Vancouver Real Estate Blog

Townhomes In Vancouver's Real Estate Market Have Risen 38%

Townhouses have been on the rise since December. It is not due to their popularity but a slow down in sales. To be precise a 40% reduction in home sales for townhouses to be pricise.

Homes have stayed constant with regards to the level of homes coming into the market for sale. The graph shows a perfect line heading up. That's exactly what Mitchell Mingie of Re/Max Crest Westside predicts for this category of home. "With constant inventory coming in every month and sales decreasing the obvious is a large inventory of willing sellers trying to sell their homes".

Vancouver Apartments - Real Estate Market - The Gradual Slow Down Is Ahead Of Us

Inventory of apartments in Vancouver have been steadily rising since December when we had about 1350 homes on the market. Over the months that number has grown to 2100 apartments for sale in April.

 Sales for these homes have dropped by over 20%. "I predict that the number of homes on the market will keep increasing as sales will slow down". "This summer I believe will be one of the quietest on record" says Mitchell Mingie for all types of properties.

Vancouver Real Estate Market For Detached Homes On The Westside - Is A Correction Coming??

Vancouver Westside Real Estate is exhibiting a classic slow down. From the graph beside sales have dropped by 50%. However homes coming into the market have started to peak. Inventory or what we call it Active Listing Inventory has jumped 50%. I do not see inventory coming down. In fact it is quite the opposite and when inventory is calculated at the end of May we will see another jump in inventory which will cause a slow down in the market as buyers will know and feel that their is no urgency about making a decision currently.

"If you are going to sell your home do it now" says Mitchell Mingie as predictions are coming in for a price reductions across the Westside.

Client Testimonial About Mitchell Mingie Of Re/Max Crest Westside

Hi Mitchell,

 

When we decided to sell our home, we once again called on Mitchell, as we have done during the past 17 years. We asked him to suggest any renovations that should be done to make the home more appealing. His suggestions were more than I was expecting, but because we trusted his knowledge of the market, we decided to do the renovations as he suggested.

 

Wow, the place looked so much better, almost changed our minds about selling. Ok, we've done our part, the home was ready and we continued with the plan to sell. It was very interesting to see Mitchell's professional manner and attention to detail during his research of timing, pricing and preparation for listing. He even had a professional company come to video our home for the listing. The video was so impressive I was ready to buy the place, oops, we still owned it.

 

The home was listed, with an open house scheduled for Saturday. During the open house, 2 offers came in with a possible third. The offers were presented to us during Saturday evening.  Mitchell very skillfully negotiated the best deal for us and the negotiations were completed that same evening. It all happened so fast and this was when the market was starting to slow down.

 

Mitchell remains with you every step in the process and is always willing and able to address any concerns and questions.  Mitchell impresses me every time and I have in the past and will continue to recommend him.

 

Gord Lysyshyn,

Technologist

Pre - Home Inspection Before Putting Your Home On The Market - The Advantage Becomes The Seller In A Buyers Market

10 Advantages for Sellers to Have a Home Inspection:

1.   Eliminate unforseen problems and future headaches. 2.   The inspection report provides a third-party, unbiased opinion of your property to offer potential buyers. 3.   The inspection will alert you to items of immediate concern, such as safety items, and major repairs prior to listing. 4.   The inspection report can help you realistically price your home as you may have found major issues with the home. So when pricing some consideration regarding the true condition of the home can be evaluated. 5.    A pre-listing inspection reveals problems ahead of time and if repaired, the home will show better and most important, when an offer does come in and there is an inspection, the home owners can rest knowing that everything is covered. Plus as a big bonus which most people never realize is the once accepted offer will not be re-opened for a much lower price because of what was found during the inspection or the buyers will walk away. 6.    The inspection report can provide you with the confidence to stand by your price even if the buyer places an deflated offer on the negotiation table. 7.    A pre-listing inspection allows the inspection report to be used as a marketing tool. 8.    The sale is less likely to fall apart when a buyer's home inspector unexpectedly reveals a problem. 9.    A Pre-listing inspection will provide a sense of relieve for  prospective buyer's when they find little that needs repair. 10.  The inspection report can help you realize a higher asking price if problems don't exist or have been corrected.

