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

A few evenings ago, a good client of mine indicated that her search to buy a Vancouver home was (on advice of her friends and family) going to be put on hold until Spring 2017. She wants to wait until prices soften and then will buy in the Spring when prices bottom out! I chuckled to myself when i heard this reasoning and also of where the so called expert advice came from. I guess her friends and family know something I and the experts don't know.

I told her that no one knows which way the market is going to trend moving forward. That so-called crystal ball is something we all wish we had but instead we have to make decisions based on what our intuition tells us to do. We always say, “Buy and sell when it's right for you based on your personal circumstances. Forget trying to time the market. If you’re buying you should have a minimum 5-year horizon so short term swings in the market should not matter."

Since the recent market stats came out this week showing August sales off from July I have been inundated with calls from homeowners and potential buyers wanting my advice on what to do. I will start by a very simple analysis of general economic conditions here in the lower mainland stated in Layman terms. Nothing too complicated.

General Economic Conditions In The Lower Mainland

The overall economy here in BC and the lower mainland remains robust. We have low unemployment, and general business conditions are in great shape. You go downtown on most evenings and restaurants are busy. People are spending money. Interest rates are rock bottom and will likely stay down for quite some time. This is not 2008 when businesses were closing, banks were not lending and the economy came to a stand still.

Our real estate market has cooled and I think it has been caused by so much negative news media stating the market was either going to crash or cool down. When enough people hear this negative news the negativity feeds on itself and eventually changes the sentiment. The clincher that really cooled the market was the 15% tax to foreigners. This scared the entire market taking buyers off the streets and also causing many sellers to de-list their properties.

Here is what I am telling everyone and its just my opinion: 

If You're A Home Buyer In The Lower Mainland

If you are a Buyer and looking to step into the market this is a great time to buy. Buy now! This is the first time in maybe two years where you may not end up in a bidding war forced to make a subject free offer! This is finally a sane time to buy. Why would you wait on advice of your friends and parents to buy in the Spring! By Spring 2017 we may see market conditions swing again in the direction of a Seller’s market. When the market is out of favour its time to buy. Be a contrarian. With interest rates at record lows this is a real opportunity.

If You're A Home Seller In The Lower Mainland

If you are a Seller, I am advising those homeowners that have to sell to list in mid September. The rest should wait until the market stabilizes and market sentiment becomes more positive. It does not make sense to list your home when buyers are negative. A seller should stay on the sidelines until possibly late October or maybe even early 2017. Now, if you’re selling and then buying in the same market and location then its probably fine to go ahead and move forward sooner rather than later.

If you consider the big picture in Vancouver you like so many will feel that long term prices should stay at or near current levels. Vancouver is consistently regarded as of the most desirable cities to live in globally. Vancouver has one of the easiest climates to live in. Never too hot or too cold. Vancouver has limited land so we cannot have urban sprawl. The city is so called, landlocked. As more people migrate here the population increase will continue to put upward pressure on price. This new 15% tax to foreigners will cause some to buy elsewhere but for the super wealthy and there are many, this added cost will simply be the price to pay if you want to live in a great city. Safe, clean and far removed from the chaos of what is going on in so many other regions of the globe.

Just my opinion so we’ll see how this all plays out.

The Lower Mainland has no shortage of delicious spots to enjoy a meal. And when it comes to the city’s fine dining, our chefs offer up nothing less than world-class fare. From Vancouver’s top realtor, here’s some advice on where your next top meal in the city should be at.

Hawksworth Restaurant

There’s a reason Chef David Hawksworth’s restaurant in the heart of downtown Vancouver is a five-time winner of Best Upscale Restaurant in Vancouver Magazine’s Restaurant Awards. Nestled in the the legendary Rosewood Hotel Georgia on the corner of Howe and Georgia streets, Hawksworth welcomes patrons for breakfast, lunch and dinner. Each dish is ingredient-led, masterfully put together for an unforgettable meal of quality and wow-factor. Don’t let the glamour fool you, the service is warm and attentive.

Miku

Part of the Aburi restaurant family, Miku’s popularity is as much due to its breathtaking location in Vancouver’s Coal Harbour as for its mouthwatering list of creative rolls. Specializing in aburi sushi which entails flame-searing the fish, Miku offers exceptional service and tasteful dishes for sushi aficionados. Enjoy the north shore mountainscapes from their waterfront patio while indulging in a unique culinary experience.

Boulevard Kitchen and Oyster Bar

It’s all about understated style to enhance the West Coast fare served at Boulevard. From the champagne and oyster bars to the quintessential Euro-style dining room and wrap-around outdoor patio, there’s a little something for every Vancouverite to settle in and enjoy a meal from early morning to late at night. Adjacent to the Sutton Hotel in the bustling heart of the city, Boulevard doesn’t disappoint in the breezy atmosphere and delicious eats department.

