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Resale activity and house prices are expected to fully recover from the recent decline

This October in the Greater Vancouver real estate market saw a significant increase in the amount of sales compared to October of last year. Buyers are clearly engaging; some home sellers are still reluctant to sell at today’s prices or are simply not engaging at all and the opportunities seen for buyers earlier in the year are diminishing. And with CMHC coming out recently and saying, “The Metro Vancouver Housing Market will see higher sales and modest price increases over the next two years.” The question of “When will we hit the bottom of the market” looks to have been answered with “we already have and are past that point.”
 
There were 2,892 homes sold of all types in Greater Vancouver in October this year compared with 2,363 homes sold last month, 1,995 sales in October last year and 3,073 homes sold in October 2017. October sales were 9% above the 10-year average for the month of October and actually 5% above the 20-year average. This was a 45% increase in homes sold compared to October 2018, the same as September in comparison to the previous year. October sales were the highest monthly sales since October 2017. Activity noticeably accelerated towards the end of the month. It’s the fourth straight month of home sales being higher compared to the same month in the previous year after 17 straight months of those sales being lower compared to the previous year.
 
Some highlights from October:
  • Detached home sales again showed a significant year over year gain this month, up 45%with townhomes up 55%
  • Vancouver and North Vancouver showed stronger year over year sales for townhouses and condos in October
  • Sales of detached homes and townhouses in Richmond showed significant growth this month after being more stagnant in the previous two years, up 83% and 80% year over year respectively while condos were only 21% higher compared to October 2018 
The number of homes for sale in Greater Vancouver dropped significantly this month. At a time when government policies were supposed to be doing the opposite to resale home supply. At the end of September there were 14,242 homes for sale in Greater Vancouver, and at the end of October there were 13,022, the result was pushing some areas and product types into seller’s market conditions. Albeit without the overheated conditions experienced in 2015 and 2016. There were 4,183 new listings during October in Greater Vancouver, down 17% from October last year and down 10% from October 2017. The number of new listings in October 2019 were 5% below the 10-year average for the month of October and 7% below the 20-year average. While the number of detached homes listed for sale across the region has seen the biggest decrease, active listings for condos are now decreasing and more so in Vancouver, North Vancouver and Richmond.
 
Did the federal election results in October provide any clarity on policies that may affect the housing market? With a minority Liberal government that has indicated it won’t align with any one party, policy will be that much more difficult to get through. And from the various election platforms, the policies were different amongst the Liberals, Conservatives and NDP parties. So, while it may have been easy to consider foreign buyers as the root cause of a lack of affordability, what we do know is that real estate transactions in Metro Vancouver are very local currently. When the activity increased in May, the percentage of foreign buyers significantly dropped and continued at this lower level through the next 4 months according to numbers released by the provincial government. May through August showed the percentage of transactions attributed to foreign buyers at less than 1.7% with the average for 2019 currently at 2.3%. Given the various policies implemented by government are not producing more supply, and are more so restricting supply where will the blame go if sales activity and prices edge up in the next two years?


 “Home buyers have more confidence today than we saw in the first half of the year,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall. The recent uptick in home sales is moving us into a more historically typical market, both sale and listing activity is trending around our long-term averages in recent months.”
What are we loving?

4592 West 2nd Ave | $8,000,000





The home you have always wondered about and wished would become available...NOW is! Think West Coast Modern meets East Coast Brownstone and you have one of those special Point Grey homes. From floor to ceiling windows, you will be mesmerized by stunning ocean, city and mountain views. Soaring ceiling heights, reclaimed fir floors, brick walls, light wells and a roof deck are just a few of this home’s features. There is flexibility with multiple bedrooms/offices, an elevator, air conditioning, 48” fireplace, beautiful decks with a built in BBQ and a south facing garden. This 33'X168.4' home has the WOW factor, it is a must see.
 

726 East 13th Ave | $1,299,000



This is it. Your Mount Pleasant home that has it all. Picture the sunny south facing backyard, the private entrance and the coveted location. Now imagine the brand new white oak wide plank floors, the renovated kitchen with the generous white stone island and the open concept main floor living. Up a floor is the principal bedroom, walk-in closet and a 4-piece ensuite and a generous sized second bedroom with an ensuite. Up again you will find another great bedroom/office/den with an ensuite and French doors to a private south facing balcony. Built in 2007, this 1522’ half duplex provides space, style and grace. From home, walk to Savio Volpe, Matchstick Coffee, Les Faux Bourgeois and Robson Park. Ready to move in? 


We have Augmented
the Home Buying Experience using Virtual Reality



We have been collaborating with the Turners Dairy team for a number of years. And now we are ready to show you what we have been working on.

This is a passion project by two men who grew up working at the location that is going to become Turners Dairy.

 
 

In one life it was a leather factory previously owned by Larry Izen - owner of The Satchel Shop. Click below to hear the compassionate story of how one family helped out another family and the rest is history.
 
 
Because the project is retaining the original dairy structure each unit is unique. It’s a modern design built around traditional structures. Watch below to hear how our architect Inge Roecker worked with the trusses and beams to create 13 individual light-filled custom homes.
 
