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Home buyer demand depends on property type

Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”

There were 3,796 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2018. This represents an 8.3 per cent decrease compared to the 4,140 homes listed in January 2017 and a 100.7 per cent increase compared to December 2017 when 1,891 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,947, a four per cent decrease compared to January 2017 (7,238) and a 0.2 per cent decrease compared to December 2017 (6,958).

For all property types, the sales-to-active listings ratio for January 2018 is 26.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 32.8 per cent for townhomes, and 57.2 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,056,500. This represents a 16.6 per cent increase over January 2017 and a 0.6 per cent increase compared to December 2017.

Detached home sales in January 2018 reached 487, a 9.7 per cent increase from the 444 detached sales recorded in January 2017. The benchmark price for detached properties is $1,601,500. This represents an 8.3 per cent increase from January 2017 and a 0.3 per cent decrease compared to December 2017.

Apartment home sales reached 1,012 in January 2018, a 22.7 per cent increase compared to the 825 sales in January 2017. The benchmark price of an apartment property is $665,400. This represents a 27.4 per cent increase from January 2017 and a 1.5 per cent increase compared to December 2017.

Attached home sales in January 2018 totalled 319, a 25.6 per cent increase compared to the 254 sales in January 2017. The benchmark price of an attached unit is $803,700. This represents a 17.5 per cent increase from January 2017 and unchanged compared to December 2017.

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Happy New Year!

All the best for a Healthy, Happy and Prosperous 2018.

 

Attached are the yearend 2017 Sales and Listings Stats in Greater Vancouver. It certainly was the year of the strata home!  Condos lead the market, along with townhouses and detached houses lagging behind in terms of activity. Of the total sales in Greater Vancouver, 50 percent were condos (up from 46 per cent in 2016 and 42 per cent in 2015), 17 per cent were townhouses (up from 15 per cent in 2016 and the same at 17 per cent in 2015) and 32 percent where houses (down from 36 per cent in 2016 and 41 per cent in 2015). Clearly buyers are shifting towards condos and townhouses as the price of detached home prices continued to rise. All areas showed similar patterns albeit Vancouver’s Westside saw 73 per cent of sales being condos and only 16 per cent were detached houses. It’s evident the market in Vancouver was focussing on more less expensive homes with detached houses showing stronger activity going east throughout Metro Vancouver. New Westminster and North Vancouver continue at 2 Month’s Supply Inventory of all home types. While sales were less than 2016, for those two cities active listings did not increase to the same extent as other areas, specifically in the detached house category. Price gains were highest in the condo market, followed by the townhouse market with the detached market remaining static and with some declines. Market dynamics played out in very different ways depending on the area of Metro Vancouver being looked at.

 

In the Fraser Valley there were 22,338 sales in 2017, which was down 7.3 per cent from the record of 23,974 sales in 2016. Of the total sales, 28 per cent were condos, 23 per cent were townhouses and 54 per cent were detached houses. There were a total of 32,651 new listings in 2017, the third highest on record – with 2016 and 2008 being the highest. But inventory levels still remain at low levels making the challenge of finding a home difficult for buyers.

 

Some highlights in market areas during 2017:

 

  • ·         The number of sales of Detached Houses in West Vancouver declined from 1,075 in 2015 to 834 sales in 2016 to 496 sales in 2017
  • ·         The number of sales of Detached Houses on Vancouver’s West Side declined from 2,031 in 2015, to 1,591 in 2016 to 1,090 in 2017
  • ·         Total residential sales for Greater Vancouver in 2017 were 36,604 – down from 40,880 in 2016 and 43,155 in 2015 but they were 10 per cent above the average since 1997
  • ·         Total new listings for Greater Vancouver were 56,038 – right at the 20 year average but the lowest annual amount since 2009

 

