|
|
June has outperformed May, ONLY 7 times in the last 25 years - this is normal.
While the story might be that sales in June have dropped off from May, that the market is back in decline – the actual fact is June has only outperformed May only 7 times in the last 25 years. We shouldn’t be surprised to see the market in Greater Vancouver perform any differently this year.
There were 2,098 homes sold of all types in Greater Vancouver in June this year compared with 2,467 sales in June last year and 3,953 homes sold in June 2017. This was 39% below the 10-year average for June and the lowest amount of sales in the month of June since 2000 at the same number. The first six months of 2019 saw 10,992 homes sold in Greater Vancouver, the lowest amount for the first half of the year since 1998. There were 751 Detached Houses sold in June 2019 (36% of total sales) compared to 771 in June 2018 (31% of total sales); 390 townhomes sold in June 2019 (19%) compared to 419 in June 2018 (17%); and 941 apartments sold in June 2019 (45%) compared to 1,240 in June 2018 (50%). Detached homes made up a larger percentage of homes sold, continuing a trend that is showing price adjustments in detached homes are attracting buyers into that part of the market. Richmond was one of the best performing markets in June, with sales matching those of June, and detached and townhouse sales exceeding the numbers for May.
As for supply in the market, there was a decrease in the number of new listings in June compared to May. There were 4,861 new listings in June in Greater Vancouver, down 19% from May 2019, down 15% from June last year and down 17% from June 2016. The number of new listings in June 2019 were 15% below the 10-year average for June. Active Listings are at 15,770 for month end, up 25% compared to June 2018, and only up 2% compared to May 2019 - the growth of active listings is slowing. Supply continues to be an issue as many Sellers are reluctant to come to market knowing that prices are adjusting and that buyers are more conscious of the advantage they have currently. Properties priced for today’s market are selling and, in some situations, we are seeing multiple offers – albeit at a more controlled pace in terms of subjects being included and in some cases most or all offers below the list price. There are a number of listings included in this 15,770 that are land assembly properties (look at any busy street throughout the region for multiple signs or “Land Assembly Opportunity” signs. That and the number of long-standing listings on the market of properties not priced according to today’s market conditions are creating these multiple offers. Demand continues to build up as buyers and sellers hold off on making moves that they want or need to make, not for investment reasons but lifestyle changes. It’s almost as if the efforts to stem “speculation” in the market have created speculators out of all buyers and sellers!
While still at low sales levels, it is the second month in a row where sales exceeded 2,000 homes sold in a month in Greater Vancouver. While not robust, there is more activity happening and while the wait and see game continues, and so many try to understand how we got here, many people just want to buy or sell. And while many think real estate in Vancouver is or should fall off a cliff, even the government can’t stem the tide of demand enough to do that and unless there is a serious discussion on the supply side, what has come down quickly thanks to government intervention can go back up quickly when housing continues to be a scarce resource. With the State of Oregon effectively banning single family zoning and allowing for increased up zoning in all cities of more than 10,000 people, the government there has recognized that the need to address housing affordability is a bigger conversation than just taxing demand.
“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach. Home buyers haven’t had this much selection to choose from in five years.”
|
|
|
|
NEW LISTINGS
361 West 19th Ave | $4,490,000
 
 
WHY WE  ️ THIS HOUSE:
1. 44' X 120' SUNNY lot in the heart of the Cambie area
2. 3,802' family home plus 456' laneway
3. One of the best new builds we have seen - high quality and amazing finishings.
4.Centrally located - walk to Cambie St., Hillcrest Community Centre, Mount Pleasant Park.
5. Main floor features a open plan great room, eating area and amazing kitchen (plus a large pantry/2nd kitchen) and a beautiful living space.
6. Upstairs features 3 bedrooms and 3 full baths and a nursery/office.
7. Downstairs offers an enormous recreation space, bedroom, laundry, full bath and powder.
8. The light fixtures are like no other!
9. 2 car garage, parking pad and vaulted ceiling laneway.
LISTINGS WE LOVE!
1816 W. 14th | NEW PRICE | $3,998,000
 
 
WHY WE ️ THIS HOUSE:
1. 50' X 125' SUNNY south facing lot
2. 4,034' family home
3. A stunning renovation modernizing everything and keeping a nod to the beauty of its era
4.The most centrally located - walk to Van Lawn, South Granville, Arbutus Corridor, Downtown!
5. Upstairs features 4 bedrooms and 3 full baths and a generous elegant landing
6. Downstairs offers a cool rec space, a gym/bedroom, guest room, full bath and mudroom plus storage
6. Perfectly located for Shaughnessy Elementary & York House
7. 2 car garage and a sunny extended back deck for entertaining.
6245 Mackenzie | NEW PRICE | $5,958,000
 
 
WHY WE ️ THIS HOUSE:
1. 75' X 117' BEAUTIFUL west facing lot
2. LARGE 5,134' family home
3. Built by a builder for themselves so every favourite detail has been added including the most amazing outdoor living spaces
4. Upstairs features 3 bedrooms and 3 full baths PLUS an additional MASTER BED on the main floor.
5. Downstairs offers a 5th Bedroom/office, wine room, huge rec space, 2 beds in a contained suite (perfect for extra revenue, in-laws suite or teen zone)
6. Perfectly located for Crofton House and Kerrisdale Annex.
7. Completed in 2015 and lived in very lightly, it feels BRAND NEW.
8. 4 car garage for all your toys!
5362 Cypress St. | $5,750,000
  
