LYN HART : Associate Broker | Real Estate Sales : Blog posts labelled: condos

Spring Market Rebounds

Posted on April 2, 2009 by Lyn Hart

Posted in 2009 market, 2009 Real Estate Market, buying, condos, First-time buyers, houses, market, real estate market, real estate market report, reports, sales, statistics, Vancouver Real Estate blog, Vancouver real estate market

Property Sales Strengthen in Current Market Cycle

A news release from the Real Estate Board of Greater Vancouver

VANCOUVER, B.C. - April 2, 2009.

The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.

Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.

Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this

month-over-month comparison.

"There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is

levelling off," said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to

March 2008. This is the fifth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent. Despite these trends, total active listings at the end of March 2009 had still reached 14,579, a 19 per cent increase compared to the end of March 2008.

"REALTORS® are seeing an increasing level of interest from first-time buyers who are attracted to

low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years," Russell said.

Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.

Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.

Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563.

To see the news release in its entirety, including graphs and charts, go to http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package_April%202009.pdf

The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics and buying or selling a home contact a local REALTOR® or visit www.rebgv.org.

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English Bay

Posted on November 22, 2008 by Lyn Hart

Posted in buying, condos, Open houses, public opens, vancouver condos

Prime English Bay Location!

201-1558 Harwood Street, Westend

Open House Saturday, November 22, 2-4 pm

$589,000.

Just a few steps to the beach and seawall. Rarely available 2 bedroom corner unit with water views in this exclusive 3-storey 12 unit building, gas fireplace, insuite laundry and spacious storage room, lots of windows looking over beautiful tree lined streets & English Bay. Very convenient location, steps to Stanley Park and West End shopping.

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October Staistics for Greater Vancouver

Posted on November 4, 2008 by Lyn Hart

Posted in 2008 vancouver, buying, condos, First-time buyers, housing forecast, market, real estate market, reports, sales, statistics, Vancouver real estate market

Residential Housing Price Decline

Creates Buying Opportunities

Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.

“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.”

Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.

Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.

Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent.

Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent.

Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent.

Click here to see Listing and Sales Activity Summary for October 2008.

Click here to see Greater Vancouver Average Price Graph for October 2008.

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September Stats for Greater Vancouver

Posted on October 2, 2008 by Lyn Hart

Posted in 2008 vancouver, buying, condos, First-time buyers, housing forecast, listings, market, outlook, real estate, real estate market, statistics, Vancouver real estate market

Home Prices Adapt to Affordability Demands

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to1,585 from the 2,776 sales recorded in September 2007.

New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.

“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”

Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent.

Sales of apartment properties declined 35.1 per cent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 per cent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent.

Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.

Click here to see Listing & Sales Activity Summary for September 2008

Click here to see Greater Vancouver Average Price Graph September 2008

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Market Finally Coming Down to Earth!

Posted on August 14, 2008 by Lyn Hart

Posted in 2008 vancouver, condos, east side condos, First-time buyers, houses, Housing, housing forecast, market, real estate market, reports, statistics, Vancouver real estate market

As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back the last two months from the record highs experienced in early 2008 according to the Real Estate Board of Greater Vancouver.

Since May 2008, housing prices, as calculated by the MLSLink Housing Price Index®, across each residential category have declined. Detached properties in Greater Vancouver declined 2.3 per cent through June and July 2008, while attached were down 1 per cent and apartment properties 2 per cent over the same period.

The overall benchmark price for all residential properties in Greater Vancouver has declined 2.1 per cent since the end of May 2008, from $568,411 to $556,605 in July 2008.

“We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008,” said Real Estate Board of Greater Vancouver (REBGV) president, Dave Watt. “There was a slight decline in the total active listings on the market in July compared to June, which is a welcomed departure from recent trends.”

Residential property sales in Greater Vancouver declined 43.9 per cent in July 2008 to 2,174 from the 3,873 sales recorded in July 2007. New listings for detached, attached and apartment properties increased 24 per cent to 6,104 in July 2008 compared to July 2007, when 4,924 new units were listed.

Sales of detached properties in July 2008 declined 44.2 per cent to 827 from the 1,483 units sold during the same period in 20070. The benchmark price for detached properties is up 5.4 per cent from July 2007 to $753,165.

Sales of apartment properties declined 42.3 per cent last month to 966, compared to 1,674 sales in July 2007. The benchmark price of an apartment property increased 4.7 per cent from July 2007 to $381,687.

Attached property sales in July 2008 decreased 46.8 per cent to 381, compared with the 716 sales in July 2007. The benchmark price of an attached unit increased 5.7 per cent between July 2007 and 2008 to $473,953.

