Patricia Houlihan (www.waterfrontvancouver.ca) : Blog

New Technology applied to Real Estate

Patricia Houlihan — Tue, 09 Mar 2010 12:27:03 PST

Okay it isn't new technology so much as a new application in BC-we are now set up so that people driving by our listings can text to a number on our sign and get all the details, pics, etc sent to their phone. It should be great as we get a ton of people calling while sitting outside homes wanting to view as much info as possible. Apparently only a few realtors have signed on so far but I think most will eventually-it is a great extra exposure for listings!

For details, please see the attached PDF article... and as always, let me know if you have any questions!

Patricia
604-376-7653
phoulihan@waterfrontvancouver.ca

Deep Cove Open House!

Patricia Houlihan — Thu, 04 Mar 2010 19:04:50 PST

We are proud to announce that this Sunday, March 7, 2010, 2:30 PM to 4:00 PM we will be hosting an Open House at 2730 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

2730 PANORAMA Drive, North Vancouver, British Columbia

Patricia Houlihan — Thu, 04 Mar 2010 19:01:31 PST

I just finished uploading this House for sale, 2730 PANORAMA Drive, North Vancouver, British Columbia

UNBELIEVABLE!!!! Fabulous WATERFRONT at UNDER $1.5 million. A rare opportunity to buy in one of the best locations in the Cove - and it comes with 2 HOUSES! Live in one & use the income from the other to pay down the mortgage or buy wit h a friend! This location is great for swimming, kayaking or just lying on the beach reading in the sun. And behind you? The best hiking trails in the country. Walk a couple blocks to great shops, restaurants, preschool - its all here. Almost too good to be true - see you at the open! Open house March 7th, Sun 2:30-4 pm.

Information on HST for First Time Buyers

Patricia Houlihan — Wed, 24 Feb 2010 12:39:42 PST

The information below comes from the feds... and if any of you have been getting the erroneous mailouts from realtors telling you to sell now before the HST comes in and makes your home hard to sell-ignore them... unless you are selling a new home, the HST will only apply to the commission you pay NOT to the price the buyer pays you-so it will not negatively impact your home selling. However changes in the market might! Please call or email me if you would like to discuss but in the meantime, here is the first time buyers info:

First-time home buyers’ tax credit

What is the first-time home buyers’ tax credit (HBTC)?

The HBTC is a non-refundable tax credit for certain homebuyers who acquire a qualifying home after January 27, 2009, that is—closing after this date.

How is the HBTC calculated?

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750. However, if the total of your non-refundable tax credits is more than your federal income tax, you will not receive a refund for the HBTC.

Who is eligible for the HBTC?

You will qualify for the HBTC if:

• you or your spouse or common-law partner acquire a qualifying home; and
• you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

If you are a person with a disability or are buying a home for a related person with a disability, you do not have to be a first-time home buyer to get the HBTC. However, the home must be acquired to enable the person with a disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.

For the purposes of the HBTC, a person with a disability is an individual who is eligible to claim the disability tax credit (DTC) or would be eligible to claim the DTC if costs for attendant care or care in a nursing home were not claimed for the medical expense tax credit.
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What is a qualifying home?

A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, as well as apartments in duplexes, triplexes, fourplexes, and apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies.

However, a share that only provides you with a right to tenancy in the housing unit does not qualify.

As well, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after buying it.

Important things to remember

The home must be registered in your or your spouse’s or common-law partner’s name in accordance with the applicable land registration system.

You do not have to submit documents supporting your purchase transaction with your income tax and benefit return. However, you have to make sure that this information is available if the Canada Revenue Agency asks for it.

Where can I get more information?

For more information, go to www.cra.gc.ca/hbtc or call 1-800-959-8281.

January Stats show continued insanity!

