april, may, june p lus q2 2016 - faith wilson group · median sale price in q2 seller's market...

WESTSIDEVANCOUVER’S QUARTERLY RESIDENTIAL REAL ESTATE ANALYSIS

APRIL, MAY, JUNE Plus Q2 2016

Faith Wilson Group Presents

203Townhouses sold in Q2.

Represents a

22.6% increase from Q1 2016.

9in Q2 2016.

DetachedNew Listings

in Q2 2016:

966

$658,000Median Sale Price in Q2

SELLER'SMARKET

+25.1%increase over Q2 2015.Westside Townhomes.

Average Sale Price

CondosMedian Days

on Market:

12.5%decrease

since Q2 2015.

for Westside condos.

Median Sales Price

$3,600,000

77%A Strong

Seller's Market.

Westside Condo Sales to

New Listing Ratio:

13.6%

decreasefrom Q1 2016.

Westside units sold

Westside Detached inQ2 2016.

24.6%increase

TownhomesNew Listings

The downturn in Metro Vancouver housing sales that we have been tracking over the past few months is not surprising and should not be alarming. After many months of record-setting sales increases, it

is only natural that a peak would be reached. We have seen similar cycles in the past and will certainly experience them in the future.

In a video address in January of this year, I predicted a very active spring selling season followed by a market slowdown during the summer, which we are now experiencing.

But the right term to use is slowdown and not downturn in Canada’s most dynamic housing market. With the 0.6% increase in total housing sales seen in June, compared with June of 2015, transactions through the Real Estate Board of Greater Vancouver in the first half of this year reached 11,503 homes, well above the 8,663 sales experienced in the first half of last year. June sales, in fact, were 28.1% above the 10-year sales average for June and the highest selling June in history.

Slowing sales are seen primarily in the detached housing market, while sales of townhouses and condominiums in June increased by 7.2% and 18.3%, respectively, from June 2015. Detached housing sales in June were down 18.2% from the same month a year earlier. Home buyers are definitely following affordability.

In South Surrey-White Rock, which had been leading all of the Lower Mainland in sales increases this year, detached housing sales dipped 25.1% in June compared to a year earlier, while sales of townhouses posted a modest year-over-year decline of 1.2%. Much of this could be due to lower inventory: active listings for detached houses are down 9.1% from a year ago and townhouse listings have plunged 68.8%.

Still, with benchmark prices across the Lower Mainland up 32.8% from a year ago and the

sales-to-listing ratio above 53%, this remains very much a seller’s market. Also, with 14,840 new homes starts across the Metro region during the first six months of this year – up 62% from a year earlier – the inventory is increasing, particularly for strata properties.

The current conditions, though, send a clear signal to both sellers and buyers. For sellers it means do not take anything for granted. Be certain that your price and your property reflect a potentially more competitive environment. For buyers, it opens greater opportunities to find a home at certain price points.

For real estate professionals, it means going that extra mile to ensure that all of our clients

receive accurate information and pertinent advice on home selling or buying strategies.

I know many pundits will be talking about a housing bubble, even forecasting a general slowdown in the Lower Mainland residential market. But keep this in mind: the decisions you make are individual choices based not on statistics or forecasts but on what is right, right now, for your family, your lifestyle and your future.

The best deal in today’s housing market is the one that you are satisfied with. Everything else is just noise.

Warmest Regards,

PAGE 2 Faith’s Exclusive Westside Analysis

SOFTENING IN HOUSING SALES NOT SURPRISING OR SCARY

The information included in this report is based on residential sales data and statistical information sourced and compiled from the Real Estate Board of Greater Vancouver’s MLXchange database and the REALTOR Link® website. The information is current as of January 15 2016 and is subject to change by the REBGV. Faith Wilson Realty Group Inc., makes no guarantees as to the accuracy of the information provided and is not responsible for changes, errors or omissions to this information.

Discover YOUR neighbourhood's real estate market activity,

trends & benchmark pricing.

