It's Autumn... the hockey season has started and the Blue Jays are making a run to take October!  The Vancouver real estate market is still going strong! Here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 5,465 properties listed thru the month of September which is down -39.2% from this time last year (September 2014) and up +1.9% from last month (August 2015). 
    If we look into those stats further.... we have 3.3 months of inventory for detached houses and 2.7 months of inventory for attached homes.
  2. Demand: 1,806 properties sold in September which is up +9.7% from this time last year (September 2014) and is down -4.2% from last month (August 2015).
  3. Time:  The average time for a detached house to…

830 Views, 0 Comments

Read Full Post

Summer holidays are over and it's back to school time.  Our Real Estate market has had one of the most active summer markets in nearly 10 years.  I have analyzed all of the stats from August and here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 5,365 properties listed thru the month of August which is down -39% from this time last year (August 2014) and another -6% from last month (July 2015). 
    If we look into those stats further.... we have 3.0 months of inventory for detached houses and 2.9 months of inventory for attached homes.
  2. Demand: 1,882 properties sold in August which is up +22% from this time last year (August 2014) but, is down -15% from last month (July 2015).
  3. Time:  The average…

744 Views, 0 Comments

Read Full Post

Hot times.... summer in the city!  Our Real Estate market has been enjoying a very active summer market.  I have analyzed all of the stats from July and here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 5,707 properties listed thru the month of July which is down -40% from this time last year (July 2014) and another -4% from last month (June 2015). 
    If we look into those stats further.... we have 2.7 months of inventory for detached houses and 2.8 months of inventory for attached homes.
  2. Demand: 2,170 properties sold in July which is up +27% from this time last year (July 2014) but, is down -11% from last month (June 2015).
  3. Time:  The average time for a detached house to sell was 16.3 days.  For…

652 Views, 0 Comments

Read Full Post

Hello summer!  Our kids our out of school and the real estate market in Vancouver market has seen one of the strongest June's in history.  I have analyzed all of the stats from June and here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 5,960 properties listed thru the month of June which is down -36.5% from this time last year (June 2014) and another -5.5% from last month (May 2015). 
    If we look into those stats further.... we have 2.2 months of inventory for detached houses and 2.5 months of inventory for attached homes.
  2. Demand: 2,415 properties sold in June which is up +26.3% from this time last year (June 2014) and is up -3.2% from last month (May 2015).
  3. Time:  The average time for a…

450 Views, 0 Comments

Read Full Post

It's May and our Real Estate market is booming! I have analyzed all of the stats from April and here are 5 things you should know about our real estate market right here in Metro Vancouver:

  1. Supply: We had 6,361 Active listings in April which is down -25.7% from April 2014.  Leaving us with only 2.2 months supply of houses and 3 months of supply for attached homes (condos, townhouses & 1/2 duplexes).

  2. Demand: 2,377 properties sold in April which is up +39% from April 2014.
  3. Prices: The average price of a house is $1,463,643 which is up +18.5% from April 2014 and the average price of an attached home is $509,425 which is up +4% from April 2014.
  4. Market Type: We are in a seller's market for houses with 55% of the houses selling within a…

814 Views, 0 Comments

Read Full Post

It's Spring and the real estate market in Vancouver market has been hopping!  I have analyzed all of the stats from May and here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 6,288 properties listed thru the month of May which is down -32.7% from this time last year (May 2014) and another -1.1% from last month (April 2015). 
    If we look into those stats further.... we have 2.5 months of inventory for detached houses and 2.6 months of inventory for attached homes.
  2. Demand: 2,302 properties sold in May which is up +21.3% from this time last year (May 2014) and is down -3.3% from last month (April 2015).
  3. Time:  The average time for a detached house to sell was 15.7 days.  For attached homes it was…

342 Views, 0 Comments

Read Full Post

Do you have a renovation project in mind – and wonder how much value it will add to your home? Remodeling Magazine recently did a study of renovation projects, comparing costs to added value. Here are the Top 5 results:

1) Replacing a main entry door.  This has a return on investment of over 95%. After all, the entrance to a home is one of the first things a prospective buyer notices.

2) Adding a new deck. Depending on the materials used, you can expect to get back three-quarters of the money invested.

3) Replacing or installing a Garage door. This once again demonstrates the importance of a home’s “curb appeal.”

4) Basement renovations create a lot of value because of the additional room it can create.  One can use the basement for guests, recreation or…

790 Views, 0 Comments

Read Full Post

It's officially Spring and our Real Estate Market is blooming! I have analyzed all of the stats from February and here are some insights to our market right here in Metro Vancouver:

  • We are in a very active Seller's market for houses with 46% of the homes selling within a month and we are also in a Seller's Market for attached homes with 29.0% of the homes selling within a month.
  • Sales are up 19.8% from last year and up 62.2% from last month!
  • Inventory is down -9.3% from last year and up 14.7% from last month.
  • The detached housing market has 2.9 months of inventory while our attached market has 4.1 months.
  • The average price of a house is $1,405,464 which is up 1.5% from last year and up 3.5% from last month
  • The average price of…

944 Views, 0 Comments

Read Full Post

If you’re thinking of shopping for a new home, one of the first considerations is price range. You want to know what you can reasonably afford.  How do you figure that out?

First of all, you need to determine the initial out-of-pocket costs you will need to cover. There are often more costs associated with purchasing a home than its actual price. You need to take into account such additional expenses as moving costs, legal fees, and a home inspection, not to mention the costs of prepping your current property for sale.

Experts say you should budget 5-10% above the purchase price for these items. So if you can afford to spend $470K on a new home, you should be shopping in the $425-445K range.

Another factor to consider are the potential proceeds…

896 Views, 0 Comments

Read Full Post

With the price of houses in Vancouver, how does one afford to buy one? Do you ask your parents to help? Do you get renters to help with the mortgage? How about both? The answer is... YES!

The price of houses has been climbing up over the past few years as well as the land values.  Neighbourhoods with great schools have seen some of the highest price appreciation as well as land that allows you to have multiple dwellings.  Baby boomers are retiring, selling their homes for astronomical numbers and are downsizing.  The kids have moved out, the parents don't need as much space anymore, they can sell their home and retire early.  This is causing a big transfer of wealth as some parents are helping their kids buy a home and are transferring the wealth to…

809 Views, 0 Comments

Read Full Post