JAN & FEB 2018 · VANCOUVER’S MONTHLY RESIDENTIAL REAL ESTATE ANALYSIS Faith Wilson Group...

WESTSIDEVANCOUVER’S MONTHLY RESIDENTIAL REAL ESTATE ANALYSIS

Faith Wilson Group Presents

JAN & FEB 2018

FebruaryNew Listings :

24744%

AVERAGEDays on Market

45

OVERALLHPI Benchmark price:

$3,418,200

FebruaryNew Listings:

81 30%

AVERAGESold Price in FEB:

$1,337,433

MEDIANSOLD PRICE IN FEB:

$862,000 2% INCREASE vs.

Feb 201722% INCREASE

vs. Feb 2017

30% INCREASE vs. Feb 2017

INCREASE vs. Feb 2017

INCREASE vs. Feb 2017

DETACHED

TOWNHOME

AVERAGEDays on Market

18-26% CHANGE vs. Feb 2017

MEDIANStrata Maintenance Fee:

$366vs. Feb 2017: $344

February Units Sold:

271vs. Feb 2017:

377

CONDOS

Faith’s Exclusive Westside Analysis

January 152 42 -72.4%February March April May June Totals 152 42 -72.4%

2017 2018 CHANGEUNIT SALES (BY MONTH)

THE REAL NEIGHBOURHOOD RESULTS: JAN 2018

JANUARY - SINGLE FAMILY DETACHED HOMES

SALES AND BENCHMARKPRICES BY NEIGHBOURHOOD

BENCHMARK PRICE CHANGE (%)

MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months

Arbutus 4 $3,931,600 -1.7 -1.39

Cambie 3 $2,704,900 1.54 -1.64

Dunbar 6 $3,107,100 2.27 2.51

Kerrisdale 2 $3,421,600 -1.8 -3.17

Kitsilano 2 $2,399,600 -2.03 -5.64

MacKenzie Heights 1 $3,696,200 -1.72 -2.85

Marpole 4 $2,264,300 0.69 -4.81

Mount Pleasant VW 0 $2,545,900 1.62 -2.27

Oakridge VW 0 $3,330,900 0.98 2.64

Point Grey 5 $3,856,500 -1.32 -2.68

Quilchena 3 $4,056,900 -3.73 -3.43

S.W. Marine 2 $3,288,600 2.27 -2.22

Shaughnessy 3 $6,234,400 2.72 0.23

South Cambie 0 $3,793,000 0.02 0.98

South Granville 4 $4,406,200 -2.25 -5.99

Southlands 0 $3,541,600 1.19 -1.22

University VW 3 $6,211,800 -1.64 -2.84

Combined Total 42 $3,548,400 -0.22 -2.15

Price Segment ($) New Listings Added Unit Sales

0 – 2,000,000 9 3 33%

2,000,001 – 2,250,000 2 2 100%

2,250,001 – 2,500,000 14 3 21%

2,500,001 – 2,750,000 7 0 0%

2,750,001 – 3,000,000 21 3 14%

3,000,001 – 3,250,000 10 1 10%

3,250,001 – 3,500,000 21 4 19%

3,500,001 – 3,750,000 18 8 44%

3,750,001 – 4,000,000 21 5 24%

4,000,001 – 4,500,000 26 3 12%

4,500,001 – 5,000,000 21 2 10%

5,000,001 – 6,000,000 29 4 14%

6,000,001 – 7,000,000 25 2 8%

7,000,001 – 8,000,000 18 1 6%

8,000,000 – 10,000,000 11 0 0%

10,000,001+ 21 1 5%

Totals 274 42 15%

LISTING AND SALES ACTIVITY BY PRICE SEGMENTSales-to-New-Listings Ratio

FAITH’S KEY INSIGHTS:■ In January, 274 West Side detached house owners listed their property

for sale, including 57 who listed at $7 million or more. Just 15 per cent of all new listings sold and only 5% of the most expensive houses found buyers during the month. Yet, despite the relatively low sales-to-new listings in January, the benchmark price of a Westside house was virtually unchanged (down 0.2%) from a month earlier at $3.54 million. In the popular neighbourhoods of Cambie, Dunbar, Shaughnessy Mount Pleasant and Oakridge, detached prices were slightly higher than in December.

