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2024 The First Quarter in Real Estate
I hope 2024 is treating you well so far.
 
There are some deadlines coming up I thought I would remind you of as well as provide some information on what the experts in the industry are predicting for the market this year.
 
Taxes and Declarations:
  • City of Vancouver Empty Home Tax Declaration and Advance Tax Payment are both due February 2nd, 2024.
  • BC Speculation and Vacancy Tax Declaration is due March 31, 2024. Even if you have declared in the past and nothing has changed this is required annually.
 
I am including a link to an article on BC Assessment that I thought you would find interesting.  Please click on the image to read the full article.  Keep in mind Assessments and Market Value are not the same.  If you have questions about your property value I am happy to provide the details.

 
Royal LePage Canada is the  single most-quoted real estate company in the country and a trusted source of information and advice. Here is the wrap up of 2023 and projections across the country for 2024.  Please click on the image to read the full article.

 
As always I look forward to hearing from  you anytime if you have any questions on how this all relates to you and your plans or if you just want to chat and catch up.
 
Take care,
 
Michele
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What is Happening in the Market?

What is happening in the market?

Here is what the Real Estate Board of Greater Vancouver has to say.

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).

“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”



There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the 10-year seasonal average (5,518).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the 10-year seasonal average (12,091).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2023 is 31.4 per cent. By property type, the ratio is 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 per cent for apartments.
 
Analysis of the historical data suggests 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.
 
 
 

“Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments,” Lis said. “With the benchmark price for apartments now standing at $767,000, we repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax to better reflect the price of entry-level homes in our region. This is a simple policy adjustment that could help more first-time buyers afford a home right now.”
 
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a 1.3 per cent increase compared to May 2023.

As always, I have my feet on the ground and am happy to break this down to your neighbourhood and how it effects your Real Estate plans.  Happy to chat any time
 
Take care,
 
Michele
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Prices Continue Rising as Home Buyer Confidence Returns

If you or someone you know is hesitating to make a move , it may be time to take a closer look.
 
I thought this just released report was important to share, it follows  what I am experiencing feet on the ground every day. This report discusses the Greater Vancouver market, I have more specific details on all Vancouver neighbourhoods. 
 
Happy to hear from you anytime to discuss this or just to chat.
 
Take care,
 
Michele


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With listing activity remaining below historical norms, home sales in Metro Vancouver1 have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.


Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,7412 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and is 15.6 per cent below the 10-year seasonal average (3,249).

Listings

There were 4,307 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2023. This represents a 29.7 per cent decrease compared to the 6,128 homes listed in April 2022, and was 22 per cent below the 10-year seasonal average (5,525).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,790, a 4.2 per cent decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-year seasonal average (11,117).

 
 

Sales-to-Active Listings Ratio

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2023 is 32.7 per cent. By property type, the ratio is 24.4 per cent for detached homes, 40.1 per cent for townhomes, and 37.4 per cent for apartments.

Analysis of the historical data suggests 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.

“When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023,” Lis said.

“And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.4 per cent increase compared to March 2023.


Broken Down by Property Type

Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965 detached sales recorded in April 2022. The benchmark price for detached homes is $1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase compared to March 2023.

Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the 1,693 sales in April 2022. The benchmark price of an apartment home is $752,300. This represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to March 2023.

Attached home sales in April 2023 totalled 500, a 13.5 per cent decrease compared to the 578 sales in April 2022. The benchmark price of an attached home is $1,078,400. This represents a 6.1 per cent decrease from April 2022 and a 2.1 per cent increase compared to March 2023.

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2023 Q1 Royal LePage House Price Survey
Just released this week The Royal LePage House Price Survey is an interesting read.  The comments on mortgage policy and market conditions Canada wide  fall in line with what other experts  in the industry that I have been listening to  are saying.
 
I completely agree with the comments about the Greater Vancouver Market.
 
If you want to dive deeper into what is happening specifically in your neighbourhood or property type I would be very happy to chat anytime.
 
