Vancouver Condo Market Still Booming – Condominium Prices Rise – Burnaby Richmond Surrey

Vancouver Condo Market Still Booming

Last September’s market report for the greater Vancouver region confirmed that the Vancouver real estate market is still smoking hot. Residents and condo investors are hunting for bargain properties as are students studying at UBC, Langara College and SFU. Demand is high.

The new sales and price numbers below from Royal Lepage, CREA, and REBGV may depress you a bit if your ambition is to own a new or resale condo in the city or even to rent one.

Money Has Moved to the Condo Market

Sales of detached million dollar homes have abated, yet it’s just a switch to a focus in condomiums in Vancouver. This switch has also happened in the Toronto condo market. The challenge for condo buyers is finding on at any price level they can afford. I’m sure you’re finding the rental housing and condo buying situation very difficult and you may find Surrey, Richmond, and Langley your best bets.

Prices of condos have jumped as much as 35% in some areas, and overall prices of apartment condos in Vancouver have jumped an incredible 21.7% from last September. In September CREA reported condo apartment sales growth of 19% in greater Vancouver above that of September 2016. Will that continue in 2018?




Housing Crash in Vancouver? Not Likely

There’s been a lot of talk about housing market crashes in 2018, but wishful thinking might what’s behind it.  At this point (October 2017) experts forecasted that housing markets across North America would be in a crash or deep decline, but it hasn’t happened. It probably own’t here or in US housing markets.  Demand is high and the economy may get stronger.

Condo Sales September 2017 in Vancouver

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2% increase from the 2,253 sales recorded in September 2016, and a 7.3% decrease compared to August 2017 when 3,043 homes were sold — from CREA October report.

There were a total of 1491 apartment condos sold in September with an average HPI benchmark price of $635,800. the price growth over the last year is astonishing with North Vancouver and New Westminster leading.




Vancouver Community Price Growth Over Last 12 months Average Price September 2017
Listings in September 2017
Greater Vancouver 16% $751,861 823
North Vancouver 25.2% $614,173 175
Burnaby 24.6% $561,558 262
Coquitlam 23.8% $482,300 78
Surrey 18.5% $304,779
Langley 17.8% $337,782
Victoria 28% $471,682
West Vancouver 2.2% $1,112,334 42
Richmond 15.6 $510,476 294
Kelowna 20.2 $399,783
New Westminster 26.5% $488,600 167

The numbers above suggest Richmond, Surrey and Burnaby are where you’ll find an affordable condo. Surrey and Langley may be the future. You’ll find a lot of student housing new construction projects in this area too close to the skytrain and the major schools. Unfortunately, you will be competing with the families of wealthy students for the units who are searching off campus.

Vancouver Condo Prices and Sales Stats Screenshot courtesy of the Real Estate Board of Greater Vancouver




How Do the Forecasts Look?

With the economy faring better, most forecasters may even upgrade their 2018 forecast for Toronto housing and the Toronto Condo market forecast, along with the Vancouver region forecast which are the only housing markets doing well.  The rest of the country is hanging on with spillover from the big cities.

When the foreign buyers tax was implemented in BC and Toronto, I suggested that instead, incentives should be provided to property investors and builders to build in areas outside of Vancouver and Toronto. Unrealistic? Long term, it benefits everyone.  These housing shortages are significant economic and personal issues. It could end in a crash.

Still the spillover has helped Kelowna, Calgary, London, Waterloo, and Ottawa.

Crisis for Condo Renters in Vancouver

The situation for many renters is definitely a crisis. There is an exaggerated need for rental properties and housing for students.  One estimate is there are more than 24,o00 families in need of housing in Vancouver and many of them may involve students studying in colleges in Richmond.

Recently 300 buyers showed up to apply for a few coop units up for sale.  If new builds decline because of a fear of rent controls and then Canadian interest rates rise, this could make the forecast gloomy.  Vancouver residents need to get more active and encourage local politicians to adopt a new attitude toward the crisis.

A new socialist driven research project called Cambie Corridor is being conducted to see if a restriction on development to force lower rents will work. In a few years, we’ll have data, but in the meantime, why would the condominium builders not just stop building in Vancouver?  Builders need incentives, where that is just a money losing proposition. They can’t create $850 apartments in Vancouver’s pricey atmosphere.

