jul, aug, sep plus q3 2016 - faith wilson group · westside vancouver’s monthly residential real...

WESTSIDEVANCOUVER’S MONTHLY RESIDENTIAL REAL ESTATE ANALYSIS

JUL, AUG, SEP PLUS Q3 2016

Faith Wilson Group Presents

Westside CondoUnit Sales:

32%from Q3 2015.

DetachedUnit Sales in Q3:

57%vs. Q3 2015.

24%over Q3 2015.

West End Condos Median Sales Price is:

8$350Median Townhouse

Strata Maintenance Feefor Q3 2016.

vs. April 2015

26%

Buyers, Inventoryis Building!

Detached Median Sales Price

12.4%vs. Q3 2015.

25%

Westside Q3 TownhouseNew Listings:

Considering selling?Now is a great time!

TownhouseDays on Market

The Sameas Q2 2016.

Median Condo Priceper Sq. Ft:

in Q3 2016.

$893

1,017

181Down

Down

Up

DownUp

Sales to New Listings Ratio for Westside Detached:

vs. Q2.

Restrictions usher in a more disciplined environment.

The third quarter of 2016 saw a series of moves by the different levels of government adding restrictions to residential property transactions, and

even encroaching on the rights of property owners.

The changes began with the B.C. government changing regulations on real estate contract assignments – triggered by unethical use of a legal process. This was followed in August by the B.C. government’s 15% tax on foreign residential home buyers in Metro Vancouver.

In September, the federal government moved to tighten insurance on mortgages for buyers who have low down payments. These new mortgage rules include increasing the qualification threshold, reducing the amortization period, and setting a credit score of at least 600.

Meanwhile, the City of Vancouver moved to impose a tax on empty homes and has announced plans to restrict short-term rentals. They may even prohibit short-term rentals that are not in private residences.

The federal government has made it a requirement that private home sales be reported to the Canada Revenue Agency, in an effort to scrutinize transactions where sellers may try to falsely claim a capital gains tax exemption on the sale of a primary residence.

This November, Ottawa will also begin consultation with lenders, such as Canada’s major banks, on sharing the risk of mortgage insurance. This may lead to tighter qualifications for low-equity and high-ratio homebuyers.

We were already starting to see the market slowing from its frenzy of upwards activity in the first half of 2016. The governments’ announcements

created enough uncertainty in the market that buyers appear to have decided to take a step back to assess their decisions. It is unlikely we will see as many multiple-bid offers that characterized the past year in most of Metro Vancouver.

Yet, as homebuyers and sellers will soon discover, the fundamentals of the real estate market in Metro Vancouver remains solid: thousands of people are moving in every year from across Canada and around the world; there is a shortage of detached houses and townhouses and demand for condominiums will increase; mortgage rates remain at historic levels; the rental vacancy rate is near zero.

What has changed is that it is now paramount that sellers and buyers work with a proven, professional real estate agency that has been successful through decades of market cycles. Real estate peers honoured Faith Wilson Group this year with a lifetime achievement award for service, performance and ethics. This is now a more disciplined, demanding environment and we promise to continue to ensure that you will have all of the information that you require to make fully informed buying and selling decisions.

Warmest Regards,

PAGE 2 Faith’s Exclusive Westside Analysis

New Rules Change Metro Vancouver’s Housing Market

The information included in this report is based on residential sales data and statistical information sourced and compiled from the Real Estate Board of Greater Vancouver’s MLXchange database and the REALTOR Link® website. The information is current as of January 15 2016 and is subject to change by the REBGV. Faith Wilson Realty Group Inc., makes no guarantees as to the accuracy of the information provided and is not responsible for changes, errors or omissions to this information.

Discover YOUR neighbourhood's real estate market activity,

trends & benchmark pricing.

Finding the right home in the right neighbourhood can be a challenge. That is why we have our exclusive Neighbourhood Profiles available for you on our web site. Each profile features: • Information on the neighbourhood's

schools, housing, recreation, shopping, restaurants, transportation and more.

• A summary of CURRENT active listings, arranged by property type and showing the number of units available and the median asking price.

• Up-to-date MLS® HPI Benchmark prices AND price changes from one month to five years - a rich resource to instantly see the price trend of the type of home you are interested in, within your specific neighbourhood.

To do so, visit FaithWilsonGroup.com and find out about Vancouver Westside, Eastside, Downtown, North Vancouver, South Surrey and Richmond neighbourhoods. With more coming soon.

October, 2016 saw Federal Finance Minister Bill Morneau announce measures to set more uniform standards for insured mortgages, improve tax fairness and spread the government’s exposure to the housing market.

We see the stricter qualifications for some insured mortgages (including the popular five year fixed rate option) as likely to have the most impact, tempering sales activity across all of Canada’s markets―not just in Vancouver and Toronto.

Starting on October 17, 2016, all new mortgage borrowers with a down payment of less than 20% and seeking mortgage insurance (high-ratio mortgages) will be required to qualify at the posted rate for a conventional mortgage for a five-year term (presently

4.64%) or the contract rate, whichever is higher. Currently, this qualifying requirement is imposed only on insured mortgages with a variable rate or a fixed rate with a term of less than five years. Moreover, effective November 30, 2016, the standards for low-ratio mortgage portfolio insurance will be same as those for insured high-ratio mortgages. This means that mortgages in a portfolio to be insured will be restricted to 25 year in length of amortization, a maximum of $1,000,000 in value, a credit score of 600 or higher, and a maximum Gross Debt Service of 39% and Total Debt Service of 44% calculated with the posted rate for a five-year conventional rate or the contract rate, whichever is higher.

Many, if not most, first-time buyers will experience a steep decline in housing affordability on October 17. New rules introduced by the Federal Government will cause the sharpest drop in the purchasing power of low equity home buyers in years. At a time when housing affordability is a critical issue, deliberately chopping millennials’ purchasing power by as much as 20 per cent

will only exacerbate a well-known problem.

Under current rules, insured mortgages with variable rates and fixed terms under five years require home buyers to qualify at the five-year benchmark rate. However, if a borrower opts for a five-year or more fixed term, the borrower can qualify at his or her negotiated, discounted rate instead of the higher benchmark rate. This has long been a fixture of the Canadian mortgage market. As of October 17, 2016, ALL home buyers securing a high-ratio mortgage must qualify at the five-year benchmark rate, even if they have negotiated a lower five-year fixed term rate with their lender. Now, even the most credit conscious households face a dramatic reduction in their purchasing power.

PAGE 3Faith’s Exclusive Westside Analysis

Uniform Rules for all Insured Mortgages

Lorraine Gingras

Mortgage SpecialistRBC Royal [email protected]

Measuring Home Values - Good, Better and BestAverage Sales Price (Rating: Good)

The most frequently referenced, but least accurate Home Value Measurement is the Average Sales Price.

The Average Sales Price is simply the total value (in dollars) of all homes sold in a period, divided the total by the number of homes sold (individual units sold).

The Average Sales Price is one of the least effective Home Value Measurements due to how easily it can be skewed by extremely high or extremely low sales prices.

The Average Sales Price is generated from the combined unit sales of every neighbourhood, for each of the 3 property types.

This provides a basic indication of pricing trends, but is more importantly used as a comparison to the Median Sales Price and the MLS® HPI Benchmark Price.

Median Sales Price (Rating: Better)

A less frequently referenced, but more accurate Home Value Measurement is the Median Sales Price.

The Median Sales Price is determined by listing all of the prices in a given area in a given period of time from lowest to highest and identifying the exact middle point.

This measure excludes the extremely high and low sales prices that can occur and focuses on the core of the market.

Because of this, it provides a better gauge of pricing trends than the Average Sales Price does.