Luxury Housing Sales Surge Forward In most Canadian Urban Centres Except Vancouver Reports Re/max

Over 60% of the market set new records in the 1st quartet.

However Vancouver plugged 31%

Several factors have worked together to fuel the surge in demand for high end properties in 2012: 1) Equity gains

          2) Stock market Volatility

          3) Immigration

          4) Changing Fortunes

          5) Rebounding In Global Wealth

 

To read the media release by Re/Max visit the link below:

 

http://www.remax.ca/miscellaneous/REMAX%20MEDIA%20REPORTS/REMAXupperend2012.WCpr.FNL.pdf

British Columbia Real Estate Association Reported That Sales Volume Drops By 26.5% Due To Lack Of High End Home Sales

The British Columbia RealEstate Association (BCREA) reports that the dollar volume of homes sold throughMultiple Listing Service® (MLS®) in BC declined 26.5 per cent to $3.8 billionin March compared to the same month last year. A total of 6,882 MLS®
residential unit sales were recorded over the same period, a decline of 20 per
cent. The average MLS® residential price was $545,959 in March, 8.1 per cent
lower than in March 2011.

The spike in consumer demand recorded a year ago was not
repeated last month,” said Cameron Muir, BCREA Chief Economist. “A marked
increase in high-end home sales a year ago pushed up unit sales and skewed
average prices higher, so it’s no surprise to see fewer home sales and lower
average prices in March of this year."

Year-to-date, BC residential sales dollar volume
declined 17 per cent to $9.2 billion, compared to the same period last year.
Residential unit sales dipped 12.7 per cent to 16,724 units, while the average
MLS® residential price edged back 5 per cent to $552,785 over the same period

New Home For Sale In Vancouver- 218 West 15th Ave. Mount Pleasant - See video Attached - Open House Sun May 13th 2-4pm

 

Situated on a charming, beautiful treelined street in the heart of Mount Pleasant, Cambie and Main St corridor. This beautiful bright 2 level 2 bed, 2 bath garden level townhome is part of a heritage style 5plex. The homes highlights include an expansive LR with loads of windows, double glass sliding door out to your own private patio to allow natuarl light to flood in. Country style natural warm wood floors and wood fireplace set this home apart. The kitchen has been updated in the past with a newer open concept living style, including a gas cooktop, stainless steel oven and fridge and a window for natural light by the sink. The home also boasts having the bedrooms on different levels for privacy and separation. The master bedroom is located on the 2nd flr with a huge south facing walkout deck.

 

Here is a link to the video:

 

http://www.vopenhouse.ca/vid/10974_4314f7/

Vancouver Real Estate - Open House - Residential Living - Homes For Sale - Saturday May 12th 2-4pm #214-388 West 1st - 2 bed, 2 bath, 1625 sqft

This exquisite residence defines understated contemporary style and exudes elegance throughout. Peacefully positioned in the new South False Creek neighbourhood this heritage conversion boasts spacious, open and light filled living space.  Natural light throughout with north and west exposure.  This 1625 sq.ft. suite features polished concrete floors, exposed brick & fir beams, top line appliances, 2 master bedrooms with 2 ensuite spa style bathrooms. The building formerly known as the BC Telephone Exchange was completely transformed in 2009 into contemporary residential living space.  2 parking stalls & 1 locker included with this property. Pet friendly! Convenient to the sea wall, Canada line & shopping.

 

 

Vancouver Real Estate - Mother's Day Open House - At 218 West 15th Ave. - Sunday May 13th 2012 - 2-4pm

Situated on a charming, beautiful treelined street in the heart of Mount
Pleasant, Cambie and Main St corridor. This beautiful bright 2 level 2 bed, 2
bath garden level townhome is part of a heritage style 5plex. The homes
highlights include an expansive LR with loads of windows, double glass sliding
door out to your own private patio to allow natural light to flood in. Country
style natural warm wood floors and wood fireplace set this home apart. The
kitchen has been updated in the past with a newer open concept living style,
including a gas cooktop, stainless steel oven and fridge and a window for
natural light by the sink. Bedroom separation where the master bedroom is
located on the 2nd flr with s facing walkout deck