Download 11 Sold Properties Here:https://davidsetton.com/market-updates.html

What’s hot in the Kitsilano Single Family for February 2016
The Van Westside Single Family market is very strong and very much fav sellers and Kits is no exception.
- 11 Homes sold in Kits for between $1.85M bought 33’ x 115’ land on 10th ave up to $4.180M for 1990 home on a 49’ x 122' lot
- 11 / 14 homes sold for over asking price
- 11 homes were available and on the market in Kits in January so to have 11 sales puts us in a strong seller’s market at a 79% SR (21% or greater)
- Sold values in Kits are lower at $2.75M than the median price for a home in the Westside - now at a staggering $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.

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Download Market Report for your Area:https://davidsetton.com/market-updates.html
What’s hot What’s Not – Vancouver Westside – Single Family for Nov 2015
- Continues to favour sellers. Median prices have stab at $2.9M for last 6 mo.
- Supply remains very constrained 565 homes on market. 162 Sold

What’s Hot (21% or more for a SR)
- almost every area in the westside is fav sell
- Kits and Dunbar most active and great sales
- 22 / 29 sold in Kits - 76% s.r. incredible
- Dunbar - 27 / 56 sold - 48% s.r.
- almost price category favouring sellers
- $1.5M - $1.75M - 100% s.r. 10 / 10 sold
- $2.75M - $3M - 22 / 53 - 42% s.r.
What’s not hot (14% or less for a SR)
- 1 area is weaker - shaughnessy - 7 / 87 sold - - where alot of the expensive homes are loc.
- believe it or not we had 151 homes priced over $5M - only 14 of them sold

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Learn more about the market in your area:https://davidsetton.com/market-updates.html

hat’s hot What’s Not – Vancouver Westside – Single Family for Sept 2015

- Continues to favour sellers. Last month the average price hit $2.88M - up $455k higher than median price this time last year. Values stabilized last 4 months at around $2.9M

- Supply remains very constrained 582 homes on market. 149 Sold - less sales than spr. sum.

What’s Hot (21% or more for a SR)

- almost every area in the westside is fav sell

- Dunbar - 49% - 25 / 51

- Mac heights - 47% 7 / 15

- Kits - 62% - 18 / 29 sold

- what price cat fav? sellers where most activ?

- $1.5M - $1.75M - 100% SR 11 / 11 sold

- $2.5M - $2.75M - 18 / 33 - 55% SR

What’s not hot (14% or less for a SR)

- 2 areas are a little bit weaker -

- university area - 2 / 16 sold - 12%

- south cambie - 2 / 16 sold - 12%

- $4.5M - $5M - 3 / 40 sold - 7%


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Download your all the homes that sold in kitsilano here: https://davidsetton.com/market-updates.html

What’s hot in the Kitsilano Single Family for Sept 2015

The Van Westside Single Fam market is very strong and very much fav sellers and Kits is no exception.

- 18 Homes sold in Kits for between $1.55M bought 33’ x 121’ land on 16th ave up to $3.8M for another 33 x 120 on 1st Ave aka -golden mi.

- most homes selling for close to asking price or over

- 29 homes were available and on the market in Kits in Aug so to have 18 sales puts us in a strong sellers market at a 62% SR (21% or greater)  

- Sold values in Kits are lower at $2.3M than the median price for a home in the Westside - now at a staggering $2.88M

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

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Learn about the market in your community and price point: 

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

 

What’s hot What’s Not – Vancouver Westside – Single Family for April 2015

- Continues to favour sellers. Last month the average price hit $2.7M - new record.

- Compared to avg price Feb up $130k. Supply is lower than last mo. only 695 homes on market. 211 Sold

What’s Hot (21% or more for a SR)

- almost every area in the westside is fav sell

- Kitsilano - 70% - 23 / 33

- Point Grey - 50% 29 / 58

- Dunbar - 57% - 41 / 72 sold

- $1.25M - $1.5M - 89% SR 8 / 9 sold

- $2M - $2.25M - lots of act. 22 / 25 - 88% SR

What’s not hot (14% or less for a SR)

- $4.5M - $5M - 12% with 6 / 48 sold

- $5M+ lots of inventory 16 / 141 - 11% SR

- Mackenzie Heights - 4 / 31 - 13% SR - surprising usually strong - sellers little optimistic

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For more information go to: davidsetton.com

A walker's paradise! Stroll South Granville's Gallery Row, dine in Vancouver's finest restaurants and cafes, spend a rainy day at Chapters Books or hop on a bus virtually 24/7 to downtown's entertainment and business districts. The gourmetfoods, artisans, and children's activities of Granville Island are almost across the road, with the downtown core, Broadway, Kitsilano, and Cambie corridors all within walking distance. Set back from Granville Street, this well-designed home features a large covered deck and frontage to a quiet avenue, providing far more quiet than you might imagine. The iconic Portico development redefined the South Granville neighbourhood with its grand architecture and colorful multifaceted design.

