Patricia Houlihan (www.waterfrontvancouver.ca) : Blog

Deep Cove Open House!

Patricia Houlihan — Tue, 15 May 2012 19:01:15 -0700

We are happy to announce that this May 19th, 3:00 PM to 4:30 PM we will be hosting an Open House at 320 Sasamat Lane in Deep Cove, North Vancouver. This is an opportunity to visit this excellent Property for sale in beautiful Deep Cove.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Deep Cove Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
Macdonald Realty

320 Sasamat Lane, North Vancouver, BC

Patricia Houlihan — Mon, 14 May 2012 15:10:32 -0700

I just finished uploading this Property for sale, 320 Sasamat Lane, North Vancouver, BC

AMAZING WATERFRONT; AMAZING PRICE! Unbelievable value: renovated waterfront home for under $1 million dollars and less than 30 minutes from downtown Vancouver. Lovely 2 bedroom home with new kitchen, windows and baths. Large lot for future larger house. Lots of parking and storage and, best of all, your own private dock... buy now and eat fresh crab all summer!

Greater Vancouver housing market maintains a steady spring pace

Patricia Houlihan — Sun, 06 May 2012 15:38:00 -0700

Home sale and listing activity has maintained a consistent pace on the Multiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.

April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 per cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April.

At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5 per cent in April compared to last month and increased 16 per cent from this time last year.

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.”

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 per cent increase compared to April 2011 and a 2.6 per cent increase compared to three months ago.

Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, and a 17.8 per cent decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800.

Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9 per cent compared to the 1,201 sales in April 2011, and a decrease of 22 per cent compared to the 1,526 sales in April 2010.The benchmark price of an apartment property increased 1.1 per cent from April 2011 to $375,900.

Townhome property sales in April 2012 totalled 483, a decline of 22.3 per cent compared to the 622 sales in April 2011, and a 21.6 per cent decrease from the 616 townhome properties sold in April 2010. The benchmark price of a townhome unit increased 1.7 per cent between April 2011 and 2012 to $487,300.

Download the complete stats package by clicking here.

Macrealty April 2012 Market Update

Patricia Houlihan — Sat, 28 Apr 2012 15:10:00 -0700

There has been a lot of mortgage news recently as the Big Banks fight for market share with record-low mortgage rates. In February, we covered how BMO Bank of Montreal started the mortgage wars by offering a 2.99% 5-year fixed rate mortgage. Other lenders followed suit, matching the 2.99% rate, but generally offering only a 4-year option. On March 29th, RBC Royal Bank signalled the end of this war by raising its rates by 50 basis points to 3.49%. It is expected that other lenders will follow RBC's lead in order to shore up their profit margins.

As a consumer, given the current fixed and variable rates available, what should you do?

Since 1975 variable rate mortgages have proven to be more financially beneficial 82% of the time. That said, some experts are now saying that, given historically low rates, we may now be in that 18% period where it makes more financial sense to lock into a fixed rate mortgage. Remember, even with the higher 3.49% mortgage, the current rate is far below the historical average, which, since the 1950s, has generally remained north of 6%.

Some things you should consider when choosing between a fixed- and variable-rate mortgage:

Choose a variable-rate mortgage if:

- You think interest rates will remain at the same level or lower during the term of the mortgage
- You think there's a possibility that you may sell prior to the end of the term and wish to avoid excessive pre-payment penalties (there is, typically, a 3 month interest penalty on VRMs)
- You can afford a possible rise in rates

Choose a fixed-rate mortgage if:

- You think interest rates will rise more than the difference between your current fixed and variable rate mortgage options
- You have no plans on selling your home during the mortgage term
- You want to know what your payments will be and have peace of mind that they will not change
- Something else to consider is that some lenders will allow you to first enter a variable-rate mortgage and then switch or 'lock-in' to a fixed rate mortgage if rates begin to rise

In the end, your personal situation is unique and you should speak to a professional mortgage specialist or broker to determine what the best option is for you; I would be happy to recommend one if you don't already have someone in mind.

Patricia
(604)376-7653

Government Grants for Property Owners and Buyers

Patricia Houlihan — Wed, 18 Apr 2012 15:07:16 -0700

There are a number of grants available from Government to assist people who own or are buying property.

