No doubt you have heard that our real estate market has slowed down. It will be probably a good 6 months before we know if the new 15% non resident tax was the catalyst that caused our marker to cool off. The Real Estate Market was cooling before the tax was implemented so we need a few months at least before we can know what the implications of the tax are.

For those of you looking to buy or sell this Fall there is still opportunity out there.

For home buyers the timing to make a purchase seems and probably makes a lot more sense now. If you have found a home you are interested in there’s a good chance there will not be multiple offers. You now have the chance to take your time and make a conditional offer allowing you time to perform due diligence. With interest rates remaining at rock bottom and the real estate market temporarily out of favour this is a great time to go home shopping.

For those of you looking to sell, don’t be too discouraged. Home prices shot up almost 30% in 2014-2015 and have climbed another 30% plus this year. If prices fall 10-15% over the next 6 months you are still way ahead of the game. There is no indication home prices have fallen at all since the tax and it's too soon to measure as there are just not enough sales out there to get a definitive read. What I can tell you is that so far we have not seen a spike in new listings and with that we are still in a fairly balanced market which is ideal for price stability.

In a softer housing market, you need a professional.

If you are looking to buy and or sell it always makes sense (and more importantly in a softer market) to hire a seasoned professional to help you navigate the softer market. In a hot market any realtor can list and sell your home. I mean, in the past 2 years buyers have literally been lining up to buy houses. In a tougher market the true professionals rise to the top.

Jill and I have worked in markets good, bad and in between for the past 25 years. We know what its like to sell in a market when very few homes are selling. Call us today and lets see if we can provide you with some great market knowledge to help you achieve success with your next property purchase or sale.

We look forward to hearing from you soon.

Andrew & Jill Hasman

604-657-7936

August saw Vancouver home buyers on a decline as sales were 3.5% below the 10-year average for the month. The Real Estate Board of Greater Vancouver’s president Dan Morrison attributes the downward trend in Metro Vancouver during recent months to the new foreign buyer tax. He stated that “the record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August.” Residential property sales totalled 2,489 in Metro Vancouver last month; a 26% decline compared to August 2015 and a 22.8% decline to last month’s sales, while only 1% less than August 2013 sales.

It’s also important to note that while the imbalance between supply and demand continues, fewer detached sales at the high price points, and detached home sales in general, are skewing the average sale prices towards ‘decline’ while benchmark prices remain.

It’ll be some time yet before the true impact of the new tax on the Vancouver real estate market is evident, though in the meantime Morrison admitted, “It’s reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.”

Get the scoop on all the August numbers below:

New Listings (detached, attached, and apartment): 4,293
0.3% increase from August 2015
18.1% decrease from July 2016

Total Active listings on MLS®: 8,506
21.9% decline from August 2015
1.9% increase from July 2016

Sales-to-Active-Listings ratio: 29.3%

Benchmark price for all residential properties: $933,100
31.4% increase from August 2015

Benchmark price for a detached property is $1,577,300
35.8% increase from August 2015

Detached property sales totaled 715
44.6% decrease from August 2015

Benchmark price for an apartment property is $514,300
26.9% increase from August 2015

Apartment property sales totaled 1,343
10.1% decrease from August 2015

Benchmark price for an attached unit is $677,600
31.1% increase from August 2015

Attached property sales totaled 431
25.4% decrease from August 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*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.

The complete August 2016 REALTOR® Report for Vancouver East and Vancouver West are available for download:

• Vancouver East
• Vancouver West

Summer started below recent averages in the Vancouver real estate market, and registered home sales were below 4,000 for the first time since January. The Real Estate Board of Greater Vancouver’s president Dan Morrison stated that after a record-breaking start to the year, home-buyer demand returned to more “normal” levels in-line with previous years.

“We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.” Morrison concluded, as July’s sales were still 6.5% above the 10-year sales average for the month. And with the recent introduction of the new BC Foreign Buyer’s Tax by the Canadian government, only time will tell what’s in store for the Vancouver market.

