Sometimes things pop up in Vancouver’s real estate that just simply defies explanation. Such was the case this week with the daily numbers.

Bright Monday

It was then that the first nuance that something was happening first occured. The New Listings number shot up to 115 while the Units Sold seemed to acquire a shiny new pair of cement boots.

Sunny Tuesday

Excitement was unbounded in some circles bearing classic comments that declared ipso facto that the market was crashing or at a minimum, about to crash.

Cloudy Wednesday

A dark cloud appeared on Wednesday as the number of daily New Listings dropped and Units Sold increased. To some it was a foreshadowing while others, viewed it as the market ‘catching its breath’.

Thursday Twin

Another day passed and Wednesday’s cloud darkened. New Listings continued to decrease as Unit Sales more than doubled from Monday’s low.

TGIF

Reaching highs and falling back, the week settled out to what it is – normal. It was a fun week that made some folks happy and others not so much. It was a week that made some people pour a drink as they considered the wonder of it all.

It was a week of days reminicent of this song.

*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.

Two months ago the West side detached market seemed in good shape. Listings were up, price reductions were down and sold properties were plenty.

Today

The West side market has experienced a small but interesting change. Compared to Jan/Feb, in the Feb/Mar period Listings are down, the number of price reductions increased a bit and sales are down while Average prices went up.

The assumption within the Average is that this increase was due to one or two higher priced properties being sold thereby skewing that number. Looking to the median price is more telling and it is here that for now, we see the downward pattern continuing.

Future View

Vancouver’s west side detached market for the most part, is a fairly resilient area. While it does have its ups and downs, overall it has historically remained immune to the majority of dramatic market fluctuations. As such, this area may serve as a barometer for other areas of the city.

Search for your home here. It’s lot easier than other places I can’t mention and you can see the home via Google street view. . Use Walkability to determine the availability of those neighbourhood services most important to you. Don’t be shy, tell your friends who are looking to stop by and give it a whirl. They will love you even more.

If you would like something more personal that is specific to your budget and needs, give me a shout. Let’s talk and I’ll set you up with a custom search delivered daily to your in box.

Of course, if you got some questions I’m around for that too.

Thinking of Buying or Selling your Vancouver home? Put on a cup of coffee and let’s talk.

*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.

According to the British Columbia Real Estate association “residential sales in the province climbed 63 per cent to 5,955 units in February compared to the same month last year.”

More Medals than Expected

“Home sales continued to moderate in February after the record pace of the fourth quarter.” said Cameron Muir, BCREA Chief Economist. “However, February’s performance was better than expected considering many households were preoccupied with Olympic gold.”

Prices Up

“The average MLS® residential price climbed 17 per cent to $497,807 over the same period.”

Full Report

Search for your home here. It’s lot easier than other places I can’t mention and you can see the home via Google street view. . Use Walkability to determine the availability of those neighbourhood services most important to you. Don’t be shy, tell your friends who are looking to stop by and give it a whirl. They will love you even more.

If you would like something more personal that is specific to your budget and needs, give me a shout. Let’s talk and I’ll set you up with a custom search delivered daily to your in box.

Of course, if you got some questions I’m around for that too.

Thinking of Buying or Selling your Vancouver home? Put on a cup of coffee and let’s talk.

*Disclaimer: Quotes and Statistics Courtesy BCREA. While believed to be accurate they are not guaranteed.

It all stated about a week ago. Not unusual in my business, you get emails requesting information on this or that home for sale. This request came from Mr. Fernando. Now it should be known that Mr. Fernando seemed like a nice guy and while the written English isn’t perfect one accepts that this is after all, Canada.

Chatting

Mr. Fernando was kind enough to give me a phone number. Experience tells me that most people don’t give out phone numbers unless they are serious about meeting an objective. In turn, wanting to be helpful, written instructions on what and where to look on this blog for Homes for Sale were forwarded.

