Much Warmer, But Not The Market

Much Warmer, But Not The Market

The softer Real Estate market has been ameliorated by warmer weather and the return of that shiny disc in the sky. This is what Summer is supposed to be! Ah, yes, the swings and slides of real life and, yes, the sad realization that we can’t have everything going our way all the time. No, we are not kids, but our petulance often shows through when some of our expectations are thwarted.

Last month I picked on “the popular press” and the “rising prices ‘good’ – any decline ‘bad’” syndrome. A recent article by Rob Carrick in the Globe and Mail, happily repudiates that generalization by highlighting the “silver linings” of some relief in house prices. Input http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/five-reasons-why-falling-house-prices-arent-so-bad/article4409000/ to see the original. Among the list of positives, he cites the benefits to first time buyers. It makes a good/ intelligent read.

As is patently evident from the year to date and current inventory figures below, number of sales is down (especially W/Van) and the inventories of unsold property are growing. Thus the supply is up and clearly the demand is down. Ergo, prices should be dropping apace. However, average YTD sales prices are holding their own and only the “must sell Sellers” are taking a hit on the price level they had wanted to achieve. Most others are accepting the delay in selling and many appear to have resigned themselves to being “unlikely sellers”. [The price reductions are apparently too few and too small to induce the generally skittish buyers to buy]. The “sales results” will be followed closely over the coming months as we edge our way into the Fall.

An exciting new addition (for those who relish actual results – number of homes sold, average price and inventory). I will be happy to forward the past 12/13 month trend for both N and W/Van. Just fire off an e-mail to me. If you are interested in what price ranges are selling and which are not, you will love this!

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 to alanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca

July 2012 Numbers

July 2012 Numbers

Now to the summary of our North Shore results.  North Van detached homes sold are down ‘year to date’ by 18% from this time last year, attached (t/hses) sold – down 20% and apartments down 3% from 2011. Detached – average price is 5% higher than 2011 and inventory June 30th, 2012 up 35% from 2011. Average prices up 6% (t/hses) and up 2% (apts). Inventory (t/hses) up 33% from June 30th, 2011 and (apt) up 13% from 2011. N/Van overall inventory at June 30th, 2012 is up 24% over 2011 and all categories in N/Van, down 13% in total sales ’12 vs. ’11.

In West Van, detached number of sales to date 2012 is down by 48% from last year. Average price up by 9% and inventory June 30th, 2012 up 17% from last year. On the condo side – sales of attached (t/hses) are up, at 50 vs. 38 units; average price is now 18% higher. Active listings from June 30th, 2011 (55 vs. 33).  Apartments sold are down from 2011 (96 vs. 128), with average price 13% lower than’ 11 (remember the small sample size) and active listings up 2% from June 30th, 2011(112 vs. 110).  Overall 15% higher inventory with softer demand evident – particularly detached properties. Some 41% fewer units sold YTD vs. 2011 (530 vs. 898).

An exciting new addition (for those who relish actual results – number of homes sold, average price and inventory). I will be happy to forward the past 12/13 month trend for both N and W/Van. Just fire off an e-mail to me. If you are interested in what price ranges are selling and which are not, you will love this!

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 “Podcast” Icon in the top right of this article to listen now.

North Vancouver Real Estate

Podcasts

Current North Shore Home Buying Costs

Current North Shore Home Buying 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) $550
  • Appraisal (if required by the lender) $300
  • Inspection fee (not mandatory, but strongly recommended) $450 – dependant on square footage
  • Property Transfer Tax 1% of the first $200,000 plus 2% of the balance of the purchase price

E.g: A $850,000 home would attract PTT at this level
1% of the first $200,000 – $2,000
2% of $650,000 – 13,000      Total    $15,000

Other Fees/Costs

  • 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 3.10% 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. $750,000 home – approx $2,400.
  • Insurance – You will have to arrange home 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/notary for confirmation of your total costs.

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