July 2016 By The Numbers:

New Listings (detached, attached, and apartment): 5,241
2.5% increase from July 2015
10.8% decrease from June 2016

Total Active listings on MLS®: 8,351
27.4% decline from July 2015
6.9% increase from June 2016

Sales-to-Active-Listings ratio: 38.6%

Benchmark price for all residential properties: $930,400
32.6% increase from July 2015

Benchmark price for a detached property is $1,578,300
38% increase from July 2015

Detached property sales totaled 1,077
30.9% decrease from July 2015

Benchmark price for an apartment property is $510,600
27.4% increase from July 2015

Apartment property sales totaled 1,602
7.3% decrease from July 2015

Benchmark price for an attached unit is $669,000
29.4% increase from July 2015

Attached property sales totaled 547
20.7% decrease from July 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*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.

For a printable version of the REALTOR® Report, please click here.

For a printable version of the REALTOR® Report, please click here.

As of August 2nd, 2016, the BC government put into law an additional tax on foreign buyers in the Greater Vancouver Regional District. Once a property is registered at the Land Title Office, the tax applies with no exceptions and strict non-compliance penalties. The tax’s sudden introduction with seeming little-to-no consultation from real estate professionals in the Vancouver market left a lot of people in uncertain waters over the August long weekend.

What Is The Foreign Buyers Tax?

The 15% Property Transfer Tax applies to all residential property transfers to foreign entities. It is important to note that this is in addition to the general property transfer tax that is already in place. Failure to pay or providing incorrect information to avoid the tax can result in up to $100,000 in fines or two years in prison.

Who’s Affected?

Foreign entity transferees including: foreign nationals, foreign corporations, and taxable trustees. This additional tax is applicable on the foreign entity’s proportionate share of any residential property transfer, and on transactions that were previously exempt from property transfer taxes such as a transfer between related individuals.

However, the new tax does not apply to mutual fund trusts, real estate investment trusts, or specified investment flow-through trusts.

For further information on filing, paying, and avoidance penalties, see the Ministry of Finance’s Tax Information Sheet.

What Does The REBGV Have To Say?

President Dan Morrison of the Real Estate Board of Greater Vancouver states, “We must ensure we’re doing what we can to help our clients understand and comply with the new tax.” For a more in-depth look at the REBGV’s stance, see their official statement.

If you have any questions regarding the new tax or its impact on the selling or purchase of your home, please don’t hesitate to contact us.

The Real Estate Board of Greater Vancouver’s June numbers are in, and it’s still clearly a seller’s market out there. “While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” said Dan Morrison, REBGV president.

While the sales-to-active listings ratio was lower last month than it has been since February, overall last month’s residential property sales were 28.1% above the 10-year sales average for June, totalling 4,400. It ranks as the highest selling June on record. “Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison concluded.

June 2016 By The Numbers:

New Listings (detached, attached, and apartment): 5,875

1.2% increase from June 2015

6.6% decrease from May 2016

Total Active Listings on MLS®: 7,812

35.9% decline from June 2015

1.1% increase from May 2016

Sales-to-Active-Listings ratio: 56.3%

Benchmark price for all residential properties: $917,800

32.1% increase from June 2015

Benchmark price for a detached property: $1,561,500

38.7% increase from June 2015

Detached property sales: 1,562

18.6% decrease from June 2015

Benchmark price for apartment property: $501,100

25.3% increase from June 2015

Apartment property sales: 2,108

18.8% increase from June 2015

Benchmark price for an attached unit: $656,900

28.1% increase from June 2015

Attached property sales: 730

7.2% increase from June 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*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.

If there’s one thing our city does well, it’s outdoor dining featuring scrumptious menus. With summer finally here, what better way to enjoy Pacific Northwest cuisine than by lounging on Vancouver’s best patios! From swanky chic to tucked away, the Lower Mainland offers some of the best patios with the coolest vibes. Check out our curated list to find your next favourite spot to relax, nibble and sip.

Joe Fortes

Roof top dining doesn’t get any better than Joe Fortes. This steak and seafood institution nestled just off Robson Street on Thurlow delivers consistently delicious West Coast fare, and their spacious patio overlooking the famed shopping district on Robson is outfitted with its own bar, umbrellas, and heaters.

The Roof

For late-night drinks and grilled meat-and-seafood dining, The Roof at Black + Blue Steakhouse in the heart of downtown on Alberni Street features open pit fireplace tables. Its distinctly modern vibe for a sophisticated experience is courtesy of the Glowbal Restaurant Group.

Minami

Minami’s hidden patio in Yaletown is like stepping into a private garden. Relax in a true urban oasis while dining on their signature flame-seared sushi, made to perfection by trained Japanese chefs with Ocean Wise fare.

