Dan Morrison : Latest Blog Posts

North Vancouver house stats - February 2012

Tue, 06 Mar 2012 00:17:00 GMT

Below are the February 2012 numbers for detached homes in North Vancouver. As expected during this time of year the inventory is increasing but the sales are as well. Well-priced homes are selling very quickly and we are seeing lots of multiple offers in our market. If you want more details on how this applies to your situation and/or your neighbourhood, give me a call at 604.929.2152.

Units listed is the number of homes listed for sale during the month.

Units sold is the number of homes sold during the month.

Active listings is the number of homes listed for sale during the month plus the number of homes previously listed that haven't yet sold.

Dan

Greater Vancouver housing market trends near long-term averages as spring market approaches

Mon, 05 Mar 2012 23:58:00 GMT

Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 per cent increase from the 2,473 home sales in February 2010.

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.

“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.

Last month’s new listing count was the second highest February total in Greater Vancouver since 1996. At 14,055, the total number of residential property listings on the MLS® increased 12 per cent in February compared to last month and increased 17.9 per cent from this time last year.

“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 per cent compared to February 2011.

Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 per cent from the 1,402 detached sales recorded in February 2011, and a 12 per cent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 per cent from February 2011 to $1,042,900.

Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 per cent compared to the 1,206 sales in February 2011, and a decrease of 5 per cent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 per cent from February 2011 to $373,300.

Townhome property sales in February 2012 totalled 424, a decline of 13.3 per cent compared to the 489 sales in February 2011, and a 1.9 per cent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit increased 0.7 per cent between February 2011 and 2012 to $472,800.

Work or Play

Thu, 26 Jan 2012 17:45:00 GMT

I received this quote the other day by email and just happened to read it as I was checking my iphone messages while on the chairlift up The Cut. It seemed appropriate as the view from the top of Grouse that day gave me a great overview of Vancouver real estate. LOL

"The master in the art of living makes little distinction between his work and his play, his labor and his leisure, his mind and his body, his information and his recreation, his love and his religion. He hardly knows which is which. He simply pursues his vision of excellence at whatever he does, leaving others to decide whether he is working or playing. To him he's always doing both." ~James A. Michener~

2011 Vancouver Year End Stats

Thu, 26 Jan 2012 16:54:00 GMT

The Difference between Assessed Value and Market Value

Thu, 05 Jan 2012 17:18:00 GMT

BC property owners received their annual assessment notice in early January from BC Assessment (BCA).

This is the valuation on which your property taxes are based. You will receive your local tax notice in June each year. Property owners take note: you have until January 31 of each year to appeal your current assessment.

Typically, there is a difference between the property value assessment on the assessment notice and the market value determined by a REALTOR®. Home owners often want to know why. What accounts for this difference?

Timing

The assessment notice is BCA’s estimate of a property’s market value as of July 1 of any given year.

A REALTORS® market value assessment is typically current. In our active local market, six months can mean thousands or even tens of thousands of dollars difference.

Every Property is Unique

BCA has a database of 1.8 million properties. When a new property is created through zoning or construction, or an existing property changes, a BCA appraiser visits the site and reviews lot size, structure and other factors including whether the property is on a quiet street with backyard lanes or on a busy boulevard.

BCA appraisers do not visit each property annually to update the database. Instead, they use what is called a mass appraisal system, calculating values by evaluating prices for homes sold in each neighbourhood, or of similar units in a strata complex as of July 1 and then applying the information to arrive at an assessed value.

BCA analyzes a range of factors for each property including house type, square footage, age, heating, and even outbuildings such as garages, sheds and gazebos, as well as pools and spas.

REALTORS® determine the value of a property by scrutinizing the most recent comparable data for homes sold in a neighbourhood on the MLS®. REALTORS® also examine the exterior and interior of a property in detail, noting alterations and major renovations, such as new kitchens or bathrooms that affect the value of a home. They also take into account view lines, architectural styles and landscaping.

Where every lot and every home on the street are generally the same, both BCA’s value and the REALTOR’S® value will be similar, assuming a stable market.

Differences will likely occur in neighbourhoods where every lot on every street is different, every home’s architecture is unique and every view is distinct. Differences also occur when property owners make changes such as renovations that BCA does not know about.

Property assessment appeals

Property owners who disagree with their property assessment must file a Notice of Complaint (Appeal) by January 31 of any given year. There is a formal appeal process. Details are on the back page of each assessment notice.

For this and more information visit www.bcassessment.bc.ca

Don't hesitate to give me a call if you have any questions about assessed versus market value.

Real Estate Board November stats

Wed, 28 Dec 2011 14:46:00 GMT

The stats in this video for the Real Estate Board of Greater Vancouver are a month old but I am posting this as it includes a great definition of what is a balanced market, a buyer's market and a seller's market.

Contact me if you have any questions on the market. Of course I will post the video for the December stats as soon as it is available in early January. Hope you had a great Christmas.

NO - the most powerful word in real estate

Sun, 18 Dec 2011 16:58:00 GMT

Yes, I confess--even though I have been selling homes for over 20 years, there are still times when I have an opportunity to sell a home to one of my buyers and I can't close the deal. All the buying signals are there--the home meets many of their criteria, they can see themselves living there and they start to talk about writing an offer... and then their "salesman" (me) turns around and says “NO, this isn't the right home for you.”

I also confess that, sometimes, it's fun to see the expression on their faces when I say "No, we need to keep looking". They don't expect a salesperson to try to talk them out of buying and, in fact, they often have their defenses up to repel any potential hard sell closing techniques that may cause them to buy the wrong home. So while a lot of "good" salesmen might go for the close, I as their professional real estate advisor remind them of the issues that were so important to them when we started the buying process and that this property doesn't address (good pun!).

Several years ago, I actually was fired by my own buyers because I wouldn't sell them a condo in a particular hi-rise in downtown Vancouver. This building had all the signs of being a leaky condo. I tried to convince them that we weren't able to get it at a low enough price to justify the risk and potential special assessments that would be levied within a year or two. Although I had been highly-recommended to them by another client, they ignored my professional judgment and honesty. They were very upset that I would not prepare their offer and informed me that they had a family friend who would happily sell it to them. I had no other professional choice than to wish them well. I don't know if they ever did proceed with that purchase but I do know that, only 18 months later, that downtown concrete hi-rise was covered in blue tarps!!

My style has always been to work a little harder to find my buyers the right home as opposed to what a lot of salespeople are taught--work hard at learning good closing techniques to sell them one that is good enough so you can move on to the next customer! I have learned that when I say “No” enough times, when we do finally find the right home, my “YES” carries a lot more weight. When the home is right for them, I don't need to close them on the sale. When you are buying your next home, would you rather work with a professional real estate advisor--or end up buying with a salesperson who has really honed their closing techniques?

Dan Morrison

December, 2011