2017 Pumpkin Patch, Thank You Vancouver For Your Support!

2017 Pumpkin Patch, Thank You Vancouver For Your Support!.

This past weekend at our annual Pumpkin Patch Fund Raiser Event, we raised $2500 towards cancer research and treatment options (BC Cancer Foundation) and for Trafalgar Elementary School.  You and your neighbours came out by the hundreds to get a fright, pick your favourite pumpkin(s), eat popcorn, cupcakes and play with dozen of halloween toys and monsters to support this great event. Over 300 pumpkins were chosen and a good time had by all!

See more photos and view our eye in the sky of the event below:

Aerial Video:

MARKET UPDATE | FALL 2017

MARKET UPDATE – We have seen many changes over the past 18 months in our Vancouver market. Beginning with the provincial governments introduction of the Foreign Home Buyers Tax 15 months ago to today there have been a number of fluctuations in the market place. While from October 2016 to April 2017 we witnessed a market stabilization, the provincial election results in May this year threw more uncertainty into our market and has resulted in a somewhat “Wait and See” approach to many who would have otherwise listed and sold and purchased a new home. This history is clearly reflected in the Median/Average Sales Price graphs below over the past 3 years.

We have seen this quietness (predominantly in the detached category) before, causing a buildup in market activity that suddenly lets loose causing an overwhelming market surge. The surge usually includes activity and prices. Have you ever seen in those water parks where there is this gigantic bucket about the size of a garden shed that slowly fills with water and after some time of slowly filling it all of a sudden tips and pours all the water out. The market demand is similar. If the demand is not satisfied over a period of time, such as after this long ‘wait and see’ period, the market all of a sudden will explode and surge back. This usually occurs after some positive news/signs spurting some activity which grows quickly into an explosion. Consumers see the explosion of activity and all jump in at once. This is what will happen in due course for detached homes. Perhaps this fall, perhaps next spring but it will happen. This is of course barring any further government intervention in our marketplace. That of course would be like stretching that big bucket to twice its size before it tips. Longer gap / larger explosion.

residential average sale prices - jan 1977 to august 2017The interesting thing to note here is that contrary to the detached homes, the attached townhome and condo market is quite active with prices on the rise. This is mainly due to affordability and the fact that detached takes a much higher commitment level financially and time wise, particularly when a property is going to be extensively renovated or taken down for new construction. So for the first time in a long-time Vancouver is showing segregation between the detached and attached markets. The government intervention and consumer uncertainty has had much smaller impact on the attached market. This is evident when we break apart all three product types into individual data series as seen to the right.

If we look at the Sales-Active Listings Ratio we see even more clearly the differences. If the ratio is below 12% there is downward pressure on pricing, if it is between 12-20% the market is balanced, if the ratio is above 20% there is upward pressure on pricing.

As of the end of August, the Sales-Active Listings ratio is 16.3% for detached homes, 44.8% for townhouses, and 76.3% for condominiums.

Marty and Adam signatures

VIENGPING CHILDREN’S HOME – CHIANG MAI, THAILAND

This summer we had the wonderful opportunity of making another visit and donation to the Viengping Children’s Home in Chiang Mai, Thailand. This orphanage is a non-profit organization mainly run by volunteers to house children that do not have a home to grow up in or parents who love them. This is a home for orphans, abandoned children, HIV infected children. Ages range from newborn to 18 years of age. The school helps about 400 children at any given point in time with 140 of them living onsite, and another 260 receiving offsite support in foster (but non-adoptive) homes in the Chiang Mai area. Every year approximately 36 children get adopted all over the world from here. My family and I have met many of them over the years. They track the children and whenever possible have contacts in those countries to visit the children in their new homes to check up on them. They do great work and the team and I are proud to be sponsors of the Viengping Children’s Home.

THE 2017 RIDE TO CONQUER CANCER – $8.3 MILLION RAISED

On August 26th and 27th Adam and I once again had the pleasure of participating in the annual Ride To Conquer Cancer. Over two days we rode from Vancouver to Seattle covering 250km over varied terrain and some surprises. We had great weather this year with some good heat and thoroughly enjoyed the Red Truck beer at camp in Mt. Vernon after conquering the Chuckanut Highway out of Bellingham. Camp has some excellent, nutritious food and they managed to link up to the McGregor/Mayweather match for some great entertainment. We were in the blue tent! Day 2 is always the hardest with the endless number of hills that need to be climbed as we approached Seattle. They just keep coming and coming . . . but alas another free cold beer at the finish

Thanks to all of you that supported our fundraising efforts over the past 12 months. You donated at our client parties, movie mornings, silent auctions, and directly online. Along with 2000 other riders, we helped raise $8.3 million this year towards cancer research and treatment options at the BC Cancer Foundation. Over the past nine years the Ride To Conquer Cancer has helped raise $85.3 million for the BC Cancer Foundation. Team Pospischil Realty, through your generous support, has proudly contributed over $320,000 to this total over the past 8 years.

