Michele Collins : My News : Latest Blog Posts

2025 Taxes and Legislations

Wed, 22 Jan 2025 16:53:21 GMT

Each year there seems to be more and more that go hand in hand with real estate transactions. 2025 is no exception. Here are a couple of reminders that you may be interested in understanding.

CITY OF VANCOUVER EMPTY HOME TAX
City of Vancouver empty home tax: Your declaration must be made by February 4th every year. The notice that usually comes in the mail was delayed due to the recent postal strike and no extension is planned. If you need assistance to make your Declaration please call the City of Vancouver at 311. You can also click HERE to start your Declaration.

BC HOME FLIPPING TAX
As of January 1, 2025, if you sell your property less than 730 days after purchase this tax will apply. This is in addition to the Federal Property Flipping Tax in effect since 2023. Click link HERE to read the details.

TENANCY REGULATIONS
Changes to the Residential Tenancy Act have made it tricky and potentially expensive to give notice for vacant possession. When selling a tenant occupied property there are many things to consider. The full information can be found at HERE.

As always, I am happy to hear from you anytime with questions or a chat to catch up.

Take care,

Michele

Happy Holidays From My House to Yours

Mon, 23 Dec 2024 17:09:00 GMT

Happy Holidays From My House to Yours

Michele

2024 Q3 Home Price Update and Market Forecast

Fri, 11 Oct 2024 17:04:00 GMT

Don't wait on the sidelines too long!

This is the message from the Royal LePage 3rd Quarter forecast and definitely falls in line with what I am seeing and feeling in the markets that I specialize in.

The recent mortgage rate drops and various recent announcements that come into effect later this year will make it a more favourable environment for First Time Buyers who generally fuel the market. The environment for Buyers at the moment is favourable as there is generally time to make decisions and some deals to be had.

I always love to hear from you. Let's chat about what this means for you in your neighbourhood. If you have friends or family thinking of making a move, I am always happy to provide any information that would be helpful.

Take care,

Michele

Greater Vancouver

The aggregate price of a home in Greater Vancouver increased a modest 0.5% to $1,233,900 year over year in the third quarter of 2024. On a quarterly basis, however, the aggregate price of a home in the region decreased 1.4%.

Broken out by housing type, the median price of a single-family detached home increased 0.4% year over year to $1,754,500 in the third quarter of 2024, while the median price of a condominium increased 0.2% to $768,600 during the same period.

“The Greater Vancouver market has remained relatively steady through the third quarter, with September showing similar patterns to the summer months. We didn’t see a significant bump in activity and prices dipped just slightly compared to the second quarter,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “The slow activity across all segments can largely be attributed to buyers sitting on the fence waiting for further interest rate reductions, without any real urgency to make a move just yet.”

Ryalls noted that the detached home segment in particular continues to experience weaker demand, and remains firmly in buyer territory today.

“Interest rates are anticipated to continue their downward trend, and while the cuts so far haven’t sparked a surge in activity, a more substantial drop – a 50 basis point decrease – could have a more noticeable impact on the market. Many potential buyers are waiting for the bottom before making their move,” added Ryalls. “With inventory continuing to grow, this is an optimal environment for those who are ready to buy – prices are holding flat and there are more properties to choose from.”

In the city of Vancouver, the aggregate price of a home increased 0.6% year over year to $1,409,800 in the third quarter of 2024. During the same period, the median price of a single-family detached home decreased 1.1% to $2,244,400, while the median price of a condominium remained virtually flat, increasing 0.2% to $839,600.

“Between now and the end of the year, I expect activity to remain fairly flat. However, Vancouver’s market trends tend to shift quickly, and if buyer urgency and activity reverse course, I wouldn’t be surprised to see an uptick in prices as well.”

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 3.0% in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised downward to reflect current market conditions.

2024 The First Quarter in Real Estate

Thu, 01 Feb 2024 16:31:00 GMT

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

What is Happening in the Market?

Thu, 13 Jul 2023 03:52:33 GMT

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

Prices Continue Rising as Home Buyer Confidence Returns

Thu, 11 May 2023 03:53:00 GMT

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.

“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.

2023 Q1 Royal LePage House Price Survey

Sun, 16 Apr 2023 03:49:00 GMT

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.

Update on Federal Ban on Foreign Buyers

Sat, 01 Apr 2023 15:24:17 GMT

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

New Regulations in 2023

Tue, 14 Feb 2023 17:15:15 GMT

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

Happy New Year! Welcome 2023!

Mon, 02 Jan 2023 17:22:00 GMT

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

2023 Royal LePage Market Survey Forecast

Thu, 15 Dec 2022 17:26:00 GMT

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.

Staying Connected with Michele Collins - Fall 2020

Wed, 05 May 2021 03:48:00 GMT

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.

Happy 2021!

Tue, 05 Jan 2021 17:33:00 GMT

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

Happy Holidays!

Mon, 21 Dec 2020 17:34:00 GMT

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

Staying Connected with Michele Collins - Winter 2020

Thu, 27 Feb 2020 19:15:13 GMT

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!

Cheers to the Past! Cheers to the Future!

Thu, 09 Jan 2020 03:09:25 GMT

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.

Here is a look back: https://statscentre.rebgv.org/infoserv/s-v1/wdAF-sZB.

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

Staying Connected with Michele Collins - Fall 2019

Fri, 13 Dec 2019 05:27:00 GMT

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!

