BlogTuesday, October 12, 2010 Stats Update - Vancouver West-Side Houses - September 2010The following is a summary of stats released by the Real Estate Board of Greater Vancouver and compiled & graphed by Telf Maynard.
Much of it is specific to detached houses on the Westside of Vancouver.
          Note: You are welcome to use these graphs for any purpose you like, as long as you give us credit for creating them! We'd love to know how you're using them, so please let us know. Thanks! telf@telf.ca
The statistics used in this blog are based on information from the Real Estate Board of Greater Vancouver, and while believed to be accurate, Telf Maynard, Cheryl Dewson, Dexter Associates Realty, and the REBGV assume no responsibility for them. Thursday, September 2, 2010 Stats Update - Vancouver West-Side Houses - August 2010The following is a summary of stats released by the Real Estate Board of Greater Vancouver and compiled & graphed by Telf Maynard.
Much of it is specific to detached houses on the Westside of Vancouver.
         Note: You are welcome to use these graphs for any purpose you like, as long as you give us credit for creating them! We'd love to know how you're using them, so please let us know. Thanks! telf@telf.ca
The statistics used in this blog are based on information from the Real Estate Board of Greater Vancouver, and while believed to be accurate, Telf Maynard, Cheryl Dewson, Dexter Associates Realty, and the REBGV assume no responsibility for them. Friday, June 4, 2010 Stats Update - West Side Vancouver Houses - May 2010The following is a summary of stats released by the Real Estate Board of Greater Vancouver and compiled & graphed by Telf Maynard.
Most of it is specific to detached houses the the Westside of Vancouver.
    Wednesday, May 5, 2010 Stats Update - West Side Vancouver Houses - April 2010The following is a summary of stats released by the Real Estate Board of Greater Vancouver and compiled & graphed by Telf Maynard.
Most of it is specific to detached houses the the Westside of Vancouver.
    Note: You are welcome to use these graphs for any purpose you like, as long as you give us credit for creating them! We'd love to know how you're using them, so please let us know. Thanks! telf@telf.ca Wednesday, April 7, 2010 Stats Update - West Side Vancouver Houses - March 2010The following is a summary of stats released by the Real Estate Board of Greater Vancouver and compiled & graphed by Telf Maynard.
Most of it is specific to detached houses the the Westside of Vancouver.
    Note: You are welcome to use these graphs for any purpose you like, as long as you give us credit for creating them! We'd love to know how you're using them, so please let us know. Thanks! telf@telf.ca Saturday, March 13, 2010 Vancouver West-side - Detached Houses - February 2010 Stats UpdateThe following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses the the Westside of Vancouver.
    Note: You are welcome to use these graphs for any purpose you like, as long as you give us credit for creating them! We'd love to know how you're using them, so please let us know. Thanks! telf@telf.ca
Saturday, January 23, 2010 Vancouver West-side - Detached Houses - December 2009 Stats UpdateThe following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses the the Westside of Vancouver.
    Note: You are welcome to use these graphs for any purpose you like, as long as you give us credit for creating them! We'd love to know how you're using them, so please let us know. Thanks!
