With a sales-to-active property listings ratio of 15%, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1% decrease compared to the 2,337 sales in October 2010 and a 3.2% increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.
“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October which is on par with the 10-year average. This represents an 18.3% increase compared to October 2010 when 3,698 properties were listed for sale on the MLS®, and a 23% decrease compared to the 5,680 new listings reported in September 2011.
The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377 which is 9.3% higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5% to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3%.
Sales of detached properties in October reached 974 which represents virtually no change from the 976 detached sales recorded in October 2010 and a 34.5% decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11% from October 2010 to $884,778 but decreased 1.3% compared to the previous month.
Sales of apartment properties reached 958 in October, a 2.6% decrease compared to the 984 sales in October 2010 and a decrease of 40.4% compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2% from October 2010 to $402,702 but decreased 0.7% compared to the previous month.
Attached property sales in October totalled 382, a 1.3% increase compared to the 377 sales in October 2010 and a 37.4% decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5% between October 2010 and 2011 to $519,455 and increased 0.5% compared to the previous month.
Ho Ho Home Staging During the Holidays
f your home’s on the market this holiday season, you’ll want to have a staging strategy in place. It’s critical that buyers are able to imagine themselves living in your home so keep the following tips in mind:
There are pros and cons to selling your home during the holidays. Although there are fewer buyers, they're usually much more serious. You’ll also be competing with fewer homes! Just remember, buyers don’t want to be overwhelmed by decorations. If you celebrate the season with simple elegance, your home will show beautifully!
- Deck the Halls (a little) - Too many decorations will make your home appear small and cluttered. Decorating over an architectural selling feature such as a stained glass window or fireplace is a definite no-no!
- Curb Appeal - Forget about inflatable lawn ornaments this year! A few outside lights and a tasteful wreath on the door will elegantly accent your home. Display a few seasonal photos so buyers can see what your yard looks like in the summer.
- First Impressions - The buyer's first impression of your home is often formed in the foyer. Hallways are usually quite cramped so remove any unnecessary items, ensure you have adequate lighting and keep decorations to a minimum.
- Bows and Bells - Put away all your wrapping paper, tape and ribbons before each showing. Don’t just stuff everything in your closets though as serious buyers often peek in cupboards to see how spacious they are.
- Holiday Cheer - Offering seasonal treats such as apple cider and holiday cookies at showings will make your home feel warm and inviting. It may even encourage buyers to stick around a little longer!
There are pros and cons to selling your home during the holidays. Although there are fewer buyers, they're usually much more serious. You’ll also be competing with fewer homes! Just remember, buyers don’t want to be overwhelmed by decorations. If you celebrate the season with simple elegance, your home will show beautifully!
Preserve the Past with a Family Time Capsule
It's amazing how time flies! There are so many precious family memories that fade as time goes by. There is a way to turn back the clock though -- sort of. It's called a time capsule and it's a fun and easy way to relive the past!
There are endless ways to make a family time capsule but the most important thing to remember is to have fun as every moment is a memory making opportunity! This project is a simple, unique and effective way of preserving the past. Don't put it off though -- the key to seeing the past in the future is to start today!
- Choose a Capsule - Decide what kind of container you’re going to use. Although you have many options, a simple box decorated by your children is usually the best idea as they'll feel much more involved.
- Choose Your Treasure - Ask the whole family to contribute items such as photos, baby shoes, trinkets, letters, school papers, hair clippings or a stuffed animal. Mark dates and descriptions so you can easily identify items when you open the time capsule.
- Choose Your Spot - Once you’ve filled the capsule, seal it up tight and decide where and for how long you’re going to hide it. You'll also want to be sure that the box is well protected from the elements. It's a good idea to completely seal your time capsule in thick plastic.
There are endless ways to make a family time capsule but the most important thing to remember is to have fun as every moment is a memory making opportunity! This project is a simple, unique and effective way of preserving the past. Don't put it off though -- the key to seeing the past in the future is to start today!
The Perfect Way to Keep Your Guests' Tummy's Happy
It's not always easy to impress holiday guests but the delicate, mellow taste of roasted garlic paired with creamy Brie is sure to be a huge hit! Here’s all you’ll need to spread some holiday cheer:
Slice the ends off the garlic bulbs to expose the cloves and drizzle with olive oil. Wrap the cloves in foil, place on a baking sheet and bake at 375 degrees for 45 minutes. Bake the Brie for the last 10 minutes. Transfer the Brie and garlic bulbs to a platter and serve with crackers and red pepper jelly. Enjoy!
