Greater Vancouver Real Estate News from The Pearce Team April 2018   

 
If your teen's heading off to college or university this fall, you’ll need to start thinking about accommodations. This month’s article explores the option of purchasing an investment property for them to live in and manage.
 
There’s also some advice on how to babyproof your home as well as a few spring home maintenance tips to help you get ready for the nice weather that’s right around the corner!

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 
Fewer sales and listings in the first quarter of 2018.

Home buyers and sellers were less active in Metro Vancouver throughout the first quarter of 2018. Last month’s sales were 23 per cent below the 10-year March sales average.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017, and a 14 per cent increase compared to February 2018 when 2,207 homes sold.

There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter of 2018, a 13.1 per cent decrease from the 7,527 sales over the same period last year. This represents the region’s lowest first-quarter sales total since 2013.

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

There were 4,450 detached, attached and apartment properties newly listed for sale in Metro Vancouver in March 2018. This represents a 6.6 per cent decrease compared to the 4,762 homes listed in March 2017 and a 5.4 per cent increase compared to February 2018 when 4,223 homes were listed.

There were 12,469 homes listed for sale in Metro Vancouver during the first quarter of 2018, a 0.8 per cent decrease from the 12,568 sales over the same period last year. This represents the region’s lowest first-quarter new listings total since 2013.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,380, a 10.5 per cent increase compared to March 2017 (7,586) and a 7.1 per cent increase compared to February 2018 (7,822).

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

For all property types, the sales-to-active listings ratio for March 2018 is 30 per cent. By property type, the ratio is 14.2 per cent for detached homes, 39.9 per cent for townhomes, and 61.6 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 16.1 per cent increase over March 2017 and a 1.1 per cent increase compared to February 2018.

Sales of detached properties in March 2018 reached 722, a decrease of 37 per cent from the 1,150 detached sales recorded in March 2017. The benchmark price for detached properties is $1,608,500. This represents a 7.4 per cent increase from March 2017 and a 0.4 per cent increase compared to February 2018.

Sales of apartment properties reached 1,349 in March 2018, a decrease of 26.7 per cent compared to the 1,841 sales in March 2017. The benchmark price of an apartment property is $693,500. This represents a 26.2 per cent increase from March 2017 and a 1.6 per cent increase compared to February 2018.

Attached property sales in March 2018 totalled 446, a decrease of 24.1 per cent compared to the 588 sales in March 2017. The benchmark price of an attached unit is $835,300. This represents a 17.7 per cent increase from March 2017 and a two per cent increase compared to February 2018.

The real estate industry is a key economic driver in British Columbia. In 2017, 35,993 homes changed ownership in the Board’s area, generating $2.4 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $37 billion in 2017.

Buying a College Crib for Your Kid 
This exciting life event could be a great investment opportunity!

There's an air of excitement when your kids move out to study at college or university but it can also be a very expensive time.

Purchasing an investment property may be one way to offset those expenses. The idea is to cover the mortgage payments with the rent collected from roommates while your child manages and maintains the property.

As with any home purchase, you’ll want to carefully evaluate local market conditions so it’s important to select the right real estate agent. If you don’t already have someone you feel comfortable with, let me know and I can refer you to a professional who has a firm grasp of the local market.

Local rents, vacancy rates and zoning laws should also be examined. Finally, it's important to consider your long-term goals and determine whether you plan on renting it out once your child graduates as this will affect the rate of appreciation.

Specific purchasing details such as co-signing the mortgage or listing your child on title should be discussed with your financial planner and mortgage advisor. There are pros and cons to different ownership scenarios so you'll want to examine what makes sense for your specific individual situation.

Purchasing an investment property that's managed by your child is a decision that shouldn’t be taken lightly but it's certainly an option worth considering. It could end up being a great opportunity but make sure you do your homework so you can carefully weigh up the risks and rewards. When you crunch the numbers, you may just find that purchasing a campus crib makes great cents :)

Fewer home sales and listings in the first quarter of 2018 

Home buyers and sellers were less active in Metro Vancouver throughout the first quarter of 2018.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017, and a 14 per cent increase compared to February 2018 when 2,207 homes sold.

 

Last month’s sales were 23 per cent below the 10-year March sales average. There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter of 2018, a 13.1 per cent decrease from the 7,527 sales over the same period last year. This represents the region’s lowest first-quarter sales total since 2013.

 

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

 

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

 

For all property types, the sales-to-active listings ratio for March 2018 is 30 per cent. By property type, the ratio is 14.2 per cent for detached homes, 39.9 per cent for townhomes, and 61.6 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.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 16.1 per cent increase over March 2017 and a 1.1 per cent increase compared to February 2018.

