Real estate Newsletter for June 2007

Vancouver for Homes Monthly Newsletter

June 2007

MAY DAYS

May is traditionally one of the busiest months of the year and this May was no exception. The market on the north shore has been very active in both houses and townhouses. Multiple offer, while not common, have been seen wherever the property is attractive - and attractively priced.

As a reminder in most instances sellers only deal with one offer at a time. In this scenario the buyer and seller may negotiate by countering each others offer a number of times until both parties are in agreement on the terms and conditions. During this time no other offers can be dealt with as the seller could become obligated to sell their property to more than one buyer!

In multiple offer situations, each potential buyer presents their offer at the same time and the seller chooses the one they wish to accept. In most cases there is no further negotiation, so buyers get one kick of the can. Each buyer therefore makes their best offer and hopes it is acceptable.

The seller will usually look at the price offered first of all. However other factors can be important. We have certainly seen examples where the highest bid has not won. Often this is because it came with too many conditions and frightened the seller into thinking that the offer might collapse at a later stage.

REAL ESTATE MARKET

HOUSING BENCHMARK

The REBGV publishes a benchmark housing price index that is a good guide to prices around the region and how they have been moving over the last year.

Below I have set out the benchmark for various areas of Greater Vancouver and also show the percentage change over the last year, and the last 3 years [in square brackets]. I have shown detached homes, attached and apartments. Attached homes are duplexes and townhouses.

This month is a landmark one in that it is the first time that the benchmark price for a single family home has exceeded $700,000. According to REBGV president Brian Naphtali: For the first time in our Boards history, the benchmark average price for a detached home passed the $700,000 mark. Greater Vancouver real estate is still a hot commodity and consumers are supporting that demand by investing in homes. This is supported by sales numbers as unit sales for detached homes also jumped significantly in a number of key reporting areas in May. These facts show us that despite continued price increases, appropriately priced properties are still finding the right buyers.

In more detail we have seen the biggest year on year increases in Squamish and Vancouver West (detached homes), Vancouver East (attached) and Maple Ridge & Pitt Meadows (apartments).

DETACHED BENCHMARK PRICES

Greater Vancouver $711,245 (11.8%), [3yr: 47.6%]
Burnaby $698,954 (6.5%), [3yr: 43.9%]
Coquitlam $637,551 (15.8%), [3yr: 47.9%]
South Delta $615,601 (7.6%), [3yr: 44.5%]
Maple Ridge $436,407 (10.9%), [3yr: 36.1%]
New Westminster $554,103 (14.2%), [3yr: 55.3%]
North Vancouver $849,269 (13.1%), [3yr: 42.9%]
Pitt Meadows $467,476 (14.5%), [3yr: 31.8%]
Port Coquitlam $519,212 (10.2%), [3yr: 40.9%]
Port Moody $600,457 (3.6%), [3yr: 26.9%]
Richmond $697,815 (10.5%), [3yr: 48.6%]
Squamish $490,288 (21.8%), [3yr: 25.7%]
Sunshine Coast $409,740 (9.4%), [3yr: 55.8%]
Vancouver East $646,397 (8.8%), [3yr: 50.6%]
Vancouver West $1,329,032 (19.1%), [3yr: 66.3%]
West Vancouver $1,405,122 (16.6%), [3yr: 45%]

ATTACHED BENCHMARK PRICES

Greater Vancouver $439,317 (10.8%), [3yr: 46.9%]
Burnaby $422,677 (8.6%), [3yr: 43.6%]
Coquitlam $392,820 (9.2%), [3yr: 38.2%]
South Delta $403,404 (15.8%), [3yr: 48.1%]
Maple Ridge & Pitt Meadows $307,632 (14.6%), [3yr: 52.3%]
North Vancouver $561,225 (10.5%), [3yr: 43.8%]
Port Coquitlam $371,779 (8.4%), [3yr: 40.6%]
Port Moody $382,856 (9.9%), [3yr: 54.3%]
Richmond $424,572 (9.2%), [3yr: 43.4%]
Vancouver East $472,115 (18.7%), [3yr: 52.8%]
Vancouver West $674,724 (10.4%), [3yr: 57.3%]

APARTMENT BENCHMARK PRICES

Greater Vancouver $358,428 (11.5%), [3yr: 56.9%]
Burnaby $315,358 (10%), [3yr: 56.6%]
Coquitlam $278,112 (11%), [3yr: 65%]
South Delta $323,852 (15.4%), [3yr: 52.9%]
Maple Ridge & Pitt Meadows $260,547 (23.5%), [3yr: 90.8%]
New Westminster $281,830 (16.2%), [3yr: 67.9%]
North Vancouver $370,252 (13.4%), [3yr: 50.9%]
Port Coquitlam $235,383 (11.6%), [3yr: 72.7%]
Port Moody $294,537 (10.4%), [3yr: 62%]
Richmond $292,549 (9.5%), [3yr: 56.3%]
Vancouver East $299,732 (12.5%), [3yr: 67.3%]
Vancouver West $455,838 (10.6%), [3yr: 50.4%]
West Vancouver $661,324 (8.8%), [3yr: 57.4%]

TIME TO BUY OR SELL

If you are looking to buy or sell property then we can help you. We work for you either as a buyers agent, to help you find your next property, or as a listing agent. If we cannot help you personally we have excellent partners in most areas within B.C. We and our partners are licensed realtors with the experience and knowledge to help you make your next move a success. Call us to find out how we can help you now.

And remember if you introduce someone to us you will receive a referral fee when they buy.