 

So how do you communicate to buyers who are used to cookie cutter pre-sales? There are models and floor plans and show rooms and then there is VR! Once you put on these virtual reality goggles, you will be dropped right into the courtyard of the Turners Dairy. You can walk around outside, see the landscaping that will exist and see what actually exists today on the neighbouring streets. Then you can choose two different homes to explore. The views are taken with drone footage so it is exactly what you will see from the decks once it is built.

It is so realistic you feel like you can almost reach out and open the fridge...but you can't. The feedback has been amazing and we think this will transform how people buy in the future. 

Our goal was to involve as many local talents as we could. Vancouver Special on Main St. assisted us with virtual staging advice. Local photographers Yasmeen Strang and Brian McConville are featured as our virtual artists. Each home with have a unique light fixture from local light designers ANDlight and Matthew McCormick. Watch below for Matthew's take on it.

 
 

Who is building it? Etro Construction. Built on a foundation of quality and rooted in commitment to creating exceptional projects and experiences, Etro is Vancouver's fastest growing construction management and general contracting firms. Watch below to see the passion Mike Maierle, owner of Etro, has for the project.
 
 
 
Want to come and try the VR and learn about these homes coming? We will be popping up all over the city and our first night will be Tuesday November 12th at neighbouring secret hot spot the Mighty Oak from 5-7pm. Come do a little shopping, have a coffee and a cookie and walk virtually through these modern with a touch of industrial homes.

We travel too. If you want us to come to you - we just bring the goggles - how cool is that? Contact us if you are interested and can't make this next pop up.


 
Everyone loves a secret right? Want to know more about secret music gigs in the city and around? From Kitsilano to Mount Pleasant to Gastown, Sofar Sounds is reimagining live music events through curated performances in intimate settings. Discover your new favourite local and touring artists alongside fellow music lovers, and in the most unique hidden spaces around the city. They are all about creating magical moments – what are you waiting for?

Well the crazy part is you apply for tickets and then wait to get selected! If you get selected then you get to buy tickets. Now you want to go even more now  - don't you...
 
 



 
We have been saying that this lull in the market won’t last forever….and we were feeling the rising tide over the Summer. The data is in. The data for October Sales shows a 45% increase in unit sales compared to Oct 2018.  Game on! Giddy-up!

Multiple offers are starting again – not with 10 offers like in 2016, but 2 or 3 if the Sellers price their property in the sweet spot. 

We aren’t the only ones saying this. Dave Peerless, President and Owner of Dexter told us this week that, the one thing constant in Real Estate is that history repeats itself. After a lull in the market after 2-3 months of consistent improvements of Unit Sales Numbers – Vancouver’s market bounces back. 

Couple Dave’s comments with the Canada Mortgage and Housing Corp (CMHC)’s Oct 25th, 2019 forecast, Metro Vancouver home prices could return to peak levels in a year. The resale activity has seen significant year-over-year growth over the past few months is predicted to continue that streak in 2020 and 2021. This increase in sales and demand for product will push up prices.”

If you have been thinking about making a transition to something larger, especially townhouse to detached house, these indicators are suggesting that this is the calm before the storm.


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Buckle up, winners! The open road is calling... Bingo numbers, that is! It's time to fill up the car, load the tape deck, and burn rubber with the ROAD TRIP EPISODE of Me Love BINGO! We’re returning to Russian Hall for one joy-filled night, all in support of Theatre Replacement! Guest performances, roadside attractions, and a ton of gold sequin fabric await you and your back seat buddies. Where will the map lead us? Who will win big?!

Join the entire Theatre Replacement crew and your costume-clad host, Kyle Loven, for a campy night of games, amazing prizes, sweet tunes and zero speeding tickets! Theatre Replacement loves YOU! Now it's your chance to return the love and support!

Saturday, November 16, 7:00 PM at Russian Hall. Tickets.


It’s not just the yummy Middle Eastern food, the Instagram-ready white room punctuated by greenery, lively music and welcome feel; what truly endears Aleph Eatery is its big hearted philosophy. What the world needs today.


  
726 East 13th Ave

Mount Pleasant
Half Duplex
 
       4592 West 2nd Ave
     Stunning Point Grey         Home



     
 
#301 2148 W. 2nd 
Designer
Renovations

3000 Valdez Place 
Oak Bay | Uplands
 
13 Town Homes
Available to buy 
Now!
 
Turners Dairy
Progressive meets
Heritage
6775 W. Boulevard
12,000' Lot 
#303 1004 Wolfe Ave
Lovely Character 
#815 - 250 East 6th
The District, Main St.
 
640 East Georgia St.
Strathcona

Proud to have been a part of Arts Umbrella's Splash 
 



The Yellow Pages and a 
rotary phone 
can be challenging...
 


 
But we are very excited to see what teenagers today are going to accomplish!


ruthie@ruthieshugarman.com

604.879.2941

604.263.1144

604.263.6699

Dexter Realty

South Granville

#560 - 2608 Granville St.

Vancouver, BC.   V6H 3V3







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Ruthie Shugarman · 2094 West 43rd Ave · Vancouver, BC V6M 2C9 · Canada

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