Click here to learn what it is like to compete when buying a home

Let’s dive in. Here are 3 things to know at the start at the home buying process.

1) Understand the market conditions you are buying in. Remember that different locations and different price points can impact how much you can negotiate. The housing market can be favouring buyers, sellers or balanced. By studying statistics your realtor can inform you on what you will be facing when you go to make an offer. Some locations and housing types are so strong that you may be competing when you are ready to make an offer. For example currently the condo and townhome market up to around $1M is very strong in the Vancouver Westside and you will more than likely be competing with other offers. The single family market is this same area at over $3M is currently favouring buyers.

2) Be specific on what you are looking for, but not too specific. What do I mean by this? Well, if you narrow your home search to a small search area like a 5 square block area, you may not have enough choices. If you make your search area too large, the opposite can happen and you can be easily overwhelmed with too much choice. Also it is possible to be too specific on the type of home. For example if you limit yourself to a home 1000 to 1200 square feet that must be on 2 levels you will not get too many choices. Especially if you combine this with a limited search area.

3) Know how much you want to spend and get a mortgage pre-approval. This is important because obviously it makes no sense to start looking at homes that you can’t afford. A mortgage professional can help with this because the rules around how much of a loan you can qualify for are always changing and interest rates change frequently. For example this month interest rates were lowered by ½%.

Some great resources on my website. I’m going to link to the Buyer section of my website where you will find a video on what it is like to compete with other offers. Please feel free to contact me at 604-808-9796. I specialize in helping home buyers looking to purchase a home in the Vancouver West Side. My name is David Setton with Oakwyn Realty and answers in real estate and you can reach me at 604-808-9796.

See what’s selling in Kitsilano here 

What’s selling in the Vancouver Kitsilano Single Family Market? The Vancouver West Side Single Family Market continues to favour buyers. Unlike the rest of the West Side single family market, the Kitsilano market is now favouring sellers.

Six homes sold in Kitsilano last month. The most expensive home sold for $6.3M. This would have bought you a 105 year old home on a 49 foot wide lot Kits Point. This is one of my favourite areas in Vancouver. This property has been available for sale for a year and sold for over the asking price.

The least expensive home sold for $2.2M. This would have bought you a 92 year old triplex on 10th Avenue.

17 homes were available and on the market in Kitsilano last month. To have 6 home sell puts us in a seller’s market with 35% of the homes selling. Sold values in Kitsilano are at median price of $2,500,000 about $700,000 lower than the median price for a home in the West Side which is now at around $3,200,000. If you like to take a look at these sales, I have a new package you can download at this link: https://davidsetton.com/market-updates.html

Get statistics package here: https://davidsetton.com/market-updates.html
What’s hot What’s Not – Vancouver Westside – Single Family for Dec 2017
- Westside single fam is still fav buyers
- Median Prices dropped by 16% last month to $3.2M.
- Inventory is down about 100 homes from it’s peak of 789 in Sept.
- Only 83 homes sold in Nov
- Inventory is at 689 sf homes available 12% S.R.
What’s Hot (21% or more for a SR)
- which strongest - Kits
- 12 / 41 homes sold 29% sr Consistently does well
- special report on kitsilano
- price point strongest & fav sellers
- $2.25M - 2.75M 22 / 41 53% sr
What’s not hot (14% or less for a SR)
- Shaughnessy 3 / 82 sold - 4% sr
- Quilchena 1 / 27 sold - 4% sr
- which price category
- anything over $5M - buyers market - 273 homes priced over $5M - 15 sold. 12% sr. anything under 14% is a buyers market

Download 12 Sales Here.

What’s hot in the Kitsilano Single Family for December 2017

- The Van Westside Single Fam market is favouring buyers.  

- Kitsilano is bucking this trend and favouring sellers.  

- 12 Homes sold in Kits last mo.

- least expensive home sold for $1.52M. which would have bought you a new 1,100 sqft coachhouse on Alma north of 4th Ave.  Most expensive home sold for $5.5M. Bought you a 10 year old home on 1st Ave on a 33’ wide lot.