P.S.  While the flip book is cool I found it much easier to read once downloaded.
 
 
Take care,
 

Michele


With Demand Outpacing Supply, Royal LePage Adjusts Forecast Upward Following Stronger-than-Expected Start to 2023 


According to the Royal LePage House Price Survey released today, the aggregate price of a home in Canada decreased 9.2 percent year-over-year to $778,300 in the first quarter of 2023. On a quarter-over-quarter basis, however, the aggregate price of a home in Canada rose 2.8% in Q1 2023.

Single-digit price gains in first quarter was driven by early return of sidelined buyer demand and continued shortage of inventory.

Vancouver post quarterly aggregate price gains of 1.3% in the first quarter.

The national aggregate home price is forecast to increase 4.5% year-over-year in Q4 2023.




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Update on Federal Ban on Foreign Buyers
Earlier this week, the Government of Canada announced a series of amendments to the Foreign Buyer Ban. These amendments expand the exceptions to the regulations, are effective immediately, as of March 27, 2023, and are as follows:
 
  • The Foreign Buyer Ban no longer applies to work permit holders. Now, those who hold a work permit or are authorized to work in Canada are allowed to purchase residential property. This exception will apply so long as the permit holders have 183 days of validity, or more, remaining on their permit, and have not purchased more than one residential property.
  • The Foreign Buyer Ban allows non-Canadians to purchase residential property for the purpose of development. Note that this will likely not include leasing or renting the property out to tenants or otherwise managing property as a rental property as part of a portfolio. Also, repairs, renovations and remodelling do not count as “development”, only expansions or remodels that are equivalent to constructing a new building or changing the use of a property.
  • The Foreign Buyer Ban no longer applies to Vacant Land. Non-Canadians can now purchase vacant land zoned for residential use and use it for any purpose.
  • The Foreign Control Threshold is now 10%. Previously, an entity was deemed foreign if non-Canadians owned 3% or more of it. With the amendment, the maximum amount of non-Canadian control is 10%

As always I am on top of this market and look forward to hearing from you anytime.


Looking forward to better market conditions in 2023.

Take care,


Michele

*Info courtesy of CMHC ©2023

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New Regulations in 2023
There are several new legislations and regulations that have been enacted, both Federal and Provincial.  These changes effect Real Estate transactions for Buyers and Sellers.
 
While you may not be currently contemplating a move I thought it may be a good time to outline some of these changes.

 
Federal Foreign Buyers Ban
 
For a period of two years starting January 1, 2023, non-Canadians are banned from purchasing homes in Canada under the definition of “residential property” indicated in the legislation and associated regulations that the federal government published on December 21, 2022.

 

BC Home Buyer Rescission Period
 
Under Section 42 of the Property Law Act, buyers of residential real property are entitled to rescind (cancel) a Contract of Purchase and Sale by serving a written notice on the seller within the prescribed period and in the prescribed manner. The ability to cancel is called a rescission right.
 
If the buyer exercises the rescission right, the buyer must promptly pay an amount (or rescission fee) of   0.25% of the purchase price agreed to by the buyer and the seller.

 
BC Strata Bylaw Changes
 
Rental Restriction Bylaws
The bill removes the ability of strata corporations to have rental restriction bylaws.
 
Age Restriction Bylaws
The bill limits the ability of strata corporations to have age restriction bylaws. Age restriction bylaws with a minimum age of 55 years of age or older are still permitted.
 
This is just a outline. I have researched the details of who/what  is effected and any exceptions that may apply.  I have updated my self  on all of these and understand what is required to continue to make sure my clients are protected in their Real Estate dealings.
 
I am happy to discuss and answer questions.  As always I look forward to hearing from you anytime.
 
Take care,
 
Michele
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Happy New Year! Welcome 2023!
I hope your holidays were lovely and you are excited about new beginnings for 2023.
 
