The changing Metro Vancouver real estate market dynamics that started to see a decline in homes sales earlier this fall continued last month. Less homes were listed, and fewer sales were made, resulting in a 38.8% decrease from 3,646 sales in October 2015 to 2,233 in October 2016. It’s also a marginal 0.9% decrease from September 2016. Overall, October sales were 15% below the 10-year average for the month.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

Morrison went into further detail by stating the detached market has seen the largest reduction in homebuyer demand. He concluded with the tip: “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

October Real Estate Market Stats:

New Listings (detached, attached, and apartment): 3,981
3.5% decrease from October 2015
17% decrease from September 2016
9.5% below 10-year average for October

Total Active listings on MLS®: 9,143
4.5% decrease from October 2015
2.3% decrease from September 2016

Sales-to-Active-Listings ratio: 24.4%

Benchmark price for all residential properties: $919,300
24.8% increase from October 2015
0.8% decrease from September 2016

Benchmark price for a detached property is $1,545,800
28.9% increase from October 2015
1.4% increase from September 2016

Detached property sales totaled 652
54.6% decrease from October 2015

Benchmark price for an apartment property is $512,300
20.5% increase from October 2015
0.3% increase from September 2016

Apartment property sales totaled 1,178
23.7% decrease from October 2015

Benchmark price for an attached unit is $669,200
25.7% increase from October 2015
1.1% decrease from September 2016

Attached property sales totaled 403
39.5% decrease from October 2015

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

Correction notice:

Altus Group, provider of the national MLS® Home Price Index (MLS® HPI), miscalculated in their September 2016 reporting which resulted in variances of between 0.1% and 5% in the benchmark prices the REBGV released last month. Click here for the updated 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.

Tickets booked, bags packed, house… cleaned? Sometimes, it’s the most obvious things that are the most effective in keeping your home safe while you’re away. There are a few simple things you can put into motion before heading out of town that will act as an intruder deterrent, starting with:

Clean It Up!

Now we know you haven’t even left yet, but imagine arriving home to clean floors, tidy rooms and fresh sheets. Sounds good, doesn’t it? Just a bonus to cleaning up inside and out before you leave. The real reason to mow the lawn and clean up yard tools and stray kids’ toys is because nothing tells strangers “nobody’s home” like yard debris that hasn’t moved in days and an unkempt lawn. Not to mention you’ll immediately notice if anything is amiss when you return if things are in order before you go.

Windows & Doors

You’d think this one would be obvious, but locking doors and windows isn’t something everyone remembers; especially if you’re in a ‘safe’ neighbourhood. Consider placing a blocker in the sliding door track to prevent forced entries, and deadbolts on the doors are always a good idea as extra protection.

Perimeter Check

A well-lit entryway isn’t a thief’s best friend, but it is yours. Whether on timer or not, perimeter lighting tends to make intruders shy away. Checking out the the view of your home from the street or yard is worth the extra five minutes. Can you see expensive electronics and artwork? Consider securing your most valuable belongings out of sight. Another trick is to unplug the power to your automatic garage to prevent thieves from using a universal remote and gaining access that way, and always lock the door into the garage from your home.

Make It Appear That You’re Home

Resist the urge to share those all-important vacation details on social media! Same goes for outgoing answering machine messages broadcasting no one’s home. They’re a virtual “welcome” sign to criminals to break in. Alert neighbourhood watch by entrusting a neighbour you know to keep your stoop clear of newspapers and pick up the mail. If your trip happens to coincide with trash day, have them put out and pick up the containers again; left out too long, and it’s a dead giveaway no one is home. You can also install timers for indoor lights, radios, and televisions.

Whether a few days or a few weeks, the same rules apply. The more you can prep beforehand to make it seem like someone’s home, the better chances you have of returning to your home the same way you left it. Safety first!

For those of us who own Vancouver real estate, there’s no doubt we have seen a huge increase in our equity in the past number of years. Home prices have sky rocketed and with that our net worth too.

If you are like many, our principal residence makes up a substantial portion of our net worth. Gains on our principal residence are tax-free making the gains even more compelling.

Depending on your age to retirement this may be an opportunity to lock in these tax free gains by selling your principal residence and downsizing to eliminate debt and park your capital elsewhere and/or better diversify.

If you are a firm believer that our real estate market is cooling and prices are potentially going lower, then keep in mind you are potentially losing equity in after-tax dollars. If your home goes down by $200,000 then in order to re-earn this $200,000 back you need to earn and save close to $400,000 pre-tax.

When the market peaked back in June only about 1% of homes sold in Vancouver actually sold at the top. Many sold on the way up and now homeowners are selling on the way down as prices soften. Overall if the market has corrected by 10% since the peak you are still way ahead of where you were 1 year ago!

No one knows which way the market will go but with all this new government mortgage regulation, vacancy tax & non-residence tax most of the speculators and non-resident buyers have left the market. The large drop in demand combined with building supply should cause homes prices to soften but I feel the true impact will not be seen until we enter into 2017.

If you are nearing retirement and counting on your home’s equity to fund a large portion of your retirement then you may want to consider selling now and locking in your tax-free gains.

If you are wondering what the value of your home is worth today you can call upon us anytime. We are always here to help and provide honest expert advice.

Sincerely,

Andrew & Jill Hasman

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.