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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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Published on Main

Published – Been on a Michelin star tour of restaurants found in Vancouver. And Published on Main definitely lives up to their star. Their tasting menu and drinking menu collaboration is the best experience I have ever tried locally. I was blown away by the service, the flavours and the thoughtfulness of each dish and it worked so well with the drinks they served along with it. It made the entire experience so incredibly enjoyable. The most memorable dish was the taster/appetizers which included the mousse foie Gras and the most spectacular dessert I have ever tasted. It was so delicious that I had to request another one. Which technically speaking was available to order on its own since it was only for the tasting. The chef personally delivered it since he was curious about the request. I would come back in a heartbeat. Just be prepared to pay to see a big hole coming out from your wallet.
@foodblogprec

hangry_bunny

Highlights From the Real Estate Board March 2023

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types. The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.” – Andrew Lis, REBGV director of economics and data analytics

“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.

Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023.

Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 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 March statistics Package. Click Here

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

Food for Thought on Real Estate – March

  • 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

April 2023 Newsletter Introduction

When will our weather stabilized? In March, I have seen heavy wind chill and days ago it was warm and sunny! With all these weather changes, I never know what I need to wear to prepare for the day. I have yet to put my heavy coat away for the season!

So let’s get into it –  So what’s happening so far? On the horizon – there has been some heavy changes on qualifying for homes for Buyers. The government has implemented a number changes which reduces many buyers to qualify. Most large conventional banks would have it very restricted requirements which means you would ideally consider using a mortgage broker that help you find alternative lending. Also the foreign buyer ban had just changed with the following: no longer applies to work permit holders. Now, those who hold a work permit or are authorized to work in Canada are allowed to purchase residential property. So what does that mean for you? There is a possibility of more potential buyers coming on the way. What about the supply and demand? At the moment, there has been some uptick on demand in the following price point – the entry level homes for first time home buyers and the two bedroom homes for condo and apartment which have seen multiple offers situations. This is flag that as price is being pushed higher in this area of homes it would signal other larger homes would be next for buyers to consider and initiate a demand. So we’ll see if it will trickle into that area of homes in Apr / May

– Sam

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Pür & Simple

Pür & Simple – A nice and bright breakfast and lunch franchise to go with friends and family during the weekend. 
The menu was vast with tons of options to customize your dietary preferences. I opted for the mango smoothie and the Cortez omelets. The portion was generously huge and made fresh to order which was nice. I really like how they add a few pieces of fruits on the side of the dish to provide some colour and a palette cleanser. Overall, it’s a great place for anyone who wants pure comfort food. For kids menu – the choices are darn appealing and I would totally order it myself.
@foodblogprec

hangry_bunny

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Sushi Go

Sushi Go – This establishment has been running for a long time in Champlain Square. It’s been a staple, yet I have never had the desire to try it out till now. I wanted a quick lunch and thought to give it a go. I knew it was operated by a Japanese family so I did have some sort of expectation of being decent. But I was still a little wary of it since the marketing and what they served didn’t truly reflect it. I was being very judgmental and stereotypical on what I had expected. I ordered a salmon bon. Surprisingly it wasn’t bad for the number of pieces of salmon that were in the bowl – but in most cases the rice was a lot. For what it was worth in cost – the rice ratio far exceeds the fish. And the rice itself wasn’t great- I personally felt there was too much vinegar there. So it was a bit too tangy for me. However, for a quick bite and decent portion and freshness – I would say it’s not a bad place to consider.
@foodblogprec

hangry_bunny

Highlights From the Real Estate Board February 2023

“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year. On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”

“While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady,” Lis said.

In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount.”

Sales of detached homes in February 2023 reached 514, a 49.1 per cent decrease from the 1,010 detached sales recorded in February 2022. The benchmark price for detached properties is $1,813,100. This represents a 12 per cent decrease from February 2022 and a 0.7 per cent increase compared to January 2023.

Sales of apartment homes reached 928 in February 2023, a 49.9 per cent decrease compared to the 1,854 sales in February 2022. The benchmark price of an apartment property is $732,200. This represents a three per cent decrease from February 2022 and a 1.6 per cent increase compared to January 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 February statistics Package. Click Here

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

Food for Thought on Real Estate – February

 
  • 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%

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