AI in the Vancouver Real Estate Industry

Here’s A Peek At What Artificial Intelligence Tells Us About Vancouver Property Values

Here’s A Peek At What Artificial Intelligence Tells Us About Vancouver Property Values

This article was written by:

Co-Founder and chief data nerd at Better Dwelling.

This week we revealed we’re working with IBM’s Watson artificial intelligence, to build predictive real estate models. We revealed a few tidbits about Toronto, so to be fair we thought we’d give our readers a brief update on what we’ve learned about Vancouver real estate too. Without further ado, here’s a peek at what our robo-intern Watson has learned about the year a home is built, and the property’s value.

Land Assessment Value By Year Built On

This isn’t a shocker, but older structures tend to be located on more expensive land. Land with structures from the 1900, 1899, 1887 averaged property values of $21,636,052, $16,574,000, and $7,093,000 respectively. There was one wildcard, structures built in 2015 had the fourth most expensive average land assessment value, with an average of $6,510,555. Older buildings tend to be located on larger, more central plots of land – so it’s somewhat expected they would be worth more. However, 2015 is an interesting break from the pattern.

The lowest average property values were a little more random, but there are some correlations with the dates. Buildings from 1800 (which there may not be that many of), have the lowest average land assessment value at $100,800. The next four years were 1998 ($711,605),  1999 ($732,936), 2009 ($839,822), and 1997 ($840,528). What’s interesting about those years are, they were immediately preceded by drops in real estate prices, which may indicate there was a larger number of properties built to maximize profits over land value.

Average Land Value By Year Developed

Land Assessment Value By Decade Built On

The artificial intelligence engine also produced some interesting insights when looked at by median property value by decade built on. The 1930’s produced properties with a median average value of $3,383,473. On the flip side, homes built from 2000 – 2010 were the decade with the lowest average land value, with a media of $1,100,257. So if you’re looking to maximize land value, you might want to start finding homes made in the 1930s.

Median Land Value By Decade Developed

While that’s just a few of the insights Watson provided, it does highlight an interesting pattern of land development in Vancouver. The development cycles of property, and the value assigned by certain neighbourhoods by decade, gives us a better understanding of where Vancouverites want to live. If pricing is higher in neighbourhoods developed in the 1930s, how will tearing down these homes impact future land value? I guess that’s another question we’ll take a look at on another day.

 

 

Collingwood

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Location

Collingwood is located in East Vancouver and boarders Boundary Road on the East, Nanaimo Street at the West, East 29th Ave at the north with a north west section crossing Vanness Ave and East 41st Ave at the South.

Parks

Collingwood has Eleven Parks including, Slocan park, Cariboo Park, Carleton Park, Price Park, Collingwood Park, Norquay Park, Gaston Park, Earls Park, Melbourne Park, Foster Park & Aberdeen Park.

Collingwood Residential Market Stats

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

Vancouver Eastside Stats – July 2017

Inventory Sales Sales Ratio* /strong> Inventory Sales Sales Ratio*
$0 – 300,000 1 1 100% Champlain  Heights 19 14 74%
300,001 – 400,000 19 13 68% Collingwood 39 41 105%*
400,001 – 500,000 24 49 204%* Downtown 14 4 29%
500,001 – 600,000 43 33 77% Fraser 6 8 133%*
600,001 – 700,000 31 23 74% Fraserview 16 14 88%
700,001 – 800,000 33 16 48% Grandview 6 11 183%*
800,001 – 900,000 14 18 129%* Hastings 14 12 86%
900,001 – 1,000,000 8 6 75% Hastings East 2 5 250%*
1,000,001  – 1,250,000 21 14 67% Killarney 9 1 11%
1,250,001  – 1,500,000 20 8 40% Knight 11 4 36%
1,500,001  – 1,750,000 3 1 33% Main 6 4 67%
1,750,001  – 2,000,000 1 0 NA Mt Pleasant 50 52 104%*
2,000,001  – 2,250,000 2 0 NA Renfrew  Heights 0 0 NA
2,250,001  – 2,500,000 1 1 100% Renfrew 4 5 125%*
2,500,001  – 2,750,000 2 0 NA South Vancouver 0 0 NA
2,750,001  – 3,000,000 0 0 NA Victoria 29 8 28%
3,000,001  – 3,500,000 0 0 NA TOTAL 225 183 81%
3,500,001  – 4,000,000 0 0 NA
4,000,001  – 4,500,000 0 0 NA
4,500,001  – 5,000,000 1 0 NA
5,000,001 & Greater 1 0 NA
TOTAL 225 183 81%
0 to 1 Bedroom 68 80 118%*
2 Bedrooms 106 73 69%
3 Bedrooms 45 26 58%
4 Bedrooms & Greater 6 4 67%
TOTAL 225 183 81%
Median Data June July Variance
Inventory 205 225 10%
Solds 279 183 -34%
Sale Price $580,000 $565,000 -3%
Sale Price SQFT $786 $715 -9%
Sale to List Price Ratio 106% 103% -3%
Days on Market 8 9 13%

 

 Tom Ikonomou East Vancouver Realtor

Renfrew

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Location

Renfrew is located in East Vancouver and boarders East Hastings Street at the north, Grandview Highway on the south, Nanaimo Street on the west and Boundary Rd at the East. Renfrew is a diverse area that includes a substantial business community in several areas.

