Newsletter

Yes, we saw a pick up in sales as those daffodils bloomed (especially in our more eastern markets) along with rising inventories in some areas. Despite the interest rates, it looks like we’re going to experience a busier market as we enter the period where the end of the school year is a popular time for family moves. It’s hard to believe that we’ve reached that point but prospective buyers and sellers should be aware & taking advantage of that forecast. Don’t forget that if you were to be waiting to finalize a purchase in July, it could be that the interest rate just might be lower!!

SnapStats – Greater Vancouver

Our most active March markets were in Port Coquitlam condos and townhomes with a 68% sales ratio, closely followed by the detached market in Pitt Meadows, showing a 65% sales ratio. Pitt Meadows also saw a brisk market for attached homes with a 50% sales ratio. Most of our other neighbourhoods from west to east were struggling with less than 3 in 10 homes selling and varying inventories – some growing faster than others.

Now that we have the answer to “will interest rates drop immediately”, we can all move forward. There’s nothing like uncertainty to kill a market! If a move is in your future, now is the time to prepare your home even if that move does not seem imminent. Remember, this is Spring going into summer so for detached homes, the yard is important and buyers will walk out to view it. Curb appeal is essential – buyers decide outside whether or not they want the inside viewing experience. An attractive outside space is equally important in townhomes and condos. Make the most of what you have – clean and inviting!

If you feel at all daunted by the prospect of preparing your home, we are happy and able to help and advise. This is a vital part of the process these days – most buyers will have looked at your home online before deciding if it’s worth spending the time viewing. We have the up-to-the-minute neighbourhood & building information which we are happy to share and see how it affects your sale price. As a very active team, we also have first-hand experience, having visited most of the homes in your vicinity.

We work and play locally, are contributing community members and love seeing you around. Enjoy the sunshine (& rain!).

We remain YOUR partners in Real Estate – Generations Real Estate Partners:

Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis

Unlike the largest Canadian real estate market in Toronto, we did not experience fewer sales and higher prices in February! The good news is that almost all of our local markets, from Burnaby to Maple Ridge, increased their inventories. This could encourage an increase in sales this month, along with a static interest rate.

SnapStats – Greater Vancouver

Condos and townhomes reigned supreme for yet another month – with Port Moody and Port Coquitlam leading the way (by quite a distance) with sales rates of 64% and 54% sales ratio averages respectively. Sale prices were all over the map in terms of increasing, decreasing or staying pretty much the same – dependent on inventories supplying choices or not. Needless to say the lowest sales stats were in two detached markets – New Westminster (15% sales ratio average) and Port Coquitlam (17% sales ratio average).

All the excitement and buzz around the city of Anmore, complete with new City Hall etc., is reflected in two February sales shown in the Port Moody stats. What used to be a long haul and seemed pretty pricey is now becoming main stream!

All of this takes us into a Spring market – traditionally a strong market. The trajectory of inventories will encourage the jaded buyers to become active again and downsizers can use the season to do what is necessary to make a summer move. If you are unsure about the “necessary” part, that’s where we come in with a wealth of experience – and we’re happy to share it!

Neighbourhoods feature strongly in price decisions and are very different one to another. As local neighbourhood realtors for 4+ decades, we are very familiar with the price trends, of both the older, and newer, locations. Nothing makes us happier then listening to your goals and making them happen – that’s why we’re here.

We remain your trusted Generations Real Estate Partners:

Michelle Hawthorne, Scott Johnson, Shane Goutsis , Ray Harris and Sheila Francis

Happy Lunar New Year to all our Chinese friends and clients! May the year of the wood dragon – most powerful animal in the Chinese zodiac – be healthy and prosperous. Babies who arrive this year are believed to be born leaders. And…festivities are by no means over – February 24 sees the grand finale of festivities with the Lantern Festival. Enjoy every moment & all those little red envelopes!

Yes, January brought some encouragement with the vast majority of local markets showing an increase in sales numbers. The Maple Ridge attached market held its own at the December level while Pitt Meadows & Port Moody attached markets, along with Coquitlam detached, experienced a reduced number of sales. At least holding the current interest rate seems to have kick started (albeit slowly) our market and in some instances has again created multiple offers on properties. Think what a drop in rates would do!

SnapStats – Greater Vancouver

The most active markets in our region are PoCo attached (4.6 in 10 homes selling) and Port Moody attached (4.1 in 10 selling) so we see apartments and townhomes continuing to be the the most popular choice for buyers. Our sold statistics are also showing an increase in the days on market, particularly in more expensive homes. This could well change with an active spring market.

