Friday, November 28, 2008

November Inventory and Sales --updated--

This month really was the pits for Realtors and home sellers. REBGV home sales are down about 70% compared with last November and the MOI has roared to over 22 Months. Inventory has started to shrink and will continue to reduce as we approach the year end. Now the speculation begins as to how high the listing count will climb this spring.

Today we are faced with 76% higher inventory than the same time last year (19,524 v. 11,114). This number combined with the horrendous sales numbers (915 v. 2884 last November) has stomped out any of the last few burning embers of this market... Okay, that was a bit harsh but at Novembers sales pace it would take over 22 months to clear out our existing inventory v. 3.85 MOI in Nov. 2007. Wow, what a different market.

The good news is that affordability is improving. Lots of previously priced out Vancouverites may now be able to afford to buy a home in Vancouver! Prices are falling and if you look hard enough you can find some excellent buys, however you may want to sit on your hands for a while longer.

For now let’s all enjoy the holiday season! There are some serious sales going on this season and not only on houses and condos:). Have a Merry Christmas and happy holidays.

Months of Inventory (MOI) Sucks to be Squamish

Listings +76% YOY

Sales -70% YOY


Prices are falling sharply. Believe it or not the average SFH price fell 10% this month. Yes in 1 month. $745,778 for November v. $825,206 for October. The average has dipped 19% since March. It will be interesting to see if the benchmarks also make a dramatic drop.

Monday, September 29, 2008

September Report

September proved to be an exciting month for me, being voted Best Realtor by you all in the Best of Vancouver contest and then being quoted in the Macleans cover story on housing.

Unfortunatly our real estate market reality is pretty dull. More of the same market trends we've seen over the last many months: high inventory,lower sales and falling prices. Inventory has roared to 21,002 listings(+72% YOY) and sales continue to be well off from last year but an improvment MOM at 1619( -45% YOY). The MOI (months of inventory)has also stayed very high at 13 months compared with 4.4 months last Sept.




Do you think that the stock market bloodbath will have any affect on our local real estate? Will investors sell in fear of a global recession? Or perhaps put money back into tangible assets like real estate?

All sub area inventory charts here: INVENTORY

Friday, September 12, 2008

Months Of Inventory

These numbers are for August.

It looks like my home town of North Vancouver is one of the better markets to be selling a home right now. For such a large market, West Vancouver is struggling. What will September bring?

Monday, July 21, 2008

20,000 Listings. Is this the top???

We just hit 20,000 listings in the REBGV and the trend would point to even more homes for sale this fall. Currently were up over 60% in YOY inventory and on track for 70%+ by month end. We saw prices decline last month and many feel prices are destined to continue moving downward. We will likely see well over 8 MOI (months of inventory) at month end compared with 3 MOI at the end of last July.

Is this a good thing or a bad thing? Does cheering a price correction make you a pessimist? I guess it depends entirely on your current position.

One thing is for certain, home prices we're growing at a rate that could not be sustained. Now our market is re balancing. I personally would not want to be holding a bunch of pre-sales right now.

What does this mean for buyers and sellers?


Price sharply. Don't get greedy.


Prepare to hold long term, and take this opportunity to negotiate favourable terms.

Thursday, May 29, 2008

May 2008 Inventory and Sales Summary

Spring market eh? Well the chill in the air has cooled our Vancouver real estate market. The only thing red hot this spring is the growth of listings.

Last week we saw the sell/list ratio strengthen over early May, although not significantly. Let's see if we can get a healthy S/L for June.

Sales are down a startling 29% compared with May 2007, and even dipped under last month’s sales. For some perspective last year May 07 sales gained 28% over April 07 sales.

We started 2008 with slightly less inventory than 2007.We are currently up 39% over last year, and 69% over May 30th 2006.

What are you seeing out there? Keep on posting!

Here are some visuals:

REBGV Sales:

Listing Inventory:

REBGV: +39%

Van West: +63%

Van East: +27%

North Van: +81%

West Van: +57%

All inventory charts will be updated for the 31st: INVENTORY CHARTS

Thursday, May 8, 2008

What's become of the million dollar house?

I remember a time not too long ago that a cool million dollars bought you an amazing home. Some may have even uttered the word "mansion". I realize that "amazing home" is a relative term, but let's do one last quick jaunt across Canada and see what's become of the exclusive million dollar house.

We will check out "mansions" in PEI, Montreal Quebec, Toronto Ontario, Saskatoon Saskatchewan and 2 entries from BC: Kelowna and East Vancouver (Van West is impossible).

