Greater Vancouver Real Estate News from The Pearce Team November 2018   

 

When selling your home, it's important that everything be in tip-top shape. This month's article highlights some fairly common repairs that will help you sell your home fast and for top dollar!

There are also a few tips on how to prevent an invasion of rodents this winter as well as some reminders on foods you should never feed your dog.

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 
Home listings high but sales remain below typical levels.

Home sale activity across Metro Vancouver remained below long-term historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018.

This was a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold. Last month’s sales were 26.8 per cent below the 10-year October sales average.

“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”

There were 4,873 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2018. This represents a 7.4 per cent increase compared to the 4,539 homes listed in October 2017 and a 7.7 per cent decrease compared to September 2018 when 5,279 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1 per cent increase compared to October 2017 (9,137) and a 0.8 per cent decrease compared to September 2018 (13,084).

For all property types, the sales-to-active listings ratio for October 2018 is 15.1 per cent. By property type, the ratio is 10.3 per cent for detached homes, 17.3 per cent for townhomes, and 20.6 per cent for condominiums. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,062,100. This represents a one per cent increase over October 2017 and a 3.3 per cent decrease over the last three months.

Sales of detached homes in October 2018 reached 637, a 32.2 per cent decrease from the 940 detached sales recorded in October 2017. The benchmark price for detached properties is $1,524,000. This represents a 5.1 per cent decrease from October 2017 and a 3.9 per cent decrease over the last three months.

Sales of apartments reached 985 in October 2018, a 35.7 per cent decrease compared to the 1,532 sales in October 2017. The benchmark price of an apartment property is $683,500. This represents a 5.8 per cent increase from October 2017 and a 3.1 per cent decrease over the last three months.

Attached homes sales in October 2018 totalled 344, a 37.5 per cent decrease compared to the 550 sales in October 2017. The benchmark price of an attached home is $829,200. This represents a 4.4 per cent increase from October 2017 and a 2.8 per cent decrease over the last three months.

Reaping Returns on Repairs 

Completing basic repairs before selling your home pays off.

If you plan on selling your home in the near future, you'll want to tackle any necessary repairs ahead of time as buyers will be completely turned off if your home appears to have been neglected.

Buyers also factor fix-up jobs into the purchase price, often overestimating the costs involved, so it's best to just take care of them yourself. Here are a few repairs to consider:

  1. Grimy Grout - Dirty grout is a real turn off as it looks like mold so apply new caulking to freshen up the entire area.

  2. Flooring Fixes - Flooring can totally transform the look of your home so replace any cracked floor tiles or torn carpeting and refinish scratched hardwood.


  3. Rough Roof - If your roof needs replacing, it's better to do it before you sell as buyers get so turned off by the cost and hassle that it could be a potential deal breaker.


  4. Fresh Paint - Fill in all holes and cracks in the walls before painting. Make sure to repair and paint your baseboards so they don't look beaten up compared to your fresh walls.

  5. Curb Appeal - Your home needs to make a perfect first impression so patch cracks in the driveway, caulk windows, spruce up your porch and invest in some landscaping.

  6. Dripping Faucets - A dripping tap can signal expensive plumbing repairs to buyers. It'll probably only need a new rubber washer that costs less than a dollar so get it fixed!

  7. The Kitchen is Key - Kitchens are critical and can make or break a sale. Repainting cabinets, adding new hardware or upgrading your countertop are all worthwhile investments.

Buying a home is an emotional experience so it's critical to create an incredible first impression that will make buyers want to own your home the moment they set eyes on it! Although it may initially seem like a hassle to repair a home you'll be moving out of, it'll be well worth the time and money in the end.

Real Estate Board Blanket Drive 2018 - November 13-20 
Since it started 24 years ago, the Blanket Drive has helped more than 345,000 people in our communities stay warm and dry. Last year alone, more than 38,000 people received a blanket, coat, or other donation from the Blanket Drive.
 
Items raised in the community stay in that community

Here's how you can help

Give us a call and we will stop by and pick up any of the following items.
 
Between November 13 & 20, REALTOR® volunteers will collect warm clothing and blankets across the region. The donations are then distributed to partner charities from the same community where the item was donated. 
 
Please donate the following items for all ages:
 
• gently used or new blankets or sleeping bags  
• warm clothing, coats  
• hats, gloves, scarves  
• new socks and underwear  
• plastic ponchos, bivy sacks 
 
Socks are especially important for the homeless. They're as good as gold. Find out why by listening to this item from CBC radio, Sunday Edition: http://bit.ly/2k6t0tF    
Drop off your donations at any of these Lower Mainland real estate office locations.

