Newsletter

The above was a favourite quote from our favourite business coach, Keith Cornies. We think of it now as we are all caught in the waves of rising interest rates, still rising real estate prices (in some spots), and rising costs of all our basic purchases. However, our market stats defy the stormy seas as The Real Estate Board of Greater Vancouver reports: “Home Prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.” While our mortgage rates are the highest for 10 years, the July sales activity beat the levels for the same time last year. Attached home sales in the region showed a 53.3% increase compared to the July 2022 attached sales.

However, Metro Vancouver covers a lot of ground and the statistics are an average across a large region. What we are seeing in the markets from New Westminster going east to Maple Ridge are mostly stagnant or dropping inventories – making for a return to competing bids in those locations. Only 3 markets differ – New Westminster attached market is showing a distinct increase in inventory as is Pitt Meadows detached market. Port Moody detached market showed an interesting sharp rise in inventory towards the end of April through to mid June followed by a steady decline. And of course while we surprisingly still have willing , qualified buyers, inventory numbers are the key to price and competition.

Boots on the ground tell us that while the residential real estate market has slowed down, making for fewer multiple bid situations, it is still strong and a well maintained and/or renovated home in a location close to amenities and schools is still holding its attraction and value. Townhomes and condos continue to ride the waves of success with some of the highest sales ratio averages: Port Coquitlam and Port Moody attached markets show 6.6 homes in 10 selling and 6.5 in 10, respectively, while Pitt Meadows is not far behind with 6.1 in 10 selling. The others? A long way behind.

I don’t know any soothsayers who saw this exact scenario coming in their crystal balls, but now it is here, buyers and sellers must take advantage of the moment, or decide that this is not the appropriate moment for them. The only way to do this safely is to get the current story on your home – what is going on in your immediate neighbourhood. We are happy to be the story tellers, after hearing your concerns and plans. And to be you your consultants on how to go about the process and how you can maximize the value in your home. Despite the interest rates, inflation etc, it is always the right moment for someone – specially when buying and selling in the same market. Our downsizers are currently the good sailors – they got on board!

We remain your Generations Real Estate Partners wishing you a happy, safe summer, good local and far off travels along with real relaxation.

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

July 2023 Greater Vancouver Stats

July 2023 Fraser Valley Stats

Yes, according to Andrew Lis, director of economics and data analytics for the Real Estate Board of Greater Vancouver, “The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June.” Not only is this the case in the overall market of Metro Vancouver, but our local sales reflect the same market strength – especially in the case of apartments and townhomes.

We know that higher interest rates cannot account for this activity – it remains
the result of record low inventory alongside unexpected increased buyer demand. Locally most of our inventories are remaining the same, still dropping, or having a
slight uptick. Outliers here are the detached markets in Port Coquitlam and
Maple Ridge, both with healthy rising inventories. In terms of sales ratio
averages, the star markets are both attached markets in Port Coquitlam with a
97% sales ratio average (9.7 in 10 homes selling) and in Port Moody with a 77%
sales ratio average (7.7 in 10 homes selling). Slowest local markets in terms
of sales ratio averages are all in the detached market segment – New
Westminster, Port Moody, Port Coquitlam and Maple Ridge – all four with sales
ratio averages between 2.2% and 3.5%.

So….in terms of potential condo & townhome sellers looking at this scenario –
sooner on the market is more of a sure thing than waiting (our crystal balls
are a little cloudy for futures!). The general stats do not tell us that
a well-priced, well located detached home in good condition can still sell
quickly at a competitive price – boots on the ground tell us. Our local June
experience highlighted this.

If the local experience would be useful for you, please give us a call – happy to
share. Neighbourhood by neighbourhood varies, so local stats and up to date
experience are critical in pricing. If there are questions you have regarding
preparing your home for sale, we can help you – even when your plans are not
imminent. Being prepared is half the battle and we are on your program not
ours.

Buyers – please take us with you when you are looking at new builds. We know
about the value of certain neighbourhoods, builders, what to look for and we
are familiar with the fine print! 2 or 3 heads is always better than one – let’s get all the questions answered!