Tuesday, November 3, 2009 Vancouver West - Detached Houses - October 2009 StatsThe following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
 3-Month HPI Average: $1,450,172
1-Year HPI Change: +16.6% 3-Year HPI Change: +32% 5-Year HPI Change: +84.6%    Wednesday, April 1, 2009 Vancouver West - Detached Houses - March 2009 StatsCategories:stats,Vancouver West The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price IndexSeptember: $1,315,517
October: $1,279,528
November: $1,116,267
December: $1,165,007
January: $1,134.773
February: $1,170,866
March: $1,127,017 (vs $1,448,310 in March '08)
3-Month Average: $1,169,410
1-Year Change: -22.2%
3-Year Change: +6.4%
5-Year Change: +45.6%
Number of SalesSeptember: 46
October: 52
November: 25
December: 56
January: 46
February: 100
March: 144 (vs 136 in March '08)
Number of New ListingsSeptember: 314
October: 232
November: 128
December: 74
January: 195
February: 203
March: 205 (vs 268 in March '08)
Total Active Listings (includes condos)September: 4314
October: 4241
November: 4112
December: 3424
January: 3230
February: 3332
March: 3270 (vs 2614 in March '08)
Total Sales (Includes condos)September: 323
October: 285
November: 185
December: 211
January: 189
February: 399
March: 553 (vs 616 in March '08)
SummaryPrices are essentially unchanged, at least statistically, since last month, but the low end of the market has been quickly disappearing (it's all been sold!). For the past 6 months, with a little shopping around and a good Realtor, you could have purchased a nice home on a side street on the West Side for around $750,000. Today, you would be lucky to find something like that for under $850,000. Even the most pesimistic Realtors in my office are now starting to admit that the bottom has past.
You can see the reason for this in the statistics... The number of new listings was almost the same in March as it was in February (up 1%), but sales have gone up 44%. This translates into total listings being down about 15%. We actually had more sales in March 2009 than we did in March 2008. And almost all of these sales have been in the low end of the market, meaning the first time buyers have scooped up all the deals. We have almost reached a housing shortage, and multiple offers are a daily occurrence again in Vancouver.
A good chunk of what's currently left for sale is overpriced, left over from listings taken last summer or fall -- before sellers were willing to admit what's happened. None of this overpriced stuff is going to sell, and will instead expire over the next few months. Because of the large inventory of "unsaleable" housing, the current sale-able listing count in Vancouver is actually on the low side.
According to CMHC stats just released yesterday, there are currently only 24,206 new units under construction (including condos, rental units, and houses), and housing starts are down an incredible 72% since last year. Statistics BC is projecting 65,000 people will move to the province this year, with the vast majority of them coming to Vancouver. Rental vacancy rates are already under 1% in most areas of Vancouver.... Who remembers what happens to prices when you have a small supply and a huge demand?
So..... If you have been planning to buy, do so asap! I promise you that prices will go up again sooner than most people realize. If you've been planning to trade-up into a bigger house or condo, the window of opportunity for you to do that before prices go up is closing fast!
Monday, March 9, 2009 Vancouver West - Detached Houses - February 2009 StatsCategories:stats,Vancouver West The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price IndexSeptember: $1,315,517
October: $1,279,528 November: $1,116,267 December: $1,165,007
January: $1,134.773
February: $1,170,866
3-Month Average: $1,156,889
1-Year Change: -19.4%
3-Year Change: +11.1%
5-Year Change: +58.1%
Number of SalesSeptember: 46
October: 52
November: 25
December: 56
January: 46
February: 100
Number of New ListingsSeptember: 314
October: 232
November: 128
December: 74
January: 195
February: 203
Total Active Listings (includes condos)September: 4314
October: 4241
November: 4112
December: 3424
January: 3230
February: 3332
Total Sales (Includes condos)September: 323
October: 285
November: 185
December: 211
January: 189
February: 399
SummaryPrices are up significantly since November (but still down 20% from the height of the market), sales volume has more than doubled since last month, and the number of listings on the market is staying fairly steady. Sales haven't been this busy since March of last year!
Interest rates went down AGAIN last week -- don't count on them getting much lower!!! The bank's overnight lending rate is now 0.5%. Mortgages are now available on a 5-year term at less than 4%. A 10-year term is now available at 5.25%!!! A year ago, at the height of the market, interest rates were closer to 7%. So what difference does a few percentage points make, you ask? Last year, payments of $5000 a month would have bought you a $980,000 property. Today, payments of $5000 a month will get you a 1.4 million dollar property. And given that prices are down at least 20% since a year ago, your 1.4 million dollar house would have cost you almost 1.8 million a year ago. So today you can afford to buy a house that's almost TWICE as nice as you could have purchased a year ago. With this information, it's easy to see why, despite the recession we're still in, people are now buying like crazy. Also, for investors, many condos (and even some houses!) now cash-flow! If you have, or can borrow, at least $50,000 you can now likely get 25-35% annual return on that money (AFTER tax!) by investing in a rental condo. Don't believe me? Give me a call and I'll send you the spreadsheets!
