February Newsletter 2018 – Patrick Weeks Team

FEBRUARY NEWSLETTER 2018

The last few months have been very interesting times in the real estate market.

We have seen the market on a whole slowing down, however certain price points, locations and types of properties continue to be selling at a fast pace with rising prices. Other areas of the market are in a downturn with few sales and price reductions happening frequently.

Here are a few examples of sub-real estate markets and how they are selling around the Lower Mainland based on January activity:
  • Detached Westside Vancouver homes with both typical 33 and 50 foot lots are selling slowly often taking 30 – 90 days to sell. Prices are down on these two markets between 5% to 15% from all time highs in late 2016 and early spring 2017.
  • Detached homes in areas such as Main, Fraser and small pockets of Kitsilano such as Kits Point are still setting record prices sale after sale.
  • Detached Homes in North Vancouver are incredibly slow. I looked at houses over 3500 square feet in January and there were only 5 sales, with 117 on the market!
  • West Vancouver was also very slow. There was only 1 sale of a newly built home while there are 57 on the market.
  • East Vancouver detached homes at the entry point of the market around $1,300,000 are selling quickly as buyers continue look for affordability and land ownership.
  • The hottest market by far in my experience currently are condos selling between $400,000 and $800,000 as this is where the bulk of buyers land with their financing approvals and has created bidding wars on almost every good property. I have seen as many as 16 offers on certain condos with most buyers writing “no subject, over asking price” offers hoping to have a chance.
  • Townhomes and 1/2 duplexes up to around $1,300,000 remains very active with good properties selling quickly and frequently over the asking price.
  • Luxury condos are still doing very well with highly desirable buildings Downtown and in False Creek being fought over by downsizing couples.
  • Pre-sales are being gobbled up by investors and foreign buyers almost as fast as they are launched. That said certain projects in Burnaby and a few areas of the Westside have started to slow down as prices have gotten so high it’s proving hard for investors and speculators to continuing believing in the upside.

There is a lot of uncertainty in the market today including a new government, stress testing from the banks on mortgages, and a 20% foreign buyer tax all these factors attempting to cool down a red hot real estate market in Vancouver. One thing is certain, people will continue to flock to our beautiful city and owning here will always prove to be a good long term investment.

My team and I utilize our top 0.1% ranking of all greater Vancouver realtors to help our clients achieve success. This coupled with our industry leading marketing practices which include our ability to reach out to our over 5,000 client database, the leveraging of our long standing relationships with other top agents, and our outside of the box experienced thinking to provide our clients with the best service and advice available in the marketplace.

 

 

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