By: Coxford Sheldon

Elevated home sale activity continues to outstrip the supply of homes for sale in Metro Vancouver

Home sale activity remains elevated across Metro Vancouver’s housing market while the pace of homes being listed for sale continues to follow long-term averages.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 per cent decrease from the 3,643 sales recorded in September 2020, and a 0.1 per cent decrease from the 3,152 homes sold in August 2021. 


Last month’s sales were 20.8 per cent above the 10-year September sales average. 


There were 5,171 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2021. This represents a 19.2 per cent decrease compared to the 6,402 homes listed in September 2020 and a 28.2 per cent increase compared to August 2021 when 4,032 homes were listed. 


September’s new listings were 1.2 per cent below the 10-year average for the month. 


“The summer trend of above-average home sales and historically typical new listings activity continued in Metro Vancouver last month. Although this is keeping the overall supply of homes for sale low, we’re not seeing the same upward intensity on home prices today as we did in the spring,” Keith Stewart, REBGV economist said. “Home price trends will, however, vary depending on property type and neighborhood, so it’s important to take a hyperlocal look at your location and property category of choice before making a home buying or selling decision.” 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,236. This is a 29.5 per cent decrease compared to September 2020 (13,096), a 2.6 per cent increase compared to August 2021 (9,005) and is 27.7 per cent below the 10-year average for the month. 


For all property types, the sales-to-active listings ratio for September 2021 is 34.1 per cent. By property type, the ratio is 25.5 per cent for detached homes, 53.1 per cent for townhomes, and 36.7 per cent for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 


“The total inventory of homes for sale remains insufficient to meet the demand in today’s market. This scarcity limits peoples’ purchasing options and ultimately adds upward pressure on home prices,” Stewart said. “With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options.” 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $ 1,186,100. This represents a 13.8 per cent increase over September 2020 and a 0.8 per cent increase compared to August 2021. 


Sales of detached homes in September 2021 reached 950, a 27.9 per cent decrease from the 1,317 detached sales recorded in September 2020. The benchmark price for a detached home is $1,828,200. This represents a 20.4 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021. 


Sales of apartment homes reached 1,621 in September 2021, a 1.6 per cent increase compared to the 1,596 sales in September 2020. The benchmark price of an apartment home is $738,600. This represents an 8.4 per cent increase from September 2020 and a 0.5 per cent increase compared to August 2021. 


Attached home sales in September 2021 totalled 578, a 20.8 per cent decrease compared to the 730 sales in September 2020. The benchmark price of an attached home is $963,800. This represents a 17.5 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021.


Don't hesitate to reach out anytime if you have any questions about all things real estate
Sheldon - 778-835-5621
or sheldoncoxford@gmail.com

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By: Sheldon Coxford

Just when you think you’ve found out everything you need to know about how to hire the right real estate agent, someone or something will give you their “two cents” worth of info and have you guessing all over again! Here are 8 common misconceptions to remember when deciding on whether to use an agent or not.

 1) Real Estate Agents are Always Late for Appointments.

There is no excuse for habitual tardiness among professionals. ZERO!!!  Every person deserves respect, and respect is earned by providing what is promised and being on time. If your agent has a god-like, self-deluded impression of her or his own importance, find another. Although I do know and hear of some agents being tardy, myself and the agents I know have no use for it. Don’t let a few “bad apples” give the entire industry a perception it doesn’t deserve.

2) The More You Pay for a House, the More an Agent Makes.

In a sense, one might say this is TRUE as we are mostly based on a percentage of the sale or purchase... but, with a $10,000 difference in the end, we make a very small amount extra, like a couple hundred bucks vs. the THOUSANDS most people assume. So, as a realtor, I am not concerned about pushing you into a higher price range for my benefit, I am concerned with you getting what you want in the price you can afford and be happy with for years to come. Happy clients come back and happy clients refer you on and that is how our business grows in this industry.

3) The Less Commission You Pay to Sell, more you make.

Discount brokerages like to propel this myth. They claim to save sellers money by charging less. The truth is agents who are top producers and excel in this business do not discount services. Why? Because they don’t have to! Don’t forget that if you are the BUYER using an agent, the purchase is usually of no cost to you as the seller usually pays the commissions……so you are working with an agent for FREE in a sense. So why wouldn’t most buyers use an agent then to deal with all the hassle of looking? Many agents are constantly working with buyers and if you are not listed with an agent on the MLS system, then we usually don’t bring our buyers to you.

4) Agents Must Show You Homes On Demand.