Toronto Ontario: $1,000,000

Fabulous Custom Built, 4-Bedroom 2-Storey Apprx 4200 Sq Ft * Large Double Door Entry, Enter The Massive Foyer, Circular Stairs To Basement, Skylight & Large Windows, Bright Open Concept Layout, Sunken Living Room, Formal Dining Room, Finished Basement, Beautiful Wet Bar, Ideal For Entertaining, Situated On A Premium 60 X 160 Ft Lot ...

MLS listing here: LISTING

Saskatoon Saskatchewan: $939,900

Jaw Dropping Beauty only begins to describe tis custom built Northridge home. Located in desirable Briarwood on a quiet cul-de-sac within walking distance to parks and lake. The endless and flawless features of this home are sure to go beyond all expectations. With a large chef's dream kitchen with 10' ceilings and all the fixings it opens up to the great room with 18' ceilings, huge windows, gas fireplace and hardwoods...

MLS listing here: LISTING

Montreal Quebec: $999,000

Discover a UNIQUE MANSION... This magnificent 1914 residence built on a 30 000 s.f. land offers a 6,000 s.f. living space. An annexe to the original house enhances its spaciousness, with separated entry, that can be used for personal or professional purposes. Ask for a visit !

MLS listing here: LISTING

P.E.I: $950,000

Top quality home situated in the prestigious New Glasgow Resort and Golf Club. This beautifully appointed home features 6 bedrooms, & 5 baths. Over 6000 sq ft of top quality living space. Splendid landscaping, spectacular views. This home comes with 2 lifetime memberships to New Glasgow Hills Golf Club...

MlS listing here: LISTING

Kelowna BC: $969,900

A spectacular executive residence located on one of the most sought after streets in Kelowna. Offering over 4000 sqft of spacious living that is ideal for family living and entertaining. Nestled beside and buffered by a large natural green space, adding tons of appeal to this already spectacular property.

MLS listings here: LISTING

Vancouver BC: Van East $998,000 Living the dream ;)

Truly a gem in the Cambie/ Main area. Freshly painted exterior leads to an excellent Main floor plan with spacious L/R & D/R's, large country style kitchen plus den/bdrm. Up has 3 bdrm & huge funky bathroom. Down is a 2 bdrm mortgage helper(925/mo). Terrific shopping/dining/antiques area. Kids go to Wolfe Elementary & Hamber Secondary.

MLS listing here: LISTING

Wednesday, April 16, 2008

500-600k cross country single family home comparison

To change things up I decided to put together a post to compare 500k-600k homes across a few of Canada's provinces. I looked at Charlottetown PEI, Montreal Quebec, Toronto Ontario, Kelowna BC and of course the best place on earth ;)...Vancouver BC.

Toronto Ontario: $568,000

Renovated House.$$$ Spent On Upgrades. Great Income Property. More Then $2000 Profit From 2 Level. Bsmt With 2 Sep. Entrances, 5 Bedrooms In The Bsmt. Big Lot W/Beautiful Trees. Great Location! Perfect Neighbourood! Close To Everything-Synagouges, Ttc, Plazas, Gorgeous Park & ...**** EXTRAS **** New Fridge, New Stove, B/I Dishwasher, New Washer, New Dryer, All Elf's, All Window Coverings, All Furniture In Bsmt, Fridge, Stove, Washer, Dryer In Bsmt.

MLS listing here: Listing

Montreal Quebec: $509,000


MLS listing here: Listing

Kelowna BC: $549,500
Investor alert. Mortgage helper! 2 bedroom home with 2 bedroom carriage house. Fenced yd. Includes al appliances for both.

Looks almost on par with Vancouver affordability wise. 860 sq.ft dream house ;)

MLS listings here: Listing

P.E.I: $550,000

30 mins from Charlottetown is this beautiful home:

Waterfront Luxury Home in Prime Stanley Bridge area. Complete with guest cottage, access to the ocean, a power boaters dream paradise. Professionally decorated and landscaped inside and out. House and Garden magazine candidate.

--I believe it's a 5 bed 4 bath--

More photos and information here at the Realtors site: Michael

Vancouver BC: Van East $558,000

All sizes and ages are approx only, buyer to verify if important to buyer. 2 bdrms up & 2 bdrm. Thompson High School. Desirable Knight area. Easy access to downtown and airport. Close to shopping and bus.

As can be expected a detached 500-600k SFH search in Vancouver does not allow us many options. "Desirable knight street".LOL!

MLS listing here: Listing