Greater Vancouver MLS® Resale Market Steady

Posted on July 29, 2012 by Alisa Sakamoto

Greater Vancouver

2

MLS®

resale Market Steady

MLS®

resale market conditions are

forecast to be in balanced territory in

most areas of the Greater Vancouver

region in 2012 and 2013. During

the past year, market conditions

moderated from sellers’ market

conditions for many municipalities in

the first quarter of 2011 to balanced

market conditions for most in the

first quarter of 2012. While a few

municipalities such as the Tri-Cities

and North Vancouver have remained

in sellers’ market conditions, others

such as Burnaby, Vancouver City,

and West Vancouver have moved to

balanced market conditions in the

first quarter of this year. Richmond

moved from sellers’ market conditions

in the first quarter of 2011 to buyers’

market conditions in first quarter of

2012.

Expectations are for a much smaller

increase in the number of MLS®

sales

and a steady level of new listings,

which will contribute to a flatter

trend for average MLS®

prices in the

Greater Vancouver region during the

remainder of 2012 and 2013. In terms

of MLS®

sales, there has been a 22

per cent decline in the first quarter

of 2012 compared to a year ago. The

decrease in MLS®

sales was recorded

in all market segments – singledetached homes, row homes, and

condominium apartments. Changes in

market share suggests that homebuyer

activity for single-detached homes

has shifted from Vancouver West,

Richmond, and West Vancouver, to

other areas including Vancouver

East, North Vancouver, Burnaby,

and Coquitlam. The geographical

distribution of condominium

apartment sales, however, has shown

little change in the first quarter of

2012 compared to the same period

a year ago. As well, little geographical

change was observed for townhouse

sales.

In terms of price, there was a

one per cent decrease in average

MLS®

price in first quarter of 2012

compared to the same period last

year. Price trends for both singledetached homes and condominium

apartments have been fairly flat during

this period. Single-detached homes in

Greater Vancouver recorded slightly

stronger growth in average MLS®

prices than median MLS®

prices, which

was largely a result of more very highend, luxury home sales (i.e. homes

that sold for at least $5 million) in the

first quarter of 2012 compared to the

same period a year ago. These sales

took place mainly in Vancouver West

and West Vancouver. For condominium

apartments, both average and median

MLS®

prices follow a similar path – a

year-over-year decline of one per cent

in the first quarter of 2012. Areas such

as Vancouver West and Richmond

experienced year-over-year declines

in average and median MLS®

prices for

condominium apartments.

Stable home prices during the

forecast period are expected to

encourage some home purchases as

potential homebuyers could see it

as an opportunity to either trade up

from a current residence or enter

homeownership as a first time home

buyer. This will keep the number

of MLS®

sales on par with last year,

with a 2.8 per cent dip expected in

2012 and a 7.8 per cent increase

projected for 2013. Still, the potential

for mortgage rate increases in 2013

may prompt some homebuyer caution

and keep overall market conditions in

balanced territory over the forecast

period in spite of a strong local

job market and population growth.

Average MLS®

prices in the Greater

Vancouver region are projected to

decline 1.5 per cent in 2012 and then

to increase 4.6 per cent in 2013

Greater Vancouver(2) MLS® Resale Market Steady

MLS® resale market conditions are forecast to be in balanced territory in most areas of the Greater Vancouver region in 2012 and 2013. During the past year, market conditions moderated from sellers’ market conditions for many municipalities in the first quarter of 2011 to balanced market conditions for most in the first quarter of 2012. While a few municipalities such as the Tri-Cities and North Vancouver have remained in sellers’ market conditions, others such as Burnaby, Vancouver City, and West Vancouver have moved to balanced market conditions in the first quarter of this year. Richmond moved from sellers’ market conditions in the first quarter of 2011 to buyers’ market conditions in first quarter of 2012.

Expectations are for a much smaller increase in the number of MLS® sales and a steady level of new listings, which will contribute to a flatter trend for average MLS® prices in the Greater Vancouver region during the remainder of 2012 and 2013. In terms of MLS® sales, there has been a 22 per cent decline in the first quarter of 2012 compared to a year ago. The decrease in MLS® sales was recorded in all market segments – singledetached homes, row homes, and condominium apartments. Changes in market share suggests that homebuyer activity for single-detached homes has shifted from Vancouver West, Richmond, and West Vancouver, to other areas including Vancouver East, North Vancouver, Burnaby, and Coquitlam. The geographical distribution of condominium apartment sales, however, has shown little change in the first quarter of 2012 compared to the same period a year ago. As well, little geographical change was observed for townhouse sales.

