Everyone Was Busy Eating Turkey…

Vancouver Real Estate listing and sales statistics for the month of December experienced a typical holiday season lull last month. Active listings during the Christmas season reflected the usual holiday break for many busy families and professionals.

Vancouver Property Sales were down (-33.16%) to 516 from November (772). On the Vancouver West Side there were 355 sales in December, down (-17.63%) from the previous year. Overall, there were (-32.89%) less sales in December from the previous month of November. Naturally, people appear to prefer to spend their holiday time drinking egg nog with their families in lieu of holding open houses…

This December in Vancouver East, Sales totaled 161. This number is at-par (+1.90%) with sales figures from December 2010, but down from the previous month (-33.74%) as was to be expected.

The holidays flattened the previous modest increase in Vancouver Sales activity month-to-month while listing numbers predictably hit their lowest of the year. New Listings were down in both areas (-53.87% in Vancouver East to 143 and (-55.54%  in Vancouver West to ) 333 for the month of December.

Despite sluggish sales, benchmark prices in the Vancouver West detached market were steady in December, dipping (-1.43% to $1,990,958). The benchmark prices for attached homes were up (+5.48 % at $833,361) from November. Vancouver East detached fared very similarly from month-to-month, down (-2.02% at $845,771), while attached properties practically stayed at-par, up (+0.03 % at $556,220) for December. The apartment market mirrored similar trends in Vancouver West and Vancouver East, rising (+1.58%) on the West Side and (+2.41%) in East Van.

The Board’s Official Line:

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

What's happening in your market

Related posts:

1. Vancouver Market Update November 2011
2. Market Update September 2011
3. Vancouver Market Update October 2011

November Listings Continue to Cool in Vancouver Real Estate Market

November listing and sales statistics for the Vancouver Real Estate Market continued to cool. The number of homes for sale has continued to decrease as we approach the 2011 Holiday Season.

Total sales in Vancouver for November 2011 were up (+5.61%) from October to 772 sales, which is down (-7.32%) from one year ago. In Vancouver West, there were 529 sales in November, up (+7.52%) from October 2011 ~ and down (-7.03%) from November 2010. in Vancouver East, November numbers were fairly consistent with those from October topping out at 243 sales, up (+1.67%). These numbers are down       (-7.95%) from November 2010.

In general, we saw a modest increase in Vancouver Sales activity month-to-month while listing numbers continue to slow. New Listings were down in both areas (-25.48% in Vancouver East to 310 and -26.64% in Vancouver West to 749) for the month of November.

Steady sales resulted in fairly even benchmark prices in the Vancouver West detached market in November, rising a modest half a percentage point (+0.56% at $2,019,926). The benchmark prices for attached homes readjusted, with prices down (-7.82 % at $790,046) from October. Vancouver East detached prices are up (+0.79% at $863,183) in addition to attached properties showing little change at (+ 0.17% at $556,380) for November. The apartment market mirrored inverse trends in Vancouver West and Vancouver East, dipping (-1.27%) on the West Side while rising (+1.80%) in East Van.

The Vancouver Real Estate Board’s official line

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

For more information on Vancouver Real Estate Statistics, check out my website here.

Related posts:

1. Vancouver Market Update October 2011
2. Market Update September 2011
3. March 2011 Real Estate Board of Greater Vancouver MLS Statistics

My new diggs

As I mentioned earlier, I recently moved to a new neighbourhood. After years of living right off of Commercial Drive, Riley Park (aka Little Mountain) is my new stomping grounds.

I am really enjoying this area and its features.  As a dog owner I have to say that firstly, it’s extremely walkable. Being in a residential area is a definite plus because it gives you some shelter from traffic ~ Jake, my 9-year-old Whippet is definitely enjoying the freedom of quiet streets and friendly pedestrians. There are also quite a few dog owners around, often walking with their pals. I’ve gotten to know a few people up at the Queen Elizabeth Offleash Park near 36^th and Ontario.

Queen Elizabeth Park

Being so near to Queen E makes it both tempting and feasible to take a break from the day and enjoy a little nature walk. But I have to say that for me, an even closer option for beautiful vegetation and relaxing, contemplative strolls lay just over the hedge of Prince Edward St along the beautiful cemetery. Although I have not taken to strolling within the grounds themselves, the pathways and walk routes that border the fields are gorgeous, especially this time of year with all of the leaves turning. I often see others out for solitary walks and have enjoyed the apparent commonality of those little escapes.

Perhaps my favourite thing so far is the inherent sense of community I feel I’m picking up on. The sidewalks are well-kept and cosy, filled with young children exploring and spending time in their yards and gardens. I think I’m going to get along quite well here…

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Home Listings Continue to Rise in Vancouver while Sales Slow

Vancouver Stats Sept 2011

With fall officially under way, Vancouver listing inventory has recovered from the summer vacation lull in September. That being said, sale activity was marginally lower in September for the fourth month in a row, having peaked for the year in June 2011. With a sales-to-listings ratio in the Greater Vancouver area sitting around 14%, the lower mainland is reflecting a healthy buyer’s market.