November 2019 Market Update

Tue, 12 Nov 2019 03:42:17 GMT

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

Staying Connected with Michele Collins - Summer 2019

Sun, 08 Sep 2019 16:36:55 GMT

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!

February 2019 Market Update

Fri, 15 Feb 2019 15:23:00 GMT

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

Market Update January 2019

Fri, 04 Jan 2019 04:25:17 GMT

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!

Market Update December 2018

Sun, 02 Dec 2018 03:50:00 GMT

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

Staying Connected with Michele Collins - Fall 2018

Sat, 17 Nov 2018 03:55:00 GMT

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.

Stats Centre Reports – September 2018

Mon, 17 Sep 2018 23:09:00 GMT

The Real Estate of Greater Vancouver has released the latest statistical reports for Vancouver.

Click here to view the latest Stats Centre Report for Vancouver East.

Click here to view the latest Stats Centre Report for Vancouver West.

Celebrating 30 Years!

Thu, 16 Aug 2018 23:43:00 GMT

Celebrating 30 Years!
Because it's more than a job. It's doing what I love.

What a wonderful night we had for my 30th Celebration!

A beautiful night, a beautiful venue, fireworks and a surprise fly over from the Canadian Air Force's Snowbirds.

I was so happy to be able to spend time chatting with so many of my favourite people and enjoyed watching you interact with each other. I can say for sure, fun was had by all.

For those of you who were not able to be there at the last minute I look forward to finding time to see you soon.

Thank you all, for trusting me with your important Real Estate decisions, for referring me to your family, friends and colleagues and for staying in touch and being part of my life.

Thank you from the bottom of my heart.

Highlights from the night.
August 1st, 2018

Housing supply up, demand down across Metro Vancouver

Sat, 04 Aug 2018 15:46:50 GMT

July’s residential housing sales in Metro Vancouver reached their lowest levels for that month since the year 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold.

Last month’s sales were 29.3 per cent below the 10-year July sales average.

“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, REBGV president said. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.”

There were 4,770 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2018. This represents a 9.2 per cent decrease compared to the 5,256 homes listed in July 2017 and a 9.6 per cent decrease compared to June 2018 when 5,279 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,137, a 32 per cent increase compared to July 2017 (9,194) and a 1.6 per cent increase compared to June 2018 (11,947).

“Summer is traditionally a quieter time of year in real estate. This is particularly true this year,” Moore said. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.”

For all property types, the sales-to-active listings ratio for July 2018 is 17.1 per cent. By property type, the ratio is 9.9 per cent for detached homes, 20.2 per cent for townhomes, and 27.3 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 $1,087,500. This represents a 6.7 per cent increase over July 2017 and a 0.6 per cent decrease compared to June 2018.

Sales of detached properties in July 2018 reached 637, a decrease of 32.9 per cent from the 949 detached sales recorded in July 2017. The benchmark price for detached properties is $1,588,400. This represents a 1.5 per cent decrease from July 2017 and a 0.6 per cent decrease compared to June 2018.

Sales of apartment properties reached 1,079 in July 2018, a decrease of 26.5 per cent compared to the 1,468 sales in July 2017. The benchmark price of an apartment property is $700,500. This represents a 13.6 per cent increase from July 2017 and a 0.5 per cent decrease compared to June 2018.

Attached property sales in July 2018 totalled 354, a decrease of 34.8 per cent compared to the 543 sales in July 2017. The benchmark price of an attached unit is $856,000. This represents a 12.1 per cent increase from July 2017 and a 0.4 per cent decrease compared to June 2018.

Click here to download the full package.

Stats Centre Reports – June 2018

Sun, 15 Jul 2018 01:38:00 GMT

The Real Estate of Greater Vancouver has released the latest statistical reports for Vancouver.

Click here to view the latest Stats Centre Report for Vancouver East.

Click here to view the latest Stats Centre Report for Vancouver West.

Reduced Demand is Allowing Housing Supply to Accumulate

Tue, 05 Jun 2018 03:30:00 GMT

Home buyer demand continues to decline across the Metro Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.

Last month’s sales were 19.3 per cent below the 10-year May sales average.

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

There were 6,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2018. This represents a 5.5 per cent increase compared to the 6,044 homes listed in May 2017 and a 9.5 per cent increase compared to April 2018 when 5,820 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,292, a 38.2 per cent increase compared to May 2017 (8,168) and a 15 per cent increase compared to April 2018 (9,822).

The total number of listings available today is 17.2 per cent below the 10-year May average.

For all property types, the sales-to-active listings ratio for May 2018 is 25.1 per cent. By property type, the ratio is 14.7 per cent for detached homes, 30.8 per cent for townhomes, and 41.7 per cent for condominiums.

“For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing,” Moore said. “It’s also important to work with your local Realtor to better understand these changing conditions.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,094,000. This is an 11.5 per cent increase over May 2017 and a 0.2 per cent increase compared to April 2018.

Sales of detached properties in May 2018 reached 926, a 40.2 per cent decrease from the 1,548 detached sales recorded in May 2017. The benchmark price for detached properties is $1,608,000. This is a 2.4 per cent increase from May 2017 and a 0.1 per cent increase compared to April 2018.

Sales of apartment properties reached 1,431 in May 2018, a 29.3 per cent decrease from the 2,025 sales in May 2017. The benchmark price of an apartment property is $701,700. This is a 20.2 per cent increase from May 2017 and a 0.1 per cent increase compared to April 2018.

