Real Estate Services

October sales exceed historical average

October sales exceed historical average

Metro Vancouver home sales exceeded typical historical levels in October with the majority concentrated in the townhouse and apartment markets.

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.

New Listing 2600 WALLACE STREET, Vancouver, BC


R2518793 - 2600 Wallace Street, Vancouver, BC, CANADAView my new listing for sale at 2600 Wallace Street, Vancouver and currently listed at $2,499,800.

AMAZING UNOBSTRUCTED VIEWS OF WATER, MOUNTAINS AND CITY! Big corner lot 34.1 x 122.5. 4 bedrooms and 2 full bathrooms up, 4 bedrooms and 2 full bathrooms down. 2 fire places, laundry up & down. Master bedroom has a full en-suite bathroom. Property is located next to city green space, super bright and private. Beautiful sun drenched south facing deck. Home office- newly built, ideal for work from home. Located in the catchment area of the best public and private schools: Lord Bing High-school, Queen Elizabeth Elementary, General Gordon Elementary - French, West Point Grey Academy, Our Lady of Perpetual Help Catholic School, St.George's. Call for your private appointment. Virtual Showing: https://my.matterport.com/show/?m=9jmzQngm4EQ

Recently Sold Listing 3003 - 455 Beach Crescent, Vancouver, BC


R2514641 - 3003 - 455 Beach Crescent, Vancouver, BC, CANADAI have just recently sold this listing at 3003 - 455 Beach Crescent, Vancouver.

New Listing 3003 - 455 Beach Crescent, Vancouver,


R2514641 - 3003 - 455 Beach Crescent, Vancouver, BC, CANADAView my new listing for sale SOLD at 3003 - 455 Beach Crescent, Vancouver and currently listed at $1,849,000.SOLD

Welcome to Park West One by Concord Pacific in Yaletown. Rarely available 1245 sq.ft 2 bd, 2 bath plus den corner unit with BREATHTAKING UNOBSTRUCTED VIEWS of English Bay, False Creek, Granville Island, & George Wainborn Park. Ideal open concept living, perfect for entertaining friends and family! Kitchen w/ chefs walk-in pantry, granite countertops, & stainless steel appliances. Bright master bedroom w/ custom build in cabinets, & huge walk-in closet. Generous en-suite bath. Great size office/den with natural daylight ideal for work from home. Amazing amenities including Club Viva; swimming pool, hot tub, gym, squash courts, guest rooms, theater & conference room. Steps to restaurants, the Seawall, shopping, & skytrain station. Water views from every room! Showings by Appointment.

Recently Sold Listing 1 - 909 Clarke Road, Port Moody, BC


R2468643 - 1 - 909 Clarke Road, Port Moody, BC, CANADAI have just recently sold this listing at 1 - 909 Clarke Road, Port Moody.

New Listing 1 - 909 Clarke Road, Port Moody, BC


R2468643 - 1 - 909 Clarke Road, Port Moody, BC, CANADAView my new listing for sale SOLD at 1 - 909 Clarke Road, Port Moody and currently listed at $859,000.SOLD

Welcome to The Clarke designed by award winning Integra Architecture and built by Texor Homes. This bright corner unit has everything you need; 4 bedrooms, 3 full bathrooms, 1 powder room, high ceilings, entertainer's kitchen with open layout, huge island with quartz counters, a private attached garage and a carport. Master bedroom features a vaulted ceiling. Best unit in this complex! Located within minutes of schools, shopping, parks and hikes. 2 decks and 1 patio to enjoy your summer BBQs. Only 4 years old and low maintenance fees. Hurry up!

New Listing 707 - 112 E 13th Street, North Vancouver, BC


R2462415 - 707 - 112 E 13th Street, North Vancouver, BC, CANADAView my new listing for sale at 707 - 112 E 13th Street, North Vancouver and currently listed at $1,096,000.

Welcome to this luxurious 2 bed 2 bath plus office unit at Centerview by ONNI. Enjoy the amazing views of the mountains, ocean and downtown from your huge balcony, living room, master bedroom and the second bedroom. This beautiful unit features a chef's kitchen with Italian Fulgor Milas 5 burner cooktop, convection oven, integrated appliances, stone slab backsplash with matching countertop, A/C, hardwood floors, NuHeat bathroom floors, 2 parking, 1 storage locker, 1 bike locker and an over-sized patio with gas BBQ connection and great views. Indoor and outdoor amenities inc Pool, hot-tub, steam sauna, gym, squash court, games room & more. Situated atop Whole Foods, Shoppers and all the conveniences Central Lonsdale has to offer.