The Galley Patio & Grill

Take in Vancouver’s breathtaking beach and mountain views from The Galley Patio & Grill at the Jericho Sailing Club. Known for their beachside vibe, Burger Bar, and locally crafted beer and BC wine list, The Galley is the perfect chill spot to while away an afternoon or take in the sunset.

The Sandbar

Cozy up in complimentary blankets under the Granville Street bridge at The Sandbar on Granville Island. Enjoy the fresh seafood-inspired menu by Chef Cooper Green on their covered, elevated patio; complete with fireplace and views of the boats passing in False Creek Harbour.

What’s your favourite summer patio in Vancouver? Share with us on Facebook!

Image credit: Glowbal Group

Known fondly around town as “Kits”, the neighbourhood has undergone several personality shifts since the early 1800s when the Squamish people moved into the area. Named for their chief August Jack Khatsahlano, the area stretches between West Point Grey, Fairview and is bordered by the south shore of English Bay. Largely residential, the remnants of a 1920s apartment boom is still apparent in the Tudor Revival along Cornwall Ave. But beyond the eclectic mix of architectural styles that make up the neighbourhood, Kits is better known for its two main retail areas along West 4th Avenue and West Broadway, restaurants, and organic specialty stores.

History

Two of Kitsilano’s best known landmarks were constructed in the 1930s: the outdoor saltwater public pool right on Kits Beach and the Burrard Bridge that irrevocably expanded downtown Vancouver to the Westside. After the Squamish people relinquished their hold on the reserve land to the federal government in 1946, Kits went through a hippy phase in the 60s as an inexpensive place to live. The Naam restaurant at 4th and Macdonald still stands as a reminder of those days, serving up vegetarian, vegan and natural foods.

Today

Kits still plays host to Greek Day and the outdoor Shakespeare festival Bard on the Beach in Vanier Park as a testament to the area’s varied cultural past. Slowly gentrified by yuppies and young families, the neighbourhood retains a relaxed atmosphere with easy access to 17 beaches, parks, and close in proximity to both downtown and Granville Island. It’s also home to current and former famous residents David Suzuki, actors Ryan Reynolds and Joshua Jackson, and hockey players Trevor Linden and Ryan Kesler. Not to mention that Kitsilano is fittingly the birthplace of famed yoga brand Lululemon Athletica.

Keep an eye out for our listings in lovely Kitsilano! Looking for something even more posh? Read our spotlight on Shaughnessy. You can always contact us for a consultation, as well.

The Real Estate Board of Greater Vancouver released their May numbers, which show no signs of slowing. Though they’re still being outpaced by home buyer demand, sellers are increasing their activity to the point where sales were 35.3% above the 10-year sales average for the month -- the highest sales on record for May.

There were 4,769 residential property sales listed on MLS®, a 17.6% increase from May 2015 and only a marginal 0.3% decline from April this year. REBGV president Dan Morrison attributes sales to our strong economy. “Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity,” Morrison said. The result: more record-breaking numbers.

May 2016 By The Numbers:

New Listings (detached, attached, and apartment): 6,289

11.5% increase from May 2015

2.6% decrease from April 2016

Total Active listings on MLS®: 7,726

37.3% decline from May 2015

2.3% increase from April 2016

Sales-to-Active-Listings ratio: 61.7%

Benchmark price for all residential properties: $889,100

29.7% increase from May 2015

Benchmark price for a detached property is $1,513,800

36.9% increase from May 2015

Detached property sales totaled 1,865

8.2% increase from May 2015

Benchmark price for an apartment property is $485,000

22.3% increase from May 2015

Apartment property sales totaled 2,150

34.4% increase from May 2015

Benchmark price for an attached unit is $632,400

24.9% increase from May 2015

Attached property sales totaled 754

2.9% increase from May 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*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.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.

* This represents the total of the Vancouver - West area, not the sum of the areas above.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures

* This represents the total of the Vancouver - West area, not the sum of the areas above.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.

* This represents the total of the Vancouver - West area, not the sum of the areas above.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures

Note: $0 means that there is no sales activity, not $0 as an MLS® HPI Benchmark Price.

Note: $0 means that there is no sales activity, not $0 as an Average Price Per Square Foot.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.