November 2019 Newsletter

By: Cheryl Davie

November 2019 Newsletter

Tags: Homes in Vancouver, Vancouver Housing, Real Estate, November

Vancouver Home Sales Surpass 2000+ For The Seventh Month In A Row 
 
 
 
There's no place like home for the holidays! And with the holiday season right around the corner, many Vancouverites have found themselves a new home. Last month's sales are up 55.3% compared to November 2018. This will mark the seventh consecutive month of 2000+ sales, and the second consecutive month of sales surpassing the 10-year sales average. 

Despite extremely strong sales activity, prices across property types remain relatively flat
 
 
Industry analysts typically anticipate sale prices will increase if a "sales to active" ratio of 20% is recorded for a specific property type (ie. 20 out of every 100 detached homes are selling), and sustained over several months.

Since July 2019, a ratio of 20% or higher has been recorded for condo apartments, but during that time the benchmark price has actually decreased 0.26%. Attached properties have experienced a similar trend over this time period, with ratios dipping slightly to 18% in August and September. Despite this, benchmark pricing has remained flat for this property type as well, increasing only 0.36%.
 
 
 
 
Total Housing Supply Appears to Be
Reaching A Happy Medium
 
During the height of the 2016 Vancouver housing frenzy, soaring property valuations were often traced back to low supply and high demand. With supply unable to match demand, home prices rose steadily from 2015-2107.
 
In 2018, the market entered a correction and slow sales led to mounting supply because of the introduction of new mortgage rules, the speculations tax and the empty homes tax.

It's interesting to note that at the end of this November, the number of homes listed for sale have reached a midpoint. Housing supply now appears balanced between the 2018 high point and the low points of 2015-2017. This new level of available homes seems to be sustaining strong sales, yet keeping prices stable.
 
 
 

If You're Thinking Of Selling, The Odds Are Still In
Your Favour

 
There has been a lot of change in the Vancouver market over the past 5 years. 2019 has certainly carried a different tone, but one trend is clear - product is moving.

If you bought your home in 2016, the new market value of your property is likely not what it was then. However if you need to sell, the good news is that buyer activity is strong.

Sales are happening steadily and consistently, especially if your home is priced right and showing its best.
 
Buyers have every reason to maintain their confidence and keep buying. The 2020 Housing Outlook released by CHMC forecasts housing starts, sales and prices in B.C. will remain stable through 2020, before accelerating in 2021. So if you've been passively looking for a new home, holding off through 2020 may cost you. To discuss your buying options come the new year, reach out today to get a head start on your search! 
 
 
 

RECENT SALES

 
 
 
 
 
306 - 718 Main Street, Vancouver, BC

Rare 2-bedroom, 1-bathroom open concept east facing unit located perfectly on the edge of Chinatown & Mount Pleasant right in the middle of all the action. Built in 2009 of ginger concrete, the unit is all setup with premium finishes and appliances. Comes with one underground parking stall, a storage locker, baseboard electric heating, a beautiful kitchen island, glass dividers and a large covered patio on the quiet side of the building. The maintenance fee includes a caretaker, garbage pickup, gardening, hot water, management and recreation facility. Amenities include a bike room, elevator and in suite laundry. With a walk score of 99, this is a walkers paradise so daily errands do not require a vehicle. Nearby parks include Sun Yat-Sen Gardens and Andy Livingstone Park.
 
26 - 4638 Orca Way, Tsawwassen, BC 

Brand New, OCEAN VIEW townhome built by Mosaic in 2019 just steps from the beach and walking distance to Tsawwassen Mills Shopping Center. This bright 2 bedroom and den unit offers nearly 1,200 sq.ft and features ocean and courtyard views from the kitchen and master bedroom. Beautifully appointed with wide-plank flooring, quartz counters, stainless appliances and vaulted ceilings. The included Seaside Club offers 10,000 SF of indoor and outdoor fun - a pool, fitness centre, kids play area and great room. 2 parking spaces including a private single garage.
 
 
 

Interested in what your home is worth?

Many people often wonder what their home is worth, and would rather do that without discussing with a realtor.  While we love to sit down with our clients, we also have an easy online tool that can give you a little suggestion as to what your house might be worth. 
Head on over to our website to see what your home is worth.