In terms of price, there was a one per cent decrease in average MLS® price in first quarter of 2012 compared to the same period last year. Price trends for both singledetached homes and condominium apartments have been fairly flat during this period. Single-detached homes in Greater Vancouver recorded slightly stronger growth in average MLS®prices than median MLS® prices, which was largely a result of more very highend, luxury home sales (i.e. homes that sold for at least $5 million) in the first quarter of 2012 compared to the same period a year ago. These sales took place mainly in Vancouver West and West Vancouver. For condominium apartments, both average and median MLS® prices follow a similar path – a year-over-year decline of one per cent in the first quarter of 2012. Areas such as Vancouver West and Richmond experienced year-over-year declines in average and median MLS® prices for condominium apartments.

Stable home prices during the forecast period are expected to encourage some home purchases as potential homebuyers could see it as an opportunity to either trade up from a current residence or enter homeownership as a first time home buyer. This will keep the number of MLS® sales on par with last year, with a 2.8 per cent dip expected in 2012 and a 7.8 per cent increase projected for 2013. Still, the potential for mortgage rate increases in 2013 may prompt some homebuyer caution and keep overall market conditions in balanced territory over the forecast period in spite of a strong local job market and population growth. Average MLS® prices in the Greater Vancouver region are projected to decline 1.5 per cent in 2012 and then to increase 4.6 per cent in 2013

(2) This section deals with the resale market in the Real Estate Board of Greater Vancouver area. This area does not include Surrey, Langley, White Rock, or North Delta. Please see the Fraser Valley resale section for commentary on these communities as well as the Abbotsford CMA.

Courtesy of: Canada Mortgage and Housing Corporation - Housing Market Outlook - Vancouver and Abbotsford CMAs
Date Released - Spring 2012

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Top 10 Bathroom Renovation Tips

Posted on July 27, 2012 by Alisa Sakamoto

Consider some important points before updating the look of your bathroom.

An effective bathroom design should address all your needs, physical and spiritual. Here are the most important tips to consider when considering bathroom renovations.

bathroom

1. Choose elegant fixtures.
A pedestal sink with graceful lines is more attractive than a blocky cabinet vanity. A classic claw-foot tub is like bathroom sculpture. Even enclosed in a deck, the simple lines of the lip have an inherent beauty that surpasses most acrylic versions.

2. Sit in a bathtub before buying it.
Bigger isn't always better. A 60-inch tub is fine for most people. It offers enough room to stretch out and provides a secure foothold, so you don't float into oblivion when the tub is full. Assess the angled back and lip for comfort and neck support –- a tub for two people slants at either end and has taps in the middle. If you only have enough space for a small tub, buy an extra-deep one.

3. Select durable flooring.
Ceramic, marble and stone tiles are all excellent durable and water-resistant choices for a bathroom. Subfloor heating coils will make these hard surfaces warm. Well-sealed hardwood floors offer natural warmth and act as a foil for the other hard, cold surfaces in a bathroom.

4. Hang a stylish mirror.
One beautifully framed mirror over a sink is more attractive than many surfaces covered with mirror. Supplement it with a wall-mounted adjustable makeup mirror, and consider installing a lighted, mirrored shaving niche in your shower stall.

5. Use found space.
Take advantage of space between wall studs by recessing a tall storage cabinet into the wall to maximize vertical storage while saving floor space. The cabinet should have an interior depth of at least three inches and a door flush with the wall.

6. Build a shower area.
Consider building an open-concept shower area that doesn't need a curtain or door and is less confining than a standard shower stall. In addition to well-designed drainage, a ceiling-mounted rain showerhead and/or a high wall-mounted showerhead that splashes less water will keep the area outside the shower drier.

7. Share space for added function.
In homes with back-to-back bathrooms, a shared shower with access doors to each of the bathrooms maximizes limited space. Or turn a closet located next to a bathroom into a small ensuite with access to the neighbouring bath.

8. Design lighting that works.
Good lighting is imperative. Combine halogen pot lights with wall sconces beside or over the mirror for lighting with no shadows. Always install dimmers.

9. Buy a quality toilet.
When buying a toilet, it's not necessary for you to spend big bucks, but you don't want to scrimp too much, either. You can get a good-quality one-piece toilet for about $400. Models with elongated bowls and seats are usually most comfortable.

10. Incorporate luxury into your room.
If you're fortunate enough to have lots of space to work with, indulge yourself with an expanded spa-like bathroom that includes a dressing room –- a haven for privacy and relaxation. Outfit it with a television, fireplace, exercise equipment, makeup vanity and even a large comfortable occasional chair upholstered in thick white terry-cloth.

