Vancouver Real Estate Blog

feb stats at a glance

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The EnjoyVancouverBlog was created by Tom Ikonomou, a real estate sales professional with RE/MAX City Realty to provide readers with up to date information regarding the Vancouver & surrounding area Real Estate Market. When you’re ready to sell your home, contact Tom Ikonomou for a free non-obligatory market evaluation.

Vancouver Eastside Stats – July 2017

Inventory Sales Sales Ratio* /strong> Inventory Sales Sales Ratio*
$0 – 300,000 1 1 100% Champlain  Heights 19 14 74%
300,001 – 400,000 19 13 68% Collingwood 39 41 105%*
400,001 – 500,000 24 49 204%* Downtown 14 4 29%
500,001 – 600,000 43 33 77% Fraser 6 8 133%*
600,001 – 700,000 31 23 74% Fraserview 16 14 88%
700,001 – 800,000 33 16 48% Grandview 6 11 183%*
800,001 – 900,000 14 18 129%* Hastings 14 12 86%
900,001 – 1,000,000 8 6 75% Hastings East 2 5 250%*
1,000,001  – 1,250,000 21 14 67% Killarney 9 1 11%
1,250,001  – 1,500,000 20 8 40% Knight 11 4 36%
1,500,001  – 1,750,000 3 1 33% Main 6 4 67%
1,750,001  – 2,000,000 1 0 NA Mt Pleasant 50 52 104%*
2,000,001  – 2,250,000 2 0 NA Renfrew  Heights 0 0 NA
2,250,001  – 2,500,000 1 1 100% Renfrew 4 5 125%*
2,500,001  – 2,750,000 2 0 NA South Vancouver 0 0 NA
2,750,001  – 3,000,000 0 0 NA Victoria 29 8 28%
3,000,001  – 3,500,000 0 0 NA TOTAL 225 183 81%
3,500,001  – 4,000,000 0 0 NA
4,000,001  – 4,500,000 0 0 NA
4,500,001  – 5,000,000 1 0 NA
5,000,001 & Greater 1 0 NA
TOTAL 225 183 81%
0 to 1 Bedroom 68 80 118%*
2 Bedrooms 106 73 69%
3 Bedrooms 45 26 58%
4 Bedrooms & Greater 6 4 67%
TOTAL 225 183 81%
Median Data June July Variance
Inventory 205 225 10%
Solds 279 183 -34%
Sale Price $580,000 $565,000 -3%
Sale Price SQFT $786 $715 -9%
Sale to List Price Ratio 106% 103% -3%
Days on Market 8 9 13%

 

 

Some foreign buyers get break from tax they face on Vancouver real estate

This article was written by Derrick Penner in the Vancouver Sun on March 17, 2017

The real lesson Ontario can take away from B.C.’s carbon tax
030817-dejong.jpg-228803786-dejong-W.jpg© BC government 030817-dejong.jpg-228803786-dejong-W.jpg

The province has expanded its exemptions to the foreign-buyer tax on real estate to include workers coming into B.C. under the provincial nominee program, Premier Christy Clark announced Friday.

She also said the government will rebate the tax to foreign nationals who become permanent residents of Canada within a year of purchasing a principal residence, so long as they lived in the home for a full year.

Because the 15-per-cent tax has helped cool Metro Vancouver’s property markets, Finance Minister Mike de Jong said the province “is now in a position to provide targeted relief to help ensure our province continues to attract skilled workers and entrepreneurs.”

In February, the government announced it would offer exemptions to the tax for foreign nationals living in Metro Vancouver who held work permits.

Also, people who arrived in B.C. on the provincial nominee program after Aug. 2, 2016, when the tax took effect, will be able to apply for retroactive exemptions.

In a news release, Clark said the revisions to the tax were made in part to help the province’s booming tech sector, which relies heavily on the provincial nominee program.

The province brought 6,000 skilled workers into the province using the nominee program in 2016, 900 of whom came here for jobs in technology. B.C. aims to bring another 6,000 workers to the province under the program this year.

“British Columbia has always welcomed the world’s best and brightest, where they find a place that embraces them,” Clark said in the news release.

In making the announcement, the Ministry of Finance distributed job-creation figures showing that employment growth in B.C.’s tech sector, at 2.9 per cent, exceeded the overall provincial average of 2.5 per cent employment growth.

The province estimates that one-third of new job openings expected by 2025 will have to be filled by immigrants, according to ministry calculations.

 

 

 

HOME INSPECTIONS & INFRARED THERMAL IMAGING

By Peter Jesal

Posted February 22, 2017

In Energy loss Evaluations, Home Inspections, Infrared Inspections, Mold Inspection & Testing, Thermal Imaging

 Vancouver Home Inspections
Homeowners may be surprised to find that infrared thermal imaging is an excellent tool and that it can be used to their advantage. This is especially true if you are purchasing a home and have decided to include a home inspection as a part of your due diligence. Even those not wishing to buy or sell and who are current homeowners can benefit greatly from all that infrared thermal imaging has to offer. Scans can find problems that would otherwise go unnoticed or undetected. Many of these problems are usually not even visible or perceptible to the naked eye.