Attached property sales in May 2018 totalled 476, a 39.8 per cent decrease from the 791 sales in May 2017. The benchmark price of an attached unit is $859,500. This represents a 16 per cent increase from May 2017 and a 0.6 per cent increase compared to April 2018.

Click here to download the full package.

Home sales down, listings up across Metro Vancouver

Wed, 02 May 2018 02:49:00 GMT

The Metro Vancouver housing market saw fewer home buyers and more home sellers in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,579 in April 2018, a 27.4 per cent decrease from the 3,553 sales recorded in April 2017, and a 2.5 per cent increase compared to March 2018 when 2,517 homes sold.

Last month’s sales were 22.5 per cent below the 10-year April sales average.

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, REBGV president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”

There were 5,820 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2018. This represents an 18.6 per cent increase compared to the 4,907 homes listed in April 2017 and a 30.8 per cent increase compared to March 2018 when 4,450 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,822, a 25.7 per cent increase compared to April 2017 (7,813) and a 17.2 per cent increase compared to March 2018 (8,380).

“Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

For all property types, the sales-to-active listings ratio for April 2018 is 26.3 per cent. By property type, the ratio is 14.1 per cent for detached homes, 36.1 per cent for townhomes, and 46.7 per cent for condominiums.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,092,000. This represents a 14.3 per cent increase over April 2017 and a 0.7 per cent increase compared to March 2018.

Sales of detached properties in April 2018 reached 807, a 33.4 per cent decrease from the 1,211 detached sales recorded in April 2017. The benchmark price for detached properties is $1,605,800. This represents a 5.1 per cent increase from April 2017 and a 0.2 per cent decrease compared to March 2018.

Sales of apartment properties reached 1,308 in April 2018, a 24 per cent decrease from the 1,722 sales in April 2017. The benchmark price of an apartment property is $701,000. This represents a 23.7 per cent increase from April 2017 and a 1.1 per cent increase compared to March 2018.

Attached property sales in April 2018 totalled 464, a 25.2 per cent decrease compared to the 620 sales in April 2017. The benchmark price of an attached unit is $854,200. This represents a 17.7 per cent increase from April 2017 and a 2.3 per cent increase compared to March 2018.

Click here to download the full package.

Median Canadian Home Price Posts 6.2% Year-Over-Year Gain Despite Corrections in GTA and Greater Vancouver

Tue, 17 Apr 2018 03:06:00 GMT

On a quarter-over-quarter basis, home prices decline slightly in half of key markets
Condominiums continue to appreciate at fastest rate among housing types studied in the Royal LePage National House Price Composite

TORONTO, April 13, 2018 – According to the Royal LePage House Price Survey[1] released today, home prices in Canada saw slowing year-over-year increases in the first three months of 2018. On a quarter-over-quarter basis for the same period, home prices in many markets across the country remained relatively flat, with approximately half of the markets studied by Royal LePage posting slight declines. These declines were most prevalent in the Greater Toronto Area (GTA), and to a lesser degree in the Greater Vancouver detached home segment. Eroding housing affordability and the impact of government measures restricting access to mortgage financing have led to dips in demand and softening of price appreciation across the nation. While the 2018 spring market has started slowly in the GTA and Greater Vancouver, a return to normal activity levels is anticipated in the second half of the year.

The Royal LePage National House Price Composite[2], compiled from proprietary property data in 63 of the nation’s largest real estate markets, showed that the price of a home in Canada increased 6.2 per cent year-over-year to $605,512 in the first quarter of 2018. When broken out by housing type, the median price of a two-storey home rose 5.7 per cent year-over-year to $715,726 and the median price of a bungalow climbed 4.5 per cent to $501,985. Condominiums continued to witness the highest price appreciation rates among housing types studied, rising 10.3 per cent to $418,245, driven by significant year-over-year price gains in the country’s largest housing markets.

Greater Vancouver witnessed the most significant condominium price gains among Canada’s major metropolitan areas, posting a 19.8 per cent increase to a median price of $668,342, while several suburban regions including North Vancouver, Burnaby, Coquitlam, Langley, Richmond and Surrey surpassed the 20 per cent mark in annualized condo price gains. In the GTA, the median price of a condominium increased 11.9 per cent year-over-year to $471,854 in the first quarter, and decreased slightly on a quarter-over-quarter basis, decreasing 1.3 per cent. In contrast, the median price of a two-storey home in the GTA increased 1.8 per cent year-over-year to $939,610 and depreciated 2.4 per cent quarter-over-quarter, while bungalows appreciated 1.1 per cent year-over-year to $788,501 and depreciated 2.1 per cent quarter-over-quarter. Bucking this trend, condominiums in the Greater Montreal Area appreciated 3.5 per cent to $314,554 year-over-year compared to two-storey homes, which appreciated 8.3 per cent to $492,751, due to the relative affordability of two-storey homes in the region.

“We are experiencing a broad-based, residential housing correction in Canada, triggered by federal and provincial intervention,” said Phil Soper, president and CEO, Royal LePage. “Strong house price gains in the first half of 2017 mask some of the recent market shifts when comparing year-over-year home value trends. As is the norm in our huge nation, regional themes play out differently, with economically expanding, affordable markets seeing less change than areas where home prices overshot. Regulators were concerned primarily with the large GTA market, and it is there we are seeing the most pronounced short-term changes.”