This provides a more accurate indication of pricing trends across the Westside and serves as an excellent comparison to the MLS® HPI Benchmark Price.

MLS® HPI Benchmark Price (Rating: Best)

One of the most accurate, but least common Home Value Measurements is the MLS® HPI Benchmark Price that is generated by the Real Estate Board of Greater Vancouver.

The HPI Benchmark Price employs advanced statistical modeling to estimate a sales price for a ‘typical’ property type in a given neighbourhood, as opposed to the average and median sales prices, which are based on actual sales results. It considers the characteristics and attributes of a property, such as lot size, age, number of bedrooms, etc. and keeps these attributes constant to measure true price inflation or deflation. It is therefore the most accurate Home Value Measurement available.

Visit FaithWilsonGroup.com to see your neighbourhood'sMLS® HPI Benchmark Prices, for each type of home.

Faith’s Exclusive Westside Analysis

THE REAL NEIGHBOURHOOD RESULTS: JULY 2016

JULY - SINGLE FAMILY DETACHED HOMES

SALES AND BENCHMARK PRICES BY NEIGHBOURHOOD

BENCHMARK PRICE CHANGE (%)

MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months

Arbutus 5 $3,854,900 1.61 10.03

Cambie 5 $2,545,000 2.92 12.99

Dunbar 16 $3,315,000 0.74 13.15

Kerrisdale 7 $3,469,900 2.49 13.43

Kitsilano 12 $2,683,400 0.75 12.28

MacKenzie Heights 5 $3,804,600 2.53 14.88

Marpole 2 $2,395,400 2.46 15.83

Mount Pleasant (W) 2 $2,409,800 0.18 19.79

Oakridge 2 $3,154,200 0.62 12.74

Point Grey 8 $3,730,700 -0.85 7.26

Quilchena 0 $3,893,900 1.45 5.86

S.W. Marine 3 $3,583,700 1.95 16.34

Shaughnessy 6 $5,891,100 3.70 15.18

South Cambie 0 $3,661,600 0.92 16.28

South Granville 4 $4,182,700 -0.11 9.26

Southlands 4 $3,763,400 0.60 17.13

University 0 $6,323,800 -1.27 7.04

Combined Total 81 $3,591,200 1.24 12.24 81

Price Segment ($) New Listings Added Unit Sales

0 – 2,000,000 7 2 29%

2,000,001 – 2,250,000 10 6 60%

2,250,001 – 2,500,000 14 6 43%

2,500,001 – 2,750,000 8 6 75%

2,750,001 – 3,000,000 34 9 26%

3,000,001 – 3,250,000 10 7 70%

3,250,001 – 3,500,000 16 7 44%

3,500,001 – 3,750,000 16 5 31%

3,750,001 – 4,000,000 29 6 21%

4,000,001 – 4,500,000 30 6 20%

4,500,001 – 5,000,000 28 4 14%

5,000,001 – 6,000,000 29 9 31%

6,000,001 – 7,000,000 11 2 18%

7,000,001 – 8,000,000 7 5 71%

8,000,000 – 10,000,000 12 0 0%

10,000,001+ 9 1 11%

Totals 270 81 30%

LISTING AND SALES ACTIVITY BY PRICE SEGMENT

THE REAL WESTSIDE RESULTS: JULY 2016

SALES PRICE MONTHLY TREND

FAITH’S KEY INSIGHTS:

n Every year we see the market experience a summer slow down and this July was no exception. Detached new listings dropped to 270, the lowest level since last November. And detached sales were down 56% from July 2015. I had predicted this market behaviour last winter in a video interview. My advice to buyers is to have a good look at new listings this summer. With fewer competing buyers, fewer multiple offers and growing selection this could be an ideal time to find your Westside dream house.

n “Price fatigue” and the summer doldrums have combined to really slow Westside detached sales. Unit sales have been tracking down month-over-month for five straight months. In July, the sales-to-new listing ratio was 25%, which is deep into a Buyer’s market, something we haven’t seen for a long time! The benchmark price of a Westside detached house in July was $3.59 million, up 12% from July 2015, but buyers should be aware that, at least for this month, prices leveled off in some popular neighbourhoods. In fact, in seven Westside neighbourhoods, benchmark prices barely budged from June to July and were actually fractionally lower in both Point Grey, at $3.73 million, and South Granville, at $4.18 million. For astute buyers, this summer slowdown offers opportunities.

n We have seen real estate cycles before and have the experience to ensure our sellers will achieve their real estate goals. This is when sellers need the services of a true professional: Faith Wilson Group recently received a Lifetime Achievement Award from the Greater Vancouver Real Estate Board, honouring leadership in ethics, sales performance and customer service for more than 20 years.

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Sales

Price

$5,000,000 $4,750,000 $4,250,000 $4,000,000 $3,250,000 $3,000,000 $2,750,000

FEB MAR APR MAY JUN JUL

60

50

40

30

20

10

0

DAYS ON MARKET MONTHLY TREND

Days

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Sales-to-New-Listings Ratio


$3,822,849

$3,500,000

$4,313,604

$3,584,000

$4,004,730

$3,610,500

$4,020,196

$3,516,500

$4,365,096

$3,700,000

$3,973,062

$3,480,000

21

10

25

13

28

12

27

12

27

13

23

13

2015 2016 CHANGE

Unit Sales (by Month)

FEBRUARY 182 247 35.7%MARCH 220 210 -4.5%APRIL 221 222 0.5%MAY 227 192 -15.4%JUNE 194 149 -23.2%JULY 155 81 -47.7%Totals 1,199 1,101 -8.2%


THE REAL NEIGHBOURHOOD RESULTS: AUG 2016

AUGUST - SINGLE FAMILY DETACHED HOMES




Arbutus 0 $3,947,100 2.39 8.11

Cambie 1 $2,624,300 3.11 8.07

Dunbar 9 $3,331,100 0.49 3.85

Kerrisdale 7 $3,424,700 -1.30 5.14

Kitsilano 3 $2,606,400 -2.87 -1.04

MacKenzie Heights 3 $3,746,500 -1.53 5.47

Marpole 2 $2,427,900 1.36 9.03

Mount Pleasant (W) 0 $2,281,000 -5.34 3.70

Oakridge 2 $3,240,600 2.74 8.53

Point Grey 3 $3,677,000 -1.44 -1.05

Quilchena 1 $4,017,100 3.16 5.37

S.W. Marine 3 $3,621,000 1.04 6.13

Shaughnessy 4 $6,048,000 2.66 10.30

South Cambie 1 $3,743,500 2.24 9.84

South Granville 9 $4,305,900 2.94 6.85

Southlands 5 $3,801,100 1.00 6.71

University 0 $6,320,900 -0.05 0.21

Combined Total 53 $3,617,400 0.73 5.09


0 – 2,000,000 3 3 100%

2,000,001 – 2,250,000 10 3 30%

2,250,001 – 2,500,000 15 2 13%

2,500,001 – 2,750,000 13 7 54%

2,750,001 – 3,000,000 18 6 33%

3,000,001 – 3,250,000 6 5 83%

3,250,001 – 3,500,000 7 1 14%

3,500,001 – 3,750,000 8 1 13%

3,750,001 – 4,000,000 12 7 58%

4,000,001 – 4,500,000 9 6 67%

4,500,001 – 5,000,000 21 2 10%

5,000,001 – 6,000,000 22 4 18%

6,000,001 – 7,000,000 8 2 25%

7,000,001 – 8,000,000 13 1 8%

8,000,000 – 10,000,000 8 2 25%

10,000,001+ 10 1 10%

Totals 183 53 29%


THE REAL WESTSIDE RESULTS: AUG 2016



n If you selling a Westside detached house, buckle your seat belt. As we expected, sales of detached houses on the Westside continued a rollercoaster-style dip in August, falling 67.4% from August of 2015. There were 44 sales during the month, a drop of nearly 50% from July and a mere 30% of June sales. Westside detached sales have been trending lower, month-over-month, since March but the addition of the province’s 15% tax on foreign buyers on August 2 seems to have accelerated a slowdown that coincided with the traditional summer doldrums.

