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Kissa Tanto

Kissa Tanto – Checking off the Michelin Star restaurant list continues. Ordered numerous items on the menu and it definitely piqued my taste buds. The most highlighted items were the octopus salad, the burrata salad, the fried fish, and the charcoal udon and duck breast. The different herbs and classic Asian seasonings to flavour the different European protein and carbs were a great marriage in creativity and taste. It’s really unique on how the two come together so well. It’s a great place to enjoy the beauty of fusion at its finest. 
@foodblogprec

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Ki Cafe

Ki Cafe – This is an instagram place to be. Every inch of this place is ideal to take photos! An area to play the piano and to read Mangas! Love that. As for the cafe itself – the food isn’t bad. The taste wasn’t memorable enough for me so nothing really stood out. Portion wise – it was a good size, especially the waffle. The drinks were sweeter than I anticipated. I think it’s a great hang out spot for photos and with friends. Food wise – I think it’s better elsewhere.
@foodblogprec

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Highlights From the Real Estate Board May 2023

“Back in January, few people would have predicted prices to be up as much as they are – ourselves included. Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.”

“You don’t have to squint to see the reason prices continue to increase. The fundamental issue remains that there are more buyers relative to the number of willing sellers in the market. This is keeping the amount of resale homes available in short supply,” Lis said.

“And in a surprising twist, MLS® sales in May snapped back closer to historical averages than we’ve seen in the recent past, despite mortgage rates being where they are now, and new listing activity having been slower than usual this spring. If mortgage rates weren’t holding back market activity so much right now, I think our market would look a lot like the heydays of 2021/22, or even 2016/17.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,188,000. This represents a 5.5 per cent decrease over May 2022 and a 1.3 per cent increase compared to April 2023.

Sales of apartment homes reached 1,730 in May 2023, a 7.9 per cent increase compared to the 1,604 sales in May 2022. The benchmark price of an apartment home is $760,800. This represents a two per cent decrease from May 2022 and a 1.1 per cent increase compared to April 2023.

Sales of detached homes in May 2023 reached 1,043, a 30.7 per cent increase from the 798 detached sales recorded in May 2022. The benchmark price for a detached home is $1,953,600. This represents a 6.7 per cent decrease from May 2022 and a 1.8 per cent increase compared to April 2023.

“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 May statistics Package. Click Here

Download Fraser Valley’s Real Estate Board’s May Statistics Package. Click Here

Food for Thought on Real Estate – May

  • 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%.e
  • 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

June 2023 Newsletter Introduction

May literally flew by so quickly for me since every weekend there were tons of birthdays, holidays and special days to celebrate with friends and family. Although we did  have a blimp of a heat wave – it quickly dissipated to milder but gorgeous sunshine~ Since May, I have been able to finally grieve over a lost of someone very dear and also at excited that there is a new addition to the next generation! 2023 felt like it just arrived but now we’re at the half way mark. I can’t believe we’re heading into Summer already – what plans have you set up? 

So what has happened in May?  There as been more activity in the market with more buyers and sellers entering in the market and getting ready to start taking the step to either sell or buy as mentioned in the April. However, it has left many agents experience a whirlwind of transaction which seems very unpredictable as the past experiences and scenarios we’re all prepared for wasn’t the expected outcome that we’re use to witnessing. Data is scarce and hard to come by to truly understand if the pricing being listed is going to get the homes to move and buyers to be motivated to purchase.  Majority of areas and types of homes have experienced multiple offers but pricing of these homes have stayed consistent within a glass ceiling that some homes aren’t able to break above, So it’s hard to determine what will happen to the market in the latter part of the real estate at this point. 

Note that June 7th is when the Bank of Canada will provide an updated interest announcement. Hopefully nothing changes and rates will hold. However, we never know what the government will pull since word on the street that inflation went up 0.2 points which was the opposite of what the gov’t was hoping for. We’ll have to see what will happen but the trajectory of a balance market may have already passed and the market has risen. But the possibility there may be a small dip at the end of the year if the trend of housing prices persistently goes up. 

– Sam

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Barbara

Barbara – Ticking off the Michelin Star list…ordered everything on the menu. Tapas / appetizers dishes to share. I was so impressed on how small the space is to be able to create such flavours and textures that made a memorable impression visually and palette wise. By far the sweet eggplant crisp, and the turnip tart left me astonished at how the flavours were created! The natural taste was distinctive and deliciously fun. I really enjoyed this place! 2 huge thumbs up.
@foodblogprec

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AnnaLena

AnnaLena – Another Michelin star restaurant that I am crossing off the list. The two dishes that stood out to me were their turnip salad and the bread. The microgreen and turnips in the salad was wonderfully balanced with the light creamy dressing. I do enjoy a good salad but this one really made a strong impression on me. As for the bread, it’s a staple which many patrons rave about. The fluffy and airy bread was super light but was able to hold on to the sauce so well. A thing which is fairly hard to do since usually a lot of bread falls apart and gets soggy. But this bread doesn’t. You won’t be disappointed if you come for these two things. Everything else was comfort and good but nothing that stood out in the midst of the West Coast dishes.
@foodblogprec

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Highlights From the Real Estate Board April 2023

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling. The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”

“And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.3 per cent increase compared to March 2023.

Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965 detached sales recorded in April 2022. The benchmark price for detached properties is $1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase compared to March 2023. 

Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the 1,693 sales in April 2022. The benchmark price of an apartment property is $752,300. This represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to March 2023.

“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 April statistics Package. Click Here

Download Fraser Valley’s Real Estate Board’s April Statistics Package. Click Here

Food for Thought on Real Estate – April

  • 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%.e
  • 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

May 2023 Newsletter Introduction

April was still pretty cool and dreary throughout the entire month but fortunately we got to enjoy and bask in the beautiful blooms of the Sakuras which whisk us into the bright and breezy Summer heat. It feels like we had Winter and we just totally skipped Spring and jumped into Summer in less than 2 weeks time. As we enter into May, we have witness a historical moment of the coronation of King Charles III and to celebrate Mother’s Day! What have you planned for Mother’s day?! Make sure to send your love to not just your mom, but to all the mother figures in your life! They’re just as special and deserving! 

So let’s get into it –  There as been more activity in the market with more buyers and sellers entering in the market and getting ready to start taking the step to either sell or buy. As the interest rates have stabilized, there has been more consumer confidence to either get back into the market or take the first step. Pricing of homes have appear to be very fair and at par to market pricing compared to early 2022. Buyers are more reserved on jumping into purchasing a home so quickly, and with the new rule – 3 Day Recession period – it has lessen the pressure to make a decision on a whim. However, homes have sold quite quickly as inventory is still very scarce and demand has started to risen. This trend of a balance market would likely to continue for the latter part of the year with the possibility of homes to rise late in the year or early 2024. 

– Sam

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