The new Office of the Superintendent of Financial Institutions (OSFI) mortgage rules came into effect in January 2018, which include a financing stress test for borrowers with uninsured loans, intended to ensure that home purchasers can withstand higher mortgage payments as interest rates rise. At the outset of the quarter, sales activity levels fell at both national and regional levels year-over-year, in part due to an observed “pull-ahead” in transactions at the end of 2017, as buyers sought to solidify home purchases before the new rules came into effect. As Royal LePage forecasted in its December 2017 Market Survey Forecast, the new measures have played into a slower housing market so far this year, as many people adjust their expectations and take a “wait and see” approach. In the GTA, this has somewhat prolonged softer market trends in the detached home segments – particularly in surrounding suburbs, which had previously been witnessing the highest appreciation rates in the region.

“The combination of declining affordability and government intervention has for the most part neutralized very high home price appreciation levels in the greater Vancouver and Toronto regions, relative to the extreme heights witnessed in recent periods,” said Soper. “However, those looking for this slowdown to translate into material year-over-year home price drops shouldn’t hold their breath. The demand for housing is so strong that the rate of home price appreciation is expected to pick up again in the second half of 2018.”

From low interest rates through to solid job creation, the fundamental conditions to support a strong housing market continue to remain in place. Canada’s economy is currently on solid footing. The Organisation for Economic Cooperation and Development (OECD) recently raised its Canadian growth projection for 2018. In the past year, the Canadian economy grew by an estimated three per cent, making it the fastest-growing among the G7 advanced economies.

“While we have recently seen both overshooting and corrections in Canada’s largest markets, on a national basis we believe the Canadian housing market is amidst a long-term expansionary cycle supported by strong economic fundamentals,” said Soper. “Canada’s stature is rising on a global scale. Our cities continue to be ranked among the most desired places to live in the world. Our economy is strong, our unemployment levels are the lowest they’ve been in four decades and we have one of the fastest-growing populations among advanced economies. These factors combined are incredibly supportive of long-term housing demand and valuations.

“Assuming that the economic outlook is not compromised by some unforeseen global event, such as a sustained trade war, we anticipate healthy, expanding Canadian housing market growth in the coming year,” continued Soper. “It is important to note that numerous Canadian regions are experiencing only modest economic growth and some are in a fragile state of recovery, and could get caught in the crossfire if regulators decide to take further measures aimed at Canada’s larger markets.”

In February, the British Columbia government introduced a slew of new tax measures targeting the region’s housing market. These included the introduction of a speculation tax on qualifying secondary homes, an increase to the foreign-buyer tax as well as an expanded list of affected regions and an increase to the property-related school taxes and land-transfer taxes on homes worth over $3 million.

“While policy instruments like foreign-buyer taxes will temper markets in the short-run, they are a diversion from the real issue,” concluded Soper. “Housing supply shortages in markets like B.C.’s Lower Mainland and the GTA remain at the heart of the problem. To avoid a return to the extreme market conditions of over 20 per cent annual home price increases, aggressive multiple offer scenarios and crumbling affordability, there is a need for sensible housing policy focused on creating a sustainable and diversified mix of supply. In condominiums, this includes the creation of larger units that are livable for families, especially as the Peak Millennial generation starts having families in increasing numbers.”

Provincial and City Summaries and Trends

British Columbia was a leading Canadian economic powerhouse in 2017, but its growth is expected to slow over the next two years as measures to curb the housing market set in. However, in turn, fewer home listings are expected to put continued upward pressure on prices. The province’s unemployment rate was 4.7 per cent in March, well below the national average. Furthermore, B.C. is one of the few provinces that is adding population via three core channels: natural increase, international immigrants, as well as through interprovincial in-migration, further supporting housing demand in the region.

In the first quarter of 2018, the aggregate price of a home in Greater Vancouver rose 10.3 per cent year-over-year to $1,280,014, while the City of Vancouver saw an increase of 10.1 per cent to $1,487,048. Meanwhile, surrounding suburbs continued to see relatively high year-over-year appreciation as a result of increasing demand for lower-priced properties outside the city center. During the same period, Langley, Surrey, Coquitlam and Burnaby posted home price increases of 18.5 per cent, 16.3 per cent, 15.3 per cent and 11.7 per cent to an aggregate price of $933,725, $879,848, $1,088,334 and $1,132,570, respectively.

Alberta led the country in economic growth in 2017, according to the provincial government which estimated that the economy grew by 4.7 per cent. For 2018, solid growth is expected, with the province raising its forecast to 2.8 per cent, citing oil production, manufacturing, population growth and spending as key drivers of economic activity. Employment in the province is now higher than it was prior to the downturn in oil-price during 2014. As of March 2018, the province’s unemployment rate was 6.3 per cent, down from the peak of nine per cent reached in the fall of 2016, contributing to relatively stable year-over-year home prices in the region. In the first quarter of 2018, the aggregate home price in Calgary increased 2.4 per cent year-over-year to $475,160, while the price of a home in Edmonton decreased a slight 0.6 per cent to $377,986.

Like Alberta, Saskatchewan is recovering from its oil-price induced downturn and is expected to grow at a pace above the national average in 2018, with agriculture, mining and manufacturing expected to be top contributors to the province’s expansion. In March, the unemployment rate in the province was 5.8 per cent, the same as the national average. Over the past year, employment has been virtually flat. Data from the first few quarters of 2017 suggest that the province is losing population to other provinces, although international migration has helped lift the overall population to a record level. Still, the economy is struggling to recover from the dislocations of recent years – which has been a drag on housing demand and market expansion the region. The aggregate price of a home in Regina and Saskatoon decreased 1.0 per cent year-over-year in the first quarter, to $329,727 and $376,111, respectively.