■ While some see the January data as signally a market downturn, we see it as a natural, temporary reaction to disruptive external forces. It only makes sense that someone contemplating a $3 to $10 million plus purchase would have paused to take stock this January. The month saw the introduction of unprecedented changes in federally regulated mortgages, the third interest increase in eight months, and the roll out of Vancouver’s punitive empty home tax. The provincial government plans to introduce new regulations for home buying and selling in February, and no one, including, we suspect, the government knows exactly what those changes will be.

■ But the Westside detached housing fundamentals remain rock solid. It is the most aspiring destination in B.C. and land values refl ect the inherent demand. New zoning regulations allow increased density - and income – for Westside detached lots. Tens of thousands of new Canadians are arriving in the city every year. January Westside detached sales, at 42 houses, were nearly double the pace of a month earlier. Some are waiting for the dust to settle but this year will see increased listings and improved strength in Westside detached housing sales.

$5,000,000

$4,500,000

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

Days

80

70

60

50

40

30

20

SALES PRICE MONTHLY TREND

– Me

dian S

ales P

rice

– Av

erage

Sales

Price

AUG. 17 SEP. 17 OCT. 17 NOV. 17 DEC. 17 JAN. 18

DAYS ON MARKET MONTHLY TREND

– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark

et


$4,817,416

$3,970,000

$4,057,997

$3,652,448

$4,214,237

$3,565,000

$3,687,443

$3,270,000

$3,752,101

$3,300,000

$3,969,338

$3,700,500

46

38

52

28

47

29

53

39

58

62

70

54

THE REAL WESTSIDE RESULTS: JAN 2018


Janaury 58 55 -5.2%February 90 36 -60%March April May June Total 158 91 -42.4%


THE REAL NEIGHBOURHOOD RESULTS: FEB 2018

FEBRUARY - SINGLE FAMILY DETACHED HOMES




Arbutus 2 $3,805,500 -3.12 -4.35

Cambie 6 $2,646,100 -1.85 -0.96

Dunbar 4 $3,098,100 -0.29 4.16

Fairview VW 0 $2,898,400 0.09 -2.41

Kerrisdale 1 $3,404,100 -0.45 -1.4

Kitsilano 5 $2,427,000 2.46 -1.68

MacKenzie Heights 2 $3,641,500 -1.48 -2.19

Marpole 3 $2,285,400 0.95 -2.44

Mount Pleasant VW 0 $2,024,200 -1.67 -4.85

Oakridge VW 2 $3,250,100 -2.65 -2.2

Point Grey 4 $3,771,600 -2.61 -4.23

Quilchena 0 $4,016,200 -0.96 -4.65

S.W. Marine 0 $3,298,200 0.29 -0.45

Shaughnessy 2 $6,076,400 -2.56 -1.94

South Cambie 1 $3,713,700 -2.09 -1.43

South Granville 3 $4,205,500 -4.55 -7.31

Southlands 1 $3,552,800 0.32 -2.27

University VW 0 $5,820,600 -2.44 -3.93

Vancouver West 36 $3,418,200 -1.15 -2.03


0 – 2,000,000 5 2 40%

2,000,001 – 2,250,000 5 1 20%

2,250,001 – 2,500,000 14 4 29%

2,500,001 – 2,750,000 11 3 27%

2,750,001 – 3,000,000 28 4 14%

3,000,001 – 3,250,000 8 5 63%

3,250,001 – 3,500,000 16 6 38%

3,500,001 – 3,750,000 18 2 11%

3,750,001 – 4,000,000 17 1 6%

4,000,001 – 4,500,000 23 1 4%

4,500,001 – 5,000,000 23 1 4%

5,000,001 – 6,000,000 20 3 15%

6,000,001 – 7,000,000 26 0 0%

7,000,001 – 8,000,000 7 0 0%

8,000,000 – 10,000,000 13 1 8%

10,000,001+ 13 2 15%

Totals 247 36 15%


FAITH’S KEY INSIGHTS:■ The Westside detached house market is the target of more government