Patricia Houlihan — Fri, 05 Feb 2010 12:05:25 PST

The market continues to be insane! Over the past month all but two of our new listings have had multiple offers the first weekend and have sold SIGNIFICANTLY over asking. The interest rates remain low as does supply of homes for sale-that coupled with the fear of interest rate increases in the near future is keeping things very busy. It is a good time for sellers to sell as we are back to peak market prices; it is also still a good time for buyers given the extremely low rates. However, in some situations it makes more sense to wait to make your move. If you would like to discuss how this market affects you, please contact me by phone or email. Please also see the Real Estate Board of Greater Vancouver stats below.

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

Housing supply and demand reach closer alignment in January

VANCOUVER, B.C. – February 2, 2010 – Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.

In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

“Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today,” Jake Moldowan, REBGV president-elect said.

“There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales-to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.

“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.

In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.

Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.

Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.

Download the complete stats package with data and graphs HERE

Macrealty Monthly Market Update - February 2010

Patricia Houlihan — Thu, 04 Feb 2010 20:24:28 PST

Please click on the banner above to access Macrealty February 2010 Market Update.

Homes for Haiti: Triple your money!

Patricia Houlihan — Wed, 20 Jan 2010 13:06:19 PST

Many of you likely know that the federal government will match any donation you make to the listed charities (see CBC.ca for a list) to support relief efforts in Haiti, up to $50 million dollars. So you can essentially DOUBLE your donation as long as you donate before February 12, 2010. We would like to give you the opportunity to TRIPLE your donation.

If any of our clients, contacts, friends, family donate to one of the listed charities, and email us a scanned copy of your receipt, we will match the total donations made by those who sent us scanned receipts, up to a maximum of $5000 . So if you were thinking of donating, or have already done so, please send us your receipt before February 12, 2010 and watch your money work even harder to help the Haitians.

Any amount helps-even $5 goes a long way in Haiti and your $5 will be $15!

If you have any questions, please email me and thanks a lot for your support over the past years-we are so fortunate to live and work in Vancouver and we really appreciate all of our client support.

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

Vancouver Property Assessments all over the map!

Patricia Houlihan — Fri, 15 Jan 2010 18:01:34 PST

Usually at this time of year, I receive a lot of calls from clients asking why their property assessment seems too high or too low. And at this time of year I usually blog explaining why some are too high and some are too low-sometimes a lot too high or low. This year the Real Estate Board sent out an explanation to realtors explaining why this is the case...so instead of explaining it myself this year, I am sending this article out. You will see the article is directed towards realtors however the information is of course accurate.

If you have questions about the article or need to know whether your particular assessment is likely at, below or above market value, or if you need some tips on appealling your assessment, please feel free to contact me.

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

The article:

What’s it worth? Property Assessment Notices have arrived

BC property owners have now received their 2010 Property Assessment Notice from BC Assessment (BCA). There may be a difference between value listed on this notice and the market value determined by a REALTOR®. Property owners may want to know why. What accounts for this difference?

There are two reasons.

1. When: the Property Assessment Notice is BCA’s estimate of a property’s market value as of July 1 of the previous year. In contrast, a REALTOR’s® market value assessment is current. In the active Lower Mainland market, six months can mean a difference in value of thousands or even tens of thousands of dollars.

2. How: BCA has a database of 1.8 million properties. To gain an estimate of value a BCA appraiser visits the site and reviews lot size, house type, age, heating, outbuildings such as sheds and garages, and spas or pools. They also look at whether the property has a lane or is on a busy street or highway.

BCA appraisers don’t visit every property every year to update the database. Instead, they use a mass appraisal system, calculating values by evaluating prices for similar properties or units sold in neighbourhoods as of July 1. They consider all of this information when arriving at the assessed value.

REALTORS® determine property value by reviewing recent comparable data for homes sold in a neighbourhood on the MLS®. REALTORS® examine the exterior and interior of a property in detail, noting additions such as spas or pools, and renovations such as new kitchens or bathrooms that affect home value. They take into account view lines, architectural styles and landscaping.

Where every lot and every home on a street are generally the same, both BCA’s value and the REALTOR’S® value will be similar during stable market conditions.

Differences occur in neighbourhoods where lots are different shapes and sizes, where each home’s architecture is unique and every view is distinct. Differences occur when property owners make changes such as renovations that BCA does not know about.