Following several years of growth that were boosted by large scale infrastructure projects, Manitoba’s economy is now slipping back into what the provincial government is referring to as “the new normal.” As a result, most forecasters expect provincial growth to be slightly under the Canadian average for the near term. As of March, the unemployment rate in the province was 6.2 per cent, above the national average of 5.8 per cent. Although employment has grown over the past year, full-time jobs have declined, also suggesting that the province is going into a slightly slower growth mode. In the first quarter, the price of a home in Winnipeg rose 5.1 per cent year-over-year to $291,671.

In the first quarter, Ontario continued to benefit from roaring economic strength in the U.S., which has boosted the province’s exports and manufacturing sector. Although growth may come down from that high this year, the economy is expected to continue a solid expansion. While many Ontario cities have done well in recent years, in 2017, the Greater Toronto Area led employment growth in the province, adding 69,700 jobs[3]. Like B.C., Ontario is adding population via natural increase, international immigration and interprovincial migration – in contrast to most of the previous decade where Ontario lost population to other provinces such as Alberta.

In the first quarter of 2018, the aggregate price of a home in the Greater Toronto Area rose 3.1 per cent to $802,252, while the City of Toronto saw an increase of 6.3 per cent year-over-year to $814,992. A number of surrounding suburbs, which had previously been outpacing the core, posted much lower year-over-year rates of appreciation than in recent quarters. The aggregate price of a home in Whitby, Ajax, Pickering and Oshawa rose 1.6 per cent to $660,618, 2.1 per cent to $664,578, 1.9 per cent to $690,884 and 3.0 per cent to $531,079, respectively. During the same period, the price of a home in Richmond Hill decreased 6.0 per cent year-over-year to $1,142,577, while the price of a home in Markham decreased 3.5 per cent to $991,068. Meanwhile, other nearby regions in the Golden Horseshoe including Niagara/St. Catharines, Kitchener/Waterloo/Cambridge and London maintained substantial year-over-year home price appreciation of 17.9 per cent, 15.4 per cent and 10.9 per cent to $397,807, $474,437 and $352,907, respectively – though, like many markets in the region, London and Kitchener/Waterloo/Cambridge saw price decreases on a quarter-over-quarter basis. In the nation’s capital, Ottawa home prices continued to appreciate at a healthy pace, rising 4.7 per cent year-over-year to an aggregate price of $437,243.

Quebec’s economy was operating on all cylinders in 2017, with strong growth expected to continue throughout 2018. Last year, several industries were operating at close to capacity including construction, manufacturing and mining. Strong job creation has supported income growth, which has been further accentuated by a provincial tax cut. In March, the unemployment rate in Quebec was below the national average at 5.6 per cent, and down a full percentage point from March 2017. Notably, full-time job growth in Quebec over the past year has been a very strong 4.5 per cent, which translates into 150,000 full-time jobs. Overall, Montreal industries, particularly manufacturing and tourism, are expected to gain from the strong U.S. economy, along with stable economic conditions in the balance of Canada. The proportion[4] of Quebec consumers who feel that the time is right to make a major purchase, such as a property, remained stable in March at 37 per cent. Montreal’s residential real estate market is expected to continue to do well this year as demand increases, especially in the single-family home segment where supply shortage puts upward pressure on prices.

The aggregate price of a home in the Greater Montreal Area rose 6.1 per cent year-over-year to $389,197 in the first quarter. Montreal West and Montreal Centre saw the highest rates of appreciation in the region, rising 10.7 per cent and 9.2 per cent year-over-year to $460,657 and $493,244, respectively. In other parts of the province, the aggregate price of a home in Sherbrooke rose 6.1 per cent to $259,155, while the price of a home in Quebec City increased 1.0 per cent to $297,198. During the same period, the aggregate price of a home in Trois-Rivières fell 3.5 per cent year-over-year to $197,736. Meanwhile the price of a home in Gatineau increased 5.1 per cent year-over-year to $269,973.

In Atlantic Canada, economic performance and housing market trends varied province by province. Newfoundland and Labrador’s economy is expected to remain weak in 2018, while the government remains in a tight fiscal situation. However, the housing market in St. John’s was active in the first quarter, with the aggregate price of a home increasing 5.5 per cent year-over-year $344,699. During the same period, Moncton and Fredericton posted slight price increases of 2.2 and 1.4 per cent to $189,981 and $251,194, respectively, while Saint John continued to see a decline in the city’s aggregate price, decreasing 1.5 per cent to $205,196. In Nova Scotia’s capital, the aggregate price of a home in Halifax rose 2.1 per cent year-over-year to $311,841. Prince Edward Island performed better than most provinces in 2017, with steady economic growth expected for the coming year. In the first quarter, the aggregate price of a home in Charlottetown saw among the highest year-over-year growth in the country, rising 14.8 per cent to $267,498.

About the Royal LePage House Price Survey

The Royal LePage House Price Survey provides information on the three most common types of housing in Canada, in 63 of the nation’s largest real estate markets. Housing values in the House Price Survey are based on the Royal LePage National House Price Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

About Royal LePage

Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of close to 18,000 real estate professionals in more than 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women’s and children’s shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.

