Greater Vancouver Market Update – August 2021

Steady Sales, Reduced Listings, Prices Hold.

The summer market has been steady, it is still a seller’s market, and townhouses remain to be the hottest property type.  In June, the sales volumes showed signs of easing compared to previous months, and it seemed that the market was slowing down.  However, July sales were still 13.3% above the 10 year average, and the supply of listings dwindled down.  In fact, the volume of new listings coming to the market have been below the 10 year average since March. On the other hand, the sales volume has been above the 10 year average for every month in 2021, with record sales being achieved in April and March.  

Here’s a look the monthly sales volume compared to the 10 year average:

  • July 13.3% above 
  • June 18.4% above 
  • April 56.2% above 
  • March 72.2% above 
  • Feb 42.8% above 10 
  • Jan 36.4% above 10 

Due to the lower supply of listings, above average sales volume, and low interest rates, we anticipate the Seller’s market to remain for the foreseeable future. 

What to expect this fall?

In September we anticipate more listings to hit the market, which will be followed by more sales due to the pent up demand. The market will remain in the Sellers’ favour, and upward pressure on prices will likely continue.  We need a flood of new listings or a rise in interest rates to shift this market anytime soon.  For many areas throughout the Lower Mainland, we expect more multiple offers situations this fall.

– James Garbutt 

Our Top Home Sales from Summer 2021

July & August – Condos, Houses & Townhouses Sold!

As summer is about to come to a wrap we wanted to highlight some of our top home sales in the Greater Vancouver area!

Best Wow Factor!

2401 258 Nelson’s Court – 2 Bed, 2 Bath, 1,075sf – List Price $899,000

This sub-penthouse at the Brewery District in New Westminster features two huge patios and panoramic views from every room!

Hottest House Sold!

314 Holmes Street – This beautiful 5 bedroom, 3 bathroom New Westminster home was listed at $1,199,000. 

After approximately 40 showings they received 9 offers and SOLD at over $246,000 over list price!

Hottest Condo Sold!

103 – 2001 Balsam St, Vancouver – 1 Bed, 1 Bath, 671sf – List Price $549,000 

This renovated condo in Kitsilano received multiple offers and sold for 108% of list price in just 1 week!

Hottest Townhouse Sold!

30 – 245 Francis Way, New Westminster – 3 Bed, 3 Bath, 1,720sf – List price $950,000

This Victoria Hill townhouse received multiple offers and sold for 105% of the list price in just 1 week!

Garbutt + Dumas July and August to date Sales:

205-2496 Wilson Avenue, Port Coquitlam – 2 Bed, 2 Bath, 811sf – $595,000

9-1141 Eagleridge Drive, Coquitlam – 3 Bed, 3 Bath, 1,357sf – $785,800*

601-1026 Queens Avenue, New Westminster – 2 Bed, 2 Bath, 938sf – $439,900*

103-2001 Balsam Street, Vancouver – 1 Bed, 1 Bath, 671sf – $549,000

245 Warrick Street, Coquitlam – 4 Bed, 3 Bath, 2,433sf – $1,199,000*

208-609 Cottonwood, Coquitlam –  2 Bed, 2 Bath, 878sf – $649,000*

158-13888 70 Avenue, Surrey – 2 Bed, 2 Bath, 1,616sf – $549,000

1101-1816 Haro Street, Vancouver – 1 Bed, 1 Bath, 692sf – $610,000*

2410-258 Nelsons Court, New Westminster – 2 Bed, 2 Bath, 1,075sf – $899,000

124 Seventh Street, New Westminster – 4 Bed, 2 Bath, 2,174sf – $1,499,000*

608-4165 Maywood Street, Burnaby – 2 Bed, 1 Bath, 928sf – $619,000*

301-3399 Noel Drive, Burnaby – 2 Bed, 2 Bath, 903sf – $725,000

415-500 Royal Avenue, New Westminster – 2 Bed, 2 Bath, 866sf – $628,000*

45554 Worthington Place, Chilliwack – 4 Bed, 3 Bath, 4,322sf – $1,019,900*

3320 Jervis Street, Port Coquitlam – 3 Bed, 2 Bath, 1,792sf – $959,800*

330 Carnegie Street, New Westminster – 3 Bed, 3 Bath, 3,096sf – $1,525,000*

*Represented the Buyer

Our Top Home Sales for June 2021

Every month we want to highlight some of the amazing properties we get to sell. Here are some of our top picks from June:

Hottest Property in June!