Friday, February 6, 2009 Vancouver West - Detached Houses - Stats Jan 2009Categories:stats,Vancouver West The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
September: $1,315,517
October: $1,279,528
November: $1,116,267
December: $1,165,007
January: $1,134.773
3-Month Average: $1,138,682
1-Year Change: -19.3%
3-Year Change: +13.7%
5-Year Change: +54.5%
Number of Sales
September: 46
October: 52
November: 25
December: 56
January: 46
Number of New Listings
September: 314
October: 232
November: 128
December: 74
January: 195
Total Active Listings (includes condos)
September: 4314
October: 4241
November: 4112
December: 3424
January: 3230
Total Sales (Includes condos)
September: 323
October: 285
November: 185
December: 211
January: 189
Summary
The number of listings for sale is down for the 4th month in a row! Sales for the month are down a tiny bit, but most of them were in the second half of the month. Real estate sales always come to a crawl during Vancouver snow storms (ie the first 2 weeks of January)! From being out in the trenches, I can tell you that sales are actually WAY up. The stats will reflect that next month.
Prices are down a tiny bit since December, but still way up over November. The median pricing stats are actually way down (over 30% since December), but that just reflects a massive increase in the volume of entry level housing being sold. The first-time buyers are back en masse! Condos are flying off the shelves. Multiple offers and sales over list price are becoming common, and well priced entry-level homes are selling in a matter of days.
Prices are low -- relatively speaking, quite likely the lowest they have EVER been in Vancouver. They're not going down any more, and you've only got 6-12 months before they start to shoot back up. (We're already seeing people raising asking prices...) And with interest rates the lowest in over 50 years, why WOULDN'T you be buying? Tuesday, January 6, 2009 Vancouver West Real Estate Stats - Detached Houses - December 08Categories:stats,Vancouver West The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver. Housing Price Index
September: $1,315,517
October: $1,279,528
November: $1,116,267
December: $1,165,007
3-Month Average: $1,186,934
1-Year Change: -16.6%
3-Year Change: +22%
5-Year Change: +64%
Number of Sales
September: 46
October: 52
November: 25
December: 56
Number of New Listings
September: 314
October: 232
November: 128
December: 74
Total Active Listings (includes condos)
September: 4314
October: 4241
November: 4112
December: 3424
Total Sales (Includes condos)
September: 323
October: 285
November: 185
December: 211
Summary
The number of listings is down, and -- as predicted -- prices and sales volume are both up. Yes, you read that correctly -- prices are up since November. And for the fourth straight month, the number of listings -- both total listings and new listings -- has decreased. Supply is dwindling!
However, nobody expects this to continue into January. With buyers coming back into the game, January will bring us many new listings, which I am very much looking forward to! Prices are not likely to go significantly lower, and are likely to stabilize at their current rate until the buyers come back and prices start rising again.
December 2008 is also the first time since 1981 where there were more sales in December than in November. It is also worth noting that there were 56 sales in December 2008 -- exactly the same number of sales as in December 2007.
