September seems to be a Home Buyers market this year. According to the Real Estate Board of Greater Vancouver (REBGV), we’re looking at a drop of 43.5 percent in home sales (1,595 in September 2018) as compared to last year’s record of 2,821 sales.

Furthermore, comparing the region’s residential property sales against last month’s sales showed a 17.3 percent decline.

“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” said REBGV president-elect Ashley Smith. Evidently, listings are accumulating due to the decline in sales across the housing market. Smith believes in the importance of the combined effort between the home buyers,sellers and their respective realtors to be able to understand what these trends means to them and how it will affect their real estate investments

The Multiple Listing ServiceⓇ (MLSⓇ) recorded a total of 5,279 newly listed detached, attached and apartment properties which indicate a 1.8 percent decline compared to September 2017 (5,375 homes listed) and a 36 percent higher compared to August 2018 with 3,881 listed homes.

The total number of properties currently listed for sale in Metro Vancouver is 13,084, a 38.2 percent higher compared to September 2017 (9,466) and a 10.7 percent higher compared to August 2018 (11,824), the board says.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600 which marks a 2.2 percent increase over September 2017 and a 3.1 percent decline over the last three months.

The benchmark price for a detached home is $1,540,900, which indicates a 4.5 percent decline from September 2017 and a 3.4 percent decline over the last three months.

The benchmark price of a condominium apartment property is $687,300, marking a 7.4 percent increase over the last year but a 3.1 percent decline in three months.

The benchmark price of an attached unit is $837,600 which represents a 6.4 percent increase from September last year, but a two percent decline in three months.

Editor’s Note: This Real Estate Market Report is based on the monthly statistical reports released by The Real Estate Board of Greater Vancouver (REBGV).

Not sure how this report affects your plans of selling or buying a property? Get in touch with us! We’ll help you understand these stats and provide you with personalized real estate advice based on what your real estate goals are. Contact us here or through our contact details below:

homes@murphtimmis.com⠀

☎️ 604 760-8995⠀

200-5511 West Boulevard, Vancouver⠀

www.murphytimmis.com

Downsizing is a topic that a lot of our clients have been inquiring about. With the state of Vancouver’s Real Estate Market, considering selling your current home and cashing in on your investment seems like a great idea but there is more to downsizing than simply selling your home and moving into a small abode. So, how do you know if downsizing is the right decision for you? Read on!

To Downsize or Not

There are a few things that you have to consider when thinking about downsizing. See 6 Tips to consider below….

SPACE

When downsizing, one of the biggest questions you have to answer is the amount of space you are willing to give up and the amount of space you absolutely have to have. Besides, the whole idea of downsizing is moving from your spacious detached home into a small condo unit. The thing with bigger homes is that we tend to acquire more stuff to fill up the space, ending up with more stuff than we really need. Also because bigger homes have more rooms, moving from a 5 bedroom house into a 2 bedroom condo can be a huge adjustment for you.

FINANCES

What do you get out of downsizing? Our home is one of the biggest investments that we make throughout our lifetime so  if you could use the extra money you’ll make out of selling your home and acquiring a significantly smaller condo unit, then downsizing could be the best option for you. This is especially true if you don’t use or need the bigger space your home has.

MAINTENANCE

We’re sure you’re quite aware of the amount of maintenance involved with keeping a huge home. From mowing the lawn to raking the leaves, some of these things can get pretty labor intensive especially if you have to do it yourself. If you’re done doing it yourself and you’re not keen on hiring somebody to do it, then downsizing is the next best thing. When you live in a condo or townhouse, your strata will take care of all the maintenance needed. Living in a condo now ourselves, it’s a total timesaver not to have to worry about all of the maintenance outside our unit.

NEIGHBOURHOOD

When you’ve lived in the same home for decades, you’ll notice the amount of change your neighbourhood has gone through. Sometimes these changes do not match the neighbourhood that we want to continue to live in. So here comes the exciting part about downsizing, you get to choose the neighbourhood where you live next! Match it to the kind of lifestyle you’re looking for, is it peaceful and quiet - away from the craziness of the city or lively and vibrant - right smack in the middle of downtown? 

HEALTH

Our health should always be top priority. When your home is just not idea for what your body needs, some changes has to be made. Unfortunately, you can’t simply remove stairs or bring bedrooms onto the ground floor of your home. There’s also the option of installing a lift but what that can do to the aesthetic appeal of your home might not be something you prefer plus it can be quite costly. If the physical strain of going up and down the stairs is beginning to be too much for you, consider downsizing into a condo with an elevator or one that’s on the ground floor.

