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dysfunctional real estate market

(January 27, 2018, posted in Vancouver Metro Real Estate)

Photo by Jelle Harmen van Mourik on Unsplash


Richard Wozny has produced 1,200 studies for the public and private sectors on more than $100 billion worth of real estate projects.

But the Vancouver-based commercial property analyst became acutely aware of the harsh indirect consequences of Metro Vancouver’s real-estate investment boom while being treated for non-smoking lung cancer at Lions Gate Hospi... read more.

tighter lending environment?

(January 25, 2018, posted in Mortgage misc)

 

On January 17, 2018, the Bank of Canada (BOC) raised its overnight interest rate 25 basis points to 1.25 per cent citing the growing economy and rising inflationary trends.

In anticipation of this increase, the six major banks raised their posted five-year, fixed-rate mortgage rates to 5.14 per cent from 4.99 per cent.

How will this affect mortgage holders?

All home buyers, even those who don’t requi... read more.

5 things you need to know about Canadian real estate in 2018

(January 22, 2018, posted in Tips)


This year will bring some new challenges and opportunities for housing. Here are five things you need to know about Canadian real estate in 2018.

More local than ever

First, there's no such thing as a Canadian real estate market. You buy one home on one street in one neighbourhood in one city. This is true now more than ever.

What happens in Canada's largest and hottest housing markets, Toronto and V... read more.

what's up with our market?

(January 12, 2018, posted in North Shore)



Looking back on the past year market activity differed considerably based on property type.

North Vancouver total sales were off 8% from 2016 and down 17.5% from 2015....but prices continued to rise; detached homes up 5.6%, townhomes up 15% and with the biggest gains found in condo's up 20% from 2016.

West Vancouver total sales were down 29% from 2016 and 43.5% from 2015. Prices were mixed; detache... read more.

sales down, prices edged up

(January 10, 2018, posted in West Vancouver Strata)


In West Vancouver, total 2017 townhome sales were off 6.5% from 2016, down 32% from 2015 and down 10.5% the 10 year average.

Total 2017 new listings were up 54% from 2016 and down 5% the 10 year average.

West Vancouver townhome prices edged up.
  • Median Sale Price year average up 12%, $1,561,000 for 2017 and $1,391,958 for 2016; and
  • Average Sale Price year average up 12%, $1,642,706 and $1,464,763 respe... read more.

2017 another year for sellers!

(January 09, 2018, posted in North Vancouver Strata)


North Vancouver 2017 townhome sales were down 11% from 2016, off 22% from 2015 however 5% above the 10 year sales average.

Total 2017 new listings numbers were comparable to 2016 and down 5% from 2015 and the 10 year average.

Throughout 2017 the prices of North Vancouver townhomes continued to rise!  The
  • House Price Index year average was up +15%, $931,267 for 2017 and $810,675 for 2016;
  • Median Sale Pr... read more.

43 yrs of b.c. real estate assessments

(January 08, 2018, posted in Tips)


Outrage over property evaluations from B.C. Assessment is no new matter in the province.

Thousands of B.C. homeowners experienced a centuries-old tradition this week: the annual shock of getting their real estate assessments and vowing to combat them.

As CBC's Jason Proctor reports, this year thousands of homeowners are expected to contest the property evaluations that will determine how much they... read more.

demand softening as 2017 closes?

(January 07, 2018, posted in West Vancouver Strata)


West Vancouver condominium market experienced seller market conditions from January to September this past year and then transitioned for the balance of 2017 with supply and demand about the same creating more balanced market conditions.

Several factors influence the residential real estate market, including mortgage interest rates, inflation, employment, investment, construction, immigration, gove... read more.

Seller's market sustained throughout 2017!

(January 06, 2018, posted in North Vancouver Strata)


Our real estate board defines a seller's market when there are more people looking to buy then there are homes available.  This causes a rise in price above the long-term average rate of inflation.  Typically this is indicated by a sales-to-active listings ratio of 20% or higher.


North Vancouver's apartment sales-to-active listings ratio sustained in seller's territory for the twelve months of 2017!

2... read more.

2017 prices edged up

(January 05, 2018, posted in North Vancouver Homes)

North Vancouver (NV) housing market activity ended 2017 with detached house sales off 15% from 2016 and down 29% from 2016.  2016 holds the record for the greatest number of detached house sales in the past ten years!

2017 new listings totaled 1,929, down 2.7% from 2016 and 6% above the 10 year average.

NV house prices continued to rise throughout 2017.  2017 and 2016 year averages show the:

2017 sales diminished but prices strong

(January 04, 2018, posted in West Vancouver Homes)


West Vancouver (WV) total 2017 house sales were down 38% from 2016 and 52% from 2015.  Furthermore, 2017 sale total were the second lowest in the past ten years (511 in 2017 vs 460 in 2008).

No matter which way you look at it, WV house prices held strong!   2017 versus 2016 year averages show the following:
  • House Price Index $3,066,625 and $3,062,483 respectively,
  • Median Price $3,094,000 and $3,092,458... read more.

2017 market activity review

(January 03, 2018, posted in Vancouver Metro Real Estate)


After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9... read more.

appealing your 2018 property Assessment notice?

(January 03, 2018, posted in Tips)


B.C. Assessment put a dollar value on 2,044,482 properties in this province last year.

It's a large number, and the sheer volume of data about B.C. property values that comes out every year at this time can be overwhelming.

B.C.'s 5 most expensive residential properties in 2017

But aside from the fact that Chip Wilson's house continues to be astronomically valuable, here are a few other key facts t... read more.

(January 03, 2018, posted in BC Market Update)


Check out what different experts are saying about B.C.'s 2018 real estate trend.....

An upward trend in housing prices isn’t expected to significantly change in British Columbia despite an anticipated slowdown in sales this year, economists say.

The B.C. Real Estate Association’s chief economist said Wednesday that new housing stock, slightly higher interest rates and tighter mortgage regulations wi... read more.

how to appeal your property assessment?

(January 02, 2018, posted in Tips)


Have you been caught off-guard by a double-digit percentage increase in your property assessment?

Do you think the new number is higher than it should be?

B.C. Assessment allows homeowners to appeal their new property assessment — but it must be filed by January 31.

You can appeal your property assessment if you believe information on your assessment notice is incorrect or if you believe the actual m... read more.