Remember, We’ve Only Just Begun

Rememer we have only just begun

It is pertinent to remember the words of the singing duo, the Carpenters, who sang this month’s headline in the ‘70’s. While we are not talking of “white lace and promises” the year may well “start out walking and learn to run” [or at least jog 😉 ]

A comment (and my, by now, usual caution) at this juncture is necessary as the January figures we will be discussing below must be viewed with discretion. Obviously these are not only one month’s results but they are the only ‘year to date’ figures we have thus far. To draw conclusions based on the comparison of Jan ’10 vs. Jan ’11 would clearly be foolish owing to the small sample size. I do include them however for sake of completeness.

What we can talk about is the pulse that is evident in the early 2011 market and the strong number of wannabe buyers visiting open homes, not to mention a sizeable number of competing offers coming forward on properties on the North Shore (and various other parts of Greater Vancouver). It should also be borne in mind that 2010 started strongly but tailed off after the first six months. My conservative North Shore prediction (and my belief) is that overall 2011 will be a “firmer” year than 2010. “Firmer” in this case meaning a year of gently increasing values and a higher number of sales in total.

An interesting phenomenon which bears mention is the “to and fro” migration between our North Shore and other parts of the Lower Mainland. Alas there are no readily available stats as to just where the buyers are coming from and also just where the sellers are going to. Obviously, many sellers move elsewhere on the North Shore and many buyers here have recently sold a home here. Most of the ‘data’ is anecdotal, however North Shore Realtor discussions often note the in-migration of younger families and the outflow of ‘empty-nesters’ and retirees to other parts. The Westside is a dance partner that features in a number of these stories. Whatever the actual facts, it is just this ebb and flow that fuels the rejuvenation of vibrant locations such as our North Shore.
 Go figure! Certainly tough to extract any persuasive or meaningful trend from these numbers. It will be of more value as this year ages; promise.
Again, visit my website to see and “hear” the new developments.  I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.
To join those wishing to get the e-mail version of this “update” – send a request now toalanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca
The world is too much with us; late and soon,
Getting and spending, we lay waste our powers;
Little we see in Nature that is ours;
We have given our hearts away, a sordid boon!
This Sea that bares her bosom to the moon,
The winds that will be howling at all hours,
And are up-gathered now like sleeping flowers,
For this, for everything, we are out of tune;
It moves us not.–Great God! I’d rather be
A Pagan suckled in a creed outworn; (1)
So might I, standing on this pleasant lea, (2)
Have glimpses that would make me less forlorn;
Have sight of Proteus (3) rising from the sea;
Or hear old Triton (4) blow his wreathed horn.

February 2011 Numbers

February 2011 Numbers

Now for the 2011 “somewhat meaningless (?)” year to date and January results for our North Shore.

 

 

North Van detached homes sold are up by 15% from the previous year, attached (t/hses) down 12% and apartments down 38%. Detached average prices down 2% and inventory Jan 31st, up by 11%. Average prices unchanged (t/hses) and down 11% (apts). Inventory (t/hse) 17% higher than Jan 31st  and (apt) up 38% from Jan 31st. N/Van inventory at Jan 31st ’11 continues to be higher than 2010. Consider N/Van’s 18% decline in number of sales ’10 to ’11(102 vs. 120) compared with W/Van (see below) approx 40% increase in the same month. 

In West Van, detached number of sales for 2011 is up by 76% from last year.  Average price up by 36% and inventory Jan 31st down by 8% from Jan 2010. On the condo side – attached (t/hses) sold are up to 5 vs. 7 units; average price down 46%. Active listings down from Jan 31st (30 vs. 32).  Apartments reflect 8 sold vs. 9 during Jan, 2010; with average price 58% lower than ’10 and active listings down 23% from Jan 31st, ’10. 

Go figure! Certainly tough to extract any persuasive or meaningful trend from these numbers. It will be of more value as this year ages; promise.

Again, visit my website to see and “hear” the new developments.  I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

To join those wishing to get the e-mail version of this “update” – send a request now toalanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca

Podcasts

North Shore Real Estate Radio

This year I pledge to continue my personalized service and further reduce my business ecological “footprint”. A new initiative is the radio (podcast) library which I am creating.

All North Vancouver Real Estate “Updates”, reports and information articles, checklists etc. will be archived on my website and available for download or desktop listening 24/7. You can access the information you seek when the spirit moves and not when someone pushes yet another flyer into your mailbox. I am most excited about these developments. Input as to the topics for “programming” you feel would be of interest is strongly sought. Please e-mail This email address is being protected from spam bots, you need JavaScript enabled to view it or call me 604 988-7368

Click on the “Launch Podcast Player” Icon in the top right of this website to listen now

North Vancouver Real Estate

Podcasts

Example Of Current North Shore Costs

Example Of Current North Shore Costs

An Estimation Of Closing Costs On The North Shore
Approximate Legal Fees and Disbursements           $900/1,200*Survey Certificate (if one is not available)       $350
Appraisal (if required by the lender)              $250
Inspection fee (not mandatory, but strongly        $300/450
recommended)Property Transfer Tax         1% of the first $200,000
plus         2% of the balance of the
purchase priceE.g:   A  $525,000 home would attract PTT at this level
1% of the first $200,000 – $2,000
2% of  $325,000 – 6,500  8,500

Other Fees – If your down payment is less than 25% of the purchase price of the home, the lender will require mortgage insurance from CMHC (Canada Mortgage and Housing Corporation)/or other Mortgage insurers. The insurance premium, which is usually added to the mortgage, ranges from 0.5% of the mortgage amount to 3.25% depending on the size of down payment.

Property Tax Adjustment – In addition to the above costs, you may be required to have cash on hand to repay the vendors for taxes they have paid in advance (depending on possession date and how the vendors paid their taxes). A good rule of thumb is to have enough money on hand to pay six months of taxes. e.g. $500,000 home – approx
$2,400

Insurance – You will have to arrange insurance a few days before possession. The annual rate for a basic policy is approximately(detached)
$800/1,200

*These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer for confirmation of your total costs.

I have not tallied the above as you should determine which will apply to your purchase.

 

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