There were many influences on our market in 2017. Federal mortgage rates increased for the first time since August 2010 which increased rates on variable rate mortgages and lines of credit. The discussion on affordability continued throughout the year with it being an influence on voters in the provincial election in May resulting in a change from the Liberal Party to the NDP Party being the ruling party. While there was an expectation that the government would act quickly to create policy to help ease affordability, they have said this will come in February with the release of the 2018 provincial budget. And what might we see? They have stated they do not have an appetite to ban foreign buyers, but the Foreign Buyer Tax will be reviewed – perhaps expanding the area applied to beyond Metro Vancouver? A speculation tax? That has been discussed, the details of which have not been released but certainly speculated. Ironic that a speculation tax would be subject to so much speculation itself! The City of Vancouver introduced an Empty Home Tax which begins this year based on the occupancy of homes in 2017. Any home vacant for more than 180 days will be subject to a tax of 1 per cent of the assessed value. The implementation of the tax is proving to be more complicated and creating liability for buyers and sellers in real estate transactions. So while many like to speak in general terms about the Metro Vancouver real estate market, it is very much a regional and product differentiated market.

 

So what will the real estate market bring in 2018 in Metro Vancouver? A lot of discussion! Not so much on where the market is going, but how it got to where it is. With Statistics Canada recently releasing numbers on the amount of foreign owners of real estate in Canada, they weren’t as high as many would have thought – 4.8 per cent in Vancouver’s residential market. The condo market showed a higher number at 7.8 per cent. Of course, the arguments ensued as to what makes a foreign owner and are all true foreign owners being accounted for. What’s true is that this is not a phenomenon unique to Metro Vancouver. As witnessed by Toronto’s introduction of a 15 per cent Foreign Buyer Tax, New Zealand in 2017 banning all foreign buyers of real estate and Australia’s previously instituted rule that foreign nationals could only buy new housing, not resale housing. And of course, the argument ensues, what’s really driving prices, the demand side of the equation or the supply side – the lack of it.  It’s interesting to note that in the United States, the housing market faced shortages of homes in the resale market and saw November be one of the strongest Novembers for sales on record.

 

Similar to last year at this time, home inventory is low and the likelihood of significant increases is something that won’t change in the near term. Completions of new product will occur at a greater level this year, but how many will come to market? Not enough to change listing amounts and impact prices. Strata properties will continue to be in short supply and high demand and detached homes will continue to see demand at a lower level and prices affected by this. And the conversations on real estate will continue at a feverish pace!

 

Here is a summary of the numbers:

 

Greater Vancouver: Total Units Sold in December 2017 was 2,069 – down from 2,831 in November 2017; up from 1,743 in December 2016 and down from 2,905 in December 2015. Total Active Listings were at 7540 at month end, up from 6,944 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 129% in December 2016. Benchmark Price is up 15.9% since January 2017 but only up 1.3% over the last 3 months.

 

Vancouver Westside: Total Units Sold in December 2017 was 315 – down from 505 in November 2017; down from 324 in December 2016 and down from 512 in December 2015. Total Active Listings were at 1,284 at month end, up from 1,071 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 97% in December 2017 compared to 140% in December 2016. Benchmark Price is up 12.6% since January 2017 but down 1.7% over the last 3 months.

 

Vancouver Eastside: Total Units Sold in December 2017 was 239 – down from 315 in November 2017; up from 183 in December 2016 and down from 264 in December 2015. Total Active Listings were at 927 at month end, up from 815 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 115% in December 2017 compared to 117% in December 2016. Benchmark Price is up 14.5% since January 2017 but flat over the last 3 months.

 

North Vancouver: Total Units Sold in December 2017 was 172 – down from 250 in November 2017; up from 138 in December 2016 and down from 210 in December 2015. Total Active Listings were at 393 at month end, up from 296 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market, more so for Condo/Townhouses) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 142% in December 2017 compared to 197% in December 2016. Benchmark Price is up 12.1% since January 2017 but down 0.9% over the last 3 months.

 

West Vancouver: Total Units Sold in December 2017 was 42 – down from 57 in November 2017; up down 44 in December 2016 and down from 86 in December 2015. Total Active Listings were at 510 at month end, up from 356 at the end of December 2016, Month’s Supply of Total Residential Listings is at 12 Months (Buyer’s Market) compared to 8 Months Supply at the end of 2016 and Sales to Listings Ratio was 81% in December 2017 compared to 80% in December 2016. Benchmark Price is up 5.8% since January 2017 but down 1.1% over the last 3 months.