2-56 Richmond Street, New Westminster – This 3 Bedroom, 3 Bathroom, 1,606sf townhome was listed at $779,000.

This great townhome has not just one but two beautiful private outdoor spaces. In an adult only complex, this townhome went fast and sold at 109% of the list price!

Best Kitchen of June!

11255 Tully Crescent, Pitt Meadows – 4 Bedrooms, 3 Bathrooms at 2,698sf this home was listed at $1,399,000.

With a built-in espresso machine and wine fridge, this kitchen is what dreams are made of! This exquisitely renovated Pitt Meadows home sold in June for 105% list price. 

Best Backyard of June!

20845 94B Ave, Langley – This property was listed at $1,199,000 with 4 bedrooms, 3 bathrooms and 2,059sf.

This oasis of a backyard sells itself. It includes a covered gazebo, updated deck and patio, koi pond, and plenty of greenery. This Walnut Grove home sold at 107% of the list price in just one week. 

Garbutt + Dumas June Sales:

306-655 Goldstream Avenue, Victoria – 2 Bed, 2 Bath – $399,000*

216-4373 Halifax Street, Burnaby – 2 Bed, 1 Bath, 927sf – $525,000* 

113-440 E. 5th Avenue, Vancouver – 1 Bed, 1 Bath, 682sf – $549,000*

11941 Evans Street, Maple Ridge – 5 Bed, 3 Bath, 2,265sf – $1,088,000*

317-13911 70th Avenue, Surrey – 3 Bed, 2 Bath, 1,640sf – $550,000

203-1240 Quayside Drive, New Westminster – 1 Bed, 1 Bath, 926sf – $425,000*

804-12069 Harris Road, Pitt Meadows – 2 Bed, 2 Bath, 1,044sf – $648,000*

204-222 N. Templeton Drive, Vancouver – 1 Bed, 1 Bath, 669sf – $499,000

509-10 Renaissance Square – 1 Bed, 2 Bath, 686sf – $499,000*

411-1669 Grant Ave, Port Coquitlam – 1 Bed, 1 Bath, 780sf – $399,000*

502-114 W Keith Road, North Vancouver – 2 Bed, 2 Bath, 1,202sf – $799,000

2796 Daybreak Ave, Coquitlam – 6 Bed, 3 Bath, 2,862sf – $1,799,000

30-245 Francis Way, New Westminster – 3 Bed, 3 Bath, 1,720sf – $950,000

334 Oliver Street, New Westminster – 3 Bed, 1 Bath, 1,185sf – $1,398,000

*Represented the Buyer

Our Top Home Sales for the Month of May 2021

Every month we want to highlight some of the amazing properties we get to sell. Here are our award winners for the month of May:

Hottest Property of May!

314 Holmes Street – This beautiful 5 bedroom, 3 bathroom New Westminster home was listed at $1,199,000. 

314 Holmes St, New Westminster

After approximately 40 showings they received 9 offers and SOLD at over $246,000 over list price!

314 Holmes Street, New Westminster, 5 Bed, 3 Bath, 2,143sf – SOLD!

Best View Sold in May!

230 Salter Street is where this stunning 3 bedroom, 3 bathroom New Westminster townhome was listed for $899,000.

20-230 Salter Street, New Westminster

With gorgeous views of the river, an excellent layout with charming features, and an amazing rooftop patio this townhome sold at 99.6% of the listing price!

20-230 Salter Street, New Westminster – 3 Bed, 3 bath, 1,537sf – SOLD!

Best Backyard Sold in May!

Gorgeous backyard and 4 bedroom, 3 bathroom, 2799 sf of living space, in this charming family home. A covered patio, hot tub and water feature, who would not want to relax in this oasis?

1507 Dublin Street, New Westminster

Listed at $1,499,000 this home sold at $76,000 over list price!

Garbutt + Dumas May Sales:

210-9262 University Crescent, Burnaby – 2 Bed, 2 Bath, 724sf – SOLD! 

312-340 Ginger Drive, New Westminster – 1 Bed, 1 Bath, 773sf – SOLD!

1501-111 E 1st Ave, Vancouver – 1 Bed, 1 Bath, 611sf – SOLD!

403-2330 Wilson Ave, Port Coquitlam – 2 Bed, 2 Bath, 975sf – SOLD!