intrusion. Westside owners are carrying the weight of the new provincial super school tax on luxury homes. This annual tax is 0.2% on values from $3 million to $4 million and then 0.4% on values above $4 million. At the current benchmark Westside detached house price of $3.49 million, an owner would pay about $3,000 extra in school taxes every year. This is blatantly unfair, of course, to those who sacrifi ced for years to own a Westside detached house. But this is the reality we all must deal with. There is one narrow caveat to the new school tax: it does not apply to rental property of four or more units. Therefore, if an investor has a larger house converted to three rental units and also had a laneway house, they would be exempt from the school tax, even if the property – quite likely – exceeded $4 million in assessed value. It is strategy that some detached buyers and owners may consider.

■ Even before the new taxes kicked in, half of the detached houses purchased on the Westside in February were listed at $3.25 million or less. Houses newly listed at from $3 million to $3.5 million had a healthy sales-to-new-listing ratio of 50.5%. But, of the 123 houses listed from $4 million and higher, there were only 8 sales. The message to buyers is clear: sellers of higher-priced Westside houses are under pressure from the market and the government. With 247 new listings added in February alone, the Westside now represents an unprecedented advantage to aspiring buyers. Faith Wilson Group provides the industry exclusive Peace of Mind Guarantee for Buyers. It is a Guarantee that is even more important in these volatile, but promising times.

