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April 2014 – Market Update From Francis Piché



Greater Vancouver Housing Market – Current Statistics for April 2014

Here is a quick summary of what happened in the Vancouver real estate market during the month of April. If you would like a complimentary copy of the complete report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at francis@infinite.local

Bonjour dear Friends!

Number of Sales: 3,050 or 16.1% increase compared to 2,627 sales recorded in April 2013. April had 15.3% increase in sales compared to the 2,641 sales in March 2014. Last month’s sales were 5.2% below the 10-year sales average for April of 3,217.

Percent of Original List Price Received at Sales: 96.7%, which is 1.1% higher than April 2013 at 95.6%.


Sales-to-Active-Listings Ratio: 19.7%, a 29.8% increase from last year in April, which also consistent with a balanced market condition and the highest this measure has been since June 2011. We have been in a balanced market for more than a year now. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22% in a particular community for a sustained period of time.

Total Inventory: 15,515, a decline of 7.3% compared to this time last year, and an increase of 7.2% compared to March 2014. This is the fourth consecutive month the inventory figure has increased, which means there is an increasing number of homes available for buyers.

 There were 5,950 homes listed for sale listing in Greater Vancouver last month, an increase of 1.3% compared to April 2013 and a 12.7% increase compared to March 2014.

Benchmark Price: $619,000, an increase of 3.6% over April 2013. Detached homes prices increased by 4.7% and condos increased by 2.0% over the last year.
Average Days on Market: 45 days vs 56 days in April 2013. If we take a closer look at Downtown, the average days on market was 21 days vs 17 days in March 2014. As you see, the stats vary from market to market and even from neighborhood to neighborhood. Furthermore, a condo tower can reflect different market status vs another tower as each building is a neighborhood in itself. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to download the latest SnapStats Report.

ECONOMIC & REAL ESTATE NEWS

Vancouver Home Sales Approach Sellers’ Market
Strong home sales in April across Metro Vancouver have kept prices relatively flat but pushed the region closer to being in a sellers’ market than at any time since mid-2011. Read more

CMHC Is Changing Its Mortgage Insurance Product Offerings Effective May 30, 2014
To sum up, there are 2 changes: 1) Limit of only one home with CHMC underwriting per client. 2) CMHC will not be using stated income for self-employed. Borrowers will need to give two years of tax filings and as well personal notice of assessments to confirm that all personal taxes have been paid. Read more

Should You Get Pre-Approved For A Mortgage? Ten Things To Know
Sure, pre-approvals have benefits. But here’s the problem: pre-approvals are not full approvals. So if you’re going to rely on one, you need to understand their limitations. Here are 10 pre-approval facts every mortgage shopper should know. Read more

Mortgage Rates In Canada Just Fell Below 2% From Lenders
Investors Group rolls out 1.99% variable rate mortgage. If you thought mortgage rates could not go any lower, you were wrong. Read the fine lines of the terms & conditions. It’s worth a check with your mortgage lender. Read more

What Google Searches Reveal About Canada’s Housing Market
Want to know when the housing market will take off? Ask Google. It looks like the number of times that Canadians search for the term “mortgages” in Google is a decent indicator of what home sales will do. Read more

Real Estate Near Vancouver’s New Transit Line Is On Track For A Boom
As the date for the Evergreen Line launch grows nearer, Coquitlam and Port Moody are increasingly becoming affordable and convenient home buying options for Vancouver buyers. Read more

How to Sell Your Home Fast & Use SnapStats?

Price it right! As I previously mentioned in my newsletters of the past few months, a well-priced property is the most effective can sell really fast. I constantly used the SnapStats report to check the Price Band Sales Ratios of the homes listed in the market as well as the Sales Ratio of the neighborhoods because it helps Sellers and Buyers identify the price pressure of the properties they want to Sell or Buy.

It is in my own opinion that PRICING is the most important factor in selling your property. No matter what time of year you want to sell, as long as your home is priced well, it should sell. The best way to understand your local market trends and get your home sold is to contact your Real Estate agent. Vancouver is a great Real Estate market with Buyers ready to buy. Thinking of selling in the spring? Don’t wait, contact me and sell it now!

SNAPSTATS REPORT

Not only you get the SnapStats report on Vancouver Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver and Richmond but also you get statistics from GRD including Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge. Also, check out the new feature “Sale Price SQFT” Feel free to pass along to your friends and family!

To access the complete SnapStats report (PDF) for the month of April 2014 for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at francis@infinite.local

How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:

How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:

  • – What is the sales ratio of where I live or where I want to live?

  • – What is the trend on inventory, price and number of sold properties for the last 13 months?
  • – Who can help me better determine my market value and help me use SnapsStats to my advantage?

***Sales Ratio over 21% is considered a Seller Market

***Sales Ratio of below 14% is officially a Buyer market

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Francis Piché
421 Pacific Street
Vancouver, BC V6Z 2P5

Cell: 778-558-9948
Office: 604-685-5951
Email: francis@francispiche.com

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