- 2 - 3 whole garlic bulbs
- 1 round of Brie cheese
- olive oil
- red pepper jelly
- crackers
Slice the ends off the garlic bulbs to expose the cloves and drizzle with olive oil. Wrap the cloves in foil, place on a baking sheet and bake at 375 degrees for 45 minutes. Bake the Brie for the last 10 minutes. Transfer the Brie and garlic bulbs to a platter and serve with crackers and red pepper jelly. Enjoy!
Enjoy an EEK-O Friendly Halloween!
One of the scariest things about Halloween is how environmentally unfriendly the holiday has become! Here are few "tricks" to Green your Halloween this year:
There’s so much waste associated with Halloween that implementing even a couple of eco-friendly practices will make a huge difference. Just try to think outside of the (candy :) box and enjoy a ghoulishly, green Halloween!
- use reusable grocery bags for collecting candy
- make your own decorations and trade costumes with friends
- make pumpkin pie or soup and/or roast the seeds from the "guts" of your jack-o-lantern
There’s so much waste associated with Halloween that implementing even a couple of eco-friendly practices will make a huge difference. Just try to think outside of the (candy :) box and enjoy a ghoulishly, green Halloween!
When Pushy Comes To Shovy :(
Nobody wants to deal with a pushy real estate agent. At the same time, you don't want an agent who's never in touch and fails to service your needs in a timely manner.
Everyone's different -- some people prefer a passive approach while others require frequent updates. As time goes on, circumstances will change so it's important to constantly reassess how often you'd like to receive updates and whether you prefer to communicate by phone, text or email.
In the early stages, many home buyers shy away from asking too many questions as they feel like they're wasting the agent's time. The truth is, your agent wants to hear from you on a regular basis so they can grow with you as your house hunting journey matures. The last thing an agent wants is to lose you as a client because you felt your needs weren't being met.
Effective communication is essential when it comes to forming and maintaining a solid working relationship. As long as you and your agent constantly communicate with each other while you're on the road to homeownership, you'll feel neither pressured nor abandoned.
Everyone's different -- some people prefer a passive approach while others require frequent updates. As time goes on, circumstances will change so it's important to constantly reassess how often you'd like to receive updates and whether you prefer to communicate by phone, text or email.
In the early stages, many home buyers shy away from asking too many questions as they feel like they're wasting the agent's time. The truth is, your agent wants to hear from you on a regular basis so they can grow with you as your house hunting journey matures. The last thing an agent wants is to lose you as a client because you felt your needs weren't being met.
Effective communication is essential when it comes to forming and maintaining a solid working relationship. As long as you and your agent constantly communicate with each other while you're on the road to homeownership, you'll feel neither pressured nor abandoned.
Energy Saving Tips to Reduce Your Bills & Chills
Utility costs are rising quicker than most people’s incomes so it pays now more than ever to pump up your home's energy efficiency. The good news is that you don't need to spend that much in order to reduce your bills.
Start by using a "smart" thermostat for heating and cooling. An adjustment of just a few degrees can produce major savings! Don't forget to lower the thermostat on your water heater or better yet, buy an "on demand" system that only heats water when needed.
Landscaping is a naturally beautiful way to keep your home comfortable while decreasing your energy bills. A few strategically placed trees or shrubs can save a fortune on heating and cooling as they provide shelter from the winter winds and shade in the summer. Here are a few other ideas that will reduce your energy use:
Higher energy bills are a harsh reality for the rising number of people who work from home. To help minimize this expense, set up the sleep option so your computer automatically powers down when not in use and shut it off completely at the end of the day. You can also cut costs by positioning your desk to take advantage of natural light.
It doesn’t take that much work to implement energy saving solutions around the home but often times, it's the simple things that are usually overlooked. Make it your goal this year to take action! It’s important to do what we can not only to save money but also to help conserve the environment.
Start by using a "smart" thermostat for heating and cooling. An adjustment of just a few degrees can produce major savings! Don't forget to lower the thermostat on your water heater or better yet, buy an "on demand" system that only heats water when needed.
Landscaping is a naturally beautiful way to keep your home comfortable while decreasing your energy bills. A few strategically placed trees or shrubs can save a fortune on heating and cooling as they provide shelter from the winter winds and shade in the summer. Here are a few other ideas that will reduce your energy use:
- switch from incandescent bulbs to compact fluorescents
- use ceiling fans to save money on both heating and cooling
- service your air conditioner and furnace every year to maintain efficiency
- make sure your home's properly insulated and seal up any air leaks with foam
- use a front loading washing machine and clean your dryer’s lint tray after each use
Higher energy bills are a harsh reality for the rising number of people who work from home. To help minimize this expense, set up the sleep option so your computer automatically powers down when not in use and shut it off completely at the end of the day. You can also cut costs by positioning your desk to take advantage of natural light.
