We all do it. Every year, the clock strikes midnight on December 31st and we’re flooded with hope: this year will be different, better. This year, you’ll be able to buy that dream home despite Vancouver’s resilient real estate market. Perhaps you already own a condo and want to upgrade to a detached house, or purchase an investment property to add to your portfolio. Whatever your real estate goals, there are a few ways you can make your financial resolutions stick for 2017.

Make A Budget

Tried and true, the oldest way is the best way. Tedious, yes, but your best chances at succeeding at your financial goals is to create monthly budget, and stick to it. And what’s the best way of doing that? Paying in cash. In our digital age it’s far too simple to spend too much money; online, via plastic, it’s almost like it’s not real. Designate your cash allotments and it’ll be much easier to keep track, and harder to part with, your hard-earned cash.

Put It In Writing

Making a plan is great, putting it on paper for constant reference is a proven way to succeed at achieving your goals. Create a list of financial resolutions--be as detailed as possible--and post it somewhere that you can’t miss. Include deadlines, as well. Even if they’re self-imposed, the idea that there is outward pressure can have a positive impact.

Be Accountable

Get your spouse or partner involved for accountability; finances can be a tricky conversation, but worth it to be on the same page if you’re saving for something like a down payment together. Telling someone else your plan to financial stability puts it on you to follow through on your goals.

Start Small

Create momentum by doing what you can, as soon as you can. Don’t wait for that elusive, “perfect day” to start a Tax Free Savings Account or RRSP. No matter how small, watching it build will be incentive enough to continue. Along those lines is another goody: keep it short and simple. Sure, it’s always good to visualize big, broad dreams like owning a home or additional investment property. But break it down; start by opening a special savings account. Then, lay out new steps at the start of each month, and before you know it, that big goal will be achieved.

Leave It To The Professionals

If navigating the Vancouver real estate market is on your list of resolutions, as always we recommend consulting with an honest, dependable realtor to ensure your financial stake from the sale or purchase of property goes smoothly, and happens at the greatest benefit to you.

As one of Vancouver Westside’s top realtors, we’re always happy to sit down for a consultation; Contact us today. Wishing you all a very happy and successful New Year!

For those of you watching the real estate market in 2016 every day brought us another housing story. The year started off just like 2015, ending with an unprecedented level of sales activity and upward pressure on price. No one could have predicted a year ago that Vancouver house prices would climb another 25% in the first 6 months of 2016. 

The buying frenzy kept us all glued to day to day market news. Terms like Shadow Flipping became a regular topic for discussion.

After months and months of rising prices, Vancouver residents began to shout louder and louder about the affordability crisis. There was such an uproar from the public that government officials began to enact new policies to slow the market. 

Shadow Flipping & Assignments of contracts were clamped down on. The incentives for individuals to get involved in such practices were eliminated. This took many speculators out of the market. 

The Property Transfer Tax on transactions over $3 million was increased to slow the high end of the market. Then the Foreign buyers were clamped down on by adding a flat 15% Purchase Tax onto the already existing PTT which became law after only one week of being enacted.

We began to see numerous media stories about illegal laundered money and shady real estate transactions involving foreign buyers and their local realtors. This resulted in a complete revamp of the real estate industry and how it is to be governed moving forward. 

With low vacancy rates, scarce rentals and offshore owned empty houses, next came the Vacancy Tax. The city is hoping this will force investors to rent out there empty properties and ease the lack of available rentals in the city.

By fall, the government became worried about spiralling mortgage debt and rules were enacted to tighten mortgage lending. If you were a buyer with less than 20% down, overnight your buying power diminished by 20%. Banks also tightened rules for non residents, making it much more difficult to get a mortgage.

All these new policies caused our market in Vancouver to cool off dramatically, and prices begin to fall by as much as 15% by year end. 

So many buyers and sellers moved to the sidelines by year-end to watch and see how the next chapter of Vancouver Real Estate plays out.

No one knows the direction we will see in 2017 and there are plenty of opinions, from prices levelling out to prices continuing to fall.

We tell all our clients to make their real estate decisions based on their own personal circumstances, risk tolerance and information we have at present. If you listen to the news media, friends, relatives and so-called experts, you get such a wide range of opinions.

At this time of year, we want to thank all our clients - past and present - for your continued support over the years, and we wish you all a wonder Holiday Season and New Year ahead. We have so  much to be thankful for. If you have any real estate questions, or friends or family in need of assistance, please pass on our contact information.  We are here to help.

