How to Win in Multiple Offers

March 2020, Vancouver Real Estate Update:

Activity is up dramatically. It's been up over the past 8 months and we are now starting to see it slowly impacting average prices.


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We had 45% more sales this February compared to February 2019. With that being said we are still 15.6% below the 10 year average for February.


But with 45% more sales we also have 20.7% less inventory. This is causing a real pinch in certain segments of the market.


Sales to active ratio is 23.4%. Broken down by category:

Detached homes: 17.3%

Townhomes : 26.9%

Condos: 28.4%


Benchmark price in Vancouver is at $1,020,600 across all property types. This is up 0.3% from last February but up 2.7% in the past 6 months.


Detached homes: down 0.7% ($1,433,900)

Townhomes: Up 0.6% (785,000)

Condos: Up 0.9% ($677,200)


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February Market Update:

Looking back on Vancouver Real Estate marketing January what did we see?


The Vancouver real estate market is in full swing as we welcome the new decade.

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The market has seemingly returned to more historical levels as monthly statistics continue to report high sales numbers, as they have done so for the last 7 months. Sales have increased month over month as buyer confidence has returned, and there is tons of activity out there.


We have been in a strong sellers market for condos and townhomes, and a balanced market for detached homes, a trend that we believe will continue throughout the new year.


The entry level homes are still the hottest products out there at the moment. We're seeing multiple offers and over asking sales become the norm again.


Builders, especially in the East Van area, have slowed down on building detached homes with basement/laneways to focus on building duplex's instead.


These homes are easier to sell and more profitable for developers. This leads to me to believe that we will really feel a pinch on single family homes in the coming years.


Attached homes saw a 55% increase in sales from this time last year, while condos saw a 45.6% increase and detached homes were close behind with a 29.5% increase.


Benchmark prices are still down by 2% overall from last year but they are all up between 1-2% in the last 6 months.


Questions about the market? Please reach out anytime.


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What happened in the Vancouver Real Estate Market in 2019?

2019 Can be summarized by the word "Demand".


Buyer demand was very low to start 2019 after a ton of policy change in 2018. By the mid way mark the pent-up demand took over and we had a full shift.

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January to June we saw very little buyer confidence and therefore less DEMAND. This resulted in 23% less sales in the first 6 months of the year compared to the same time period in 2018.


Then July hit and activity really started picking up. This continued all the way through December. IN the last 6 months of the year we had 37% more sales compared to the same time period in 2018.


During this period we saw multiple offers come back, and some sale prices significantly over asking prices.


All together we had 1.5% more sales compared to 2018.


With that being said it was all rainbows and butterflies. This number was also 19% BELOW the 10 year average and 30% below 2017.


Benchmark prices were down 3% but average prices were up 2%


Entry level homes remained very active all year and we a push in the luxury market midway through the fall, especially on the Westside.


Moving into 2020 it feels if buyers are back on the hunt and properties priced accurately will get activity.


For more information feel free to reach out directly at:

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November Market Update

The Vancouver Real Estate Market saw 55% more sales this November compared to this month a year ago. It also put us 4% above the 10 year average for November.


We had 13% LESS new listings and 12.5% less total listings this November compared to last.

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This has pushed us into a SELLERS market for townhomes and condos. We are still in a balanced market for detached homes although we are quickly creeping into a sellers market there as well. The benchmark price is down 4.6% down to $993,700. The detached market is down 5.8%, townhome market down 4.4% and the condo market down 3.8%.


Overall the activity is up, and listings are down. This over an extended period of time will eventually push prices up. We expect to see a busy 2020!


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October 2019 Vancouver Market Update

What's happening in the Vancouver Real Estate Market this summer?


This October we saw a huge uptick in Sales. We were up over 45% from October 2018, although prices are still down.

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22% more sales compared to September 2019, just a month ago, and that was a busy month here as well.


This is the 4th consecutive month where we have seen year over year growth.


9.8% above the 10 year average in terms of sales this October.


16.5% less new listings this October.


Buyer activity is picking up, but we are not seeing more listings.


Sellers market for condos and townhomes. Balanced market for the detached market.


Benchmark price is still down over 6% from last year. Detached market is down over 7%.


For more information feel free to reach out directly at:

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July 2019 Vancouver Market Update

What's happening in the Vancouver Real Estate Market this summer?


Typically July is a slower month, but for 2019 it was actually the 2nd busiest month of the year. We had a very sluggish June, but it appears that things bounced back this July. Here are the numbers:


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23% more sales than July 2018

23% more sales than June 2019


3.3% less NEW LISTINGS compared to July 2018

17% more TOTAL LISTINGS compared to July 2018


Benchmark price in Metro Vancouver is at $995,200 down 9.4% from July 2018.


