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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

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.

 

Home sellers continue to outnumber buyers in Greater Vancouver’s summer housing market

Wednesday, September 5, 2012
VANCOUVER, BC – Home sale activity remained below long-term averages in the Greater Vancouver housing market in August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.

August sales were the second lowest total for the month in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.

“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August. This represents a 13.7 per cent decline compared to August 2011 when 4,685 properties were listed for sale on the MLS® and a 15.8 per cent decline compared to the 4,802 new listings in July 2012.

“For sellers it’s critical to work with your REALTOR® to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell on the MLS® in Greater Vancouver today.”

At 17,567, the total number of residential property listings on the MLS® increased 13.8 per cent from this time last year and declined 2.8 per cent compared to July 2012.

“Today, our sales-to-active-listings ratio sits at 9 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.

Sales of detached properties on the MLS® in August 2012 reached 624, a decrease of 38.8 per cent from the 1,020 detached sales recorded in August 2011, and a 30.1 per cent decrease from the 893 units sold in August 2010. The benchmark price for detached properties increased 0.2 per cent from August 2011 to $942,100.

Sales of apartment properties reached 725 in August 2012, a 24.1 per cent decrease compared to the 955 sales in August 2011, and a decrease of 22.5 per cent compared to the 935 sales in August 2010. The benchmark price of an apartment property decreased 0.9 per cent from August 2011 to $370,100.

Attached property sales in August 2012 totalled 300, a 25.6 per cent decrease compared to the 403 sales in August 2011, and a 19.8 per cent decrease from the 374 attached properties sold in August 2010. The benchmark price of an attached unit decreased 1.9 per cent between August 2011 and 2012 to $462,300.

The real estate industry is a key economic driver in British Columbia. In 2011, 32,390 homes changed ownership in the Board’s area, generating $1.36 billion in spin-off activity and 9,069 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $25 billion in 2011. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

Click Here to view full article

 

New Westminster and Burnaby stats for the 1st week of September 2012.

So far September is following the Summer as a Buyers Market which means Sellers must be aware of current prices and have a great realtor who can price your home so it doesn’t sit on the Market for too long but you still get a great sale.  Taking time to prepare your home for a sale can be the perfect step towards selling quickly.

Whether you are just updating paint and the overall style or you are upgrading appliances, carpet, and more sometimes all it takes is that little extra effort.  For some great ideas on getting your home ‘Sale Ready’ Click Here!
If you have any questions about the current Market and getting your home Sale Ready give James a call!

New  Westminster: 140 New Listings (33 Homes, 21 Townhomes, 73 Condos)
26 Sales
Avg Sale to List ratio: 1 to 5

Burnaby: 47 New Listings (9 Homes, 3 Townhomes, 33 Condos)
7 Sales
Avg Sale to List ratio: 1 to 7

Real Estate Board of Greater Vancouver Sept 2012 Update

 

Victoria Hill Parking Info

ONNI’s master planned community Victoria Hill has become so popular they are running out of space for parking.  This sub-area is becoming quite tricky to find parking in as more developments are constructed and more people moving in.  The City has requested ONNI brainstorm ideas to add more parking for residents and those visiting, and ONNI has come up with 3 ideas that they will further investigate.

At first it was proposed to build another level of underground parking but this would be financially unable as it would cost up to $1 million dollars.  City Council has suggested a small parcel of land between 2 of the developments that would add an extra 15 stalls.

ONNI is also in the works to develop a 6-storey building that will have some much needed rental units available. However with the proposed 100 Market and 93 off-market rental housing units that will add to the parking’s already cramped conditions.

New Westminster Leader: New Westminster Council pushes ONNI to increase rental parking

New Westminster Leader: Six-storey rental building proposed to Victoria Hill

Victoria Hill by ONNI Group

May 2012 Market Update for Victoria Hill New Westminster.

May 2012 Market Update for Victoria Hill, New Westminster:
ONNI’s master planned community Victoria Hill is surrounded by greenspace and very centrally located to Downtown New West, Shops, School, and Parks. Here are the most recent MLS Stats from Jan. 2012 – May 2012.
Townhomes: 5 Sold
Average Sale Price: $563,500
Average Price per Square Foot: $314
Average Days on the Market: 15

Condos: 28 Sold
Average Sale Price: $356,300
Average Price per Square Foot: $413
Average Days on the Market: 49

Highest Sold Townhome: $640,000
Highest Sold Condo: $547,900

So far for 2012 we have sold 7 properties in Victoria Hill and have our 8th offer pending. If you are looking at making a move in Victoria Hill please dont hesitate to call us.

For more information about the surrounding area, amenities, and the development so far check out Onni’s Master Planned Community online here.

