don't hesitate to get in touch if you would like more information, are thinking about jumping into the market or have questions about the current value of your own home or investment property.  And I'm never too busy for your referrals.

Kind regards,
Kim

Hi Everyone,

Hope you're all managing to stay cool during these beautiful warm summer days?

As is fairly common during the warm summer months, the real estate market cools.  However we are seeing lower than average sales volumes in many areas of the city, with a couple notable exceptions:

For the Vancouver Eastside attached property market:
-the Fraser area has seen a 41.2% increase in sales volume, year to date (Jan-July) in 2012 over 2011
-the Knight area has seen a 29.9% increase in 2012 vs 2011
-Grandview is up 20.8% in 2012 over 2011

Overall, we are seeing a softening across the market segments in both of Vancouver's West and East sides.  The West sits in a buyer's market across the three property types, while the East has moved into balanced territory, from the previous months seller's market.  Here's a snapshot of the info:

VANCOUVER WEST SIDE
Detached
	Mar-12	Apr-12	May-12	Jun-12	Jul-12
Units Listed	336	395	456	325	265
Units Sold	152	130	122	102	83
Active Listings	854	949	1067	1078	1038
Months Supply*	5.6	7.3	8.7	10.6	12.5
Attached (townhouses)
	Mar-12	Apr-12	May-12	Jun-12	Jul-12
Units Listed	128	132	159	128	94
Units Sold	68	60	49	46	46
Active Listings	302	333	358	362	340
Months Supply*	4.4	5.6	7.3	7.9	7.4
Apartments
	Mar-12	Apr-12	May-12	Jun-12	Jul-12
Units Listed	750	839	988	756	650
Units Sold	394	360	402	331	276
Active Listings	1892	2090	2276	2344	2260
Months Supply*	4.8	5.8	5.7	7.1	8.2

VANCOUVER EAST SIDE
Detached
	Mar-12	Apr-12	May-12	Jun-12	Jul-12
Units Listed	271	270	340	288	246
Units Sold	155	135	152	107	109
Active Listings	503	549	607	694	729
Months Supply*	3.2	4.1	4.0	6.5	6.7
Attached (townhouses)
	Mar-12	Apr-12	May-12	Jun-12	Jul-12
Units Listed	88	101	77	65	57
Units Sold	41	52	50	35	24
Active Listings	142	169	163	151	154
Months Supply*	3.5	3.25	3.3	4.3	6.4
Apartments
	Mar-12	Apr-12	May-12	Jun-12	Jul-12
Units Listed	279	219	277	231	157
Units Sold	138	152	110	136	104
Active Listings	560	565	613	603	544
Months Supply*	4.1	3.7	5.6	4.4	5.2

*Month's Supply Key: Seller's Market = 1-5 months; Balanced Market = 5-7 months; Buyer's Market = Over 7 months
Source of data: Real Estate Board of Greater Vancouver


The number of new listings coming onto the market is down from previous months across all market segments on both the East and West sides, compared to the preceding months from March, and are also down compared to this same time last year.

Comparing July 2012 to July 2011:
-Despite fewer listings coming onto the market, overall active listings has increased in both the East and West
-Sales volume is down in both the East and West with one exception: apartment properties on the Eastside (up 17.8%)
-Median sales prices are up for: Westside detached properties (2%); Eastside detached (.5%) and townhouse (5.3%) properties
-Median sales prices are down for: Westside townhouse (-.7%) and apartment (-8%) properties; Eastside apartment (-4.2%) properties
-All properties are taking, on average, longer to sell, bar Eastside apartments

Despite all of the doom and gloom the figures are showing, multiple offers are still quite prevalent for well priced, good homes on the market.  I just helped some clients buy a detached property on the eastside, after writing six previous offers that all went to multiples - and I don't mean just two.  One home had 15 offers and went for $93,000 over the asking price.  The average was roughly four offers, and all went for well over asking.

Please don't hesitate to get in touch if you would like more information, are thinking about jumping into the market or have questions about the current value of your own home or investment property.  And I'm never too busy for your referrals :)

Email: kim@kimmcalpine.com
Cell: 778 317 9909

Kind regards,
Kim

Hello Everyone,

The Real Estate Board of Greater Vancouver (REBGV) today announced some unsettling statistics in their monthly broadcast of market information. The leading line reads:

"The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable."
http://www.rebgv.org/news-statistics/greater-vancouver-housing-market-favoured-buyers-june

...and the story was reported in the Vancouver Sun:
http://www.vancouversun.com/business/commercial-real-estate/Vancouver+sales+year+real+estate+board+declares+buyer+market/6882325/story.html

These numbers reflect the total number of all residential sales across Vancouver, comparing June sales figures to June sales figures in previous years. 

Digging into the details reveals a slightly different picture from Vancouver's westside vs east.  Sales figures are down on the westside, across the detached (51%), attached (34.3%) and apartment (10.7%) segments, comparing June 2011 to June 2012.  However on the eastside, sales for both attached and apartment properties are up from this same time last year by 2.9% and 22.7% respectively.  Detached home sales took a beating, and are down 40% from June 2011.

The number of active listings on the market is higher across all market segments compared to June of previous years on both the east and west sides of the city.  Despite this, both the attached and apartment homes on the eastside remain in a seller's market with 4.4 and 4.3 month's supply of inventory respectively.  Detached homes in the east have entered a balanced market at 6.5 months supply.  Again, the westside is softer, with buyer's markets across all property types.

Median sales prices showed moderate increases everywhere from the same time last year, except for detached homes on the westside, which fell roughly 14% (and a little over 6% from May 2012).