 

Locally in Maple Ridge 

 

Sales of detached houses for  March  were 101 which is a 7% decrease over last March which was 109 while the number of houses for sale increased by 1%. The average price for the month of March  was $975,645 compared to last years March of $790,839 This represents the average price increase of 23% over last year. Average sale price year to date is $935,189.

   

Sales of  townhouses for March were 39 which is an 35% decrease over  last March, while the number of townhouses for sale is 79 which is an increase of 19% over last year. The average price for March was $568,161 compared to last years March of $467,793. This represents an average price increase of 21% over the last  12 months. Average sale price year to date is $560,450.

    

Sales of condos for March were 39 which is a 41% increase over last February while the number of condos for sale is 39 which is a decrease of 48% over last year. The average price  this March was $383,137 compared to last years March of $287,501. This represents an average price increase of 33% .  Average sale price year to date is $371,835.    

 

 

Top 5 Tips for Spring Lawn Care 
Spring is such a promising time of year, with so much colour returning to the land.

Flowers are blossoming, speckling the landscape with pops of colour! Our lawns are also returning to life, and the sound of lawn mowers is present in many neighbourhoods on the weekend. Spring is the time when homeowners begin to work on their summer lawns, because healthy grass starts with proper care in the spring.

The soil in our yards is altered by winter weather, compacted by snow, frost, and rain, and the pH levels are higher, which makes your lawn a friendly place for weeds and disease. Spring is a critical time to care for your lawn, cleaning it up, applying fertilizer, and properly mowing early in the season. With the proper care now, you’ll have a lush lawn to enjoy in the months to come.
OneTo start, give your lawn a light raking once the ground has dried out to clean any debris off the lawn, then inspect it for problem areas. Common lawn troubles include thatching, soil compaction, and uneven ground.

Thatching occurs when large amounts of dead grass gather just above the soil, preventing your lawn from getting adequate moisture and air. This can be overcome with a specially designed rake that combs the grass and leaves debris that can be manually raked up afterward. Depending on the variety of grass in your lawn, dethatching should be done either in early spring or late summer.

 

High-traffic areas of your lawn may suffer from soil compaction, where the soil is densely packed. This makes it challenging for grass to take root, and instead, weeds take over because their roots are hardier than grass. Aerating solves this, which pulls small plugs out of the soil, allowing air and water to reach the roots of the grass. Aerating is less stressful on your lawn than dethatching is.

 

Uneven ground in your lawn leaves some areas susceptible to being scalped by the lawn mower blade in higher areas, and poor drainage in low areas. Even your lawn out by cutting raised areas away with a shovel, and filling in the depressed areas.
TwoOnce you’ve fixed any problem areas, if any, reseed areas that are bare or brown. Larger areas should be seeded using a broadcast spreader, whereas smaller areas can be reseeded by hand. Be sure to choose a variety of grass that works for your climate, sun/shade levels in your yard, and be sure to water it regularly.
ThreeNow that your lawn is back to shape, you can fertilize  to help it grow thick and lush. Choose a slow-release nitrogen fertilizer and apply early in the season using a broadcast spreader. Follow the package directions for when and how much to apply, and how much you should water your lawn after you’ve applied the fertilizer.
FourAs soon as your lawn needs it, mow it, but avoid the urge to cut it too low. Grass blades do best when only a third of the blade’s length is cut at a time. Leaving the lawn longer allows the blades of grass to absorb more sunlight and shade the soil, which helps grass growth and deters weed growth. The variety of grass you have will determine what height is recommended for your lawn.
FiveOnce your lawn is growing again for the season, and especially after seeding, make sure your lawn is getting at least 1″ of water per week, but always follow the watering guidelines for your region in the drier months. Many communities begin water restrictions in April, so contact your local regional district for details if you’re unsure.
There are many local companies that can provide you with assistance in lawn care, either on a maintenance plan or as needed. Check out a Home Show in your area to meet local providers!

Maple Ridge Home show 2018 
Planet Ice at Maple Ridge Fairgrounds             Click Here For Map   

Fri. May 4th: 4pm - 9pm, Sat. May 5: 10am - 8pm, Sun. May 6: 10am - 4pm 

Home Show admission   $4 single $7 family Gets you into all events       

One of Western Canada’s largest home shows, with more than 375 exhibitor booths showcasing renovations, construction, decor, furnishings, electronics, landscaping, wellness, housewares, ‘girlstuff’, cooking and more.