LIFESTYLE

Have you been travelling a lot or intend to travel more? Are you a recent empty nester? Would you like to live in a neighbourhood that’s closer to (or father away from) all the action downtown? Based on our experience, some of our clients chose to downsize because they want to embrace the kind of lifestyle they’ve always dreamed of. Think about what your plans are for the next 5-10 years. This should help you decide whether to downsize or not.

Congratulations to our clients who have just acquired this one of a kind property! We couldn’t be more happier to have assisted them in the purchase of this huge 3,234 sq ft rancher that features 4 spacious bedrooms , 3 full baths and a private courtyard! Let’s not forget that triple garage. Enjoy your new home!

BEAUTIFULLY MANICURED GARDEN

SPACIOUS LIVING ROOM AREA WITH LARGE WINDOWS

RUSTIC GOURMET KITCHEN AND MODERN APPLIANCES

4 LARGE BEDROOMS

3 FULL BATHS

‘

TRIPLE GARAGE

Looking for a unique property like this? Give us a call! We might have another rare find that you can call your very own.

Summer is possibly one of our most favourites seasons to explore neighbourhoods downtown. Our first stop: Yaletown.

With its iconic history yet modern charm, it’s so easy to fall in love with Yaletown. Often dubbed as the home of the yuppies, we can’t blame the young professionals for choosing to live in this vibrant part of downtown.

Video by: Tourism Vancouver

HISTORY

Let’s take a quick walk through memory lane! Yaletown is the location of the Western Terminus of the Canadian Pacific Railway. It received more attention in 1986 when Vancouver hosted the World’s Fair and it served as the primary location for a number of pavilions from the participating nations and corporations. In addition to that, this neighbourhood is also home to Canada’s first gas station.

LOCATION

You’ll know you’re in Yaletown as soon as you see the redbrick warehouses and railroad platforms lining it’s streets. Surrounded by Homer street, Robson street and False Creek, Yaletown is an ideal location for people who loves locally owned boutiques, music and huge outdoor spaces with it’s close proximity to David Lam Park.

Seeing how much Yaletown has turned into a cool residential area, we thought featuring it on our blog would be a great idea! So we embarked on an #UrbanHike and took photos of some of our favourite Yaletown locations. Check them out below:

#Underbrella at the Bill Curtis Square

Karameller Candy Shop

Karameller is a must when in Yaletown. This sweet shop is loaded with treats that are sure to put a smile on your face. Not to mention these guys specialize in non GMO, No trans fats, no high fructose corn syrup candies. We couldn’t resist stopping by and picking a bag of treats.

Follow them on Instagram: @karamellercandy

The Cross Decor & Design

This Vancouver based boutique shop stole heart as soon we walked in. Filled with all things we just want to bring home, it’s easy to get off track and buy all of the beautiful things they have on display. You know what this place is great for too? Getting inspired! Whether for redecorating your home or staging it for an open house, you’ll find all the inspiration you need here.

Follow them on Instagram: @thecrossdesign

Small Victory Bakery

This little gem we found on Homer street! If you’re craving for the best butter croissant around Yaletown, Small Victory Bakery is the place to grab one (or two!) And if you’re not a fan of croissants, they have plenty of delicious baked goods we’re sure you’ll find something yummy to dig into. This place is also great to get some work done or bring some clients in for a meeting.

Follow them on Instagram: @sv_bakery

Live in Yaletown? Give us a shout! We’d love to know which local business is your favourite go-to!

Being a realtor sure has a lot of challenges but when we successfully found a new owner for a well-loved home our client has so carefully taken care of, it makes all the hard work worth it. This is especially true with this great property we recently sold. Located in Richmond, this stunning family home has been remodeled from top to bottom. We're quite positive its new owners are thrilled to call this their new home!

See for yourself, browse through the photos below:

 

Click Here to See Full Listing

SOLD! Congratulations to our wonderful client who recently acquired this exceptionally located property in Fairview Slopes. This one-level open concept home features large windows that lead to a well sized private patio. It also comes with a secured parking garage with direct access through a back door. Here are a few photos to showcase this great property:

Looking for a property with amazing features like this? Let us know! We'll be glad to assist you. Just CONTACT US.