n For buyers aspiring to purchase a Vancouver Westside detached house – and aren’t we all, really? – the current market is providing some opportunities. There were 183 new listings on the market in August, producing a sales-to-new-listing ratio that indicates a buyer’s market in almost all price ranges. The heady days of the past spring’s multiple offers and massive over-asking prices have given way to pragmatic negotiations. This more balanced market allows buyers time to shop, to present their subjects and, I believe, find true value in what will likely be a short-term slowdown.

n Sellers should prepare for a change in market cycles and a new market environment. This is when the service of a truly experienced, professional agency that has successfully applied themselves in every possible real estate cycle will provide you with the knowledge and resources to help you make a move. Faith Wilson inducted as a Lifetime Member of the Medallion Club, by the Real Estate Board of Greater Vancouver. This honour is earned by Realtors® who perform in the top 10% of all REBGV Realtors® for at least twenty years and reflects a Realtor’s® professionalism, ethics, commitment to the industry and dedication to clients. Our team can deliver the highest possible price for your detached house in the fastest possible time, and we back that with our Peace of Mind Guarantee for Sellers, an industry exclusive.

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Sales

Price

$5,000,000 $4,750,000 $4,250,000 $4,000,000 $3,250,000 $3,000,000 $2,750,000

MAR APR MAY JUN JUL AUG

60

50

40

30

20

10

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$4,313,604

$3,584,000

$4,004,730

$3,610,500

$4,020,196

$3,516,500

$4,365,096

$3,700,000

$3,973,062

$3,480,000

$4,010,904

$3,420,000

25

13

28

12

27

12

27

13

23

13

30

22

2015 2016 CHANGE


MARCH 220 210 -4.5%APRIL 221 222 0.5%MAY 227 192 -15.4%JUNE 194 149 -23.2%JULY 155 81 -47.7%AUGUST 135 53 -60.7%Totals 1,152 907 -21.3%


THE REAL NEIGHBOURHOOD RESULTS: SEP 2016

SEPTEMBER - SINGLE FAMILY DETACHED HOMES




Arbutus 2 $3,992,800 1.16 5.25

Cambie 4 $2,768,800 5.51 11.97

Dunbar 10 $3,193,100 -4.14 -2.97

Kerrisdale 0 $3,451,400 0.78 1.94

Kitsilano 7 $2,629,700 0.89 -1.26


Marpole 4 $2,374,800 -2.19 1.58

Mount Pleasant (W) 0 $2,258,900 -0.97 -6.09

Oakridge 0 $3,249,100 0.26 3.64

Point Grey 2 $3,664,400 -0.34 -2.61

Quilchena 1 $4,010,200 -0.17 4.48

S.W. Marine 1 $3,520,300 -2.78 0.15

Shaughnessy 5 $6,290,400 4.01 10.73

South Cambie 0 $3,743,500 0.00 3.17

South Granville 4 $4,465,500 3.71 6.64

Southlands 0 $3,663,700 -3.61 -2.07

University 2 $6,341,300 0.32 -1.00

Combined Total 47 $3,624,300 0.19 2.17


0 – 2,000,000 7 4 57%

2,000,001 – 2,250,000 6 8 133%

2,250,001 – 2,500,000 14 5 36%

2,500,001 – 2,750,000 23 7 30%

2,750,001 – 3,000,000 27 2 7%

3,000,001 – 3,250,000 10 2 20%

3,250,001 – 3,500,000 16 3 19%

3,500,001 – 3,750,000 11 1 9%

3,750,001 – 4,000,000 24 1 4%

4,000,001 – 4,500,000 33 4 12%

4,500,001 – 5,000,000 16 3 19%

5,000,001 – 6,000,000 17 3 18%

6,000,001 – 7,000,000 14 2 14%

7,000,001 – 8,000,000 7 1 14%

8,000,000 – 10,000,000 14 0 0%

10,000,001+ 8 1 13%

Totals 247 47 19%


THE REAL WESTSIDE RESULTS: SEP 2016



n As we predicted, the decline in Westside detached house sales this summer began to right itself in September, although transactions remained well off the pace that we saw in 2015. The Westside indicators appear as though there is a solid buyer’s market developing. Listings of detached houses increased to 247, but with only 47 sales the sales-to-new listing ratio fell to 19% – the lowest level this year.

n For buyers who have been trying all year to get into the Westside detached market, the change is welcomed. The fundamentals of low mortgage rates, high in-migration and a great West Coast lifestyle remain, but there are now more houses to choose from. We also suspect that there will be more sellers willing to negotiate on price and subjects. For example, in Dunbar, the most active neighbourhood for September buyers, the benchmark price of a detached house was lower than three months earlier and down 4.2% from August. That is a $120,000 price reduction in a month, based on benchmark values.

n Westside detached listings are now facing more and more competition and, due to a cascading affect of recent government action, fewer active buyers.

n This is the time for sellers to focus on the basics of home marketing: have your house sparkling and ready for showings, work with an experienced agent to set the right price and be certain the home’s marketing strategy reaches the broadest range of qualified buyers. Faith Wilson Group provides Managed Market Pricing to allow sellers to react to any market conditions with calm confidence. Ask us how.

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Sales

Price

$5,000,000 $4,750,000 $4,250,000 $4,000,000 $3,250,000 $3,000,000 $2,750,000

APR MAY JUN JUL AUG SEP

60

50

40

30

20

10

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Days

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$4,004,730

$3,610,500

$4,020,196

$3,516,500

$4,365,096

$3,700,000

$3,973,062

$3,480,000

$4,010,904

$3,420,000$3,599,351

$2,710,000

28

12

27

12

27

13

23

13

30

22

30

16

2015 2016 CHANGE


APRIL 221 222 0.5%MAY 227 192 -15.4%JUNE 194 149 -23.2%JULY 155 81 -47.7%AUGUST 135 53 -60.7%SEPTEMBER 135 47 -65.2%Totals 1,067 744 -30.3%


THE REAL NEIGHBOURHOOD RESULTS: Q3 2016

Q3 - SINGLE FAMILY DETACHED HOMES




0 – 2,000,000 17 9 53%

2,000,001 – 2,250,000 26 17 65%

2,250,001 – 2,500,000 43 13 30%

2,500,001 – 2,750,000 44 20 45%

2,750,001 – 3,000,000 79 17 22%

3,000,001 – 3,250,000 26 14 54%

3,250,001 – 3,500,000 39 11 28%

3,500,001 – 3,750,000 35 7 20%

3,750,001 – 4,000,000 65 14 22%

4,000,001 – 4,500,000 72 16 22%

4,500,001 – 5,000,000 65 9 14%

5,000,001 – 6,000,000 68 16 24%

6,000,001 – 7,000,000 33 6 18%

7,000,001 – 8,000,000 27 7 26%

8,000,000 – 10,000,000 34 2 6%

10,000,001+ 27 3 11%

Totals 700 181 26%


THE REAL WESTSIDE RESULTS: Q3 2016

SALES PRICE QUARTERLY TREND


n The desirability of Westside detached houses can scarcely be overstated. In the third quarter a slew of government measures aimed squarely at slowing the market in this area were announced. Yet the benchmark price of a Westside detached house increased 2.1% from the previous quarter, typical listings sold within a median of 16 days and at total of 181 houses were purchased.