Odd

Mr. Fernando was clear that he preferred email as the communication link. The reason, he claimed, is that his son who ill somewhere in Asia, was not a known entity to his current wife. Assumed is that this would be a pretty large secret in any marriage but, who is judging, this is Canada!

Progress

Mr. Fernando makes use of the Homes for Sale feature and finds a condo in a particular building with a very low price point. At first glance it seems like a bargain in this city. A bargain it is until you find that it is being sold if a buyer agrees to pay the assessment for the building envelope, and is prepared to buy it without flooring and a lot of love.

Please Don’t

In consideration of the budget Mr. Fernando provided as a guideline it was clear that this property was not for him. Considering the next phase of this email conversation it is suspected that there would not be any home that was suitable for Mr. Fernando.

We get Mail

Many of us have been subjected to the ‘Nigerian’ letters of request. Those requests promise great things if only you could help them care for large sums of residual money left by a Father or uncle who voted no and was killed for that decision.

Mr. Fernando has been just a little more polite about his objectives. At best he has spun a somewhat interesting story and at worst he joins the elite Nigerian schemers.

A Tale of Four and Five

Floyd Wickman, a champion of all good things said ‘you have to know, like and trust’ someone before you do business with them. It seems that Mr. Fernando took the Master’s Salesman’s course.

Sharing family details Mr. Fernando has invited into his home and let you ‘know’ something about him – he seems like a nice guy. Why wouldn’t you like him? Playing on empathy he constructs a bond as he shares the story of a son who is ill. How could you not trust him. You get to ‘like’ Mr. Fernando for he seems kind and concerned for his family. He works to build the trust more as he tells you that for some mysterious reason he never told his wife about the conveniently forgotten son.

All good things end and eventually the true Mr. Fernando real story washed up. He is a patient fellow as this took a number of days to unfold but, it is time for the hook. His unwashed true intent you see, is wrapped in steps 4 and 5!

The Real Story

Hi,

Thank you for the email,and sorry for not get back to you in time i was so busy and my wife she is giving me too much stress and my son is sick in asia now and my wife do not want me to buy him the house,can you imagine my wife do not want me to take care of my first son just becouse i do not tell her befor that i have a son anyway every thing is ok now and i want to travel to asia now my son is sick seriously now i have to go bring him down to Canada.

I want you to send me your full info in trust.
1. Company name
2. Your name
3. your company address
4. your bank name
5. Trust account information.

I will pay the house in cash now in my son name,so i will travel to asia by next week so i want to tell my secerary to send you the total amount that i can use to buy the house for my son and include 3,000 so you can use that to pay for nice hotel for me and my son becouse we will be coming to your place from there,so please tell me the amount that you know that i can use to buy the house for my son every thing so i will tell my secerary to send it to you and when i come there with my son there will be money there to ruch the process.

My company name is SONY PICTURES HOME ENTERTAINMENT CANADA,I deal with eletrinic.

Thanks.”

Washed Out

Got dirty money that needs cleaning? Mr. Fernando can tell you how to wash it. You can trust him!

Search for your home here. It’s lot easier than other places I can’t mention and you can see the home via Google street view. . Use Walkability to determine the availability of those neighbourhood services most important to you. Don’t be shy, tell your friends who are looking to stop by and give it a whirl. They will love you even more.

If you would like something more personal that is specific to your budget and needs, give me a shout. Let’s talk and I’ll set you up with a custom search delivered daily to your in box.

Of course, if you got some questions I’m around for that too.

Thinking of Buying or Selling your Vancouver home? Put on a cup of coffee and let’s talk.

The Daily numbers seem to be a hot topic. The conversations surrounding this sudden change in New Listings and Solds is kind of like a first date. You remember don’t you? It is like that time when you were not sure if you were having fun or you wasted $20 on cheap berry wine.

Talk Talk

A bunch of conversations took place today that added another flavor to the discussion. They left you to wonder if these daily numbers are the first signs of the market change or are they the beginning of a new Vancouver real estate reality?

Left you were to scratch your head as you tried to figure it out!