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To learn more about me click here.

Cost to build a home in Vancouver has just gotten more expensive.

  • BC Building Code recently been changed

  • What’s changed and why is it now more costly to build a home in Vancouver

  • Major change - requirement for more insulation installed in the exterior walls

  • a 2 x 6 inch stud wall used to be adequate

  • now a double wall of 2 x 4’s is required

  • either that or you will need to install exterior rigid insulation w/ 2x6 wall - more costly.

  • Why is the city requiring this now? - Blame the environment. :)

  • joking - although capital cost is higher, your future energy heating costs will be lower.

  • Refer to Part 9 of the BC Building Code - look for the highlighted grey areas to learn more about the changes.
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Download statistics specific to your community and price point here: https://davidsetton.com/market-updates.html


What’s hot What’s Not – Vancouver Westside – Single Family for Dec 2014

We transitioned from seller’s market in Oct to balanced in Nov  - last month predicted values $2.6M. Avg price last mo. $2.6M up from Sept $2.320M.  115 sold / 626 Record


What’s Hot (21% or more for a SR)

- Dunbar - remains hot – 30% SR – 19 / 64

- Kitsilano - 37% - 7 / 19

- Mac Heights - 45% 10 / 22

- $1.5M - $1.75M - 100% SR smok 17 / 17 sold

- $1.75M - $2M - lots of act. 13 / 34 - 38% SR

- tells me land land, land

- $2.5M - $2.75M and $4M - $4.5M fav sellers

What’s not hot (14% or less for a SR)

- high end luxury market still very cool

- $4.5M - $5.0M - 7% with 3 / 42 sold

- $5M+ lots of inventory 9 / 109 - 8% SR

- Oakridge - 2 / 23 - 9% SR

- Shaughnessy - 8 / 77 - 10% SR

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Click here to learn more about my services. 
How much effort is your realtor investing into selling your home? I can't tell you how many times that I walk into an open house and the listing agent representing the seller will hand me a one page black and white MLS sheet with a bunch of statistics on it. How is this going to help you as a seller? I can tell you one thing - it is not going to create an emotional response from prospective buyers.

One thing I learned working as a developer is how to market a home. You have to create that emotional response! You want potential buyers to imagine themselves living in your home and in your community.

As a developer we would often have to pre-sell our homes in advance of having anything to show. We would be selling from a floor plan, using view photos and a scale model of the building.

This is why I include lifestyle photos in my brochure. I include an area map so people know where the home is in relation to other amenities. My photos are all taken at dusk using HDR photography. I put the home first, not my services or myself. Many realtors, if they go to the trouble of producing a brochure, will have a big photo of themselves covering the front of it.

I always include a floor plan, because this helps people understand how the different spaces in the home relate to one another and how they are going to lay out their furniture.

My name is David Setton with TRG Realty and Answers in Real Estate. If this kind of marketing appeals to you, please give me a call at 640-808-9796. For more information on my services please click on the link below or above depending on where you are watching this on Facebook or Youtube. Thanks you some much for your time today.

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Get your own market report specific to your community and price point here.

What's hot What's Not -- Vancouver Westside -- Single Family for July 2014

We are officially in a sellers market - Prices are holding steady. Average price in May and June was $2.3M and 174 / 809 homes sold last month.

What's Hot (21% or more for a Sale Ratio (SR))
-Dunbar - smoking hot -- 42% SR -- 35 / 84 sold
-Kits - very strong - 40% also 16 / 40 sold
-S. Cambie - 44% - 7 / 16 sold
- $1.0M - $1.25M - 78% SR smokin 7 / 9 sold
- $1.25M - $1.5M - 13 / 19 sold or 68% SR
- $1.75M - $2.00M - 29 / 64 sold or 45% SR

What's not hot (14% or less for a SR)
- high end luxury market still very cool
- $4.5M - $5M 8% with 4 / 47 sold
- $5M+ 13 / 121 sold or 10% SR
- Shaughnessy 9 / 88 sold or 10% SR
- Quilchena - 3 / 33 sold or 9% SR
- SW Marine - 5 / 37 sold or 13% SR