- 41 homes were available and on the market in Kits in Nov so to have 12 sales puts us in a sellers market at a 29% sr

- Sold values in Kits are at med price of $2.8M lower than the median price for a home in the Westside - now at $3.2M.

If you like to take a look at these sales, I have a new package you can download at the link below map locating them and photos

• First questions my clients ask is should I buy first or sell first when moving

• The answer is not straightforward

• Whether buy first or sell first - still will be stressful

• If buy first, have the stress of selling before taking possession of the home that you purchased.

• Also the uncertainty of selling for enough money to afford the new home

• If you sell first, you are under the gun to buy a home and moving before you have to give up your home you just sold.

• When is it advantageous to sell first.  

• When you are moving from an area with a stronger market to a weaker market.  Stronger negotiating position.

• When advantageous to buy first. When you are moving into a strong market with less choice and you want to make sure that you can find the right home.

This is the one: a two level penthouse townhome with a huge, private roof top patio! Enjoy abundant natural light and privacy, because the main floor of this corner home is surrounded by windows on three sides. Located across the street from McBride Park and a 10 minute walk to Jericho Beach, this is a convenient location in the heart of Kitsilano. Walk everywhere. You are surrounded by coffee shops, grocery stores and restaurants on 4th Avenue and Broadway. Did I mention the 500 square foot roof top patio with city and mountain views? Just painted with newer flooring and recent bathroom renovations, this home is move-in ready. As a bonus, this is one of the only homes in the development with 2 secure underground parking stalls.

For Report for your Area click here: http://davidsetton.com/snapstats.html

How to interpret statistics by looking at inventory (number of homes on the market) and number of sales.

Get 5 home sales here: 

https://davidsetton.com/market-updates.html

What’s hot in the Kitsilano Single Family for August 2017

- The Van Westside Single Fam market is favouring buyers.  Buyer’s Market

- Kitsilano has usually does better than the westside in general, but not in July

- only 5 Homes sold in Kits last mo.

- least expensive home sold for $2.33M. which would have bought a 102 yr old hm at 11th Ave and Collingwood - most expensive sold for $4.1M for a multifamily zoned 4,000 sqft piece of land at Maple and 6th Ave

- 51 homes were available and on the market in Kits in June so to have 5 sales puts us in a buyer’s market at a 10% sr

- Sold values in Kits are at med price of $3.5M lower than the median price for a home in the Westside - now at $3.8M.

If you like to take a look at these sales, I have a new package you can download at the link below map locating them and photos

Get Statistics package here: https://davidsetton.com/market-updates.html

What’s hot What’s Not – Vancouver Westside – Single Family for Aug 2017

- Westside single fam market transitioned from a balanced market in June to a buyers market in July

- Median Prices are up almost $1M from Jan this yr.

- Inventory is up and number of sales are down. Should put downward pressure on prices in the next few mo.

- only 72 homes sold in July - down 36% from June

- Inventory is at 705 sf homes available

- 72 sold homes / 705 homes available 10% sales ratio (s.r.)

What’s Hot (21% or more for a SR)

- which strongest - Oakridge

- 7 / 12 homes sold 58% sr - some of these were land value as part of rezoning / land assembly

- price point strongest & fav sellers

- $2.25M - 2.5M        5 / 17        29% sr

What’s not hot (14% or less for a SR)

- SW Marine Dr 2 / 43 - 5% sr

- Shaughnessy 4 / 86 sold - 5% sr

- which price category

- anything over $4.5M - buyers market -  365 homes priced over $4.5M  - only 18 sold. 11% sr. anything under 14% is a buyers market