Used with permission TeamFisher.com Norm Fisher all rights reserved.

Three Wise Men

Circumstance dictated visits to three west side branches of one of the big five. The manager at one branch and loans officers at the others, hovered like wasps ready to sting as they asked the question, “is anybody doing any mortgages”?

Hmmmm?

You have to admit that is a scary question. While a small sample, wonder you must as you ask – is this another indication of something that is a beginning?

Is it Just Me?

Whenever such things happen I always look to ‘flatlanders’ for consensus. They are the bastions of sensibility, the gate keepers of our country’s bread basket. Yes, you guessed it, I chatted with Norm.

Norm Fisher who you see in this picture, is a top of mark Realtor® in Saskatoon. Norm runs a good shop at TeamFisher.com and is tuned into flat land numbers like no one else. I’ve seen this picture of Norm before. The pose Norm assumed profoundly reflects our state of mind as it physically expresses that question we ask ourselves – is this it?

Not Alone

His words however, may be the seal on the deal.

In Saskatoon, “Sales are surprisingly soft given that the “old rules” pass in April. Listings are also starting to grow.” Seems similar to Vancouver’s market state. The ‘old rules’ Norm is referring to are the upcoming changes in mortgage qualification.

Scratch and Win

Perhaps we won’t be left to scratch our heads for long. Those rules may already be striking a pose via the Daily numbers of Vancouver’s market. For some, these lucky numbers could equal that first date!

Search for your home here. It’s lot easier than other places I can’t mention and you can see the home via Google street view. . Use Walkability to determine the availability of those neighbourhood services most important to you. Don’t be shy, tell your friends who are looking to stop by and give it a whirl. They will love you even more.

If you would like something more personal that is specific to your budget and needs, give me a shout. Let’s talk and I’ll set you up with a custom search delivered daily to your in box.

Of course, if you got some questions I’m around for that too.

Thinking of Buying or Selling your Vancouver home? Put on a cup of coffee and let’s talk.

In the two periods ending February 08/10 and March 08/10 the east side has by comparison performed quite well however, today the wheel may have revealed the first sign of wear.

Average – Median

Both average and median prices climbed a little higher than the 30 day period prior. According to REBGV’s numbers average sold price increased from Jan/Feb’s $742,484 to Feb/Mar’s $784,077. The median sold backed this up with Jan/Feb’s $709,000 also rising to $751,500.

Reductions and Expired Mandates

Price reductions appeared to slow from Jan/Feb’s high of 102 changes to Feb/Mar’s 89. Expired listings also slowed from 28 to 23.

Sold

With the increase in price the number of solds decreased almost by half from Jan/Feb’s fever of 179 units to Feb/Mar’s 96 units. Days on Market saw a very slight change down from 33 to 31.

Shock

Looking at these numbers for the past 30 and 60 days you have to wonder what lies ahead for on this same day the 8th of March, a quick look at the East Side Detached Daily numbers in isolation, witnessed only 14 New listings and 2 Sold Listings.

Should these Daily numbers remain on this path, then 30 days from today the tally could reflect a substantial change in the market place. Today may be the first squeak.

Search for your home here. It’s lot easier than other places I can’t mention and you can see the home via Google street view. . Use Walkability to determine the availability of those neighbourhood services most important to you. Don’t be shy, tell your friends who are looking to stop by and give it a whirl. They will love you even more.

If you would like something more personal that is specific to your budget and needs, give me a shout. Let’s talk and I’ll set you up with a custom search delivered daily to your in box.

Of course, if you got some questions I’m around for that too.

Thinking of Buying or Selling your Vancouver home? Put on a cup of coffee and let’s talk.

*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.

Undoubtedly, you didn’t hear it first but, just in case you were asleep, cheering the 2010 Olympics, or caught in the frenzy of buying or selling home you should take note that on April 19th, 2010 the mortgage world will change.

Changes

Effective April 19th high ratio mortgages that are insured, have a variable rate or a fixed term that is under five years must qualify using the greater of the chartered bank 5 year posted rate or the contract rate.