Here is a list of 28 of those grants, taken from Realtor Link magazine, April 5, 2012:

top_28_grants_and_rebates,_march_20,_2012.pdf

If you have any questions, please call me.

Patricia Houlihan
(604)376-7653

To Live or to Invest

Patricia Houlihan — Fri, 13 Apr 2012 19:06:00 -0700

I frequently read that people spend far too much time worrying about the investment potential of the places they buy to live in. Apparently this phenomena is somewhat unique to Vancouver-we are obsessed with real estate and making money off of it. A good example is a home that is currently listed on Panorama Drive in Deep Cove.

The house is tremendous value: it is waterfront, has a dock in great condition, a 3 car attached garage (most homes on the street require one to get out of the car and walk down a ton of stairs in the rain to get to their homes-and you cannot build a garage if you do not have one), some of the best outdoor space around, AND the house is bigger than you can build on most of the standard lots on the street. The one drawback is that the lot size is small. HOWEVER, most people do not use most of their lots-they only use the waterfront side of their property AND on most of the bigger lots you can only build about 2400 square feet whereas this home is almost 3000 square feet.

From a livability perspective, this house is definitely the best value around-it is under $2 million and it is waterfront with a private dock. Personally I can see why lot size is important in some locations-but on the water when the larger lot won't give you a bigger house? I don't get it....I wish this house had been available when I bought my waterfront home-which is also on a small lot but without the attached garage and dock! If buying to live in, I think we should focus on the features that make the house most livable!

Patricia
(604)376-7653

A shift in the market....

Patricia Houlihan — Thu, 12 Apr 2012 13:24:00 -0700

Increased selection helps maintain balance in Greater Vancouver housing market

Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.

At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.

“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally thebusiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 per cent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 per cent compared to March 2011.

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011, and an 11.5 per cent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011, and a decrease of 4.9 per cent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100.

Townhome property sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011, and an 8.9 per cent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.

Download the complete stats package by clicking here.

Macrealty March 2012 Market Update

Patricia Houlihan — Tue, 27 Mar 2012 17:01:00 -0700

On February 21st, the BC government announced the 2012/13 Provincial Budget (http://www.bcbudget.gov.bc.ca/2012/default.htm). A fiscally conservative document, the budget calls for business tax hikes and a spending freeze in order to try and meet the government's commitment to return to a balanced budget by fiscal year 2013/14. Also included in the budget are several changes that will affect the housing market in BC.

The first change, originally announced a week before the release of the budget, were the details surrounding the new HST/PST housing transitional rules. The new rules mean - starting April 1, 2012 and running through April 1, 2013, when the HST is replaced by the GST/PST - buyers of NEW homes will be eligible for a rebate of 71.43% of the provincial portion of the HST up to a maximum rebate of $42,500, up from the current $26,250.

This means that buyers of homes up to $850,000, representing 90% of new homes built in this province, will not need to put off their buying decisions to 2013 to avoid paying additional tax. In addition, the rebate now covers recreational properties. Housing over that amount, however, may stagnate during this transition period. There are many subtle parts to these rules and I encourage you to see what situation affects you here:
Information about the new HST/PST housing transitional rule

The second change, also being used as a transitional tool back to the GST/PST, is a tax credit for first-time buyers of NEW homes. The credit, worth 5% of the purchase price of a new home, capped at $10,000, will be effective until March 31, 2013 and is being put in to encourage first-time homebuyers to jump into the market prior to April 1, 2013.

These two initiatives have been put in place to counter fears from the housing industry that buyers will put off their buying decisions until after the GST/PST transition is complete. And by covering 90% of the homes being built in this province, it should ensure that there is not a major slowdown in the housing industry.

That said, it was written in this space 2 years ago, when the HST was first being introduced, that the HST's introduction would have a 'slightly negative, but negligible' effect on housing prices and volume. Since that time, most jurisdictions in BC have seen strong sales and higher prices, indicating that our forecast was correct. That being the case, the reintroduction of the GST/PST is expected to also have a slightly positive, but still negligible, effect on the housing market.

