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Food for Thought on Real Estate – September 2019
- Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher.
- Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.
- Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
- a seller’s market is represented by a ratio of 20% or higher
- a buyer’s market is represented by a ratio of 11% or lower
- a balanced market rests between 12-19%
Highlights From the Real Estate Board, September 2019
Home buyer demand has returned to more historically typical levels in Metro Vancouver* over the last three months.
“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year. Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”
“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”
Sales of detached homes in September 2019 reached 745, a 46.7 per cent increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200. This represents an 8.6 per cent decrease from September 2018 and is virtually unchanged compared to August 2019.
Sales of apartment homes reached 1,166 in September 2019, a 43.6 per cent increase compared to the 812 sales in September 2018. The benchmark price of an apartment property is $651,500. This represents a 6.5 per cent decrease from September 2018 and a 0.4 per cent decrease compared to August 2019.
“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”
Download The Real Estate Board of Greater Vancouver’s September statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s September Statistics Package. Click Here
October 2019 Newsletter Introduction
Hello Real Estate Interestee –
It`s been a long while since I’ve done a newsletter update. My sincerest apology for not keeping up with the newsletter the last couple months. It`s been hectic with weddings, family from out of town, balancing the roles of being the President and Chair for my club, and work. How quickly we’ve reached to Fall already. I still haven`t done enough hiking nor took enough advantage of the short summer we had this year! So – what`s happening in the market now? As we roll into the Fall the sentiments that I’m sensing could possibly be: October/November is a crucial time on how this impact our market due to the elections – this will set the tempo for the real estate markets for both major cities (Toronto and Vancouver) – however the government policies on making claims to their promises will take time. So these new policies may start to take effect in early winter but it we may not feel the impact until the Spring So what does that mean? . There may be anticipation of taking on the opportunity and the risk during the remainder of the year to consider jumping to buy or sell because there is less competition and more selection. Where others may hold their breath and wait till early next year to determine the impact and jump in then.
– Sam
Michi Craft Kitchen
Matcha Cafe Maiko
Matcha Cafe Maiko – Canada– I’m a big fan of Matcha as many people can guess. I had done a review on them before when it first launched it’s Canadian store here in Richmond. Their taste and quality is definitely what stands them out from the rest of the Matcha players in Vancouver. Their matcha can only be sourced from Japan to ensure consistency and the deep umami flavour from the tea leaf. So I was super thrilled when the cafe launch their summer item – Shaved Ice Matcha. A wide disc with matcha ice, mochi and red beans topped on it with a serving of Matcha ice cream. I was so shocked on the portion size and how much you get for the item. It was really huge! I was told by the owners that it’s best to use a straw to drink and to mix the bottom of the ice since it can be bitter or too strong for some people to handle. I loved every minute of it since it’s so picture worthy and portion wise – you need at least another person to share this with you. You can’t go wrong with this item. Enjoy the Summer with this treat!
Food for Thought on Real Estate – June 2019
- Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher.
- Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.
- Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
- a seller’s market is represented by a ratio of 20% or higher
- a buyer’s market is represented by a ratio of 11% or lower
- a balanced market rests between 12-19%
Highlights From the Real Estate Board, June 2019
“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver. Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”
“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”
For all property types, the sales-to-active listings ratio for June 2019 is 13.9 per cent.
Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.
Sales of apartment homes reached 941 in June 2019, a 24.1 per cent decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment property is $654,700. This represents an 8.9 per cent decrease from June 2018 and a 1.4 per cent decrease compared to May 2019.
“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”
Download The Real Estate Board of Greater Vancouver’s June statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s June Statistics Package. Click Here
July 2019 Newsletter Introduction
Hello Again Real Estate Interestee –
Summer has arrived! We had some pretty hot and rainless days during June but it was so gorgeous. July on the other hand seems to be more humid and rainy over the past 2 weeks since we entered this month. However, it’s not stopping me from doing some hikes and to prepare for my sister’s wedding! I’m looking forward to spending as much time with family from out of town as possible during her wedding.
As for what has happened in June – I’m assuming many folks here can sense the market is still quiet and watching patiently on seeing how long the market will stay stagnant (continue on dipping). There is more supply and less demand. Buyer’s are definitely taking their time to find the ideal home and not rushing into buying whatever is available. Many are also seeing how the government’s actions will affect the market as well. Whether they will continue to take part on how to regulate the market or whether the bank of Canada will make any changes again…. One thing I have noticed – many old timer homes – detached rancher / bungalows are being listed on the market ….a time where sellers may want to downsize and buy something smaller or newer…..
– Sam