For more information visit: www.royallepage.ca.

March 2018 Market Summary

Fri, 13 Apr 2018 03:56:00 GMT

Stats Centre Reports – January 2018

Sat, 10 Feb 2018 04:53:00 GMT

The Real Estate of Greater Vancouver has released the latest statistical reports for Vancouver.

Click here to view the latest Stats Centre Report for Vancouver East.

Click here to view the latest Stats Centre Report for Vancouver West.

Stats Centre Reports – December 2017

Tue, 02 Jan 2018 03:51:00 GMT

The Real Estate of Greater Vancouver has released the latest statistical reports for Vancouver.

Click here to view the latest Stats Centre Report for Vancouver East.

Click here to view the latest Stats Centre Report for Vancouver West.

Metro Vancouver Sees Fewer Home Sales and More Listings in July

Wed, 02 Aug 2017 04:47:00 GMT

Home buyer activity returned to more typical summer levels in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 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 $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017.

Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.

Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.

Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017.

Download the complete stats package by clicking here.

Stats Centre Reports – October 2016

Fri, 04 Nov 2016 02:14:00 GMT

The Real Estate of Greater Vancouver has released the latest statistical reports for Vancouver.

Click here to view the latest Stats Centre Report for Vancouver East.

Click here to view the latest Stats Centre Report for Vancouver West.

Home Sale and Listing Activity Dip Below Historical Averages in October

Wed, 02 Nov 2016 02:09:00 GMT

Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*.

Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.

Last month’s sales were 15 per cent below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.

Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).

The sales-to-active listings ratio for October 2016 is 24.4 per cent. 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.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.

Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.

Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.

Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.

Download the complete stats package by clicking here.

Staying Connected - December 2015

Wed, 11 Nov 2015 16:49:00 GMT

On a Personal Note – Giving Back to the Community

Giving back to the city where I have lived my whole life has always been important to me. The Royal LePage Shelter Foundation has provided a great opportunity to get involved at both the national and local level in ensuring that women experiencing domestic violence have a safe place from which they and their children can make a transition to a better life. When my children were younger, together we volunteered, working with the families at Spring House and raising money for shelters through the annual Royal LePage garage sale. I continue to donate a portion of each sale to this important cause.

Three years ago, I agreed to join the Board of the Arts Club Theatre Company. ACTC was founded in 1958 as a private club for artists, musicians, and actors, and officially became the Arts Club Theatre in 1964 when the company opened its first stage, a converted gospel hall at Seymour Street and Davie. ACTC is now the largest theatre company in Western Canada offering over a dozen productions on three different stages to over a quarter of a million audience members each year.

One of the reasons I was enthusiastic about getting involved is that I appreciate ACTC’s deep connection to the community. Most Vancouverites have had memorable moments at Arts Club productions. In fact my history with ACTC goes back to 1973 when I had my first date there (!), and over the years I have enjoyed many of their fine productions. It is a privilege and a great responsibility to be a trustee of an organization that plays such a key role in the lower mainland.

The ‘Hood – Olympic Village

Long before I was involved with Arts Club and when the Olympic Village was still a bit of a ghost town, I could see the potential for a great neighbourhood located on the southeast corner of False Creek and close to downtown. The Olympic Village offered approximately 1000 residential units, area parks, a stunning waterfront walkway, and delightful public art installations. The Village is now fulfilling its promise. Today, along with the BMO Theatre Centre of which I am so proud, there is a great choice of restaurants, shops, and businesses.

The Village offers attractive townhouses and apartments at a range of price points from affordable to luxury, and appeals to a wide variety of buyers: downsizers, young people entering the market, and investors. This summer, one of my favourite developers launched The Creek. Calling it “Quintessential Vancouver”, Concert Properties quickly sold out Voda, the first phase of this five building development which is on the very last site on southeast False Creek. Development around the Village is also rapid with an additional 4000 residential units planned and under construction. Mountain Equipment Co-op, our beloved homegrown outdoor adventure store, has chosen a site next door to the Village for the location of its 45,000 sq. ft. flagship store scheduled to open in summer of 2018.

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

Every day we are seeing and hearing news about the Vancouver housing market. We’ve become a national and international news story about rising property prices, foreign investment, densification to accommodate a growing population, and character designation by-laws that seek to retain Vancouver’s heritage. In brief, there is concern about the affordability of housing in Vancouver. Although at the current time, we are seeing a very brisk market and rising prices, this is just part of a much longer term trend for Vancouver. Having been close to the market for many years, I have seen some slower times, but over the years, prices have continued to rise in what is a very attractive city. For me, the challenge remains the same. My job is to help my clients find housing that meets their needs, and fits with their lifestyle and budget. Some of you are finding opportunities with townhomes and apartments; some of you are finding that going a little farther afield works very well; and some of you are collaborating with friends and family to try out co-ownership

Staying Connected - July 2015

Thu, 02 Jul 2015 02:25:00 GMT

On a Personal Note – Change

“The secret of change is to focus all of your energy, not on fighting the old, but on building the new” – Socrates

When I first meet you my valued clients usually you are in the process of change, a new city, a new job an addition to the family or a change of lifestyle. These are exciting and stressful times and I feel so very lucky to be able to be part of the process and help you through these transitions.