There’s a lot of belief in magic in some government quarters but the current crisis shows how badly mismanaged housing in Vancouver is.

The city awash in beautiful condo buildings however the units are out of reach of most buyers. One could ask who the builders are building for if few are able to finance them?  New government housing projects could create coop affordable units, but would they turn into another LA styled Watts neighbourhood, with crime and malaise?

Now we understand the wish for a Vancouver housing market crash.

Failing Governments in BC and Ontario Need Ideas

The previous BC government failed badly in using old school tactics to solve an International level challenge.  Rightfully, they were ousted, and now we’ll see if the NDP can actually deliver on their promise to lower income buyers and renters. Supply must be increased in Vancouver as the city just gets more popular.

And for most homebuyers in the Vancouver area, detached houses aren’t even a thought since the average price has hit  $1,617,300 which is up almost 3% since last year.  Condo hunters will have to be more persistent, patient and creative to land a condo to call home.

A solution that may support increasing availability is to open up land for development outside of Vancouver up the coast and out on Vancouver Island, or into the interior. With Federal and BC government incentives and tax support for this (take it from the foreign buyers levy — $billlions of dollar tax grab for what purpose?.   This could be used to draw businesses out into new outlying communities.

Many businesses don’t actually need to be in Vancouver. If they had an opportunity to move somewhere cheaper, they’d do it. They’d get away from the congestion too. People want to live near the jobs, thus moving  the jobs outward will take the pressure off and open up amazing new cities across BC.  Places like the Comox Valley and Sunshine Coast and Nanaimo would welcome the growth.



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Is Your Website Generating Leads? Here’s a Website that Does That

Realtors Biggest Pain: A Website that Creates no Leads

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Time to Think about the Damage your website is Doing to your Realtor Brand Image and choose a new mls idx wordpress website to build leads and sales.

From Dallas to New York and San Francisco CA, Big Picture realtors hate technical details. You want easy to understand, tangible, measurable deliverables such as guaranteed leads yet the legit real estate marketing world has little to offer.

Success is complicated and not everything comes in neat packages. SEO and social media and websites are 3 key pillars of lead generation yet guarantees cant happen. You can guarantee results through smart strategic integration and not have pay $5 to $30 per click. Let go of your security blanket, cause I want to help you discover a key asset your many competitors arent aware of — a great real estate Website.

A new website and your real estate marketing consultant  are your workhorses and here’s why you need to get going on this.

Are the experts forecasting a housing boom in San Francisco, San Diego housing crash or Los Angeles real estate bust? California has enjoyed strong growth but the picture ahead or 2017 to 2020 may be very good.  The US may be headed to a super period of economic growth and the world will learn to follow.


Few realtors know why some real estate websites work or fail. Why does your site fail?

  • it offers no compelling value proposition
  • it makes visitors jump through hoops
  • it tries to force visitors to register when you’ve done nothing to earn that trust and privilege
  • you have no house or condo listings
  • your site is not Google friendly
  • your site has no ranking power
  • your site’s content creates no fans
  • your site’s content is boring and uncompelling and hard to read
  • it isn’t social media friendly and no one shares your stuff
  • your brand isn’t meaningful or desirable

Okay, so your site’s awful. That shouldn’t stop you, because you know that with a plan and persistence, success will happen. A fully loaded, IDX MLS functional, Google friendly website for realtors, with plenty of interesting, exciting and sharable content is one that will generate traffic, leads and sales and commissions.

What Makes a Great Realtor Website?

  1. it is Google friendly – with thousands of idx mls listing pages indexed
  2. it offers a great customer experience enabling searchers to find what they want fast
  3. it makes your realtor brand and unique value proposition clear and concise
  4. it offers interesting, personalized and truly relevant content that makes the visitors experience even better
  5. interesting real estate videos,
  6. the appearance is clean
  7. the content is laid out in a way that insipires curiosity and hope
  8. searchers feel they will successfully find what they’re looking for – confidence
  9. its content is expertly optimized by a real SEO expert
  10. its content scrolls, uses big text, is easy to navigate on a smartphone, may use video background with hi res photos

Here’s an expensive but very nicely custom-designed modern website that raises the bar in real estate web design. It’s for a new construction development that has great photography, layout, and the homepage functionality that reduces clicking for a simple scrolling experience. There’s no idx mls listings of course but the homepage experience is worth noting because the goal of every visitor is to feel good. If you were buying a new condo in an urban area, you might like these condos in Brooklyn, New York.