I celebrated the beginning of the new year with a visit to La Belle Province, Montreal and Quebec City with my daughter. We enjoyed a wonderful history walking tour, the magical winter wonderland, much walking and exploring and many, many lovely meals and cocktails. 

 
Now to get back to business.  2022 saw a break from the crazy market that emerged during 2020/2021.  This was not surprising as this was an artificial market fueled by almost free money, the need for housing style changes  and all the while continued  low inventory of homes on the market. 
 
2023 will be interesting to say the least.  With a ream of new regulations on the Federal, Provincial and regulatory level. Foreign Buyer Ban (still somewhat vague), Ban on Rental Restrictions, Flipping Tax and  Home Buyer Rescission Period.  All these resulting in new forms, disclosures, and many more pages.  What does this mean for you?  I have my head around it all and am happy to discuss anytime, just give me a call.
 
I wish for you that this new year brings you happiness, joy and health.
 
 
Michele
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2023 Royal LePage Market Survey Forecast
As there are so many questions about the market right now I thought this report would be helpful.  My company is recognized as a leader in Canada, " The voice of Canadian Real Estate".  This report provides the big picture and breaks it down for individual regions. I completely agree with the comments regarding the Greater Vancouver Market.  In general this is what I am seeing but am happy to discuss and narrow it down further to your neighbourhood.
 
As always I am on top of this market and look forward to hearing from you anytime.
 
Looking forward to better market conditions in 2023.
 
Take care,
 
Michele
 
 
2023 National Aggregate Home Price Forecast to End Year 1.0% Below Fourth Quarter of 2022: Royal LePage

Since the Bank of Canada began raising interest rates aggressively in March of this year, home prices in many major markets across Canada have been decreasing. The rate of decline, however, has been modest. According to the Royal LePage Market Survey Forecast, the aggregate[1] price of a home in Canada is set to decrease 1.0 per cent year-over-year to $765,171 in the fourth quarter of 2023, with the median price of a single-family detached property and condominium projected to decrease 2.0 per cent and increase 1.0 per cent to $781,256 and $568,933, respectively.

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Staying Connected with Michele Collins - Fall 2020

The ‘Hood – Shaughnessy


From my home in Kitsilano I look to the south and east to the lovely Shaughnessy. Inspired by the need to explore this spring and summer it became my source of adventure on many evening walks. I strolled the winding streets with time to admire the impressive architecture and amazing foliage.  Created in the early 1900 by the Canadian Pacific Railway, it remains a neighbourhood of single-family homes, expansive properties and many heritage mansions with beautiful mature gardens. 

Glen Brae - 1690 Matthews Avenue - Built in 1910 by lumber baron William Tait, it’s Scottish Baronial style and beautiful wrought iron fence are truly unique. In 1991, the current owner Elisa

beth Wlosinski gifted her home to the City of Vancouver on the condition it was used for the community good. Vancouver nurse Brenda Eng saw a need for a hospice, the City offered the property for $1.00 lease per year and the vision for Canuck Place was born.  I had the pleasure of meeting and working with Brenda, a joint project  with Royal LePage to raise funds for The Garden at Canuck Place. Today, Canuck Place is regarded as one of the leading children’s hospices in the world and the garden is truly a beautiful peaceful space for the residence and their families.


The Rosemary Estate - 3689 Selkirk Street - Built in 1915 for Whiskey baron Robert Taulk by the Architect team of MacLure and Fox who feature prominently in many beautiful Vancouver buildings. Rosemary was named for Mr. Taulk’s daughter, it is the largest Heritage A estate ever built in Shaughnessy.  After many years of neglect the property w

as purchased by a retired property  developer from Beijing who embarked on a five-year multi-million dollar restoration with no expense spared nor any detail overlooked. Oh and ……. if you are in the market for a mansion this one is on the market, for a cool $26,988,000!


How’s the Market

This year has definitely been one for the history books - in my 30 + years I have had to adapt to many different market and policy changes……. a pandemic was not in my wheelhouse, it now is!