Detached - $1,417,000 down 10.5% from last year

Condos - $653,200 down 8.8% from last year

Attached - $770,000 down 9% from last year


Overall the number of sales this July were up in all categories, again showing us this July was much busier than last year.


Where do we go from here? I am expecting a busy Fall in terms of sales but I do not think we will see a huge uptick in prices.


For more information feel free to reach out directly at:

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June 2019 Vancouver Market Update

There were 2,099 home sales in the month of June in Vancouver. This is the lowest number of sales in June since 2000. It's also down 21% from last month and down 35% from the 10 year June average.


There were 4,751 new listings in June which brought the total number of listings on the market up to 14,968.


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The sales to active ratio across all property types in Vancouver was 14% which equates to a balanced market.


The benchmark price for all property types was $998,000. This is the first time this number has been below $1,000,000 since May 2017.


If we break down the benchmark price for each property type this is what we see:


Single Family - $1,423,500 Down 10.3%

Condos - $654,000 Down 8.9%

Townhomes - $774,700 Down 8.6%


For more information feel free to reach out directly at:

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June 2019 Metro Vancouver Real Estate Market Update

Stats are out for the May 2019 Metro Vancouver Real Estate market. Here is our breakdown.


- 6.9% Less sales from May 2018.

- 8.1% Less NEW listings from May 2018

- 30% MORE inventory currently on the market


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- Sales to Active Ratio: 21% Condos, 20% Townhomes, 14% Detached homes

- Benchmark Price - $1,006,400 which is down 8.9% from last May and down 3.4% over the last 6 months

- Detached homes are down 11.5%

- Condos are down 7.3%

- Townhomes are down 7.6%


So what do these numbers mean? The activity is actually up a fair bit since last month, and sellers are not in a rush to get out of their homes. There are a lot of over priced homes that are sitting on the market. They don't show well and are getting stale by sellers being reluctant to reduce prices or to freshen up their homes.


Luxury homes are taking a bit longer to sell and buyers are having more room to negotiate.


The entry level product is still moving quite quickly if it is priced correctly. We are even seeing multiple offers if priced correctly.


If you have any questions feel free to comment down below or connect with us:

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May 2019 Market Update

What were the stats of the Vancouver Real Estate market in April 2019 telling us?


Essentially what we saw was that inventory is up and sales are down. But when we break it down further we actually had 1% less new listings come on the market in April 2019 when we compare the numbers to the same month a year ago.


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But we also have 46% more listings currently active on the market compared to April 2018. I see this as a function of less demand from buyers but sellers not rushing to go anywhere.


Multiple offers are NOT a thing of the past. Well priced, unique and highly desired neighbourhoods are still seeing pent up demand.


So where do we see this going? If we had a crystal ball we would tell you exactly. What I will say is that if you are looking to move up in the market, now is a great time. If you are looking to downsize, it may not be ideal. It really depends where you see the market shifting and how long you can stay put for.


For more information feel free to reach out directly at:

www.caseyarchibald.com

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First Time Home Buyer Iniciative 

Closing Costs for Buyers

What costs should you expect when buying Real Estate in Vancouver?

- Home inspection ~$500

- Moving fees (dependant on building)

- Budget ~1% for adjustments

- Conveyancing fees ~ $1000

- Property Transfer Tax 1% on first $200K, 2% on amount from $200K-$2M, 3% on amount from $2M-$3M, 5% on the amount over $3M.


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First time Buyers have an exemption under $500K and a sliding scale between $500K-$525K.


Check out this calculator to calculate exact PTT: https://www.bcrealestatelawyers.com/p...


If you have any questions feel free to drop us a line down below or contact us through www.caseyarchibald.com.


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August Real Estate Market Update

Assignments in Vancouver Real Estate

What are Assignments? How do Assignments work? What should we expect from Assignments moving forward?
 

The Greater Vancouver real estate market has seen a tremendous amount of new construction over the years. With new construction comes assignments.


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Essentially an assignment is when a purchaser of a property sells their contract to a new purchase before closing on the property. This can happen in both re-sale and pre-sale markets; however, it is much more common on the pre-construction side of things. Not all developers allow assignments, and some developers that do allow them will not allow them to be made public on MLS. Most developers charge an assignment fee ranging from a few hundred dollars to 5% of the original purchase price.
 

With changes to the local government policy, taxes and a shifting market we are seeing a lot of assignments come on the market.
 

If you have any questions or would like a video on anything in particular please send us a note at casey@caseyarchibald.com or send me a text at 604-363-7858.
 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.