Total sales in Vancouver Proper for September 2011 were down (-4.71%) from August, and down (-3.32%) from one year ago. In Vancouver West, there were 473 sales in September, down (-9.73%) from August 2011 ~ and down (-8.33%) from September 2010. Things were decidedly different in Vancouver East, where the market showed more sales activity in September with 255 sales, up (+6.25%) from last month, and up (+7.59%) from September 2010.

Although the market healthy, we seem to be arriving at the top end of a buyer’s market. This will especially hold true if inventory continues to rise and sales continue to slow in Vancouver. While Vancouver East and Vancouver West showed different trends in sales activity this month, the amount of New Listings is up in both areas (+17.87% in Vancouver East to 587 and +28.94% in Vancouver West to 1301) for the month of September. In the Greater Vancouver Market at large, September listing numbers increased another 4.6 % from August to September.

Even with slower sales activity, detached benchmark prices in Vancouver proper rose again in the month of September. In Vancouver West, benchmark prices rebounded from the summer sales slump (+3.43% at $2,030,720) for detached homes and up (5.5 % at $841,990) for attached properties. Vancouver East has fared similarly, with detached prices up (+2.13% at $841,509), up (+0.79% at $558,693) for attached properties. While the apartment market in Vancouver West remained steady, up (+0.30%) it fell slightly in Vancouver East (-0.15%).

The Vancouver Real Estate Board’s official line

“There’s more competition amongst home sellers in today’s market, providing more options for prospective buyers,” Rosario Setticasi, REBGV president said.”Buyers now have more properties to choose from and more time to make decisions compared to the spring season.”

“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said.

Related posts:

1. April 2011 Real Estate Board of Greater Vancouver MLS Statistics
2. May 2011 Real Estate Board of Greater Vancouver MLS Statistics
3. February 2011 Real Estate Board of Greater Vancouver MLS Statistics

Royal LePage Conventions and Me

Every year there is a convention involving Royal LePage realtors at the beginning of September. It alternates from one year to the next between a large national convention and a smaller, regional one. In the last few years we’ve had national conferences in St. John’s, Newfoundland and Montreal. The regional conferences have been in places like Whistler and Penticton.

I just got back from our regional conference (called Headstart) in Harrison Hot Springs. It was so much fun, that I can hardly believe it. The picture that I’ve posted here actually shows how most of us did our networking/socializing…in the hot pools at the Harrison Hot Springs Resort. I highly recommend it!

One of the best parts of going to these conferences is the relationships that you develop. We are colleagues to begin with, but over the years you become friends…and these conferences become an excuse to relax and unwind with old friends. Of course, there are many other benefits. There is an educational component to every conference and we do a lot of career development. There is always a slightly different slant, but the idea is that we constantly learn how to our job better….from motivational speakers, to better presentation skills to social media training.

Another big advantage is that in developing these relationships with agents across the country, I have developed a network of realtors I trust. When I have clients or friends that are moving, or needing to sell property somewhere else in Canada I am able to recommend someone that I not only know personally, but I know how good they are at what they do. That personal connection can go a long way in helping you achieve your goals.

Next year the national conference is finally coming to Vancouver. I was originally a little bit disappointed. I like being able to travel and experience other parts of the country. However, I’m now really looking forward to being able to show off my city to my friends and colleagues. Next year can’t come soon enough!

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The affordability of Vancouver housing prices continues to be buzz-worthy topic for anyone interested in investing (or holding) property the market. In Van City, I think the affordability issue rates high on people’s general conversational radar ~ so much so, that the question “where do you live” seems to go hand in hand with “what do you do?” in a first-time introduction. Now granted, I’m in the Real Estate Business; but I notice more and more that this topic comes up in every day conversation *outside* of what I would consider my work sphere. It seems to me that property talk ranks as high as general comments about the current weather ~ which ultimately, speaks to the high level of saturation we’re exposed to via media the about state of the market here.

We live in a hot city for Real Estate. It’s just the truth ~ and people in the industry would be happy to tell you how fortunate buyers, sellers and professionals are to live here and participate in market conditions like these. But I’ve always noticed that Real Estate talk here in Vancouver appears to be driven by fear ~ even in what is lauded as one of the best markets in North America. As a general comment on the media, it seems to me that the only time people aren’t worried about a looming drop in home values or a predicted bubble burst is when the Market is actually in a significant downturn or correction (like we saw in 2009). You can look at articles published every day between 2009 and now; the same concerns have been raised time and time again.

So why are we so afraid? One year ago, I wasn’t thinking that housing prices on the West side would be up 20% in a year. I don’t think anyone really predicted that type of average price increase, which is really the zenith of the conundrum to an extent I guess. The truth is that even the most astute economists can’t predict with total accuracy what will happen in the market. The very nature of free enterprise disables accurate market forecasting. We can’t be completely sure what will happen any more than we can predict the weather for 6 months from now. So the idea of timing the market is in itself a fallacy; the choice becomes much more about how to get the current market to work *for* you and your circumstances, whatever they may be.

