Sue and Frank Gerryts : Latest Blog Posts

Commentary on the real estate statistics for August 2010

Fri, 03 Sep 2010 19:41:30 GMT

: Metro Vancouver

Is it all doom and gloom in the real estate market?

According to the Real Estate Board of Greater Vancouver "conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining".

The story is more about declining sales than declining prices. In August we saw sales of 2,202 units - which is 36% less than in August of 2009. Wow? Not so wow actually since August 2009 was the second highest selling August ever recorded. So if you look back a bit further you will see that this August's sales were actually up 40% on those of August 2008. Then if you keeping looking further back you will see that actually this August's sales were less than those in both 2006 and 2007.

But sales are only one half of the story. New listings are also declining over those from last year - 17% fewer new listings this August compared to August 2009. Total listings are down 6% since last month.

That all adds up to a reduction in the choice out there for buyers but with the market swinging in favour of those buyers. Is it a good time to buy?

Yes and no. Yes, since interest rates are low. Yes if you find the right property. Yes if you want to take advantage of the buyer's market. No, if you can't find the right property.

It might be a good time to list your property however. Think about it. The choice is becoming more limited for buyers. There are buyers out there but they are picky. When a good place is on the market (like yours) then there could be competition for it (9% of sales in August were over asking).

Finally, from the president of the Real Estate Board of Greater Vancouver, Jake Moldowan : “Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market”. As someone who works with those relocating, I can agree with that statement.

Benchmark prices for August 2010

Fri, 03 Sep 2010 18:43:09 GMT

Below I have set out the benchmark prices across metro Vancouver as issued by the Real Estate Board of Greater Vancouver. The prices in bold show the biggest increase within the category. Those in red are the biggest decrease. Figures for percentage change over the last three years are in square bracket.

For detached homes, there is still a general rise in prices cross the region, with only the outlying areas of Squamish and the Sunshine Coast showing decreases.

For attached properties (townhouses), the story is similar with only Delta showing a small decrease over last year’s prices.

Apartments have risen in price across the region with no areas showing a decrease over last year’s prices.

DETACHED BENCHMARK PRICES

Greater Vancouver $795,076 (8.5%), [3yr: 9.5%]
Burnaby $810,905 (12.9%), [3yr: 12.4%]
Coquitlam $671,557 (5.7%), [3yr: 4.9%]
South Delta $707,716 (14.1%), [3yr: 13.1%]
Maple Ridge $445,092 (3.3%), [3yr: -1.1%]
New Westminster $576,933 (2%), [3yr: 6.7%]
North Vancouver $879,328 (2%), [3yr: 4%]
Pitt Meadows $563,499 (17.8%), [3yr: 12.3%]
Port Coquitlam $534,189 (1.7%), [3yr: 2.4%]
Port Moody $797,131 (19.9%), [3yr: -1.9%]
Richmond $900,046 (20.7%), [3yr: 24.9%]
Squamish $492,903 (-13.8%), [3yr: -1.8%]
Sunshine Coast $393,591 (-4.4%), [3yr: -9.2%]
Vancouver East $728,646 (6.3%), [3yr: 12%]
Vancouver West $1641,792 (16.4%), [3yr: 21.3%]
West Vancouver $1390,082 (5%), [3yr: -1.5%]

ATTACHED BENCHMARK PRICES

Greater Vancouver $489,511 (6.6%), [3yr: 9.6%]
Burnaby $488,381 (8%), [3yr: 12.1%]
Coquitlam $438,755 (10.6%), [3yr: 7.4%]
South Delta $451,760 (-0.3%), [3yr: 8.3%]
Maple Ridge & Pitt Meadows $303,472 (1.7%), [3yr: -1.9%]
North Vancouver $589,708 (4%), [3yr: 3.5%]
Port Coquitlam $407,385 (7.2%), [3yr: 8.9%]
Port Moody $394,966 (2.3%), [3yr: 3.5%]
Richmond $511,077 (10.3%), [3yr: 17.6%]
Vancouver East $540,561 (6%), [3yr: 15.3%]
Vancouver West $749,036 (5.7%), [3yr: 10.3%]

APARTMENT BENCHMARK PRICES

Greater Vancouver $385,968 (4.5%), [3yr: 4.9%]
Burnaby $351,319 (5.9%), [3yr: 8%]
Coquitlam $288,350 (5.7%), [3yr: 2.7%]
South Delta $355,993 (5.8%), [3yr: 7.1%]
Maple Ridge & Pitt Meadows $245,477 (4.7%), [3yr: -3%]
New Westminster $299,686 (7.6%), [3yr: 3.3%]
North Vancouver $382,260 (1.3%), [3yr: 2.1%]
Port Coquitlam $250,054 (5.1%), [3yr: 1.1%]
Port Moody $293,862 (2.1%), [3yr: -0.1%]
Richmond $337,299 (7.4%), [3yr: 11%]
Vancouver East $324,914 (2.5%), [3yr: 5.3%]
Vancouver West $491,370 (3.3%), [3yr: 4.7%]
West Vancouver $609,813 (13.9%), [3yr: -8.4%]

Real Estate Statistics for August 2010

Fri, 03 Sep 2010 18:24:11 GMT

Buyer’s market conditions continue in Greater Vancouver

VANCOUVER, B.C. – September 2, 2010 – Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010.