Whatever summer brings, enjoy the sunshine and these later light evenings. We hope to see you out and about.

Generations Real Estate Partners:

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

Greater Vancouver June Stats

Fraser Valley June Stats

According to the Greater Vancouver Real Estate Board, residential real estate sale prices increased in June for the sixth consecutive month! Andrew Lis, the Board’s director of economics and data analytics said that Metro Vancouver prices are up by approximately 6% or more – quite a contrast to the 2% increase by year end originally forecast. “The fundamental issue remains that there are more buyers relative to the number of willing sellers in the market,” said Lis.

This surprising turn of events despite the increased interest rates, has been borne out in our local markets. HOWEVER – Reviewing the SnapStats for our local markets from New Westminster & Burnaby east to Pitt Meadows & Maple Ridge we see all except 2 of our markets showing increasing inventories. When our homeowners see competing bids raising the sale prices of their neighbours’ homes, they realize that contrary to all expectations, it has suddenly become a seller’s market. As some of these people decide to jump in & take advantage of the opportunity, they contribute to a rising inventory.

Only the Port Coquitlam attached market and the Pitt Meadows attached market are still showing declining inventories. The rest are either increasing or in a couple of cases, static. Our local real estate markets can pivot and change very quickly. If sellers continue to jump in, the dynamics will change and lead to a more balanced market.
Condos and townhomes were the hottest commodities in May with Pitt Meadows selling more attached homes than were listed and Port Coquitlam attached market showing a 92% sales ratio average! New Westminster, Coquitlam and Port Moody attached markets showed a healthy 62 – 65% sales ratio average.

With the new builds adding to the mix, there are many more sales than are recorded by the Greater Vancouver Real Estate Board.

Talking of new builds, please remember to take your own realtor to represent you.
The forms are complex, and you need the neighbourhood intel regarding other factors which can affect your value down the road. We always think of resale because this is your investment as well as your home. Never worry about the fact that you are “just looking” – our job is to advise now and/or in the future and we can’t do that without touring with you. We are your resources so please use our help.

Enjoy the summer sunshine, which we hope does not get too hot.

We remain your reliable “Generations Real Estate Partners” – yes, we have been down this road before!

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

Greater Vancouver SnapStats

Fraser Valley SnapStats

Local experiences and the Real Estate Board of Greater Vancouver confirm that home sales have “mounted a surprising comeback, rising near levels seen last Spring before eight consecutive interest rate hikes….” Yes – the absolute power of record low inventory defies the political tactics to slow a hot market. Despite the 3 day recission period, buyers are competing to purchase homes with subject free offers.

The TriCities market has been a fine example of this over the month of April and continues in May. They beat out the markets both to the west and east of them. The Port Coquitlam attached market showed the greatest sales ratio average at 82% of its listings sold while its inventory continued to drop substantially. Not far behind was the Port Moody attached market showing a still dropping inventory along with a 70% sales ratio average.
Pitt Meadows and Maple Ridge detached markets are on their own with significant inventory increases – otherwise we saw dropping or stagnant inventories in the other markets.

Real estate markets change on a dime, so hesitant sellers – this is not the time to fiddle while Rome burns! We don’t know when suddenly inventories will climb back up, but we do know that at this moment in time sellers are back in the driver’s seat with the opportunity to sell quickly at a good price. We are happy to answer any of your market questions – this is not our first rodeo and the safety of our clients are always our first concern.

Happy Spring – let’s hope that we have some consistent sunshine soon.

We remain your local real estate resource:
Generations Real Estate Partners – Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.

Great Vancouver Statistics – April 2023

Fraser Valley Statistics – April 2023

Hope you all enjoyed the Easter long weekend with the many blooming cherry and magnolia trees – despite the April showers!