n Westside detached unit sales were down 57.4% from a year earlier to the lowest quarterly level this year, yet every Westside neighbourhood reported units sold through Q3. In all but 6 of the 17 neighbourhoods that we monitor, benchmark prices increased compared to the second quarter. The Cambie neighbourhood posted an 11.9% increase to $2.76 million. Westside is still technically a seller’s market, but the advantage was starting to tip to buyers in Q3.

n There was a healthier selection of detached houses for sale on the Westside in Q3, with 700 new listings during the three-month period. While prices remained fairly firm, we noticed that 17 Westside detached listings were priced at $2 million or less, and that 53% of these sold. The price ranges with the most new listings were $4 million to $4.5 million with 72, and the $5 million to $6 million range with 68. However, of those listings only 14% sold in the lower price range and just 18% in the latter. The desirability of Westside detached houses can scarcely be overstated. In the third quarter a slew of government measures aimed squarely at slowing the market in this area were announced. Yet the benchmark price of a Westside detached house increased 2.1% from the previous quarter, typical listings sold within a median of 16 days and at total of 181 houses were purchased.

Unit Sales (by Quarter)

Q1

Q2

Q3

Q4Year-to-Date Totals

2015525

642

425

1,592

2016609

563

181

1,353

Change (%)

16.0%

-12.3%

-57.4%

-15.0%

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Sales

Price

$4,000,000 $3,800,000 $3,600,000 $3,400,000$3,200,000$3,000,000$2,800,000

$3,326,107

$2,900,000

$3,346,337

$3,145,000

$3,954,091

$3,500,000

$4,105,377

$3,600,000

$3,887,102

$3,260,000

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

70

60

50

40

30

20

10

35

15

41

23 25

11

27

12

27

16

DAYS ON MARKET QUARTERLY TREND

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Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016


MLS® Neighbourhood Unit Sales HPI Benchmark Price 3 Months 1 Year

Arbutus 7 $3,992,800 5.25 34.86

Cambie 10 $2,768,800 11.97 35.69

Dunbar 35 $3,193,100 -2.97 29.32

Kerrisdale 14 $3,451,400 1.94 29.53

Kitsilano 22 $2,629,700 -1.26 29.29


Marpole 8 $2,374,800 1.58 35.93

Mount Pleasant (W) 2 $2,258,900 -6.09 32.68

Oakridge 4 $3,249,100 3.64 34.02

Point Grey 13 $3,664,400 -2.61 22.75

Quilchena 2 $4,010,200 4.48 29.61

S.W. Marine 7 $3,520,300 0.15 39.27

Shaughnessy 15 $6,290,400 10.73 32.97

South Cambie 1 $3,743,500 3.17 39.57

South Granville 17 $4,465,500 6.64 41.02

Southlands 9 $3,663,700 -2.07 33.97

University 2 $6,341,300 -1.00 21.94

Combined Total 181 $3,624,300 2.17 32.09



THE REAL WESTSIDE RESULTS: JULY 2016 THE REAL NEIGHBOURHOOD RESULTS: JULY 2016

JULY - TOWNHOUSES



n Only 63 new listings for townhouses came to the Westside market in July, down 12.5% from July 2015, while the sales-to-new-listings was a robust 60%. But a close look at the sales performance at different values reveals how important it is to set the right price. For example, all of the 5 townhouses listed from $1.1 million to $1.2 million sold, but only 43% of the 7 townhouses listed from $900,000 to $1 million sold and just 22% of the 9 townhouses listed at from $1.2 million to $1.3 million sold. A price difference of just 10% to 15% can produce a quick sale or leave a townhouse on the market.

n I was not surprised to see that Kitsilano led all Westside neighbourhoods in townhouse sales in July: the popular area simply had more townhouses available. But, despite accounting for more than 25% of July’s Westside sales, the benchmark price for a Kitsilano townhouse was down 3.1% from a month earlier, at just over $1 million. This is further evidence to sellers of how competitive the townhouse market has become. It is also a signal to buyers that this summer may present opportunities, even in the most popular Westside neighbourhoods.

n The incredibly quick pace of townhouse sales has not wilted in the summer heat. In July, the typical listing for a townhouse was on market for a median of just 8 days before it sold. Townhouses seem to be not as affected as the detached and the condominium apartment markets by the recent provincial government taxes on foreign residential real estate buyers or on assignment sales. There is a very broad market for townhouses, from first-time buyers to downsizers, and it requires a multiple-platform marketing strategy to reach the widest possible audience in the fastest possible time.


Cambie 2 $1,141,600 0.31 11.44

Coal Harbour 0 $1,706,800 5.36 14.71

Downtown (W) 4 $845,500 0.57 8.18

Fairview 8 $862,100 0.13 11.40

False Creek 4 $857,300 -7.06 10.68

Kerrisdale 0 $1,295,700 2.24 10.86

Kitsilano 9 $1,015,600 -3.11 17.36

Marpole 1 $890,000 1.72 13.23

Mount Pleasant (W) 1 $1,085,900 0.83 7.75

Oakridge 2 $1,427,900 0.15 12.31

Point Grey 1 $1,022,900 0.56 12.35

Quilchena 3 $1,626,500 1.56 13.28

Shaughnessy 1 $2,048,700 5.49 22.74

South Cambie 0 $1,629,300 -0.04 10.48

University 2 $1,366,300 1.52 14.68

West End 1 $1,027,800 0.72 8.55

Yaletown 2 $1,450,600 0.66 7.99

Combined Total 42 $1,088,400 -0.40 12.63

$1,300,000

$1,250,000

$1,200,000

$1,150,000

$1,100,000

$1,050,000 $1,000,000

Days

60

50

40

30

20

10

0


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Sales

Price



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$1,268,262

$1,137,500

$1,132,801

$1,100,000

$1,244,277

$1,138,000

$1,284,325

$1,285,000

$1,251,164

$1,113,000

$1,197,833

$1,183,500

27

12

17

8

18

9

16

8

13

8

14

8

2015 2016 CHANGE


FEBRUARY 55 54 -1.8%MARCH 99 77 -22.2%APRIL 70 77 10.0%MAY 78 71 -9.0%JUNE 81 64 -21.0%JULY 52 42 -19.2%Totals 435 385 -11.5%


0 – 400,000 0 0 -

400,001 – 500,000 0 0 -

500,001 – 600,000 5 3 60%

600,001 – 700,000 4 3 75%

700,001 – 800,000 4 4 100%

800,001 – 900,000 4 2 50%

900,001 – 1,000,000 7 3 43%

1,000,001 – 1,100,000 1 3 300%

1,100,001 – 1,200,000 5 6 120%

1,200,001 – 1,300,000 8 3 38%

1,300,001 – 1,400,000 6 4 67%

1,400,001 – 1,500,000 3 1 33%

1,500,001 – 1,750,000 5 7 140%

1,750,001 – 2,000,000 5 1 20%

2,000,001 – 3,000,000 5 2 40%

3,000,000+ 1 0 0%

Totals 63 42 67%

LISTING AND SALES ACTIVITY BY PRICE SEGMENTSales-to-New-Listings Ratio


0 – 400,000 0 0 -

400,001 – 500,000 2 1 50%

500,001 – 600,000 1 2 200%

600,001 – 700,000 3 2 67%

700,001 – 800,000 6 3 50%

800,001 – 900,000 4 4 100%

900,001 – 1,000,000 4 0 0%

1,000,001 – 1,100,000 4 6 150%

1,100,001 – 1,200,000 5 6 120%

1,200,001 – 1,300,000 3 3 100%

1,300,001 – 1,400,000 6 2 33%

1,400,001 – 1,500,000 1 2 200%

1,500,001 – 1,750,000 6 3 50%

1,750,001 – 2,000,000 4 2 50%

2,000,001 – 3,000,000 4 0 0%

3,000,000+ 2 1 50%

Totals 55 37 67%




THE REAL WESTSIDE RESULTS: AUG 2016 THE REAL NEIGHBOURHOOD RESULTS: AUG 2016

AUGUST - TOWNHOUSES



n When a market slows sharply, such as the Westside townhouse market this summer, the first question concerns the direction of prices. And, while benchmark prices give an accurate indication of the overall market, it is good sometimes to look at average prices. Average prices provide a raw snapshot of what is happening in a specific place and time. On the Westside, the average price of a townhouse in August was $1.15 million, down $100,000 from three months earlier, while the benchmark price in August was $1.1 million, up nearly 7% in three months. I think we will see townhouse prices easing, as the August average price is indicating.