$5,000,000

$4,500,000

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

Days

80

70

60

50

40

30

20


– Me

dian S

ales P

rice

– Av

erage

Sales

Price

SEP. 17 OCT. 17 NOV. 17 DEC. 17 JAN. 18 FEB.18


– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark

et


$4,057,997

$3,652,448

$4,214,237

$3,565,000

$3,687,443

$3,270,000

$3,752,101

$3,300,000

$3,843,201

$3,650,000

$3,925,928

$3,210,000

52

28

47

29

53

39

58

62

63

30

45

20

THE REAL WESTSIDE RESULTS: FEB 2018



0 – 400,000 0 0 0%

400,001 – 500,000 1 0 0%

500,001 – 600,000 1 0 0%

600,001 – 700,000 2 1 50%

700,001 – 800,000 4 1 0%

800,001 – 900,000 1 1 100%

900,001 – 1,000,000 2 0 0%

1,000,001 – 1,100,000 2 0 0%

1,100,001 – 1,200,000 6 0 0%

1,200,001 – 1,300,000 7 5 71%

1,300,001 – 1,400,000 2 0 0%

1,400,001 – 1,500,000 3 2 67%

1,500,001 – 1,750,000 6 3 50%

1,750,001 – 2,000,000 11 3 27%

2,000,001 – 3,000,000 10 0 0%

3,000,000+ 3 0 0%

Totals 60 15 25%




JANUARY - TOWNHOUSES



Cambie 0 $1,148,800 -0.64 -3.19

Coal Harbour 0 $1,846,800 -0.62 -1.19

Downtown VW 2 $1,011,400 -0.07 -0.69

Fairview VW 0 $1,080,100 1.35 3.2

False Creek 0 $930,000 -0.17 -5.01

Kerrisdale 0 $1,456,600 -1.31 -4.21

Kitsilano 1 $1,082,200 -0.04 -3.89

Marpole 2 $1,055,800 1.05 0

Mount Pleasant VW 2 $1,257,000 2.21 0.54

Oakridge VW 0 $1,504,800 -1.87 -5.05

Point Grey 0 $1,087,000 -1.33 -4.67

Quilchena 0 $1,467,400 0.11 -1.69

Shaughnessy 0 $2,266,100 1.97 -0.67

South Cambie 0 $1,790,400 0.88 0.78

South Granville 0 $1,509,900 -1.76 -3.56

University VW 1 $1,631,400 -2.04 -4.93

West End VW 1 $1,201,000 1.1 0.29

Yaletown 6 $1,768,400 2.42 0.63

Vancouver West 15 $1,247,900 0.44 -1.36

$2,500,000

$2,250,000

$2,000,000

$1,750,000

$1,500,000

$1,250,000

$1,000,000

Days

60

50

40

30

20

10

0


– Me

dian S

ales P

rice

– Av

erage

Sales

Price



– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark

et


1,415,674

$1,300,000

$1,492,997

$1,320,000

$1,437,451

$1,265,000

$1,418,165

$1,100,000

$1,590,891

$1,620,000

$1,406,103

$1,450,000

23

13

28

12

17

7

17

10

30

21

23

13



FAITH’S KEY INSIGHTS:■ As expected with the introduction of new mortgage regulations on January

1, sales of Westside townhouses were rather slow in January, at 15 units. This was down 58,3% from January of last yer and slightly below the sales pace in December 2017. Listings increased, however, with 60 new listings in the month, up from 21 a month earlier. The resulting sales-to-new-listing ratio in January was 25%, a signal of a strong buyer’s market, but the sales data also shows the price sensitivity of Westside townhouse buyers. For new listings priced at from $1.4 million to $1.5 million, the sales success ratio was 67% and it was 71% from townhouses listed at from $1.2 million to $1.3 million. Sales dropped to zero for the 11 listings priced at $2 million or more.

■ There is a lesson to townhouse sellers. This is because townhouses, even on the Westside, are often similar in design and size, so price plays an oversized role in a buyer’s decision. For instance, half of the 6 townhouses listed at from $1.5 million to $1.75 million sold in January, but when the list price went over $1.75 million, the sales ratio dropped to 27%, with just 3 of the 11 listings selling in the month. Sellers, therefore, have to be absolutely certain that their listing price refl ects the true market value. Even a difference of 5% can mean a property selling within days or sitting on the market for weeks. Faith Wilson Group is third-party recognized for achieving faster sales at higher prices than the industry average. We do this through industry-leading research and more than 20 years experience in the Westside market cycles. We also provide the exclusive Peace of Mind Guarantee for Sellers, which is perhaps more important today than ever.