Enjoy tasty samples or dive right in at our fabulous new Food Truck Festival, get the kids revved up at our huge free Family Fest and jumpstart summer with everything you need for your backyard.

Its all here:  hundreds of dazzling displays with everything for you, your life and your family—-and a whole lot more.  Check us out:

IN THE BUILDINGS:

CURLING RINK LOBBY:

SAMPLING AREA
Getting Ridge Meadows Home Show off to a tasty start is the sampling area–a perennial favourite with show goers. This year the area will feature President’s Choice products from Real Canadian Superstore along with a great line-up of vendors offering “tastes” and ensuring visitors keep their strength up as they navigate three buildings filled with ideas, innovations and products.

BODY, MIND AND SPIRIT PSYCHIC FAIR
A quick detour will take you upstairs in the curling rink to the Body, Mind and Spirit Psychic Fair. Get tuned in to your inner life at this illuminating event that spans the gamut of esoteric pursuits like mediumship and healing with Akashic Records. With an open mind and a searching heart you’ll be on the path to discovering new things about yourself—and may even receive a message from beyond.

CURLING RINK BUILDING A
Renovating, building, landscaping……
If it’s the great outdoors you want to spruce up, or, if you’re dreaming about adding a new deck, Building A is where you’ll find everything you need.  If you’re ready to tackle that big home project stop by Building A to find all the traditional building elements…roofing, siding, solariums, decking and, of course, all the experts in installation.  Haney Builders‘ Supplies will also be on hand to showcase new products and answer  “how to: questions.

PLANET ICE BUILDING B
Wellness, Housewares, Marketplace…..
If you love those unique gadgets and one of a kind items, be sure to shop the marketplace.  Then prowl the colorful ‘girlstuff’ section where you’ll find jewelry, cosmetics, spas, linens and even the most popular anti-aging product on the planet.  You’ll also find a wide range of exhibitors dedicated to your beauty, health and fitness in the Building B wellness section.  Don’t miss test-driving the electronic facelift and other “try it” items—all in the wellness section Building B.

PLANET ICE BUILDING C
Decorating, home theatre, appliances….
Ready for a decor face-lift?  Time to face the fact that you’re swimming in clutter? You’ll want to check out Building C where Ronnie Vanstone of Design Alley takes center stage expounding on the elegant, on trend virtues of “Simply White” and offers complimentary design consultations.
Building C also features flooring, furnishings, window fashions, home renovators, hot tubs, paint and wall coverings, décor items, kitchens, appliances, electronics, woodwork and design items, including artwork.

ON THE GROUNDS:

FOR the LOVE of DOGS EVENT
Our fourth annual For the Love of Dogs event is a three-day exploration of everything dog. Here’s where you come to shop for your furry best friend, learn about pet first aid, grooming, dog classes and training, as well as explore things you and your dog can do together.  Informed dog experts will be on site all three days and Saturday we feature our Meet the Breeds Dog Shows at noon and 3:30—showcasing plenty of dog world royalty and some of Canada’s top dogs.  A meet and greet that follows will allow visitors to talk with owners and breeders about choosing the breed that suits their lifestyle and commitment level. There will also be plenty of demonstrations—ranging from obedience, protection, detection, agility and more.

BBQ SCHOOL & TASTE EVENT
Two top chefs will be sizzling their way through  mouth-watering menus  –and offering tastes—-at this year’s  Times BBQ School.  Watch & learn, then taste the results when Chef Dan Beitel of Hunger Management and Chef Dez team up with Meridian Farm Market to bring you a fresh and natural line-up of delicious offerings, created from free range and grass-fed meats raised without added growth hormones, plus…
sustainable seafood, organic and locally harvested produce and artisan breads baked fresh daily. Learn secrets from the pros that guarantee you’ll be the grillin’ and BBQ champ of your neighborhood.

FOOD TRUCK FESTIVAL
We know you’re going to work up an appetite exploring everything at the show and what could be better to soothe the savage beast than our very own Food Truck Festival?  Bring your appetite and get ready to explore the tasty offerings of no less than 15 of Vancouver’s favorite food trucks?

FAMILY FEST
There’s fun everywhere you look as we celebrate more than 20 years as a totally free event thanks to the generosity of sponsors and your loyal patronage of Ridge Meadows Home Show.  Here’s what this year’s line-up looks like:

NORDEN THE MAGICIAN:
Magician of the Year award winner Mike Norden, host and master of ceremonies, will work his magic with three days of stage shows and walk around magic. Norden has won countless national and international awards is a nine time winner of the prestigious Magician of the Year award from Pacific Coast Magicians’ Association.