n Decreased sales have coincided with a drop in new townhouse listings, keeping the sales-to-new-listing ratio of Westside townhouses at 56%. The typical listing was on the market for an average of 14 days before it sold. Yet buyers are now so sensitive to price that a minor price correction can make a huge difference. In August, for instance, all of the Westside townhouses listed between $800,000 to $900,000 and from $1 million to $1.1 million sold, but none of the 5 townhouses listed at from $900,000 to $1 million sold. Less than a 10% price change can make that much difference. That is why it is so important for a listing price to be accurate and reflect not only the age, size and location of the home, but also its overall perception of value in this more competitive environment.

n Two neighbourhoods dominated the slower summer market on the Westside. In August, more than a third of the 31 townhouse sales took place in Fairview and in Kitsilano, which posted 12 sales each. The top neighbourhoods for sales had one thing in common: prices were lower than the Westside benchmark of $1.1 million. This is an indication that buyers are really scouring the tight townhouse market for the best possible price.


Cambie 2 $1,152,900 0.99 9.67

Coal Harbour 2 $1,670,800 -2.11 7.07

Downtown (West) 3 $857,300 1.40 5.89

Fairview 7 $893,400 3.62 10.76

False Creek 3 $860,500 0.37 1.32

Kerrisdale 0 $1,310,700 1.16 6.25

Kitsilano 6 $1,029,400 1.37 4.26

Marpole 2 $922,200 3.63 11.78

Mount Pleasant (West) 2 $1,108,000 2.03 7.54

Oakridge 1 $1,457,700 2.09 7.24

Point Grey 0 $1,037,200 1.40 6.72

Quilchena 1 $1,670,200 2.69 7.09

Shaughnessy 1 $2,106,800 2.84 14.28

South Cambie 0 $1,678,200 3.01 8.42

University 2 $1,360,600 -0.42 3.72

West End 3 $1,042,600 1.44 6.06

Yaletown 2 $1,475,400 1.71 7.43

Combined Total 37 $1,107,000 1.71 6.92

$1,300,000

$1,250,000

$1,200,000

$1,150,000

$1,100,000

$1,050,000 $1,000,000

Days

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50

40

30

20

10

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Sales

Price



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$1,132,801

$1,100,000

$1,244,277

$1,138,000

$1,284,325

$1,285,000

$1,251,164

$1,113,000

$1,197,833

$1,183,500

$1,161,441

$1,115,000

17

8

18

9

16

8

13

8

14

8

14

8

2015 2016 CHANGE


MARCH 99 77 -22.2%APRIL 70 77 10.0%MAY 78 71 -9.0%JUNE 81 64 -21.0%JULY 52 42 -19.2%AUGUST 68 37 -45.6%Totals 448 368 -17.9%


0 – 400,000 2 0 0%

400,001 – 500,000 5 4 80%

500,001 – 600,000 3 3 100%

600,001 – 700,000 3 1 33%

700,001 – 800,000 4 0 0%

800,001 – 900,000 4 3 75%

900,001 – 1,000,000 3 2 67%

1,000,001 – 1,100,000 4 2 50%

1,100,001 – 1,200,000 6 1 17%

1,200,001 – 1,300,000 5 4 80%

1,300,001 – 1,400,000 7 1 14%

1,400,001 – 1,500,000 2 1 50%

1,500,001 – 1,750,000 11 0 0%

1,750,001 – 2,000,000 3 1 33%

2,000,001 – 3,000,000 10 0 0%

3,000,000+ 1 1 100%

Totals 73 24 33%




THE REAL WESTSIDE RESULTS: SEP 2016 THE REAL NEIGHBOURHOOD RESULTS: SEP 2016

SEPTEMBER - TOWNHOUSES



n Westside townhouse buyers may want to move quickly this fall because of the sea change in prices and sales. While benchmark prices provide a more accurate overview of values, median prices can provide a snapshot of current conditions. In September, the median price of a Westside townhouse slipped to $998,500, the first time this year that it has been under $1 million.

n Sales of townhouses fell 52% from September 2015. With only 24 transactions, September had lowest sales level in more than a year. While not technically a buyer’s market, buyers currently have a clear advantage on the Westside right now.

n There were only 73 new listings for townhouses in September, compared to 113 in the same month last year. This is understandable as it aligns well with the rest of the Westside market, but if you need to make a move this means there is less competition for your townhouse. The right listing at the right price in the right location will likely find the right buyer right away. In September, the typical listing was on the market for only 8 days before it sold. If you are considering a move, a solid marketing plan from an experienced team will sell it in the quickest time at the best possible price.

n Despite the slower activity in September, two Westside neighbourhoods still had fairly robust sales. These were Fairview, where 9 townhouses sold and the benchmark price was $912,900, and Kitsilano, with 6 sales and a benchmark price of just over $1 million. Buyers should note that 7 townhouses sold for $700,000 or less in September and four of these were priced at $500,000 or less.


Cambie 0 $1,185,600 2.84 4.17

Coal Harbour 0 $1,717,600 2.81 6.03

Downtown (W) 1 $883,500 3.06 5.10

Fairview 9 $912,900 2.18 6.02

False Creek 1 $833,600 -3.13 -9.63

Kerrisdale 2 $1,339,100 2.17 5.66

Kitsilano 6 $1,024,100 -0.52 -2.30

Marpole 1 $924,900 0.28 5.71

Mount Pleasant (W) 0 $1,113,500 0.50 3.39

Oakridge 0 $1,488,600 2.12 4.41

Point Grey 0 $1,053,800 1.60 3.60

Quilchena 0 $1,604,900 -3.91 0.21

Shaughnessy 0 $2,167,000 2.86 11.58

South Cambie 0 $1,708,700 1.82 4.84

University 2 $1,373,700 0.96 2.07

West End 0 $1,068,300 2.46 4.69

Yaletown 2 $1,504,000 1.94 4.37

Combined Total 24 $1,116,300 0.84 2.14

$1,300,000

$1,250,000

$1,200,000

$1,150,000

$1,100,000

$1,050,000 $1,000,000

Days

60

50

40

30

20

10

0


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Sales

Price



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$1,244,277

$1,138,000

$1,284,325

$1,285,000

$1,251,164

$1,113,000

$1,197,833

$1,183,500

$1,161,441

$1,115,000$1,056,683

$998,500

18

9

16

8

13

8

14

8

14

8

16

8

2015 2016 CHANGE


APRIL 70 77 10.0%MAY 78 71 -9.0%JUNE 81 64 -21.0%JULY 52 42 -19.2%AUGUST 68 37 -45.6%SEPTEMBER 50 24 -52.0%Totals 399 315 -21.1%


Q1

Q2

Q3


2015207

229

170

606

2016167

212

103

482

Change (%)