Finding the right home in the right neighbourhood can be a challenge. That is why we have our exclusive Neighbourhood Profiles available for you on our web site. Each profile features: • Information on the neighbourhood's

schools, housing, recreation, shopping, restaurants, transportation and more.

• A summary of CURRENT active listings, arranged by property type and showing the number of units available and the median asking price.

• Up-to-date MLS® HPI Benchmark prices AND price changes from one month to five years - a rich resource to instantly see the price trend of the type of home you are interested in, within your specific neighbourhood.

To do so, visit FaithWilsonGroup.com and find out about Vancouver Westside, Eastside, Downtown, North Vancouver, South Surrey and Richmond neighbourhoods. With more coming soon.

Canada's top banking regulator is telling the big banks to pay more attention to who they are giving mortgages to, and warning them that it is stepping up its scrutiny of their loan books. The Office of the Superintendent of Financial Institutions Canada has sent a letter to all federally regulated financial institutions reminding them that it expects them to have "prudent underwriting of residential mortgage loans."

Like many in the housing sector, OSFI has recently become concerned with elevated debt levels, specifically as it regards to the risks that banks are taking on by loaning more and more money to people eager to buy into Canada's housing market.

"With rapid price increases in some areas and current exceptionally low interest rates, the risks are getting larger," OSFI head Jeremy Rudin said. "Given this environment, OSFI has enhanced its supervisory oversight and identified a number of issues that warrant close attention by mortgage lenders."

Among them, the regulator singles out some practices that are thus far believed to be rare in Canada, but growing, such as:

• Income verification (where lenders loan money to borrowers without accurately monitoring their income).

• Non-conforming loans (loans that don't meet an institution’s own internal parameters).

• Debt service ratios (borrowing a dangerously high amount compared to the ability to pay it).

• Appraisals (loans based on incorrect assumptions of the property's actual value).

"OSFI expects mortgage lenders to verify that their mortgage operations are well supported by prudent underwriting practices, as well as sound risk management and internal controls that are commensurate with these operations," the regulator said.

On the subject of income verification, the regulator was blunt: "OSFI is aware of incidents where financial institutions have encountered misrepresentation of income and/or employment."

"Income that cannot be verified by reliable well-documented sources should be treated cautiously when assessing the ability of a borrower to service debt."

OSFI says it is also pushing ahead with plans first announced last December to ensure banks have enough capital on hand as a percentage of how much they have loaned out, "to better position them to withstand potential losses."

PAGE 3Faith’s Exclusive Westside Analysis

KEEPING A CLOSER EYE ON LENDING

Lorraine Gingras

Mortgage SpecialistRBC Royal [email protected]

Our Award-Winning Team Benefits You.On March 15, I was humbled to be inducted as a Lifetime Member of the Medallion Club by the Real Estate Board of Greater Vancouver. Aside from providing the realization of how long I have been working as a professional Realtor®, this is a recognition of Realtors who have performed in the top 10 per cent of all Board Realtors for at least twenty years and, to quote the Board, “reflects a Realtor’s professionalism, ethics, commitment to the industry and dedication to clients.” And the years have flown by!

"You will receive the benefits of the years of experience and

untold negotiations to help you achieve

your goals..."

At the same event, I am proud to say our Faith Wilson Group team was awarded their Team Medallion President Club for the eighth consecutive year, for performing in the top 1% of all Medallion Club teams.

As I accepted the awards I felt blessed to be surrounded not only by what I consider to be the best real estate team in Canada, but also to have had the opportunity to have been allowed to work with so many wonderful clients in my professional career. These buyers and sellers have trusted in us, and I am forever grateful for each opportunity.

Other recent awards of note for the Faith Wilson Group team include: being presented with Best Real Estate Agency Canada award 2014/2015 by the International Property Awards and also Best Real Estate Web Site Canada award, three years running and Top Westside Agent by units of combined ends (IMS Inc.) four years running.

