It may not feel like Spring in Vancouver yet, but it comes upon us quickly. Before you know it, we’ll be in cherry blossom season, and with it, lots of new listings and buyers to match. Those considering selling might begin to consider market conditions now in anticipation of what is usually the busiest time in real estate.
Analyzing the data from February, we are still looking at a tale of two markets.
The detached home market remains slower than during much of 2017, as it has been for the past several months. Due in part to interest rate hikes and government interventions such as the foreign buyers tax, and the recent implementation of a mortgage stress test, those homes priced above $3 million are the hardest hit. Entry level homes, particular those in the most popular east and west side neighbourhoods including Kits, Cambie, Mount Pleasant and The Drive are still selling, sometimes with multiple offers.
The softening we’ve seen in the detached house market has not been evident in the sales of condos and townhomes. By contrast, these properties are selling briskly, often in multiple offers and at a higher price per square foot than last year. Within the strata market, it is the lower priced homes that are attracting the most activity. One bedroom condos are the fastest selling group, while the sales activity is a little less for two and three bedroom suites. That said, it remains a strong Sellers Market all the way to about the $2 million price point.
This is a very brief overview. If you would like to delve deeper by having a conversation with us about the value of your home, or you would simply like to receive the stats package to do your own research, please send us an email or give us a call.
We’re always happy to hear from you!
A Tale of Two REALTORS® Whose Service Inspired a Third.
This is a true story about two hard working, ethical realtors and how they inspired me to leave my comfy music industry career, and start my own business in real estate.
It started at an open house in Kitsilano.
Shortly after moving to Vancouver, I met Dale Klemke at an open house in Kitsilano. He didn’t me ask me to sign in and he didn’t pressure me to work with him. He thoughtfully answered my questions and gave me his card when I asked for it. His friendly, laid back demeanor did more to win me over than any aggressive sales tactics could have, and a full six months later when I was ready to buy, I called him.
You can’t live in the ceilings, Mary. Continue reading →
West Coast Winter 2016/2017
… has been a little much for me this year.
I took this photo at China Creek Park in Mount Pleasant yesterday. We’re not supposed to supposed to have enough snow to build a snow house! It was beautiful for the holidays, but It’s February – time for cherry blossoms.
I thought I’d share a few ideas for coping with the rare cold and snow to get us through this last stretch. Continue reading →
A Chance Meeting in Mount Pleasant
A neighbourhood with a view.
Walking home from Kingsgate Mall this morning, I was struck by the clear, wintery view of the city and of the mountains covered in snow. I often appreciate how wonderful it is to see the Vancouver cityscape from the streets of my neighbourhood. I don’t need to have this view from my house, because I see it every time I step out my door.
“Nice to meet you, Max.” Continue reading →