Selection broadens and demand eases to kick off 2012 in the Greater Vancouver housing market

Patricia Houlihan — Sun, 25 Mar 2012 16:59:00 -0700

Last year the beginning of the year was a fantastic time to list and sell-a great sellers' market. We anticipated that the same would hold true this year but according to the Real Estate Board statistics, the last couple of years were much better for sellers than this year has been to date. This may mean that this Spring will be better for sellers than it was last year as some of the homes listed in January and February will no longer be available to buyers.

If you have any questions, please do not hesitate to contact me.

Patricia
(604)376-7653

VANCOUVER, B.C. – Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability and less fluctuation compared to the beginning of 2011.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease compared to the 1,658sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18 per cent decline from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year average.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9 per cent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 per cent increase compared to the 1,629 new listings reported in December 2011.

Last month’s new listing count was the highest January total in Greater Vancouver since 1995.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 per cent increase compared to December 2011 and an increase of 20.2 per cent compared to January 2011.

New MLS® Home Price Index launches in Canada

February 6th, 2012 marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way of determining price trends in the housing market. The MLS® HPI was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by those boards.

The new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics should not be compared with previous MLSLink HPI statistics.¹
“The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to understand home price trends across the country,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 per cent compared to January 2011 and down 0.1 per cent compared to December 2011. The MLS® HPI also tracks home prices across the Lower Mainland.² The benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of 5 per cent compared to January 2011.

Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 per cent from the 793 detached sales recorded in January 2011, and a 6.5 per cent decrease from the 705 units sold in January 2010. The benchmark price for detached properties increased 11.3 per cent from January 2011 to $1,034,700.

Sales of apartment properties reached 657 in January 2012, a decline of 7.9 per cent compared to the 713 sales in January 2011, and a decrease of 26.3 per cent compared to the 891 sales in January 2010.The benchmark price of an apartment property increased 2.4 per cent from January 2011 to $371,500.

Attached property sales in January 2012 totalled 261, a decline of 16.6 per cent compared to the 313 sales in January 2011, and a 20.2 per cent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome³ unit declined 0.5 per cent between January 2011 and 2012 to $468,000.

Download the complete stats package by clicking here.

Editor’s notes:

1.)     The new MLS® HPI will be indexed to equal 100 in January 2005. The previous MLSLink HPI was indexed to 2001. Sales prior to 2005 will not be considered in the MLS® HPI. Click here to view more detailed information on the MLS® HPI.

2.)     The Lower Mainland includes the areas serviced by both the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board, and is comprised of communities from Whistler to Abbotsford.

3.)     Townhome properties are similar to attached properties, a category that was used in the previous MLSLink HPI, but do not included duplexes.

Deep Cove Open House!

Patricia Houlihan — Wed, 14 Mar 2012 11:14:43 -0700

We are happy to announce that this Mar 17th, 3:00 PM to 4:30 PM we will be hosting an Open House at 2860 Panorama Dr in Deep Cove, North Vancouver. This is an opportunity to visit this excellent Property for sale in beautiful Deep Cove.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Deep Cove Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
Macdonald Realty

Woodlands Open House!

Patricia Houlihan — Wed, 14 Mar 2012 11:08:10 -0700

We are happy to announce that this Mar 18th, 1:30 PM to 3:30 PM we will be hosting an Open House at 5690 Indian River Dr in Woodlands, North Vancouver. This is an opportunity to visit this excellent Property for sale in beautiful Woodlands.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Woodlands Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
Macdonald Realty

Deep Cove Open House!

Patricia Houlihan — Thu, 08 Mar 2012 16:15:19 -0800

We are happy to announce that this Mar 10th, 3:00 PM to 4:30 PM we will be hosting an Open House at 2588 Panorama Dr in Deep Cove, North Vancouver. This is an opportunity to visit this excellent Property for sale in beautiful Deep Cove.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Deep Cove Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
Macdonald Realty

Waterfront Property For Sale: 2588 Panorama Dr, North Vancouver, BC

Patricia Houlihan — Thu, 08 Mar 2012 16:14:07 -0800

FABULOUS SOUTH FACING WATERFRONT! Completely renovated family home with its own dock! Beautiful master suite with huge deck plus 3 more bedrooms, large recreation room & additional temperature controlled room perfect for large wine cellar or media room. 2 fireplaces, hot tub & the perfect layout for entertaining - indoors or out! Large, child friendly, landcaped yard & attached garage. A short walk to all the Cove shops, schools & restaurants. Move in & enjoy the waterfront lifestyle!

