ruction.com
RBC ROYAL BANK
.0822 2.0811
uction.com
nd
Ave. W 3E9 TM
S IF THERE ARE
CTIVE FIELDS
ANGE
NGE
N EED A M ORTGAGE ?
KEN DHILLON CONSTRUCTION MORTGAGE SPECIALIST
No fee construction mortgage Upto 80% Financing Construction Mortgage @ Prime + 1% Transfer your mortgage to RBC (no legal fees or appraisal fees)
FAST DEPENDABLE SERVICE
D
For More Information Please Contact
KEN DHILLON @
ED
We Can Not r Any Errors Attention
604-377-9015 Fax: 604-535-3017
E
PROOF MAY HED DIRECTORY.
PROOF FOR YOUR
Vol. 5 No 32 - Saturday - March 14, 2015
Tel: 604-591-5423
E-mail: ads@theasianstar.com
Email: ken.dhillon@rbc.com
NATURE
AD
IN
Vancouver real estate shifting to first sellers’ market in 4 years
Metro Vancouver real estate bidding wars spreading to suburbs
CONNECT CONSTRUCTION PAGES 11TH EDITION 2015-2016
T
he latest real estate numbers for Vancouver confirm what agents and buyers have been noticing: it’s been a hot winter, and shifting toward a sellers’ market. In February, Metro Vancouver home sales were up 20.2 per cent compared to the 10year average for the month, according to the Real Estate Board of Greater Vancouver. Listings also increased — up 11 per cent from the 10-year average for February — but not enough to meet demand. “This is a very, very strong February, stronger than normal,” said board president Ray Harris. “I think it’s the low interest rates ... and there’s a lack of detached homes in the market place.” The Fraser Valley Real Estate Board called last month its busiest February since 2007.
Sellers’ market on horizon Low supply has continued to drive house prices up in Vancouver, despite slumps elsewhere in Canada, according to new research by RBC Economics. In February, Metro Vancouver saw the sales-to-active-listings ratio jump from 17 to 25.7 per cent, the first time in four years it’s crossed the threshold of 22 per cent that signals the start of a sellers’ market. It was the highest the ratio has been in Metro Vancouver since March 2011, said Harris. “One month does not make a market, but three consecutive months over 22 [per cent] would be a clear indication that we would be in a sellers’ market,” he said. In the Fraser Valley, the sales-to-active-listings ratio was 26 per cent for detached homes, 22 per cent for town homes and 12 per cent for apartments.
V
According to Greater Vancouver Real Estate Board president Ray Harris, there were 14 per cent fewer properties listed for sale across the region this past January when compared with January 2014. “This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years,” said Harris. Falling rates and inventory UBC real estate professor Tsur Somerville said falling interest rates are also part of the reason buyers are snapping up more suburban homes. “The drop in interest rates by the Bank of Canada and sort of what that’s led to in the mortgage market, are getting a lot of people to decide ‘Gee, we better start buying now rather than wait six or nine months.’”
ancouver’s real estate market appears to be heating up again, but this time real estate agents say the bidding wars are spreading to the suburbs as well. Real estate agent Nicola Campbell, who specializes in home sales on the North Shore, said this year’s market is the busiest she’s ever seen. Last month, there were 50 listings in North Vancouver for under $1.2 million. Of those, 44 sold, and most within eight days, she noted. Campbell said its a complete turn around compared to a year ago, when there were more than twice as many listings, but fewer sales. “I haven’t seen anything like this in North Vancouver,” said Campbell. In January 2014, there were 113 listings in the same price range but only 32 sold. “It’s very atypical for the markets. So normally what we see is a slowdown in December and then a slow ramp up in in January,” she said.
Rupinder Rai “ Buy or Sell Let’s Do it ”
ਘਰ ਖ਼ਰੀਦਣ ਅਤੇ ਵੇਚਣ ਲਈ ਸੰ ਪਰਕ ਕਰੋ !
778 - 549 - 8595
SRS Panorama Realty #103 - 12030 - 80 Ave, Surrey
1496 - 161 St.
Style - 2 Story/ W Bsmt. Lot Size - 7101 sq. ft. Floor Area - 3403 sq. ft Bedrooms - 4 Bathrooms - 5 Age - 2014 Suite - 1 Bedroom Features - Close to Schools , Beach , City Ctr., Quality Built
2668 - 143A St
Style - 2 Story/ W Bsmt Lot Size - 17330 sq. ft. Floor Area - 8278 sq. ft Bedrooms - 7 Bathrooms - 8 Age - 2014 Suite - 2 Beds Legal Suite Features - European styling Top Quality Finishing's. Must See !!!
5867 - 138 St.
Style - 2 Story/ W Bsmt. Lot Size - 5974 sq. ft. Floor Area - 3595 sq. ft Bedrooms -6 Bathrooms - 6 Age - 2001 Suite - 2 Beds + 1 Media Rm Features - Close to Schools , Transit & Stores.
Brand New in Panorama
Style - 2 Story/ W Bsmt. Lot Size - 2713 sq. ft. Floor Area - 2442 sq. ft Bedrooms -5 Bathrooms - 4 Age - 2014 Suite - 1 Beds Legal suite + 1 Media Room or 2 bed suite. Sunrise coast Realty
14620 - 80A Av.