While prices aren't likely to change much in the next year, it is looking like 2009 is going to be a fantastic year for Real Estate. Buyers, start your shopping! Thursday, December 4, 2008 Vancouver West Real Estate Stats - Detached Houses - November 08Categories:stats,Vancouver West The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver. Housing Price Index
September: $1,315,517
October: $1,279,528
November: $1,116,267
3-Month Average: $1,237,104
1-Year Change: -18.5%
3-Year Change: +17.8%
5-Year Change: +58.5%
Number of Sales
September: 46
October: 52
November: 25
Number of New Listings
September: 314
October: 232
November: 128
Total Active Listings (includes condos)
September: 4314
October: 4241
November: 4112
Total Sales (Includes condos)
September: 323
October: 285
November: 185
Summary
EVERYTHING is down -- sales volume, listing count, and prices. This is an unusual situation, and, short of Vancouver becoming a ghost town, it is impossible for all three of these things to continue trending in the same directly. At least one of these has to go up. The latest change is that we now officially have a trend of a decreasing supply of properties. We're not in short supply of houses YET, but the listing counts are definitely marching steadily down! As I said last month, the trend of sales going down cannot continue indefinitely -- Vancouver has a positive net migration, people have children, people get married, children move out, people die, people get divorced..... (although not necessarily in that order!) Other Good News
Vancouver, and in fact Canada in general, is actually in much better shape than the News would have you believe. We had a 3rd quarter GDP growth of 1.3%, and retails sales in BC were up 1% in September as well. BC also has the lowest foreclosure rate in Canada. And even in the US, sales volume on "Black Friday" -- which was forecasted to be way down -- was UP 6%. Mortgage rates are also at all-time lows, and are expected to go even lower this month. You can currently get a 5-year mortgage at 4.8%, and variable is available at prime (currently 4%). As an interesting note, a secured line of credit from National Bank is available at prime (4%) and a 3-year GIC from BMO is available at 4.3%. So you can now personally borrow money from one bank, and then lend it to another bank, and make a profit. Never mind those smart people who locked in a line-of-credit at Prime-1 (3%!!!) over the summer, and who could now be making a profit of 1.3%/year without using any of their own capital at all. What an interesting opportunity! 1.3% per year! If you had bought a house in Vancouver in 1978, you would have paid about $75,000. Today, even after the market "crash", that same house would be worth about $750,000. That's a 1000% increase, or over 33% per year. (Even with compounding, that's still over 8% per year.) Hmmm.... Which would you rather.... 1.3% or 33%? Wednesday, November 12, 2008 Vancouver West October Stats - October 08Categories:stats,Vancouver West Vancouver West Real Estate Stats - Detached HousesThe following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
August: $1,371,663
September: $1,315,517
October: $1,279,528
3-Month Average: $1,322,236
1-Year Change: -6.6%
3-Year Change: +30.8%
5-Year Change: +75.4%
Number of Sales
August: 46
September: 46
October: 52
Number of New Listings
August: 209
September: 314
October: 232 Total Listings (includes condos)
August: 3812
September: 4314
October: 4241 Total Sales (Includes condos)
August: 333
September: 323
October: 285
Summary
Sales are UP for detached houses, but down for condos. Prices are down.Listings are down.
Two months, however, does not a trend make. And listings SHOULD be back down in the 16,000 - 17,000 range for a "balanced market". But they do seem to be on their way down.
The trend of sales going down cannot continue indefinitely -- Vancouver has a positive net migration, people have children, people get married, children move out, people die, people get divorced..... (although not necessarily in that order!)
The Canadian dollar is down, and everyone, everwhere would love to move to Vancouver.... which just became that much more affordable! So houses have to sell and people have to buy!
If sales go up and listing counts continue going down, housing prices will, by nature of supply and demand, be forced back up fairly soon.
Is that a good thing??? Now that depends on whether you've already bought your own home!
So WHEN are the prices going back up? That willl have to wait for my next blog post..... Thursday, October 16, 2008 The market is off by 45 percent.......People see this headline in the news, and they think PRICES are down 45%.... That's not what this means! This means that sales VOLUME is down 45%. On the west side of Vancouver, 586 properties sold in September of last year, and only 323 sold in September of this year. This means that houses ARE selling.
As Ozzie Jurock says: "The market is off by 50 per cent. So what. The key is to get your property placed into the 50 per cent which sells now." Instead of moping around and whining that nothing is selling, you should ask yourself why YOUR property wasn't one of the 323 that DID sell in September!
