Timeline:

GARBUTT + DUMAS REAL ESTATE TEAM
630 Fifth St
New Westminster, BC, V3M 2X9
604.805.3115
info@gdrealestate.ca




James Garbutt

January 2020 Market Update

January 2020 Market Update

2019 was a very interesting (and abnormal) year in Greater Vancouver real estate. Typically we see the strongest market activity in the spring, but in 2019 we were off to a slow start, and the sales activity improved as the year went on. In March the headlines read ‘Vancouver home sales hit 33 year low!’, and by December home sales were up 88% compared to December 2018, and 9.5% above the 10 year December average.  Buyer confidence was the main factor.  In the first quarter, many prospective buyers were holding off and waiting to see if prices would continue to fall due to changes in the mortgage stress test and new taxes. However, confidence started to return in the summer, and we saw above average sales in the fall 2019.

It feels like the market bottom is behind us and we’re no longer seeing downward pressure on prices.  For all property types, the sales-to-active listings ratio for December 2019 is 23.4 per cent. By property type, the ratio is 15.2% for detached homes, 25.7% for townhomes, and 32.5% for apartments.  Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20%.

Averages tell a general market story, but there are many markets within Greater Vancouver.  We’re seeing differences amongst cities, product types and price points.  Luxury real estate continues to struggle and experience a buyers market, whereas entry level condos are experiencing bidding wars and seller’s market conditions. Based on these recent trends, we expect the stronger sales in the lower price points to trickle up to higher price points over the coming months. Since the financial markets are up, mortgage rates are low and buyer confidence is back, our expectation is that market activity will continue to strength over the coming months.  Expect more bidding wars for entry price point houses, condos and townhouses. As for the luxury market, expect sales to increase, but it will likely take a few years for it to catch up to 2016/2017 pre-foreign tax levels.

ZERO TO HERE PODCAST – G+D TEAM #2

Summer Market Update with the G+D Team

Denny hosted the G+D real estate team again for another discussion on the Vancouver Real Estate market and what may be coming up in the summer.

Learn more about our team here.

Check out more episodes on Denny’s Zero to Here podcast here.

 

#POMOLIFE: EPISODE 4 – U-BICYCLE TOUR THROUGH NEWPORT

PORT MOODY! THE U-BICYCLE TOUR… DOES MONICA SURVIVE THE SKATE PARK?  FIND OUT BELOW!

We have passed by these U-bicycle stations all over Port Moody and finally decided to give it a go! Quick app download and we were on our way. Yes, we wore our helmets #safteyfirst!

Port Moody is surprisingly rideable, even for someone that hasn’t ridden in a hot minute. Guys, if you haven’t tried this you are missing out. We made it to Moody Ales from Newport Village in 8 minutes on our “Lunch Break”!

 

 

Spring 2019 Market Update

Surprise surprise… It’s slow. In terms of units sold, statistically the month of March was the slowest it’s been in 33 years! However, don’t let the media headlines fool you, it’s not that bad for all property types. It may be a ‘Buyers Market’, particularly for luxury homes, fixer uppers and land value, but many entry level homes, condos and desirable areas are experiencing more of a ‘Balanced Market’, we have even experienced a few bidding wars. Check out this video to learn more about our thoughts on the 2019 Spring Market.

 

 

 

 

#POMOLIFE: EPISODE 3 – ESPRESSO, ESPRESSO & MORE ESPRESSO!

#PoMo Life – The Espresso Contest! Which espresso will be named the best espresso in all of Port Moody?!

On this episode Lucas & Monica tried a bazillion espressos from all of their fav local coffee shops in #PortMoody. They tired out The Beanery in Coquitlam (*they found out this is actually not in Port Moody), Black Sugar Coffee, Cafe Divano, JJ Beans & Romers.

Did you guys know the proper way to drink espresso was by pouring it directly in to your mouths however you see fit? Well now you do. You’re welcome.

Watch below & make sure to check back next week for our next episode of #PoMoLife.

There is a lot going on in our city, Port Moody and we are going to highlight new and old businesses AND events! We have some serious ground to cover and we are open to requests! If there is a new spot that you haven’t tried, let us know.

 

 

 

Zero To Here Podcast – Inside Scoop with the G+D Real Estate Team!

ZERO TO HERE WITH THE G+D REAL ESTATE TEAM

As we all know our very own Denny Dumas started his Zero to Here podcast late last year and the G+D Team has finally made an appearance! Monica Harmse, Shawn Kambo, Lucas Mccann and Adam Senuik talk about the current real estate market in Vancouver and what may be coming up in the Spring!

