Vancouver market sees reduced demand and increased supply.
Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,829 in April 2019, a 29.1 per cent decrease from the 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019.
"Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing.. Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand."
“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.”
The overall sales-to-active listings ratio for April 2019 is 12.7 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.4 per cent for townhomes, and 15.3 per cent for apartments.
Generally, analysts say 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.
Locally in Maple Ridge
Sales of detached houses for April were 65 which is a 41% decrease over last April which was 111 while the number of houses for sale increased by 55%. The average price for the month of April was $910,144 compared to last years April of $995,860. This represents the average price decrease of 8% over last year. Average sale price year to date is $874,759.
Sales of townhomes for April were 38 which represents is a decrease of 13% from last April, while the number of townhouses for sale is 154 which is an increase of 65% over last year. The average price for April was $521,433 compared to last years April of $591,550. This represents an average price decrease of 11% over the last 12 months. Average sale price year to date is $515,340.
Sales of condos for April were 19 which is a 60% decrease over last April while the number of condos for sale is 125 which is a increase of 43% over last year. The average price this April was $325,152 compared to last years April of $377,705. This represents an average price decrease of 13% . Average sale price year to date is $348,650.
Overview of the local market:
The sale prices in all categories seem to have stabilized and the number of sales for detached and townhomes has increased every month since January. For detached, townhomes and condo's the average selling price dropped approximately 8-12%. from their peak prices. If you were waiting for the "bottom" this may be it barring any more goverment intervention. 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 moving up in a softer market.
If you're thinking of selling your home, springtime's the perfect time!
Home sales usually surge come springtime as the fresh, sunny weather encourages people to fix up their homes and check out what else is on the market. Here are a few ways to take advantage of spring fever:
- Flower Power - Place a few vases of fresh cut flowers throughout your home.
- Clutter Control - Decide what needs to be tossed out and what can be donated.
- Spring Fling - Once you've decluttered, freshen up your home with a thorough spring clean.
- Wide Open - Clean and then open your windows so the sun shines in and fresh spring air flows throughout your home.
- Refresh Your Nest - Inject vitality into your space by swapping out couch cushions, throws and towels with shades and fabrics that reflect the spring season.
- Outdoor Living - Families are entertaining more at home than ever before so extend your inside space outdoors with comfortable seating and ambient lighting.
- Curb Appeal - The spring naturally highlights your yard's best features so prune trees, trim shrubs, rake the grass and add flower pots around the front door.
If you plan on putting your home on the market, use the spring season to highlight its best features so it stands out from the competition. You only have one chance to make a great first impression, so clear out the cobwebs and make your home spring fresh!
Just a short story:
Sort of about real estate but mostly about my wife Debi who is also a Realtor and many of you have likely met. Last June we we referred to clients to sell their home and buy another. They have an adult son who is 31 who had a very bad reaction to a hepatitis shot in high school. He got ill and it attracted his liver and kidneys an both failed when he was about 25. He almost died but they got him a liver transplant at the last possible moment as they could manage his kidney failure with dialysis. During this time he was paralyzed from the neck down and they told him he would never walk again. He and his family fought back and he now is walking fine and doing quite well overall. He has been going for dialysis 3 times a week for the last 6 years.
He requires a live donor. Debi said this young man is a fighter and has gone though too much so she got tested, went through a battery of tests, was a match and a few weeks ago she was approved to donate a kidney to Jeff. Everything working out with staff and surgery availability, it should be late July or August when Geoff gets to be off dialysis for the first time in six years and will be able to live a normal life.
Our whole family is so proud of her. Just wanted to share.
Below is a video of her telling Geoff the news.
If you haven't already then please consider organ donation. You could save someones life. Just go to http://www.transplant.bc.ca/our-services/organ-donor-registry
Here are a few tell-tale signs to help you recognize tall tales!
One of the most effective ways to determine whether or not someone's lying is to examine their body language and speech patterns. Here are a few tips that'll help turn you into a human lie detector:
- Um, Err - Liars often mispronounce words, stutter or sniff due to nervous tension.
- Tick Tock - Deceptive answers usually take longer to formulate than truthful ones.
- Cover Up - Covering the mouth and rubbing the nose and eyes can indicate untruthfulness.
- Pivoting - Liars welcome a change in conversation resulting in their body language becoming more relaxed.
- Fade Away - Their body will start to scrunch up as if they're trying to fade away and any movement will be stiff and limited.
- Pick Pocket - Showing palms is a sign of honesty so people who are fibbing will often put their hands in their pockets and fidget.
- Look at Me - Liars usually avoid eye contact while seasoned pros will overcompensate and maintain deliberate eye contact.
Detecting deceit isn't always easy as some people are better liars than others. Asking questions can help determine whether or not someone's lying as it's difficult to fabricate specific details on the spot. A single tell may mean nothing but when combined together, chances are they're hiding something.
It's not just your closets that could do with a good spring clean!
Whether you're on Facebook, Twitter or Instagram, it's good to get in the habit of performing regular maintenance on your accounts. The following tips will help you clean out the digital cobwebs:
- Safe & Secure - Change your passwords and beef up security settings.
- Perfect Privacy - Review your privacy settings and adjust if necessary.
- Hack Attack - Back up your Facebook page in case your account gets hacked.
- Clear the Clutter - Unfollow or unfriend those you no longer keep in touch with.
- Lock Down - Update the recovery details that are associated with each account.
While you're in clean-up mode, go through your phone and delete any apps you no longer use. Most apps require access to your personal details so the fewer you have, the more privacy you'll gain.