Home buyer demand depends on property type.
Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.
“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,947, a four per cent decrease compared to January 2017 (7,238) and a 0.2 per cent decrease compared to December 2017 (6,958).
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,056,500. This represents a 16.6 per cent increase over January 2017 and a 0.6 per cent increase compared to December 2017.
Locally in Maple Ridge
Sales of detached houses for January were 69 which is a 12% increase over last January which was 51 while the number of houses for sale decreased by 11%. The average price for the month of January was $914,360 compared to last years January of $690,225. This represents the average price increase of 32% over last year. Average sale price year to date is $914,360 as there is only January to consider.
Sales of townhouses for January were 39 which is an 95% increase over last January, while the number of townhouses for sale is 68 which is a decrease of 1% over last year. The average price for January was $545,853 compared to last years January of $373,429. This represents an average price increase of 46% over the last 12 months. Average sale price year to date is $545,853 as there is only January to consider.
Sales of condos for January were 72 which is a 166% increase over last January while the number of condos for sale is 32 which is a decrease of 45% over last year. The average price this January was $358,118 compared to last years January of $279,615. This represents an average price increase of 28% . Average sale price year to date is $307,407 as there is only January to consider.
The Pearce Team Crystal Ball
We still have a shortage of inventory of all types of homes and lots of buyers looking to get in to the market. The Bank of Canada has now increased rates by .25%. The Federal Government "stress test rule" for all mortgages which has reduced mortgage available to anyone trying to borrow the maximum they qualify for by about 20%. This came into effect on January 1st. The .25% increase will further reduce the amount that a buyer can qualify for.
The NDP will unviel their "housing initiative" in their first full budget at the end of February and the premier has promised to address the housing affordability issue.
Curious about what’s trending in homes and gardens this year?
It’s that time of year when homeowners are thinking about revamping and refreshing their space. Here are a few of the latest trends and styles that are gaining steam:
- Ziggity Zag - Geometric patterns are making a comeback! It could be as simple as adding a few accent pillows or for a bolder statement, consider some patterned wallpaper.
- Concrete Ideas - This versatile material is becoming increasingly popular for sinks but can also be used in more unique ways such as furnishings, wallcoverings and tile.
- Sleep Easy - Embrace minimalist bedrooms this year with soothing neutrals and plain furniture pieces. Keeping the space simple will help you enjoy a restful night’s sleep.
- Full House - Multigenerational living is a major home design trend for 2018. Additional kitchens, basement renovations, and seperate entrances are just some of the ways homes are reflecting this trend.
- The Heart of the Home - Homeowners are injecting warmer, brighter tones on their kitchen walls and cabinets. Sinks made with materials like stone, copper, concrete or granite will also steal the spotlight in 2018.
If you're thinking about breathing some new life into your home with a new year’s makeover, be sure to take the latest trends into account during the planning stage. Hopefully these ideas have given you inspiration to inject some new style into your home!
About 20 years ago there were some forecasts that there would be no demand for large houses as the ageing population downsized into condominium living. We are not seeing that trend. What we are seeing today in real estate is more multi generational families deciding to live under one roof for a number of different reasons below:
Support of young parents that need assistance with child care. These arrangements can be mutually beneficial as child care is very expensive. With the grandparents looking after the children on a part time basis it facilitates a stronger bond between grandparents and grandchildren and saves the young family a substantial expense.
Support of aging parents that need minor assistance in their day to day living or parents that are retired, active and like to travel. These "snowbirds" are looking for place for home base when in town. This arrangement can be financially beneficial to both parties allowing the young family to own accommodation in a detached home with a yard. With two families contributing to the housing costs it allows the retired parents to downsize, put some cash away, possibly travel and maintain a spacious area in a detached family home.
Buying with a friend or friends is also an option. Pool your downpayment and have two or more quallitying incomes for the mortgage. It is a way into the market and become an owner instead of paying the landlord.
Before starting down any of these paths the parties involved need to sit down and decide who is going to be financially responsible for what. Is the property going to be owned jointly or is one or more of the parties going to pay "rent" to the other? What is the proccess for monthly bills, annual taxes etc. If jointly owned what is the process if one of the parties decides they want to move and they are a co-owner? Do the other parties buy them out or is the property sold and money divided. These issues should be discussed and written down in a binding agreement with a lawyer or notary.
If you are considering this option give us a call. We can show you property that may work for you and put you in touch with legal professionals that will advise on the co-ownership issues
Smarten up and end hunger, a few grains of rice at a time!
Next time your kids are on their devices, send them over to www.FreeRice.com where they can learn and donate at the same time!
Users answer multiple choice questions on a range of subjects including math, language, geography and science. When a question is answered correctly, 10 grains of rice are donated via the World Food Program.
These questions aren’t just for kids; in fact, anyone can benefit from this game as you can adjust the difficulty level. The vocabulary section will definitely give you some mental stimulation so it’s a win-win!