While this recognition is nice, what it really tells you is that when you work with Faith Wilson Group you are working with a proven team of seasoned and experienced professionals, all of whom are dedicated to the one philosophy

that I have had since I started the company: total commitment to client satisfaction.

Faith Wilson Group is a collaborative team where our Realtors work together in our clients’ best interests, at all times. Specialists in each step of the buying and selling process contribute their expertise to ensure that each and every transaction that we are part of is done correctly, ethically and with minimal hassle for you, the client.

When selling, we assess and recozmmend an accurate market value for your home, assist in preparing the property for sale, deliver marketing to the widest possible audience, hold professional showings and ensure all offers and contracts are in your best interests; when buying we listen to you, to what your dreams are, what is important in your next move then start the search, providing you with all of the tools that you requires to see what is available, and help with preparation to move quickly when it comes up. In both cases you will receive the benefits of the years of experience and untold negotiations to help you achieve your goals, because that is what really matters most.

Faith’s Exclusive Westside Analysis

THE REAL NEIGHBOURHOOD RESULTS: APR 2016

APRIL - SINGLE FAMILY DETACHED HOMES

SALES AND BENCHMARK PRICES BY NEIGHBOURHOOD

BENCHMARK PRICE CHANGE (%)

MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months

Arbutus 15 $3,503,400 4.01 8.54

Cambie 12 $2,252,400 4.35 4.65

Dunbar 39 $2,929,700 3.38 13.82

Kerrisdale 18 $3,059,000 2.87 8.41

Kitsilano 26 $2,389,900 0.95 6.16

MacKenzie Heights 5 $3,311,900 2.81 8.89

Marpole 9 $2,068,100 5.31 11.56

Mount Pleasant (W) 0 $2,011,700 3.62 7.56

Oakridge 7 $2,797,700 2.57 7.47

Point Grey 25 $3,478,100 6.03 11.27

Quilchena 5 $3,678,300 7.12 8.53

S.W. Marine 10 $3,080,400 5.09 13.09

Shaughnessy 20 $5,114,800 3.90 2.27

South Cambie 6 $3,148,900 1.99 7.92

South Granville 12 $3,828,100 5.90 10.36

Southlands 7 $3,213,000 4.78 12.79

University 5 $5,907,700 7.41 9.14

Combined Total 222 $3,199,600 4.15 9.25

Price Segment ($) New Listings Added Unit Sales

0 – 2,000,000 16 4 25%

2,000,001 – 2,250,000 15 10 67%

2,250,001 – 2,500,000 27 18 67%

2,500,001 – 2,750,000 22 14 64%

2,750,001 – 3,000,000 37 15 41%

3,000,001 – 3,250,000 16 26 163%

3,250,001 – 3,500,000 24 15 63%

3,500,001 – 3,750,000 16 20 125%

3,750,001 – 4,000,000 40 17 43%

4,000,001 – 4,500,000 20 26 130%

4,500,001 – 5,000,000 17 12 71%

5,000,001 – 6,000,000 37 23 62%

6,000,001 – 7,000,000 16 13 81%

7,000,001 – 8,000,000 17 4 24%

8,000,000 – 10,000,000 9 3 33%

10,000,001+ 16 2 13%

Totals 345 222 58%

LISTING AND SALES ACTIVITY BY PRICE SEGMENT

THE REAL WESTSIDE RESULTS: APR 2016

SALES PRICE MONTHLY TREND

FAITH’S KEY INSIGHTS:

n All 17 neighbourhoods on the West Side posted a benchmark price for detached homes of more than $2 million in April and 10 had a benchmark price in excess of $3 million. The University neighbourhood benchmark was an astounding $5.9 million. This begs the question being asked a lot these days: how high will Westside house prices go? And the answer is that only buyers know. Prices will stop increasing when buyers choose not to pay such high amounts. It is as simple, and as complex, as that.