 
WHY WE ️ THIS PROPERTY:
1. Has the coolest Designer Touch - featured in many magazines
2. Everything we love about a Shaughnessy home that has been modernized
3. Big 78' X 136.25' Sunny Lot
4. Renovated every room with edits you will love
5. Outdoor space will call you and you will never leave
6. Main has generous rooms and my favourite is the eating area that opens up with eclipse doors to the deck and view of the pool. Up has 3 large beds and 2 baths and down has a soothing TV room, gym, guest room, kitchen and decadent bath.
7. Hop skip to Kerrisdale and South Granville shops
8. Mature lush garden surrounding the pool, hot tub, fire pit, lounge area
6775 W. Boulevard | NEW PRICE | $3,799,000
WHY WE ️ THIS PROPERTY:
1. 76' X 163' HUGE west facing lot
2. Perfect 4,393 sqft family home ready to be updated
3. Paint out the house with White Paint and Update the Light Fixtures = AMAZING!
4. Upstairs features 4 large bedrooms and 2 full baths
5. Downstairs offers a 5th Bedroom in a contained suite (perfect for extra revenue, in-laws suite or teen lair)
6. The recreation room opens up to the inviting pool deck and massive back yard
7. Perfectly located for quick access to YVR, UBC, or Downtown
8. Minutes to the Marine Drive Golf Course, the Arbutus Club or Van Lawn
9. Proximity to prime school catchments
Fun Fact: This original Colonial style home built by the founder of Ingledew's Shoes
Builder? Under the new RS Zoning one could build a stratified Multi-Unit Development (Buyer to confirm details with the CoV).
Cottage, Cabin, Come get me.
  
 
 
  
 
  
  
Parenthood has two big transitions, when
our kids arrive and when they leave.
“It is a moment that comes along once in a lifetime. Each child only starts college once. …Such moments are rare. They have power. They give us as parents one-time opportunities to say things to our children that will stick with them not only because of what is said, but because of when it is said.
Market Influencers
- Lending Stress Test – the lending process has become much more intensive for Buyer’s today. Moreover the $1M threshold means that the first time Buyer’s need to put more than 5% more down on their deposit the minute the flip over to above the 1M marker. In real dollars – if you are buying a $999,999 property the Buyers would need to put down $150,000; If they flip to $1,000,000 then need to put down $200,000. That’s $50,000 more of after-tax dollars – a 20% downpayment is significant to first time buyers. In addition to this – the lenders are not recognizing the rental income in full for a basement suite in a house when they do their lending calculations which further constrains families from moving up to a detached house.
- Seller’s Expectations – “It’s not 2016” – there has been a reset and the 2018 assessed values reflect this change. If Sellers want to sell then the list price is extremely important. If priced too high – Buyers will not come – the pricing needs to be set at the sweet spot. Fact: of the 47 houses that sold on the Westside between $3-5M in the last 60 days – the average sale price was 95.08% of the 2018 Assessed Value.
- Global Influences – Vancouver continues to rank as one of the world’s most safe and beautiful cities. The unrest in Hong Kong has shaken the sense of security and triggered many Canadian citizens and Hong Kong families carrying Canadian Passports (300,000), living in HK to want to shift their assets to Vancouver. Local Buyers are also realizing this may bring in a lot of buyers, changing the market back to a balanced/sellers market and this has triggered many of those waiting on the sidelines for the market to bottom out to start transacting.
- Lack of Nice Inventory – Right now there are very few beautiful homes that are well kept and have style. Sadly, much of the inventory on the market that is stagnant is unkept, poorly built or a project. The nice places in desirable locations are transacting if they are priced well. Don't wait because of media pressure or social chit chat. Come see our beautiful listings, you won't be disappointed.
MENTORSHIP MATCH
We are working on a project to match mentors with mentees. We will be in touch to find out who is interested in working on creating communities of young people starting in the work world and those that have years of experience to offer. We are excited to bring our network together...stay tuned.
|
This is what happens when you let a creative summer intern run with an idea. Thank you @shaynamarks for pulling in your contacts to make this work. And thank you to our clients who were interviewed, you guys are amazing.
|
|
1816 West 14th Ave
Kitsilano Perfect
6245 Mackenzie St.
Kerrisdale 5,134' Wow
|
5362 Cypress St.
Shaughnessy Sweet
6775 W. Boulevard
Vacation Property
in the City
|
2005 8 Smithe Mews
Unobstructed views
361 West 19th Ave
Stunning New Build
|
Turner's Dairy
13 Town homes
2831 West 49th Ave
9,111' Lot, Beautiful Garden
|
3912 West 20th Ave
Dunbar 40' frontage
3980 West 23rd Ave
Dunbar - rebuilt!
|
2429 West 1st Ave
North of 4th Kits!
3287 West 32nd Ave
Mackenzie Heights
|
1419 West 11th Ave
Heart of S. Granville
379 East 32nd Ave
Best Part of Main St.
|
Time to Try
Vancouver's first electric scooter
tours - ask for
Taylor Ball
Locally grown flowers
delivered to your
door weekly
Long Table Dinners
at Home Farm
Gardens
|
|
Completing the Circle
of Generosity
Sadika’s Garden is a moving and uplifting documentary about a group of Canadians, once refugees themselves, uniting to sponsor a Syrian refugee family of eight from war-torn Raqqa to Vancouver, completing the circle of generosity. Those who once received refuge now pay it forward to the vulnerable which leads to a miraculous dream coming true for Sadika’s daughter, Batoul. Sadika’s Garden is made possible with a grant from TELUS STORYHIVE, and is available for free on demand on TELUS Optik TV on July 15.
A film by Julia Iriarte and Chad Galloway.
|
|
|
|
|
|
Dexter Realty
South Granville
#560 - 2608 Granville St.
Vancouver, BC. V6H 3V3
|
|
|
|
|
|
|
