News Release
FOR IMMEDIATE RELEASE:
Buyer activity brings greater stability to the housing market
VANCOUVER, B.C. – May 4, 2009 – With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.
For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.
“We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.
“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”
Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.
Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.
Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.
Bright spots in Greater Vancouver in April 2009 compared to April 2008:
Detached:
Vancouver West up 59.5 per cent (193 units sold from 121)
Attached:
Port Coquitlam up 69.6 per cent (39 units sold from 23)
Richmond up 17.9 per cent (132 units sold from 112)
Vancouver West up 46.3 per cent (98 units sold from 67)
Apartments:
North Vancouver up 29.2 per cent (84 units sold from 65)v
May 2, 2009
You are invited to come see this very spacious one bedroom apartment. The solarium offers a lovely view
overlooking a green area and the marina. This apartment is walking distance to Granville Island, has insuite laundry and is truly well maintained. Offers a great layout with 947 square feet.
Come visit, unit #706, May 2, 20009 between 2 - 4 p.m.
Jessica Diskant, Park Georgia Realty, 604-999-4770
If you are looking for a charming starter home, this is it. This lovely home is situated on a corner like lot, 40' by 122'. Home has 4 bedrooms, 2 up plus 2 bedrooms down which can be easily converted into a suite. Updates include a newer roof, new furnace, fresh paint and refinished oak and cherry wood floors, plus 2 fireplaces! This home is on W20th Avenue near the Trafalgar School, Choices market, restaurants and other conveniences.See www.homesvan.com.
Jessica Diskant
Real Estate Consultant/Realtor
Park Georgia Realty, Vancouver
Many people have been asking me lately, "is this a good time for me to purchase property or do you think prices will continue to drop?" Here are some thoughts about whether you should buy now or sit and wait. If you are seeking to purchase something and only hold it short term, maybe fix it up and flip it, this is not the market to being taking that kind of action. If you are looking to purchase a property and either live in it for several years, or purchase an investment property and hold it for 3 - 5 years, this is a good time to buy. At this time, our real estate market is flooded with inventory but many properties have not sold and have been on the market for a lengthy time. Vendors are becomming more flexible and willing to negotiate. You can probably purchase a property now anywhere from 5 -15% less the list price depending on the location and property.
Properties may drop a bit more but if you buy now when prices are lower, come 2010 you should be able to make money on your investment.
Jessica Diskant, Vancouver Realtor
News Release
FOR IMMEDIATE RELEASE:
Home prices adapt to affordability demands
VANCOUVER, B.C. – October 2, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.
New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.
“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”
Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent.
Sales of apartment properties declined 35.1 per cent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 per cent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent.
Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.
For the first time in nearly 10 years, we are seeing price reductions on all types of residential properties in the Vancouver area.
The benchmark price in Greater Vancouver dipped 2.1 per cent since the end of May, 2008, to $556,605 as of July. We are seeing a decline in the total active listings on the market which is partially the cause of the change in market conditions. The price reductions reflect a general softening of the housing market.
Greater Vancouver housing values still remain the highest in Canada. On the West Side of Vancouver, the average detached house now sells for $1.3 million which is up 5.3 per cent from a year ago.
East Vancouver has the lowert priced condos in the city with a benchmark price of $326,324, up 7.2% from a year earlier. The West Side benchmark price for a condo apartment is no $482,080 which is up a modest 3.5 per cent from last year.
These are good times to consider buying investment properties and holding.
Jessica Diskant, Park Georgia Realty, 604-999-4770
Exclusive listing - this is a spacious 5 bedroom home. Downstairs suite has 3 bedrooms but has flexibility in how you want to use the rooms. You can make it a smaller suite and use a bedroom to go with the upstairs. New ktichen, hardwood floors, fresh and bright. Downstairs rents for $1200 which is great for the eastside. Tenants are willing to stay. Property is in quiet Renfrew Heights. This house is in great condition with many renovations.
Contact me for viewing please. Jessica Diskant 604-999-4770 Park Georgia Realty
If you are interested in a peaceful setting and are interested in purchasing a condominium in the price of $650-$700,000, I've got a lovely property available.
This spacious 2 bedroom condo overlooks Van Dusen Gardens and the lagoon. Enjoy birdwatching or simply the beauty of nature. This is a rare find in the city of Vancouver. Bright and cheerful.
Please see my website for more information. Jessica Diskant, June 18, 2008
On June 30th, 2008 the public www.mls.ca web site will officially change its name to www.realtor.CA. The existing site, mls,ca w/ill continue to operate after June 30, 2008, allowing you, the consumer to use either the new site and its interactive mapping technology or the old site with the existing mapping. This new site is suppose to have improved search capabilities.
The introduction of interactive mapping is the major design change for this web site. The mapping, provided using Microsoft Virtual Earth technology, will show active listings right on the map, refining the display as you can zoom into an area. This will make is more convenient to search neighbourhoods or a specific region.
The new layout of this web site will make it easier to look for properties and information according to the Canadian Real Estate Association.
