Tag Archives: Vancouver west side real estate

MARKET UPDATE – Spring 2015

marty news header may 2015

As I predicted last fall, we have had one of the busiest Spring Market’s on record. March activity was up 38% compared to the same month last year. And detached house prices have been on a steep climb on both the Westside and Eastside. The offshore market is back at full strength for large Westside lots, and the local market has exploded creating a feeding frenzy on Westside entry-level homes, half duplexes, and Eastside houses.

The best way to follow the pricing in our market is to look at the Housing Price Index (*HPI). So, in summary, here is a snap shot of what happened the first three months of 2015:marty banner may 2015

* The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.

While sales are increasing, the new listings are decreasing further feeding the rise in prices. This increasing Sales/Listings ratio creates the perfect opportunity to list. If you look at the graphs below you can see how our market pricing is rapidly climbing this year.graphs

 Why are prices climbing so rapidly?
Here are some factors to consider when we speak about Vancouver’s real estate market:

» The fall in oil prices negatively impacts Alberta’s economy and housing market.  When the going gets tough in Alberta, residents flock to BC in droves.
»  The lower Canadian Dollar attracts investors from Asia and the United States
» BC currently has the number 1 economic growth of all provinces in Canada forecasted at 3% for 2015
»BC has delivered a balanced budget for the third year in a row paying its debt down this year by one billion dollars, while the annual deficit of the remaining provinces is expected to break 15 billion dollars
» Rock bottom interest rates make borrowing money so cheap it makes no sense to buy with cash even if you have it.
» Consumer confidence is rising and buyers are much more confident in our economy and the stability of the long-term real estate market in Vancouver.
» When the sun finally shines in Vancouver, there really is no better place on earth to be. We have the ocean, the mountains, good schools, safe neighbourhoods, clean drinking water, a booming free enterprise economy, rock solid banking system, and an ethnic mix creating the flavors and colours we Vancouverites have come to enjoy!

Mamortgage rates May 2015rty’s magic window – What can we expect? If we have already seen 5% increases in detached prices across Vancouver, it is not unreasonable to expect house prices to increase at least 10-15% this year.  As long as that external demand for land continues, and interest rates stay low (and there is no sign they won’t), we can expect a good 3 year run on this market surge.

The Real Estate Timing Analysis
When should I be selling my home? One of the things we cover when we
meet with you is our Real Estate Timing Analysis.  We track all the sales data over the past 5 years and tabulate this data into one easy to follow Stats Package that enables us to make informed timing decisions for our clients.  When the sales activity patterns are graphed year after year we see definite patterns defining ‘Sellers Markets’ and ‘Buyers Markets’ throughout the year.  The interestingTREE MAY 2015 point is that the patterns repeat themselves year after year.

Why is timing important? Well, for example, if you were able to time the sale
of your existing home in a Seller’s Market and offset the purchase of your new
home to a Buyer’s market it will mean substantial gains in both the sell and
buy, in some cases amounting to hundreds of thousands of dollars.  When we
meet with you we will point out these cyclical markets, advise the best timing approach, and show you the tools we use to make this possible without you having to move twice.  Its great stuff!

A clean and well-maintained home yields multiple rewards

woman mopping the floorVancouver Westside real estate owners take pride in their property.  Every home owner knows that taking care of their homes is important for several reasons: General maintenance can help reduce everyday wear-and-tear and help you notice and fix small problems before that become large ones; and psychologically, a well-kept house may involve a bit of work every day, but overall it creates a more relaxing space.  Clutter creates mental strife, so here are some ideas for keeping your home spic and span, stress-free and ready for the season:

Regular housecleaning helps catch maintenance issues before they become problematic

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Winterize your Home with Team Marty Pospischil

Team Marty Pospischil - Winterize your HomeThe air is getting colder, Halloween is approaching and families are starting to turn on their furnaces to enjoy the longer autumn nights. Even though Winter is a officially 2 months away it’s best to prepare for it well in advance – especially when it comes to saving on your Hydro bill. Mid October is the best time to winterize your home because there are still some sunny days to get the outdoor work done.

On behalf of Team Marty Pospischil we put together these 5 tips for making your home more energy efficient and keeping your home warm.

5 Tips to Winterize your Home

Nobody likes a cold draft in the middle of winter. Now’s the time to run your hands along doors that are on an exterior wall to see if you can feel any cold air coming in. You can do the same practice for baseboards and even on electrical outlets that are on exterior walls. If you feel any air coming in through your outlets we recommend purchasing some small insulation inserts from your home improvement store.

This is an especially good tactic for those that have single-pane windows. The next time you’re at the home improvement store purchase a window insulation kit which consists of plastic sheeting and double sided tape. Run a strip of tape along the outside perimeter of the window and stick the plastic to the tape and use a hair dryer to shrink wrap the plastic sheeting around the window’s perimeter.

Pipes and Gutters
Now is the time to mind your gutters because they can become clogged with the fallen leaves. This creates build up in your gutter and can lead to ice dams, which can cause water to back up, freeze and seep into your home. Next, make sure your gutters, pipes and downspouts are aligned to provide a clear path with no holes or debris. Do this by running water from your hose into your gutter and following the flow of water and ensure the downspouts are disbursing the water a fair distance away from the foundation.

Since you’ll be depending on your furnace for the majority of your heat it’s recommend to make sure its operating at peak performance. We recommend changing the furnace filter at least once a year but twice a year is optimal for increased energy efficiency. Scheduling a professional furnace cleaning and inspection can also reduce your heating costs as your furnace will now burn cleaner and save energy.

Reverse the Fan
We saved the best for last because this tip is absolutely painless and quick to implement with instant results. By reversing your ceiling fan from its normal summer position you can recirculate the warm air that rises. In the winter your ceiling fans should be turning clockwise.

We hope you found these tips useful for winterizing  your home. Whether you’re buying or selling real estate, feel free to contact Team Marty Pospischil with any real estate related questions.