n Sellers should not take the current seller’s market for granted. Unit sales of Westside detached houses were down 9.5% in April from a year earlier and, at 200 transactions, posted the lowest monthly sales since January. The typical listing is now on the market for a median of 12 days, which is very quick and does not give buyers much time to make a decision. As well, new listings for detached houses in April were up over last year, so we saw our indicators move towards a more balanced market. Sellers must be sure their agent has proven marketing and pricing strategies in place as the market becomes more competitive.

n Our role at Faith Wilson Group is not to predict the market direction, but to help our clients make the best of current conditions. We have provided award-winning service in up markets, down markets and balanced markets and we have found that the same solid fundaments apply. The home must be priced correctly, it must be in great condition for showings and the marketing must be structured to capture the widest audience of buyers. With these three factors you will be sure to achieve your real estate goals.

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erage

Sales

Price

$5,000,000 $4,750,000 $4,250,000 $4,000,000 $3,250,000 $3,000,000 $2,750,000

NOV DEC JAN FEB MAR APR

60

50

40

30

20

10

0

DAYS ON MARKET MONTHLY TREND

Days

– Me

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ays o

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Avera

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Mark

et

Sales-to-New-Listings Ratio


$3,501,802

$3,200,000

$3,633,625

$3,300,000

$3,670,666

$3,380,900

$3,827,392

$3,505,000

$4,324,555

$3,588,000

$4,004,730

$3,610,500

41

31

47

28

34

10

21

10

25

12

28

12

2015 2016 CHANGE

Unit Sales (by Month)

JANUARY 123 152 23.6%FEBRUARY 182 244 34.1%MARCH 220 209 -5.0%APRIL 221 222 0.5%MAY JUNE Totals 746 827 10.9%


THE REAL NEIGHBOURHOOD RESULTS: MAY 2016

MAY - SINGLE FAMILY DETACHED HOMES




Arbutus 11 $3,845,100 4.70 14.15

Cambie 9 $2,653,000 5.60 15.00

Dunbar 36 $2,804,700 11.26 20.44

Kerrisdale 9 $3,297,500 5.66 12.48

Kitsilano 26 $5,202,500 3.07 12.82


Marpole 11 $2,158,200 4.47 13.93

Mount Pleasant (W) 0 $4,427,300 6.47 15.39

Oakridge 5 $3,430,700 14.52 23.85

Point Grey 14 $2,764,100 4.70 17.91

Quilchena 7 $3,586,400 6.11 15.12

S.W. Marine 9 $2,107,700 11.04 20.38

Shaughnessy 5 $2,460,500 11.33 16.24

South Cambie 4 $2,168,600 6.31 13.35

South Granville 15 $1,689,500 13.72 18.71

Southlands 9 $2,979,900 9.44 19.16

University 4 $1,393,400 11.04 16.37

Combined Total 188 $3,442,100 7.58 14.59


0 – 2,000,000 9 5 56%

2,000,001 – 2,250,000 6 9 150%

2,250,001 – 2,500,000 15 9 60%

2,500,001 – 2,750,000 17 11 65%

2,750,001 – 3,000,000 37 20 54%

3,000,001 – 3,250,000 17 22 129%

3,250,001 – 3,500,000 15 16 107%

3,500,001 – 3,750,000 21 14 67%

3,750,001 – 4,000,000 37 12 32%

4,000,001 – 4,500,000 14 21 150%

4,500,001 – 5,000,000 30 14 47%

5,000,001 – 6,000,000 35 14 40%

6,000,001 – 7,000,000 11 9 82%

7,000,001 – 8,000,000 7 4 57%

8,000,000 – 10,000,000 14 5 36%

10,000,001+ 13 3 23%

Totals 298 188 63%


THE REAL WESTSIDE RESULTS: MAY 2016



n Many property owners have reason to celebrate now that the city has taken over the Arbutus rail corridor to develop a narrow, 9-kilometre greenway from the Fraser River to False Creek. The decision end fears that the old train tracks would be reactivated, or that the land would be developed. This close call underlines the affect that political decisions can have on real estate values. The Arbutus rail decision may already have had an effect. Detached sales in Kerrisdale more than doubled in May, to 17, from a month earlier, and the benchmark price of an Arbutus house increased by $150,000 in the same period, to $3.65 million.

