The Vancouver Real Estate Blog

 

 

Click HERE to go direct to your Neighbourhood. Get access to resources, property info, news & updates via electronic messaging. You may withdraw consent anytime. We take your privacy seriously. For market stats specific to your home and area call Tom Ikonomou direct at 778.879.8366 or reach out to us here

The Vancouver Real Estate Blog was created by Tom Ikonomou, a real estate sales professional with RE/MAX City Realty to provide readers up to date information regarding the Vancouver & surrounding area Real Estate Market. When you’re ready to buyer or sell contact Tom Ikonomou for a free non-obligatory market evaluation.

Strathcona

Location

Strathcona is located on the north side of Great Northern Way and stretched from Main Street to Clark Drive.

Parks

Strathcona has six parks including: Trillium Park, Strathcona Park, Strathcona Linear Park, Mclean Park, Oppenheimer Park, & Thorton Park,

Strathcona Residential Market Stats

To View all Detached homes currently for sale click HERE

To View all Attached homes currently for sale click HERE

South Marine

Location

South Marine is located on the south side of S.E Marine Drive to the Fraser river and stretches from Ontario Street all the way to Boundary Road. South Marine is home to Vancouver’s newest water view condominiums.

Parks

South Marine has two parks including Gladstone Riverside Park, Riverfront Park & Adcy Beach.

South Marine Residential Market Stats

To View all detached homes currently for sale click HERE

To View all attached homes currently for sale click HERE

 

Pitfalls of living in Vancouver

Living in Vancouver comes with it’s share of surprises. You’ve just visited a nice store or coffee shop in a beautiful neighbourhood then walk up to where you thought you’ve parked your car and can’t see it. The first reaction you will get is “oh, I’ve must of parked somewhere else or I’ve must of walked past my car” Who is a great realtor in vancouverso., after a few walks up and down the block

you remember the spot where you’ve parked.  Next thing that runs through your mind is even worse.. you think “someone’s stole my car” oh crap.. why did I leave my laptop in the truck? Now what am I going to do with the mirage of other things I’ve left in the trunk.

So you make the dreaded call to the police to report your car stolen. The police ask you to contact the City of Vancouver and give you their number. So here you are in the middle of the sidewalk waiting for your call to go through. Luckily, you get a live person who tells you to contact Busters. Busters? who’s Busters? Busters is the towing company contracted to pick up cars for the City of Vancouver. Busters.. you think in disbelief for a moment then you call them. Sure enough they ask for your plate number and confirm your car is at their compound.

At this time you have mixed emotions. The same mixed emotions you’d have if you watched your mother in-law drive over a cliff in your brand new Porsche. So you say out loud… Busters?!?!  … B@#%RS!!! Immediately you find a way (with lightning speed) to get to the impound, pay the towing fee and then pay the parking ticket that was issued mere seconds before your car was towed. What?!?! Another fee?!?! Talk about putting salt on the wound. Oh well, at least I still have my laptop and all the other important stuff (you think to yourself and then skip that dinner for two at the Keg).

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Vancouver has a lot of signs.. and I mean a lot. Some of them can be quite confusing if you don’t look twice. One particular parking by-law you can miss is where you’re parked on the side of a road where there is no post indicating how far from the curb you can park.

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You must be at least six meters from where the grass on the sidewalk meets. There are a number of these types of intersections and you don’t want to discover them the hard way. Below is what I call the tow away hot zones. Notice how the distance from this post is a lot closer to the intersection than six meters? Keep an eye out for these and always remember, the sign does not have to be there to indicate a tow away zone.

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Living in Vancouver is very rewarding and over time, you get to know where to park.. or where not to park.

Top 10 Ways to Reduce Turmoil for Homebuyers

  1. Find a real estate agent that’s simpatico. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you choose is both skilled and a good fit with your personality.
  2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long. 

    Monopoly-FullSize

  3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.
  4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go. Look carefully at the home inspection report but remember, home inspectors cannot pass or fail a home. They will bring to light items of concern that you may has missed during your initial viewing. These items for example can be that the 10 year old hot water tank is past it’s life cycle and should be replaced soon.
    Building without Professionals
  5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love.
  6. Remember that your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself–room size, kitchen–that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home.
  7. Get financing approved first. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
  8. Account for extra costs. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.
  9. Prepare to be uncomfortable. For most people a home is the single largest investment in their life. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.
  10. Treat your home as a home. Choose a home first because you love it; then think about appreciation. While Canadian homes have appreciated an average of 7.3 percent annually over from 2014 to 2019, a home’s most important role is as a comfortable, safe place to live.

Tom Ikonomou RE:MAX City

 

There are more, way more things to consider when buying a home and your real estate professional can guide you through the process. To streamline the process Click HERE

The City of Burnaby takes a lot of heat for its system of bike lanes.

A construction crew made a terrible decision to block this Burnaby bike lane

The City of Burnaby takes a lot of heat for its system of bike lanes.
Cyclists have messaged me repeatedly with criticism for poorly marked bike lanes, or areas that could really use protected bike lanes.
Some of the heat is unfair because the city is working on an expanded plan that simply takes time to implement. Other criticisms are right on the mark.
One issue that cropped up that seems like an easy fix. Cyclist Richard Campbell (no relation) tweeted the city about construction signs actually being placed in the middle of a bike lane on Lougheed Highway at Brentwood.  Read more

July 2019 Greater Vancouver Market Stats

July 2019 Market Snapshot

Home sales increase in July

VANCOUVER, BC – August 2, 2019 – Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019.

Last month’s sales were 7.8 per cent below the 10-year July sales average.

“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashley Smith, REBGV president said. “Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”

There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2019. This represents a 3.3 per cent decrease compared to the 4,770 homes listed in July 2018 and a 2.9 per cent decrease compared to June 2019 when 4,751 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,240, a 17.3 per cent increase compared to July 2018 (12,137) and a 4.9 per cent decrease compared to June 2019 (14,968).

For all property types, the sales-to-active listings ratio for July 2019 is 18 per cent. By property type, the ratio is 13.5 per cent for detached homes, 20 per cent for townhomes, and 22 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,” Smith said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4 per cent decrease over July 2018 and a 0.3 per cent decrease compared to June 2019.

Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.

Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.

Attached home sales in July 2019 totalled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.