As a cancer survivor myself I know the challenges cancer patients and their families face in their journey through diagnoses, treatments, and the roller coaster of emotions towards the finish line. Our annual ride reminds me personally of my past challenges and enables me, and those that joined us through their support, to help push the boundaries of research and treatments to help those on the journey today, and in the future. And perhaps one day we can celebrate a victory in a cure to cancer.

We have signed up for the 2018 Ride To Conquer Cancer which is affectionately being called “The Ride for Hope” as next year’s ride will be from Vancouver to Hope! Should be fun. We have just setup our donations page and welcome any online donations through the new golden link on our home page at www.pospischilrealty.com

ride to conquer cancer button

Once on the Ride site under Team Roster, click either Marty or Adam to go to donations page

LATE SPRING MARKET UPDATE

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Just as I predicted in our New Year newsletter, the market has taken off and is on an ascent to new record levels this year. Just the other day we sold a character 33’ lot ‘north-of-4th’ 1912 home in a multiple offer situation selling $520,000 above asking. Now if that’s not an indicator of a market recovery I don’t know what is. We have a couple dozen similar stories of other recent sales this year. Both the Eastside and Westside markets are now in ‘Sellers Markets’ with sales ratios above 21%. With inventory levels beginning to climb substantially now, home owners are now more comfortable listing their home for sale as there are more and more purchase options for them. And the residual left-over buyer demand from last year, coupled with this year’s increasing demand, has created and insatiable buyer appetite. So new listings are being very well received if handled properly and marketed strategically.

Following the government intervention into our market at the provincial, federal, and municipal levels last year, our market responded negatively falling by approximately 15%, hitting rock bottom in October. Like a stunned fighter after a knock-out blow, our market sat up in late fall gathering it senses. By the new year, it was on its feet gaining strength and today it’s in full recovery mode gaining strength by the week.

Just another clear message to our governments that government intervention at any level with poor planning and no industry dialogue is doomed to fail. I mean really? What were they thinking?

The hottest segment of our market is still attached condos, townhomes, and half duplexes breaking the 70-80% sales ratio market. Again, this is mainly driven by affordability for the upgrade buyers adding to the increased downsizing demand. Detached houses on the eastside followed by houses on the Westside are also getting hotter and hotter.

Timing your move either up or down is one of the most critical decisions you need to make when making a move. Through our detailed Real Estate Timing Analysis, Adam and I go through a well-researched custom timeline for you that enables you to take full advantage of the cyclical and overall market patterns. It’s our job to make this next move the best ever from the sell to the buy.

So far, the team and I are on a record setting pace this year with over $37,000,000 in properties sold so far. And the vast majority of these sales have been at record setting values thanks to the continued success of our 38+ Point Marketing Plan and Backoffice follow-up and tracking systems. Thank you for continuing to recommend us to your neighbours and friends. Our repeat and referred clients continue to account for over 80% of our business. We value your business and those that you send to us. Again, thank you!

Marty & Adam

sales-to-ratio

ANNOUNCEMENTS

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Congratulations David Wu! – Or is it Captain Wu

The team and I are very proud to announce David’s recent completion of the difficult Aerobotika Academy UAV Ground School certification for flying unmanned aerial vehicles. Flying UAV’s or drones has become an increasingly difficult task as regulations tighten and certification protocols increase.  Mainly due to maintain air traffic safety, certification is a requirement for any UAV flights. Flying ‘Jupiter’ our drone above you home enables buyers an unparalleled view of your home and its surrounding neighbourhood.  Proximity to parks, water, shopping and amenities becomes clear at the 100′ altitude 360 degree videos David will shoot.  No one in our market area can offer you in-house drone flight services for this kind of exposure.  Great job David!

jenniferHome Preparation Coordinator – Jennifer

I am thrilled to announce the appointment of our newest team member, Jennifer Correa.  Many of you have already had the pleasure of having Jennifer assist you in your home staging prior to the sale of your home.  Jennifer comes to us with years of experience in real estate, home services, and has a keen eye to help you make your home show its very best before we hit the market.  As part of our full-service team, Jennifer is now at your disposal in the very important stage of preparing your home for sale. Our clients find Jennifer’s helping hand and guidance a big relief and great benefit in the sales process and we are getting nothing but positive feedback on Jennifer and this new additional service we offer.  Keep up the good work Jennifer!

