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Where is the Autumn Market going?
There were 2,363 homes sold of all types in Greater Vancouver in September this year compared with 2,256 homes sold last month, 1,634 sales in September last year and 2,881 homes sold in September 2017. September sales were 7% below the 10-year average for the month of September and marked a 45% increase over September 2018. This was the largest year over year increase in sales in over 2 years and the third straight month that a year over year increase in sales has occurred. Buyers are engaging with offers, and the occurrence of multiple offers continues to be present in the market – even more so than we’ve seen in the last 3 months. While they tend to be happening more in the apartment and townhouse segment of the market, there was a detached listing on the Westside of Vancouver priced in the $3 Million range that attracted 12 offers. Showing that well priced properties will sell. There were 753 detached houses sold in September 2019 up from 509 (47%) in September 2018 in Greater Vancouver, with a 8.6% decrease in the benchmark price of these homes year over year. For townhouses there were 422 sales in September 2019 compared to 275 in September 2018 (up 53%) with a 7.2% decrease in the benchmark price year over year; and for condos there were 1,155 sales in September 2019, an increase in sales from 812 in September 2018 (up 43%) with an 6.5% decrease in the benchmark price year over year. In Greater Vancouver detached homes make up 32% of all home sales, while apartments make up 50%. If we move over to the Westside of Vancouver, detached homes make up only 15% of sales, while apartments make up 75%.
As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in September compared to September of last year. There were 4,989 new listings during September in Greater Vancouver, down 7% from September last year and down 9% from September 2017. The number of new listings in September 2019 were 6% below the 10-year average for the month of September. Active Listings are at 14,242 at month end (up 3.5% compared to September 2018). The number of homes on the market is shrinking as is the gap year-over-year. There continues to be a reluctance for sellers to engage in the current market, leaving fewer and fewer choices for buyers. Government policy aimed at creating affordability has not led to a significant increase in housing options but instead has left buyers continuing to fight over what comes on the market. With buyers adjusting to the Mortgage Stress Test enacted in January 2017 for conventional mortgages, those wanting to engage don’t have the options one would think in a quiet real estate market.
So where will the fall go? Well we have a federal election coming this month. Housing affordability is a main topic of several of the federal party’s platforms – all seemingly under the guise of taxing demand. While it’s recognized that supply needs to be brought forward, there is no clear plan to provide that. But what we do know is that buyers continue to be dealing with an undersupplied housing market in Metro Vancouver. Foreign buyers have been taxed for 3 years now, Speculation and Vacancy Taxes have been in place for a year or more in the case of the City of Vancouver, but to what end? Local buyers’ purchasing power was reduced with the mortgage rule changes, and now that prices have adjusted to reflect that and buyer’s have adjusted their budgets, but the government is still looking at one side of the equation and looking to suppress demand – mostly local demand which will only lead to a continued build up of buyers and sellers wanting to transact. Where the challenge is, is to look at the supply side of the equation?
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What is coming soon...
Watch for details on these
stunning new properties
A beautifully designer renovated 2 bedroom, 2 bath
Kitsilano condo with a stunning view
1/2 Duplex in Mount Pleasant East 3 Bedroom 4 Bath
lovely renovated family home
2014 2 Bedroom, 2 Bathroom Fairview Townhome
TIRED OF VANCOUVER &
READY TO BUILD YOUR DREAM HOME?
This exquisite property offers the opportunity to construct your DREAM HOME
STEPS from the ocean in the prestigious location in the Uplands in Oak Bay. Positioned on a quiet cul-de-sac & neighbouring Uplands Park with over half an acre, serviced & ready to build.
Envision a MODERN West Coast masterpiece or timelessly classic Victorian era estate-completely custom designed to fit your personalized desires. Private and peaceful with mature trees and ocean breezes.
This prominent community affords the best of nearby amenities including:70 acre Uplands Park, sandy beaches, endless nature trails, Royal Victoria Yacht Club, Uplands & Victoria Golf Club, Estevan, Oak Bay and Cadboro Bay Villages, University of Victoria, Camosun College, gourmet restaurants, shops, cafes & markets. Attractions and amenities of Downtown and Inner Harbour are just moments away. Travel is easy with the BC Ferries & Airport only a short commute.
WHY WE  ️ THIS PROPERTY:
1. Architectural Plans already completed by Airey Group
2. Landscape Plans already completed by Paul Sangha
3. Vacant Lot
4. Option to build a home up to 8,000 sqft or smaller
5. Neighbourhood with a community feel
6. Live the dream everyday: boat, golf, paddle board, bike or run
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Arts Umbrella
Do you want to experience the power of creativity? Come to Arts Umbrella's Art Auction and Gala. For tickets.
Over the years, we have attended many Splash events and come home with art, mostly from the calm silent auction, but sometimes from the wild live auction. No matter what, we have loved what we bought, have followed the artists paths and have been so happy to enjoy so many amazing Canadian works.
My daughter, Talia, attended drawing and painting classes at Arts Umbrella consistently from age 2-17. It was just a part of her life. Arts Umbrella is a welcoming home for these kids. For stories about some of the amazing things Arts Umbrella does click here.
Please click here to see all the stunning works available.
 
We often get asked casually over the check-out counters at Stongs or in line for coffee at Starbucks – “hey what’s going on in the market?” These past two weeks have been BANANAS!
Since September 1st – we have sold $16M worth of homes; we have $5.7M in accepted offers, and another $10M in our prospecting queue at greater than 50% confidence – that’s $31M worth of transactions in just over 1 month.
Our read on the market is that there is pent up demand and the data shows a lack of inventory. Buyers have been waiting for the market to bottom out. They do not want to be at a social event and told that they paid too much or is this the right time? There is a thirst in the market for well-kept homes and if the properties are priced accurately – they sell. Remember just because you may sell for a lower price than you may have in 2016, you are also buying in a market where prices are lower, you can breathe and take time to do your due diligence, you have selection and you can negotiate aggressively on your next home.
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The images that capture a phone-less world
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#303 1004 Wolfe Ave
Character Beauty
361 West 19th Ave
Beautiful New Build
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#1106 1005 Beach Ave
Stunning Views
6775 W. Boulevard
12,000' Lot!
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13 Town Homes
Launching in
October!
3030 West 45th Ave
Kerrisdale Amazing
Renovation
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#604 1816 Haro St.
West End
#501 6063 Iona Dr.
Views, Views, Views
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3000 Valdez Place
Oak Bay | Uplands
3000 Valdez Place
Oak Bay | Uplands
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Halloween!
In the late 90's my friend Gillian Turner and I started the Stanley Park Halloween Ghost Train. It was a brainstorm out of a Nestle sponsorship and a partnership with a creative organization in the city. For many years, I was hidden in those deep dark woods making sure it ran smoothly. I love that it is still one of Vancouver's staples to do in October! What else should you check out?
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Dexter Realty
South Granville
#560 - 2608 Granville St.
Vancouver, BC. V6H 3V3
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