Blog › May 2016

“FOMO” Partly Driving Vancouver’s Hot Market


Buyers snapping up all new Metro Vancouver homes, resulting in “frenzied sales activity,” according to Q1 2016 State of the Market report 

The “fear of missing out” is one of the key factors driving buyers to snap up all available listings, resulting in the “frenzied” real estate market so far this year, according to a quarterly report by Urban Analytics on behalf of the Urban Development Institute.

UDI’s Q1 2016 State of the Market  report, released this week, said, “While the current local economic factors seem reasonably strong, anecdotal analysis would suggest that the robust sales activity in the real estate sector of late can also be attributed to a ‘fear of missing out’ sentiment among prospective buyers in the marketplace.”

The report, which examines new home sales and housing starts in Metro Vancouver, observed that the local new home market set new records in 2016’s first quarter.

“A combined total of 6,231 newly built multi-family home sales were recorded in Q1 2016, up 18 per cent from the previous six-year record set last quarter. Frenzied home sales activity across the region has resulted in new lows for released new home inventory. At the end of the quarter, there were only 3,010 new multi-family homes available to purchase, down 64 per cent from the released 8,260 units recorded in Q1 2015.”

It added, “The townhome sector continues to impress, with a record 1,268 sales reported in Q1 2016. Based on the 227 released and unsold new townhome units reported at the end of the quarter, there is an estimated two weeks’ supply of this product type in the market. Strong townhome sales can be attributed to a growing number of prospective purchasers seeking a family-oriented housing form and can no longer afford a single family home in the neighbourhood of their choice.”

The authors pointed to an overall increase in Metro Vancouver’s net population in 2016’s first quarter, up 7,200 people – although it noted that this is a slower rate of growth than the same period in 2015. It said this overall increase was attributable to a rise in interprovincial migrants, since international migration was negative in the quarter.

The report added that housing starts in the quarter were up 13 per cent year over year, resulting in the current ratio of 1.9 new Metro Vancouver residents per housing start, down from the 2.3 recorded in Q4 2015. “While this ratio is still considered to be healthy, it matches the previous four-year low and should be monitored closely to see if a potential trend is establishing,” reported the authors.

To read the full report, which includes detailed breakdowns of the Metro Vancouver housing market by property type and sector, click here



Recently Sold Listing 3656 BLENHEIM STREET, Vancouver, BC


R2068408 - 3656 BLENHEIM STREET, Vancouver, BC, CANADAI have just recently sold this listing at 3656 BLENHEIM STREET, Vancouver.

Recently Sold Listing 204 131 E 3RD STREET, ,


R2055936 - 204 131 E 3RD STREET, , , CANADAI have just recently sold this listing at 204 131 E 3RD STREET, .

Recently Sold Listing 3608 Dunbar Street, Vancouver, BC


R2063505 - 3608 Dunbar Street, Vancouver, BC, CANADAI have just recently sold this listing at 3608 Dunbar Street, Vancouver.

Infographic: Staging Your Home For Sale, Room by Room


Thinking of cashing in on our hot spring market and selling your home? This awesome infographic will help you get the best price for it by staging it properly

If you're thinking of cashing in on our hot spring market and selling your home, you'll get the best price for it by staging it properly.

We found this super-cool infographic, below from UK furnishings company The Rug Seller to guide you through what you need to do in each room. Also, check out our series of articles on home staging, in "Related to this story" at the bottom of the page.

 home-staging
Home Staging Infographic by The Rug Seller

 

 



New Listing 1866 W 14th Avenue, Vancouver, BC


R2071748 - 1866 W 14th Avenue, Vancouver, BC, CANADAView my new listing for sale at 1866 W 14th Avenue, Vancouver and currently listed at $1,788,000.

VIEWS! Renovated, feels like spacious, open 1/2 duplex w/ spectacular VIEWS in Kitsilano. This West Coast architecturally designed home is an Entertainer's dream, A/C, Comfort One radiant in-floor heat, vaulted ceilings, North and South facing patios, newer roof, windows, skylights and tons of natural light. Master bedroom with walk-in closet and private bathroom as well as a second bedroom and den (great 3rd bedroom) with full-sized private secure garage accessed directly from your back door. Full-size dining room for entertaining as well as new kitchen. Tons of storage throughout including entire unfinished basement (not included in overall square footage). Feels like a house! Sneak Peek Tue May 24 5pm - 5:30 pm .

New Listing 2765 W 8TH AVENUE, Vancouver, BC


R2068445 - 2765 W 8th Avenue, Vancouver, BC, CANADAView my new listing for sale SOLD at 2765 W 8th Avenue, Vancouver and currently listed at $2,580,000.SOLD

1910 KITS heritage HOME in prime location! Large 40 x 105 lot. Tons of options. Live. Rent or Renovate. Favorable RT-8 duplex zoning. Well maintained complete with almost 2300 sf of finished area. Currently configured with 2 suites. Perfect home to restore back to single family or live in one suite and rent out the other. Main and Legal 2 bedroom suite down can potentially generate $60,000 in annual revenue. Brand new front and back decks. Fabulous neighbourhood, lots of great original character in this early century home. Best location available only blocks to Kits Beach, 4th Ave and West Broadway. Easy access to UBC and downtown. View photos and video online. Open House Thursday Jun 02 5 to 6pm Sunday Jun 05 2:30 to 4:00pm .

New Listing 350 E 60th Avenue, Vancouver, BC


R2067771 - 350 E 60th Avenue, Vancouver, BC, CANADAView my new listing for sale at 350 E 60th Avenue, Vancouver and currently listed at $1,898,000.

Shows like new! 3 bedrooms and 2 baths up - stone fence around the front exterior of the home with lamps at the posts, modern stone slabs on the front siding. 2 bedroom legal suite down, potential for 2 suites down. Crown molding, thick floor boards, engineered hardwood, High ceilings, Southern exposure. Double garage and additional parking on the side. home is ready to move in. Quality custom built home !! Quiet inside street and walking distance to everything - Langara College, Golf Course, Sunset Community, Canada Line and Oakridge Mall. Open House Sunday Jun 12 from 2:00 to 4:00 pm.

Reports – April 2016 – Vancouver East, Vancouver West


Looking for some clear, up to date info on the Vancouver Real Estate Market? I have links below for the April 2016 Stats Centre Reports. Take a look!


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

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