The Vancouver market just kept going, while there was a pause mid-March to mid-M

ay sales still continued during this time.  With a delayed spring market, pent up demand and business not as usual but with protocols of the new normal July and August sales hit an all-time high. 


Both months recorded the highest number of sales months over month for the past 10 years. With interest rates at all-time lows and continued low product  levels I believe the fall market will be a balanced to strong market.


My observation over these past few months is many of the selling and buying decisions made by my clients made were at least to some degree impacted by lockdown and work from home changes in lifestyle. Home took on a whole new meaning.


Want to know what is happening in your neighbourhood?  I have my finger on the pulse, call me anytime………….


On a Personal Note

I used the lock down of Spring 2020 to educate myself on every level. I learned new skills, adapted my marketing and showing processes to conduct my business safety and productively.  By the beginning of June, I was totally Zoomed out! I was  also able to connect with so many of you and chat, not about real estate for a change, having the time to just chat about what was happening in your lives was truly one of my many “ Silver Linings.” 


The delayed spring market evolved into a busy summer market so no time to play for me.  I was very happy to see my clients again and help them reach their goals. I was finally very fortunate to get away early September with great friends to their beach on the Sunshine Coast for some much needed relaxation, great food, wine, conversation and enjoyment of nature.

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Happy 2021!
I am excited for a new year, new opportunities and hopefully a chance to spend time with my colleagues across the country.  My fingers are crossed!
 
All things considered 2020 was a very good year for me in business.  I finished #1 Individual in my office and worked with some amazing people.
 
My referral network was invaluable,  I had  clients that I was able to refer for successful moves as well as many fabulous new clients that were referred to me.  I was also very grateful for this network on a personal level as it became a big part of my 2020 social life.  I enjoyed numerous group Zoom happy hours over the course of the year with many of you, the silliness and the heartfelt chats, very much appreciated during the long days of lockdowns.  Building these relationships over the past 32 years has been such a  joy and I can't wait for the day we meet again.  It will be epic! 
 
I look forward to hearing from you anytime I can help with anything in Vancouver!
 
Michele
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Happy Holidays!

Now that Christmas is upon us and I have the time to slow down and reflect all I can think is WOW!  What a year!

I feel so very grateful to have Noelle and Adam with me this week, our agenda: alternating nights for dinner making and cocktail creation, movies, games, walks and hot tubs.  
 
I wish you a very cozy, warm and relaxing Holiday with some of the ones you love.
 
Merry Christmas from our family bubble to yours!


Michele

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The ‘Hood – Closings and Openings


As I spend time in my favourite Vancouver neighbourhoods what strikes me most profoundly is the number of small business that we have loved for years even decades that are closing . These are the independent  restaurants and shops owned by Vancouverites and staffed dozens more .  


Why is this?  There of course are varied reasons but the overwhelming thread is skyrocketing property taxes. Currently local businesses pay property taxes based on the highest and best use of the land, so small independent shops are being taxed for the air above them resulting in the loss of little shops to big new development.


Some of the closures  that have hit me hardest are the likes of Ming Woo Cookware in Chinatown since 1917 and West Restaurant + Bar on South Granville after two decades.  While there is discussion at the Provincial and City level one South Granville business owner was quoted saying “We’ve been trying to warn the city about this for years. The system is broken.” 


Meet the lovely Robin and Chris who love heritage homes and vintage finds.  Their shop, Step Back in Kitsilano has a fabulous collection of found treasures.  As small business owners they have built a loyal cliental of vintage hunters, he film industry and neighbourhood shoppers.  Always a pleasure to stop by and chat with them to find out what is  happening in the Community.


On the flip side, I am seeing some interesting new openings.  While there is never a shortage of restaurants opening in this city it is interesting to see many that have been popular internationally opening doors in  Vancouver.


PAUL, a 131-year-old bakery cafe originating from Northern France, will be opening up its first Canadian location on Robson Street.  Founded in Croix in 1889 , PAUL now operates 620 shops in 34 countries.


