Vancouver Neighbourhood Numbers – Kitsilano

Kits

Detached homes in Kitsilano had a solid period of sustained prices.

Listings

March’s listing count of 43 decreased from February’s 47.

Sales

Reflective of a small sample of homes in a neighbourhood, the number of homes sold dropped by 30% from 10 in February to 7 in March.

Expired, Reductions, Increases, Days on Market

  • March saw 0 listing mandates expired down from 1 in February.
  • Price reductions increased to 4 from February’s 3.
  • Price increases were steady at 2 for both months.
  • It took less time to sell a home in March. Days on Market were 15 compared to February’s 22.

Average and Median Prices

February’s Average Ask price recorded $1,427,280 and saw slight rise March’s $1,482,000. The Median Ask price in February was $1,293,000 increased to $1,379,000 in March.

The Average Sold price recorded in February was $1,450,800 increasing to March’s Average Selling price of $1,473,428. The Median sold prices followed the average prices with February recording $1,293,000 rising to March’s $1,379,000.

Thoughts

Notable is that while the Kitsilano detached market sales slowed, its price levels held during these periods. Suspect is that no one is planning a block party in celebration of these neighbourhood numbers for although they are at present steady, there is a dark shadow ahead.

Almost a tradition, Kits is known for the number of secondary suites available in the area. The suites have for many years provided additional financial help. In part, these suites have made Kitsilano a ‘move up’ neighbourhood.

On April 19th, CMHC’s new rules regarding income from suites used to qualify for a mortgage begins. The new rules will substantially reduce the rental income benefit when applying for a mortgage. Unless secondary mortgage insurers come to the rescue with accorded higher rates, presumed is that the effect of the reduced mortgage amounts will cause a ripple in Kitsilano detached prices.

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:

fish10 Says:
April 4th, 2010 at 8:47 am

Larry- the old CHMC rules just enriched sellers and put people into a tight financial situation while transferring the laibility to the general population.

No one has to live in Kits!

I don’t because I cannot afford to and don’t feel too deprived. I also buy stuff I can afford and don’t run a balance of debt on my credit card. I certainly don’t want to be liable for the debt of others.

good riddenace it, much lamented by mortgage brokers, some realtors, the over-extended and rejoiced by the rest of us.

fish10 Says:
April 4th, 2010 at 8:49 am

…and sorry for the typos- too many cups of coffee this am while surfing the net.

Charles&Tammy Says:
April 4th, 2010 at 9:31 am

It does not matter.

April 19th, firepower is reduced.

Higher rates on their way.

A typical inflection point is marked first by lower volume (which we may have to wait another month for) and still higher prices (not everyone reads from the same script). Slowly it becomes evident that the market has changed, then prices fall. That should start in 5-6 weeks.

April 4th, 2010 at 9:36 am

@fish10
-the old rules also made it possible for young families to get a home. Those same rules also created a lot of extended (35 & 40 year) debt – which from my perspective, is a life-time of serfdom. If memory serves, 35 yrs of accumulated interest means you pay the original price 4 times over. That is a lot of net after tax dollars.
-re Kits: agreed that no one has to but I will leave it to you to explain to them how their expectations are beyond their financial means.
-liable for debt of others: excellent point but, are we not in this society doing that everyday in so many different ways? ie: why is Clifford Olsen receiving Canada Pension benefits yet we have homeless people who have done no harm to society?
BTW – ever wonder why Kitsilano is such a target? Looking at prices on both sides of Ontario St. I suggest the ripple discussed relative to Kits is going to affect all sellers. The question is where will those sellers go should they sell before the 19th and decide to purchase – they have to live somewhere? Will New Westminster become the new sleeper neighbourhood?
As to CMHC – it’s original premise was to make home acquisition possible. I think that premise still exists even though it has been tarnished.
– mortgage brokers et al. some are nasty, no question about it.
Ultimately, somebody (the buyer) signs the contract! Passing the entire responsibility load to the others is fashionable in today’s world. It is in effect saying “not my fault, they made me do it”. Notably, if I have understood your meaning, seems contrary to your statement of “I don’t because I cannot afford to”. If only there were there more of you. 🙂

April 4th, 2010 at 10:13 am

@C&T
and then what? Will the tailor get a new suit?

Best place on meth Says:
April 4th, 2010 at 10:17 am

It’s “serfdom” Larry.

Unless you’re living in California.

fish10 Says:
April 4th, 2010 at 10:17 am

Absolutely!

Happiness comes not from a small shack in kitz, with a tenant in the basemnet and three Korean students in the attic (even they are gorgeous)- just so you can say you live in Kitz.

live where you can afford to live.

the very rules that are supposed to help buyers get into homes, has led to a situation where ‘imaginative’ financing is needed even to get into New West.

My solution (too late now)

1) abolish the CHMC. period. We have thousands of brokers, banks, insurance co providing mortgages. If you cant get one off them them, you shouldn’y be! We dont need the CHMC.

2) rates are stupid low. MAybe business needed it. Housing did not. There should have been two rates. We are punishing savers and rewarding debt-binging

3) Absentee owners from Toronto waiting for retirement or investors from Timbucktoo pay much HIGHER local taxes. Live in it or rent it. That’s what it takes in a city of limited affordable housing to fill up the 80% empty coal harbour buildings. Don’t like it? take your marbles somewhere else and play. Lots of other countries do it eg Switzerland and Singapore.

4) 15-20% d/p should be mandatory. Owning a house is not a God given right that the rest of us need to subsidize. In Germany the ownership rates are much lower than the US and Canada and they are the most fiscally solid nation in Europe. If a bank choses to take on more risk and accepts less d/p so be it, but be it on the CEO and senior managemet’s heads.

5) that’s enough to start with

Dang should have saved this for my own blog 🙂

April 4th, 2010 at 10:23 am

@meth
CRITIC! 🙂
corrected and thanks.

April 4th, 2010 at 10:26 am

@fish10
Vente double hot on it’s way. 🙂
careful: @meth will bust you on Kitz

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