0 – 400,000 0 0 0%

400,001 – 500,000 0 0 0%

500,001 – 600,000 2 2 100%

600,001 – 700,000 3 3 100%

700,001 – 800,000 2 1 50%

800,001 – 900,000 1 2 200%

900,001 – 1,000,000 5 3 60%

1,000,001 – 1,100,000 6 4 67%

1,100,001 – 1,200,000 7 1 14%

1,200,001 – 1,300,000 4 2 50%

1,300,001 – 1,400,000 7 2 29%

1,400,001 – 1,500,000 5 0 0%

1,500,001 – 1,750,000 10 3 30%

1,750,001 – 2,000,000 14 3 21%

2,000,001 – 3,000,000 10 4 40%

3,000,000+ 5 0 0%

Totals 81 30 37%




FEBRUARY - TOWNHOUSES



Cambie 1 $1,158,800 0.87 -2.88

Coal Harbour 0 $1,857,100 0.56 0.19

Downtown VW 0 $1,008,400 -0.29 0

Fairview VW 8 $1,066,900 -1.23 -3.49

False Creek 3 $946,100 1.73 2.66

Kerrisdale 0 $1,467,400 0.74 -3.26

Kitsilano 6 $1,088,000 0.54 0.21

Marpole 1 $1,038,800 -1.61 -4.21

Mount Pleasant VW 3 $1,247,200 -0.78 -0.14

Oakridge VW 0 $1,519,100 0.95 -3.13

Point Grey 0 $1,100,700 1.26 -2.14

Quilchena 0 $1,474,000 0.45 -3.92

Shaughnessy 0 $2,278,600 0.55 -3.02

South Cambie 1 $1,747,000 -2.42 -5.39

South Granville 0 $1,531,400 1.42 -4.68

University VW 4 $1,651,000 1.2 -3.35

West End VW 2 $1,224,500 1.96 1.92

Yaletown 0 $1,776,300 0.45 1.02

Vancouver West 30 $1,250,100 0.18 -1.43

$2,500,000

$2,250,000

$2,000,000

$1,750,000

$1,500,000

$1,250,000

$1,000,000

Days

60

50

40

30

20

10

0


– Me

dian S

ales P

rice

– Av

erage

Sales

Price



– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark

et


$1,492,997

$1,320,000

$1,437,451

$1,265,000

$1,418,165

$1,100,000

$1,590,891

$1,620,000

$1,472,031

$1,420,000

$1,337,433

$1,125,000

28

12

17

7

17

10

30

21

26

14

18

8

Janaury 27 18 -33.3%February 37 30 -18.9%March April May June Total 64 48 -25%


FAITH’S KEY INSIGHTS:■ Don’t let the media’s quick scan of the data fool you. Considering the

low inventory of townhouse listings, the Westside townhouse market is very active and lively. If a new listing comes to the market at true market value it will likely sell very quickly and may attract multiple bids. Note, for instance, that 40% of the Westside townhouses listed at from $3 million to $4 million sold in February and that 67% of those priced from $1 million to $1.1 million also sold. The problem is a lack of inventory, not falling demand, despite all the government action to discourage buyers. Some popular neighbourhoods simply had no townhouses for sale in February. It is now taking up to two years for a new townhouse development to move through city planning and permits, so we will be facing tight inventory for some time to come.

■ In February, the typical new listing for a Westside townhouse sold within a median of just 8 days, the fastest pace since last October. For buyers, the best advice is to have a trusted real estate agent on speed dial, ready to react immediately when a listing that matches your parameters appears. Faith Wilson Group’s team knows every Westside townhouse project and, due to our extensive experience and client data base, often hear fi rst about new listings. For sellers, our best advice is make sure your listing price is accurate and that your property is in showroom condition. Benchmark townhouse prices are holding fi rm at $1.25 million, up marginally in February from a month earlier. Even with sales down from a year ago and the February sales-to-new-listing ratio at 37%, sellers of Westside townhouses have the advantage in a market characterized by a low selection of property and steady buyer demand.