50north50

A great website like this is a sales weapon. It converts traffic because it adds value and makes the customer journey a great experience.

If your website is sad and lame looking and offers a bad visitor experience, you should take if offline. Realtors with awful websites do extensive brand image and reputation damage with a lame website. They associate you with what happens on their website. If you have no unique, compelling content, or content that’s copied from some source, they will never see you as a leading agent, but rather someone who might be desperate for  a sale.

“It’s better not to be online than let your clients and prospects experience a crappy website”

The Fully Loaded, Hosted, MLS IDX Website that Google Loves

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Seattle Real Estate Web Sites

Why do I offer the websites I do? Because they’re powerful. They make searching a breeze and Google loves these sites. Getting thousands and thousands of pages indexed in Google and interlinked with new, original and engaging content that makes visitors feel great. They can feel they’re on the right path to find what they’re looking for. There’s lots of value for Facebook users, and exciting news for Twitter people.

Since visitors enjoy their great search experience, they will gladly submit their contact info and return later to search further.

An IDX website for realtors built in WordPress makes it easy for you to manage. You won’t need an expense web designer to update and edit. Many of you already blog with WordPress and you’re getting the same nice interface to work with.

What Does IDX Mean?

IDX for real estate agents is the Internet data exchange system where REALTORS® allow each other to show MLS property listings on their websites.  It’s a system of sharing, via a datafeed from our MLS association or others, so that all the listings on your MLS (e.g., Toronto MLS Listings) can be displayed on your website.

It is a powerful advantage that most realtors know about but yet still don’t leverage very well. This is where expertise in SEO and content optimization comes in very handy. Some IDX systems don’t work well, yet the realtors who use them are fooled into believing it is working. If you’re not getting leads, it is likely not working. However, you do need an expert SEO real estate consultant to optimize it.

WordPress sites and all their components update easily so you don’t have be concerned about all this new disruptive technology that’s racing in. You’ll be current with the new features and capabilities. And you could also have $600+ of premium plugins and other valuable bonuses.

When we do a search for Los Angeles homes for sale, one of the top ranking sites is theagencyre.com.  They have almost 9,000 pages indexed in Google. Not great, but not bad either. Theagencyre.com website is easy to understand and doesn’t oppress you with their “stuff” upon entry to their Los Angeles home listings page. You can get right to your search here and if you like what you see, then you’re ready to hear theagencyre’s sales pitch and enjoy all their stuff. This is just one reason why they’re the top Realtors in Los Angeles

theagencyre

theagencyre-homes-for-sale

I spoke about this firm and their director Santiago Arana previously. A great website is all part of the package of the Millionaire real estate agent.

If you’re a Toronto broker or Los Angeles broker or Vancouver broker, get prepared to hand over web marketing to me. Using the best mls ids website for real estate agents possible, combined with expert SEO, and compelling, sharable content for social media, we’re going to make you into a millionaire. If Merrily Hackett and Santiago Arana can start from scratch and do it, why not you?

Related posts: Real Estate Lead Generation |  Housing Market | SEO Consultant VancouverTREB Market ForecastRental Housing Market Outlook |  Los Angeles Housing Predictions 2017 | Toronto Housing Market | San Diego Housing Market | Real Estate Agents | Future of Real Estate | Toronto Real Estate SEO | Vancouver Real Estate SEO | Vancouver Condos | Toronto Condos | Vancouver Housing ForecastDigital Marketing for Realtors | Realtor Branding | MLS | Merrily HackettReal Estate SEO Specialist | Top Real Estate Lead Generation Sources | Aurora Newmarket Real Estate Forecast | Bay Area Housing Outlook

Gord Collins — Real Estate SEO Consultant for realtors in Los Angeles, San Francisco, Santa Clara, Sacramento, San Jose, Long Beach, Anaheim, Fresno, Oakland, Bakersfield, Santa Ana, Oceanside, Carlsbad, Palm Springs, Beverly Hills, Chula Vista, Irvine, and many more cities in California. Call now and let’s get started!