7360 11th Ave, Burnaby

August 9, 2010 – Video Blog of 7360 11th Ave

CLICK HERE FOR MORE PICTURES

I’m proud to present this excellent home on a nice and quiet street . This very well kept 5 bedroom home (3 Bed up, 2bed down) features hardwood floors on the main living/dining/halls/stairs, Laminate in bedrooms, large updated kitchen with beautiful wood cabinets and tile flooring, montgage helper down, HUGE 280sq ft balcony over looking large backyard with grape vines, pear, plum & fig trees. Great space for entertaining guests! Brand new high efficiency furnace, newer hot water tank (2yrs) Centrally located close to schools, public transportation, shops and restaurants.

#302 11 E Royal Ave, New Westminster – VICTORIA HILL

August 9, 2010 – Video Blog of #302 11 E Royal Ave

FOR MORE PHOTOS CLICK HERE!!

VICTORIA HILL! OUTSTANDING Spacious 1110 sqft 2 bed/2 bath + den condo in New Westminister’s 2007 Award Winning built by Onni & still under remainder of warranty. Outstanding finishing including granite counters, floor to ceiling windows, wood floors, stainless appliances. Spa like master bath ensuite with large sonker tub, separate shower stall and 2 sinks, 2 PARKING SPACES, 1 locker & pet friendly. Enjoy the fantastic amenities including: exercise room, swimming pool & more. Relax on your private balcony surrounded by lush greenery. Walk to Douglas College, close to Safeway, shops, Starbucks, Schools, public transit, Canada Games Pool and steps to Queen’s Park. Call today to view.

#304 707 Gloucester St., New Westminster

Aug 6, 2010 – Video Blog Tour of #304 707 Gloucester St

CLICK HERE FOR MORE PHOTOS

Impressively updated TOP floor CORNER, suite in the New Westminster Uptown Area, Enjoy the large wrap-around balcony overlooking 7th St, but privately surrounded by trees. this suite features new hardwood, tile & carpet flooring throughout,updated gas fireplace in the living room, granite counters in the kitchen,completely updated bathroom with new tub, vanity tile flooring, fixtures & faucets. Located on the Southeast corner of the building, lots of natural light, open and spacious living/dining room area. 1Parking & Storage locker included. NEW ROOF (2010) NEW BOILER to be installed (paid by Seller) MAINTENANCE FEE INCLUDES HEAT & GAS! Pets allowed with some restrictions. Call for your private viewing today!!

718 Gloucester St., New Westminster

July 15, 2010 – Video Blog Tour of 718 Gloucester St, New Westminster

VIRTUAL TOUR LINK:

http://virtualtours2go.point2homes.biz/Listing/VirtualTour.ashx?HideBranding=true&ListingID=20117137

CHARMING CHARACTER HOME very cozy & well kept! Main floor features: 2 bdrms, new laminate floors, updated bathroom with new vanity, new front load washer & dryer, updated kitchen & stainless steel appliances and a nice spacious living room great for entertaining. Upstairs features: 2 bdrms, 1 kitchenette, 1 bath (could be used as separate suite). Other updates: newer roof (2006), new hot water tank (2008). This home has an excellent layout & lots of character. The backyard is fully fenced, spacious & peaceful. Central location, close to: Douglas College, skytrain, shopping & restaurants. Great home for investors & first time buyers. Must see!

#27 245 Francis Way, New Westminster – GLENBROOK in Victoria Hill

June 28, 2010 – Video Blog Tour of #27 245 Francis Way, New Westminster

GLENBROOK AT VICTORIA HILL – Outstanding 3 bed, 2 bath Townhome, River & Mountain views, 1562 sqft with double tandem garage. This impressive home features high ceilings on the main, engineered hardwood floors, beautiful wood kitchen cabs, crown mouldings, granite counters, stainless steel appliances, 3 decks, spacious master bedroom w/large walk-in closet, oversized garage for 2 cars + extra rec room if desired, FULL RAINSCREEN with 2-5-10 yr warranty. Outstanding Amenities at the “Broiler Room” incl:Exercise Centre, Theatre Room, Study Area, Basketball Court & lounge w/pool table. Excellent location close to parks, shopping, 15 min walk to skytrain & privately situated at the back of the complex. Must See!!

Home listings rise to start the spring season

VANCOUVER, B.C. – April 6, 2010 – A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.

The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).

At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 percent in March compared to last month, but remains 7.6 per cent below this time last year.

“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan,

REBGV president said.

Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010.

“With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

Sales of detached properties in March 2010 reached 1,336, an increase of 49 per cent from the 897 detached sales recorded in March 2009 and a 19.7 per cent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 per cent from March 2009 to $800,341, but declined 0.6 per cent compared to last month when the benchmark price was $800,796.

Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 per cent from March 2009 to $395,507 and is up 1.2 per cent compared to last month when the benchmark price was $390,899.

FOR THE COMPLETE STATS PACKAGE CLICK ON THE LINK BELOW:

rebgv_stats_package2c_march_2010_pdf

*Source: REBGV Stats Package April 6, 2010


#318 10 Renaissance Sq., New Westminster (Murano Lofts)

April 29, 2010 – Video Blog of #318 10 Renaissance Sq (Murano Lofts)