If we follow a traditional trajectory, new listings will come on stream as spring brings us daffodils and tulips. So now is the time to be prepared if you are looking to buy or sell. Potential purchasers can begin by contacting their mortgage specialist to get full pre-approval for a new mortgage. As well as giving you a clear range in which to shop, this will also give you an advantage as a prepared buyer.

Potential sellers can benefit from our expertise in what buyers expect and want to see in a home on the market – time for decluttering and ascertaining which improvements are necessary or not. We are happy to help with these decisions – getting your home sale-ready not only makes a difference in attracting buyers but it also makes a difference in sale price. Lots of “boots on the ground” experience in this regard!

Not sure where January went… so let’s really enjoy springtime and our very good fortune to be living in British Columbia. We look forward to hearing from you and seeing you out and about.

We remain your Generations Real Estate Partners –

Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.

Crystal balls are at a premium and hard to locate as we enter a new year after a traditionally quiet real estate Christmas. Local inventories slid away and buyers played the waiting game hoping for interest rates to adjust in their favour this year. As reported by the Real Estate Board of Greater Vancouver: “Ultimately, the story of 2023 is one of too few homes available relative to the pool of willing and qualified buyers.” (Andrew Lis – Director of Economics & Data Analytics).

The story for 2024 will most likely be about interest rates, currently the highest in over a decade. It’s amazing how many properties did sell under these circumstances! A drop in interest rates would enable more young buyers to purchase, while the current trend of parents assisting their family to buy will continue – but to what extent. At the other end of the scale, it will be more difficult for downsizers to sell their single family homes without a drop in interest rates – lower rates would encourage upsizers to jump in.

How did we fare locally in December? From Burnaby moving east as far as, and including, Maple Ridge, there were two common denominators. Every market, both single family and attached, had a huge drop in inventory and the most popular housing was in the attached market – condos and townhomes. The strongest detached market was in Coquitlam with 2 in 10 homes selling with the most popular neighbourhood being Burke Mountain. The strongest attached markets by a long shot were in Pitt Meadows where 5.3 in 10 homes sold and in Port Coquitlam with a selling rate of 4.4 in 10. Obviously the eastern markets in our region have the advantage of lower prices and in the case of Port Coquitlam, additional infrastructure, new builds and a rejuvenated downtown.

SnapStats – Greater Vancouver

Supplemental Report – Greater Vancouver

So….where from here? No one has the answer to that question, but what we have always known is that the real estate market can change shockingly quickly. Therefore it makes perfect sense to be prepared in every sense of the word so that you’re ready to jump in when the time is right. If you are contemplating selling your home, find out how you can best position it in the market and what will be the advantageous improvements to sell at a good price in a reasonable amount of time. Then you can ‘strike while the iron is hot’. We are your ready, willing and able resource in this necessary exercise and we’re happy to advise you while knowing that you are preparing for the future – however far away.

For buyers to be prepared, it will take a meeting with your mortgage expert to know what the interest rates need to be to enable a purchase and how to position yourselves so that you too can benefit from lower interest rates. When a market changes is not the time to start the process – begin now so that you are ready for whatever may happen.

Our team wishes you all a healthy, happy New Year and we stand ready to assist in whatever 2024 brings.

We remain the Generations Real Estate Partners –

Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.

After a few years away, it felt incredible to lace up our skates again! We were thrilled to host our first solo skating party at the amazing Port Coquitlam Rec. Centre, welcoming our cherished clients, friends and family. We so enjoyed seeing so many familiar faces!

At next year’s second annual edition, we’re going to embrace the festive spirit with an “Ugly Christmas Sweater Skate”, complete with prizes!

Thank you to all who attended. And we look forward to an even bigger and better event next year.

With all that is going on at this time of year, some things can unfortuanely get forgetten. And we don’t want you to miss out on attending our SKATING PARTY on JANUARY 7th.

So this is a friendly reminder to RSVP if you’re able to come (if you haven’t already done so). The RSVP deadline is January 2.

Here again are the particulars:

• Sunday, January 7th @ 3:30 – 5:00 pm
• Port Coquitlam Rec. Centre – Arena 3 (purple) – 2150 Wilson Avenue
• hot chocolate, timbits and rentals provided
• you can bring your own helmets (as long as they’re NOT bike helmets)
• wear your favourite JERSEY, if you have one
• for the young and the young -at-heart
• bring the whole fam.- the more, the merrier!

