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




James Garbutt

Busy year for Vancouver real estate

Slight price increases for detached houses, townhouses and condo apartments in New Westminster capped a busy year for Vancouver real estate.

The benchmark price for a single family detached home in New West reached $1,035,600 in December. That’s a .9 per cent increase over November and 18.7 per cent higher than December, 2015. Townhouses were up 4.6 per cent over the month prior, 20 per cent more than a year ago; and the benchmark price for condos increased .2 per cent to $380,700, 22.6 per cent more than the end of last year. Overall, the benchmark price for a typical property in New West increased .6 per cent over November, 21.2 per cent more than a year ago.

Slight price increases New Westminster in December finished a busy year for Vancouver real estate

The benchmark price for condos in New Westminster increased .2 per cent in December over the previous month.

 

The benchmark price for residential properties in South Burnaby also increased one per cent in December over November to $858,300. That’s mostly due to a 2.7 per cent bump in the price of condos in the area while townhouses and detached homes dipped slightly.

A busy year for Vancouver real estate was capped by a slight increase in the price of condos in South Burnaby

The benchmark price for condos in South Burnaby went up 2.7 per cent in December over November to end a busy year for Vancouver real estate.

 

Those increases came even though there were fewer listings and sales. They also bucked a slight downward trend across Metro Vancouver where the benchmark price for all properties dipped 1.2 per cent from November.

In North Burnaby the overall benchmark price dipped .5 per cent in December and it was down .4 per cent in East Burnaby.

A general cooling of the real estate market in the last half of 2016 wasn’t enough to keep the year from being the third-highest selling on record, said Dan Morrison, the president of the Real Estate Board of Greater Vancouver. Only 2015 and 2005 recorded more property sales.

“The supply of homes for sale couldn’t keep up with home buyer demand for much of 2016,” said Morrison. “This allowed home sellers to raise their asking price.”

In fact, the benchmark price for all homes in Metro Vancouver reached $897,600 at the end of 2016, 17.8 per cent higher than December, 2015. The benchmark price for a typical single family detached home increased 18.6 per cent over the year to $1,483,500 while townhouses went up 20.4 per cent in 2016 to $661,800 and condos increased 17.3 per cent to $510,300.

Too soon to tell if 2017 will be another busy year for Vancouver real estate

Morrison said while government interventions to temper the frenzy in the local real estate market in the first six months of 2016 may have contributed to lower sales volumes and prices in the last half of the year, it’s still too soon to tell if their impact will continue to be felt into the new year.

“The long-term effects of these actions won’t be fully understood for some time,” said Morrison of the provincial foreign-buyers’ tax that was implemented in August to discourage off-shore speculators and new rules to make it tougher to qualify for a mortgage that were introduced by the federal government in the fall.

Another new measure introduced by the provincial government, a loan program to help first-time homebuyers with their down payment, begins accepting applications on Jan. 17.

Morrison said the market was under the microscope as sales and prices peaked in the late spring.

“Escalating prices caused by low supply and strong home buyer demand brought more attention to the market then ever before,” said Morrison. “As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. It was an eventful year for real estate in Metro Vancouver.”

All the stats from a busy year in Vancouver real estate

Wrapping-up our record year

Looking back at the 2016 real estate market

To say the 2016 real estate market in Greater Vancouver was wild and crazy would be an understatement.

The first half of the year was insanely busy as the market exploded. Homes were selling as soon as they hit the market, often after multiple offers, without subjects and above list.

The Lower Mainland has always been a desirable destination for home buyers, but this was off the hook, unsustainable. The 2016 real estate market was already showing signs of cooling down to a more sustainable level when the B.C. government implemented its foreign buyers’ tax. Some areas, like Vancouver’s West Side, felt its chill immediately.

That created a bit of a domino effect that reached into the suburbs as buyers and sellers decided to step aside to see how the market plays out.

The federal government’s new mortgage rules further tempered the market by making it a little tougher to qualify for a mortgage.

Then, in December, the provincial government introduced its new loan program to help first-time homebuyers with their downpayment, beginning in the new year. It’s too soon to tell if the incentive will reignite home sales; but for young people looking to plant roots in their community, every little bit helps. And the Bank of Mom and Dad will no doubt appreciate the relief.