Why Is a Thermal Imaging Home Inspection So Useful?

The early beginnings of thermal imaging can be traced back to military applications that were used several decades ago. Eventually this technology made its way into the residential home inspection industry. The fact that the cameras used in thermal imaging are becoming increasingly more affordable as the price of manufacturing continues to go down makes this type service even more common today. That said more home inspectors than ever before are incorporating thermal imaging into the overall home inspection process.

Infrared thermal imaging is a powerful tool for finding a wide array of issues that would otherwise never be identified. This includes everything from leaking plumbing to missing insulation as well as heating and cooling losses. In addition, electrical components that are overheating as well as foundation leakage can easily be identified through the use of infrared thermal imaging detection cameras. In truth, in today’s world of modern technology, no home inspection is fully complete unless it has had adequate thermal imaging performed.

 

The Key To Successful Thermal Imaging

Homeowners and homebuyers should be particularly cautious when choosing thermal-imaging services offered by home inspectors. This is because there are many inexperienced inspectors that may be offering thermal imaging services to be included with a standard home inspection. However, not all infrared thermal imaging services are the same. A home inspector should have a minimum level of thermography certification that meets ASNT SNT-TC-1A guidelines. In short, those who offer thermal imaging must have at least “level one” thermography certification. In addition, those carrying this type of certificate must be able to show proof that their certificate is in compliance with the guidelines as discussed in this article.

Most importantly, consumers should exercise caution when hiring an infrared imaging home inspection service that claims to be “infrared certified.” These are often individuals who have attended a “weekend course” on infrared inspecting. This type of training fall short of what can be expected from an actual “level one” certified infrared inspection professional. Another important consideration that must be taken into account when having thermal imaging scans done is the indoor temperature of the home at the time of the imaging.

A professional thermal imaging inspector will adhere to industry standards by ensuring that there is an adequate difference between the indoor and outdoor temperature guaranteeing that any thermal imaging will be accurate. An experienced, knowledgeable certified “level one” thermal imaging inspector may actually decline to offer services when conditions are not optimal. In fact, they will only do a thermal imaging scan when they know that the data will be valid and useful to the consumer. Take the time to ensure that you are hiring a true professional who offers professional grade infrared thermal imaging scanning services. This is the best way to always get your money’s worth.

 

About Peter

Contact Peter Jesal to learn more about Coquitlam infrared home inspections and Vancouver BC mold inspections that get results. Peter is an accredited and experienced home inspector. He is also a certified Level 1 Thermographer.

Jesal Home Inspections mold Inspections are offered in Vancouver BC including advanced thermal imaging technology. Jesal Home Inspections is one of the first companies to offer this service included with all Vancouver Indoor Air Quality Testing (Mold Testing).

 

February 2017 Vancouver Market Update

Low supply continues to limit Metro Vancouver home buyers

Info-Feb-2017-portal

 

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.

Last month’s sales were 7.7 per cent below the 10-year February sales average.

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.

This is the lowest number of new listings registered in February since 2003.

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).

The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.

Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.

Craig Munn

Manager, Communication
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org

*Editor’s Note

Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

The Real Estate Board of Greater Vancouver is an association representing more than 13,400 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.

What’s hot in Vancouver?

Regardless of declining prices in Vancouver, the hype that Vancouver is too expensive will still continue. This is what I call the “real estate market lag” This lag is from the time the market shifts until buyers and sellers actually believe it’s happened.

That being said, buyers are currently searching for homes in Metro Vancouver and just outside. The most popular area right now is; Delta & Richmond for detached homes, and Condos priced between $350,000 to $400,000 in Burnaby as well as Vancouver.

The following are links to the noted properties and areas.

delta
richmond, bc
featured-listings
burnaby, BC : 350000 to 400000 : 1br
vancouver, bc : 350000 to 400000 : 1br

Get access to resources, property info, news & updates via electronic messaging. You may withdraw consent anytime. We take your privacy seriously. For market stats specific to your home and area call Tom Ikonomou direct at 778.879.8366 or reach out to us here

Updated Log Home on 8.6 Acres!

updated-home-on-8-6-acres-for-sale

Hold your horses! This 4 bed/3 bath log home on 8.6 flat acres is located in the sunny side of the valley and is a horse lovers dream! Updates include, kitchen, windows, doors, bathrooms, furnace, roof, interior drywall & more. Features 1 Acre pasture, 7 acre hay field, 130×100 riding arena, 4 stall barn w/ hay storage, well planned out, paddocks w/ connecting 6ft wide gates, 35×30 garage w/ 10ft doors, heated workshop & 20×10 heated chicken coop. Irrigation has been relocated onto property w/ five separate sources. Detailed list of all upgrades available. Well maintained and ready for your enjoyment. All measurements approx. & to be verified by buyer if important. Call L.S. to schedule a viewing today.

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