To RSVP, either call us at 604-936-7653 or email us at team@generationsrep.com.

We hope to see you there!

Merry Christmas, Seasons Greetings and Happy Holidays to our Generations clients and friends.

Being creative is such a large part of Christmas gift giving. However, being creative is not such a grand idea when reviewing our local sales statistics for November! We love the detailed local breakdown that SnapStats gives us, along with our “boots on the ground” experience, helping us get a clear picture.

We have to remember when we hear the news, or review the Real Estate Board of Greater Vancouver’s analysis, that they are reviewing the entire Lower Mainland – which can be confusing. The words “balanced market” keep popping up based on the supposition of a great increase in inventory making for much greater buyer choice and difficult seller negotiations.

Not the case moving into the new year in our local markets where, after reviewing 14 distinct markets in all categories of housing, we see almost uniform decreasing inventories with just a couple holding steady. By the very nature of the season, December will be quieter, so there will not be a surge of either inventory or purchasing. However, if you have any buyers viewing you home, know that they are serious!

Second guessing is not our mandate, but good to know for prospective sellers and buyers that the inventory is not burgeoning so far and January could prove to be a busier month than anticipated. If we stick to past traditions, our inventory will suddenly grow along with the daffodils! Patience is a virtue on both sides of the transaction!

Sales of townhomes and apartments were still the strongest categories in November with Port Coquitlam leading the way with 4.8 in 10 homes selling, followed by Port Moody selling 3.9 in 10 homes. Pitt Meadows had the greatest all round success with 3.3 in 10 attached homes selling and 2 in 10 detached homes selling.

Currently there are some surprising social media ads running. A fact that you will know if you are a Generations client, past or present, is that our buyers and sellers are top priority for us with their needs and wants carefully considered and leading the way. This is not a newly mandated process for us – it has been in place these past 40+ years. We love our job, the people who come with it and feel privileged to be a part of one of the most momentous purchases that people make. Know that this newsletter has been written by a real person – no adoption of A.I. in our office!

Here’s to a magical Christmas in every way and a New Year full of good health, promise and opporunity. With very best wishes to you and your family. See you out shopping!

From your Generations Real Estate Partners – Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.

November Greater Vancouver Snapstats

November Fraser Valley Snapstats

Real Estate in 2023 is beginning to be reminiscent of 1980. The corporate player with the most to lose influences a precarious market. The Toronto real estate market pretty much operates in lock step with Vancouver and we are now seeing major Toronto developers opting out of the current market. What we are seeing here is almost finished or completed developments competing for a dwindling number of buyers – probably allowing for more flexibility in final pricing as time goes on. With the present scramble for affordable housing, developers are going to have a hard time fitting that into their lower budgets. Our increased interest rates on top of the hard times caused by a pandemic add to the mix and do not encourage hesitant buyers to take the plunge even as inventories slowly increase.

The Greater Vancouver Real Estate Board reports that “It is noteworthy that the multifamily segment remains more active than the detached segment at this time.” This is certainly reflected in our local sale statistics for October. Port Moody experienced the the highest number of attached sales with a 45% sales ratio average. Pitt Meadows and Port Coquitlam were hot on their heels. We note that the townhomes with more family space are the hot commodity.

The considerably lower number of building permits for detached homes are yet another sign of Canada’s vanishing single family homes. In June the value of permits for detached homes fell 35% from the previous year – near the lowest levels in the early pandemic months. Down the road detached homes could be a a rarity – a valuable option! Our municipalities are encouraging laneway housing which would maintain many detached homes while still adding more homes.

This is a market to watch for opportunities, both as buyers and sellers. No two neighbourhood pockets are the same, so you need the local real estate perspective on what is actually happening in your small neck of the woods. Remember – if you are selling in a lower market, you will buy in a similarly low market. And…real estate turns on a dime, often without warning, so let us watch closely for you. If you want to be kept informed and are anticipating a move – even way off, we are happy to give you the straight goods and enable you to make an informed decision of your own choosing.

Remember, we were working in the real estate market in 1980 and other equivalent markets prior – this is not our first rodeo!!

Enjoy the season. We look forward to seeing you out and about and are always happy to have a chat.

We remain your Generations Real Estate Partners:

Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis

Greater Vancouver Snapstats

Fraser Valley Snapstats