Blog by Sam Wyatt Personal Real Estate Corporation

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How will the Rescission of the HST effect Real Estate?

September 13th, 2011

The big question I've been getting lately has been what effect will the rescission of the HST have on the price of new condos in the Vancouver real estate market.  I'm no economist but my take is that, in theory, it should have no effect.  The change in tax should have no effect on new construction pricing because real estate is a very price elastic commodity and buyers will only pay what the ...

Vancouver Real Estate Update - June 2011

June 6th, 2011

The months of inventory index for Westside apartments upwardly breached 4 Months of Inventory (MOV).  This resulted from both fewer sales and more new listings coming on to the market.  The attached MOV reached 3.9 and detached homes sit at 2.63.  The month of May gave us a chance to breathe as ultra low inventories in the detached market eased with more homes being listed.  May marks th ...

Real Estate Council Backs Down on Strata Docs

February 6th, 2011
Vindication! After starting a letter campaign last year, talking to the Strata compliance officer and receiving a phone call from the Real Estate Council VP, the RECBC admits that they have no authority to restrict Strata Lot owners from posting or instructing their Realtor to post Strata minutes online! (see Report from Council Dec 2010. p3) In an about face move, the council sheep ...

Vancouver Real Estate Update January 2011

January 21st, 2011

How quickly the tides have turned from the middle of 2010.  In spring of 2010 the Months of Inventory metric trended up to about 6 months of inventory.  Now the months of inventory index for Westside detached homes, after falling four consecutive months in a row, remaines at under 3 months of inventory as of December 31st.  The average sale price of a detached house on the Westside rem ...

Vancouver Real Estate Update - Dec 2010

December 9th, 2010

You can't argue with the numbers (much as I would like to).  The months of inventory index for Westside detached homes has fallen four consecutive months in a row; in November to under 3 months.  The average sale price of a detached house on the Westside remained over $2 million dollars in November.  If months of inventory stay like this, we can expect these strong sales prices to continu ...

November Real Estate Update - Detached Decoupling?

November 4th, 2010

“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” - Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president.

Well Jake can say that again - at least the second part.  The Vancouver West a ...

Vancouver Real Estate Update - October 2010

October 13th, 2010
Slow deterioration would be my description of the present Vancouver real estate market.  Vancouver West's September listing volumes rose and sales volumes for both dropped yet again, edging the Apartments and Attached homes Months of Inventory metric closer to 7 months.  The anomaly has been the Detached market where September became the second month running where active listings declined ...

Vancouver Real Estate Monthly Market Update

April 15th, 2010
The big news this month is the change in fixed interest rates – an increase of about .6 of a percent on five year fixed rates and climbing.  As a mortgage broker friend of mine commented, that will mean about an $11,000 increase in interest costs for a $400k mortgage over 5 years.  Based on recent aggregate economic data, I would also expect to see the Bank of Canada raise its rates by someti ...

Vancouver Real Estate Prices Set to Turn

February 2nd, 2010

WOLF! WOLF! WOLF!
I feel a little like the boy who cried wolf.  I’ve been saying that the market is going to turn for so long that maybe now no one is listening.  Well, take a look at the Months of Inventory graph.  What you will see is that all home types have just had a significant jump in the Months of Inventory metric in January.  The change is from both substantial increases in active lis ...

"Sell Valentine Selllll!!"

October 5th, 2009

This month’s update is a no brainer:

“SELL VALENTINE!! SELLLLL!”

Many of you may remember the film “Trading Places” in which the Duke brothers (being finally duped by their unwilling experiment subjects – Eddie Murphy and Dan Aykroyd) wind up wishing they had sold their stake in frozen concentrated orange juice (FCOJ) a little earlier.  I do not want this to happen to you.

Active listing volumes ...

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