For those members of our population not related to a realtor, the March statistics would have been unexpected – what? an increase in prices! The Real Estate Board of Greater Vancouver reported that home prices across Metro Vancouver showed “modest increases” last month, while new listings “remained below long term historical averages”.Metro Vancouver is a big place, so when looking at our own market, both statistically and along with team experiences last month, this is an understatement when it comes to what is happening locally. The vast majority of inventories are either stagnant or declining – only exceptions being the Maple Ridge detached & Port Coquitlam attached inventories with Burnaby attached showing a slight uptick. The result of this is that sellers are back in the drivers seat and buyers have decided not to wait it out. We are again seeing multiple offers on some homes – a moment in time calling potential sellers to action. Moments in time are just that…and pass – the old adage “he who hesitates is lost” comes to mind!

Our team had the privilege of attending an event hosted by the Real Estate Board of Greater Vancouver last week, Tri Cities Update. Mayors & planners from all 3 municipalities gave us an impressive summary of their building projects, goals and philosophies. Following is a little of that:-Port Moody with the smallest population has 3 projects completing this year, supplying 220 residential units on Murray St, 117 on St.Johns and 28 townhomes on Seaview Drive. Next estimated completions are 2025 & ‘26. The much anticipated BC Housing project in the old College Park area is due to be completed early 2026. Finalization of an updated official community plan is targeted for this year. Transit oriented development and jobs will be a priority moving forward.

Coquitlam with more than 3 times the population of Port Moody is changing and evolving – as it too has long been focused on transit oriented development. The population has experienced a growth rate of 6.7% over the past 7 years and building is underway in Burquitlam, City Centre, Coronation Heights and Burke Mountain. The local residents are benefiting from these developments with new community spaces like the YMCA.Port Coquitlam has been focused on capital improvements, necessary replacement of infrastructure and the revitalization of their unique city centre. In addition they completed a brand new state of the art community centre during Covid. Port Coquitlam is looking to attract families and businesses to their community and is the only one of our 3 cities to have under construction 56 rental homes for seniors.It was gratifying for us as realtors to see the open, friendly collaboration between our 3 mayors and be brought up to date with achievements and goals.

We do our darndest to be good resources for you our valued clients and friends. So, please take advantage of our local knowledge and expertise. Boots on the ground beat even educated guess work any day! We are always on your program, not ours – your goals become ours!

Spring greetings from: Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis

Fraser Valley March 2023 Snapstats

Greater Vancouver March 2023 Snapstats

The Real Estate Board of Greater Vancouver reported that the February real estate sales “remained well below historical norms” – 33% below the 10 year February sales average. Surprisingly they also reported that apartment sales suffered a whopping 49.9% decrease from February last year. There will be deals to be had as time goes on….watch this space.

The Board also reported that “Below average home sales allow inventory to inch upwards”. This is not the case in almost every kilometer of our territory between New Westminster moving east to Maple Ridge. Our sellers are clearly not engaging to the same extent- we have only 2 attached markets: Port Moody and Pitt Meadows where inventory rose during February (much of it new builds) plus Port Coquitlam detached market. All our other attached and detached markets have either a flat inventory, are declining or doing the very slow inching up. We need more choice in our markets to enable the willing, able buyers to move forward with a happy purchase.

Our busiest markets last month were both in detached markets – Pitt Meadows and Maple Ridge with a 54% sales ratio & a 50% sales ratio respectively. It is clear that there are serious buyers out there looking for detached homes at “the right price”. This could well be a magic moment for hesitant sellers to test the market – especially those looking to downsize. You would be in the advantageous position of having significantly less competition, some demand for what you have and choices in what you would like to buy. If you are holding back and would like to discuss in detail the market in your immediate neighbourhood, please contact us as we are in touch with the local markets – boots on the ground and experience! Having a plan is half the battle and our job is to listen to your needs and wants, then together we can formulate that plan which works for you. We are on your program, not ours. And…we all live, work and shop right here.

Stay safe and cozy. We remain your Generations Real Estate Partners welcoming your calls: Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.

Click here for the Greater Vancouver Market Stats

Click here for the Fraser Valley Market Stats

We are so excited to see you at our upcoming Shred-It event! Make sure you come by May 6th to say goodbye to those old files and say hello to us! We will have light refreshments and local mortgage expert Daniela Serena will be present to answer any questions you have. We hope to see you there!