The Real Estate industry is a key economic driver in British Columbia. The Real Estate Board of Greater Vancouver is an association representing more than 9,600 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org.

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Experts Say Go With Variable!

Posted on July 7, 2008 by Lyn Hart

Posted in buying, condos, First-time buyers, houses, market, mortgage rates, real estate market, Vancouver real estate market

If the fluctuation of a variable becomes too much, there's also usually the option to lock in at any time.

Homeowners looking to renew their mortgages should resist the urge to lock in to a fixed-term mortgage in the face of rising rates if they can stomach the more nerve-wracking ride of a variable mortgage, experts say.

The prospect of a mortgage that rises and falls with prime rate changes may cause some unease, especially following the recent announcement by the Bank of Canada not to cut interest rates and the subsequent hike in mortgage rates by several of the country's biggest banks. But experts say variable rates may still be worth the trouble because they will save more in the long run. Many people who opt for fixed mortgages do so for the security of knowing what their payments will be every month, and may be spread too thin financially to afford much more. But variable mortgages often offer more flexibility, and have more pre-payment options for those wishing to pay their mortgages off faster.

"If it becomes important to pay off the mortgage faster, they can lose a little bit of those pre-payment options if they do fix in for a longer period of time," said Mark Olkowski, regional manager at Invis, one of Canada's largest mortgage brokers, noting that a fixed mortgage may allow for a 15 per cent pre-payment option, while variables are usually around 20 per cent or higher. If the fluctuation of a variable becomes too much, there's also usually the option to lock in at any time.

"Studies have shown that in general, the variable rate will cost you less, but there may be times, if rates go up fairly quickly for example, that you're going to be kicking yourself for not having locked-in," said Adrian Mastracci, president of KCM Wealth Management in Vancouver.

Mastracci suggests assessing the risk of your budget and income to help you decide which kind of mortgage to pick. Most economists are expecting prime to go up over the next 12 to 18 months, but some warn against basing too much of your decision on where interest rates may go in the future. Peter Veselinovich, vice-president of banking and mortgage operations at Investors Group, says individuals have to think of mortgages in broader terms than just a focus on where rates are at on any given day. Above all, Mastracci said, borrowers should focus on getting a mortgage that can be paid off as quickly as possible.

Courtesy of The Real Estate Weekly, THE source for Real Estate information, with 16 publications delivered to over 500,000 homes and Real Estate offices throughout the Lower Mainland each week.

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Did You Know?

Posted on April 6, 2008 by Lyn Hart

Posted in 2008 vancouver, book illustrator, childrens books, condos, east side condos, First-time buyers, houses, Housing, Kip and Zara, listings, Lyn Hart, sales, Vancouver real estate market

I bet you didn't know your favourite Vancouver Realtor is a published childrens book illustrator!

Kip and Zara's Money Adventure introduces money management concepts to children ages 4 to 8 through its fun and colourful alien characters, Kip and Zara. Author Bill Roche published it in 2006 but it's only available in a limited number of bookstores in eastern Canada or through our local warehouse

We've been distributing it through corporate sponsorship from companies like TD Bank and New Westminster Savings. It's also a major component of Bill's educational workshops that his company, PowerPlay Strategies, puts on for parents and kids through their schools.

I also give autographed copies to my clients who are expecting or have families. It's my way of saying Thank You for their business!

If you're interested in becoming a corporate sponsor or would like to puchase a copy for $11.95 plus tax, please contact me for more information.

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Spring Market Heating Up?

Posted on April 6, 2008 by Lyn Hart

Posted in condos, First-time buyers, houses, sales, Vancouver real estate market

According to The Real Estate Board of Greater Vancouver, statistics for February 2008 show a drop in residential attached, detached and apartment property sales by about 6.4% from last year. However, new listings for detached, attached and apartment properties rose by 26.2% in February 2008 compared with February 2007. What does it all mean to your average buyer or seller?

"We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly," says REBGV president Brian Naphtali. "This shift increases buyer options and allows people more time to make decisions when purchasing a home."

In other words, the trend seems to be shifting to a buyer's, rather than a seller's, market. There should be less multiple offer situations depending on the property, area and price, and buyers will have more time (although not much) to decide on whether to purchase that house or condo.

It's my job to guide you through the complicated process of buying or selling your home, including researching the market trends in the neighbourhood and suggesting a price that's fair market value. Contact me today and together we'll assess your needs and goals. From helping you find your dream home to closing the deal - and every small or large step in between - I'll be there to ensure your home buying or selling journey is a smooth one!

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