Home buyer and seller activity continues to mirror historical averages in the Greater Vancouver housing market. These trends have helped keep the region in a balanced state for the last nine months.
The Real Estate Board of Greater Vancouver reports that residential property sales in Greater Vancouver reached 2,661 on the Multiple Listing Service® (MLS®) in October 2013.
This is a 37.8 per cent increase compared to the 1,931 sales recorded in October 2012, and a 7.2 per cent increase from the 2,483 sales recorded in September 2013.
New listings for attached, detached and apartment properties in Greater Vancouver totaled 4,315 in October 2013. This represents a 0.2 per cent decline from the 4,323 new listings reported in October 2012, and a decrease of 14.2 per cent compared to the 5,030 new listings reported in September of this year.
Last month’s sales were 2.8 per cent above the 10-year sales average for the month, while new listings for the month were 1.9 per cent below the 10-year average.
“We continue to see fairly typical activity when it comes to monthly home sale and listing totals,” Sandra Wyant, REBGV president said. “Today’s activity is helping to keep us in balanced market territory, which means that prices tend to experience minimal fluctuation.”
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,257, a decline of 12.2 per cent compared to this time last year, and a decline of 5.3 per cent compared to September 2013. The sales-to-active-listings ratio is currently at 17.4 per cent in Greater Vancouver.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is $600,700. This represents a 0.5 per cent decline compared to this time last year.
Sales of detached properties reached 1,067 in October 2013, an increase of 35.1 per cent from the 790 detached sales recorded in October 2012 and a 9.5 per cent increase from the 974 units sold in October 2011. The benchmark price for detached properties decreased 0.5 per cent from October 2012 to $922,600.
Sales of apartment properties reached 1,098 in October 2013, an increase of 36.7 per cent compared to the 803 apartment sales recorded in October 2012, and an increase of 14.6 per cent compared to the 958 sales in October 2011. The benchmark price of an apartment property decreased 0.9 per cent from October 2012 to $365,600.
Attached property sales totaled 496, an increase of 46.7 per cent compared to the 338 attached property sales recorded in 2012 and a 29.8 per cent increase compared to the 382 attached property sales recorded in October 2011. The benchmark price of an attached property is $458,000, which is virtually unchanged from October 2012.
Pesticides are chemicals used in conventional agriculture and these residues remain on the food we eat even after they're washed.
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If you plan on selling your home in the near future, you'll want to tackle any necessary repairs ahead of time as buyers will be completely turned off if your home appears to have been neglected.
Buyers also factor fix-up jobs into the purchase price, often overestimating the costs involved, so it's best to just take care of them yourself. Here are a few repairs to consider:
Buying a home is an emotional experience so it's critical to create an incredible first impression that'll make buyers want to own your home the moment they set eyes on it! Although it may initially seem like a hassle to repair a home you'll soon be moving out of, it'll be well worth the time and money in the end.
I was taking a look at historic prices on different types of properties in the Maple Ridge area and looking at year to date average prices. In 2010 the year to date average price of a single family home was $503,989 and this October the year to date price is $500,577 or less than 1/2 of a percent difference. The year to date number of sales was 823 in 2010 and this year was 821, almost identical. Our single family market is basically unchanged in 3 years.
The year to date average price of townhouses was $309,696 in 2010 and this October the year to date average price is $292,626 which represent a decrease over the last 3 years of 5.5%. The year to date number of sales was 294 in 2010 and this year was 244, a 17% decrease in sales.
The year to date average price of condos was $223,042 in 2010 and this October the year to date average price is $191,496 which represent a decrease over the last 3 years of 14% . The year to date number of sales was 179 in 2010 and this year was 150, a 16% decrease in sales.
One of the things that has affected our market over the last 3 years is the federal government tightening credit in the housing industry. They reduced amortization periods from 40 years to 35 years to 30 years and now 25 years on high ratio mortgages. This has effectively taken a lot of the first time buyers out of the market and the visible result is the decline in average prices in condos and townhouses. These properties were often the product of choice for someone looking for their first home.
Pitt Meadows and Port Coquitlam are both very similar with minimal decreases in prices since 2010. When looking at Coquitlam, the prices there have had substantial increases over 2010 pricing.
For details on your area just call Don at 604-466.4549 or email email@example.com
Smishing is the SMS (short message or text) version of email phishing where cyber criminals hook you through texts asking you to call a number or visit a website so they can steal your information.
The latest identity theft scam starts with a text saying your debit card is blocked and then directs you to a website that asks you for various personal details in order to lift the hold.
You’ll soon start to see the traditional lottery and cruise scams coming via texts so don't let your guard down just because they're texts and not emails as scammers are relying on this new phishing scheme to lure in their victims.