20-102 Fraser Street, Port Moody – 3 Bed, 2 Bath, 1,410sf – SOLD!

450 Kelly Street, New Westminster – 5 Bed, 2 Bath, 2,042 – SOLD!

2502-660 Nootka Way, Port Moody – 2 Bed, 2 Bath, 848sf – SOLD!

307-26 E Royal Ave, New Westminster – 2 Bed, 2 Bath, 1,060sf – SOLD!

310-3921 Carrigan Court, Burnaby – 2 Bed, 1 Bath, 920sf – SOLD!*

104-55 Eighth Ave, New Westminster -2 Bed, 2 Bath, 874sf – SOLD! *

3018 Maplebrook Place, Coquitlam – 2 Bed, 1 Bath, 1,250sf – SOLD!*

34-55 Hawthorn Drive, Port Moody – 3 Bed, 3 Bath, 1,511sf – SOLD!

8165 Forest Grove Drive, Burnaby – 3 Bed, 3 Bath, 1,987sf – SOLD!

71-3295 Sunnyside road, Port Moody – 3 Bed, 2 Bath, 1,516sf – SOLD!*

A210-8150 207 Street, Langley – 2 Bed, 2 Bad, 960sf – SOLD!

26-50 Panorama Place, Port Moody – 3 Bed, 3 Bath, 1,740sf – SOLD!

1019 Hamilton Street, New Westminster – 6 Bed, 4 Bath, 2,837sf – SOLD!*

3339 Windsor Street, Vancouver – 3 Bed, 3 Bath, 1,518sf – SOLD!

22620 125A Ave, Maple Ridge – 5 Bed, 3 Bath, 2,319sf – SOLD!

*Represented the Buyer

Market Update June 2021: Real Estate Plateau

After a record-breaking March and April, many consumers are left wondering what to expect as home sales start to cool down in the Great Vancouver Area.

James and Denny provide an update on the trends they are currently seeing in the market, and what buyers and sellers should expect during the upcoming months.

This episode will focus on the continued migration of people moving away from the big city, the effect of a new stress test, rising construction costs, predictions for condo popularity in the future, and the impact of lower competition and fewer offers in real estate.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

Tips for Buyers to Have a Successful Home Search

Buying a home is an important financial decision that can quickly become overwhelming without proper guidance.

James and Denny share the helpful advice that they offer their clients when trying to buy a home.

This episode will focus on a ranking system that can better direct your real estate search, the clarity that comes with seeing many properties, comparing budget versus location, and the importance of learning about the amenities and community offered in a potential neighborhood.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

Issues to Look for When Buying an Older Home

Buying an older home provides an opportunity for customization, character, and history. Unfortunately, the older the house, the more probability for issues to arise.

James and Denny walk you through some of the concerns you should be mindful of when buying an older home, depending on when it was built.

This episode will focus on what to be aware of when buying into older strata, when to worry about asbestos, the negative implications of an oil tank, the material types that can cause a leaky condo, and what issues to look out for regarding a home’s plumbing and electrical.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

Real Estate Fatigue: Advice on How to Persevere for Buyers and their Realtors

March 2021 was a record-setting month with no signs of slowing down in May. As more listings become available, Realtors and their clients find it challenging to know what to offer and how to stay competitive.

James and Denny provide pointers to buyers and sellers who may be experiencing fatigue and frustration while trying to navigate the current real estate market.

This episode will focus on an increase in selection as more inventory becomes available, the proper mindset for multiple offer situations, making a strong first impression with the listing agent, and the frustrations of not getting a call back after making an offer.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

NOTES FROM THE EPISODE:

Currently, the amount of real estate inventory available to homebuyers is increasing. This is exciting for buyers as it provides more selection and reduces the risk of extreme multiple offer situations. Even still, many individuals are finding it challenging to know the best way to navigate the real estate market and may be feeling tired after looking for so long.

As a buyer, how can you overcome real estate fatigue?