DOOLITTLE’S PETTING ZOO:

Watch your child’s face light up with the opportunity to get up close and personal with everyone’s favorite barnyard animals.  This perennial show stealer is consistently rated our number one event!

DOG SHOW AND MEET AND GREET:
Who doesn’t love dogs?  We do, that’s for sure.  Saturday only, noon and 3:30 join us  at Family Fest for our Meet the Breeds Dog Show, followed by a meet and greet where you can get up close and personal with all our canine stars and ask questions ‘til your heart’s content.

ROUND UP GRANDMA AND GRANDPA for NEIL DIAMOND TRIBUTE ARTIST.
Especially for seniors, The Clutter Guys have generously brought in Nearly Neil featuring Neil Diamond Tribute artist Bobby Bruce. Don’t be surprised if Grandpa’s tapping his toes and Grandma knows all the words to the songs. First 250 seniors receive coffee or tea and cookies courtesy McDonald’s.

BUILD AND TAKE HOME A BIRDHOUSE…FREE!
Lets Build! with Haney Builders’ Supplies —Kids get a chance to build (and then take home) their own birdhouse with pre-cut wood and help from Mom and Dad or, Family Fest staff.  Easy and a whole lot of fun.  And pretty nice for the birds, too.

BATESON’S MARTIAL ARTS GO NINJAS:
If the giant Ninjas Dojo bouncy isn’t enough, kids will want to try the challenges of the Ninjas Obstacle course, created by Karen and Perry Bateson.  The Bateson’s have been sponsors and participants in the Family Fest for as long as its been in existence—more than twenty years!

KITCHEN PICKS HERB PLANTS…FREE! 
Visit the Friends in Need Food Bank display and take a few minutes to learn about local food bank operations, Walk away with a living herb plant from Kitchen Picks, grown and donated by local growers and Friend’s sponsor partners: the Pelton Family.

SPRINGFREE TRAMPOLINE TRY IT ZONE:
Bounce on over to Family Fest to take a test drive on the world’s safest trampolines—in three different sizes, all enclosed, and offering a path to physical fitness for the entire family. And oh yes…a whole lotta fun, as well.

CREATIVE CRAFT KINGDOM:
A ton of fun for any child that likes to get hands-on and creative, our craft tent is the perfect spot to get the little ones involved in make and take crafting and fun.

SHOOTING STAR AMUSEMENTS
Who doesn’t love the sights and sounds of a carnival? Located right next door to our outdoor events, Shooting Star Amusements brings the fun to you with a great selection of rides and games of chance for all ages.  Fee for rides and attractions.

LINK TO HOME SHOW WEBSITE:

http://www.ridgemeadowshomeshow.com/global-taste-of-the-world/

The Foolproof Way to Babyproof Your Home 
Little ones love to explore so be sure to properly prep your home.

The arrival of a new baby brings many responsibilities, one of which is babyproofing your home. Here are a few things to keep in mind when preparing your home for your new little bundle of joy:

  1. Slam Jam - Install door stops/holders so fingers don't get caught.


  2. Tie Up Loose Ends - Tie up blind and curtain cords so they’re out of reach.


  3. Cabinet Caution - Make sure cabinets and drawers are equipped with safety latches.

  4. Don’t Cut Corners - Cover any sharp corners such as those on coffee tables with foam.

  5. It's No Shock - Cover electrical outlets with safety plugs so that they're not able to shove keys or other objects into them.

  6. Strong Attachments - Securely tether any furniture that could tip over such as dressers and shelves so they won’t come tumbling down if your little one starts climbing.

  7. Supermax Security - Install a baby gate at the top and bottom of your staircase. Make sure they're attached directly to the wall and not just pressure mounted.

It’s best to babyproof your home before your little one arrives as it'll be the last thing on your mind when you're a tired new parent. Getting down on all fours and crawling around will help you see hazards from their perspective.

Spring Home Maintenance Tips 
It's the time of year to give your home a complete physical.

Spring has sprung so it's time to take a good look around your home, both inside and out and conduct some preventative maintenance. Here are just a few ideas to get you started:

  • inspect your attic for rodents and roof leaks

  • inspect your roof and the flashings around your chimney

  • check seals around windows/doors and fix damaged screens

  • repair fences, posts, steps, decks, railings and outdoor furniture

  • clean out your gutters and make sure all of the downspouts drain away from your foundation

Your home is likely your biggest investment so it's important to perform regular maintenance in order to keep it in tip-top shape. If you set aside a couple of days now, you'll be able to sit back, relax and enjoy your home when the summer finally arrives!



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 plus 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.