Parks

Renfrew has seven parks including Hastings community Park, Adanac Park, Charles Park, Rupert Park, Clinton Park, Sunrise Park & Kaslo Park.

Residential Market Stats

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

Some foreign buyers get break from tax they face on Vancouver real estate

This article was written by Derrick Penner in the Vancouver Sun on March 17, 2017

The real lesson Ontario can take away from B.C.’s carbon tax
030817-dejong.jpg-228803786-dejong-W.jpg© BC government 030817-dejong.jpg-228803786-dejong-W.jpg

The province has expanded its exemptions to the foreign-buyer tax on real estate to include workers coming into B.C. under the provincial nominee program, Premier Christy Clark announced Friday.

She also said the government will rebate the tax to foreign nationals who become permanent residents of Canada within a year of purchasing a principal residence, so long as they lived in the home for a full year.

Because the 15-per-cent tax has helped cool Metro Vancouver’s property markets, Finance Minister Mike de Jong said the province “is now in a position to provide targeted relief to help ensure our province continues to attract skilled workers and entrepreneurs.”

In February, the government announced it would offer exemptions to the tax for foreign nationals living in Metro Vancouver who held work permits.

Also, people who arrived in B.C. on the provincial nominee program after Aug. 2, 2016, when the tax took effect, will be able to apply for retroactive exemptions.

In a news release, Clark said the revisions to the tax were made in part to help the province’s booming tech sector, which relies heavily on the provincial nominee program.

The province brought 6,000 skilled workers into the province using the nominee program in 2016, 900 of whom came here for jobs in technology. B.C. aims to bring another 6,000 workers to the province under the program this year.

“British Columbia has always welcomed the world’s best and brightest, where they find a place that embraces them,” Clark said in the news release.

In making the announcement, the Ministry of Finance distributed job-creation figures showing that employment growth in B.C.’s tech sector, at 2.9 per cent, exceeded the overall provincial average of 2.5 per cent employment growth.

The province estimates that one-third of new job openings expected by 2025 will have to be filled by immigrants, according to ministry calculations.

 

 

 

HOME INSPECTIONS & INFRARED THERMAL IMAGING

By Peter Jesal

Posted February 22, 2017

In Energy loss Evaluations, Home Inspections, Infrared Inspections, Mold Inspection & Testing, Thermal Imaging

 Vancouver Home Inspections
Homeowners may be surprised to find that infrared thermal imaging is an excellent tool and that it can be used to their advantage. This is especially true if you are purchasing a home and have decided to include a home inspection as a part of your due diligence. Even those not wishing to buy or sell and who are current homeowners can benefit greatly from all that infrared thermal imaging has to offer. Scans can find problems that would otherwise go unnoticed or undetected. Many of these problems are usually not even visible or perceptible to the naked eye.

Why Is a Thermal Imaging Home Inspection So Useful?

The early beginnings of thermal imaging can be traced back to military applications that were used several decades ago. Eventually this technology made its way into the residential home inspection industry. The fact that the cameras used in thermal imaging are becoming increasingly more affordable as the price of manufacturing continues to go down makes this type service even more common today. That said more home inspectors than ever before are incorporating thermal imaging into the overall home inspection process.

Infrared thermal imaging is a powerful tool for finding a wide array of issues that would otherwise never be identified. This includes everything from leaking plumbing to missing insulation as well as heating and cooling losses. In addition, electrical components that are overheating as well as foundation leakage can easily be identified through the use of infrared thermal imaging detection cameras. In truth, in today’s world of modern technology, no home inspection is fully complete unless it has had adequate thermal imaging performed.

 

The Key To Successful Thermal Imaging

Homeowners and homebuyers should be particularly cautious when choosing thermal-imaging services offered by home inspectors. This is because there are many inexperienced inspectors that may be offering thermal imaging services to be included with a standard home inspection. However, not all infrared thermal imaging services are the same. A home inspector should have a minimum level of thermography certification that meets ASNT SNT-TC-1A guidelines. In short, those who offer thermal imaging must have at least “level one” thermography certification. In addition, those carrying this type of certificate must be able to show proof that their certificate is in compliance with the guidelines as discussed in this article.

Most importantly, consumers should exercise caution when hiring an infrared imaging home inspection service that claims to be “infrared certified.” These are often individuals who have attended a “weekend course” on infrared inspecting. This type of training fall short of what can be expected from an actual “level one” certified infrared inspection professional. Another important consideration that must be taken into account when having thermal imaging scans done is the indoor temperature of the home at the time of the imaging.

A professional thermal imaging inspector will adhere to industry standards by ensuring that there is an adequate difference between the indoor and outdoor temperature guaranteeing that any thermal imaging will be accurate. An experienced, knowledgeable certified “level one” thermal imaging inspector may actually decline to offer services when conditions are not optimal. In fact, they will only do a thermal imaging scan when they know that the data will be valid and useful to the consumer. Take the time to ensure that you are hiring a true professional who offers professional grade infrared thermal imaging scanning services. This is the best way to always get your money’s worth.

 

About Peter

Contact Peter Jesal to learn more about Coquitlam infrared home inspections and Vancouver BC mold inspections that get results. Peter is an accredited and experienced home inspector. He is also a certified Level 1 Thermographer.

Jesal Home Inspections mold Inspections are offered in Vancouver BC including advanced thermal imaging technology. Jesal Home Inspections is one of the first companies to offer this service included with all Vancouver Indoor Air Quality Testing (Mold Testing).

 

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