Quan Ju De will house Canada’s first-ever 5D immersive experience at the corner of 12th and Cambie.  This brand operates in 120 locations around the world, first established in 1864 during the Qing  Dynasty in China.


I am looking forward to checking these out.


How’s the Market


My prediction  for the new year was “a quick start “ and that has certainly been my experience.  I have had a busy

 year so far, experiencing multiple offers for listings and lower than typical number of properties coming to market.  We are firmly in a Balanced Market with condos and townhomes moving in the direction of a Sellers Market.

For January 2020, all property types, the sales-to-active listings ratio for January 2020 is 18.2%.  By property type, the ratio is 11.6% for detached homes, 22.6% for townhomes, and 23.9% for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.


As we move towards the typically busiest Spring market it will be the number of listings coming to market that will determine if we move further towards a Sellers market overall.


Want to know what is happening in your neighbourhood? I have my finger on the pulse, call me anytime...


On a Personal Note


February marked a milestone birthday with a week or so of celebrations with family and close friends, cooking, eating and playing games, all of my favourite pass times.


I also had an epiphany………I have now been a Real Estate agent for more than half of my time on this earth!  Wow I must love what I do - and I DO!

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Cheers to the Past! Cheers to the Future!

The last decade of the Vancouver Real Estate market has certainly been an interesting one.  2019 ended the decade with a year of many challenges while still proving that overtime Real Estate is a very good investment.
 
As we start this new year, I believe we have turned the corner and are firmly in a more "normal" balanced market which allows  good opportunities for both buyers and sellers.  Pent up demand and an attitude of "getting on with it" are fueling the current market.  The  Real Estate Board of Greater Vancouver stats show an 88% jump in sales December 2019 over December 2018.
 
 
Looking forward I wish you all the very best for 2020 .
 
Want to know what this means for your neighbourhood and plans, I am here to help.  I have my feet on the ground and finger on the pulse.

Michele
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The 'Hood - Point Grey


This neighbourhood is dear to my heart.  It was my home for 16 years and was home to Noelle and Adam for all of their childhood. I recently attended a seminar hosted by the Vancouver Historical Foundation, “The Art Of Research.”  The setting was Aberthau -“a house filled with light”.   


Built in 1910 at a time when the city had only three areas Point Grey, CPR and South Vancouver. Point Grey was considered away from the city and had lots of space to build large manor homes.  Aberthau was donated to the city in 1972 for a community space and has been home of the West Point Grey Community Centre since.  I have spent many, many hours here with the kids for ballet lessons, breakfasts with Santa and other such events. 


Touring this beautiful building I learned many new things about the history of this neighbourhood. Did you know Jericho Park which we all know and love today was the original site of the Point Grey Golf Course?  Did you know that the Royal Canadian Air Force (RCAF) took over the golf course in 1924.  Then they claimed Aberthau as the Officers Mess.  These lands later hosted Habitat 1, the first United Nations Conference on  Human Settlements, 31 May – 11 June 1976.  


What I found most fascinating however is that all these resources are available to us in the city archives and public library.   We can learn so much about our city, the history of the people, places and homes.  


This may become my new hobby.  Do you want to find the history of your home?  I would be happy to share what I have learned.


How’s the Market


Well we finally seem to have moved away from doom and gloom in the press. 


“Vancouver Housing Market bouncing back faster than expected.”


- CTV News


The Real Estate Board of Greater Vancouver says “home sales returned to around historically typical levels in November after a quieter first half of the year.” 


A new report from Central 1 Credit Union found that “Buyers are returning to the B.C. Market – particularly the Lower Mainland.” 


My feeling is we will see a little quieter market through the month of December and then a quick start in the New Year.  Want to know what is happening in your neighbourhood? I have my finger on the pulse, call me anytime…


On a Personal Note


When the days get short and grey Vancouverites turn our thoughts to sun and adventure.  I recently had the good fortune to be invited to a friend’s place in Palm Springs. Merion and Clint where wonderful hosts and taught me the PS Happy Hour culture which was so much fun. My favourite event however was the Mid-Century Modern Architectural tour I took one sunny morning.  I highly recommend Kurt at Mod Squad!