JANUARY - APARTMENTS /CONDOS




Cambie 10 $699,300 2.68 3.63

Coal Harbour 10 $1,053,200 -3.42 -1.19

Downtown VW 44 $730,300 1.61 0.51

Dunbar 2 $708,100 4.27 -0.17

Fairview VW 16 $807,000 0.78 2.79

False Creek 20 $842,500 0.52 -2.21

Kerrisdale 1 $912,900 5.12 0.87

Kitsilano 14 $640,100 1.04 3.67

Marpole 10 $599,600 3.95 4.87

Mount Pleasant VW 1 $565,900 0.32 -3.67

Oakridge VW 3 $1,105,500 3.27 2.14

Point Grey 2 $610,300 3.78 -0.33

Quilchena 3 $1,128,200 3.07 -0.66

S.W. Marine 1 $491,600 3.28 -0.65

Shaughnessy 0 $659,600 4.56 -3.67

South Cambie 0 $934,800 3.66 1.2

South Granville 2 $1,018,400 3.95 5.09

Southlands 0 $810,800 2.86 -0.59

University VW 22 $905,600 1.28 -2.78

West End VW 21 $646,800 -4.87 -3.07

Yaletown 39 $880,900 2.6 4.51

Combined Total 221 $812,400 0.65 0.73


0 – 350,000 2 1 50%

350,001 – 400,000 1 1 100%

400,000 – 450,000 5 3 60%

450,001 – 500,000 8 2 25%

500,001 – 550,000 8 5 63%

550,001 – 600,000 21 16 76%

600,001 – 650,000 26 18 69%

650,001 – 700,000 38 9 24%

700,001 – 750,000 32 19 59%

750,001 – 800,000 25 21 84%

800,001 – 900,000 35 19 54%

900,001 – 1,000,000 39 16 41%

1,000,001 – 1,250,000 62 33 53%

1,250,001 – 1,500,000 42 27 64%

1,500,000 – 2,000,000 53 15 28%

2,000,001 + 73 16 22%

Totals 470 221 47%


$1,150,000$1,000,000

$950,000$900,000$850,000$800,000$750,000


– Me

dian S

ales P

rice

– Av

erage

Sales

Price

$942,788

$769,500

$973,139

$790,000

$997,030

$789,500

$978,916

$785,000

$947,066

$760,000

$1,166,624

$888,800


Days

60

50

40

30

20

10

0


– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark

et


22

11

21

9

21

9

21

11

19

10

9

7



FAITH’S KEY INSIGHTS:■ Don’t let the January sales data about the Westside condominium market

fool you. True, condominium apartment sales were down 39.9% from January of last year and the sales-to-new listing ratio was a modest 47%, with 221 of the 470 new listing selling. But when one looks closely, the Westside condominium market in January proved a robust start to what we believe could be a record-setting year for price and sales performance. Remember that January marked the start of the most restrictive federal mortgage regulations ever introduced. Then there was an increase in mortgage rates, and the punitive Vancouver empty home tax came into effect. Facing these headwinds, the fact that 221 buyers paid a benchmark price of more than $800,000 for a Westside condo is remarkable.

■ Also, look closely at the sales success ratio For many sellers, the sales ratio was well above 60%, which is considered a seller’s market: 84% of the 25 condo apartments listed at from $750,000 to $800,000 sold; 64% of those listed at from $1.2 million to $1.5 million sold and 64% of the 71 condos listed for less than $650,000 also sold. Even at the very highest prices, in excess of $1.5 million, 31 Westside condo apartments were purchased in January. Overall, the typical new listing was on the market for a median of just 7 days before it sold and the benchmark condo price increased marginally from December to $812,400. This is all characteristic of a very strong buyer’s market.




FEBRUARY - APARTMENTS /CONDOS




Cambie 8 $703,200 0.55 4.68

Coal Harbour 8 $1,038,800 -1.37 -4.3

Downtown VW 71 $744,900 1.99 0.56

Dunbar 0 $741,200 4.67 7.42

Fairview VW 26 $846,300 4.87 6.91

False Creek 22 $867,000 2.91 3.63

Kerrisdale 4 $957,700 4.91 7.15

Kitsilano 27 $652,300 1.89 3

Marpole 4 $596,200 -0.56 5

Mount Pleasant VW 2 $577,900 2.12 2.12

Oakridge VW 2 $1,104,500 -0.09 3.01

Point Grey 3 $636,800 4.34 5.59

Quilchena 2 $1,195,300 5.95 6.48

S.W. Marine 1 $520,000 5.76 6.79

Shaughnessy 0 $699,900 6.11 7.88

South Cambie 0 $945,000 1.09 5.82

South Granville 2 $1,005,600 -1.26 4.54

Southlands 0 $860,700 6.16 5.61

University VW 21 $914,600 1 1.64

West End VW 31 $679,700 5.08 0.88

Yaletown 36 $925,900 5.1 9.27

Vancouver West 221 $812,400 0.65 0.73


0 – 350,000 4 0 0%

350,001 – 400,000 0 0 #DIV/0!