It doesn’t take that much work to implement energy saving solutions around the home but often times, it's the simple things that are usually overlooked. Make it your goal this year to take action! It’s important to do what we can not only to save money but also to help conserve the environment.
HST and Real Estate
There is quite a bit of confusion currently in regards to what HST applies to when buying a property.
HST applies to NEW properties only . The is no HST on the purchase of a home that has been previously lived in.
There is HST payable on the purchase of a building lot at 12% and a rebate can be claimed when the house is complete if the final value qualifies.
On the purchase of a NEW home in the $350,000 range the HST after rebates is about 5.2% and for a property in the $465,000 range it is about 7% after rebates.
There is HST payable on service fees for lawyer/notary, building inspectors fee and also on real estate commisions when you are selling. These are all at 12%
It appears the HST will be with us until the second quarter of 2013 and the goverment has not provided anyone with a transitional plan.
HST applies to NEW properties only . The is no HST on the purchase of a home that has been previously lived in.
There is HST payable on the purchase of a building lot at 12% and a rebate can be claimed when the house is complete if the final value qualifies.
On the purchase of a NEW home in the $350,000 range the HST after rebates is about 5.2% and for a property in the $465,000 range it is about 7% after rebates.
There is HST payable on service fees for lawyer/notary, building inspectors fee and also on real estate commisions when you are selling. These are all at 12%
It appears the HST will be with us until the second quarter of 2013 and the goverment has not provided anyone with a transitional plan.
Don's Greater Vancouver Real Estate Market Report
Vancouver Real Estate board overall
Local Maple Ridge
Single family houses year to date sales totalled 11,550 with the average sale price of $1,174,587. This 21% increase in number of sales and a 19% increase in average price year to date over last year same time period. Townhouse year to date sales totalled 4393 with an average sale price of $565,662. This is a 5% increase in the number of sales and a 3% increase in average price year to date over the same time period last year. Condominiums year to date sales totalled 10,153 with the average sale price of $457,887. This 0% change in number of sales and a 5% increase in average price year to date over the same time period last year.
Total of all types year to date here has been 26,096 sales with an average sale price of $793,239. This is a 9% increase in number of sales and a 18% increase in average price over last year same time period.
Note - The volume of sales on the Real Estate Board of Greater Vancouver overall decreased about 5.6% August to September.
Single family houses year to date sales totalled 762 with the average sale price of $500,159. This almost identical in number of sales and in average price year to date over last year same time period. Townhouse year to date sales totalled 327 with an average sale price $312,314. This is a 20% increase in the number of sales and a .5% decrease in average price year to date over last year same time period . Condominiums year to date sales totalled 160 with the average sale price of $206,283. This 3% decrease in number of sales and a 7% decrease in price year to date over last year same time period .Total of all types year to date here has been 1249 sales with an average sale price of $413,333. This is a 4% increase in number of sales and a 1% decrease in average price over last year same time period .
Note - Our housing market has remained stable in regards to volume and prices for the last 12 -18 months. We had a decrease sales in of about 30% from August to September which is unusual. The fall market is usually the second busiest of the year with the spring being busiest. We have seen some increased activity in October and expect a substantial increase in the number of sales with prices remaining steady.
For more detail just call 604-466-4549 or emailpearceteam@telus.net .
Prime Rate remains at 3% with 3-5 year term variable rate mortgages available at 2.1% - A $300,000 mortgage at 2.5% for 30 years is $1175 month. Prime rate is stable with minimal increases in 1-5year term fixed mortgages. Five year fixed term is available below 3.5% with some places offering as low as $3.19% for a five year fixed. The United States has indicated their rates will likely not change in the next 2 years and our rates tend to mirror theirs.
Upgrading windows - Benefit or not?
Save Energy
Replacing old drafty windows with modern windows will saves energy, but the cost will not likely justify the energy savings. Break even will only occur after 20 to 30 years. Beware of claims such as 40% savings on your energy bills. Realistically, you may save 10% to 20%. If saving money is your only goal, consider weather stripping and repairing the windows you have.
Comparing Windows
U-Factor The National Fenestration Rating Council (NFRC) has developed a standardized rating system call the “U-factor” which provides a single number with which to compare windows. The U-factor is a number between 0 to 1: the lower the number, the better. 0.35 is good. In cold climates, the U-factor is the most important factor for selecting a window.
Solar Heat Gain Coefficient (SHGC) In climates where air conditioning is more important than heating, the SHGC is the most important factor for choosing a window. The SHGC represents how much heat from the sun penetrates the window. The SHGC is a number between 0 to 1. For air conditioning climates, a number less than 0.4 is good. For heating climates, a larger number, such as 0.6, is better.