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18th Annual Sutton Salmon Barbeque raises more than $30,000

Posted on July 18, 2012 by Alisa Sakamoto

18th Annual Sutton Salmon Barbeque raises more than $30,000

Richmond, BC – For the eighteenth year in a row, Sutton Group – Seafair Realty was proud to host the salmon barbeque at the Steveston Salmon Festival. This popular Canada Day event began in 1945 when the region’s main industry was fishing. This year, an estimated 70,000 people from Richmond, Metro Vancouver and beyond celebrated Canada’s birthday by enjoying a parade, musical performances, a crafts fair, an art show and lots of food. Over 40 REALTORS® from Sutton Group – Seafair Realty offices in Richmond and Delta along with their families and friends volunteered to grill and serve 1,200 pounds of salmon for hungry visitors. They sold every piece of salmon available!

This year’s barbeque raised approximately $30,000 for various children’s and seniors’ programs at the Steveston Community Centre. “We are had a great Sutton team effort,” says REALTOR® Jim Hinchcliffe, who has organized this event since 1994.

Rain or shine, Sutton REALTORS® fire up the barbeques on Canada Day at around 11 a.m. and keep grilling into the early evening. Their alder wood-barbequed salmon, Sutton t-shirts and aprons, smiling faces and enthusiasm are always welcome attractions. This July 1^st, approximately 2,000 people enjoyed an expertly prepared salmon fillet served with salad and a bun.

Jim notes that salmon fishing is an aspect of Canadian heritage appreciated by people from all cultures and backgrounds. In addition to local and national news coverage they were filmed by television crews from Indonesian and Chinese language stations.

“Participating in this event gives our office exposure to the community while raising money for a great cause close to home,” Jim notes.

“We’re happy to report that over the past 18 years, our efforts have helped to raise more than $250,000 for programs at the Steveston Community Centre.”

Sutton is a 100% Canadian-owned and operated company with more than 9,000 REALTORS® in over 200 offices nationwide. To find out more about Sutton, visit www.sutton.com. To learn more about Sutton Spirit, visit www.suttonspirit.com.

Courtesy of Sutton Spirit

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Repurposed Organizers: Cake Stands

Posted on July 16, 2012 by Alisa Sakamoto

TOILETRY STAND

De-clutter bathroom counters by gathering essentials like soap, candles and toilet paper on a cake stand. If you take off your rings before hand washing, add a small dish to hold them.

Toiletry Organizer

Source: Home Made Simple.

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Ready to Bring Instant Style + Serenity to Your Home?

Posted on July 7, 2012 by Alisa Sakamoto

Of all the ways to decorate a room, candles are a personal favourite. That’s because they tickle the senses while adding ambience and drama to a room.

candle

They bring a sense of occasion to even the most ordinary of moments and remind us that our home is our sanctuary; an oasis of repose. Gone are the days when candles merely served to illuminate your home. Nowadays, they are as decorative as a framed piece of artwork, designed to complement a wide range of styles and personalities.

Source: Style At Home

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OPEN HOUSE SUNDAY!

Posted on July 3, 2012 by Alisa Sakamoto

Come by and visit me this weekend on Sunday, July 8th from 2:00 PM to 4:00 PM at 3160 Springthorne Crescent in Steveston North!

Please come with any questions you may have. As always please do not hesitate to give me a call at 604.644.1044 if I can answer any questions before the open house, or if you would like to book a private showing.

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June stats are here...

Posted on July 3, 2012 by Alisa Sakamoto

Greater Vancouver housing market favoured buyers in June

The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.

June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.

“Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,617 in June. This represents a 3 per cent decline compared to June 2011 when 5,793 properties were listed for sale on the MLS® and an 18.9 per cent decline compared to the 6,927 new listings reported in May 2012.

At 18,493, the total number of residential property listings on the MLS® increased 22 per cent from this time last year and increased 3.7 per cent compared to May 2012.

“Today, our sales-to-active-listings ratio sits at 13 per cent, which puts us in the lower end of a balanced market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7% and declined 0.7% compared to last month.

Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per cent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600.

Sales of apartment properties reached 1,026 in June 2012, a 19 per cent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 per cent from June 2011 to $376,200.

Attached property sales in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales in June 2011, and a 27.8 per cent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400.

Courtesy of the Real Estate Board of Greater Vancouver

For the full stats package please feel free to email me at asakamoto@sutton.com

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Greater Vancouver MLS® Resale Market Steady

Top 10 Bathroom Renovation Tips

18th Annual Sutton Salmon Barbeque raises more than $30,000

18th Annual Sutton Salmon Barbeque raises more than $30,000

Repurposed Organizers: Cake Stands

Ready to Bring Instant Style + Serenity to Your Home?

OPEN HOUSE SUNDAY!

June stats are here...

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