Download Market Report: https://davidsetton.com/market-updates.html
What’s hot What’s Not – Vancouver Westside – Single Family for July 2017
- Westside single family market transitioned from a sellers market in May to a balanced market in Jun
- Median Prices are up 19% from Jan of this yr.
- Inventory jumped 17% last mo and sales dropped by 39% so we should see asking prices come down in next few months.
- 113 homes sold in June
- Inventory still low only 667 sf homes available
What’s Hot (21% or more for a Sales Ratio)
- which strongest - Kitsilano, Quilchena, Oakridge
- Kitsilano doing really well 17 / 49 sold 35% sales ratio. (report)
- Quilchena 6 / 21 sold 29% sales ratio
- price point strongest & favouring sellers
- $2.0M - $2.5M 15 sold / 24 listed 63% sales ratio
- $3M - $3.5M 18 / 54 33% sales ratio
What’s not hot (14% or less for a Sales Ratio)
- University 2 / 23 - 9% sr
- Shaughnessy 5 / 78 sold - 6% sales ratio
- which price category
- anything over $4.5M - buyers market - 352 homes priced over $4.5M - only 25 sold. 7% sales ratio. anything under 14% is a buyers market

about me: http://davidsetton.com/biography.html

- I changed brokerages recently. I always thought that it didn’t matter where a realtor hung is license
- Wanted to take a few minutes to talk about why I made the change
- The main reason was because of the high values of Oakwyn - 7 core values that really resonated with me.
1) Put People First. Real estate is a relationship business - I have always tried to listen first, ask lots of questions.
2) Provide Innovative Service - Again, I have always questioned the best way to do things. Love making videos, using tech and providing fancy brochures for all of my listings
3) Create a Community - really feel this in the brokerage. Agents are respectful and work together and share ideas.
4) Be a Real Estate Nerd - not sure about this one. This one comes dn to always wanting to learn more and lifelong student
5) Lead by Example - my father was always good at this. Model behaviour that you want others to duplicate
6) Pursue Learning and Growth - if you are not growing you're dying. This one resonated with me.
7) Drive and Embrace Change - this one made sense to me. I’m an action person and I like to try new things and push myself to grow.

Download your own Stats Package Here: https://davidsetton.com/market-updates.html

What’s hot What’s Not – Vancouver Westside – Single Family for May 2017
- Westside single fam market remains in a balanced market. Right where it should be.
- Median Prices came down 5% in April to $3.2M
- 111 homes sold in April
- Inventory still low only 561 single family homes available

What’s Hot (21% or more for a SR)
- which areas are strongest - Quilchena and Dunbar
- Dunbar 18 / 68 sold 26% sales Ratio 21% or more
- Quilchena 7 / 23 sold 30% sales ratio
- price point strongest & fav sellers
- $2.25M - 2.5M 12 / 12 100% sr
- $3M - $3.5M 20 / 57 35% sr

What’s not hot (14% or less for a SR)
- Southlands 2 / 25 - 8% sr
- Shaughnessy 2 / 62 sold - 3% sr
- which price category
- anything over $4.5M - buyers market - 210 homes priced over $5M - only 16 sold. 8% sr. anything under 14% is a buyers market

Get 12 Sold Homes: https://davidsetton.com/market-updates.html
What’s hot in the Kitsilano Single Family for May 2017
- The Van Westside Single Family market has transitioning from buyers to balanced. market.
- Kitsilano has been doing exceptionally well and is now favouring sellers. 
- 12 Homes sold in Kits last mo.
- least expensive home sold for $1.89M. which would have bought a 107 yr old home on Cypress & 5th Ave - most expensive sold for $3.6M for another 100 yr old home on 1st Ave & Dunbar.
- only 44 homes were available and on the market in Kits in Feb so to have 12 sales puts us in a seller’s market at a 27% sr
- Sold values in Kits are at $2.9M lower than the median price for a home in the Westside - now at $3.2M.
If you like to take a look at these sales, I have a new package you can download at the link below map locating them and photos and details for each property. specialize

Over the last couple of years many of my clients that are having children and starting a family have been leaving the city of Vancouver and moving to other parts of the lower mainland. The reason for this is because Vancouver has a serious housing supply issue in general, but more specifically a problem with what I referred to as ground oriented housing. What is ground oriented housing? It is exactly what the name implies. It is a home with it’s main entrance located at grade or a few steps away from from grade. An example of this type of housing would be row townhomes similar to those found in Europe.