Assessments and property taxes

Just because your client’s 2010 Property Assessment Notice shows an increase in assessed value doesn’t mean that your client’s property taxes will automatically increase by the same proportion.

Municipal governments (not BC Assessment) set property tax rates based on budget requirements. They review the assessment roll, a listing of all properties in the municipality with legal descriptions and assessed values, created with BCA assessment data. Depending on overall local government budget needs and whether new construction has been added to a property class, property taxes on an individual property may increase, remain the same or even decrease.

Property assessment comparisons

To compare your property assessment with other property values in your neighbourhood, go to www.bcassessment.ca, and then select e-valueBC – Compare Assessments Online.

Property assessment appeals

Property owners who disagree with their property assessment must file a Notice of Complaint (Appeal) by February 1, 2010. There is a formal appeal process. Details are on the back page of each assessment notice.For more information visit: www.bcassessment.bc.ca

January Macrealty Market Report

Patricia Houlihan — Mon, 11 Jan 2010 19:06:26 PST

January Macrealty Market Report:
http://www.macrealty.com/macnews/newsletter.aspx?agent=patricia_houlihan

Please click on the banner or the link above for the most recent Macrealty Report. You'll note that the report refers to moving from what really has been a crazy busy Fall and Winter, into the traditionally stronger Spring. I don't think Spring will be as strong as the past six months have been for 3 reasons:

1. Interest rates are supposed to increase and this usually slows buying activity which also pushes prices downward.

2. The federal government has announced that it may increase, perhaps even double, the legally required downpayment for home buyers-this could push a lot of buyers out of the market and of course decrease activity and likely prices (supply and demand).

3. We experienced a brief market decline in from late 2008 to the first quarter of 2009. Normally (looking back at what has occurred over several decades) slowdowns/price declines last years, not months. Particularly in Vancouver, our market barely declined at all after an unprecedented upswing. Based on normal market cycles, this suggests that we will see another downturn in the short-term and many are predicting this will occur after the Olympics.

If you would like to discuss any of these issues in more detail or any other issues regarding real estate, please contact me by phone or email at your convenience.

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

SUPER HOT Vancouver Real Estate market-even in December!!

Patricia Houlihan — Wed, 06 Jan 2010 18:07:39 PST

Please see the report below on what has been happening with the real estate market in Vancouver lately-so much for my planned December vacation-it never happened!
Please call or email me if you have any questions or would like to know how this market affects you.

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

Slow start, strong finish for housing market in 2009

VANCOUVER, B.C. – January 5, 2010 – After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.
The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.
“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”

Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (see graph on page two of the statistics package for more detail).

Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.

Download the complete stats package with data and graphs HERE

304 230 Main St, Tofino, BC

Patricia Houlihan — Wed, 06 Jan 2010 12:11:00 PST

I just sold this Property at 304 230 Main St, Tofino, BC .

View this recently sold Property or see all my home sales

November was another unbelievable month!

Patricia Houlihan — Wed, 09 Dec 2009 12:36:15 PST

Well the stats are out and the month was amazing-it is really surprising how busy this fall has been. For our team, last month was the busiest month we have ever had-even busier than months at the 2007 market peak! Here is the news release from the Real Estate Board. Of course, as always, if you have questions about the real estate market in Vancouver or surrounding areas, please call me to discuss.

Strong demand carries into late fall

VANCOUVER, B.C. – December 2, 2009 – Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.

“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before."

The REBGV reports that residential property sales in November were the third highest volume ever recorded in Greater Vancouver for that month. Sales in the region totalled 3,083 in November 2009, an increase of 252.7 per cent compared to November 2008 when 874 sales were recorded and a 16.8 per cent decrease compared to the 3,704 sales recorded in October 2009.

“We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction in the number of homes listed for sale, which is normal as we head into the holiday season,” Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,653 in November 2009. This represents a 21.3 per cent increase compared to November 2008 when 3,012 new units were listed, and a 26.6 per cent decline compared to October 2009 when 4,977 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 11,039, the total number of property listings on the MLS® decreased 8.6 per cent in November compared to last month and declined 39 per cent from this time last year.