-19.3%

-7.4%

-39.4%

-20.5%



THE REAL WESTSIDE RESULTS: Q3 2016 THE REAL NEIGHBOURHOOD RESULTS: Q3 2016

Q3 - TOWNHOUSES


Sales-To-New



0 – 400,000 2 0 0%

400,001 – 500,000 7 5 71%

500,001 – 600,000 9 8 89%

600,001 – 700,000 10 6 60%

700,001 – 800,000 14 7 50%

800,001 – 900,000 12 9 75%

900,001 – 1,000,000 14 5 36%

1,000,001 – 1,100,000 9 11 122%

1,100,001 – 1,200,000 16 13 81%

1,200,001 – 1,300,000 16 10 63%

1,300,001 – 1,400,000 19 7 37%

1,400,001 – 1,500,000 6 4 67%

1,500,001 – 1,750,000 22 10 45%

1,750,001 – 2,000,000 12 4 33%

2,000,001 – 3,000,000 19 2 11%

3,000,000+ 4 2 50%

Totals 191 103 54%


n With 103 sales in Q3, the sales-to-new-listing ratio for Westside townhouses was 54%, signaling a continued seller’s market. The ratio was much higher at some price points. For example, all of the 9 townhouses listed at from $1 million to $1.1 million sold, as did 81% of the 16 listed from $1.1 million to $1.2 million. However, only 30% of the 23 townhouses priced over $2 million sold, which could be a reaction to B.C.’s foreign home buyer tax that came in August 2.

n For most of this year townhouse buyers in Vancouver’s Westside have been frustrated by a lack of listings and, often, multiple offers on desirable homes. That state of affairs changed to a certain degree in Q3. In the second quarter, for example, there were 253 new listings for townhouses and 203 sales. In Q3, there were 191 listings but only 103 sales. The difference is that in Q3 there was a wider selection of townhouses for buyers to choose from. We also suggest that there is now incentive for sellers to consider both offer subjects and lower offered prices during negotiations.

n Westside townhouses are now selling for $2.5 million less than the benchmark price of a detached house. Judging from what is happening in today’s market we believe this will cause further increased demand for townhouses. Townhouses however, are a distinct type of property. They offer some of the advantages of a house and some of a condominium. We urge buyers to take the time to talk with a Realtor® who truly understands the townhouse sector and can help you sort through the listings to find a home that matches a budget and a lifestyle.


Cambie 4 $1,185,600 4.17 31.02

Coal Harbour 2 $1,717,600 6.03 44.96

Downtown (West) 8 $883,500 5.10 44.73

Fairview 24 $912,900 6.02 33.21

False Creek 8 $833,600 -9.63 30.01

Kerrisdale 2 $1,339,100 5.66 33.83

Kitsilano 21 $1,024,100 -2.3 39.46

Marpole 4 $924,900 5.71 47.99

Mount Pleasant (West) 3 $1,113,500 3.39 41.48

Oakridge 3 $1,488,600 4.41 32.46

Point Grey 1 $1,053,800 3.60 35.86

Quilchena 4 $1,604,900 0.21 35.81

Shaughnessy 2 $2,167,000 11.58 51.63

South Cambie 0 $1,708,700 4.84 37.09

University 6 $1,373,700 2.07 31.99

West End 4 $1,068,300 4.69 41.74

Yaletown 6 $1,504,000 4.37 44.73

Combined Total 103 $1,116,300 2.14 37.15

SALES PRICE QUARTERLY TREND

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

$1,200,000$1,100,000$1,000,000

$900,000$800,000$700,000$600,000

$1,005,804

$940,000

$1,006,379

$1,004,000

$1,161,023

$1,105,000

$1,259,769

$1,179,900

$1,151,871

$1,110,000

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Sales

Price

DAYS ON MARKET QUARTERLY TREND

Days

60

50

40

30

20

10

0

42

12

32

13

23

9

16

8

15

8

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Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016



THE REAL NEIGHBOURHOOD RESULTS: JULY 2016

JULY - APARTMENTS /CONDOS




Cambie 6 $463,800 0.15 4.95

Coal Harbour 23 $995,500 -0.13 5.53

Downtown (W) 98 $624,300 -0.94 6.69

Dunbar 4 $608,000 1.47 7.78

Fairview 38 $657,200 5.29 7.50

False Creek 30 $833,000 1.25 5.96

Kerrisdale 7 $809,700 2.56 9.00

Kitsilano 46 $535,200 2.11 5.73

Marpole 17 $399,900 -1.25 3.72

Mount Pleasant (W) 4 $533,800 0.73 4.70

Oakridge 2 $904,000 0.19 4.31

Point Grey 7 $547,800 2.19 1.58

Quilchena 6 $1,023,700 1.10 7.81

S.W. Marine 1 $412,300 3.31 7.85

Shaughnessy 1 $553,200 1.46 4.55

South Cambie 4 $685,700 0.23 7.95

Southlands 1 $727,600 2.29 7.70

University 49 $743,100 0.61 3.78

West End 32 $556,400 3.11 7.60

Yaletown 59 $789,900 -4.97 4.70

Combined Total 435 $698,000 0.27 6.26


0 – 350,000 19 12 63%

350,001 – 400,000 26 13 50%

400,000 – 450,000 32 23 72%

450,001 – 500,000 56 30 54%

500,001 – 550,000 37 39 105%

550,001 – 600,000 65 56 86%

600,001 – 650,000 38 38 100%

650,001 – 700,000 47 25 53%

700,001 – 750,000 33 28 85%

750,001 – 800,000 39 29 74%

800,001 – 900,000 44 35 80%

900,001 – 1,000,000 31 20 65%

1,000,001 – 1,250,000 49 29 59%

1,250,001 – 1,500,000 50 20 40%

1,500,000 – 2,000,000 46 16 35%

2,000,001 + 38 22 58%

Totals 650 435 67%


THE REAL WESTSIDE RESULTS: JULY 2016

FAITH’S KEY INSIGHTS:n Condominium buyers should shake off the summer doldrums and rev

up for the Westside market, especially if you are a first-time buyer. While the benchmark price of a Westside condo apartment in July was nearly $700,000, there were many priced much lower, and the selection is huge. There were 45 condos priced at $400,000 or less and another 86 listed between $400,000 to $500,000. At this price level, a qualified buyer who requires mortgage insurance can purchase with a 5% downpayment. With the benchmark price of a Westside condominium apartment up 6.2% in the past three months alone, it may prove an astute investment.

n More expensive condominium markets proved among the most popular for Westside buyers in July, which shows once again how seasons and a perception of value can affect the market. The benchmark price for a University area condo apartment is $743,100. Meanwhile, Yaletown registered 52 condo sales, second highest among Westside neighbourhoods, at a benchmark of $789,900. Timing, location and perception of value, not price, can be dominant factors in the condominium market.

n Condominium buyers need to be quick when they find a home they want, even with nearly 650 new listings in the market in July. The typical listing sold in a median of just 9 days. This means that a buyer must have solid financing in place and know exactly what they need to do to close the sale. Buyers should spend some quality time with an experienced, professional agency that can help them be fully prepared to purchase quickly and with confidence.