That's what's hot and what's not for SF Market

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Click here to ownload your own statistics package specific to your community and price point

What's hot What's Not -- East Vancouver Market Conditions -- Single Family for June 2014
Still on fire - 11 Days on Market - very much favouring sellers - Avg price of $950,000 and 171 sold / 470 listed on the market. Avg price down from from April where we saw a $915,000 avg.
What's Hot (21% or more for a Sales Ratio)
- Hastings East -very hot --69% Sales Ratio -- 9 / 13
- Killarney - lots of activ. - 41% Sales Ratio also 22 / 54
- Mt. Pleasant - 92% Sales Ratio - 11 / 12
- $700K - $800 - 15 / 33 or 45% Sales Ratio
- $800K - $900 - 43 / 70 or 61% Sales Ratio
- $1M - $1.25M -most active 50 / 108 or 46% Sales Ratio
What's not hot (14% or less for a Sales Ratio)
- high end market is still very cool
- $1.5M - $1.75M  8% Sales Ratio with 3 / 36 sold
- $1.75M - $2M  8% Sales Ratio with 1 / 13 sold
- Collingwood 12 / 66 sold - 18% Sales Ratio - balanced - not favouring buyers or sellers but the weakest market in all of East Vancouver.
That's what's hot and what's not for East Vancouver Single Family Market.

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Download your own Statistics Package specific to your community and price point.

What's hot What's Not -- East Vancouver -- Single Family for May 2014

Still on fire - 8 Days on Market - very much favouring sellers - Avg $915k and 183 / 443 homes sold. Avg price down from March $940K avg.
What's Hot (21% or more for a sales ratio)
-Fraser -very hot --100% sales ratio -- 25 / 25 sold
-Grandvie - very strong - 50% sales ratio also 9 / 18 sold
-Main - 54% sales ratio - 12 / 22
- $700K - $800K - 100% sales ratio smokin 29 / 29 sold
- $800K - $900 - 51 / 75 sold or 68% sales ratio
- $1M - $1.25M - 47 / 97 sold or 48% sales ratio
What's not hot (14% or less for a sales ratio)
- high end luxury market really cooled since Feb
- $1.5M - $1.75M 12% sales ratio with 4 / 34 sold
- Killarney 11 / 50 sold - 22% sales ratio - still sellers

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Has a real estate agent met with you to sell your home and told you the he has buyers looking to purchase your home?  This could be the oldest line in the book and one that should immediately ring alarm bells in your head.  

The truth is, all real estate agents have buyers. But what is he really saying? Is he saying that he has a buyer ready to bring an offer to you today without putting your home on the market?  It’s possible, but that wouldn’t serve you, because you should want to expose your home to the largest market possible.

The truth is this doesn’t serve the realtor either because he wants the listing to expose his services to the largest possible market also.

Let’s just say the listing agent (the agent marketing your home) does convince you to let him put your home on the market and he ends up bringing you a buyer. Chances are, this buyer wandered into his open house unrepresented.

At this point, it is still not ideal to have him sell the home to his own buyer. Why?

Because it could be a conflict of interest.  When you stop to think about it, could this real estate agent truly represent both the buyer and seller when the buyer wants to buy the property for as little as possible and the seller want to sell for a top price? The agent then becomes a mediator, trying to act as impartial as possible.  It can be done, but in short, buyers and sellers should have their own independent representation.

The questions to ask a realtor, is not whether or not he has buyers, but what is he going to do to market your home?  Is he going to have a floor plan of the home drawn up to attract buyers trying to decide which open houses to visit? Will he use a professional photographer to capture not only the eyes but the hearts of potential buyers? Will he produce virtual tours shown on the internet so that buyers come mentally prepared to buy when they visit?  What is his or her background and track record?  Does he have a website and if so how many people visit the website every day?

The next time a realtor tells you he has a buyer interested in your home, interview another agent.  Don’t fall for the oldest line in the book.    


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Many people ask me for the inside scoop on the real estate market.  They want exclusive information that often defies fundamentals.  They are looking for a great deal.  I call these real estate purchasers speculators. 

The challange is that the information these individuals seek is often gossip (at best) and on misinformation (at worst!).  For example, a good news stories like the announcement of the 2010 Vancouver Olympics definetly helped some speculators make money when they purchased ahead of the crowd.  The opposite can happen also.  I did some research and found that in Hamilton (near Tornonto, ON), speculators bought properties based on the proposed location of a new stadium and lost money when the stadium wasn't built. 