What I do know is this: Real Estate Prices in Vancouver have increased every year. The variables upon which fluxes are often repudiated to be dependent haven’t affected the market as much as we feared ~ be it immigration, the economy or a looming bubble pop. The truth is simply that Vancouver continues to be one of the most popular places to live in Canada; and the space here is limited. Unless a major economic catastrophe hits, you can safely assume that as a general trend, prices will steadily continue to increase, just as they have in other international, high-demand markets such as San Fran, New York, London, etc.

I have found myself wondering if Vancouver is simply behind the trends of global Real Estate. We as Canadians have had the luxury of unlimited space for centuries ~ Canadian writers like J.R Saul say that it’s part of what truly defines our Canadian identity. I think cities like Toronto and Vancouver have had to grow into an awareness of being international markets, and are now wrestling with the pros and cons that go with such a title.

Sometimes, I think being truly Canadian is to have an identity that is allowed the generosity of flux. Perhaps the market is simply mirroring this value back to us… and soon, we may just have it figured out.

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West End Vancouver Homes for Sale (West End Vancouver Condos only) – 178

July 2009 saw Active Listings in the West End Vancouver real estate market fall for the fifth month in a row (and seventh in the last eigh). This past month we saw them drop from 211 in June to just 178 in July. This is on par with the lows seen in January and February of 2008 when it was 177.

West End Vancouver Homes Sold (West End Vancouver Condos only) – 72

For the second time in the last eight months, Sales fell in the West End Vancouver real estate market. We saw Sales peak in May 2009 at 97 and they have now reached 72 in July 2009.

The Average Sale Price fell in July 2009 to $457,000 from $484,000 the month before. Meanwhile, the Average Per Square Foot price also fell to $567 from $597. Of sales, the Average Days on Market rose to 80 from 68.

West End Vancouver Home Sale Prices (West End Vancouver Condos only)

There was 1 sale under $200,000, 15 sales between $200,000 and $300,000, 19 sales between $300,000 and $400,000, 17 sales between $400,000 and $500,000, 8 sales between $500,000 and $600,000, 3 sales between $600,000 and $700,000, 2 sales between $700,000 and $800,000, 3 sales between $800,000 and $900,000, 1 sale between $900,000 and $1,000,000 and 3 sales over $1,000,000.

The least expensive sale was a 420 sq ft, 43 year old studio for $185,000. The most expensive sale was a new 1421 sq ft, 2 bedroom, 2 bath condo for $1,400,000.

West End Vancouver MLS Real Estate Stats - July 2009

Looking for More Information on Vancouver Real Estate?

You can find every homes for sale in the West End of Vancouver right here. Before making any decisions, you might want to learn more about the Vancouver real estate market generally.

If you are thinking of buying or selling, or just have questions, contact me here or send me a quick email.

Copyright © 2009 West End Vancouver Real Estate and Vancouver Realtor Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver ”West End Vancouver Real Estate MLS Statistics and Chart for June 2009”

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When you own a condominium in BC you will have to pay a maintenance fee (strata fee) every month.  The money is used by the strata corporation to pay the expenses of the development.

How are strata maintenance fees determined?

Your individual strata maintenance fee is assessed by taking the total cost of the strata’s expenses and dividing that by the unit entitlement of your strata lot. The unit entitlement is related to the square footage of each strata lot.

Where does the maintenance fee money go?

There are two funds that every strata corporation in BC must maintain (and are funded by the maintenance fees): an operating fund an a contingency reserve fund. The operating fund is what is used to pay for common expenses that occur more than once over the course of a year. The CRF is the fund that is typically used to pay for expenses that occur less than once a year, or more unusual expenses.

What if I don’t pay my strata fees?

According to the Strata Property Act, all owners must contribute to the operating fun and the CRF (by paying their strata fees). Strata fees are due and payable on or before the first day of the month. If an owner fails to pay their strata fees they are contravening the strata corporation’s bylaws and are subject to fines.

The Strata Property Act requires a strata to give two weeks written notice demanding payment and informing the transgressor that further action may be taken. This further action can be in the form of suing, seeking arbitration or putting a lien against the owner’s strata lot.

How much is a typical Vancouver strata fee?

Maintenance fees vary greatly from area to area and building to building. It is difficult to compare maintenance fees directly as they depend on the management style of the strata, as well as the type of amenities that are offered in the building. That being said, you will find that typical strata fees in condominium buildings in downtown Vancouver tend to range from a low near $0.25/sq ft up to nearly $0.45/sq ft. More commonly the number falls closer to around $0.35/sq ft.

Please Donate

On June 22nd, 2009 I will be attempting to break the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).

Donate to the Royal LePage Shelter Foundation

More Info on Vancouver Real Estate

If you’d like to learn more about the Vancouver real estate market generally you can check out this page.

Are you thinking of buying or selling, or just have questions then you can contact me here or send me a quick email.

Copyright © 2009 Vancouver Condos in the Vancouver Realtor Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver ”Owning a Condominium in Vancouver – Strata Fees Explained”

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