Real Estate Market Statistics

I have had much success actively working in many different real estate markets – Vancouver West, West Vancouver, Squamish & the Sunshine Coast.

Currently, it is a buyers market for those four areas, however, prices are still going up, so it’s a good time for either sellers or buyers to sell, buy or invest.

Please see the January Statistics below:

MarketHotSheet_January2017_Squamish

MarketHotSheet_January2017_SunshineCoast

MarketHotSheet_January2017_VanWest

MarketHotSheet_January2017_WestVan

Why Should You Use a Realtor?

One of the questions that I get asked regularly is “Why Use a Realtor?”

This video from the Real Estate Board of Greater Vancouver explains why you should use a Realtor in the purchase or sale of your next home

So why should you use me as your Realtor? I understand that in buying or selling your home you are making one the biggest decisions of your lifetime, and I will be with you every step of the way! My passion is real estate, and my hope is that once we’ve worked together, the next time you go through one of these big life transitions, you won’t want to do it with anyone else. For me, there is no bigger compliment than when a client sends their friends or family to work with me.

Sunshine Coast Sales in 2016

SC Stats 2016

The Sunshine Coast market activity by the end of November 2016, continued to demonstrative above average levels of sale activity and steady increases in value, compared to the same period in 2015.

Current market activity trends indicate that 2016 has been the busiest year for transactions since 2003.
With high levels of buyer interest combined with historically low levels of properties being offered for sale, the market continues to move in favour of sellers in all segments of the market place as of the end of November 2016. The number of transactions have increased by 43% in 2016, when compared to the same period last year, resulting in average sales prices increasing of: $487,000 for detached homes (a 19% increase in 11 months); $297,500 for attached (a 10% increase in 11 months); and $198,000 for land sales ( a 5% increase in 11 months).

As a result of the consistently strong levels of activity for the last 12-18 months, the number of properties being offered for sale has fallen during the third quarter of 2016. Looking forward in 2017, we expect the market to continue being a sellers market. With the increase of sales volumes and prices from this year, we expect that the 2017 market will demonstrate the characteristics of a low supply – high demand marketplace with strong support for prices at current or higher price levels.

Average Price of a Home in Every Major Canadian City

RS_inf_housing-market-can_low-res-crop-01
After the US election last week, a lot of Americans started thinking about packing up and moving north. So much so that they crashed the Canadian immigration website.

Well, that got RentSeeker.ca – Canada’s largest real estate search website and apartment finder – thinking about what it actually costs to live in Canada. More specifically, what the average house costs in every major Canadian city and therefore how much your annual household income needs to be to buy one of those houses*.

Keep in mind that Donald Trump’s presidency will likely drive these prices even higher.

A few interesting (and expected) takeaways from the info below:
1. Vancouver’s average home is the most expensive in Canada
2. An average home in Toronto will only cost you just $2,000 more than one in Abbotsford
3. Fredericton is the cheapest provincial capital to call home
4. It costs almost twice as much to buy in Mississauga as it does in Montreal
5. A home in Calgary is almost half as much as one in Kelowna
6. If you want to buy an average home in Vancouver you need a household income of more than $140,000 a year + 20% downpayment
7. To be able to afford a million dollar home anywhere in Canada you need to be pulling in roughly $170,000 + have a $200,000 downpayment lined up

Happy house hunting, Canada!

*Based the downpayment on 20% downpayment using CMHC requirement for minimum down payment for no mortgage insurance. The housing prices were based on CREA (Canadian Real Estate Association) and CMHC data.

Courtesy of Daily Hive

Attention First Time Home Buyers…..

Yesterday, the Liberal government announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates. The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes.

Below is a breakdown of the four major changes Finance Minister Bill Morneau announced Monday. To read more, click on the link below or feel free to ask me!

1. Buyers with a down payment of at least 5 per cent of the purchase price but less than 20 per cent must be backed by mortgage insurance.

2. As of November 30, the government will impose new restrictions on when it will provide insurance for low-ratio mortgages.

3. New reporting rules for the primary residence capital gains exemption.

4. The government is launching consultations on lender risk sharing.

To read more about these changes and who they impact, please click here.