Blog by Ann Hickey

<< back to article list

July 2015 - Market News

Market Overview Like Our Summer…Hot!

Much like our early hot summer, Metro Vancouver’s real estate market does not appear to be cooling off.  We saw a few dips  this past month but overall the market is remaining just as hot as the weather.

North Vancouver gross sales were up 38% from June, 2014 but were down slightly by .05% compared to one month ago.  The average unit price in North Vancouver shot up a healthy 19% in one year to $1,360,620 from $1,136,622. We did see a slight drop from the previous month where the average price per unit sat at $1,433,819. Units listed kept relatively steady from the previous month of 254 to 249. Overall active listings in North Vancouver are down from 376 in June, 2014 to 249 for June of this year.  Benchmark price is up 16.2% from June 2014, $1,010,000 to $1,176,600, and the HPI index is up slightly in the past month from 185.9 to 187.3.  Overall North Vancouver had increased sales and increased property values keeping the market competitive.

Metro Vancouver’s sales-to-active-listings ratio in June was 35.9 %. This is the highest that this ratio has been since June 2006. A seller’s market typically occurs when this ratio exceeds 20% for a sustained period of time. 
West Vancouver had a lofty month with gross sales up 23% in the past year and a $58 million dollar increase in gross sales from the previous month of May. Units listed kept rising, 166 to 216, up 30% from the previous year.  From June, 2014 to June 2015, the average price per unit increased 14% from $2,605,719 to $2,975,498. In May, 2015, the average price per unit was $2,896,180 revealing an increase of close to $80,000 in just one month. This isn’t only a reflection of higher than typical homes being sold, as the price index (HPI) increased 12.6%, to set a benchmark price of $2,320,400. Units listed and active listings are both up from last year, showing a competitive market for buyers with fewer options driving price and sales.

Vancouver West remains hot with gross sales up 69% comparatively from June 2014. The Benchmark Price for a home in Vancouver West is up 15% to $2,599,700 which sprung up approximately $45,000 in just one month. To date there is a 17% increase on units sold to date over that of 2014 yet active listing are down 28%.  Not showing any signs of decline, the average price per unit in Vancouver West went up 25% in the past year from $2,704,905 to $3,392,401.  Vancouver is seeing remarkable neighbourhood variations and in some cases multiple offers, over asking bids and very quick sales.
The market is challenging and always changing.  There is something for everyone and when you are ready to buy or sell your home give me a call, I’d love to help.   Ann.  604 220-6249

MARKET OVERVIEW: Residential Detached

Source: Real Estate Board of Greater Vancouver
North Vancouver 
June 2015 June 2014 % Increase
Gross Sales $212,256,744 $153,443,996 38%
Units Listed 194 177 9%
Units Sold 156 135 15%
Sold- Year to Date 853 703 21%
Avg Price/Unit 1,360,620 $1,136,622 19%
Active Listings 249 376 -33%
Benchmark Price $1,176,600 $1,010,000 16.2%
Price Index (HPI) 187.3 161.2 16.2%
West Vancouver
June 2015 June 2014 % Increase
Gross Sales $303,500,888 $244,937,617 23%
Units Listed 216 166 30%
Units Sold 102 94 8%
Sold- Year to Date 575 420 36%
Avg Price/Unit $2,975,498 $2,605,719 14%
Active Listings 495 536 -7%
Benchmark Price $2,320,400 $2,053,300 12.6%
Price Index (HPI) 220.6 195.5 12.6%

Vancouver West 
June 2015 June 2014 % Increase
Gross Sales $800,606,713 $473,358,521 69%
Units Listed 287 328 -12%
Units Sold 236 175 34%
Sold- Year to Date 1,142 972 17%
Avg Price/Unit $3,392,401 $2,704,905 25%
Active Listings 630 875 -28%
Benchmark Price $2,599,700 $2,257,100 15%             
Price Index (HPI) 266.9 231.9 15%

Benchmark Price: Estimated sale price of a typical property, based on a set of common qualities of homes within each market.
Price Index (HPI): Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales.

Summer Vacation plans? 7 Steps to Protect Your Home
Summer is here and that means vacation time for many of us. If you plan on going away for an extended period of time or even a weekend getaway make sure you take some basic safety precautions to keep your property and possessions safe.
Here are 7 security essentials to help keep things safe at home while you’re away.
  1. Hold Your Mail. A huge pile of mail (or newspapers) on the front doorstep, or envelopes pouring out your mail slot is an instant tip-off that no one’s home. Arrange to have a friend or neighbor take in your mail and newspapers or call Canada Poste and/or your newspaper provider to have the service suspended.
  2. Check Locks and Latches. Add checking locks and latches on windows and doors to your regular maintenance routine. All it takes for a thief to gain entry is a single broken latch.
  3. Create an impression. Beyond setting your lights on a timer, you can also set the TV and stereo on a timer to create the typical noise and flickering lights of an average family home at night. Criminals keeping an eye on your house will notice lights flipping on and off, and will probably assume someone is home. If you have a front lawn, arrange for someone to mow at least once a week to keep up the illusion. An overgrown lawn is as bad as newspapers piling up on the driveway.
  4. Beware of Bragging. Never, ever announce your departure or vacation dates on social networks. Sharing settings are not foolproof and with new security updates it’s always hard to tell what’s public and what’s private. Stay on the safe side, and don’t reveal your journey until you’re back.
  5. Alarm System. Consider an adding alarm system. Modern systems offer features like remote access, security cameras and 24-hour monitoring.  
  6. Curtains Open or Closed? Before you go away, you may decide to close your curtains to prevent people from peering inside your home to see whether you're there. However, closed curtains also stop those who aim to help…the police, your neighbors or friends from seeing inside your house. So what to do? Leave your curtains as you usually keep them when you're home, since visible changes could hint that you're away.
  7. Hide the Hidden Key. That plastic rock isn't fooling anyone. If a thief figures out you're away, it's likely they will check your porch for a spare key. So reach under the mat, into the mailbox or above the door frame and remove your spare key before you leave on your vacation (Don’t forget to put it back when you return).

Ann Hickey
604 220-6249