Garbutt + Dumas enjoyed a record year; we sold 140 properties for a total of $98 million. It was hard work. But we still managed to have some fun along the way. Because providing our clients with an enjoyable real estate experience is our passion.

The 2016 real estate market was crazy, but we still had fun.

Uhm, okay, the real estate business can be fierce but…

 

That commitment to superior service will continue in 2017. In fact, we’re planning to kick it up a notch or two by keeping you even better informed about what we’re up to and what the market is doing and making the biggest transaction of your life even smoother and as stress-free as possible.

Thanks to all our clients for a great 2016. Thanks to our followers on social media and visitors to our website. Happy New Year! Bring on 2017!

The 2016 real estate market was crazy, but we still had fun.

Game on!

 

The 2016 real estate market was crazy, but we still had fun.

Checking the work of Marcos, our talented real estate photographer.

 

The 2016 real estate market was crazy, but we still had fun.

Our patio staging furniture is a star all its own!

 

The 2016 real estate market was crazy, but we still had fun.

If there’s a jungle gym, sometimes you just can’t help yourself!

 

Will this antenna gets us the Olympics?

Will this antenna gets us the Olympics?

 

The 2016 real estate market was crazy, but we still had fun.

Getting in a workout!

 

The 2016 real estate market was crazy, but we still had fun.

The devil is in the details.

 

The 2016 real estate market was crazy, but we still had fun.

Staying in touch with clients never stops!

 

Best time of year to sell a home

The best time of year to sell a home is when you’re ready to sell it.

That’s the short answer. But of course it’s more complicated than that.

Just like the calendar, the real estate market has seasons. There are times of the year when it’s easiest to show your home at its best to potential buyers. And there are times of the year when buyers are actively shopping for a new home and inclined to make offers.

You’re more likely to sell your home quickly and for top dollar when those times coincide.

The best time of year to sell a home is spring.

Spring, when gardens and tress are blossoming, is the best time of year to sell a home.

 

The best time of year to sell a home is …

If you’re selling a house, typically spring is the best time of year to sell a home.

In nature, spring is a time of renewal. Same for home buyers.

Home buyers emerge in the spring flush with optimism. They’ve survived another winter in their current digs; but it’s time for a new start, time to address those nagging issues like space or location that have made their current home a challenge.

If those buyers are a family with school-aged children, it’s especially important for them to get the process of finding and moving to a new home into gear in the spring so the household is settled and the kids are registered for their new school in time for fall.

For sellers, the spring is the best time of year to show off your home. Especially if you’ve used the winter months to clear the clutter from the garage, repainted the living room, tended to those persistent maintenance issues in and around the house. With the trees trimmed and the gardens bursting with new flowers, your home is sure to have great curb appeal.

If spring is the best time of year to sell a home, isn’t everyone else also trying to sell their home in spring too?

When the market is buoyant and buyers are eager, prices are likely to stay healthy; if your neighbour’s house sells for top dollar that’s good news for the price you’ll be able to ask for your own place.

The next best time of year to sell a home is fall

Not everyone is prepared to sell their home in the spring. The fall is also desirable.

The weather is still good, so buyers are out and about. Save for Thanksgiving, most weekends aren’t busy with holiday activities. Anyone thinking of moving is keen to get it done before winter and the Christmas season kick in; they’re serious and motivated.

There’s usually fewer listings in the fall. That’s less competition for your home, so you may be able to get a better price. In fact, if it’s a rising market prices may peak in the fall; that’s what happened locally in three of the last eight years.

Any time is the best time of year to sell a home – if it’s a condo

Of course these timelines don’t really apply to the condo and townhouse market; they tend to sell steadily any time of year.

Any time is the best time of year to sell a home if it's a condo

Sales for condos and townhouses tend to be pretty steady all year.

 

That’s because condos and townhouses are generally geared towards first-time buyers and downsizers who don’t have to worry about things like getting their kids registered in a new school. They’re shopping for location, proximity to their work or recreational activities. They’re looking at indoor space and amenities that aren’t as tied to the weather outside. They’re buying lifestyle.