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November 2019 Market Update

Home Buyer Activity Increases in October


The Metro Vancouver housing market is experiencing a fall pickup in home sale activity.


The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.


Last month’s sales were 9.8 per cent above the 10-year October sales average.



Phil Soper, CEO Royal LePage Canada, reports in a series of media releases dating back to May, we have provided evidence that the major housing industry slowdown and market correction of 2018 and first half of 2019 was over. More collaborating data became available this week from the Bank of Canada.


Our banks are selling more mortgages. The total value of residential mortgages written in our country climbed to $1.6 trillion in September, up 4.2% from a year ago. That is the 7th consecutive month of improvement.


I feel this market improvement is more than a simple short-term blip. Barring a full-fledged global recession, we should see housing market growth both in 2020 and in 2021. There is no magic formula behind this outlook, simply math and common sense.


Canada boasts the fastest growing population of any advanced nation on earth. We have a huge population of millennials that are buying their first homes, and for the older families in this cohort, their first family homes as the children arrive. On top of that, Canadians are employed – in record numbers.



My experience over the past couple of months continues to confirm we are firmly in a balanced to Sellers market depending on the neighbourhood and property type. Prices have come down from the height of the market , interest rates remain low and home buyers are reacting and making decisions to move forward with their home buying needs.


I have my feet on the ground and am happy to discuss how this relates to your specific neighbourhood and plans.

I look forward to hearing from you.

Michele

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Staying Connected with Michele Collins - Summer 2019

How’s the Market

Well it has certainly been an interesting year in Real Estate!  After over 30 years on this crazy roller coaster ride of my chosen career one thing I know for sure, no two years are the same.

While the first 6 months of the year were frustrating and slow to show results there was a noticeable up tick starting mid May which gained momentum through the summer making  July and August the busiest of the year so far for me.  The Real Estate Board of Greater Vancouver reported sales where up 15.7% August 2019 over 2018.


List to sale ratio’s indicate Detached still a Buyers market while Townhomes and Condo’s have moved to a Balanced market.

Well priced properties are selling and focused buyers are able to negotiate favourable sales.  As we move into fall I anticipate more properties coming to market for better choice, and hopefully a continued balanced market which will be good for Buyers and Sellers.

Want to know what is happening in your neighbourhood?  I have my finger on the pulse, call me anytime...


The ‘Hood – Summer Festivals, Vancouver Has No Shortage of Them

In and around  Downtown all summer long there are plenty to choose from, Celebration of Light, Folk Festival, Pride to name a few.  I was fortunate to enjoy many of them and finally was fortunate enough to be invited to the  coveted  Dîner en Blanc. The event brings together thousands of people for an elegant all white dinner in a secret location.  This year the beautiful venue the was George Wainborn Park in Yaletown.  We picnicked and celebrated with the city and tranquil views of False Creek surrounding us. I love to walk Downtown, with water and beautiful mountain views in every direction and no shortage of excellent people watching (one of my favourite pass times.  Certainly a great neighbourhood to live work and play.


On a Personal Note

I know a little late, but it is still Summer as I write this. I have been really busy all year with some great results finally over the past few months.  I was able to carve out a couple of days here and there to enjoy some quality time with friends on the Sunshine Coast and the  Okanagan and am proud to say I finally learned to paddle board and manage to stay upright. I took some drives through Stanley Park in between appointments and enjoyed lunch at the recently opened Stanley Park Brewing, defiantly worth a visit. My daughter Noelle spent the summer in Northern B.C. tree planting, when she emerged from the bush we took  a couple of days in Whistler to spa and relax.  I highly recommend a day at the Scandinave Spa Whistler!

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February 2019 Market Update


Well folks we are now in a full Buyer’s market in all segments. The big question on everyone’s

mind is where is the market going in 2019?