Real Estate In the Times of Covid-19


https://mailchi.mp/81b11d66f0e6/real-estate-in-the-times-of-covid-19

 

Real Estate In the Times of Covid-19
 
I hope you are doing well and are in good health.
 
In the times of Covid-19, every business is taking measures and changing the ways they do business to stop or slow down the infection.
 
Open houses are not recommended by the Real Estate Board of Greater Vancouver. Instead, we are focusing on individual showings to prevent the further spread of illness in our communities. Real Estate agents are using strict control measures to limit the number of people who view a home at one time. Virtual showings and technology based solutions seem to be getting popular.
 
I closed 3 deals this week- transactions are still happening as lawyers and notaries are still working either from their individual offices or remotely. Mortgages are still being processed, appraisals and inspections are still being done and land title office staff  are still working. Mortgage submissions and underwritings are being done online. Other than signing your mortgage and conveyance documents in front of a notary or lawyer in person, the rest is being done remotely. 
 
Mortgage rates are very low and some banks are giving options to defer payments.
 
I inserted my very first- may as well be the first in the real estate history- Covid-19 clause in a contract this past week. The question was “what happens on the completion date if we can not complete due to the wide-ranging adverse consequences of the Covid-19?" . To protect the Buyers, we had our lawyer structure a clause formulating what happens to the deal in the event things happen out of our control.
 
Interesting times for sure!
 
At the times like these, there is no predicting how far this will go or how long. The best advice is to avoid panic selling. If you are in the market to buy there may be some good opportunities.
 
 
 

With millions of us lying low to limit the spread of Covid-19, I feel like this is also a great opportunity to slow down and take advantage of the time we have now to read, watch films, cook, learn new things online, call friends and family. Yes this is not a holiday but we can try to get the most of it.

We can check in on friends and neighbors right now and ask "do you need anything?"  At the time of crises we stay together, we support each other and stay strong.

pacific spirit image

 

Recipe:
 
I made this delicious mushroom risotto couple days ago and it turned out perfect!

Pressure Cooker Mushroom Risotto

https://www.seriouseats.com/recipes/2014/12/pressure-cooker-mushroom-risotto-recipe.html

mushroom risotto vegan gluten free 2 1 720x720

 

I have compiled a list of online courses for bored kids,virtual museum tours and educational videos.

These 12 famous museums offer virtual tours you can take on your couch:

To Keep Kids Busy:
 
Some educational and fun links for kids:
 
 
 
 
 
IXL
 
TedEd
 
Prodigy Match

Travel the World- without leaving your home :)

In this day and age, it is easier than ever to travel the world without leaving home.



If you have any question about the market please do not hesitate to contact me.
 

Stay safe and stay healthy!
 
 
Best,


Evelyn Eylem Sonmez
C: 778-895-2954

Royal Pacific Realty
2018-2019 Medallion Club Member - Top %10 of All Realtors in Greater Vancouver
2015 - 2019 Chairman's Club Award Royal Pacific Realty

 



Recently Sold Listing 404 - 175 E Broadway, Vancouver, BC


R2399604 - 404 - 175 E Broadway, Vancouver, BC, CANADAI have just recently sold this listing at 404 - 175 E Broadway, Vancouver.

New Listing 404 - 175 E Broadway Road, Vancouver, BC


R2399604 - 404 - 175 E Broadway, Vancouver, BC, CANADAView my new listing for sale SOLD at 404 - 175 E Broadway, Vancouver and currently listed at $399,000.SOLD

Welcome to the gorgeous 1912 New York style historic LEE Building at the corner of Broadway and Main St in ever popular Mount Pleasant Neighborhood. This spacious 625sqft 1 bedroom unit features: high ceilings, massive old school windows, vintage radiators and fir floors. Building offers common laundry, bike room and large rentable storage lockers. Pets and rentals are welcome. Amazing location, walking distance to transport, restaurants and coffee houses- no need to have a car! Undivided interest building: property taxes, heat, hot water, gas, management and portion of the original building mortgage are included in the monthly maintenance fees. Call to schedule a viewing and get more information.

Recently Sold Listing 306 1030 W BROADWAY STREET, Vancouver, BC


R2388638 - 306 1030 W BROADWAY STREET, Vancouver, BC, CANADAI have just recently sold this listing at 306 1030 W BROADWAY STREET, Vancouver.