Jessica Diskant, Realtor, Park Georgia Realty Ltd., 604-999-4770
Condominiums continue to offer strong opportunities in 2008 to first-time buyers looking for affordable and accessible housing in urban centres like Vancouver, says data released by Genworth Financial Canada. Genworth's Winter 2008 Metropolitan Condominium Outlook concluded that while condo sales numbers are down from near record levels in eight cities surveyed, resale prices should continue to advance in 2008 and grow steadily through 2012. With this information in mind, condominiums remain a very solid opportunity for a first-time buyers.
If you are a first time buyer it is important that the professionals you work with explain everything to you thoroughly, from your lender, realtor , to your lawyer or notary, home inspector, etc. No question is foolish. Keep that in mind when you are looking at purchasing a property.
Jessica Diskant, Park Georgia Realty, Vancouver, 604-999-4770
Condominiums continue to offer strong opportunities in 2008 to first-time buyers looking for affordable and accessible housing in urban centres like Vancouver, says data released by Genworth Financial Canada. Genworth's Winter 2008 Metropolitan Condominium Outlook concluded that while condo sales numbers are down from near record levels in eight cities surveyed, resale prices should continue to advance in 2008 and grow steadily through 2012. With this information in mind, condominiums remain a very solid opportunity for a first-time buyers.
If you are a first time buyer it is important that the professionals you work with explain everything to you thoroughly, from your lender, realtor , to your lawyer or notary, home inspector, etc. No question is foolish. Keep that in mind when you are looking at purchasing a property.
Jessica Diskant, Park Georgia Realty, Vancouver, 604-999-4770
Recipes For Green Cleaning
Here are some ideas for cleaning with products you probably have at home. This is especially great for people with environmental allergies or sensitivities to chemicals.
For wood furniture: mix white vinegar and olive oil in equial parts and use a soft rag to polish.
For ovens: apply a paste made from one cup of baking soda and water to oven survaces and let it sit overnight. Scrub with a scouring pad.
For windows and mirrors: Spray a mixture of equal parts water and white vinegar onto the surface and wipe with balled up newspaper.
For tubs and sinks: sprinkle with baking soda and wipe down with a damp rag. Add some Castile soap to the rag for greater cleaning power.
For a clogged drain: pour half a cup of baking soda down the drain, follwed by a half a cup of venegar. Wait a few minutes, then pour down some boiling water.
Besides using these recipes for your home,your own health and the health of your family, you will be contributing to polluting the environment much less.When buying commerical cleaning products look for non-aerosol products whose ingredient lists are plant-based rather than chemical-based and whose packaging is reduced or reusable.
If you know of anyone who has immune deficiencies or health problems, please refer them to this blog.
Best, Jessica Diskant
According to an article in the Vancouver Sun today in the Business section first time buyers are still looking to purchase a property.
Last year at this time we were looking at many more multiple offers on one property. The market still continues to be strong and healthy but there are less multiple offers and it is becomming a more balanced market. Many people are looking at purchasing a smaller property or having a longer mortgage, even buying in a neighborhood that they hadn't considered because there is still confidence in the market. It has been estimated that 35% of home sales in Greater Vancouver involve a first-time buyers.
The Bank of Canada is being aggressive about keeping tighter credit conditions so that the U.S. recession does not influence our economy. Although the real estate market is not in a frenzy like last spring, it is still solid.
"What remains the greatest source of weakness in today's U.S. economy is a continued source of strength in Canada," says Warren Lovely of CIBC World Markets in a recent report. "While the U.S. housing market is mired in deep recession, Canada's own housing market has demonstrated extraordinary resilience."
This week the Canadian Real Estate Association (CREA) predicted that national home sales will rise to 8.1 per cent in 2007, setting an all-time sales record. Prices are also expected to go up by a whopping 10.4 per cent in 2007, with another 5.5 per cent increase in 2008.
"Resale housing activity was a juggernaut in the second quarter of 2007," says CREA's chief economist Gregory Klump. "Record breaking sales activity in the first and second quarters forced CREA to revise its forecast upward."
Prices are forecast to increase by 17.4 per cent in Saskatchewan, 11.2 per cent in Manitoba, 9.9 per cent in B.C., 9.2 per cent in Nova Scotia, and 8.6 per cent in Ontario this year.
The CMHC forecast says that in 2008, sales will slow and the number of new listings will rise, leading to a more balanced market across the country. It says job growth will slow and won't stimulate housing demand as much as in previous years. CMHC also predicts that mortgage rates and carrying costs will rise, which will ease housing demand from first-time buyers.
02 will be a small condominium building that will be built on Davie Street in the West End. It's within one block of the beach. Anyone who loves being near the ocean, will love this location. Their fantastic tag line is "Sea and Be Seen."
The project is getting it's marketing off the ground for this 20 unit condominium building. Since there has been little development in that area, these units will sell very quickly.
Realtors are usually invited to preview the develoment prior to sales being offered to you, the public. Feel free to contact me if you would like to look at this new development when it is available to the public.
Jessica Diskant
www.homesvan.com
604-261-9311