Spring is here! While the flowers are starting to bloom, the real estate market is also preparing to welcome this exciting season as fresh, new listings enter the market. If your home will be among those gracing this season’s MLS listings then we’ve got exactly what you need to prepare! Let the spring cleaning begin!

Outside - Make Your First Impression Count!  

Front Lawn

Much like when you make first impressions when meeting people for the first time, your lawn is your way of making a first impression with your potential buyers. Make it count! Make sure it looks clean, healthy and newly trimmed. Rake it, mow and trim overgrown bushes.

Tip: Mow your lawn diagonally to make it appear larger.  

Front Door

Your front door is the gateway to your home for potential buyers. Give it a good wipe and fix anything that to be repaired. If your budget permits, perhaps a new paint will give it that fresh new look!

Inside - Create a Warm and Welcoming Ambiance

Entry Way

Make sure the entry way is clean, well lit and clutter free. Since the weather here in Vancouver can be unpredictable, make sure you provide an outside mat for cleaning guests’ shoes and an umbrella stand right by the entrance.

Hardwood, Ceramic and/or Linoleum Floors

Refinish your hardwood floors if necessary and polish your ceramic and linoleum floors until they shine. Don’t forget your tile floors and bleach those dull looking grout.

Windows and Mirrors

Clean your windows inside out until you see them sparkle. No kidding! Sparkling homes are sold much faster than gloomy and dull homes so let the sunshine through with sparkling windows and spotless mirrors.

Appliances

Give your appliances a good clean and make sure they are working properly. Remove any magnets or artwork pinned to your fridge.

Walls

Get rid of dust, spider webs and scratches as much as you can. This might also be the perfect time to give it a fresh new layer of paint.

Closets and Cabinets

Inspect your cabinetry and make sure they are all straight and working properly. Also, it would be a great idea to use space saving organizers to maximize the space inside them and give your home a clean and organized look inside and out. 

Drapes, Curtains & Blinds

Wash, dry and press your drapes and/or curtains. Give your blinds a quick wash. You’ll be surprised at how instant freshly washed window treatments change the look of your home.

Finishing Touches

Fragrance

There is nothing more offsetting than a house that smells like strong cleaning products, especially bleach. Schedule your deep cleaning tasks a few weeks before an open house and make sure you air out your house right after.

Linens and Towels

Change the linens and display crisp, new towels in your kitchen and bath. Take extra care in folding them nicely as well. 

Fresh Blooms

Bring spring indoors by sprinkling your home with flower arrangements. An arrangement right by the entryway, in the middle of the living room or right on the kitchen countertop will give your home an inviting and fresh vibe, your potential buyers will surely notice.

Besides spring cleaning, there are a lot of other things you can do to prepare your home for the real estate market and we’ve got you covered! Get in touch with us and we’ll help you get ready to enter the market, no matter which stage of the homeselling journey you are in.

Resources:

The Balance - How to Sell Your Home in the Spring

Lifestyle Denver - Spring Cleaning: Getting Your House Ready for the Market

February is a slow month for Vancouver real estate as home sales dipped 14.4 percent below the 10-year February sales average. With a residential property sale of 2,207 in the region for the month of February, the Real Estate Board of Greater Vancouver (REBGV) reports a nine percent decrease from the 2,424 sales recorded in February 2017 and a 21.4 percent increase compared to January 2018 sale of 1,818 homes.

“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”

The Multiple Listing ServiceⓇ (MLSⓇ) recorded a total of 4,223 detached, attached and apartment properties listed for sale in Metro Vancouver this month. This indicates a 15.2 percent increase compared to February 2017 (3,666 homes listed) and an 11.2 percent increase compared to January 2018 - with a record of 3,796 listed homes.

Overall, the total number of homes currently listed for sale on the MLSⓇ system in Metro Vancouver is 7,822. This is three percent higher than the homes listed in February 2017 (7,594) and 12.6 percent higher compared to 6,947 homes listed in January 2018.

“The spring is traditionally the busiest time for home buyers and sellers in our market. We’ll wait to see how they react to the taxes and other policy measures that our provincial and federal governments have introduced so far this year,” Oudil said. “To help you navigate these changes in today’s housing market, it’s important to work with your local REALTOR®.”

Editor’s Note: This Real Estate Market Report is based on the monthly statistical reports released by The Real Estate Board of Greater Vancouver (REBGV).