These two announcements are part of our team’s continued effort to provide the highest level of service in the industry to you, our clients.

DEXTER ASSOCIATES REALTY – TOP TEAM AWARDmarty-a

 

I am proud to announce that once again Team Pospischil won the top team award at the Dexter Associates Realty Awards Banquet this past week.  Each team member put in 110% this past year to make this award possible.  Great job team!

marty-bIn the photo are (from left to right) Dexter Associates President – David Peerless, me, Adam, David, and Dexter Mgr – Kevin Skipworth.

 

 

MARKET UPDATE – SPRING 2017

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Thanks to last year’s heavy government interference in the real estate market, we hit all-time lows in August 2016. Foreign homebuyers tax provincially, the vacant home tax locally and the revised and more stringent loan regulations federally caused a significant drop in pricing in our market last year. In many cases as much as a 15% drop in pricing across Vancouver. Through Fall we experienced some moderate price recovery mainly due to the lack of product on the market.

From the onset of our market in 2017 we have experienced a great shortage of product across all levels of our market and increased demand. As a result prices have continued their gradual recovery.

Consumer confidence has returned for a number of reasons. Firstly, bank and mortgage specialists have figured out the new loan regulations and are more confidently approving clients. Secondly, there is a significant number of buyers who did not buy last year and followed the market on its downward decline who have now jumped back into the market taking advantage of current pricing so the pent-up demand from last year is letting loose. And thirdly, the entry level segment of our market in condos, town homes and half duplexes has become extremely hot allowing sellers in that market to upgrade to higher more expensive detached product. When the entry portion of our market becomes active it feeds the upper end detached market eventually.

The interesting thing we are experiencing currently is incredible market compression in pricing. In plain English, this means that upgrade buyers are in a very unique window to jump from entry and middle end product into more expensive detached housing. There’s never been a better window to do this than right now so upgrade buyers are benefitting greatly in this market.

As these buyers feed into the upper end of our market, the current market compression will begin to unravel and prices in houses will start to take off. And this will happen rather quickly. As prices climb in the detached market, many downsizers will also take advantage of this window while the demand for their homes is high.

The catalyst in our market decompressing will be the onslaught of houses hitting the market. This usually takes place in March / April. It’s complicated to follow precisely unless you’re doing it every day like us. But our Real Estate Timing Analysis which we cover in detail with every client that we meet with has become an invaluable tool in precisely targeting the perfect times to hit the market for a sale or a purchase depending on the specific product in question. The graph below shows the annual cycle of activity throughout the year, clearly defining our spring and fall peak market activity periods.

MLS Homes Sales ActivityDespite negative forecasting in the media about our Vancouver market, I believe we are going to see an excellent year of market recovery and appreciation in all segments of our market. Canada and specifically Vancouver will continue to be targeted as one of the destination cities to live in, invest in, and enjoy the benefits.

My prediction, I can very easily see prices appreciating by 10% by year’s end in 2017.Marty & Adam

 

BC GOVERNMENT ANNOUNCES BC HOME OWNER MORTGAGE DOWN PAYMENT ASSISTANCE LOAN PARTNERSHIP – FOR FIRST-TIME HOMEBUYERS

What is this program?

The government of British Columbia has introduced a program designed to help first-time homebuyer clients buying residences located in BC. Repayable down payment assistance loans will be made available between February 15, 2017 and March 31, 2020 to eligible first-time homebuyers requiring a high-ratio insured first mortgage.

How does it work?

After a Buyer is pre approved for their mortgage with their mortgage broker they can apply for the program using the online application form on the program website.

The program will match Buyer’s down payment amount for up to 5% of the purchase price of the home. For the first five years, the 25-year loan is interest-free and payment-free. Afterwards, they will need to make principal and interest payments, amortized over the remaining 20 years. Our understanding is that this interest rate will be based on today’s rates.

Eligibility Requirements Include:

* Clients on title must be first-time homebuyers.

* Client must have been a Canadian citizen or permanent resident for at least five years and have lived in BC for the last 12 months.

* Client plans to purchase a home for $750,000 or less.

* Client has saved at least half of the minimum down payment required.

* Client has a total household income of $150,000 or less.

* Client is making the home their principal residence.

* Clients that are currently approved for a mortgage and meet the qualifications can apply for down payment assistance.

* Maximum amount available though the program is $37,500.

Other terms and conditions of the loan program apply. For information about the program, visit BC Housing at www.bchousing.org/housing-assistance/bc-home-partnership.

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