 

FREE Real Estate Seminar – Buying & Selling in The Current Market

FREE REAL ESTATE SEMINAR!

Adam and Shawn are back hosting another Real Estate Seminar. This event will be held on April 4th at Old Crow Coffee Co in New West from 7:00-8:00 pm and we will have coffee/tea available for all attendees!

At this Seminar, we are going to be having a general open conversation where we can address any and all of your questions!

Eventually we will take you through a 5-10 minute presentation to show you the current state of the market for seller/buyers, but overall, we want to achieve an open discussion to make sure that you get all of your questions covered and have you leave with the knowledge/education that you came for.

This event is open to all types including those who’s next transaction will happen right away or in the future. This will be beneficial for both buyers and sellers and we will provide information on both condos and homes.

RSVP is required for the event so that we can plan accordingly. Send us a message on social media, an email to info@gdrealestate.ca, or sign up on eventbrite to let us know that you’re attending and who you’re bringing, and we’ll save you a spot!

Limited tickets available! SIGN UP HERE! 

Vancouver Real Estate Stats

VANCOUVER REAL ESTATE STATS – MARCH 2019

Vancouver, BC is one of the most beautiful places to live in Canada, but it comes at a high price. The average price for Vancouver Real Estate in 2019 is $1,019,600, which is 4.5% lower compared to 2018.

It is expensive to own a home in Vancouver, but it is also expensive to rent. The average 1 bedroom apartment price increased by 6.5% from 2018, which is the second highest rental price in Canada, right below Toronto.  Burnaby ‘s 1 bedroom rentals increased by 9.8%, which is the third highest in Canada.

Below is some more Vancouver real estate stats: 

Vancouver Real Estate Stats 2019

GLOBE & MAIL ARTICLE – TOUGH BARGAINING SHAVES PRICE OF COQUITLAM TOWNHOUSE UNIT

Asking price: $598,000

Selling price: $525,000

Days on market: 91

Taxes: $2,116.70

Maintenance fee: $202

Buyer’s agent: Adam Senuik, Keller Williams Elite

The action

The unit is in a complex built in 1988, located near public transit. When the newlywed couple that purchased the unit walked through the door, they knew they wanted it, buyer’s agent Adam Senuik said. But their pre-approved mortgage was only $515,000. Mr. Senuik knew the condo had been on the market for two months at that time and had been reduced from $618,000. After three counter offers, the couple went back to the mortgage broker and came up with pre-approval of $525,000.

What they got

The 1,158 square-foot one-level townhouse has been fully renovated, with laminate floors, carpeted bedrooms and crown moulding, fireplace, quartz counters, heated bathroom floors and soaker tub. The complex was built in 1988 and is near transit and shops.

The agent’s take

Prices started dropping in the fall of 2018, Mr. Senuik says. “Vancouver’s property buyers are winning in a shifted market,” he says. “We have seen a lot of listings on the market much longer than the year previous.” In 2017, he’d see multiple offers drive the closing price above the asking price. It’s a different market today.

Shawn’s Deals of the Week

Shawn’s Deals of the Week

Every week I will be Shawn’s Deals which will include 3-5 listings that I think are great investments for those who are looking to buy and hold, build, and move in. The neighbourhoods that I explore are:

  1. Vancouver West
  2. Vancouver East
  3. East burnaby
  4. South Burnaby
  5. North Burnaby
  6. New Westminster
  7. Surrey

Why are you doing Shawn’s Deals of the week?

There are so many aspects to take in to account when finding the right investment property.  You want to look at location, price point, location of that exact property, the details of the home and any issues with the lot. Whether it’s sloped, at a high point on the block that allows for a view or whether it’s riddled with trees that make it near impossible to build on without going through a lengthy process with the city halls. I will try to narrow searches down for you to make the selection process easier.

New Westminster – Downtown: #1103 – 813 Carnarvon Street

Shawn's Deals

Price: $ 462,900
Maintenance Fees: $235.07
House size:  512 Sq Ft.
Bedrooms: 1
Bathrooms: 1
Year Built: 2022
Zoning: CD-76

 

 

 

 

Why I Chose it: 

Great price, brand new building (called the Ovation), and the location is great. Judging by the floor plans these units are efficient in utilizing the Sq Ft. Some units are still available through the developer. Be sure to give me a shout if you need help in purchasing a pre-sale.