 

For this month I am showing a comparison of January over January for the past 5 years and

as you will see the big change occurred with # of sales way down. This is a result of a number

of factors, taxes implemented at the local, and provincial levels as well as Federal intervention

in the mortgage industry with the new “Stress Test”.


The good news going forward, inflation rate, unemployment rate and interest rates are all good!

 

I  always love to hear from you and happy to discuss how the market effects your future plans.

Michele

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Market Update January 2019
Well the stats are fresh off the press and not really a surprise.

The Real Estate Board of Greater Vancouver reports sales for all property types are down 31.6% from 2017 and 38.4% from 2016.
 
This past year has been a transition away from the high prices and hot demand seen in previous years brought on by new mortgage requirements and numerous new taxes on top of home prices out of reach for many of the local market. This period of cooling was long over due and welcomed by me.
 
All of this of course is the broad picture with differences in each sub market and individual neighbourhoods of which I have available and happy to break down for you.  This healthier market has many opportunities, particularly for those wanting to move up as the gap is no longer as wide and the ability to research and negotiate in a timely manner is the best it's been in over a decade.
 
I look forward to hearing from you anytime with a question or a referral to someone you think I can help. 
 
All the very best for family, happiness and home in 2019!
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Market Update December 2018
All the stats for the month of November 2018 are now in and I thought you would be interested.
 
The market has continued to slow down through 2018 and we are now firmly in a Balance or Buyers market in all segments.  This is a good thing, gone are the crazy days of making rash decisions and crazy bidding wars.  It has also created an opportunity that we haven't seen in years to move up in the market.
 
I have included the overall stats for the Real Estate Board of Greater Vancouver.  I have lots of information as to how this drills down by property type, neighbourhood and price brackets which I am happy to share with you.  

 
I always love to hear from you and happy to discuss how the market effects your future plans.

Take care,

Michele
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Staying Connected with Michele Collins - Fall 2018

On a Personal Note – Celebrating 30 Years!

This August marked my 30th year helping my clients buy and sell real  estate in Vancouver. My first cell phone was huge, mounted in my car with a lovely antenna out the back window. I carried a pager in my purse and the only way to communicate was in person or by phone. Today with so many ways to communicate, text, email, messenger, Facebook, LinkedIn, SnapChat, WhatsApp, WeChat, Instagram etc., I feel a lack of connection. I miss talking to people!


My goal for year 31 is to get more face to face with people, my friends, my clients, my colleagues and the many contacts I have in the community.

My career has spanned many life stages, first time buyer, move up buyer, starting a family, sending kids off to University, selling the family home and downsizing.


I am now happy to announce my daughter Noelle is a graduate of The University of Victoria and her brother, Adam, is flourishing at the University of British Columbia and not far behind. I have had the privilege of working with you, my clients, in all of these stages in your lives and always look forward to hearing from you.

Thank you for being part of my journey so far ………I look forward to talking to you soon.


Trees, Trees, Trees

I remember early in my career my colleagues and I would always refer to The Eugenia at 1919 Beach Avenue as the “building with the tree on the roof”.  The original pin oak was installed in 1987 as part of the Architect Richard Henriquez’s vision, a symbol of the forest that was there before.


Today as Vancouver continues on the road to becoming the “Greenest City”, trees on the roofs of new developments have become a very common site and landscape plans are taken very seriously by the City of Vancouver.

Vancouver’s Favourite Topic – “How’s the Market?

No day goes by that does not include a news story and no social event would be complete without discussion about what is happening in the Real Estate market. Keep in mind the reports are general to Greater Vancouver which covers vast and various markets and Stats are old news by the time they are published. I specialized in the City of Vancouver and within the many submarkets.  I have my finger on the pulse.


The good news, we are for the first time in over a decade in a more balanced market, one that allows for  negotiation, investigation and time for decision making. If you or anyone you know have been sitting on the fence or lost hope of being successful in the Vancouver Real Estate market, now is a great time to take a look.

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