  1. Make sure your finances are in order
    • Ensure that your mortgage specialist has all the required documentation. This is very important, and something that you have total control over – preparation is key!
  2. Do your due diligence before making an offer
    • Perform pre-inspections and review permit history
  3. Be prepared to make a strong offer on a home that you love
    • Understand that many homes are still selling subject free
    • Have a deposit in hand when you make the offer
  4. If it is a multiple offer situation, do everything you can to improve your chances
    • Write a personalized letter that is edited specifically for the property you are making an offer on. Include a picture and note saying how much you love the home and what it will mean to your family.
    • Emit confidence when viewing a home. Try to introduce yourself to the listing agent and make a strong first impression so that they will remember you when going through offers.
  5. Do not be afraid to try! Make an offer on the home that you love
    • Focus on market value (do not fixate on list price) to make an offer that you feel comfortable with.
    • Offer at a price that if you lost the property by $5,000 or $10,000, you would not be upset.
  6. Don’t expect a call with feedback after making an offer
    • Not all Realtors will provide updates; you may not know how your bid is doing compared to other offers.
  7. Be resilient! Buying a home can be an emotional process.
    • Try not to get disappointed when seeing a home with a high number of showings.
    • Know when it is time to step down if there are a lot of offers on the table. Furthermore, pick a number that you believe to be “a lot” – this could be, 6 offers or 12+ offers.  
    • For entry priced homes, recognize that 90% of the value is in the land. Try not to get caught up in the small details of the structure if you love everything else about the property.

As a seller, how can you overcome real estate fatigue?

  1. Listing price is more important now than what it has been in previous months
    • In January and February 2021, the final sale price could be drastically higher than the list price because of limited selection and multiple offers driving it up. Currently, prices are not increasing to the same extent due to the higher number of listings available. Be cautious when using the pricing strategy of listing your property low to increase interest.
    • Buyers may have been burned by previous offers and can be skeptical of the listing price, asking if it is where it should be or if there will be another “bidding war.”
    • Be careful of underpricing! In some cases, this can generate a lot of interest and encourage too many offers (most of which are not competitive).
  2. May and June are great months for putting your home up for sale
    • If you are entering July and August, get more aggressive with your pricing to attract more buyers.

Some things to keep in mind for conquering real estate fatigue:

conquering real estate fatigue

Even though it has been a reoccurring trend, not every property sells over the asking price. Every situation is different, and Realtors and their clients may be using various listing price strategies. Some listings may be priced too high or low; focus on the home’s market value and decide whether it is worth it for you to make an offer. Remember that it will most likely be a quick sale with subject-free and multiple offers if it is a conservatively priced property.

Predictability is very challenging in June compared to February of 2021. Inventory is increasing, making it tricky for sellers trying to pick a list price and buyers deciding how much they should offer.

Some buyers may be fatigued from past experiences and not want to make an offer on a home even though they can afford it.

Try to avoid the term “bidding war” when discussing popular properties. It can be a scary term that can discourage homebuyers from making an offer in fear of overpaying. Instead, use the phrase “multiple offers.”

What is buyer fatigue?

Buyer fatigue refers to buyers who have seen so many properties, written too many unsuccessful offers, and are flat out exhausted with the buying process. Searching for the dream home can be an exhaustive undertaking and when you are losing out time and time again you start to feel like you will never win a bid.

Visit our blog post 5 Tips to Avoid Buyer Fatigue in Seller’s Market to give you the pointers you need to persevere through this challenging experience.

Is your Realtor the right person for you?

As a homeowner, the Realtor you choose to sell your home can make the difference between maximizing the sale to its full potential and leaving money on the table. In some communities, market value has gone up 20-30% since last fall. Hire a realtor who knows the value of your home and understands how to get the best offer for you.

Check out Three Important Questions to Ask Your Realtor Before Listing for more details!

Are you interested in learning more about the home buying and selling process? Please contact us with any questions you may have. We would love to hear from you!

New Westminster and Port Moody Housing Price Comparison

The G+D Realtors have been noticing a shift in the number of homeowners moving to the communities east of Vancouver in search of larger properties, more outdoor space, and more affordable prices.

James and Denny compare real estate over the last ten years in two of these surrounding cities: the charming inner-city suburb of New Westminster to the beautiful mountainous city of Port Moody.

This episode will focus on peak pricing in these regions, the difference in sale prices of comparable properties, the benefits that each city offers, and where the best investment opportunities and highest rent can be found.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

Current Mortgage Trends and What you Need to Know w/ Alex McFadyen

Getting approved for a mortgage and securing a low interest rate is an important part of buying a home.

James and Denny welcome Alex McFadyen from Thrive Mortgage Co. to the podcast for an update on current mortgage trends.

This episode will focus on who will be most affected by the upcoming mortgage stress test, the benefits of a basement suite, the qualifying process for big banks, fixed versus variable rates, the importance of good credit history, and the risks of making a subject free offer.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.