Sales-to-New- Listings Ratio

$900,000$850,000$800,000$750,000$700,000$650,000$600,000


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Sales

Price

$825,357

$630,000

$835,622

$629,000

$812,989

$625,000

$878,830

$670,000

$820,971

$680,000

$897,102

$675,000


Days

60

50

40

30

20

10

0


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22

9

24

9

18

8

21

9

18

9

17

9

2015 2016 CHANGE


FEBRUARY 425 608 43.1%MARCH 513 617 20.3%APRIL 502 550 9.6%MAY 550 606 10.2%JUNE 525 513 -2.3%JULY 566 435 -23.1%Totals 3,081 3,329 8.0%


THE REAL NEIGHBOURHOOD RESULTS: AUG 2016

AUGUST - APARTMENTS /CONDOS




Cambie 3 $466,800 0.66 1.85

Coal Harbour 12 $979,000 -1.66 5.48

Downtown (W) 77 $605,300 -3.04 4.02

Dunbar 1 $622,900 2.46 8.74

Fairview 28 $673,500 2.47 0.51

False Creek 22 $805,900 -3.25 -0.45

Kerrisdale 7 $835,200 3.14 12.20

Kitsilano 32 $532,600 -0.49 3.43

Marpole 9 $407,000 1.79 0.73

Mount Pleasant (W) 2 $514,700 -3.59 -2.50

Oakridge 0 $917,300 1.47 1.00

Point Grey 3 $565,500 3.24 8.85

Quilchena 3 $1,040,100 1.59 8.51

S.W. Marine 5 $416,200 0.95 10.29

Shaughnessy 3 $554,200 0.17 1.28

South Cambie 1 $696,300 1.55 3.71

Southlands 0 $742,100 2.00 9.68

University 24 $753,800 1.44 3.32

West End 42 $577,400 3.77 5.03

Yaletown 47 $756,300 -4.26 -2.17

Combined Total 321 $691,900 -0.89 2.80


0 – 350,000 9 7 78%

350,001 – 400,000 25 15 60%

400,000 – 450,000 33 27 82%

450,001 – 500,000 47 24 51%

500,001 – 550,000 42 38 90%

550,001 – 600,000 63 30 48%

600,001 – 650,000 40 32 80%

650,001 – 700,000 37 19 51%

700,001 – 750,000 25 16 64%

750,001 – 800,000 32 18 56%

800,001 – 900,000 42 24 57%

900,001 – 1,000,000 26 19 73%

1,000,001 – 1,250,000 26 20 77%

1,250,001 – 1,500,000 32 13 41%

1,500,000 – 2,000,000 29 9 31%

2,000,001 + 21 10 48%

Totals 529 321 61%


THE REAL WESTSIDE RESULTS: AUG 2016

FAITH’S KEY INSIGHTS:n The Westside condominium market remains robust. Although sales

were down 46.9% compared to the record-setting August 2015, they still averaged more than 8 every day during the month. This is good news for sellers. But there is also good news for buyers: price increases have slowed or even reversed in some neighbourhoods for the first time in more than a year. In fact, Westside condominium prices in August were virtually unchanged from July. To me, this is what a more balanced market looks like.

n A telling indication of the change in condo sales action is that the two markets that had the highest sales in August also experienced the sharpest price correction. In Yaletown, the August benchmark at $756,300 was down 4.2% from a month earlier, while prices were down 3% from July in the Downtown (West) to $605,300. I find this to be refreshing for buyers, who have had a hard time in the recent uproar.

n But I don’t want to say things are all in favour of buyers just yet: the Westside condominium market has been a hot seller’s market. A typical listing is on the market for a median of just 10 days and nearly 4,000 Westside condo apartments have been purchased in the last six months. A condominium that is priced accurately, presented in the context of its surroundings and marketed professionally will sell quickly in this market. Some of the market’s frothiness has come off, but the fundamentals of high demand, low mortgage rates and limited supply all signal improving sales as we move into the autumn market.


$900,000$850,000$800,000$750,000$700,000$650,000$600,000


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Sales

Price

$835,622

$629,000

$812,989

$625,000

$878,830

$670,000

$820,971

$680,000

$897,102

$675,000

$777,812

$630,000


Days

60

50

40

30

20

10

0


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Avera

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24

9

18

8

21

9

18

9

17

9

18

11

2015 2016 CHANGE


MARCH 513 617 20.3%APRIL 502 550 9.6%MAY 550 606 10.2%JUNE 525 513 -2.3%JULY 566 435 -23.1%AUGUST 482 321 -33.4%Totals 3,138 3,042 -3.1%


THE REAL NEIGHBOURHOOD RESULTS: SEP 2016

SEPTEMBER - APARTMENTS /CONDOS




Cambie 5 $453,700 -2.82 -2.03

Coal Harbour 19 $937,900 -4.20 -5.91

Downtown (West) 54 $597,700 -1.26 -5.15

Dunbar 0 $606,500 -2.63 1.22

Fairview 23 $639,600 -5.03 2.46

False Creek 16 $795,700 -1.27 -3.29

Kerrisdale 6 $801,200 -4.07 1.47

Kitsilano 20 $538,600 1.14 2.77

Marpole 7 $399,000 -1.97 -1.46

Mount Pleasant (West) 3 $511,700 -0.58 -3.45

Oakridge 2 $892,500 -2.70 -1.08

Point Grey 2 $546,800 -3.31 2.00

Quilchena 5 $1,003,200 -3.54 -0.92

S.W. Marine 2 $409,300 -1.67 2.55

Shaughnessy 1 $538,300 -2.87 -1.28

South Cambie 1 $675,400 -3.00 -1.28

Southlands 1 $718,200 -3.22 0.97

University 23 $756,200 0.33 2.39

West End 26 $561,600 -2.74 4.08

Yaletown 44 $770,900 1.93 -7.25

Combined Total 261 $683,200 -1.25 -1.86


0 – 350,000 9 5 56%

350,001 – 400,000 20 9 45%

400,000 – 450,000 30 20 67%

450,001 – 500,000 53 25 47%

500,001 – 550,000 42 28 67%

550,001 – 600,000 56 30 54%

600,001 – 650,000 51 26 51%

650,001 – 700,000 38 14 37%

700,001 – 750,000 23 15 65%

750,001 – 800,000 32 8 25%

800,001 – 900,000 45 19 42%

900,001 – 1,000,000 34 11 32%

1,000,001 – 1,250,000 48 14 29%

1,250,001 – 1,500,000 40 17 43%

1,500,000 – 2,000,000 34 8 24%

2,000,001 + 43 12 28%

Totals 598 261 44%


THE REAL WESTSIDE RESULTS: SEP 2016

FAITH’S KEY INSIGHTS:n More than 260 condominiums sold on the Westside during September,

a pace of more than 6 sales every day, so reports of a slowdown should be tempered. The condo market remains a seller’s market, but it is becoming more balanced. The typical listing is selling within a median of 8 days, yet the Westside benchmark price of a condo was down 1.2% in September from a month earlier, to $683,000.

n With a healthy selection of apartments on the market, price increases moderating in most neighbourhoods and a sales-to-new-listing ratio of 44%, buyers are facing the most favourable conditions in months across the Westside, In September, thirty-four Westside condominiums sold for less than $450,000. In popular Cambie where the benchmark price for condos was $453,000, 5 condos sold. This is great time to be searching for Westside apartment.

n For first-time buyers and others who require mortgage insurance, there is an extra reason to act quickly. On October 17, buyers who require mortgage insurance will have to qualify at the five-year mortgage rate, rather than at the lowest lending rate available. On November 30, there will also be greater restrictions on high-ratio mortgage lending and mortgage insurance for them. Faith Wilson Group is aware of all these changes and partners with the most knowledgeable mortgage experts in the city. They will be happy to advise buyers on strategies.


