In my effort to provide interesting and relevant information that pertains to real estate and related industries, I present my Opening Doors newsletter for January. I hope you find something below that you appreciate as new or useful information.
Stats were released late last week for December and the 2012 year-end. Last year’s home sale total was 25.7 per cent below the ten-year average in Greater Vancouver (Surrey excluded). Total sales of detached, attached and apartment properties in 2012 reached 25,032, a 22.7 per cent decline from the 32,387 sales recorded in 2011, and an 18.2 per cent decrease from the 30,595 residential sales in 2010.
Full REBGV figures can be found here.
Expectations for 2013
For a national perspective, the Canadian Real Estate Association (CREA) projects more of the same from 2012 with sales still lagging due to last summer’s mortgage rule changes, plus an expected rise in interest rates in the second half of this year (according to RBC and TD).
More locally, the Vancouver Sun last week had a good piece about why waiting for a crash might have you waiting a long time:
Cameron Muir, B.C. Real Estate Association chief economist, thinks if buyers are waiting, they could be waiting a long time.
“Three years ago we saw the largest financial crisis since the Great Depression and an ensuing global recession. If that’s wasn’t enough to trigger a correction in an asset bubble, I don’t know what is,” Muir said.
“The condo market in Vancouver has not been ‘hot’ since 2009, and perhaps even earlier than that. Prices on the condominium side have been relatively flat for three years, so that doesn’t signal any kind of asset bubble welling up,” Muir said. “There has also been little speculation in the marketplace over the past few years and home builders have been kept in check in terms of their total units in production.
Muir said the market won’t crash unless there is a recession or a spike in interest rates.
“In order to have a significant price decline — you’re hearing a 25 to 40 per cent price decline that some pundits have thrown out there — in order to see that materialize, you need to see household disaster writ large, such as what we saw in the United States,” Muir said
Condo Searches Made Easy in Richmond
Richmond is where I grew up. My knowledge of the city plus its ever-increasing attractiveness to buyers made investing in a new website a no-brainer. You may have stumbled across it already, but BCCondos.net/city-Richmond is my premier website providing information on all strata properties (condos and townhouses) in the city. Searchable by strata name or address, it’s a rich resource that provides buyers and sellers a complete building-specific database of unique information for every building, every MLS listing, sales history, open houses, individual floor plans, and more.
Are You A Houzzer?
Whether you are slowly developing your style, are getting excited to tackle a new home reno/decor project, or need inspiration to mix up your dated home, a fantastic resource to check out is Houzz.com. I’m an active Houzzer (my wife and I are slowly moving our house’s style out the early 1980s) and use it mostly for the inspirational photos, but the site (and app!) offers how-to articles, forum discussions, and links to local experts on everything home related. Check it out.
Investment Properties For Sale
I have listed thirteen hotel strata investment properties for sale in three different buildings. Hotel investment gives you ownership of an individual room in a hotel and a payable monthly dividend based on the hotel’s net profit. Asking price on each of the various properties offers a 5% net annual return. As the world economy improves and Vancouver’s tourism board returns, hotel stays in the city will increase your return on investment. Click HERE for details on each of the hotel buildings and listings.
From left to right, these are the Richmond Marriott, the Richmond Hilton, and downtown Vancouver Marriott Pinnacle.
Call me for detailed information.
Real Estate In the News
“Scott did a great job for us in finding our new place! He really took the time to understand what we wanted and gave us lots of great insights into what was out there that would suit us. We found a fabulous spot that we can't wait to move into thanks to Scott! I would recommend Scott's help to anyone thinking about real estate.” – Geoff
“Scott did a wonderful job at finding me my first home. Just when I thought the place I really wanted slipped away, he came through with a fresh listing at an even better unit. If it wasn’t for his diligent work, the place I call home now could very much have slipped away yet again. Thanks again Scott for all your help.” – Jackie
“Because of Scott's professional sales expertise and marketing of our home we sold our house in one weekend. We also appreciate his help in finding our new home and would not hesitate in recommending Scott for all your real estate needs.” – Maureen and Larry