In contrast to this year, note that November 2008 was the lowest selling November in Greater Vancouver in 27 years.

Sales of detached properties increased 261.5 per cent to 1,164 from the 322 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 13.6 per cent from November 2008 to $757,209.

Sales of apartment properties in November 2009 increased 240.5 per cent to 1,396 compared to 410 sales in November 2008. The benchmark price of an apartment property increased 11.6 per cent from November 2008 to $381,945.

Attached property sales in November 2009 are up 268.3 per cent to 523, compared with the 142 sales in November 2008. The benchmark price of an attached unit increased 10.2 per cent between Novembers 2008 and 2009 to $469,686.

Download the complete stats package with data and graphs HERE

This is why I warn people to get insurance beyond condo contents!

Patricia Houlihan — Tue, 01 Dec 2009 18:06:49 PST

This article (please click below) was in the Province-so its not just me being an overly paranoid lawyer when I warn clients to get liability insurance even if they are not buying a house! If you have any questions on this or anything else, please call me.

REBGV October 2009 Sales Stats

Patricia Houlihan — Thu, 05 Nov 2009 10:42:29 PST

October sales stats confirm that the market has been insane lately!
Please see below for information about the October sales numbers. Please call or email me if you would like to discuss how the current market affects your home value.

November 3, 2009
REBGV October Stats

High sales levels spur rise in home values

VANCOUVER, B.C. – November 3, 2009 – Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008.

"While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008," Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. "We're coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year,"

The REBGV reports that residential property sales in Greater Vancouver totalled 3,704 in October 2009, an increase of 4.1 per cent from the 3,559 sales recorded in September 2009, and an increase of 171.6 per cent compared to October 2008 when 1,364 sales were recorded. Looking back two years, last month's sales increased 22.3 per cent compared to October 2007 when 3,028 sales were recorded.

"High confidence and low mortgage rates are continuing to drive the activity we're seeing in the housing market today," Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,977 in October 2009. This represents a 2.3 per cent increase compared to October 2008 when 4,867 new units were listed, and a 13.4 per cent decline compared to September 2009 when 5,764 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,084, the total number of property listings on the MLS® decreased 4.1 per cent in October compared to last month and declined 37 per cent from this time last year.

Sales of detached properties increased 201.6 per cent to 1,487 from the 493 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 7.7 per cent from October 2008 to $749,808.

Sales of apartment properties in October 2009 increased 148.4 per cent to 1,607, compared to 647sales in October 2008. The benchmark price of an apartment property increased 6.3 per cent from October 2008 to $380,975.

Attached property sales in October 2009 are up 172.3 per cent to 610, compared with the 224 sales in October 2008. The benchmark price of an attached unit increased 4.6 per cent between Octobers 2008 and 2009 to $468,798.

Download complete stats package with data and graphs HERE

Getting Around During the Olympics

Patricia Houlihan — Mon, 19 Oct 2009 10:37:20 PDT

Getting Around During the Olympics

For those of you who like to plan ahead, here is a link to the transportation plan:

Transportation Plan

If you have any questions about the real estate market or how the Olympics may affect the value of your home, please feel free to email or call me.

Patricia
phoulihan@waterfrontvancouver.ca
604-376-7653

3461 POINT GREY Road, Vancouver West, British Columbia

Patricia Houlihan — Thu, 08 Oct 2009 13:41:54 PDT

I just sold this Waterfront at 3461 POINT GREY Road, Vancouver West, British Columbia .

View this recently sold Waterfront or see all my home sales

Real Estate Board September Sales Stats

Patricia Houlihan — Sat, 03 Oct 2009 10:39:20 PDT

Buyer Demand Remains Strong While Home Listings Increase

VANCOUVER, B.C. – October 2, 2009 – Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.

“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.

“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.

Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.

Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.

Download the complete sales stats package with data and graphs HERE.

More great stats on the current market!

Patricia Houlihan — Fri, 04 Sep 2009 10:34:47 PDT

Well August stats are out and it has been another great month-not what is usually expected in August. This suggests that September will be amazing!

