Greater Vancouver Real Estate News from The Pearce Team September 2018   

 
Inspecting your home each season decreases the need for expensive repairs. This month's article includes a fall maintenance checklist that will help keep your home in tip-top shape.

There are also some little-known uses for Epsom salt around the home as well as a few of the latest apps for all those proud pet parents out there!

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 Report 
Homebuyer demand stays below historical averages.

The Metro Vancouver housing market continues to experience reduced demand across all housing types.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018.

This was a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold. Last month’s sales were 25.2 per cent below the 10-year August sales average.

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”

There were 3,881 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2018. This represents an 8.6 per cent decrease compared to the 4,245 homes listed in August 2017 and an 18.6 per cent decrease compared to July 2018 when 4,770 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,824, a 34.3 per cent increase compared to August 2017 (8,807) and a 2.6 per cent decrease compared to July 2018 (12,137).

The sales-to-active listings ratio for August 2018 is 16.3 per cent. By housing type, the ratio is 9.2 per cent for detached homes, 19.4 per cent for townhomes, and 26.6 per cent for apartments.

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.

“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” Moore said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,083,400. This represents a 4.1 per cent increase over August 2017 and a 1.9 per cent decrease since May 2018.

Sales of detached properties in August 2018 reached 567, a 37.1 per cent decrease from the 901 detached sales recorded in August 2017. The benchmark price for detached properties is $1,561,000. This represents a 3.1 per cent decrease from August 2017 and a 2.8 per cent decrease since May 2018. Sales of apartment properties reached 1,025 in August 2018, 36.5 per cent decrease compared to the 1,613 sales in August 2017. The benchmark price of an apartment property is $695,500. This represents a 10.3 per cent increase from August 2017 and a 1.6 per cent decrease since May 2018.

Attached property sales in August 2018 totalled 337, a 36.3 per cent decrease compared to the 529 sales in August 2017. The benchmark price of an attached unit is $846,100. This represents a 7.9 per cent increase from August 2017 and a 0.8 per cent decrease since May 2018.

Greater Vancouver market update 
Home buyer demand stays below historical averages

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.
 
Last month’s sales were 25.2 per cent below the 10-year August sales average.
 
“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”
 
There were 3,881 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2018. This represents an 8.6 per cent decrease compared to the 4,245 homes listed in August 2017 and an 18.6 per cent decrease compared to July 2018 when 4,770 homes were listed.

Locally in Maple Ridge    

Sales of detached houses for  August were 62 which is a 46% decrease over last August which was 116 while the number of houses for sale basically stayed the same. The average price for the month of August was $841,784 compared to last years August of $876,291. This represents the average price decrease of 3% over last year. Average sale price year to date is $946,504.    

 

Sales of  townhouses for August were 37 which is an 21% decrease over  last August which was 47, while the number of townhouses for sale is 116 which is a increase of 176% over last year. The average price for August was $566,363 compared to last years August of $472,706. This represents an average price increase of 19% over the last  12 months. Average sale price year to date is $566,557.

 

Sales of condos for August were 22 which is a 24% decrease over last August while the number of condos for sale is 119 which is a increase of 395% over last year. The average price  this August was $375,804 compared to last years August of $294,729. This represents an average price increase of 27% .  Average sale price year to date is $381,840

 

Overview of the local market:

 

We have just had a "traditional" quiet summer market with sales slowing substantially and that slowing compounded by government policies at both the provincial and federal levels. The average sale price of a detached home for the month of August was over $100,000 less than the average for the first part of the year. For townhomes and condo the average selling price was almost identical to the average selling price for the first 7 months of the year. This market shift makes it an ideal time for the townhome or condo owner to move to a detached home.

Fall Fix-Ups: Donít Let Your Home Fall Apart 
Stave off winter breakdowns by tackling tasks ahead of time!

Taking the time to regularly maintain your property is critical as it helps protect your most valuable investment.

It’s also much more cost effective to proactively fix small problems as opposed to fixing them once they're past the point of no return.

