Buyer confidence is back and the market is picking up!
We are coming off a very interesting and abnormal year in Greater Vancouver Real Estate.Last year started off very slow! In March the headlines read ‘Vancouver home sales hit 33 year low!’However, as the year progressed, buyer activity increased. July was the turning point where sales started outperforming the previous year and we finished the year off very strong with home sales in December up 88% compared to 2019 and above the 10 year average.
We expect a busy year ahead and a significant increase in single family home sales.It’s early in the year, but so far we have experienced more multiple offers and quicker sales.
What does this mean for your home?
Inventory is low to start the year and there are lots of buyers looking to make the jump from strata to single family in New Westminster! Our recent sale at 220 Durham St, at the end of January, received 4 offers in 2 weeks on market and sold full price subject free!
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. We’ll make Lucas try it if it’s questionable, otherwise we are totally in this together. We will be posting a new episode every week! We hope you enjoy.
The Port Moody Refillery provides environmentally friendly, locally produced soaps & cleaners for your body and home. Owners, Teresa and Julie believe that there is a desire in the community to move towards a more sustainable lifestyle. Not having access to bulk and package-free cleaning products motivated Teresa and Julie to bring a refill shop closer to home! Reuse your containers + reduce single use plastics! To learn more about their business visit their website or go say hi at 229A Newport Drive (inside Tea & Paper Nook), Port Moody. We loved what they had to offer & we will be back soon!
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
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.
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
THE POINT – Great Building & Great Location!! 2 Beds & 2 Full Baths corner suite with Large Balcony facing North East with Fraser River & Mountain Views!! This Suite features engineered hardwood flooring, stainless steel appliances, granite counters, electric fireplace, large master bedroom suite with walk-through closet, open floor plan, spacious kitchen with lots of cabinets, floor-to-ceiling windows bringing in plenty of natural light. Amenities include: indoor pool, hot tub, sauna, exercise room, lounge, media room…. Pets allowed with restrictions, rentals allowed. 1 parking stall included. Central location, steps to starbucks, shops, restaurants, Skytrain & NW quay Market.
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!!
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.
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.
VANCOUVER, B.C. – March 2, 2011 – Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside. For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February’s 3,097 homes sales outpace the 2,742 home-sale average recorded in the region over the last ten years. “We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). “The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace.” Between November 2010 and February 2011, the MLSLink® Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679; in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645. “To effectively analyse real estate statistics for the purpose of buying or selling a home, it’s critical to focus on your neighbourhood of choice because, like we see today, conditions and prices can fluctuate significantly within the same city or municipality,” Moldowan said. FOR FULL STATS PACKAGE CLICK ON THE LINK BELOW: rebgv-stats-package-february-2011