From a wider perspective, last month’s residential sales represent a 40.4 per cent increase over the 1,568 residential sales in August 2008, a 34.9 per cent decline compared to August 2007’s 3,384 sales, and a 26.6 per cent decline compared to August 2006’s 2,998 sales.

New listings for detached, attached and apartment properties declined 17.5 per cent to 3,750 in August 2010 compared to August 2009 when 4,544 new units were listed. Total active listings in Greater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 per cent increase from August 2009.

“We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply in our marketplace, all variables that favour those looking to purchase a home,” Jake Moldowan, REBGV president said. “The last few months have also shown some stability when it comes to price fluctuations in the region, which is a welcome trend after reaching record highs in April.”

Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.9 per cent to $576,597 in August 2010 from $539,600 in August 2009.

“Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market,” Moldowan said.

Sales of detached properties in August 2010 reached 893, a decrease of 34.7 per cent from the 1,367 detached sales recorded in August 2009 and a 66.9 per cent increase from the 535 units sold in August 2008. The benchmark price for detached properties increased 8.5 per cent from August 2009 to $795,076.

Sales of apartment properties reached 935 in August 2010, a decline of 36.1 per cent compared to the 1,464 sales in August 2009 and an increase of 26.4 per cent compared to the 740 sales in August 2008.The benchmark price of an apartment property increased 4.5 per cent from August 2009 to $385,968.

Attached property sales in August 2010 totalled 374, a decline of 38.7 per cent compared to the 610 sales in August 2009 and a 27.6 per cent increase from the 293 attached properties sold in August 2008. The benchmark price of an attached unit increased 6.6 per cent between August 2009 and 2010 to $489,511.

I have sold a property at 123 253 CASEY ST in Coquitlam

Sat, 28 Aug 2010 09:04:16 GMT

We have sold a property at 123 253 CASEY ST in Coquitlam.

See details here

Perfect for first time buyers or investors alike! This is a must see. Large 1 bed with your own private front door. Newly painted throughout, new light fixtures,baseboards and tiles. Good size bedroom, separate bathroom and large living/dining room with laminate/tiled flooring throughout. Kitchen has generous amount of storage space and breakfast bar. Insuite laundry and storage, plus storage locker Your maintenance fee includes gas and hot water and there is even a cosy gas fire for those winter evenings! The apartment is bright and has a lovely garden view. Well run building with parking, storage, exercise and party room. The large East facing, fully fenced patio is perfect for your pet too. There is great flow to this apartment and the location could not be more convenient. Close to shops, new movie theatre, bowling alley and skytrain. Bonus; Pets and rentals are allowed too.

We just sold this property at 2688 Mountain Hwy, North Vancouver

Fri, 20 Aug 2010 23:40:00 GMT

We sold this 3 bed, 3 bath townhouse in Craftsman Estates, Lynn Valley, North Vancouver. It was listed at $699,900 and is a 7 year old building.

Our buyers were delighted to find this place.

If you have a unit like this to sell we can help you find a buyer. Contact us today.

Mid August market analysis

Fri, 20 Aug 2010 19:56:00 GMT

As we reach the middle of August it is worth having a sneak peek at how the market is doing.

The volume of sales of detached homes in the major areas of the region is down by at least half of the same period in 2009.

Area	Sales in last 30days 2010	Sales in last 30 days 2009
Coquitlam	32	140
North Vancouver	43	106
Port Coquitlam	13	55
Port Moody	12	30
Vancouver West	94	203
West Vancouver	30	68
TOTAL	224	602

But what of the prices? As the table below shows, the average list price and sold prices are still above those of the same period a year ago.

	Average of List Price		Average of Sold Price
Area	2009	2010	2009	2010
Coquitlam	672,789	747,828	658,784	719,843
North Vancouver	939,413	959,426	920,584	939,049
Port Coquitlam	517,096	554,600	506,251	537,154
Port Moody	772,673	918,257	750,852	864,667
Vancouver West	1,859,226	2,037,601	1,781,395	1,945,528
West Vancouver	2,028,101	2,077,150	1,883,528	1,907,917
Grand Total	1,263,659	1,505,642	1,212,432	1,432,545

Real estate news for July

Thu, 19 Aug 2010 02:10:16 GMT

Homebuyers and sellers less active in July

VANCOUVER, B.C. – August 4, 2010 – Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010.