There is no question that speculators can make money when they have cash on hand and act quickly on just-released news of a major economic development.  In cases where development moves forward, these individuals can make a quick buck.  Let's be clear though, this doesn't make them real estate investors.  This makes them speculators.  Very lucky speculators. 

Real Estate investors buy real estate based on fundamentals such as infastructure improvements, interest rates, job growth, areas in transition, and in-migration.  Investors analyze this information to build long-term wealth.  In contrast, speculation is all about rolling the dice.  Sometimes it works and many times it dosen't.  A strategic investor will always look for ways to reduce risk and increase his return on investment.

The bottom line is don't be a real estate speculator!  Become a successful real estate investor.  Evolve beyond speculation through education and experience.  Learn to look for clues as to where to invest.  Always seek out business and political information that makes your business stronger.  Join an investment club or network and learn from other successful individuals.

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Welcome back to my 7 part home buyer's guide designed to teach you everything that you need to know about buying a home in Vancouver.

Whether you are purchasing your first home or your third, this series will help you to navigate the complexities and financial implications of your purchase. Part 1, Are You Financially Ready, can be found here. Parts 2 and 3, Consider your Mortgage Options and Mortgage Default Insurance, can be found here. Parts 4 and 5, Government Programs and Finding a Home can be found here. This newsletter contains the final sections, Parts 6 and 7, Making and Offer and Closing and Related Costs.

Part 6: Making an Offer

After seeing many different homes, you have finally found one worthy of an offer! What are the next steps?

What is an offer?

An offer is a formal, legal agreement to purchase a home and is legally binding once accepted by the seller. Offers to purchase a home can be made conditional on factors such as financing or a home inspection. If any of the conditions are not met, you can change or cancel the offer, even if the seller has already accepted it.

Do you have your money ready?

You will need to present a deposit within one week of having an accepted offer (after subject conditions are removed) or right away if you are writing a non-subject offer. The amount varies based on the home's purchase price and the market. It is usually around 5%.

Do you have up-to-date identification?

The federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act(PCMLTFA) requires REALTORS® to identify clients involved in the buying and selling of real estate. REALTORS® need to record your name, address, date of birth and occupation for their files which are kept for at least five years. They need to see valid government-issued ID. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) provides more information about the Act on its website: www.fintrac-canafe.gc.ca.

Part 7: Closing and Related Costs

Closing costs are the legal, administrative and disbursement fees associated with buying a home. Understanding these fees will help you budget more accurately. Remember these are additional costs over and above the price of the home.

How much land transfer tax will you have to pay?

The land transfer tax is a one-time tax levied by your province when you purchase a property. The tax is based on a percentage of the purchase price of the property, and varies from province to province. Some municipalities also charge a land transfer tax (for example, Toronto).

Have you budgeted for the associated legal costs?

Legal costs cover your lawyer’s fees or notary’s fees. These may include:

• Reviewing the terms of the offer

• Conducting a title search on the property

• Registering a new title

• Obtaining relevant documents, such as surveys and evidence of liens on the property

• Checking the statement of adjustments for taxes, utility and fuel bills, and other costs that have been pre-paid by the seller at the date of closing

Do you need a home inspection?

A home inspector assesses a property’s condition and can tell you if something is not working properly, needs to be changed, or is unsafe. They may be able to identify where there have been problems in the past, such as a leaking basement or termite damage.

What other costs can you expect?

• Interest adjustments between date of closing and first mortgage payment

• GST/HST on a new home or a home that’s been extensively renovated

• Service charges from utility companies for hook-ups on electricity, gas, internet and telephone services

• Appraisal fees

• Moving costs

• Storage costs if you must leave your current residence before you are able to move into your new home

• Furniture and appliances

• Real estate commissions

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With my being a Realtor and my wife being a financial planner, we frequently have investment discussions about the best place to invest our after-tax dollars. My wife recently put forward a pretty compelling argument about why a Universal Life policy could be a better long term investment than a downtown condo bringing in $1,500 per month in rent. So, we decided to each make our case and ‘square off’ on the topic.

Here were the rules of the game:

  • A 30 year time horizon 
  • Similar net amount invested 
  • Ignore inflation in order to compare the relative merits of each investment more easily

The case for Investing in Real Estate

For my side of the comparison, I chose a condo in the popular and well-priced Spectrum Development, located right on top of the downtown Costco. Optimistically, a one bedroom unit there will rent for $1,500 per month, and there are units on the market under $450,000 with strata fees of nearly $300 and property taxes at 1,600 annually.

