East Van Real Estate Market Update for July 2018

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Hello WeLoveEastVan.com! I hope you had a good Canada Day weekend! Our team managed to have a bit of time off to enjoy the festivities. The week after a long weekend are always pretty busy with new listings so we’re back at it.

This summer has been busier than most, and I would attribute that to the slow Spring we had, the increase in listings we’re seeing and the desire to buy before the inevitable interest rate increases that will lessen affordability. It’s generally a smart idea of Buyers to stay tuned into the market during the summer months – there may be slightly fewer listings than normal, but that perfect place can hit the market anytime, and you just might have less competition to buy it.
On another note, many of you may have heard about the new rules the Real Estate Council of BC instituted this past June 15th. These new rules make a big difference in how we Realtors can interact with the public, especially when it comes to our own listings. Long story short, listing agents can’t double end their own listings i.e. represent the Buyer and the Seller). This means that listing agents have to avoid getting into a conversation about your needs/wants/financials/history to avoid starting an implied relationship with you, so you might find that listing agents at their Open Houses don’t offer their opinions, and don’t ask you many questions. You’ll also find that the agent running an Open House isn’t representing the Seller, since they can speak more freely than the listing agent and would be able to help you purchase the property if you liked it and didn’t already have a realtor. If you happen to love a listing that your agent listed, you’ll have to find a new Realtor to represent you in the purchase (else, your Realtor will have to stop representing the Seller). There are quite a few other changes to be aware of, and my blog post gives you a quick run down of these new rules: New Real Estate Rules Released!
The market is moving at a different pace depending on the type of home and the neighbourhood. For example, we had a 1 bed + den listing in Collingwood this past month that received multiple offers (and wasn’t priced particularly low) but some of our detached houses have taken a few weeks to sell.
The biggest takeaway for Sellers is to be patient – properties aren’t necessarily selling the first week, but prices aren’t dropping much either. Understand what the market value is of your home, and how the asking price you choose can affect your sale timeline and Buyer mentality. Buyers have a bit more time to be picky, so plan to put a bit more effort into presentation and small handyman jobs around the house. Finally, consider the difference between the the price of your current and new home – don’t worry too much if your current property doesn’t sell for the high number you’re expecting because you can make it up by getting a good deal on your new home.
The biggest takeaway for Buyers is to be patient. Understand the market value for a property so you know what listings are over priced and might have some negotiation room, knowing that it might take the Seller a few weeks to realize that they are overpriced. The market hasn’t dropped considerably, so don’t expect  fire sale on listings, but feel free to negotiate a bit more on dates, price and subject removal periods.
The HPI Price is $573,800 for condos, $923,400 for townhouses and $1,541,400 for detached houses. April and May showed similar numbers, so it certainly indicates that prices have stagnated across the board.
I’m still talking to a lot of Buyers who haven’t been pre-approved by a Mortgage Broker yet are seriously looking for their next home. Mortgage Rules are constantly changing, and are way more intricate than you can imagine, so talk to a professional so you know what your options are, if you should pay off other debts first, or wait until you get that promotion you’re expecting. The Pinsky Mortgage Team are the best around. They’ll present you with options and will make sure you understand the short and long term ramifications of your mortgage.

As always, if you want more information about the markets you’re looking to buy or sell out of, just let me know. I love chatting real estate so give me a call (778-387-7371), or shoot me an email: [email protected], and don’t be alarmed if I ask you for your email address so I can send you the new Disclosure Form that the Real Estate Council of BC is requiring that we show you before any deep conversations.