TOP PRODUCER AWARD - 2014
Buckle up … January starts out strong!
“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, board president, said in a news release from the Real Estate Board of Greater Vancouver. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”
“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said in the release.
For full REBGV news update click here.
The North Shore seems to be on homebuyer’s radar and the Market Overview below shows a more detailed understanding on just how North Vancouver, West Vancouver and Vancouver Westside have started out the New Year.
Remember, that even within these larger market areas, each neighbourhood reacts differently. Read the data below to compare how North Vancouver, West Vancouver and Vancouver West performed last month. Curious about how a particular neighbourhood is performing? Call me, I’d love to help.
Interested in what was HOT in January 2015 - scroll down.
MARKET OVERVIEW: Residential Detached
Vancouver West saw a slight dip in Gross Sales as Units Listed and Sold slightly decreased from the previous January. The confidence in the strong Vancouver market is continuing solid with a Price Index (HPI) and Benchmark Price increase of 3.9%. If you take a look at the hot properties section Vancouver West just as many homes sold within 3 days of being on the market as the Northshore did.
The Walkability Factor
Walk Score's founding mission is to promote walkable neighbourhoods. Walkable neighbourhoods are one of the simplest and best solutions for the environment, our health, and economy. The ranking service is the innovation formulated by a few ex-Microsoft employees, who were seeking an easy, dependable way to measure how pedestrian friendly an area was. Walk Score determines a city’s walkability by using an algorithm that factor in proximity of coffee shops, schools, parks and grocery stores in different neighbourhoods. The result is a practical gauge of how easy it is to get around on foot, without having to jump into a car or use various forms of public transit.
More and more potential home buyers appreciate the walkability of a compact and convenient neighbourhood. Demand for this type of living is particularly robust for empty nesters, but is also quite strong amongst families and singles who value the lifestyle associated with a vibrant walkable community. Homes in areas where services and amenities are close enough to walk definitely appeal to more and more buyers, with many willing to pay a premium.
Vancouver (overall) 78
Downtown Vancouver 99
North Vancouver (overall) 73
Lynn Valley 69
Edgemont Village 57