Why a Real Estate Agent is So Important for Buyers

The Biggest Gamble of Your Life – When you Buy a House

If you’re selling your home in Vancouver or Toronto, the danger of losing your investment is minimal. Your Toronto realtor or Vancouver realtor has insurance, licensing, has accreditation from TREB or REBGV, and your bank will likely insure you don’t get victimized by a fraudster.

realtorpresentingsmall
Buyers get nervous at signing because they’re not sure what the risks are.

Your only concern is how much you’ll get and your realtor oddly enough is going to help you get all you can for your property. He or she will even give you advice on letting go of your old home emotionally and help you prepare for your new life.



The realtor/bank/buying agent represent a triangle of safety. Licensed TREB or REBGV Realtors don’t just handle the paperwork, they’re looking out for your best interests.

If you’re considering buying a property, there’s way more risk. The Toronto market is hot and its a buying frenzy via the MLS. You could be buying into something horrible with pitfalls you didn’t even know existed. And we’re talking way more than knob and tube wiring, wood rot, and cracked foundations.

You’re on Your Own – Hope it All Works Out Okay

You probably thought your “Honest Abe” home inspector was sufficient to cover an examination of the property and warn you of dangers, but there’s lots of stories of home inspectors that didn’t do their jobs or who countered that they can only do so much to assess a property (and they’re covered legally).

When you’re signing to purchase a house and sign a mortgage to boot, that’s a scary moment, especially if you’re a first time buyer and you’re involved in a bidding war in Vancouver or Toronto. Maybe your real estate investment is sound and almost fail-safe. What are the chances Vancouver or Toronto will drop into a recession? Even if they do, the values will recover in a few years. But no one can forecast about a specific property – except maybe a realtor.

9 Buyer Pitfalls that Could Ruin You When Buying

Here’s some of the major pitfalls your Vancouver or Toronto realtor (and San Diego, Los Angeles, or Boston realtor) could spare you from:

  1. being too emotionally involved and nervous means you may lose your objectivity and the selling agent could exploit your situation (that could translate to 10’s of thousands of dollars)
  2. you don’t know what the seller’s obligations are in disclosing the state of the property
  3. selling agent knows you aren’t knowledgeable and takes advantage of your naivete
  4. you don’t have someone with a strong residential real estate background to advise you about the real value of the house or what could happen with a duplex or fourplex
  5. saves you from buying a money pit – you see it all the time on HGTV when they open up the walls of the houses they bought – in a sellers market you may even consider buying as is. You won’t have Mike Holmes around to “make it right.” The realtor focused on homes available on the MLS System.
  6. you wander aimlessly looking at homes that don’t meet your criteria
  7. you have no one to help you negotiate the best terms of a purchase – you end up getting kicked around because there are so many competing buyers
  8. you aren’t sure what’s in store for the neighbourhood, what it’s really like, and what taxes might be looming in years ahead
  9. you consider buying a pre-construction condo even they could go bankrupt taking all your money with them
  10. Was the house a grow op, did the owners smoke, when will the roof need to be replaced, and are the neighbour’s unpleasant, and did the current owners meet all the zoning bylaws?

There’s more dangers than these 10 of course.  I hope you keep your eye on the big picture when you’re spending $600k on a home.  You could fall into a situation that could end your marriage, take your money and health, and push you into bankruptcy.

Buying a home is serious business. Don’t ever go it alone just because you can find info online. Yes, people are excited about the Uberization of real estate, but their enthusiasm will undergo some tempering when it actually happens. There will be some horror stories.

 

Gord Collins is a digital marketing strategist serving clients in Vancouver, Toronto, Montreal, Calgary, Boston, Los Angeles, Phoenix and Denver in the Real estate and insurance industries.  His professional skills include SEO, content development, content strategy, link building and social media strategy.  Realtors should read up on prospecting, best sources of real estate leads, web site optimization, and check out the Toronto real estate and housing forecast for 2017.  In the market for a home loan and new car insurance policy?

