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Monday, 30 October 2006 |
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West Vancouver is where I was raised since I was a child. Attending the schools Westcott Elementary, and Sentinel Secondary School. I have personally lived in the neighbourhoods of Caulfield, West Bay, the British Properties, Westhill, and Ambleside. Having lived in homes in all those areas gives me some insight into the minor differences of actually living there. Real Estate is not just the land and house, but the atmosphere and unique persona of where you choose to purchase. |
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Monday, 23 October 2006 |
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2006-10-23 October 2006 Update
A significant shift in the real estate market in Vancouver has occurred over the past 2 months. There has been a ton of new listings that have hit MLS lately so we are finally seeing a balanced market. This is very good news for buyers who have been too apprehensive to jump into the buying frenzy of this past summer. Not only are we finding homes for buyers but actually are able to negotiate on price again. What a concept! This has caused prices to dip slightly in the Westside condo market although detached homes still seem to be quite hot.
Where do I think the market is headed in the next few months?
I think we will continue to see more product hit the market for the next month and then new listings should slow down around the holiday season which is normal.
For buyers, this is probably the best time in the past 2 years to buy, not only because of the selection that is out there but also because of the cooling prices.
For sellers, gone are the days of listing a property for a week and getting multiple offers. Listings need to be priced correctly and average days on the market is now back to normal at about 30 to 60 days.
For more information about the real estate market in Vancouver, contact Peter Raab, Real Estate Agent |
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Monday, 23 October 2006 |
Developers face threat of over supply
A surge in home building in B.C. during a time of falling sales could leave developers out in the cold if the trend continues to the point where supply exceeds demand.
Tsur Somerville, director of the Centre for Urban Economics and Real Estate at the University of B.C.'s Sauder School of Business, said the situation in B.C. "does bear watching" in the wake of a Statistics Canada survey released Thursday that showed the value of residential permits in B.C. shot up 11.4 per cent from July to August, to $649 million, a $67-million increase over July.
In the Real Estate Board of Greater Vancouver's region, September sales dropped 24.7 per cent from the same month a year ago. New listings in the region increased 11.4 per cent.
In the Fraser Valley board's region, September sales equated to a 23-per-cent decline from September 2005. Total listings increased 19 per cent.
Somerville said in an interview Thursday: "If sales continue to decline as listings rise and starts increase sharply, then you have to be concerned."
From July to August, Vancouver showed a 33.8-per-cent increase in the value of all permits, both residential and non-residential, from $445 million to $596 million, while Abbotsford posted a 65-per-cent gain, from $8.4 million to $13.9 million.
However, Victoria posted a 40.5-per-cent decline in the value of all permits, from $110 million to $65 million, although the value of permits in Victoria for the year so far is up 15.8 per cent over 2005.
In the non-residential sector, things were quieter in B.C., which saw a drop in the value of permits by 4.1 per cent from $325 million to $312 million from July to August.
Somerville said it's too early to say there's an oversupply of new housing in B.C. Statistics Canada measures the value of the permits issued, that is, how much each project would be worth upon completion, so some of the increases reported Thursday reflect higher construction costs, not just more units coming into the market.
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