Neighbourhood Numbers – Renfrew

Surprise

With its Sold Volume down and its prices up, Renfrew may win the prize for the neighbourhood surprise of the month. The community may also survive as confirmation that the east side market exemplifies Adrienne Warren’s prediction.

This market certainly has shown some chaotic results. In the recent past condos have taken a beating on both the east and west side and yet, here we have the Renfrew detached homes showing remarkable resilience to market forces.

Listings

Total listings dropped from 77 in the Jan/Feb period to 66 in the Feb/Mar.

Solds

Sold volume dropped by almost 50% from thirteen units to seven.

Expired, Price Incease/Decrease

Expired mandates increased by one in the latest period as did the number of homes that reduced their asking price.

This is where is gets interesting.

Average and Median Ask/Sold

Both average and median measures showe a substantial increase. The Average Ask price increased from $685,130 in Jan/Feb to $767,971 in Feb/Mar. The Average Sold price climbed from Jan/Feb’s $683,923 to Feb/Mar’s $751,285.

The Median Ask of $699,000 in Jan/Feb climbed to $798,000. The Median Sold of $685,000 in Jan/Feb rose to $785,000 in Feb/Mar.

Why?

Suspect is that all the hype about the mortgage rule changes, the Bank of Canada governor’s comments increased odds of interest rate hike within next few months the potential earlier interest rate increase and let us not forget the impact of the HST.

Could Renfrew serve as an indicator of other neighbourhoods on the east side? The First Squeak post supports this thought. If this market blush continues then Scotiabank’s Adrienne Warren’s call as reported in the CBC may be prove true. In that report she claims that “we are going to have a very active spring market with some cooling off in the second half of the year.”

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

vomitingdog Says:
March 26th, 2010 at 9:39 am

Sounds like Renfrew is FTB land.

March 26th, 2010 at 10:00 am

@vomitingdog

FTB – good thing @Ray didn’t bust me on acronyms. 🙂

Choose one of the following options:
FTB Franchise Tax Board (California; they collect income and sales tax) FTB Family Tax Benefit (Australian welfare assistance)
FTB First Time Buyer (housing)
FTB FASB Technical Bulletin
FTB First Tennessee Bank
FTB Fade To Black (TV scriptwriting term)
FTB Fifth Third Bank
FTB Flying Test Bed
FTB For the Birds
FTB Forced to Buy (philately)
FTB Full-Time Basis (substitute teachers)
FTB Family Tree Builder (genealogy software)
FTB Fort Belvoir (Virginia)
FTB Fort Bliss (Texas)
FTB For the Boys
FTB Frank the Baptist (alternative/rock band)
FTB Father to Be
FTB Filthy Thieving Bastards (band)
FTB Fetch Target Buffer
FTB Feel the Burn!
FTB Feed the Birds (slang attributed to actor Nathan Fillion)
FTB First the Business
FTB Fast-Twitch B
FTB Fiber Termination Box
FTB Fire Control Technician Ballistic (US DoD)
FTB Full to Bursting (UK slang)
FTB Fight the Battle (band)
FTB Fault Tolerant Broadcasting
FTB Fear the Blue (website)
FTB (USN Rating) Fire Control Technician (Ballistic Missile Fire Control)
FTB Forward Technical Bridge
FTB Flight Testbed
FTB Floating Tire Breakwater
FTB Fakenham Town Band (est. 1881)
courtesy of :http://acronyms.thefreedictionary.com/FTB

Best place on meth Says:
March 26th, 2010 at 11:26 am

Pretty hard to get an accurate gauge of pricing from 7 sales, no?

And yes, I would say the same thing had prices dropped from 7 sales.

March 26th, 2010 at 1:35 pm

@meth
Agreed but, that’s why we’ll be checking the various east side neighbourhoods as fast as possible. Look at the link to the previous post noted. A couple of weeks ago it already started to lean this way.

1 Says:
March 26th, 2010 at 2:30 pm

Larry,

We’ve had pretty choppy sales/list on your east/west dailies. My view (I could be wrong, and I am not aware of the level of expiries/cancellations) is that inventory in both areas are likely on the rise (in general).

I find these snapshots most interesting. My guess is that listings will start to track higher soon, sales still strong for another month before trending down, but prices firm for at least another month.

Just a guess, mine.

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