  

Thank you!



Rememberance Day 2018 - November 11th 

No matter where you are on November 11th take a few moments silence at 11:00 AM to remember those who made the ultimate sacrifice for our freedom. 
                        

Maple Ridge -  Memorial Peace Park - 11925 Haney Place

 

The Remembrance Day Ceremony takes place in Maple Ridge at 10:30 after the parade from the Legion Building to the Cenotaph in Memorial Peace Park. There will be a laying of wreaths and at 11 a.m., there will be a fly past, and two minutes of silence.
 
Pitt Meadows Remembrance Ceremony -Spirit Square - 12007 Harris Road
 
The Remembrance Day Ceremony takes place in Pitt Meadows at 10:30am. There will be a procession to the Spirit Square Cenotaph at 12007 Harris Rd, speeches and prayers, playing of The Last Post.
 

Port Coquitlam  - Location: 2580 Shaughnessy Street

This is an outdoor service. Seating is limited and reserved for the veterans in attendance. Those attending the Cenotaph Remembrance Day Service are encouraged to dress warmly and to bring an umbrella in the event of rain.

There are over 30 different Remembrance Day events in the Lower Mainland every November 11th. Below is a list of just some of this year’s events including ones at the following locations:

Abbotsford | Burnaby | Coquitlam | Delta | Fort Langley |

Langley | Maple Ridge | New Westminster | North Vancouver |

Richmond | Surrey | Vancouver | West Vancouver

 



Cannabis and your home 

Mortgage companies may not lend and insurance companies may not insure.

Despite the drug’s newly-minted legal status, questions linger over how personal use and cultivation may impact the value, desirability, and even the insurable status of homes for sale. With such areas remaining, well, hazy, it’s no surprise that stigma pervades among current and prospective homeowners, as well as those renting out their property.

 

 

With the new cannabis laws coming into force, would growing pot at home reduce your property’s value? What about smoking weed at home? Do you think a new cannabis store in the neighbourhood would help or hinder a home sale?

 

 

A majority of Canadian homeowners (64 per cent) believe that a home where the owners smoked pot would see a decreased value, according to a survey released October 16 by real estate website Zoocasa.

 

And 57 per cent of homeowner respondents said they think that even growing a legal amount of cannabis at home would reduce their desire to buy that property.

 

 

Sentiments were a little different among respondents who identified as renters, of whom less than half (46 per cent) thought that smoking pot would damage a home’s value.

 

The age of respondents also made a difference. Millennials were found to be the least likely to consider home-grown pot a problem, with 38 per cent saying that a legal amount of cannabis grown in a home would reduce their desire to buy that property, compared with 58 per cent of Gen Xers and 59 per cent of Boomers.

 

 

Nearby dispensaries

With pot shops becoming legal and licensed, would such a store opening up nearby be a problem for home values? Some 42 per cent of both homeowner and renter respondents said yes, while 34 per cent disagreed, and 23 per cent were neutral.

 

This compares with just 11 per cent of all respondents saying they think a new liquor store would reduce the value of nearby homes.

 

Condos and rental apartments

 

 In terms of condo owners and strata corporations’ rights, 61 per cent of all respondents disagreed that residents should be able to smoke cannabis within their units. An even higher proportion, 64 per cent, said that strata council boards and property managers should be able to ban the drug’s use in residents’ units.

 

Tenants and landlords responding to the survey seemed largely – but not entirely – on the same page. Just over one third of renter respondents agreed that tenants should be able to smoke cannabis inside their homes, while 46 per cent did not agree, and one in five was neutral.

 

On the other side of the equation, 88 per cent of respondents who identified as landlords said they want or plan to ban smoking within their rental properties.

 

More results from the survey of 1,380 Canadians can be found here.


Real Estate Board Stats for October 
Home sale activity across Metro Vancouver* remained below long-term historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.

Last month’s sales were 26.8 per cent below the 10-year October sales average.

“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”

For all property types, the sales-to-active listings ratio for October 2018 is 15.1 per cent. By property type, the ratio is 10.3 per cent for detached homes, 17.3 per cent for townhomes, and 20.6 per cent for condominiums.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”

Locally in Maple Ridge    

 

Sales of detached houses for  October were 74 which is a 33% decrease over last October which was 111 while the number of houses for sale increaseed by 18%. The average price for the month of October was $939,161 compared to last years October of $921,232. This represents the average price increase of 1% over last year. Average sale price year to date is $939,227.    