I believe that, now more than ever, there is a need for this style of housing. Our single family neighbourhoods have become very expensive and they are simply out of reach of many working families. This form of housing can be made more affordable through densification and by making the homes ultra efficient.

The next question is where do we build this style of housing? I have identified a few locations in the city. The official community plan or OCP for this street calls for row townhomes in many areas. I have a floor plan for a 1,300 square foot 3 bedroom townhome that could be built up and down these areas. This would keep the housing more affordable and allow more people to enjoy this very desirable neighborhood.

If you live on an arterial road and like the idea of building housing within the reach of working families, please feel free to give me a call. I would be happy to walk you through the floor plans and discuss what you could sell your property for.

You can contact me anytime at 604-808-9796 and as always thank you so much for listening today.

download 9 home sales here:https://davidsetton.com/market-updates.html
- The Van Westside Single Family market has transitioning from buyers to balanced market
- Kitsilano has been doing exceptionally well and is now favouring sellers.
- 9 Homes sold in Kits last mo.
- least expensive home sold for $2.1M. which would have bought you a small, older home on 7th ave - most expensive sold for $4.3M for a 4,500sf beaut restored character home on 14th Ave.
- only 40 homes were available and on the market in Kits in Feb so to have 9 sales puts us just into a seller’s market at a 23% sr
- Sold values in Kits are higher at $2.9M lower than the median price for a home in the Westside - now at $3.5M.
If you like to take a look at these sales, I have a new package you can download at the link below map locating them and photos and details for each property. specialize phone number 604-808-9796

Get your Statistics here:https://davidsetton.com/market-updates.html
What’s hot What’s Not – Vancouver Westside – Single Family for April 2017
- Westside single family market has moved from a buyer’s market in January to a balanced in March
- Median Prices jumped up 22% in 2 months to $3.5M
- 95 homes sold in March
- doesn't sound like a lot, but only 532 homes were available
What’s Hot (21% or more for a Sales Ratio (SR))
- In Jan, not one neighbourhood was favouring sellers. In March, 9 neighbourhoods favouring sellers
- which areas are strongest - Arbutus and Dunbar
- Dunbar 23 / 62 sold 37% sales Ratio 21% or more
- Arbutus 6 / 20 sold 30% sales ratio
- price point strongest & favouring sellers
- $2.00M - 2.25M 4 / 8 50% sr
What’s not hot (14% or less for a SR)
- South Granville 5 / 70 - 7% sr
- Shaughnessy 3 / 61 sold - 5% sr
- which price category
- anything over $4M - buyers market - 202 homes priced over $5M - only 16 sold. 8% sr. anything under 14% is a buyers market

Get 15 Sales here: https://davidsetton.com/market-updates.html

What’s hot in the Kitsilano Single Family for March 2017

- The Van Westside Single Fam market picked up in Feb transitioning from buyers to bal. mrk.

- Kitsilano did exceptionally well and is now fav sellers.

- 15 Homes sold in Kits last mo.

- least expensive home sold for $2.1M. which would have renovated older home on 10th ave

- most expensive sold for $17M for a 42’ wide piece of land on PT Grey Rd.

- only 36 homes were available and on the market in Kits in Feb so to have 15 sales puts us in strong seller’s market at a 42% sr

- Sold values in Kits are higher at $3.3M than the median price for a home in the Westside - now at $3.1M. First time that I have seen this.

If you like to take a look at these sales, I have a new package you can download at the link below map locating them and photos and details for each property. specialize ph num

Download Statistics:

https://davidsetton.com/market-updates.html

What’s hot What’s Not – Vancouver Westside – Single Family for Feb 2017

- Westside is definitely fav buyers

- Median Prices dropped dramatically between Dec of last year and Jan of this year.  