When not to sell your home

Whether you’re selling a house or a condo, it’s best to avoid December. With so much going on leading up to the Christmas holiday season, the last thing on most people’s agenda is shopping for a new home. Not that it doesn’t happen; but if you can hold off until January, you’re likely to see more active buyers and get a better price.

Unfortunately, not everyone is in control of the timing to sell their home.

Which brings us back to our opening point; the best time of year to sell a home is when you’re ready to sell. If you work with your realtor to set a proper sale price, maximize its exposure and show it off to its fullest potential, your home will find a buyer.

#106 1250 Quayside Dr., New Westminster (The Promenade)

THE PROMENADE – COMPLETELY UPDATED 1 Bed + Den, 1 Bath, 1104 sqft, Private Ground level unit with huge patio over looking the park.  Approx $65,000 in upgrades!!! New Kitchen (maple cabinets, puck lights, island, stainless steel appliances), New Bathroom (tub, rain shower, seamless glass enclosure, vanity, tile, radiant in floor heating, etc…), New Bamboo flooring, Fresh Paint, New Mouldings, Exposed Concrete Ceiling with Cedar Beams. Building was Rainscreened in 2003, New Boiler (2011), New Plumbing (2007), New Parking Membrane (2011), New Roof (2011), Healthy Contingency Reserve Fund. Enjoy the open concept floorplan with 10″ ceilings in the Living Room.  Steps to the Quay Boardwalk & Park. An absolute must see!

 Click here for Full Listing

MLS Feature Sheet #106 1250 Quayside Dr

#304 290 Francis Way, New Westminster (The Grove – Victoria Hill)

  

The Grove at Victoria Hill – 2 Bed, 2 Bath, 951 SF West Facing unit overlooking the inner courtyard with Large Balcony. Very Quiet and surrounded by Greenspace this unit features a very spacious & open Living/Dining/Kitchen Area. Gourmet Kitchen with stainless steel appliances, lots of cabinets & island. Ideal Floorplan with two bedrooms located on opposite sides of the living room, Master Bedroom has walk-through closet leading into a Full Bathroom. Great Amenities at the Boiler House: Gym, Theatre, Study, Party Rm/Lounge, Outdoor Basketball Court. Central Locations, steps to Queens Park, 15min walk to Skytrain or 10 min Bus. Won’t last! Must See!

Virtual Tour

MLS Feature Sheet #304 290 Francis Way

 

#208 270 Francis Way, New Westminster. (The Grove – Victoria Hill)

  

The Grove, Victoria Hill – Gorgeous 2 bed, 2 bath West facing suite with large balcony overlooking the inner courtyard. Very quiet & private location, great floor plan, open concept living/dining/kitchen area. 2 bedrooms on opposite sides of the living room, 2nd bdrm has walk in closet, master bedroom has walk-through closet leading into a full bathroom. Gourmet kitchen with plenty of cabinet space, stainless steel appliances & granite counters (granite in bathrooms as well). Excellent amenities at the Boiler House; gym, theatre, study area, party room/lounge, basketball court. Great location, surrounded by parks & greenspace. 15 min walk to skytrain or 10 min bus. Suite shows well, priced to sell, must see.

Virtual Tour

MLS Feature Sheet 208 270 Francis Way

Your Community: Queens Park, New Westminster.

The Queens Park neighbourhood in New Westminster is a quiet historical area with lots of greenspace and close to shops, schools, and parks.

Queens Park: This Park is one of the oldest in BC with great amenities and sports facilities this is a great area to live in especially for families. For more info on the history of Queens Park and its great facilities Click Here.

6th St: At the corner of 6th Ave and 6th St is a bustling core full of great shops, restaurants, cafes, and the New Westminster Public Library.
New Westminster Public Library

Walkscore neighbourhood

Royal City Centre 

Yelp Restaurants & Shops

Queens Park Meat Market : This little butchers shop has been at the corner of 4th Ave & 2nd St for 94 years and its patrons always have excellent reviews for Peter and his shop.  Queens Park Meat Market on Yelp.

Market Update:
11 Listed
Average list price: $1,162,000
Lowest list price: $785,000
Highest list price: $1,195,000 for 8 Bed/5 Bath 5,600 ft² 122 year old home.

