Welcome to the blog section. In this blog I’ll be posting about what is happening around my neighbourhood (Yaletown & False Creek North), Vancouver luxury real estate, real estate and related issues. If you have any suggestions, please let me know, have fun.
What an amazing 2011 was for Luxury Homes in Vancouver West, we saw an increase in sales of about 87.5% or 182 properties compared to 2010. The average days on the market was way down from 66 to 41, but remember this is just an average, numbers tend to be tricky, as most of the sales were in the beginning of the year. Let’s see how 2012 turns out. So far it still very quiet, but that is seasonal, everyone is getting back to work after the holidays.
2011 was a good year for the Luxury Condos, it saw an increase in sales of 20% or 20 condos. The average days on the market was up by 7 days. What do you think will happen for 2012?
As I predicted last month, sales were down by about half, from 15 we only had 7 sales.
Note something very special, the Average Days on the Market is way up to 130, that number is really high, during 2011 the lowest number was 22 days, and on average it was 45. That high number means that buyers have a lot of leverage when buying a luxury property.
For January, most likely we will see the sales triple, but most likely February will be the best month of 2012 and homes with land will be more favourable than condos.
Well, as I wrote last month, sales for both condos and homes were way down, but for condos 2 of the 3 sales were very hard to sale units, congratulations to the Realtors that completed those sales.
January will see an increase in sales, most likely there will be 6 or 7 luxury condos that will exchange owner.
6 fewer units compared to November 2010. Average asking and selling price lower than 2010. For December of this year, most likely we will see about half of November sales.
3 fewer units compared to November 2010. Average asking and selling price higher than 2010. I think December will be a very cold month for luxury condos.
The Real Estate Board of Greater Vancouver Housing Market Update for November 2011 with REBGV president Rosario Setticasi. For more news and statistics visit us at http://www.rebgv.org
High end condos, had the same number of units sold as October 2010, the difference is that prices are higher and days on the market are 22 days longer. If last years are and indication of what’s to come for November and December, we should see a slight increase (1 or 2 extra sales) for November and a huge drop in December. As well as homes I expect a busy season for the end of January and the whole month of February due to Asian Buyers.
October has been the slowest month since December of 2010 when only 8 high end properties were sold. Compared to October of 2010 we had one fewer sale. If the market is coping last year, we should see and increase to around 20 sales this month, following by a decrease in December, and a big jump by the end of January and the whole month of February of 2012, the reason will be due to the Chinese New Year that brings a lot of buyers. Let’s see how the market behaves.
Today, the Provincial Government received the results of the HST referendum. The outcome was decisive, with just under 55% of voters choosing to extinguish the HST and return the province to a system of taxation using both the PST and GST.
The government says no changes will occur until at least May 2013. There is no information yet on what the details of the tax system will look like at that time.
July was a good month for Luxury Condos, sales where up, in contrast with Luxury Homes where sales are down by as much as half. It is also a much better month compared to May of this year, that’s when we only saw 5 Luxury Condo sales.
BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the June 2011 statistics and an in depth look at VIREB's Buyer Profile Survey.