Over the past couple of years I have had a some changes of my own, where I call home, what my family looks like and over the past several months a change in my office environment. Due to a situation beyond my control, I was forced to look at other options for a professional and productive environment to work from. I am very happy to say I have been able to find a solution with Royal LePage. I am very excited to now be part of Royal LePage Sussex! My new contact details are here, but of course you can always get me in the same ways as you did before, my cell, website and email remain the same.

Change is all around us. As I drive around this beautiful city of ours every day, I am witness to so much development.

The Hobbit House on West King Edward with its storybook architecture has been rescued from demolition and will become the stand alone house as part of the King Edward Green.

This character home in Point Grey that has been home to one family for over 50 years is wrapped in HAZMAT protection in preparation for demolition.

And what will become of The Little Yellow House that once hosted so many special occasions in its life as Il Giardino. While Umberto has opened up again on the same block much to the joy of us Vancouverites, The Little Yellow House stands alone to face, I am not sure, what.

I am not sure who said this, maybe it was my Mom, “A change is as good as a rest”. I am rested and energized and look forward to hearing from you! As always I welcome hearing from you about the changes in your world.

The ‘Hood – Main Street

As the prices continue to rise, particularly in the Single Family market on the Westside of Vancouver, the local market is considering options to the East. The single family market in this neighbourhood is HOT! For young couples looking to buy a home in this very competitive market, the Thursday night “Sneak Peak“ has become part of the pattern of the week. They drink coffee at the new Artigiano or one of the many special independent cafes, enjoy the lovely Prince Edward Park or mingle with the masses at Car Free days with all the wonderful sights, sounds and food. And speaking of food, the options are many from the laid back casual fare at The Locus, 4121 Main Street (one of my go to spots for many years) to Burdock & Co., 2702 Main Street which has been around for a few years now and continually shows up on the best places to eat lists that I love to follow. The vibe here is electric.

Congratulations to Suki and Ian on the most unique sale price I have ever seen in my 27 years and lucky them, they were successful in the hunt for a beautiful new home in the hood, I can’t wait for the celebration!

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

Well again I report , activity and prices are up! Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver. With Detached homes in Metro Vancouver hitting an average price over 1.1 million the townhouse market is heated with buyers who want to stay in the city but can not reach the price of a single family home as well as those downsizing from the family home and looking for a new lifestyle. And my predictions that the condo market is way over due to follow appears to be in the works! As always I am here to discuss how this all effects you.

Staying Connected - December 2014

Mon, 01 Dec 2014 02:26:00 GMT

On a Personal Note – Vancouver is a Great Place to Call Home

This past month took me to Toronto for the Royal LePage National Sales Conference. I had a fun filled week of reconnecting and strengthening the relationships that I enjoy with my colleagues from across the country who honour and trust me with referrals of their clients moving to Vancouver.

Prior to the conference, I spent some time with some of these colleagues outside of Toronto discovering a part of Canada that is new to me – the Niagara region and cottage country. The famous autumn colours of northern Ontario were at their peak and I was quite taken with the beauty of the landscape.

When I returned home to Vancouver, I realized once again just how amazing it is that we can enjoy our stunning west coast landscape right in the centre of our city. Last week, showing condos in Coal Harbour, I was wowed by scene in front of me, a lush carpet of red and gold leaves over the green grass. I realize at moments like this that Vancouver is the place where I feel most at home. It always fills me with pride to show new clients what this city has to offer.

This spring and summer were extremely busy, and as I catch my breath this fall, I have taken time to reconnect and spend time with some of you who I worked with earlier this year. My relationship with you does not end at point of sale or purchase. It is important to me to stay in touch and find out how you have settled into your new space, what you have discovered about your neighbourhood, or what steps you are considering next. Most importantly, whether you are just starting out on an exciting new path as first-time buyers or are making a strategic decision to purchase an investment property, I want to know whether you are happy with your decisions and if I have helped you to achieve your goals.

The ‘Hood – Coal Harbour

Coal Harbour is a resort like neighbourhood in the centre of the city surrounded by mountains, trees, water, and my favourite sailboats. With Stanley Park and the Burrard Inlet in its front yard, the vibrancy of the restaurants and shops of the West End in its backyard, and downtown right next door, Coal Harbour is ideally positioned. One of my favourite spots to spend time is Lift Bar and Grill, a uniquely west coast restaurant with a fabulous rooftop space that extends over the water – which always makes me feel like I am spending time on my (imaginary) yacht. Also on the marina at Coal Harbour Quay is Cardero’s Restaurant, a comfortable, warm and lively place with a fresh fish and seafood menu. Another of my favourite places to meet friends is the Lobby Lounge Fairmont Pacific Rim Hotel, an open cosmopolitan space with soaring ceilings, a commanding central fireplace, and contemporary live music that provides just the right ambience.

Coal Harbour was developed as a residential neighbourhood over the past 20 years, with the last phase just being completed. As a planned community, it has a cohesive feel with a mix of highrises and townhouses connected by the seawall and walking paths. Public spaces are beautifully landscaped and feature a variety of interesting public art installations. Retail spaces have been well planned and include an Urban Fare, a gym or two, and specialty shops offering everything from gelato to high end home décor. And the price tag to get into this neighbourhood? Listings range from the low $400,000’s for a cool first-time space or pied à terre at the Qube to the record-breaking sale of Penthouse One at the Fairmont Pacific Rim for $25 million! Of course, there are many options in between – the residents of Coal Harbour span from young professionals, mature buyers wanting to downsize or have a second home to enjoy city lifestyle, to international investors who appreciate and understand the value that this neighbourhood offers.