 

Richmond: Total Units Sold in December 2017 was 287 – down from 350 in November 2017; up from 235 in December 2016 and down from 424 in December 2015. Total Active Listings were at 1,184 at month end, up from 1,040 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 15.4% since January 2017 but only up 2.1% over the last 3 months.

 

Burnaby East: Total Units Sold in December 2017 was 28 – up from 30 in November 2017; up from 20 in December 2016 and down from 35 in December 2015. Total Active Listings were at 106 at month end, up from 73 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 112% in December 2017 compared to 154% in December 2016. Benchmark Price is up 15.2% since January 2017 but only up 1.1% over the last 3 months.

 

Burnaby North: Total Units Sold in December 2017 was 99 – down from 144 in November 2017; up from 85 in December 2016 and down from 149 in December 2015. Total Active Listings were at 266 at month end, up from 237 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 99% in December 2017 compared to 149% in December 2016. Benchmark Price is up 16.8% since January 2017 but only up 1.1% over the last 3 months.

 

Burnaby South: Total Units Sold in December 2017 was 109 – down from 148 in November 2017; up from 73 in December 2016 and down from 203 in December 2015. Total Active Listings were at 370 at month end, up from 340 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 5 Months Supply at the end of 2016 and Sales to Listings Ratio was 96% in December 2017 compared to 111% in December 2016. Benchmark Price is up 16.3% since January 2017 but only up 0.9% over the last 3 months.

 

New Westminster: Total Units Sold in December 2017 was 117 – down from 167 in November 2017; up from 84 in December 2016 and up from 103 in December 2015. Total Active Listings were at 187 at month end, up from 182 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 25.4% since January 2017 but only up 1.8% over the last 3 months.

 

Coquitlam: Total Units Sold in December 2017 was 162 – down from 228 in November 2017; up from 128 in December 2016 and down from 243 in December 2015. Total Active Listings were at 487 at month end, up from 393 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 98% in December 2017 compared to 152% in December 2016. Benchmark Price is up 21.6% since January 2017 but only up 0.8% over the last 3 months.

 

Port Moody: Total Units Sold in December 2017 was 38 – down from 73 in November 2017; down from 41 in December 2016 and down from 51 in December 2015. Total Active Listings were at 106 at month end, down from 113 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 141% in December 2016. Benchmark Price is up 20.7% since January 2017 but only up 1.0% over the last 3 months.

 

Port Coquitlam: Total Units Sold in December 2017 was 71 – down from 94 in November 2017; up from 59 in December 2016 and down from 98 in December 2015. Total Active Listings were at 135 at month end, down from 148 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 109% in December 2017 compared to 140% in December 2016. Benchmark Price is up 23.9% since January 2017 but only up 0.3% over the last 3 months.

 

Ladner: Total Units Sold in December 2017 was 26 – the same for November 2017; up from 21 in December 2016 and up from 22 in December 2015. Total Active Listings were at 92 at month end, down from 135 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 6 Months Supply at the end of 2016 and Sales to Listings Ratio was 162% in December 2017 compared to 111% in December 2016. Benchmark Price is up 9.9% since January 2017 but only up 0.4% over the last 3 months.

 

Tsawwassen: Total Units Sold in December 2017 was 13 – down from 24 in November 2017; down from 15 in December 2016 and down from 50 in December 2015. Total Active Listings were at 141 at month end, down from 143 at the end of December 2016, Month’s Supply of Total Residential Listings is at 11 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 10 Months Supply at the end of 2016 and Sales to Listings Ratio was 100% in December 2017 compared to 68% in December 2016. Benchmark Price is up 9.3% since January 2017 and down 0.3% over the last 3 months.

 

Have a great 2018!