$900,000$850,000$800,000$750,000$700,000$650,000$600,000


– Me

dian S

ales P

rice

– Av

erage

Sales

Price

$812,989

$625,000

$878,830

$670,000

$820,971

$680,000

$897,102

$675,000

$777,812

$630,000

$839,136

$623,000


Days

60

50

40

30

20

10

0


– Me

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Avera

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18

8

21

9

18

9

17

9

18

11

20

8

2015 2016 CHANGE


APRIL 502 550 9.6%MAY 550 606 10.2%JUNE 525 513 -2.3%JULY 566 435 -23.1%AUGUST 482 321 -33.4%SEPTEMBER 452 261 -42.3%Totals 3,077 2,686 -12.7%


THE REAL NEIGHBOURHOOD RESULTS: Q3 2016

Q3 - APARTMENTS /CONDOS




Cambie 14 $453,700 -2.03 12.56

Coal Harbour 54 $937,900 -5.91 28.38

Downtown (West) 229 $597,700 -5.15 24.44

Dunbar 5 $606,500 1.22 28.22

Fairview 89 $639,600 2.46 26.25

False Creek 68 $795,700 -3.29 17.32

Kerrisdale 20 $801,200 1.47 26.56

Kitsilano 98 $538,600 2.77 19.96

Marpole 33 $399,000 -1.46 5.52

Mount Pleasant (West) 9 $511,700 -3.45 12.89

Oakridge 4 $892,500 -1.08 13.44

Point Grey 12 $546,800 2.00 24.96

Quilchena 14 $1,003,200 -0.92 25.48

S.W. Marine 8 $409,300 2.55 37.24

Shaughnessy 5 $538,300 -1.28 13.04

South Cambie 6 $675,400 -1.28 15.27

Southlands 2 $718,200 0.97 31.22

University 96 $756,200 2.39 19.44

West End 100 $561,600 4.08 27.98

Yaletown 150 $770,900 -7.25 18.41

Combined Total 1,017 $683,200 -1.86 22.97


0 – 350,000 37 24 65%

350,001 – 400,000 71 37 52%

400,000 – 450,000 95 70 74%

450,001 – 500,000 156 79 51%

500,001 – 550,000 121 105 87%

550,001 – 600,000 184 116 63%

600,001 – 650,000 129 96 74%

650,001 – 700,000 122 58 48%

700,001 – 750,000 81 59 73%

750,001 – 800,000 103 55 53%

800,001 – 900,000 131 78 60%

900,001 – 1,000,000 91 50 55%

1,000,001 – 1,250,000 123 63 51%

1,250,001 – 1,500,000 122 50 41%

1,500,000 – 2,000,000 109 33 30%

2,000,001 + 102 44 43%

Totals 1,777 1,017 57%


THE REAL WESTSIDE RESULTS: Q3 2016

FAITH’S KEY INSIGHTS:n Some first-time buyers and those requiring mortgage insurance may

have a brief window to purchase a condo apartment this fall. As of October 17, such buyers will be required to qualify at a higher mortgage rate, 4.6%, than is actually available in the market (around 2.4%), part of a “stress test” on insured mortgage applicants being conducted by the federal government.

n Fortunately for first-time buyer, a slowdown in the Westside condominium market has opened opportunities. With 1,177 new listings added in 3Q, there is a great selection in many neighbourhoods. Also, prices have stabilized. In 3Q, nearly 100 new listings were priced at $400,000 or less and another 250 were priced between $400,000 and $500,000, all of which still qualify for 5% down payments.

n Investors’ searching for condo apartments in neighbourhood with high rental demand are likely also spotting some good buys. In the Downtown West, Mount Pleasant and Yaletown, benchmark prices in 3Q were lower than three months earlier. In Yaletown, the benchmark was down 7.2% to $770,900; prices were 5.1% lower in Downtown West, at $597,700; and eased 3.4% for Mount Pleasant condo apartments, to $511,700. Across all of the Westside, the benchmark condo apartment price is $683,200, down 1.86% from the second quarter.

SALES PRICE QUARTERLY TREND$850,000 $800,000 $750,000$700,000$650,000$600,000$550,000

$709,856

$545,000

$737,011

$581,000

$823,789

$625,000

$839,349

$660,000

$844,574

$640,000

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 – Me

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Sales

Price

DAYS ON MARKET QUARTERLY TREND70

60

50

40

30

20

10

35

15

34

14

25

9

19

9

18

9

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 – Me

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Days



Q1

Q2

Q3


20151,250

1,577

1,500

4,327

20161,593

1,669

1,017

4,279

Change (%)

27.4%

5.80%

-32.2%

-1.1%

1 What makes you different? Why should I list with you?

What unique strategies do you use?

Today, it is a much tougher and more dynamic real estate market than it was even 5 years ago. A successful agent stays up-to-speed on the complex, multi-dimensional marketing needed to reach all buyers, including mobile and internet-savvy consumers and international prospects.

2 How many properties have you marketed and sold in the

last 12 months?

Did you know that only 10% of Vancouver agents sold more than 10 homes in the last 12 months? Working with top producers ensures you are receiving the benefit of their experience, resources and their proven plan to deliver a successful sale.

3 How many contracts have you negotiated in the last 10

years?

The more contracts negotiated and the more exposure to cross cultural scenarios translate into better advice which delivers better results for you.

4 Do you work solo or with a team?

There are simply too many steps in the full process for a solo agent to do a great job of everything. A team approach is the only way to ensure you receive the attention to detail and the full service and consistent coverage that you deserve.

5 How do you manage all showings across all of your listings?

Consider that taking off the basic two

weeks of holidays, stats and 1 day per week means your solo agent misses 74 days (20%) of the year to meet face to face with prospective buyers and highlight the best of your home. Does the agent have licensed property showing specialists as part of their team or do they miss opportunities to show and sell?

6 What is your pricing strategy for my home?

A realistic, market-based price point will attract the full scope of buyers and not just those looking to “steal the deal”. Setting the right price requires skill, experience, plus local market trends knowledge.

7 How long, on average, does it take your listings to sell?

Ask if the agent tends to sell a home faster or slower than average and compare that answer to your goals; this is an indicator of their expertise.

8 Beyond posting my home on MLS and its related pickup

sites, where will my home be marketed online?

Today, 92% of home buyers use the internet during their home buying process and nearly half of buyers look online as their first step. Does he/she have a website dedicated exclusively to showcasing their clients’ homes? Does the agent’s internet marketing plan assure accessibility in Chinese and optimization for mobile devices?

9 Do you provide references from past clients?

A trustworthy agent will be delighted to provide references from satisfied clients for you to review.

10 What homes have you sold in my area?

An informed agent will provide you with their performance in your neighbourhood and area.

11 Do you provide a written schedule of the services

you deliver?

A set of performance promises will clearly detail what you can expect from the agent, including recourse if they don’t deliver.

12 Do you provide regular, updated market evaluations

on my home?

Once your home is listed, how often do you update me on relevant market activity and overview?

13 What is your marketing budget for my home so as to

stand out versus comparable listings?

What percent of the agent’s commission will be dedicated to the marketing budget and how does this compare?

14 What marketing media mix will you use to display

my home to the widest array of potential buyers?

Successful agents use a mix of search advertising, social media plus web sites for Vancouver, China, the U.S. and other international markets, and print media.

14 IMPORTANT QUESTIONSSELLERS need answered before hiring a real estate agent

to market & sell your home!

Literally tens of thousands of dollars are riding on the agent you hire to market, present and negotiate the sale of your Vancouver home. And let’s face it - in real estate, as in life - not all things are created equal. Honest answers to these questions from the agents you are interviewing will help you to decide whom to entrust to market and sell your home for top dollar with the least amount of hassle.

In closing, the sale of your home is likely one of the largest financial decisions you will make. The right agent with the skills, the plans and the commitment will deliver distinctly better results.

We present these questions for your consideration in order that you make the right decision for you and your family. Please use these questions as a foundation for making the right choice for your needs.

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