400,000 – 450,000 4 3 75%

450,001 – 500,000 15 1 7%

500,001 – 550,000 18 13 72%

550,001 – 600,000 36 20 56%

600,001 – 650,000 34 23 68%

650,001 – 700,000 43 18 42%

700,001 – 750,000 30 18 60%

750,001 – 800,000 37 17 46%

800,001 – 900,000 47 31 66%

900,001 – 1,000,000 49 23 47%

1,000,001 – 1,250,000 57 39 68%

1,250,001 – 1,500,000 52 30 58%

1,500,000 – 2,000,000 50 19 38%

2,000,001 + 50 16 32%

Totals 526 271 52%


$1,150,000$1,000,000

$950,000$900,000$850,000$800,000$750,000


– Me

dian S

ales P

rice

– Av

erage

Sales

Price

$973,139

$790,000

$997,030

$789,500

$978,916

$785,000

$947,066

$760,000

$1,149,930

$898,000

$1,087,104

$862,000


Days

60

50

40

30

20

10

0


– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark

et


21

9

21

9

21

11

21

10

33

8

16

8

Janaury 269 263 -2.2%February 377 271 -28.1%March April May June Total 646 534 -17.3%


FAITH’S KEY INSIGHTS:■ Maybe after more than 20 years in the Vancouver real estate industry, I

have become something of a fuddy-duddy, but I admit I am amazed at the performance of the Westside condominium apartment market. Condos have become the fi rst choice for a majority of home buyers. In February, 534 condo apartments sold on the Westside. This is 14 times higher than detached house sales and 11 times higher the townhouse sales. As well, the benchmark price for a condo apartment increased nearly 3% in February from a month earlier, to $835,500. In some neighbourhoods, such as the West End, Fairview and False Creek, prices were up from 4% to more than 5% from January.

■ The typical new listing for a Westside condo apartment sold in a median of just 8 days in February, an extremely fast pace that has remained constant for two months. And there is action through a wide price range, of from under $600,000, with 37 sales in February, to more than $1.5 million, with 35 sales in February. The mortgage stress test was forecast to slow sales after January 1, but many buyers have pre-approved mortgages written in December and are, so far, not affected.

■ Judging from the intense demand for condominium apartments, combined with new government measures that may stunt sales of other forms of housing, we expect Westside condo sales to remain strong. If you are seller, this is good time to list. If you are a buyer, prepare to be competitive.


TO GET STARTEDFirst, visit FaithWilsonGroup.com for extensive details about: Vancouver area neighbourhoods from dog parks to home pricing by property type; our 360 degree Performance Promise; our exclusive monthly Market Update research publications; our awards & achievements and much, much more.Then, call me at 604-224-5277 or 1-855-760-6886, or email me at [email protected]

So you have decided to buyyour next dream home?

HAS THE PLANthat will find and secure the home that best meets your needs backed by their specialized market knowledge, their bank of prospective sellers, their leading edge search technology and their experience at writing offers to promote & protect you!

HAS THE TEAMthat will focus on listening to and helping you define your needs & wants in context of TODAY’s market; that has the expertise and successful experience to structure offers that promote & protect YOU!

IS COMMITTEDto you being totally informed such that you will make your buying decision with complete peace of mind! Witness our unique neighbourhood profiles at FaithWilsonGroup.com.

DELIVERSa proven track record of negotiation expertise and successful transactions, in a wide spectrum of property types across the Lower Mainland, along with a benchmark level of overall client satisfaction.

To find the best home for your needs at the price you deserve what you need is a Realtor® who:

AND BOTTOM LINEYOUR SATISFACTION IS GUARANTEED

NOT HAPPY with your new home within the first 18 months? Then, we will relist it, resell it and not charge you our commission!

*Some conditions apply

JAN & FEB 2018 · VANCOUVER’S MONTHLY RESIDENTIAL REAL ESTATE ANALYSIS Faith Wilson Group...

Documents

Transcript of JAN & FEB 2018 · VANCOUVER’S MONTHLY RESIDENTIAL REAL ESTATE ANALYSIS Faith Wilson Group...