I assumed:

  • Sales price of $438,000 
  • A 20% down payment ($87,600) to avoid CMHC mortgage insurance costs 
  • A mortgage amortized over 25 years at a constant 5% for the life of the mortgage 
  • NO increase in strata fees, property taxes or homeowner’s insurance 
  • NO special assessments • Occupied with a rent paying tenant 100% of the time
  • A small annual investment in maintenance (new carpets, paint, etc) of $1,000 per year.

In Vancouver, we generally accept that making money in real estate means relying on market appreciation, as opposed to cash flowing on the rent. The silver lining to this is that you may write off the loss as an investment loss on your taxes, as opposed to increasing your income (who wants that anyway?).

So, the first big question is: What is a reasonable capital appreciation value to assume over the 30 year time horizon? I looked at Real Estate Board of Greater Vancouver statistics for the 20 years between 1992 and 2012, as I couldn’t go back any farther. During that time, the median price of a condo in the same price bracket more than tripled in value. If I extrapolate that over another 10 years, it would be a five-fold increase in value. However, I recognize that the transformation from post-Expo 86 to 2012 has been remarkable, and that next 20 or 30 years are not going to see as dramatic a change because the downtown core is that much more “built out”. So, I assumed a 400% increase in value. With that assumption, my condo would sell for $1,752,000 in 30 years’ time. Not bad, right?

However, the costs of owning a condo are also significant. First, there are property taxes, homeowners insurance, strata fees and regular maintenance that add up to $540/month on top of the mortgage costs of $2,038 (equating to a lifetime interest cost of $260,984). Then upon selling the unit, I would incur a capital gains tax of $328,000 and transaction costs of about $50,000, not to mention my initial cash investment of $87,600. After all is said and done, I calculated a net profit of $712,709.

The case for Insurance

Many people view life insurance as a black hole in which money goes, only to come out when they die. This is no longer the case! Savvy investors, and indeed wealthy individuals and families, have been using life insurance as an investment for generations and recognize it as a powerful means of doubling net worth with each generation.

For those not interested in improving their children’s’ standard of living, Universal Life Insurance is a means of building a nest egg that may be accessed for retirement income, vacations or their children’s’ or grandchildren’s education. Better yet, it is a tax preferred investment vehicle with no minimum withdrawal amount.

Let’s say I was 39 and I took out a $800,000 policy on my own life combined with a $750,000 on the life of my child, aged 4. Insurance on children is cheaper, because they are younger, and it will allow me to build wealth in a portfolio that I can either keep for myself or transfer to my child when she is an adult.

The beauty and unique feature of Universal Life, as opposed to Whole Life insurance is that it is totally flexible. I can increase or decrease premiums as my cash flow allows, within parameters established when the policy is set up, and depending on how and when I want to use the cash value of the account.

I looked at what I could do with a policy using a similar cash outlay to the condo above. David paid $87,600 at the start, followed by 25 years of $12,995 per year. His total net cash investment was about $354,000. I spread the condo down payment over the first 5 years of my policy, and added in the $12,995 for a total of $30,515 for five years, followed by 21 years of premium payments of $12,995 and a final payment of $6,500, equating to the same $354,000.

At a 5% long term investment growth (I am allowed to pick from a variety of funds within the insurance company’s portfolio) I will have $1,411,898 cash surrender value in my account. I can withdraw this as a lump sum, incurring taxes at a preferred rate to net me $831,350. I’m ahead by about $120,000. Alternatively, I can borrow against this and retain the account value, and pay the tab from the death benefit which is over $3.6 million by the time I am 80 years old. Not to mention, if the market does better than the very conservative 5% growth I assumed, then so do I!

Summary

People love, and will continue to love, property as an investment. It is perceived as a safe long term bet. It is tangible, which is a huge psychological plus. We live in a city where property values seem to continualy rise over a five to ten year time horrizon. A property in the downtown core may be a great growth opportunity, with no ‘sweat equity.’ There are other ways of leveraging an investment in property that could work to your advantage. For example, renting out a basement suite until you are ready to grow into it.

However, with a Universal Life policy, everything is simple. You do not need to take ads on Craigslist to rent out your unit, you do not need to respond to emergencies, ensure access for maintenance, renovate, or worry about the housing market when it is time to cash in on your investment. Moreover, you leave a legacy for your family.

If you would like to play with the assumptions on the property investment, or see more details about the insurance illustration, you may download our spreadsheet by clicking here or give one of us a call.

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The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi,REBGV president said.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499. 

Download Full Report.....

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November 2, 2011

With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.

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