21 Sales
Average sale: $1,162,000
Lowest sale: $560,000
Highest sale: $1,190,000 for 4 Bed/3 Bath 3,872  ft² 76 year old home.

 

Aug 2012 New Westminster Market Update.


New Westminster Market Update for August 2012.

Stats are taken from the MLS on September 5, 2012 and are based on MLS sales only.

Condos:
405 Active Listings
33 Sold:  Avg. Sale- $322,900, Avg. Days on Market- 51
Highest Sale: $708,000 Penthouse at ‘Azure’at Plaza 88’

Townhomes:
46 Active Listings
5 Sold:  Avg. Sale- $526,500, Avg. Days on Market- 30
Highest Sale: $612,500 in ‘Glenbrooke at Victoria Hill’

Homes:
109 Active Listings
9 Sold: Avg. Sale- $760,700, Avg. Days on Market- 52
Highest Sale: $1,149,000 for Family Home built in 1940.

 

#311 225 Francis Way, New Westminster (The Whittaker at Victoria Hill)

April 12, 2011 – Video Blog of #311 225 Francis Way, New Westminster

WHITTAKER at Victoria Hill – Stunning 2 Bed+Den, 2 Bath with unobstructed River & Mountain Views!! Enjoy views of the Fraser River from your living room & large patio. This suite features a large and open living/dining room area with  laminate flooring, impressive kitchen with granite counters, stainless steel appliances & lots of cabinets, granite counters and under-mounted sinks in bathrooms as well. Located just steps to the Boiler House which features a huge gym, lounge area, reading area, media room, meeting room & basketball court. 2 Parking Stall included! Rentals allowed & pets allowed with restrictions. Must See!!

CLICK ON THE LINK BELOW FOR MORE DETAILS:

http://mlsr.realtylink.org/mlsr_get/res_sale_result_detail.cfm?comID=&agentID=52438&searchtype=both&CID=1180398&TMPL=1&MLS=V878742

#106 707 Gloucester St., New Westminster

March 22, 2011 – Video Blog of #106 707 Gloucester St., New Westminster

Impressive CORNER suite in the New Westminster’s Uptown Area, Enjoy the large South-facing balcony surrounded by trees. Short walk to skytrain, shopping and elementary school. This suite features laminate floors, gas fireplace in the living room, new backsplash & counters in Kitchen,new appliances(2008). Spacious master bedroom with walk-through closet. Located on the SW corner of the building, lots of natural light,very open & spacious living/dining room area.Suite is on the 1st floor,but private and situated one floor up from ground level 1 Parking and 1 Storage included. NEW ROOF (2010), Re-Plumbed in 2001, NEW BOILER to be installed (paid by Seller) MAINT. FEE INCLUDES HEAT & GAS! Pets allowed w/restrictions.

CLICK ON THE LINK BELOW FOR MORE DETAILS:

http://mlsr.realtylink.org/mlsr_get/res_sale_result_detail.cfm?comID=&agentID=52438&searchtype=both&CID=1180398&TMPL=1&MLS=V875427

#1207 833 Agnes St., New Westminster (NEWS)

March 10, 2011 – Video Blog of #1207 833 Agnes St., New Westminster

NEWS-IMPRESSIVE 2 BED+DEN,2 FULL BATH CORNER UNIT WITH SW FACING VIEW OF FRASER RIVER!Built in 2006 by Rykon,CONCRETE construction & centrally located in the heart of downtown New West.This suite features all the builder’s upgrades!Granite  counters in kitchen & baths, stainless steel appliances, upgraded kitchen cabinets,built-in desk in Den & premium Maple laminate flooring. Large SW facing balcony,plenty of space for a BBQ & patio set,Spacious MSTR Bed w/Walk-In-Closet,Open floor plan/lots of window bringing in light 1 parking & 1 storage incl(ADDITIONAL Parking Space available for purchase $2750 TAX IN).Pets allowed & rentals allowed.Steps to NW Skytrain, Starbucks, IGA, Restaurants,Quay Market.

FOR MORE DETAILS:

http://mlsr.realtylink.org/mlsr_get/res_sale_result_detail.cfm?comID=&agentID=52438&searchtype=both&CID=1180398&TMPL=1&MLS=V873410