n West Side detached house listings were down 15% in May, to just 303, compared to a month earlier. Despite the record values, some owners are afraid to list because they don’t know if they will find a comparable house to buy. Faith Wilson Group’s team includes a mortgage professional who can provide strategies for you, if you are thinking of making a move, including using a line of credit or a short-term bridge loan to secure another house while the current house is still on the market. Since the typical Westside listing sells within a median of 11 days, such finance strategies can be safe and effective in this fast-moving market. The sale-to-new-listing ratio for West Side detached houses was 58% in May, but it spiked to 100% at certain price points.

n For instance, all of the 15 houses priced between $3 million and $3.25 million sold, while only 50% of the 40 houses priced from $2.75 million to $3 million sold. This underlines the importance of accurate pricing for your property. Sellers are urged to hire a real estate agency with a track record on the Westside. An agency that knows every neighbourhood, and that has the track record to set the precise price to achieve the maximum value in the shortest possible time. At a benchmark price of $3.4 million, this is a market that requires having a team of professionals on your side.

– Me

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erage

Sales

Price

$5,000,000 $4,750,000 $4,250,000 $4,000,000 $3,250,000 $3,000,000 $2,750,000

DEC JAN FEB MAR APR MAY

60

50

40

30

20

10

0


Days

– Me

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ays o

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Avera

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Mark

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$3,633,625

$3,300,000

$3,670,666

$3,380,900

$3,827,392

$3,505,000

$4,324,555

$3,588,000

$4,004,730

$3,610,500

$4,039,542

$3,525,444

47

28

34

10

21

10

25

12

28

12

27

12

2015 2016 CHANGE


JANUARY 123 152 23.6%FEBRUARY 182 244 34.1%MARCH 220 209 -5.0%APRIL 221 222 0.5%MAY 227 188 -17.2%JUNE Totals 973 1015 4.3%


THE REAL NEIGHBOURHOOD RESULTS: JUNE 2016

JUNE - SINGLE FAMILY DETACHED HOMES




Arbutus 6 $3,793,700 3.91 12.63

Cambie 9 $2,472,800 1.83 14.55

Dunbar 14 $3,290,800 2.60 16.12

Kerrisdale 12 $3,385,700 3.94 13.85

Kitsilano 13 $2,663,300 1.13 12.50


Marpole 4 $2,338,000 4.99 19.05

Mount Pleasant (W) 1 $2,405,300 9.35 23.89

Oakridge 2 $3,134,900 4.99 14.94

Point Grey 12 $3,762,700 1.26 14.71

Quilchena 1 $3,838,300 0.68 11.78

S.W. Marine 3 $3,515,100 3.03 19.92

Shaughnessy 9 $5,680,900 3.60 15.40

South Cambie 1 $3,628,400 6.46 17.52

South Granville 10 $4,187,300 3.90 15.84

Southlands 8 $3,741,100 5.03 22.00

University 2 $6,405,300 1.55 16.46

Combined Total 113 $3,547,300 3.06 15.47


0 – 2,000,000 9 4 44%

2,000,001 – 2,250,000 7 0 0%

2,250,001 – 2,500,000 20 5 25%

2,500,001 – 2,750,000 13 9 69%

2,750,001 – 3,000,000 43 12 28%

3,000,001 – 3,250,000 17 11 65%

3,250,001 – 3,500,000 22 7 32%

3,500,001 – 3,750,000 14 9 64%

3,750,001 – 4,000,000 35 9 26%

4,000,001 – 4,500,000 30 17 57%

4,500,001 – 5,000,000 25 6 24%

5,000,001 – 6,000,000 30 13 43%

6,000,001 – 7,000,000 17 3 18%

7,000,001 – 8,000,000 10 1 10%

8,000,000 – 10,000,000 10 2 20%

10,000,001+ 21 5 24%

Totals 323 113 35%


THE REAL WESTSIDE RESULTS: JUNE 2016



n Just 113 detached houses sold across the Westside of Vancouver in June. That is down a startling 41.3% from June of 2015 and 17.2% below the sales a month earlier. June detached sales on the Westside were the lowest of any month this year. The sales-to-new-listing ratio also dropped. We believe this is an indication of price fatigue: as soon as the average price of a Westside detached house topped $4 million, which occurred in March, sales began to decline. It seems to me that there are simply fewer buyers who can afford to buy a detached house on the Westside.