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

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This is the Sales and Listings Report updated to the end of November 2017. Sales for November were down from October in most areas, we typically see November down from October in terms of number of homes sold though. Greater Vancouver home sales were 2,831 in November, down 8 per cent from October which was 3,073 and up 26 per cent from November 2016 when the fallout from the Foreign Buyer Tax was moving through the fall. The 10 year average for sales in November is 2,605, showing sales for this November were up 9 percent on the average. Sales in West Vancouver were actually 24 per cent higher in November compared to the month previous (57 sales versus 46). While the number of new listings coming on market in most areas are down for November compared to October, new listings were up considerably compared to November 2016. In Greater Vancouver this increase was 27 per cent, and 25 per cent above the 10 year average for November. In North Vancouver the number of new listings was 69 per cent more this month compared to November 2016. Contrary to this is a dropping Active Listing count – finishing in November at 9,369 listings compared to 9,768 at the end of October. The number of new listings coming on market was 17 per cent higher than the average for the month of November going back to 1991.

 

With the new Federal mortgage rule changes slated to begin on January 1st, 2018, we may see a bump in December activity as some buyers may be trying to obtain mortgages before the stress test requirement comes into play. Both the Federal and Provincial governments have made announcements about funding more affordable and social housing. And the City of Vancouver has come out with their Housing Vancouver Strategyhttp://vancouver.ca/people-programs/housing-vancouver-strategy.aspx  The goal is to build 72,000 new homes over the next 10 years. Not just new homes, but the right mix of homes targeted towards what it is needed most. Of course the demand side of the equation is getting significant discussion in the public and media. The City of Vancouver is looking to the Provincial Government for help on this, but we’ll have to wait until the February Provincial Budget to see what they are willing to do. According to the Premier, they want to get it right and not make a rash decision.

 

“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels."

 

The Fraser Valley Real Estate Board processed 1,743 sales of all property types on its Multiple Listing Service® in November, an increase of 39.8 per cent compared to the 1,247 sales in November of last year, and a 3.1 per cent decrease compared to the 1,799 sales in October 2017. This will mark the second highest sales total for a November in the Board’s history. “Our attached market feels like our detached market used to,” Gopal Sahota, Fraser Valley Real Estate Board president remarked. “With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the Valley.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2017 was 2,831 – down from 3,073 (8%) in October 2017, up from 2,255 (26%) in November 2016, down from 3,603 (21%) in November 2015; Active Listings are at 9,369 compared to 9,051 at this time last year; New Listings in November 2017 were up 31% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 67% compared to 70% in November 2016 and 66% in October 2017. House Price Index is up 0.4% month over month, and up 1.7% over the last 3 months.

 

Vancouver Westside Residential: Total Units Sold in November 2017 was 505 – down from 556 (9%) in October 2017, up from 408 (24%) in November 2016, down from 694 (27%) in November 2015; Active Listings are at 1,607 compared to 1,469 at this time last year; New Listings in November 2017 were up 27% compared to November 2016, down 21% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 69% compared to 71% in November 2016 and 60% in October 2017.

 

Vancouver Eastside Residential Total Units Sold in November 2017 was 315 – up from 298 (6%) in October 2017, up from 251 (25%) in November 2016, down from 333 (5%) in November 2015; Active Listings are at 1,153 compared to 1,012 at this time last year; New Listings in November 2017 were up 24% compared to November 2016, down 6% from October 2017; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 61% compared to 60% in November 2016 and 54% in October 2017.

 

North Vancouver Residential:  Total Units Sold in November 2017 was 250 – matching 250 in October 2017, up from 173 (45%) in November 2016, down from 274 (9%) in November 2015; Active Listings are at 595 compared to 488 at this time last year; New Listings in November 2017 were up 69% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 2 Months (Seller’s Market in the attached segment and balanced Market in the detached segment) and a Sales to Listings Ratio of 66% compared to 78% in November 2016 and 61% in October 2017.

 

West Vancouver Houses: Total Units Sold in November 2017 was 57 – up from 46 (24%) in October 2017, up from 44 (30%) in November 2016, down from 108 (47%) in November 2015; Active Listings are at 626 compared to 462 at this time last year; New Listings in November 2017 were up 55% compared to November 2016, down 13% from October 2017; Month’s Supply of Total Residential Listings dropped to 11 Months (Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 33% compared to 40% in November 2016 and 23% in October 2017.