If you have questions on the information below, please contact me.

Market Momentum Carries Into August

The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007.

New listings for detached, attached and apartment properties increased 4.9 per cent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 per cent from August 2008.

“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4 per cent to $539,600 from $484,211. However, home prices compared to August 2008 levels are down 1.1 per cent.

Sales of detached properties in August 2009 increased 155.5 per cent to 1,367 from the 535 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 0.7 per cent from August 2008 to $732,656.

Sales of apartment properties increased 97.8 per cent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 per cent from August 2008 to $369,263.

Attached property sales in August 2009 increased 108.2 per cent to 610, compared with the 293 sales during the same month in 2008. The benchmark price of an attached unit declined 0.9 per cent between August 2008 and 2009 to $459,159.
Download the complete stats package by clicking here.

Real Estate Board July 2009 Sales Stats

Patricia Houlihan — Fri, 14 Aug 2009 17:41:27 PDT

Strong Spring Market Carries Into Summer Months

VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.

“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.

“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.

July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.

Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.

Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.

Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.

Bright spots in Greater Vancouver in July 2009 compared to July 2008:

DETACHED:
Burnaby up 121.7 per cent (153 units sold from 69)
North Vancouver up 53.3 per cent (115 units sold from 75)
Richmond up 140.2 per cent (221 units sold from 92)
Vancouver East up 66.4 per cent (208 units sold from 125)
Vancouver West up 104.5 per cent (180 units sold from 88)
West Vancouver up 108.1 per cent (77 units sold from 37)

ATTACHED:
Burnaby up 123.3 per cent (134 units sold from 60)
North Vancouver up 70 per cent (51 units sold from 30)
Vancouver East up 195.8 per cent (71 units sold from 24)
Vancouver West up 110 per cent (105 units sold from 50)
Richmond up 152.1 per cent (179 units sold from 71)

APARTMENTS:
Burnaby up 72.8 per cent (235 units sold from 136)
North Vancouver up 47.9 per cent (105 units sold from 71)
Richmond up 85.5 per cent (230 units sold from 124)
Vancouver East up 64.2 per cent (179 units sold from 109)
Vancouver West up 94 per cent (584 units sold from 301)

Download the complete stats package by clicking here.

If you have any question about the market stats in your area, please feel free to contact me.

Patricia

Harmonized Sales Tax Impact on Public

Patricia Houlihan — Thu, 06 Aug 2009 17:32:24 PDT

On July 23, 2009, Premier Gordon Campbell and Finance Minister Colin Hansen announced that, effective July 1, 2010, BC will adopt a Harmonized Sales Tax (HST), combining the seven per cent Provincial Sales Tax (PST) with the five per cent federal Goods and Services Tax (GST) for a single sales tax rate of 12 per cent. An additional seven per cent tax will be charged on a variety of real estate related services, including commissions, appraisals and other services that are currently exempt, as well as adding thousands of dollars in additional costs to new home purchases.

Looking to offset the increase in costs, the Government of BC plans to offer a partial rebate of the provincial portion of the HST for new housing to ensure that new homes up to $400,000 will bear no more tax than under the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.

What does this mean for public?

As proposed, the HST will increase the cost of buying or selling a home and becomes essentially an additional tax on home ownership. Under the HST, REALTOR® commissions will be subject to a 12 per cent tax, replacing the five per cent GST now charged.

New home sales over $400,000 will be dramatically impacted, as buyers will now have to pay an additional seven per cent tax (even with the $20,000 flat rebate). This will act as a disincentive to buyers of new homes in the short term.

Next Steps

Although no consultation occurred before the announcement, the BC Real Estate Association (BCREA) is working on recommendations to keep the impact of the HST as neutral as possible with respect to housing attainability. BCREA President John Tillie is prepared an opinion editorial for publication in the Vancouver Sun on Wednesday, July 29.

More information will be available once the BCREA Board of Directors, staff and member boards have had a chance to review and analyze potential strategies.

If you would like more details on how the HST could affect your real estate transactions, please feel free to call or email me.