Vancouver Real Estate
Anne's Real Estate Update - October 2017 

In This Issue:

Sotheby's International Realty Canada Fall Forecast 2017
CLICK HERE to view the full article

Business in Vancouver (BIV)
New Emily Carr driving new development

Business Insider (UK)
25 Most Congested Cities In The World

New Listings
503 89 West 2nd Avenue
7828 Granville Street

Recent Sales
1923 Grant Street, Vancouver
606 210 Salter Street, New Westminster
CLICK HERE to view the listings

Testimonials
Testimonial Letters from Home Buyers & Home Sellers

The Experience with Sotheby's International Realty Canada
Luxury is an experience, not a price.
 

My Commitment To You
How I will facilitate your property sales & acquisitions. It can be a great experience!

SnapStats - Vancouver West & Vancouver East September 2017
The New SnapStats Package for Vancouver Downtown, Vancouver East & Vancouver West
 

Real Estate Board of Greater Vancouver - September 2017
Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.

Previous Issues
CLICK HERE to view previous issues of Anne's Real Estate Update

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Sotheby's International Realty Canada
Fall Forecast 2017

A strengthening Canadian economy is projected to have a positive, cascading impact on the nation’s high-end residential real estate market this fall. Montreal is forecast to emerge as a luxury real estate hot spot, with gains in sales volume and pricing expected in the $1 million-plus segment of the market. Strong economic fundamentals are set to foster healthy activity in the high-end Greater Toronto Area (GTA) market, even as it recedes from record highs following the introduction of the Ontario Fair Housing Plan. Fueled by strong local demand redirected into the city’s condominium sector, Vancouver’s $1 million-plus real estate market is anticipated to regain momentum in the coming months, while tentative optimism is set to gain ground in Calgary as the city emerges from recession.

Summer data compiled by Sotheby’s International Realty Canada for the country’s four largest metropolitan markets indicates the direction of the fall top tier market performance. Montreal’s $1 million-plus real estate sales (condominiums, attached and single family homes) soared 60% year-over-year in July and August, pointing to exceptional performance to the end of 2017. GTA (Durham, Halton, Peel, Toronto and York) July and August sales over $1 million receded 40% year-over-year from historic highs, while luxury sales volume over $4 million declined 29%; meanwhile, city of Toronto sales over $1 million and $4 million decreased 27% and 28% year-over-year respectively. Calgary sales over $1 million were almost on par with the previous summers’, recording a 1% year-over-year gain that indicates stability for the coming months. While Vancouver’s luxury real estate sales over $4 million fell 21% year-over-year in July and August, overall $1 million-plus sales increased 5% compared to the same months in 2016.

“The country’s exceptional economic performance is expected to elevate top-tier real estate market confidence and performance this fall,” says Brad Henderson, President and CEO of Sotheby’s International Realty Canada. “Montreal, in particular, is emerging as an unexpected bright light on Canada’s luxury real estate horizon, but the reality is that improvement in economic productivity, wages and job gains will be positive for all of our metropolitan markets in the coming months.”

KEY NATIONAL INFLUENCERS

• A strong Canadian economy is projected to propel consumer, business and top-tier real estate market confidence and activity in fall 2017. The economy expanded at its fastest annualized rate in six years between March and June, according to Statistics Canada, recording an annualized 4.5% rate of expansion that outpaced earlier projections. These numbers followed upgraded economic growth forecasts from the International Monetary Fund (IMF) and Bank of Canada released in July: the IMF projected that Canada will lead G7 countries in economic gains this year, and upgraded its forecast for annual economic growth to 2.5%. The Bank of Canada also increased its projection for 2017 Canadian economic growth to 2.8%.
   
• Falling national unemployment rates and job gains in the country’s major real estate markets are anticipated to bolster local demand for conventional and top-tier real estate. Canada's unemployment rate fell to 6.2% in August 2017, the lowest level since the onset of the Great Recession in October 2008. Vancouver continued to post the lowest rate of Canada’s largest cities, with an unemployment rate of 4.7%, while Montreal’s rate fell to 5.0%. Toronto’s rate of 6.4% remained slightly elevated above the national average, however, the province of Ontario drove national employment gains with 31,100 net new positions. At 8.5%, Calgary’s unemployment rate continues to pose a risk to the gradual stabilization of the city’s top-tier real estate market this fall.
   
• Two consecutive key interest rate hikes by the Bank of Canada, the first in July and the second in September, positions the key interest rate at 1.00% leading into fall. In spite of the resulting uptick in mortgage rates, the impact of the incremental increase from historic lows is anticipated to be minimal on top-tier real estate activity, so long as subsequent increases are well signaled and in line with real gains in the economy.
   
• In spite of the strengthening Canadian dollar, which hovered around 80 cents to the US in September 2017, foreign demand for Canada’s top-tier real estate remains high. The gap in currency values remains notable. Vancouver, Toronto and Calgary, which are ranked third, fourth and fifth by the Economist Intelligence Unit in its latest global livability rankings, as well as the city of Montreal, remain desirable destinations for immigration, work and study.