Looking back further, last month’s residential sales represent a 3.7 per cent increase over the 2,174 residential sales in July 2008, a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per cent decline compared to July 2006’s 2,732 sales.

“With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability,” Jake Moldowan, REBGV president said. “Activity in today’s marketplace is clearly trending in favour of buyers.”

The number of properties listed for sale on the market has been trending downward since spring, with 4,138 new listings in July compared to April’s peak of 7,648. New listings for detached, attached and apartment properties in Greater Vancouver on the Multiple Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared to July 2009, when 5,041 properties were listed for sale. At 16,431, the total number of property listings on the MLS® in July declined 6.5 per cent compared to last month and increased 33 per cent compared to July 2009.

“It’s currently taking home sellers who work with a REALTOR®, on average, 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction,” Moldowan said.

Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from $528,821 in July 2009.

Sales of detached properties in July 2010 reached 908, a decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009 and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark price for detached properties increased 11.5 per cent from July 2009 to $793,193.

Sales of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the 966 sales in July 2008.The benchmark price of an apartment property increased 6.2 per cent from July 2009 to $387,879.

Attached property sales in July 2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July 2009 and a 3.4 per cent decline from the 381 attached properties sold in July 2008. The benchmark price of an attached unit increased 8.6 per cent between July 2009 and 2010 to $490,995.

July Benchmark Prices

Sat, 07 Aug 2010 23:56:00 GMT

DETACHED BENCHMARK PRICES

Greater Vancouver $793,193 (11.5%)
Burnaby $779,645 (8.5%)
Coquitlam $683,396 (12.6%)
South Delta $664,753 (11.9%)
Maple Ridge $453,280 (6.9%)
New Westminster $616,440 (6.9%)
North Vancouver $913,091 (8.9%)
Pitt Meadows $505,898 (0.3%)
Port Coquitlam $534,271 (5.1%)
Port Moody $756,128 (8.9%)
Richmond $884,998 (20.1%)
Squamish $506,737 (0%)
Sunshine Coast $457,777 (10.3%)
Vancouver East $722,571 (9.2%)
Vancouver West $1610,426 (20.1%)
West Vancouver $1352,733 (12%)

ATTACHED BENCHMARK PRICES

Greater Vancouver $490,995 (8.6%)
Burnaby $494,968 (10.3%)
Coquitlam $431,927 (9.6%)
South Delta $463,115 (0.1%)
Maple Ridge & Pitt Meadows $314,082 (6.2%)
North Vancouver $604,126 (8.1%)
Port Coquitlam $406,663 (8.7%)
Port Moody $389,888 (4.4%)
Richmond $516,026 (14.4%)
Vancouver East $506,410 (1.5%)
Vancouver West $743,480 (6.3%)

APARTMENT BENCHMARK PRICES

Greater Vancouver $387,879 (6.2%)
Burnaby $349,230 (5.7%)
Coquitlam $296,234 (10.4%)
South Delta $356,986 (7.4%)
Maple Ridge & Pitt Meadows $249,994 (7.1%)
New Westminster $293,100 (6.4%)
North Vancouver $382,573 (4.7%)
Port Coquitlam $250,297 (4.2%)
Port Moody $305,454 (4.9%)
Richmond $338,347 (9.1%)
Vancouver East $322,521 (2.6%)
Vancouver West $496,486 (5.7%)
West Vancouver $640,540 (14.9%)

I have sold a property at 3302 111 GEORGIA ST W in Vancouver

Thu, 27 May 2010 09:03:50 GMT

I have sold a property at 3302 111 GEORGIA ST W in Vancouver.

See details here

Sub penthouse! OUtstanding views from this SW facing 1 bdrm & den in Spectrum by Concord Pacific. Everything on your doorstep, walk to downtown, skytrain, Costco, GM Place, Tinseltown & Yaletown. On the 33rd floor, this apartment has outstanding views over False Creek & the City & a balcony to enjoy them. Large 1 bedroom & den, with huge insuite storage & laundry. Fantastic amenities in the same building with Concierge service. Whether you are a 1st time buyer or investor, this would be hard to beat. Rentals & pets (1 cat or 1 dog) are allowed. Call for your private viewing.

We have sold this townhouse at 2752 West 1st Av, Kitsilano

Sat, 15 May 2010 21:40:01 GMT

We sold this two bed, 2 bath townhouse at 2752 West 1st Ave, Kitsilano. The unit has 1,198 sq ft and is part of a 4 unit complex. The townhouse was listed at $799,000.