Unless you have a signed BUYERS BROKERAGE AGREEMENT with an agent or the agent that represents the seller, that agent you call doesn’t have to show you anything. You can’t call a local real estate office and demand service or demand to be shown homes, because agents don’t work for free. If you aren’t planning on writing an offer with the agent you call, be upfront or don’t waste that agent’s time. But don’t expect that agent — who is likely to earn nothing — to be too excited about jumping in the car with you. That agent is not obligated to show you anything.

5)  An Agent’s Home Inspector Will Always Favour the Agent.

Any agent worth his salt wants disclosure. Why? Because he/she wants what is best for her client, but also, and this is not to be taken lightly, because he/she does not want to be sued. Agents must disclose material latent defects. A buyer is always, without fail, better off knowing the truth about a house.  The home inspector does not want to jeopardize their integrity or job, so they certainly are not going to risk anything for their preferred agent just because he or she throws them quite a bit of business…..they could be  out of business instead!

6) All Real Estate Agents Make Too Much Money.

This is my favourite one. Not all the agents you see are closing the number of deals others may be. Remember this:  80% of mediocre agents are doing 20% of the business while the 20% of good agents are doing 80% of business out there.

7) Agents Sell Their Own Homes for More Money Than Yours.

Busy agents and top producers don’t have the luxury of time to waste when selling their own home. They also understand the market better than your average home seller, which means if a home isn’t selling within a reasonable period of time, it means it is priced too high. We agents are smart enough to price our homes right and get them sold. We don’t create market value; we just follow it and act accordingly.

8)  Agents Will Say Anything to Make the Sale.

Although it is true that some agents will lie to you, it’s unfair to assume we are all the same. Making misrepresentations or false statements is against the law. Agents who break fiduciary relationships or fail to disclose material facts are subject to prosecution and a loss of their license to sell real estate. WE agents take this very seriously as trading in real estate is our passion. It is not just a job…it is a CAREER and if we lose our license to trade in real estate we can’t just pick up somewhere else. Our licenses are our ticket to financial gain…without them, we have to re-think about our entire scope and line of work.

So, next time you find yourself in a position where you may need a real estate agent, contact Sheldon Coxford and utilize his expertise and knowledge, helping you to make an informed decision about your real estate investment.  If you have more questions or want to buy a property, please don’t hesitate to contact me. I can be reached direct any time on my cell phone at 778.835.5621 or via email: sheldoncoxford@gmail.com

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By: Sheldon Coxford

Downsizing is something that a lot of people consider later in life. When you’re younger and have a family at home, buying a large home with a backyard makes sense, but later on, for various reasons, selling your home and downsizing to something smaller might make sense for you. If you’re thinking about it, here are some things to consider to determine if it’s wise for you to downsize.

Why are you really moving?

To figure out what the best downsizing decision is for you, the first step is to really think about why you’re thinking about moving and downsizing in the first place. Is it because you want to travel more? Is it because your current house is too big with too many empty rooms? Is it because you no longer want to do the upkeep of mowing the lawn or shovelling the snow? Once you can answer the ‘why’, you can figure out the ‘what’.

What kind of life do you want to live?

Downsizing, in a way, is a chance to start over, so it makes sense to think about what kind of life you want to live. Before, you may have needed to live closer to the city because you need to commute or have easy access to city amenities, but now, you may not need to think about those things. Maybe you’ve always wanted to live on a beach near the lake, or maybe you’ve always thought about moving to one of those cute small town. Well, now’s your chance.

Think about the costs involved.

There are costs involved with selling, and there are cost involved with buying, but it goes even further than that. If you sell your home, and then buy a new one for the same price, you of course won’t have any extra cash; you’ll just be changing your lifestyle (which could be exactly what you want). And if you purchase something less expensive, then you’ll have extra cash on hand to put towards other things. There are also the other costs of selling to think about, like real estate agent fees, lawyers fees, etc. In short, you need to think about the costs so you can plan out what’s best for you.

Have you considered renting?

Once you know no longer need to worry about equity and saving for retirement, it might make sense to rent. If you’ve built a lot of equity in your home, you might want to think about cashing in and selling your home, and then renting so that you can use that extra money for travelling and ticking some things off of your bucket list. Renting can give you the opportunity to do that. In addition to using the extra cash from the sale of your home to enjoy life, you also won’t need to worry about having money set aside for the things that come along with owning a home, like roof repairs, etc.

Everyone is different.

It’s true. Everyone is different, and each person’s circumstances is different, so what works for one person might not work for another. The important thing to know is that if you’re thinking about downsizing, don’t rush into it. Take the time to think about what kind of lifestyle you want to live so you can make the best decision for you.