Overall, supply is up and sales are down, so we should expect to see some downward pressure on prices, more so on Vancouver's westside.  For how long?  No one knows, despite the many predictions and speculations being thrown around. 

Interest rates continue to remain at record lows.  Again, for how long, we're not sure, albeit we shouldn't expect them to get any (or at least much) lower.

So, let's have a look at that.  Using RBC's online mortgage calculator, I had a look at a $500K mortgage at a rate of 3.06% interest on a 5 year term amortized over 25 years with monthly payments vs a $450K mortgage with 4% and 4.5% rates of interest (everything else remaining the same).  Looking at these scenarios, you'll end up spending just over $13,000 more in interest on the $450K mortgage at the 4% rate, over the 5 year term vs the higher mortgage amount with the lower interest rate.  If the rate goes up to 4.5%, it becomes almost $24,000 more in interest spent.

Is now a good time to buy?  Low interest rates and a good amount of active inventory would make it favourable.  However, only you can answer that question. 

When you, or someone you know, is ready to list or buy a home or investment property, I look forward to helping you through the process.

Please don't hesitate to get in touch if you have questions or would like more information on any of this:
email: kim@kimmcalpine.com
cell: 778 317 9909

Vancouver's West Side
Comparing June 2011 to June 2012: the median sales price of a detached home in Vancouver's westside has fallen by roughly 14%, however both the attached and apartment market segments have seen moderate increases.  The number of home sales has fallen by quite a bit from the same time last year - a whopping 51% for detached homes, while total inventory has increased across all of the market segments.  The westside has transitioned from a balanced market, to a buyer's market, with between 7.1 months supply (apartments) to 10.6 months supply (detached homes).

Median sales price:
http://statscentre.rebgv.org/Service/s/V4C-kl2

Number of sales:
http://statscentre.rebgv.org/Service/s/V4G-tAa

Total number of listings:
http://statscentre.rebgv.org/Service/s/V4H-zQ1


Vancouver's East Side
June 2012 brought about moderate median price increases for both detached and attached homes, while apartment prices stayed pretty much the same, from this time last year.  The number of homes sold is also up in the attached and apartment market segments, however detached properties fell by almost 40% from this time last year.  Lastly, the number of listings on the MLS is up across all segments compared to this time last year.  We're still in a seller's market for attached and apartment homes at 4.3 and 4.4 months supply respectively, while detached homes have moved into a balanced market with 6.5 months supply.

Median sales price:
http://statscentre.rebgv.org/Service/s/V4D-sG3

Number of sales:
http://statscentre.rebgv.org/Service/s/V4F-hRN

Total number of listings:
http://statscentre.rebgv.org/Service/s/V4I-V4Q

Rules for borrowers needing high ratio mortgages are changing again.  High ratio means your downpayment is less than 20% of the purchase price of the home.  This not uncommon for first time home buyers

More details here:
http://canadianrealestatemagazine.ca/news/item/1247-mortgage-rules-set-to-change-again

Looking to buy a home?  Can't decide on an urban or suburban location?  HGTV is looking for dynamic families and couples who want to participate in Season 2 of HGTV’s hit show URBAN SUBURBAN. People can apply to the show at: casting@forcefour.com

Win a $100 gift card, or one of two $50 gift cards

'Like' our page on Facebook, follow us on Twitter, connect on LinkedIn, or join our mailing list. 

For each 'Like', 'Follow', 'Connection', or mailing list request, we'll enter you in the draw to win the grand prize of a $100 gift card or one of two secondary prizes of a $50 gift card of your choice.

 

Select from:

-Dandelion Kids (two locations: The Drive in Vancouver & Suter Brook Village in Port Moody)

-Chapters/Indigo

-BC Liquor Stores (19 years or older only)

-iTunes

-Starbucks

-Timmys

-The Keg

-Milestones

 

To Enter:

Facebook: https://www.facebook.com/KimMcAlpineMacRealty

Twitter: https://twitter.com/#!/kimmcalpine

LinkedIn: http://www.linkedin.com/profile/view?id=135157275&trk=tab_pro

Email Newsletter: kim@kimmcalpine.com

 

Contest closes Friday, 29 June 2012 at 12:00PM.  The draw will take place at approximately 4:00PM on the same date.  Winners will be contacted individually, and names will be posted on our Facebook and Twitter pages.

*Contest open to residents of Canada only

Come by and say 'Hi' at my open house this weekend - 1871 Stainsbury Ave, 2:00-4:00. 

Check out further details for this great 2-bed, 1-bath townhouse on my Properties page, under 'Active Listings'

Why rent when you can own? With record low interest rates, and a balanced market, owning can be more affordable than you think.

Even if you're not ready quite yet, but would like some more information, come on out for a FREE, no obligation home buyers information session.

When: Thursday the 7th of June; 6:30-7:30PM
Where: Creekside Community Centre, 1 Athletes Way, Vancouver (Olympic Village)

Presented by:
Kim McAlpine, Real Estate Specialist with Macdonald Realty
Alan Brown, Mortgage Broker with Dominion Lending Centres
Dale Trach, Home Inspector, NewLook Inspections
Michael Thorne, Financial Advisor, Thorne Financial Planning

Buying real estate is a big decision. Let us help make it easier.

Hey Everyone,

I'll be doing an open house this Saturday, 18th May from 12:00-1:30 in Marpole.  The address is: #306-8988 Hudson St in Vancouver. 

This junior one bedroom/one bath condo has insuite laundry, stainless appliances, fir floors, slate tiles, granite countertops, 10' ceilings AND one parking, one storage locker and a bike room.  It's also close the the new Canada Line, airport and shopping.  All for $267,000. 

Check out the Active Listings on my site for more details.

Come on over and say hi.  I look forward to seeing you there.