 

Sales of  townhouses for October were 38 which unchanged over last October which was 38, while the number of townhouses for sale is 145 which is a increase of 110% over last year. The average price for October was $523,576 compared to last years October of $482,996. This represents an average price increase of 8% over the last  12 months. Average sale price year to date is $558,812.  

 

Sales of condos for October were 31 which is a 6% decrease over last October while the number of condos for sale is 124 which is a increase of 235% over last year. The average price  this October was $364,290 compared to last years October of $325,757. This represents an average price increase of 11% . Average sale price year to date is $379,422.  

 

Overview of the local market:   

The level of activity is down substantially from the peak in April. For detached, townhomes and condo's the average selling price dropped approximately 5%. This market shift makes it an ideal time for the townhome or condo owner to move up to a detached home. Call us today to review the benefits of buying up in a softer market.
.

Move Over Mice 
'Tis the season for mice who are looking for cozy winter homes!

Rather than dealing with mice who’ve already made themselves at home, try and prevent them from entering in the first place! Here are a few ways to refuse access:

  1. Fallen Fruit - Pick up any fruit that has fallen from the trees in your yard.


  2. Put a Lid On It - Store any food items including pet food and birdseed in rodent-proof containers.


  3. Tight Squeeze - Mice can fit through a hole the size of a pencil so fill any gaps around your foundation and soffits.


  4. Inside Job - Don’t forget to seal holes from the inside of your home and around any openings in your garage or shed.


  5. Controlling Climbers - Mice are great climbers and will try and access your roof by using vines, shrubs and overhanging branches. Cut these back so they're not able to get a leg up on entry points!


One or two mice can quickly turn into a full-scale invasion and once you have them, they’re very hard to get rid of. There’s nothing that’ll keep you up more at night than the sound of mice scurrying around inside your walls so take steps now before it’s too late.

Foods NOT for Fido 

We all share scraps with our pup but certain foods can be toxic.

The holiday season is almost upon us which means lots of delicious food! If your pup hides out under the table looking for scraps, it’s important to know what food you can share and what could be poisonous.

There are plenty of festive foods that Fido shouldn't be indulging in such as fat trimmings & bones, chocolate, salty snacks and sugary foods as they can cause serious issues or even death.

There are also many lesser-known foods that are harmful to dogs such as avocados, chives, leeks, garlic, dairy products, macadamia nuts, cooked bones, yeast dough, the sweetener xylitol, corn on the cob, persimmons, peaches, plums and grapes; to name just a few.

The holiday season is a time for sharing amazing meals with loved ones but not everything should be shared with the dog. Aside from fattening up Fido, certain foods can cause serious damage. If you’re ever in doubt, you can always look it up online.

Interactive Graphs 
Interactive graphs

Click the following links to see the prices on a monthly basis since January 2005 for the areas noted. Just run the cursor along the graph for details on price and month.

Average sale price Real Estate Board of Greater Vancouver since January 2005  
Detached house -  http://statscentre.rebgv.org/infoserv/s-v1/h1us-NlU
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/h1uE-bt5
Condo - http://statscentre.rebgv.org/infoserv/s-v1/h1u8-tLA

Average sale price Maple Ridge since January 2005     
Detached house -  http://statscentre.rebgv.org/infoserv/s-v1/h1uU-h4S
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/h1uN-pWc
Condo - http://statscentre.rebgv.org/infoserv/s-v1/h1Am-3NU

Average sale price Pitt Meadows since January 2005     
Detached house -  http://statscentre.rebgv.org/infoserv/s-v1/lA1h-H0v
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/lA1H-y12
Condo - http://statscentre.rebgv.org/infoserv/s-v1/lA18-gEB

  
Average sale price Langley since January 2005     
Detached house -  http://statscentre.rebgv.org/infoserv/s-v1/lA1S-ZpA
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/lA1u-ruZ
Condo - http://statscentre.rebgv.org/infoserv/s-v1/lA1q-MSU

Average sale price Mission since January 2005     
Detached house -  http://statscentre.rebgv.org/infoserv/s-v1/lA1s-lY8
Townhouse - http://statscentre.rebgv.org/infoserv/s-v1/lA1r-2jb
Condo - http://statscentre.rebgv.org/infoserv/s-v1/lA1a-AI1
    
** If you save these links somewhere convenient you will able to check on a monthly basis for the new months information. A new month is added to the right side of the graph and the old month is removed from the left side on the first of every month. **

If you want a personal graph for your specific area type of property just call or email.



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 delay of up to 24 hours 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.