Simply, you must qualify for the 5 year posted rate but, it is likely that at least for now, you may be able to secure a ‘contract’ rate that is lower. The new rules have one objective – to that you can afford higher rates.

The posted rate is easy to find. The Bank of Canada publishes it each Monday. The rate to look for has this series number V121764. See Conventional Mortgage – 5 year. Click the little box then go back to the top, enter the date and then click ‘Get Rates’. If you followed these instructions you should get this screen shot showing you that the rate is 5.39%.

What Does this Mean?

The main three changes are –

• 1. Insured refinances limited to 90% of property value
• 2. Qualification for variable rates to be set at the 5 year, rate rather than 3 year rate
• 3. Rental mortgages limited to 80% of property value

There Is More

Further, to these an additional change will take place on April 19th. This rule change will for many, have the greatest effect on home buyers.

In his email update, Rob Reagan-Pollack of Invis explains it this way:

“CMHC – have announced effective April 19th, they will no longer offset rental income against mortgage expense. The proposed new policy will now add 50% of rental income to qualifying income. This will negatively affect anyone who is relying on “suite” income as a mortgage helper, or for anyone who owns or was planning to buy revenue property.”

Rob’s Example

“$1,000/mo of rental income under old rules would add $800/mo of mortgage potential to a file (80% offset) – Approx $153,000 to 184,000 of additional borrowing capacity in today’s rate environment using a 25 or 35 year amortization.

$1,000/mo of rental income under new rules would add $175/mo of mortgage potential to a file (50% of $1000 added to income x 35% of income) – Approx $33,000 to $40,000 of added borrowing capacity in today’s rate environment using a 25 or 35 year amortization.”

“This means anyone who owns rental property or wants a mortgage helper will need a minimum of 20% equity so conventional lending guidelines apply. The unfortunate casualty here are the mortgage banks who rely on CMHC to “bulk insure” their conventional mortgages. Mortgage banks who secure and sell mortgages via the Canada Mortgage Bond or Mortgage Backed Securities will no longer have the ability to offset rental income regardless of loan amount. This means the only lenders who will be able to offer rental offset will now be Chartered Banks and Credit Unions. These institutions do not rely on secondary markets and set their own lending guidelines when lending with more than 20% down.”

Shake Up

Rob, always modest, suggests that “these changes will shake up the market, especially in Vancouver where suites and rental units are popular!”

Cookie Effect

It is anticipated that these rules will leave many buyers on the sidelines. Whether due to personl income levels insufficient to qualify for a mortgage or that they can no longer count on the full benefit of the ‘mortgage’ helper, in either case, many will be left to stand at the station. In addition, suspect is that come July, the idea of baking a dozen cookies may be less appealing. With the addition of the HST to the mix, your home buying decision may equate to baking a much smaller batch or none at all.

Search for your home here. It’s lot easier than other places I can’t mention and you can see the home via Google street view. . Use Walkability to determine the availability of those neighbourhood services most important to you. Don’t be shy, tell your friends who are looking to stop by and give it a whirl. They will love you even more.

If you would like something more personal that is specific to your budget and needs, give me a shout. Let’s talk and I’ll set you up with a custom search delivered daily to your in box.

Of course, if you got some questions I’m around for that too.

Thinking of Buying or Selling your Vancouver home? Put on a cup of coffee and let’s talk.

New listings dropped off a bit toward the end of the week from Monday’s high of 106. Sales had a nice little rally on the 4th day of the March and then they too settled into the steady rhythm seen days earlier.

Price Changes

Worthy of watching will be the price changes. They are an indication that inform whether Sellers are able to find that ’special’ buyer at any price. A change down states the obvious in that they were priced too high for current market. You only have to be a few percentage points above market to see a house sit on the market for a long time.