 

Richmond Residential: Total Units Sold in November 2017 was 350 – down from 411 (15%) in October 2017, up from 262 (34%) in November 2016, down from 501 (30%) in November 2015; Active Listings are at 1,419 compared to 1,280 at this time last year; New Listings in November 2017 were up 46% compared to November 2016, up 1% from October 2017; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market in the attached segment and Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 56% compared to 61% in November 2016 and 66% in October 2017.

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

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Once a Meraloma, always a Meraloma                                                       November 23, 2017 - Newletter

Sponsor Profile - Connie McGinley
Connie McGinley of Dexter Associates Realty may be one of our Newest Sponsors at Meraloma Rugby, but she is no stranger to Rugby . . . 
 
Born and raised on Vancouver’s Westside, she attended Magee where she saw her first Rugby Game. She always says, “She married a Meraloma Rugby Player and gave birth to two Meraloma Rugby Players and the rest is history” or herstory...  
 
Connie volunteered at our club for over 13 years, where sons Scott and Stuart started playing Mini Rugby. From handing out hot dogs on Sundaymornings, to managing several teams, she created the Social Media, Programs and weekly Emails, organized the Summer Camps, acted as Director of Mini and Junior Rugby and Registrar to the VP of Rugby, all while raising a family and working full time. 
 
She also managed several Rep teams, was Director of Rep Rugby ( 2004 to 2014) for the Vancouver Rugby Union, managed many Gold Medal - BC Rugby Teams, including the BC BEARS(2005 to 2011) to Rugby Canada where she volunteered or hosted Tents at International matches when they played in Vancouver. 
 
In 2009 Connie was awarded the “BC RUGBY – Joan Spray Award” and in 2015 presented with the “RUGBY CANADA - Volunteer of the Year Award” at Government House in Victoria by Judith Guichon, Lieutenant Governor of British Columbia. 
 
Today she is a Director on the BC Rugby Board and Proud Mom/Supporter of Meraloma Rugby Men’s Premier Player – Scott McGinley and she hates to miss watching a game! 
 
She was obviously born to be a realtor; her Mom loves to tell the story of how Connie SOLD her first house at the age of 12. . . . a Barbie house sold to her younger sisters with her Mom the Mortgage Broker! 
 
Devoted and loyal, she loves her family and friends, Rugby, this City and Buying and Selling Real Estate and luckily for her and all of us, they all seem to go together!
 
Representing Dexter Associates Realty, a local Vancouver Real Estate Firm that stands behind their Agents, "Buying or Selling, you know that Connie will be there for you”

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"You cannot change your destination overnight, but you can change your direction overnight."

– Jim Rohn

 

Sales and listings stats are attached as of October 15, 2017. So far we’re seeing a stronger October for sales compared to last October. Understandably this isn’t a surprise what with the fall-out from the Foreign Buyer Tax fresh on the minds of buyers and sellers at this time last year. As well, last year this was part of my update “The real estate market continues to be the target of government regulatory changes. The latest being mortgage rule changes that took effect October 17th. These changes have added a “stress test” to mortgage qualifying which essentially requires anyone with less than 20 per cent down payment to qualify at a rate of 4.64 per cent as opposed to the lower negotiated rates. The effect is lowering the purchasing power of some buyers – mostly first time buyers.” Well this year the story could be very similar but with this same type of rule which would affect those buyers with more than 20 per cent down. While the final details have yet to be released, we’ll see where the market goes for the remainder of October. Certainly a lack of inventory continues to keep pressure on condo and townhouse prices with the detached market while showing more life so far in October compared to September is still in a balanced to buyer’s market state.

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,368 Units Sold so far in October 2017 compared to 1,015 Units Sold by October 15, 2016. Total New Listings so far in October are 2,054 compared to 2,008 by the same time last year. Total Active Listings are at 9,855 (10,037 at the same time in October 2016), Sales To Listings Ratio is at 67% compared to 51% at this time in October 2016.

 

Vancouver West - 255 Units Sold so far in October 2017 compared to 197 Units Sold by October 15, 2016. Total New Listings so far in October are 441 compared to 364 by the same time last year. Total Active Listings are at 1,747 (1,663 at the same time in October 2016), Sales To Listings Ratio is at 58% compared to 54% at this time in October 2016.