Vancouver’s Favourite Topic – “How’s The Market?”

September and October sales have been above average in all sectors of the market with the detached market continuing to lead the way. Vancouver continues to hold the reputation to be a good safe place for wealthy foreign investors to put their money, and all indications look to a good solid market going forward. What does this mean for you? I would agree with Phil Soper, President and CEO of Royal LePage Canada who confirms that across the country, most housing markets have recovered from the 2008 economic crisis, and have now entered a “Goldilocks Market” – not too hot, not too cold. This would accurately describe what you, my clients, can expect. The Vancouver market is moving but not overheated. Whether you are buying or selling, we can work together and take the time you need to make solid informed decisions.

Staying Connected - June 2014

Sat, 31 May 2014 02:20:00 GMT

On a Personal Note – Where Have I Been???

You may have noticed that there has been a bit of a gap in time since my last newsletter – so where have I been? The simple answer to this question is that I have been working right here in Vancouver! This year has been one of my busiest on record and I have been working with many clients, both old and new. It has been a very exciting and rewarding time seeing clients find and sell homes. A shout out to a few clients who have found new homes: All the best to Tracey and Steve who made the decision to embrace the city lifestyle! All the best to Stephanie, who after a long hard search for “the perfect one”, decided on a great space and location and took sledgehammer to it!! (I cannot wait to see the results of your renos Stephanie.) And heartfelt good wishes to Olga who after 50 years in her home in Point Grey, made the big move to a lovely apartment. Olga was very clear about what she needs in a home: light!! We worked together until she found exactly that – a beautiful home full of natural light, and we celebrated with a special lunch. Over the past month, one of my tasks has been sorting, scanning, and shredding my files of the past 26 years. What I realized as I revisited client files and lists is how often I think of each of you. When I work with you through the process of buying and/or selling a home, a relationship develops – through conversation, exploration of needs and values, and decision-making. When the process ends, I miss you. That is why it is so important to me to stay in touch with you through this newsletter (even if a little sporadically).

Connecting is always important to me but there are moments when I am reminded that the long term and close relationships that I have established through my work are a great blessing. This summer marked the passing of my remaining parent – my dad who lived for many years in the Okanagan. Losing my dad is a very important passage in my life, one that I know a number of you have experienced. As well as the personal loss, there is the overwhelming task of sorting through papers and personal belongings and getting his property ready for sale. I appreciate all that I have learned from those of you who have already had the same experience, and my great colleagues both here and elsewhere who stepped in to help me with my business.

On a happy note, earlier this year, I had some new adventures: cooking school in Tuscany, driving on the Amalfi coast, and yes – a week in Paris! This travel fulfills a long time dream and I may have just rekindled my travel bug. One of the greatest delights of these adventures has been exchanging travel stories with some of you – another way that we can share experience and get to know each other better.

The ‘Hood -- Kitsilano

After a year back in Kitsilano, I am very much enjoying being a “Kits girl” again. I bought a bike and have started doing a little yoga at the beach. It’s a lifestyle like no other in Vancouver. I am now experiencing the bike lanes from a cyclist’s point of view! The long bike paths around False Creek and English Bay are a joy that offer plenty of opportunities for refreshment stops for coffee, a glass of wine, or a delicious snack. I have always been an enthusiastic cook but my interest in food has been reignited in Kitsilano. While I loved every minute of food and wine in Italy and France, coming home I am reminded of how very fortunate we are in this neighbourhood and in this city. There is an abundance of fresh produce, meat, and fish at Granville Island and Farmers’ Markets to prepare feasts for family and friends, and within walking distance there is an overwhelming choice of restaurants featuring cuisines from all over the world. One of my current favourites is Nook at Kits beach where they make simple but beautiful Italian fare in a casual sociable setting that reflects the ambience of the neighbourhood. Another is Vij’s, where inspired Indian food is served in a such a loving way that you feel like you are a valued guest in Vikram Vij’s home. I also really enjoy Edible Canada, a food retail outlet and bistro that serves fresh beautifully presented local fare in a comfortable contemporary setting with a great patio in the centre of Granville Island.

Kitsilano is special in a number of ways but particularly for its strong sense of community. In the summer, we welcome thousands of tourists from all over the world as well as the lower mainland who gather here to enjoy the beach, the parks, the patios, the fireworks, and the general laid back ambience. However, for those of us who live here, no matter what the season, it is just the ‘hood.

Vancouver’s Favourite Topic – “How’s The Market?”

Spring and summer sales have continued at a very good healthy pace. The detached market which is much more driven by Asian investors and new immigrants has continued to be brisk while townhomes and condos move at a more even pace with well priced product still moving fairly quickly. The latest stats show the highest month over month sales since 2011. For those of you who sold homes during this period, we were able to get quick multiple offers that achieved great prices. For those of you who have bought, we have still been able to negotiate favourable prices and terms. Overall, the outlook for the fall is a good steady stable market.

January 2011 - Mom of the Month, Westcoast Moms

Tue, 11 Jan 2011 09:52:00 GMT

My name is Michele. I am a mother of two and a Royal LePage real estate agent in Vancouver. As I read through the stories of the previous Moms of the Month, it is easy to find that many have a common thread of trying to find the right balance for her family. Of course, some days we all feel like a Mom of the Month and some days we don't. Being a working mom has its own challenges and when you keep non-traditional working hours, like I do, you have to always be resourceful. more