Advanced Technology
Argon Filled
Some manufacturers put argon gas, a better insulator than air, between the panes, resulting in a more efficient window. Most experts agree that the argon does not last forever.
Glass Coatings
Coatings or films can dramatically improve the efficiency of a window. In a heating climate, low-E glass allows short wave solar radiation into the home for a heat gain, and prevents heat loss by reflecting the longer wave heat from inside your house back into the room. In hot climates, the window can be coated or tinted to reduce heat gain from the sun. Ask a home inspector, or another impartial professional, whether you need to upgrade your windows. A window salesperson will likely give you only one answer: yes.
Replacing old drafty windows with modern windows will saves energy, but the cost will not likely justify the energy savings. Break even will only occur after 20 to 30 years. Beware of claims such as 40% savings on your energy bills. Realistically, you may save 10% to 20%. If saving money is your only goal, consider weather stripping and repairing the windows you have.
Comparing Windows
U-Factor The National Fenestration Rating Council (NFRC) has developed a standardized rating system call the “U-factor” which provides a single number with which to compare windows. The U-factor is a number between 0 to 1: the lower the number, the better. 0.35 is good. In cold climates, the U-factor is the most important factor for selecting a window.
Solar Heat Gain Coefficient (SHGC) In climates where air conditioning is more important than heating, the SHGC is the most important factor for choosing a window. The SHGC represents how much heat from the sun penetrates the window. The SHGC is a number between 0 to 1. For air conditioning climates, a number less than 0.4 is good. For heating climates, a larger number, such as 0.6, is better.
Advanced Technology
Argon Filled
Some manufacturers put argon gas, a better insulator than air, between the panes, resulting in a more efficient window. Most experts agree that the argon does not last forever.
Glass Coatings
Coatings or films can dramatically improve the efficiency of a window. In a heating climate, low-E glass allows short wave solar radiation into the home for a heat gain, and prevents heat loss by reflecting the longer wave heat from inside your house back into the room. In hot climates, the window can be coated or tinted to reduce heat gain from the sun. Ask a home inspector, or another impartial professional, whether you need to upgrade your windows. A window salesperson will likely give you only one answer: yes.
Water Damage
Water damage can come from a variety of sources: storms, flooding, broken water pipes and lines, leaking washing machines, and more. This can lead to mold and odor problems, and worse. If left unmitigated, water damage can eventually cause structural damage, which can entail significant costs to repair and can even affect a home's value.
Prevention is the first defense against water damage. Here are some basics on preventing water damage and its effects:
Prevention is the first defense against water damage. Here are some basics on preventing water damage and its effects:
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Water supply lines to and from washing machines and dishwashers should be regularly checked for leaks. Both the hoses themselves and the connections should be examined. Even a small leak can cause water damage over time, so any leaks should be repaired immediately. If the laundry room is located on the main floor or above, damage to the floor and ceiling below can be especially problematic.
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Tank-style water heaters are prone to leaking, especially after several years of use. Over time, the bottom of the tank can rust out, causing a serious leak. Ideally, an overflow valve should be installed that will conduct leaking water to a pipe that will drain either outside or to an appropriate interior drain.
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Another common source of water leaks is the icemaker supply line; this should be checked as well.
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Be aware that pipe leakage can occur inside the walls or ceiling and may be impossible to detect visually before damage has already occurred.
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Gutters and downspouts should be checked to ensure that water is flowing away from the home's foundation. Make any adjustments, and check the flow again using water from a garden hose.
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Water leak detectors can be installed at floor level near water heaters and interior air conditioning units. Simple, inexpensive wireless models are widely available and will sound an alarm when water is detected on the floor near these appliances.
Closets Bursting at the Seams? Host a Clothing Swap!
If your closet’s overflowing with clothes you no longer wear, you might want to think about hosting a clothing swap. Here's what you'll need:
If you're looking to clear out the clutter in your closets and meet some new people in the process, a clothing swap's a great idea. If you donate any remaining items to charity, everyone will be a winner!
- a few full length mirrors with decent lighting
- space for a few private change rooms
- clothing should be organized by size
- items must be clean and in good condition
- refreshments, appetizers and music are a nice touch
If you're looking to clear out the clutter in your closets and meet some new people in the process, a clothing swap's a great idea. If you donate any remaining items to charity, everyone will be a winner!
The Pearce Team
Let's discuss your next home sale or purchase, with no obligation.
11933 - 224th Street, Maple Ridge, B.C. V2X 6B2