Business in Vancouver
New Emily Carr driving new development

Art school will be catalyst for redrawing former rail yard: architect

The relocation of B.C.’s most notable art school yields opportunity not just for employees and students, but developers as well.  Emily Carr University of Art and Design’s move from its longtime home on Granville Island to 520 East 1st Avenue will be a “catalyst” for the industrial area, said Ana Maria Llanos, project architect.
 

“The new building, designed to welcome the community and broader public from across Vancouver, will be an anchor and focal point for the regeneration of the former railroad yard site,” said Llanos, senior associate at Diamond Schmitt Architects. “The move … to Great Northern Way is a catalyst for a new cultural hub and educational precinct...”

CLICK HERE to view the full article

Business in Vancouver
The 25 Most Congested Cities in the World

Navigation company TomTom published a list of the most congested cities in the world on Tuesday.

The TomTom Traffic Index is based on 19 trillion data points collected over nine years from 390 cities, according to the Dutch company.

Each city's congestion level was given a percentage score out of 100, with levels ranging from 66% in the most congested cities to 9% in the least...

CLICK HERE to view the full article

My Commitment To You

In addition to the standard service offered by Realtors®, I will write  a LIFESTYLE STORY, BRAND your house and SHOWCASE it. This includes:

1. FREE  staging services: I will create an ideal environment for future buyers to imagine themselves in this new space and make it very inviting and welcoming.
2. HIGH-DEFINITION PICTURES: The use of a professional photographer and 20 High-definition pictures to showcase your home.
3. The creation of a HIGH-END VIDEO of your property, including drone imaging.  Having  Sight , Sound and Motion will allow to transport the consumers into your home.  This will highlight  the lifestyle associated to living in your neighbourhood area and features its benefits. A video tells best the story of your home. 
4. Thick glossy brochures with high-definition pictures, floor plan and description of your property

1. Helping you reach the Local, Asian, American and European markets with language proficiency in English, Mandarin and French.     .
2. Advertising  in the major local newspapers and send out newsletters and flyers to  promote your property. Putting a sign on your lawn is just the beginning: I spend lots of my costs to “PUSH” your property to get it sold in the fastest time frame. This includes comprehensive social media integration.
3. Offering “boutique” service, and am committed to personally (no realtor's assistant) showing your house at the Open Houses and each appointment request. 
4. Negotiating on your behalf to ensure that you receive the highest possible sale price for your home. 
5. Warranting you to receive full transparency and open communication through the entire process.
6. Providing a Personal & Courteous service. 

1. Arranging for owners rent back
2. Having access to architects/designers/ builders/ trade people (painting, flooring, plumbing and electrical). 
3. Leveraging my expanded referral network and partners:
   - CPA: Tax strategies and investment planning
   - LAWYERS: Advice and guidance for your investments
   - FINANCING: Creative loan solutions for local and international buyers
   

• In 2016: Sothebyrealty.com reached 100,523,849 views. (+35% from 2015) 
• Already in 2016, Sotheby’s engaged 1/7th of the world!
• Juwai.com. -  All our properties are featured on Juwai (the #1 real estate site in China for a total of 21,414 impressions in 2016 on our company page).
• Sotheby's offers a powerful network of 20,000 agents and 850 offices in 65 countries worldwide giving access to affluent community of buyers.

Apartment and townhome activity is outpacing the detached home market across Metro Vancouver*. This activity helped push total residential sales above the historical average in September. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold. Last month’s sales were 13.1 per cent above the 10-year September sales average.

“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers' market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.” There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017.

This represents a 12 per cent increase compared to the 4,799 homes listed in September 2016 and a 26.6 per cent increase compared to August 2017 when 4,245 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent increase compared to August 2017 (8,807).

“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.” For all property types, the sales-to-active listings ratio for September 2017 is 29.8 per cent. By property type, the ratio is 14.6 per cent for detached homes, 42.3 per cent for townhomes, and 60.4 per cent for apartments. 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 properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 per cent increase over September 2016 and a 0.7 per cent increase compared to August 2017.

Sales of detached properties in September 2017 reached 852, a 27.9 per cent increase from the sales recorded in September 2016 (666), a decrease of 33 per cent from September 2015 (1,272), and a decrease of 32.9 per cent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1 per cent increase compared to August 2017.

Sales of apartment properties reached 1,451 in September 2017, a 19.1 per cent increase compared from the sales recorded in September 2016 (1,218), a 5.1 per cent decrease from September 2015 (1,529), and a 22.1 per cent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 per cent increase from September 2016 and a 1.4 per cent increase compared to August 2017.

Attached property sales in September 2017 totalled 518, a 40.4 per cent increase compared to the sales recorded in September 2016 (369), a 4.8 per cent decrease from September 2015 (544), and an 11.6 per cent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 per cent increase from September 2016 and a 1.1 per cent increase compared to August 2017.
 

CLICK HERE to view the complete REBGV Statistics Package.