Regular maintenance should be part of your routine so here’s a fall home maintenance checklist to help keep you organized:

  1. Lawn Love - Rake up leaves and aerate/fertilize your lawn.

  2. Get Cracking - Fix any cracks or gaps you see in the driveway.

  3. Safety First - Test and clean your carbon monoxide and smoke detectors.

  4. Furnace Fix - Inspect your furnace filter and schedule a furnace tune-up.

  5. Roofing Repair - Check your roof for leaks and damaged shingles.

  6. Clearing a Clog - Clean leaves from gutters and test downspouts with a hose.


  7. Chimney Sweep - Inspect your chimney for obstructions such as bird's nests.

  8. Cool Weather Ahead - Check the weatherstripping on your windows and doors.

  9. Pest Proofing - Check your home's exterior for any holes that rodents could use to gain entry.

  10. Foundation Fix - Ensure water doesn't pool around your home as it can cause flooding and damage your foundation.

Preventative maintenance will help ensure small problems don't turn into big headaches that need professional attention on short notice. Just a little time and planning will help you maintain your home's value and you'll also save money each month as your home will be much more efficient.

Interactive market graphs 
Interactive graphs

Click the following links to see the prices on a monthly basis for the last 12 years 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.

Extraordinary Uses for Epsom Salt 
This versatile household staple has an array of surprising uses!

Most of us know that adding Epsom salts to your bath helps relax muscles and relieve stress but here are a few lesser-known reasons why you should always keep Epsom salt in your home:

  1. House Cleaner - Mix Epsom salt with dish soap to scrub off stains on tile and countertops.

  2. Splinter Hint - Dissolve a cup of Epsom salt in a tub of hot water and soak the affected area for a few minutes.


  3. Deter Critters - Spread a light dusting around garbage cans to deter pesky critters like raccoons as they hate the taste.


  4. Help Your Garden Grow - Sprinkle a tablespoon of Epsom salt before you plant your veggies and flowers as it acts as a magnesium fertilizer.

These are just a few of the many ways you can use this inexpensive, natural product that can be found at any drugstore. This mineral mixture has many more uses so make sure you stock up because once you’ve completed all that cleaning and gardening, you’ll want a long soak in the bath!

Top ten reasons to have a will 

Here is the top ten

 

1/ Your family won’t starve in the cold. Without an estate plan you may not leave enough money to your family to make sure they’ll always be warm and well fed.

 

2/ Less of your estate will pay a permanent visit to the income tax department. Without an estate plan you won’t be able to take advantage of tax-saving strategies.

 

3/ Your family won’t have to weep before a judge to get the right to manage your estate. If you don’t make a will naming an executor, someone close to you will have to start a court proceeding to be appointed the administrator of your estate. Until the court makes a decision, no one will be able to touch your property.

 

4/ Your estate won’t lose money after your death. Without a will you won’t be able to give an executor flexibility to sell or keep certain property and to make bold investment decisions.

 

5/ Your estate will be able to pay off your credit cards and still have something left for your family to go on a shopping spree. With an estate plan, your estate may not have the money it will take to pay off your creditors and hand over a good sum to your family.

 

6/ Your family will be able to keep the heirloom brass spittoon lovingly handed down from generation to generation instead of getting cash with no sentimental value. Without a will, your administrator may have to sell your property and hand out cash.

 

7/ The business you built up from scratch can be more easily passed on to the person of your choice — or at least not sold at a loss. Without an estate plan, you can’t be sure where the business will end up and how much it will be worth when it gets there.

 

8/ Your children will be cared for. Without a will, your wishes about who will look after your children may never be known.

 

9/ Your provincial government won’t be playing piggy bank with your children’s money. Without a will that sets up a trust for young children until they come of age, the provincial government will hold any property you leave the kids — until they reach the age of majority.

 

10/ Your provincial government won’t be playing piggy bank with all your money. Without a will, your property will be given away to your lawful husband or wife and blood relatives according to rules set by provincial law. If you don’t have a lawful spouse or any blood relatives — even though you have a long-time companion, a lover, friends, or a favourite charity — your property will all go to the provincial government.

Pet Parenting? Yes, thereís an app for that! 
Pet Parenting? Yes, there’s an app for that too!

As proud pet parents, we’re always looking for ways to make our furry friends’ lives better.

There have been huge advances in smart home technology for pets but with these apps, all you need is your smartphone!

  1. PetCoach - This is perfect for new and seasoned pet owners. Whether you need a second opinion or it’s after hours for your vet, this app has all the answers!

  2. BringFido - This handy app lets you know which hotels, attractions and restaurants welcome pets so you won’t have to leave your hound at home.


  3. Dogo - This dog training app is based on positive clicker training. It’s fun, comes with a built-in clicker and monitors your progress. It will then personalize future training sessions according to your feedback.

Be a plugged in pet owner and let these handy tools help keep your pet healthy and happy. All apps are available for both Android and iOS and none of them cost a cent!



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.