- only 37 sing fam homes sold in Jan

- last time i saw so few sales after the financial crisis in Oct/Nov 2008

- supply is still low at 537 homes

- difference in Oct 2008 we had 1015 listings

What’s Hot (21% or more for a SR)

- Not one neighbourhood is favouring sellers

- Strongest market was Point Grey 9 / 56 -  bal

- which price categories favouring sellers

- $2M - 2.25M          2 / 9          22%

- $2.25M - 2.75M     10 / 33      30%

What’s not hot (14% or less for a SR)

- South Granville 1 / 67 - 1% sr

- Shaughnessy 2 / 62 sold - 3% sr

- which price category

- anything over $2.75M - buyers - 208 homes priced over $5M  - only 5 sold - ironic.

My take download

Get Statistics Specific to Your Neighbourhood:

https://davidsetton.com/market-updates.html

The Vancouver Westside Single Family Market has changed.  We have a 15% tax on foreign buyers.  We have a vacancy tax to homes that are not occupied. We have very few sales and little inventory.  We have high city assessed values because assessments were do in July last year and they are no longer relevant.  This gives sellers high expectations on the price of their homes.  We have changing rules around mortgages and lenders are stress testing mortgages by looking more closely at income.  It is no longer enough to have a large down payment.

Sellers are holding on to a past construct where buyers will come no matter what they price their homes at.  This has worked in the past because market values eventually caught up with the sellers prices.  Some realtors are doing a poor job educating their clients on market values and think it is enough to just take a listing at any price and put up a sign on the property to sell a home.

Here is my take on how Sellers could deal with this changed market and the 3 things that I would suggest:

1. Now more than ever, it is important to price your home as accurately as possible right from the start.  Remember, because market values is not longer rising, sellers should try to get under the market and price at or a little bit lower than the last comparable sale.  If a seller wants to try a higher price, they should be willing to adjust price within 2 to 3 weeks of the listing hitting the market if an offer is not received.

2. Be willing to look at offers that are subject to the sale of another home.  The Vancouver Westside Single Family Market has essentially stalled.  Seller’s are hesitant to list their homes on the market, because they can’t find something suitable to buy due to the lack of inventory. Buyers are hesitant to buy because their is little choice and they don’t know where the values are because there are very few sales.  A subject to sale offer solves these issues by giving a buyer certainty that they will have time to sell before buying.  That being said before accepting a subject to sale offer, make sure that the buyer has their home priced accurately.

3. Take a deposit upfront.  In the past when a subject offer is made the deposit would be due on subject removal.  If a seller wants to know if a buyer is serious about buying their home, take $10,000 - $15,000 as a deposit as soon as the offer is accepted.  Although this money would typically be refundable if subject conditions are not removed, it makes the buyer go through the process more seriously and as a seller you are much more likely to the subject conditions removed.  If anything psychologically it makes the buyer more committed to moving forward with the purchase.

If you are interested in learning more about the Westside Single Family Market or other markets in Metro Vancouver, I have a great stats package for both condos and single family homes for all areas including Richmond, East Vancouver, North Vancouver, West Vancouver.  You can download this package of information by clicking on the link in the description.

Special Report - Vancouver Detached Single Family Homes Westside - Impact from Foreign 15% Tax
- take a few minutes to how new 15% tax introduced Aug 2nd has impacted single family market in Vancouver Westside
- look at 3 variables see how changed since tax introduced and since this time last year.
1) inventory, 2) # sales 3) Sale Price
1) Inventory: here is the challenge for buyers in the Westside - inventory hasn’t really changed since Aug or this time last year. +/- 1%. This is why we will see prices haven’t moved much.
2) # Sales: Sales are actually up since Aug when the tax was intro. by 24% but when you look at Oct 2015 comp to now sales are dn 52%
3) Sale Price: down 9% comp to Aug this year, but we are still up 10% compared to Oct 2015.
Lots of stats! One last thing - strong seller’s market in Oct 2015 now market favouring buyers.
Information package Westside, North Vancouver, Richmond, Burnaby, Surrey, Coquitlam