Greater Vancouver Real Estate News from The Pearce Team July 2019   

 
When arranging a mortgage, it’s important to thoroughly explore all of your options. This month’s article discusses some critical factors you should consider when shopping around for financing.

There are also some tips on how to take care of your hardwood floors as well as a few frozen DIY summer dog treats that Fido will love!

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general. It'd be great to hear from you!

The Pearce Team

In this issue...
Vancouver Real Estate Market Update 
Housing supply up but sales and prices were down.

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019.

This was a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019. Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.

"We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver. Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach,” says REBGV president Ashley Smith.

On the supply side, there were 4,751 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2019. This represents a 10 per cent decrease compared to the 5,279 homes listed in June 2018 and an 18.9 per cent decrease compared to May 2019 when 5,861 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 per cent increase compared to June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685).

“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”

For all property types, the sales-to-active listings ratio for June 2019 is 13.9 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019. This is the first time the composite benchmark has been below $1 million since May 2017.

Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.

Sales of apartment homes reached 941 in June 2019, a 24.1 per cent decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment property is $654,700. This represents an 8.9 per cent decrease from June 2018 and a 1.4 per cent decrease compared to May 2019.

Attached home sales in June 2019 totalled 390, a 6.9 per cent decrease compared to the 419 sales in June 2018. The benchmark price of an attached unit is $774,700. This represents an 8.6 per cent decrease from June 2018 and a 0.6 per cent decrease compared to May 2019.

The Mortgage Market Maze 
Buying a home is the biggest purchase you’ll ever make!

Arranging a mortgage is a huge financial decision, so it’s important to be organized and do plenty of research before you sign on the dotted line. Here are a few points to consider:

  1. Know Your Numbers - A budget will provide confidence and peace of mind, so examine your finances to determine exactly what you can afford.


  2. Lock it Down - Many banks are able to place a hold on interest rates to protect you in case they rise while you’re out house hunting.


  3. Consider This - Interest rates are important but there are other considerations such as the type of mortgage (fixed/variable or open/closed) as well as the loan's duration.

  4. Get With the Program - Homebuyer programs are a great way to get into the market but they often require a bit of proactive planning so seek professional advice early on.


  5. Seal of Approval - A mortgage pre-approval can prevent you from losing out on your dream home as you'll be in a much stronger negotiating position.


  6. Do the Math - Current homeowners can also take advantage of mortgage refinancing options as even a slight adjustment to your terms can amount to huge savings!

While it’s important to shop around for the best terms, you should also draw up a proper budget and understand the risks of the current and future market. It can sometimes be a little overwhelming so please get in touch if you ever have any questions.

Hard Times for Hardwood Floors 
Hardwood floors look beautiful, but they can take a real beating!

It can be a hard knock life for hardwood floors as general wear and tear slowly destroys their natural beauty. Here are a few common issues to be aware of:

  1. Smooth Move - Place felt pads underneath chairs and furniture to avoid scratches
.

  2. Mop to It - Mop up spills immediately as they can warp the wood and cause it to swell.


  3. Pet Peeves - Be sure to regularly trim your dog's nails as their long, sharp claws can cause serious damage.


  4. Sticks & Stones - Grit acts like sandpaper, so place rugs by the doors and vacuum thoroughly with a brush attachment before washing.

Prevention is key to maintaining the beauty of your hardwood floors. Many cleaners will actually ruin your finish so make sure you use the right solution and that you also keep your home at the ideal humidity level of around 55%.

Beat the Heat with Frozen Treats 
Treat your pup to a frozen treat during the dog days of summer!

Most dogs love treats, but on a hot summer day, a homemade frozen treat will also help them keep their cool. Here are a few simple, icy cold DIY treat ideas:

  1. Chicken Pupsicles - Freeze some chicken or beef broth in ice cube trays.


  2. Ice Dreams - Place a mixture of yogurt and blueberries in a muffin tray and freeze.


  3. King Kong - Blend some banana and peanut butter in a kong and throw it in the freezer.

Dogs can easily get overheated during the hot summer months so it’s important to keep them cool by not overexerting them and making sure they always have lots of water. A few frozen treats will be the icing on the cake!



PS

 

 We have ALL the MLS listings on our site, no need to go anywhere else.   Sit back, relax and let us do the work for you! Just visit www.ThePearceTeam.com and use our preset searches in $50,000 increments for Maple Ridge & Pitt Meadows. If you want to be more specific use the "other communities feature". Either way, save your search and whenever a home matching your criteria hits the market, it'll be automatically emailed to you so you'll never have to worry about missing your dream home. Go to www.ThePearceTeam.com  to get started. Our site is a virtual office so if you sign up as a member (no obligation)  then the MLS information you receive will be current to the minute with twice the detail ( room sizes, time on market, previous prices, etc). SEE IT FIRST ON OUR SITE!! Sites like realtor.ca and mls.ca have a built in 24 to 48 hour delay on all their listings. Use our Google maps interface to get a  "birds eye" view of the listing and of the neighborhood. Check out the amenities in the area with the "walk to" score. If English is not your first language then use the translate feature on the home page. Want a feature that is not there, give us a call or email and we will see if we can add the feature. We look forward to hearing from you.

Not meant to solicit clients already under contract.