New Westminster – Fraser View: #316 – 225 Francis Way 

Shawn's DealsPrice: $ 649,900
Maintenance Fees: 
$423.33
House size:  1,066 Sq Ft.
Bedrooms: 3
Bathroom: 2
Year Built: 2010
Zoning: RM-4

 

 

 

 

 

Why I Chose it:

 The location is key. It is nestled in a Victoria Hill and it’s not often that a 3 bedroom apartment comes up for sale in this neighbourhood.

Vancouver East: 765 E 24th Avenue

Shawn's Deals

Price: $ 1,398,000
Lot: 33 x 122 (4,026 Sq Ft.)
House size:  2,054 Sq Ft.
Bedrooms: 5
Bathroom: 2
Year Built: 1927
Zoning: Rs-1

 

 

 

 

 

Why I Chose it:

Great location. A 15 minute drive from downtown Vancouver. This is a great investment property for those looking to get in to the Vancouver market for a standard size lot. The homes needs some TLC. At 4,026 Sq. Ft. with the perceived buildable being 70% of the lot size for RS-1. There’s a potential for a 2,818.2 Sq. Ft. brand new home.

New Westminster – Glenbrooke North: 208 Blackman Street

Shawn's DealsPrice: $ 880,000
Lot: 52 x 116 (6,032 Sq Ft.)
House size:  1,020 Sq Ft.
Bedrooms: 3
Bathroom: 2
Year Built: 1953
Zoning: RS-1

 

 

 

 

 

 

Why I Chose it:

Price point. Located in one of the many great neighbourhoods in New Westminster. 208 Blackman Street is in Glenbrooke North. This home sits on a 6,032 Sq. Ft. lot and with the current bylaws, a 3,016 Sq. Ft.  home can be constructed or someone looking to renovate and extend this home would be able to get it at a great price of $880,000. This home won’t last long at this price. Call us to schedule a viewing for you.

New Westminster – Glenbrooke North: 212 Blackman Street

Shawn's DealsPrice: $ 884,900
Lot: 52 x 116.1 (6,037.20 Sq Ft.)
House size:  1,155 Sq Ft.
Bedrooms: 2
Bathroom: 1
Year Built: 1913
Zoning: RS-1

 

 

 

 

 

Why I Chose it:

Price point. Located in one of the many great neighbourhoods in New Westminster. 208 Blackman Street is in Glenbrooke North. This home sits on a 6,037.2 Sq. Ft. lot and with the current bylaws, a 3,018 Sq. Ft.  home can be constructed or someone looking to renovate and extend this home would be able to get it at a great price of $884,900. Call us to schedule a viewing for you.

Condos and townhomes in Burnaby are hot! March 2017 Market Update

The market for condos and townhomes in Burnaby is hot!

So hot, prices are up 25 per cent over this time last year. In fact, they’re even higher than the peak of the market we saw last spring and early summer.

One of the hottest neighbourhoods is Brentwood Park. This area, near Lougheed and Willingdon, is feeling the excitement from the redevelopment of the Brentwood Town Centre that is already underway.

When the $1.3 billion project is completed, it will be like its own city within the city.

And that’s boosted interest in existing developments nearby. Of the last 40 condo sales in Brentwood Park, 75 per cent of them went for list price or above.

Condos and townhomes in Burnaby are hot

A typical 2 bedroom 2 bath condo, 850-875 sq. ft., in an established development like Oma, is now going for about $600,000. Last year it would have sold for $480,000.

Condos and townhomes in Burnaby

A typical 630 sq. ft. 1 bedroom condo in an established concrete development like Tandem is now selling for $450,000. Last year it would have sold for $370,000.

 

We’re seeing similar stats in other areas of Burnaby as well, including South Slope and Burnaby East.

If you’re a buyer, the market for condos and townhomes in Burnaby might be more favourable in the Metrotown neighbourhood. An abundance of available product there means 60 per cent of  sales in the past 60 days have gone for below list.

And just as the market for high-end houses has been struggling a bit, the market for condos and townhomes in Burnaby above $600,000 is a little slower.

There’s a lot of new development coming down the pipe, so it’s hard to say how long the market for condos and townhomes in Burnaby will stay hot. But with interest in condos and townhomes high across the Lower Mainland right now, there’s no end in sight. That might be a little frustrating if you’re a buyer. But if you’re selling, you’ll be rewarded.