So what can you do to sell your house? Instead of rewording things that have been said elsewhere, I'm just going to tell you to read Ozzie Jurock's article, here: http://www2.jurock.com/articles/columnist.asp?id=1115
As for prices--we know they're down -- but how much? I'll have stats for you on that next week. Wednesday, October 15, 2008 New property listed in Cambie, Vancouver WestCategories:Cambie,Vancouver West 
I am running regular open houses on a property at # 401 5650 OAK ST in Vancouver.
Spacious & bright top floor condo with vaulted ceilings, French doors, hardwood floors, generous sized rooms, and a full sized kitchen w/granite counters & an eating area! Great floor plan with room for house sized furniture - 2 bedrooms & den/solarium & 2 full bathrooms conveniently located close to Oakridge Mall & the new RAV line. Secure parking, storage locker and pets & rentals allowed. Friday, October 10, 2008 New property listed in False Creek North, Vancouver WestCategories:False Creek North,Vancouver West 
I am handling enquiries for a listing at # 902 628 KINGHORNE MEWS in Vancouver.
SLVER SEA ULTRA LUXURIOUS WATERFRONT! THIS STUNNING 9TH FLOOR! PRIVATE ELEVATORS OPENS DIRECTLY INTO YOUR HOME, UPGRADED WALNUT HARDWOOD AND TILE THROUGHOUT, GRANITE COUNTERS, MIELE APPLIANCES, SUB ZERO FRIDGE, 3 BEDROOMS, 3 BATHROOMS, FORMAL DINING ROOM, AIR CONDITIONING, HIGH CEILINGS, 3 SEPARATE OUTDOOR TILED BALCONIES WITH A BREATH TAKING VIEWS OF FALSE CREEK AND GRANVILLE ISLAND OUT TO ENGLISH BAY. ALSO, 2 UNDERGROUND PARKINGS, CONCORD'S PLATINUM BUILDING OF ONLY 31 RESIDENCES. ENJOY THE OPTIMUM WATERFRONT LOCATION! THE LIST GOES ON, AND ON... PRICED TO SELL FAST! A MUST SEE! Showing by appointment only. Categories: 2607 | Brackendale, Squamish Real Estate | Cambie | Campbell Valley, Langley Real Estate | Collingwood VE, Vancouver East Real Estate | comedy | Cottonwood MR, Maple Ridge Real Estate | County Line Glen Valley, Langley Real Estate | detached | Downtown NW | Downtown NW, New Westminster | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West Real Estate | Dunbar, Vancouver West | Dunbar, Vancouver West Real Estate | Durieu, Mission Real Estate | East Central, Maple Ridge Real Estate | False Creek North | False Creek North, Vancouver West | Fraserview VE, Vancouver East Real Estate | Glenwood PQ, Port Coquitlam Real Estate | graphs | greater vancouver | investors | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Maple Ridge | Mount Pleasant VE, Vancouver East Real Estate | New Westminster | news stories | Out of Town, Tsawwassen Real Estate | press release | real estate | rebgv | S.W. Marine, Vancouver West | S.W. Marine, Vancouver West Real Estate | Salmon River, Langley Real Estate | Sapperton, New Westminster Real Estate | selling tips | Shaughnessy, Vancouver West | Shaughnessy, Vancouver West Real Estate | Southlands, Vancouver West | Southlands, Vancouver West Real Estate | Southwest Maple Ridge | Southwest Maple Ridge, Maple Ridge | statistics | stats | Stave Falls, Mission Real Estate | Steveston South, Richmond Real Estate | Sunshine Hills Woods, N. Delta Real Estate | Surrey | Thornhill, Maple Ridge Real Estate | University VW, Vancouver West Real Estate | Upper Squamish, Squamish Real Estate | vancouver | Vancouver Real Estate | Vancouver West | vancouver west-side | Vancouver, BC Real Estate | Vedder S Watson-Promontory, Sardis Real Estate | Websters Corners, Maple Ridge Real Estate | West Newton | west-side | west-side vancouver | Westwood Plateau, Coquitlam | Whistler, Whistler Real Estate | Whonnock, Maple Ridge Real Estate |
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