 

Vancouver East – 125 Units Sold so far in October 2017 compared to 82 Units Sold by October 15, 2016. Total New Listings so far in October are 228 compared to 250 by the same time last year. Total Active Listings are at 1,114 (1,046 at the same time in October 2016), Sales To Listings Ratio is at 55% compared to 33% at this time in October 2016.

 

North Vancouver – 104 Units Sold so far in October 2017 compared to 73 Units Sold by October 15, 2016. Total New Listings so far in October are 189 compared to 156 by the same time last year. Total Active Listings are at 619 (581 at the same time in October 2016), Sales To Listings Ratio is at 55% compared to 47% at this time in October 2016.

 

West Vancouver – 24 Units Sold so far in October 2017 compared to 11 Units Sold by October 15, 2016. Total New Listings so far in October are 93 compared to 70 by the same time last year. Total Active Listings are at 638 (522 at the same time in October 2016), Sales To Listings Ratio is at 26% compared to 16% at this time in October 2016.

 

Richmond – 195 Units Sold so far in October 2017 compared to 126 Units Sold by October 15, 2016. Total New Listings so far in October are 287 compared to 240 by the same time last year. Total Active Listings are at 1,415 (1,399 at the same time in October 2016), Sales To Listings Ratio is at 68% compared to 53% at this time in October 2016.

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FIRST TIME HOME BUYERS

Your Questions Answered

Connie McGinley of Dexter Associates Realty and Elaine Pitblado of TD Bank

Complimentary Drinks, Appetizers and Door Prizes

 

Venue: 419 Pacific Street @ Homer – YALETOWN Vancouver BC

Date: Wednesday October 18, 2017

Time: 6:30 – 7:30pm

 

Like us on Facebook - First Time Buyer Vancouver

Follow us on Instagram and Twitter @FTHBvan #FTHBvan


PLEASE RSVP: To attend this free event

Please contact mcginley@dexterrealty.com or elaine.pitblado@td.com

Space is limited – Reserve today

 

 

Your questions answered on how to get into the Real Estate Market

Connie McGinley – REALTOR ®                          Elaine Pitblado - TD Mortgage Specialist

604-916-9656                                                          604-340-9595

conniemcginleyrealty@gmail.com                                   elaine.pitblado@td.com

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When very Good Friends of mine referred my latest Clients . . .  I was happy to be able to help them find their new home.

 

It was Feb 7th when we first met at our Friend’s 50th Birthday Party. I’d like to think we hit is off immediately. They had been disappointed with the Selling Agent of their home last September and were looking to buy as soon as possible as they needed to be out of their current home by May 15th.

 

These were no ordinary clients, they were Real Estate Market savvy clients, and they had been watching the market and knew what they wanted. I was just there to write up the contact. And so it began, they started sending me listings of what they would like to see. The 1st few listings had accepted offers or had already been SOLD, some in just 1 day. I had asked them what were they looking for and needed even more information to be able to find them a great house. I also learned quickly that things are done very differently outside of Vancouver. I never met a Real Estate Agent at any of the viewings. Everything is done by appointments. NO Open House, NO Seller’s Agent and I had to get a special card for the Lock-Boxes that hang attached to a door or fence or the meter. At Dexter Associates Realty we never use LOCK BOXES. We are always there to show the properties to Buyers and their Agents.

 

After a couple of trips out to Maple Ridge we determined that they really did not want to live there and soon we were looking in Abbotsford, Abbotsford East to be exact. The Market was also cooking in Abbotsford.  It took 4 trips and 13 viewings to find the Perfect House and we did and we had to act fast. The House was listed late on the Thursday, I saw it 1st thing Friday Morning made the appointment to view and we saw it at 4 PM, wrote the offer by 6 PM on their terms and my Buyers had a house by noon on Saturday March 21st and I was so happy that I was able to help them do it. They will be moving into their new home with spectacular views on May 3rd.

 

Buying or Selling, I will be there for YOU!

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