n Less than 10 of the 323 new listings of detached houses in June were priced at $2 million or less on the entire Westside. The most popular listing price was from $2.75 million to $3 million, with 43 houses listed within that narrow band. As for buyers, the most active price range was $4 million to $4.5 million, which accounted for 17 sales, or more than 12% of all sales during June. As well, 13 houses sold at a price between $5 million to $6 million. What is your house really worth? This is the time when you need an experienced real estate agency to set a precise price in a changing market.

n Detached property owners who live near Oak and 41st Avenue should be aware that, according to sources, the Oakridge Transit Station site is about to be sold. The 13.8- acre site is currently zoned for single-family houses, but City planning proposals are for townhouses and condominiums. The plans also call for new commercial buildings, about 2.5 acres of parkland, plus changes to neighbouring streets. This large project could affect detached property values in the area.

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Sales

Price

$5,000,000 $4,750,000 $4,250,000 $4,000,000 $3,250,000 $3,000,000 $2,750,000

JAN FEB MAR APR MAY JUN

60

50

40

30

20

10

0


Days

– Me

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Avera

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$3,670,666

$3,380,900

$3,827,392

$3,505,000

$4,324,555

$3,588,000

$4,004,730

$3,610,500

$4,039,542

$3,525,444

$4,373,251

$3,725,000

34

10

21

10

25

12

28

12

27

12

24

11

2015 2016 CHANGE


JANUARY 123 152 23.6%FEBRUARY 182 244 34.1%MARCH 220 209 5.0%APRIL 221 222 0.5%MAY 227 188 -17.2%JUNE 194 113 -41.8%Totals 1,167 1,128 -3.3%


THE REAL NEIGHBOURHOOD RESULTS: Q2 2016

Q2 - SINGLE FAMILY DETACHED HOMES




0 – 2,000,000 34 13 38%

2,000,001 – 2,250,000 28 19 68%

2,250,001 – 2,500,000 62 32 52%

2,500,001 – 2,750,000 52 34 65%

2,750,001 – 3,000,000 117 47 40%

3,000,001 – 3,250,000 50 59 118%

3,250,001 – 3,500,000 61 38 62%

3,500,001 – 3,750,000 51 43 84%

3,750,001 – 4,000,000 112 38 34%

4,000,001 – 4,500,000 64 64 100%

4,500,001 – 5,000,000 72 32 44%

5,000,001 – 6,000,000 102 50 49%

6,000,001 – 7,000,000 44 25 57%

7,000,001 – 8,000,000 34 9 26%

8,000,000 – 10,000,000 33 10 30%

10,000,001+ 50 10 20%

Totals 966 523 54%


THE REAL WESTSIDE RESULTS: Q2 2016

SALES PRICE QUARTERLY TREND


n More than 1,100 detached houses sold across the Westside of Vancouver in the first six months of this year, yet sales were down 3.3% from the same period last year, which shows just how strong 2015 was. The recent sales slowdown began over the past three months, with Q2 sales dipping 18.5% lower than in the year previous. However, with the typical listing of a detached house selling in a median of 12 days and a sales-to-new-listing ratio of 54%, the Westside remains very much a seller’s market.

n The sweet price spot for detached houses on the Westside during Q2 was in the range of $4 million to $4.5 million, for both sellers and buyers. All 64 of the houses listed in that range sold, while only 34% of the 112 houses listed just a bit lower, at from $3.75 million to $4 million sold. This shows that, despite the price level, buyers are always sensitive to value. Faith Wilson Group is third party recognized as selling houses for more money and faster than other agencies. It is not because we price homes higher; it is because we price homes accurately.