Happy Holidays!

Andrew & Jill Hasman

Home sales in Metro Vancouver were only 7.6% below the 10-year sales average for November. “While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver president.

Overall, residential home sales totalled 2,214; a decrease of 0.9% from October 2016 and a 37.2% decrease from November 2015. Detached homes are seeing the most impact at the moment, as demand (relative to supply) for them is lower than for townhomes and apartments. This is causing a stabilizing effect on prices for townhomes and apartments, while detached homes are on a modest price decline.

The November Numbers:

New Listings (detached, attached, and apartment): 3,147
7.2% decrease from November 2015
20.9% decrease from October 2016

1.2% below the 10-year average for the month

Total Active listings on MLS®: 8,385
3.6% increase from November 2015
8.3% decrease from October 2016

Sales-to-Active-Listings ratio: 26.4%

Benchmark price for all residential properties: $908,300
20.5% increase from November 2015
1.2% decrease from October 2016

Benchmark price for a detached property is $1,511,100
23% increase from November 2015
2.2% decrease from October 2016

Detached property sales totaled 638
52.2% decrease from November 2015
2.1% decrease from October 2016

Benchmark price for an apartment property is $512,100
18% increase from November 2015
0% increase from October 2016

Apartment property sales totaled 1,200
22.7% decrease from November 2015
1.9% increase from October 2016

Benchmark price for an attached unit is $667,100
23% increase from November 2015
0.3% decrease from October 2016

Attached property sales totaled 376
40.9% decrease from November 2015
6.7% decrease from October 2016

Download the sales reports here:

• Vancouver East November 2016 Report
• Vancouver West November 2016 Report

*REBGV Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Image credit: Shaundd

Dreaming of the open ocean? Even if buying a boat isn’t at the top of your list, the Vancouver International Boat Show is still one of the best destinations for things to see and do. Western Canada’s largest of its kind, the Boat Show will be held Wednesday, January 18th - Sunday, January 22nd at BC Place and Granville Island. Beyond home ownership, owning a boat is at once luxurious and authentic, an adventure that takes real passion and dedication. Want a taste?

Education and Events

From new boaters to seasoned mariners, the Boat Show offers a variety of entertaining seminars from exceptional professionals. These hands-on opportunities showcase everything from risk-free virtual boating skills training to informative panels by the experts on finding the right boat for your lifestyle and budget. Get boat buying tips here. Other events include sport fishing in BC seminars and the dockside grill cooking series on how best to cook in tight spaces to Brush up before the event with A Beginner’s Guide to Boating: Welcome to the Water.

New Product Showcase and Exhibitors

Be one of the first to see what the boating industry has to offer for 2017. If it’s new to the market, guaranteed this is where it’ll make its debut. Check out all of the new boat models, water sport accessories, and more in the online catalogue before the real deal in January. For a complete list of exhibitors and what they offer, visit the official site.

Floating Show and Free Boat Rides

Free shuttle buses and water ferries will run continuously between BC Place to Granville Island, where boater’s paradise is prevalent year-round; the perfect host to the in-water boat display. The Floating Boat Show also features free 30-minute boat rides. Sign up early at the Discover Boating tent for a taste of the mariner’s lifestyle. You can also check out the hands-on skills training workshops and speak with skippers from the Bluewater Cruising Association onboard a fully equipped, offshore-ready boat about what it’s really like to live the dream: from crossing the ocean to idyllic, isolated anchorage.

Stay updated on event info on the Vancouver International Boat Show Facebook page, and get your tickets to this boater’s paradise now.

VANCOUVER, BC – December 2, 2016 – Home buyer and seller activity remains near historical averages in the Metro Vancouver* housing market.

Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold.

Last month’s sales were 7.6 per cent below the 10-year sales average for the month.

“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties were listed.

Last month’s new listing count was 1.2 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent from last month (24.4 per cent). Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 per cent over several months.

“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month and a 20.5 per cent increase compared to November 2015.

Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the 652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015. The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline compared to last month and a 23 per cent increase compared to November 2015.

Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 per cent increase compared to November 2015.

Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease compared to last month and a 23 per cent increase compared to November 2015.

*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge and South Delta.

Download the full stats package here.

Image Credit: Wonderlane