Real Estate is a fast paced, dynamic environment that can be intimidating for anyone. You want to have a Realtor who's fundamental goal is to put your best interests ahead of anyone else's in order to get the results you need. That's my job and it's something I take very seriously and it's a job I love to do. Contact me and find out how I can help you!
Sheldon Coxford 778-835-5621

 

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By: Sheldon Coxford

It’s no secret; buying a home in Vancouver can be really expensive and it doesn’t seem to be getting any cheaper, but if you’re a young, first-time homebuyer, that doesn’t mean that homeownership should be, or is, out of the question for you.

Have you considered co-ownership? Buying a home with friends or family is a fantastic way to go about purchasing a home. Co-owning a home isn’t a new concept; people have always been able to do it, but because of higher real estate prices, it’s becoming a more popular solution for people. If you’ve never considered it before, here are a few reasons why you should:

Life Will Be Less Expensive

You’ll be splitting everything between the number of people you own a home with. So that means cheaper monthly costs for utilities, cable, property taxes, and, of course, mortgage payments. If an unexpected repair comes up, or if you decide to take on a home renovation project, you’ll be saving money there too. If you’re a little creative, there are other ways you can save money as well. For example, maybe you’re buying with someone that can help you out with babysitting or sharing meal expenses.

A Bigger Home, In a Better Neighbourhood

Want to buy one of those newly built, ultra-modern homes in an up-and-coming area? Didn’t think it would be possible for you to afford it anymore? By purchasing a home with more people, you’ll probably be able to put down a bigger down payment and afford a larger mortgage payment each month. That means, a home that you didn’t think you could buy is suddenly back within reach!

It Only Needs to be Temporary

Just because you buy a home with your best friend, cousin, or even your parents, doesn’t mean you have to live with them in this situation forever. Co-owning is a fantastic way to get into the real estate market as a first-time homebuyer. If you make a smart investment when you buy a home, it could be worth a lot more in a few years. If you plan to sell at that time, then you can cash in on the equity you’ve built, split it with everyone involved, and use that as a down payment for a home that you own on your own.

Is Co-Ownership For You?

Buying a home with other people isn’t for everyone. There are certainly a few risks when it comes to co-owning a home, and you’ll want to be very selective about who you purchase with. But if you can handle it, it’s a smart way to get into the real estate market.

Real Estate is a fast-paced, dynamic environment that can be intimidating for anyone. You want to have a Realtor who's fundamental goal is to put your best interests ahead of anyone else's in order to get the results you need. That's my job and it's something I take very seriously and it's a job I love to do. 

Contact me and find out how I can help you!

Sheldon Coxford - 778-835-5621
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By: Sheldon

Keep yourself busy this Fall with some of my favorite activities in Kits. The nights are getting longer, but that shouldn't keep us indoors. There's plenty going on in Kitsilano at this time of year! 

Anything to add? I want to know - send me an email here.

Leafy Walks

Did you know that Kitsilano has 17 parks?! Check them out this fall. You’d be surprised how empty they all are now that there’s been some rain. Fallen leaves, crisp air - you are bound to be revived. 

My favourite place to walk is Pacific Spirit. With over 55km of trails, forests, creeks, beaches, cliffs and bog, no walk is the same. Most trails are dog friendly, and it’s a great place to let your pup run. Yukon loves it! 

To chill, Margaret Pigott is my spot. With unspoilt views of the North Shore, it's easy to feel grateful for where we live.  




Farmers Market

Don’t miss out on Kits Farmers Market. Trust me!  With over 50 farms and producers, food and coffee trucks, it’s the place to be for local fresh food. 

The market is also dog friendly. (Are you starting to see a theme here?)

Kitsilano Farmers Market takes place each Sunday, 9:30am-2:30pm from May 2-Oct 31 at 10th Ave. & Larch St.



Space Centre

The only un-dog friendly thing on this list. But, it’s worth it. Spend your Friday night star-gazing at the H.R. MacMillan Space Centre. Each week they host a Planetarium Star Theatre show - which is awesome. Visit the observatory and look for new stars. It is great fun for the whole family! 




Southlands Pumpkin Patch

Although technically not in Kits. What is fall without pumpkin picking? This is our closest patch and it’s worth the drive. 20 minutes from Kits, Southlands Heritage Farm is an oasis in the city. Get picking!



Halloween Decoration Spotting

If you didn’t know already, some blocks in Kitsilano go all out for Halloween! I am talking; full-sized graveyards, three-stories of decorations and COVID-safe candy slides. The best street last year had to be Trafalgar. Almost every house was decked out.

Have you spotted any spooky houses? Let me know!




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