If you are looking for a home in the Homes for Sale section of this blog pay attention to the neighbourhood averages. These average numbers provide a solid view of whether a home is above market. Be fair and be certain that you have considered each homes benefits and ammenties in order to determine if the amount asked, represents value compared to another ‘less expensive’ home. Remember averages can be skewed easily. A very expensive home in a sedate neighbourhood will crank the numbers.

Let’s assume for the moment, that Wendy Torrance, played by Shelley Duval in the Shining represents the Sellers of Vancouver Real Estate and let’s further assume that Jack Torrance, played by Jack Nicholson, represents the Buyers.

Based on the past week of recorded daily activity in our local real estate market you could draw conclusion that all seems peacefull, level and steady.

Week in Review

High Drama

The ‘Shining’ was a heart stopper. Still today, it keeps you on the edge of your seat.

Reviews

New listings, Price Changes and Sold Listings appear to be on a steady path however, some market reviewers claim that the days and weeks ahead will make us glad we paid the premiere ticket price to watch another heart stopper?

Movie Trailer

Should the readers here expect that Vancouver’s shining real estate market sellers will emulate Wendy’s screams? Will buyers chop affordability doors to splinters to voice Jack’s famous words? Most importantly, when do you think the axe will drop?

Search for your home here. It’s lot easier than other places I can’t mention and you can see the home via Google street view. . Use Walkability to determine the availability of those neighbourhood services most important to you. Don’t be shy, tell your friends who are looking to stop by and give it a whirl. They will love you even more.

If you would like something more personal that is specific to your budget and needs, give me a shout. Let’s talk and I’ll set you up with a custom search delivered daily to your in box.

Of course, if you got some questions I’m around for that too.

Thinking of Buying or Selling your Vancouver home? Put on a cup of coffee and let’s talk.

*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.

The three year period from February 2007 to February 2010 resembles the knees of a mogul skier in full stride. The three years recorded here match those knee jarring ups and downs.

Active Listings

Looking at 2010, Feb. 10’s 4694 Active listings has squeezed by Feb. 07’s 4189, Feb. 08’s 4468, numbers but has not surpassed Feb. 09’s 6118.

Units Sold

The number of Solds in Feb 07 were 1127; in Feb 08, 1000; in Feb 09, a brutal 589. February 2010 recorded 984 Solds.

Average Price

Average prices were no less dramatic. Feb. 07 registered $743K. Feb.08 screamed in at $920K only to get slapped in Feb. 09 with a relatively modest $792K. February 2010 however, screamed back to settle in at $963K.

Units listed

February 07 recorded 1745 new listings. February 08 was happy at 2127 while February 09’s numbers chocked at 1620. February 2010 was almost as happy as Feb. 08 registering 1915 units listed.

Gnawing Influence

If the pattern is to repeat itself, then one might expect that we will see Solds, Units Listed and listings Active on the market to parallel the climb seen in past years. From now to through to the early summer it will be busy.

Coinciding with the full blast of HST, anticipated is that this ‘new influence’ will add a sizeable burden bringing added pressure to the market which may compound the historical post June drops. How much the HST will affect this traditional downward movement remains to be seen.

Black Sheep

The black sheep in this family of numbers is the Average Price. It remains a wild card and is unpredictable. Street rumour suggests international buyers possessing wealth most of us are unable to fathom are here, are buying and unwittingly, are changing the Vancouver Real Estate Game.

Here’s a Bone

Throwing a bone for bears to gnaw – when it is time to sell those properties who will be there to support their asking price? Will that be the siren call of a market slide?

Search for your home here. It’s lot easier than other places I can’t mention and you can see the home via Google street view. . Use Walkability to determine the availability of those neighbourhood services most important to you. Don’t be shy, tell your friends who are looking to stop by and give it a whirl. They will love you even more.

If you would like something more personal that is specific to your budget and needs, give me a shout. Let’s talk and I’ll set you up with a custom search delivered daily to your in box.

Of course, if you got some questions I’m around for that too.

Thinking of Buying or Selling your Vancouver home? Put on a cup of coffee and let’s talk.

*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.