Le Crocodile

If the same staff is still serving up the establishment’s not-to-be-missed French fare after 30 years, that says something about the restaurant’s culture as much as it does about the food. Le Crocodile fuses traditional French cooking with Vancouver’s beloved West Coast style. Named after the three star Michelin restaurant Au Crocodile in Strasbourg, Michel Jacob opened Le Crocodile and Chef/Owner Michel Jacob continues to serve some of the finest food in the city as he’s done for generations to locals and celebrities such as Pacino and Spielberg, alike.

Ladurée

This recent addition to the Robson shopping district is a Parisian jewel in the middle of the city. With its trademark mint awning belying the pastel wonderland inside, Ladurée’s to-die-for pastries make this the spot for afternoon tea, or dessert post-dining at one of Vancouver’s finest restaurants. Their speciality, the macaron, is the single best two-bite dessert in the Lower Mainland.

Bon appetit!

If you’re looking for a last-minute getaway this Labour Day, we’ve got a few of British Columbia’s most luxurious spots on our hot list of places to visit. The short travel distance means more time to hit the spa, lounge, and dine.

Sonora Resort

Accessible via helicopter or seaplane from Vancouver, or a water taxi from Campbell River, Sonora Resort’s secluded nature ensures a true “getaway from it all” atmosphere. From the welcome drink upon arrival to the luxurious spa and accommodations, the only rival to this beauty is the breathtaking, pristine nature of the surroundings that awaits you. Feeling adventurous? Guided salmon fishing, grizzly bear and helicopter glacier tours are available.

Echo Valley Ranch and Spa

Just a few hours northeast of Vancouver in Jesmond, BC lies Echo Valley Ranch. 160 acres of ranchland offers up horseback riding, hiking, biking and fishing before a night’s rest in one of their well-appointed rooms or private cabins. Serving up luxury dining, family style from their own organic garden and farm game, Echo Valley’s dining experience is one-of-a-kind.

Clayoquot Wilderness Retreat

Miles away from civilization, the Clayoquot Wilderness Retreat on Vancouver Island is grown-up camping at its best. Their luxury tents feature full ensuite bathrooms with heated floors and opulent decor. Choose from hot springs, a day at the spa, or various wilderness adventures and finish off with 5-star dining to complete this “camping” excursion like no other.

Poets Cove Resort and Spa

Tucked in the southern end of Pender Island, Poets Cove Resort and Spa is the quintessential west coast accommodation, featuring a private marina and unique spa treatments. Relax in either their private villas, cottages, or lodge rooms and spend your afternoons being pampered at the spa or out on the sparkling waters of the Pacific Ocean.

Fairmont Chateau Whistler

There’s nothing like the Sea to Sky drive to Whistler on a beautiful, BC day. It may not be slope season, but Whistler is still a divine spot for some R+R. The Fairmont Chateau Whistler at the base of Blackcomb Mountain is what you’d come to expect from the luxe Fairmont family of hotels. Expect world-class service, plush rooms, and high tea.

Where’s your favourite Long Weekend getaway spot? Share with us on Facebook!

Photo: Clayoquot Wilderness Resort

The papers are signed, you’ve got the keys, and the moving van is set to deliver your things to your new dream home. Everything important has been covered, but what about the little things? Where’s the best take-out in your new neighbourhood and what yoga studio will you go to now? Here’s a few things to put on your Moving Checklist both before you move and after you get there.

Mail Forwarding, etc.

Set up your change of address in advance so you won’t miss anything important. Leave your new address with the people who have bought your current place so they can forward any stray mail. Don’t forget to notify institutions like your bank, employer, any subscriptions, credit card and utility companies of your change of address, as well. We like this Real Simple Moving Checklist that covers all of the nitty-gritty details to keep in mind, laid out by week leading up to Moving Day.

Pack a First Night Box

You won’t get to everything on the first day, so why not have the essentials at your fingertips? Martha Stewart has a great checklist that covers everything you might need the first night in your new home. Put these key items in one box that’s easily accessible, and you won’t feel rushed to go through everything upon arrival.

Schedule the Cleaners

Designate a day after everything’s been packed-up to have the professionals come in and give your home a once-over to leave it sparkling for the new owners. Then have their number on speed-dial in case you need a spare set of hands at your new place!

Get To Know Your Neighbourhood

There are a multitude of Vancouver blogs out there, but the Daily Hive, an evolution of VanCity Buzz, is your best bet for local news. We’ve also covered Kitsilano, the Dunbar area, and Shaughnessy on our own blog for a brief history and cultural vibe.

Fitness + Food

Research what yoga studios, cross-fit gyms or fitness trend of choice is in your neighbourhood before moving, so you’ll be ready to drop-in as soon as you arrive--a good excuse to take a break from unpacking! Then, the Georgia Straight offers up great restaurant reviews so you can dial-up take-out when you’re ready to crash after a long day of moving.

Happy Moving Day!

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.