I just finished uploading this Property for sale, 2588 Panorama Dr, North Vancouver, BC

Deep Cove Open House!

Patricia Houlihan — Wed, 07 Mar 2012 15:19:11 -0800

We are happy to announce that this Mar 10th, 3:00 PM to 4:30 PM we will be hosting an Open House at 2588 Panorama Drive in Deep Cove, North Vancouver. This is an opportunity to visit this excellent Property for sale in beautiful Deep Cove.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Deep Cove Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
Macdonald Realty

Waterfront Home For Sale: 2588 Panorama Drive, North Vancouver, British Columbia

Patricia Houlihan — Wed, 07 Mar 2012 14:24:51 -0800

I just finished uploading this Property for sale, 2588 Panorama Drive, North Vancouver, British Columbia

WATERFRONT is a bargain!

Patricia Houlihan — Tue, 28 Feb 2012 16:47:36 -0800

Did you know that right now the cost to buy a waterfront home is not much higher than the cost of many non-waterfront homes? When I bought my current waterfront home, it took me 2 years to finally get something because most of the entry level waterfront was selling right away, often with multiple offers.

That is not the case now: there has been a huge supply of waterfront homes on the market lately, which is good for buyers. There are currently waterfront homes in good condition with private docks and garages, starting at under $2 million dollars. There are also other waterfront homes, on huge private lots, with top of the line finishings, also at amazing values.

If you were hoping to buy a waterfront home at some time in the next 10 years, or if you only dreamed that you could afford waterfront, now might be the time to realize your dream. If you are interested, I would be happy to meet with you to discuss your options.

Patricia Houlihan
phoulihan@waterfrontvancouver.ca
(604)376-7653

Woodlands Open House!

Patricia Houlihan — Tue, 21 Feb 2012 17:36:36 -0800

We are happy to announce that this Feb 26th, 1:00 PM to 2:30 PM we will be hosting an Open House at 5690 Indian River Dr in Woodlands, North Vancouver. This is an opportunity to visit this excellent Property for sale in beautiful Woodlands.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Woodlands Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
Macdonald Realty

Port Moody Open House!

Patricia Houlihan — Tue, 21 Feb 2012 17:36:07 -0800

We are happy to announce that this Feb 25th, 2:30 PM to 4:00 PM we will be hosting an Open House at 221 TURTLEHEAD RD in Port Moody, Belcarra. This is an opportunity to visit this excellent Property for sale in beautiful Port Moody.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Port Moody Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
Macdonald Realty

Riverfront Property For sale: 1138 Hilary Place, North Vancouver, BC

Patricia Houlihan — Mon, 20 Feb 2012 14:32:10 -0800

FABULOUS Riverfront estate!! This absolutely amazing new home is in the best location on the river: At the end of a quiet cul-de-sac with absolute privacy. Unusually large, this home is regal yet comfortable with a fantastic layout for a large family. The home contains very high end lower level accomodation and a separate nanny quarters in addition to the spacious main and upper floor areas. One of a kind finishings collected from around the world result in a luxury vacation atmosphere just minutes from downtown.

I just finished uploading this Property for sale, 1138 Hilary Place, North Vancouver, BC

Zoocasa et al

Patricia Houlihan — Sat, 11 Feb 2012 12:54:00 -0800

Some clients have been asking me about websites such as Zoocasa and how reliable the information on them is.

The answer is that while there may be some useful information, Zoocasa is a site that is more for fun than for reliable information about the real estate market and in particular pricing.

For example, I recently tested Zoocasa's pricing program-I checked for the value of a waterfront listing I have. It came up with a value of $783 to $1.1 million on a house which is worth approximately $2 million dollars....I am pretty sure that even the most uneducated buyer familiar with the area would recognize that no waterfront in the lower mainland would sell for such a low price unless it was missing key features like a road! This house had a dock, 3 car garage, nice renos, etc-so the pricing module is definitely NOT reliable!

Many of these types of websites are likely more for fun than information-real estate pricing is not something that can be done effectively by a computer program-it is more an art than a science!

If you have any questions about house values or other real estate matters, you need not rely on a website-just call or email me!

Patricia
(604)376-7653