Luxury Home Sales in Canada Continue Record Pace

Toronto and Vancouver Sizzling Hot Realty Markets

Although the US markets such as San Francisco, Los Angeles, Charlotte, and Miami are glowing brighter these days, Toronto and Vancouver are actually the hottest markets in the world right now. The Forecast for housing sales and combined with higher condo and home prices means realtors can raise their earnings considerably.

internationalhomepricesBoth Toronto and Vancouver are keeping pace for new sales records this year. And it’s a great time to be selling a $1Million+ home in these 2 cities. Excellent for those who have positioned themselves to sell these properties. Take a look at the sales Jason Soprovich is enjoying in Vancouver.

US and foreign investors are keeping their eye on the Canadian market as the Canadian loonie stays down at 75 cents US. There’s still time to get onboard the rising tide.

The globe and mail reports that in the first two months of the year sales of Vancouver homes valued at more than $1-million increased 23 % year over year. Toronto luxury homes were up an unbelievable 63% year over year. Overall in the GTA, home prices rose to about $720,000 on average.

Depicted at right are the world rankings of property prices around the world. Knight Frank’s most recent  world wealth report   shows “prime” property prices in Canada are rising at a rate that’s 4 to 14 times faster than the average of the rest of the world.

“Luxury home sales in Toronto and Vancouver will continue to defy gravity this spring. Both markets have the potential for significant gains and we expect heightened demand and insufficient inventory to drive price escalation and sellers’ market conditions.” — from a statement by  Brad Henderson, president and CEO of Sotheby’s International Realty Canada, reported by the Globe and Mail.

Toronto Soars

TREB reported 7,621 home sales in February, up from 6,294 — a rise of 21%.  That’s despite the fact supply is actually very limited. More homes are sneaking above the $1 million mark thus giving them the tag of luxury homes, when in fact, some of them aren’t really luxury homes at all. Is it time to refer to luxury homes as those above $4 Million? The forecast for 2017 sales and new construction are positive. It’s been record growth recently.

Vancouver Rockets

Sales of detached homes rose by 37% year over year and the average price of a detached home in Vancouver has also risen 37% to $1.3 million.  Most luxury home sales in Vancouver are from 2 to 5 Million dollars. New listings in Greater Vancouver increased 7% so clearly homeowners are starting to get the itch to sell.  Ironically, the total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7% drop compared to February 2015.

vancouver 5 year trend

It’s common knowledge that few Vancouverites can afford to buy a home. We have to ask who buyers are now in both Vancouver and Toronto?  Clearly, Millennials can only afford lower end condos in most areas of greater Toronto and Vancouver. The desperation of the market has increased the use of shadow flipping, which the BC premier says she intends to clamp down on. However, she also stated she will not do anything to affect homeowner’s equity– clearly signalling a “hands off” attitude that will appeal to luxury home and condo investors around the world.

vancouverluxury

As the white line above shows, Vancouver condos still haven’t taken off in price. Maybe this will be your investment opportunity? (Call me if you need a tenant — me. Don’t let that luxury condo sit empty when I could be minding it for you:)

With migration into Vancouver on the rise, the government will have to act fast to promote new home development. With low interest rates, investors and developers are eager to get into these fantastic market opportunites.

Luxury Home Realtors Having a Great Time

Vancouver area luxury real estate agents are enjoying a rare period of exceptional sales and income.  It could be another record year in 2016 for Sutton Group West Coast Realty who are clearly enjoying the fruits of being top dog in the current residential and commercial property boom.

Luxury home realtors may have to shift their marketing to the International investor and buying audience of Saudis, Chinese, Hong Kong, Australian, US and European buyers whose currency exchange rates given them a decided boost in purchasing power. Asian investors are buying globally, but nowhere do they feel more comfortable and welcomed as in Vancouver.

Additional Luxury Real Estate posts:

Who’s buying properties in Vancouver in Toronto?

What makes a better luxury real estate agent?

Are the most beautiful condos in Vancouver lifting the market even more?

What do home sellers really want from a realtor?

What’s up in Realtor marketing today?

 

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