The MLS number is V824895.

Looking for something similar? Contact us.

New property listed in Maillardville, Coquitlam

Fri, 14 May 2010 09:18:55 GMT

I have listed a new property at 123 253 CASEY ST in Coquitlam.

See details here

New property listed in Downtown VW, Vancouver West

Thu, 06 May 2010 09:27:53 GMT

I have listed a new property at 3302 111 GEORGIA ST W in Vancouver.

See details here

We just sold this heritage home in North Vancouver

Tue, 20 Apr 2010 20:47:21 GMT

We just sold this beautiful heritage home in North Vancouver. Our buyers appreciated its old world charm. It was built in 1911 and is on the City of North Vancouver’s heritage register.

The five bedrooms and 3 bathrooms in this home are charming and like the rest of the home have the character that buyers of heritage homes are looking for. Listed at $1,089,000 and situated on a lot of over 9,000 square feet, this was a great buy.

The house is at 937 Moody Avenue, North Vancouver. MLS # is V818530.

It is also worth noting for anyone considering buying an older property that you may well need specialist help in assessing what you are taking on. In this case we looked at the electrical systems. Our buyers used Powercheck to look do this since the property inspection had revealed knob and tube wiring to be present in the home.

I have sold a property at 1308 1320 CHESTERFIELD AVE in North Vancouver

Tue, 13 Apr 2010 09:15:45 GMT

I have sold a property at 1308 1320 CHESTERFIELD AVE in North Vancouver.

See details here

Stylish concrete high rise at VISTA PLACE! If you thought you could not afford a luxury apartment in the heart of Central Lonsdale, then think again! This lovely condo is ready for it's new owner. Brand new and never lived in/ Hardwoodfloors, stainless steel appliances in kitchen, electric F/P, Whirlpool washer/dryer, built in storage, 1 parking stall, 1 locker and great views. A perfect starter home or investment property. Close to restaurants, shopping, transit and new Library. At great price and GST is paid. What are you waiting for? Open House weekends 2-4pm.

Open House. Open House on Sunday, April 11, 2010 2:00 pm - 4:00 pm

Sun, 11 Apr 2010 09:14:18 GMT

Please visit our Open House at 4 240 KEITH RD E in North Vancouver.

See details here

Open House on Sunday, April 11, 2010 2:00 pm - 4:00 pm

Perfect package! A gorgeous, open plan townhouse with an amazing amount of outside space! Not only 2 large, sunny patios but also a roof deck with outstanding city & mountain views for those summer parties! The airy living room with gas fireplace is flooded w/ natural light and leads to a separate dining room with a pass through the kitchen. The spacious kitchen w/ newer Kitchenaid appliances even has a window seat to relax and enjoy the easy-care garden! The 3 large bedrooms all have ensuite bathrooms & the master bedroom boasts a high vaulted ceiling & charming city view. New engineered hardwood floors, crown moulding, fresh painted throughout. Built-in vacuum, lane access, 2 secure, underground parking spots-the list goes on and on. All this in one of North Vancouver's most popular and convenient locations. Come to the opens or phone for your private viewing.

Open House. Open House on Saturday, April 10, 2010 2:00 pm - 4:00 pm

Fri, 09 Apr 2010 09:33:39 GMT

Please visit our Open House at 4 240 KEITH RD E in North Vancouver.

See details here

Open House on Saturday, April 10, 2010 2:00 pm - 4:00 pm

Open House. Open House on Saturday, April 10, 2010 2:00 pm - 4:00 pm

Fri, 09 Apr 2010 09:33:39 GMT

Please visit our Open House at 1308 1320 CHESTERFIELD AVE in North Vancouver.

See details here

Open House on Saturday, April 10, 2010 2:00 pm - 4:00 pm

Open House. OPEN HOUSE: Thurs March 31- 10am-12

Wed, 31 Mar 2010 09:14:24 GMT

Please visit our Open House at 4 240 KEITH RD E in North Vancouver.

See details here

OPEN HOUSE: Thurs March 31- 10am-12

A first time buyer’s experience buying a condo in North Vancouver

Tue, 30 Mar 2010 21:53:01 GMT

During the whole buying process I felt very comfortable on all levels. I specifically liked your reassuring manner and patience in answering my questions. I felt well-informed of condos that were available and received good advise during decision making. I will recommend you to future friends and colleagues.

Shauna U. First time buyer and condo owner.

New property listed in Central Lonsdale, North Vancouver

Tue, 30 Mar 2010 09:13:31 GMT

I have listed a new property at 4 240 KEITH RD E in North Vancouver.

See details here