n Westside detached house sellers are facing some gentle headwinds this summer and I believe the market’s recent record-setting increases will weaken. The sales-to-listing ratio has dipped slightly, as have unit sales and, in some Westside neighbourhoods, month-over-month price increases have calmed. With years of experience, our agents have seen these cycles before and we continually monitor what is happening. The best advice for sellers is stick to the basics: make sure your property is ready for showing, your price is accurate and you are working with an agent who truly knows the Westside.

Unit Sales (by Quarter)

Q1

Q2

Q3

Q4Year-to-Date Totals

2015525

642

1,167

2016605

523

1,128

Change (%)

15.2%

-18.5%

-3.34%

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Sales

Price

$4,000,000 $3,800,000 $3,600,000 $3,400,000$3,200,000$3,000,000$2,800,000

$3,359,501

$2,890,000

$3,326,107

$2,900,000

$3,346,337

$3,145,000

$3,959,763

$3,500,000

$4,096,867

$3,600,000

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

70

60

50

40

30

20

10

40

16

35

15

41

23 26

11

27

12

DAYS ON MARKET QUARTERLY TREND

Days

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Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016


MLS® Neighbourhood Unit Sales HPI Benchmark Price 3 Months 1 Year

Arbutus 32 $3,793,700 12.63 35.05

Cambie 30 $2,472,800 14.55 28.12

Dunbar 89 $3,290,800 16.12 40.62

Kerrisdale 39 $3,385,700 13.85 36.93

Kitsilano 65 $2,663,300 12.5 34.88


Marpole 24 $2,338,000 19.05 42.1

Mount Pleasant (W) 1 $2,405,300 23.89 48.31

Oakridge 14 $3,134,900 14.94 38.48

Point Grey 51 $3,762,700 14.71 34.82

Quilchena 13 $3,838,300 11.78 28.34

S.W. Marine 22 $3,515,100 19.92 47.26

Shaughnessy 34 $5,680,900 15.4 26.69

South Cambie 11 $3,628,400 17.52 40.92

South Granville 37 $4,187,300 15.84 35.8

Southlands 24 $3,741,100 22 44.99

University 11 $6,405,300 16.46 32.11

Combined Total 523 $3,547,300 15.47 36.4


0 – 400,000 1 0 0%

400,001 – 500,000 1 0 0%

500,001 – 600,000 2 3 150%

600,001 – 700,000 11 4 36%

700,001 – 800,000 9 6 67%

800,001 – 900,000 8 7 88%

900,001 – 1,000,000 10 5 50%

1,000,001 – 1,100,000 5 10 200%

1,100,001 – 1,200,000 7 7 100%

1,200,001 – 1,300,000 1 6 600%

1,300,001 – 1,400,000 6 8 133%

1,400,001 – 1,500,000 2 6 300%

1,500,001 – 1,750,000 12 6 50%

1,750,001 – 2,000,000 1 5 500%

2,000,001 – 3,000,000 2 2 100%

3,000,000+ 2 2 100%

Totals 80 77 96%

LISTING AND SALES ACTIVITY BY PRICE SEGMENTSales-to-New-Listings Ratio



THE REAL WESTSIDE RESULTS: APR 2016 THE REAL NEIGHBOURHOOD RESULTS: APR 2016

APRIL - TOWNHOUSES



n The low inventory of townhouses on the Westside continues to affect the market. Sales of townhouses have been tracking down from a year earlier for four months straight, making it very much a seller’s market. The sales-to-new-listing was an amazing 86% in April and the typical new listing sold in a median of just nine days. Meanwhile, the Westside benchmark price for a townhouse has increased 8.2% to $996,400. If it fits your plans, this is great market to list a townhouse for sale.

n The townhouse sector is particularly price-sensitive, which emphasizes how important it is to price such homes precisely. Faith Wilson Group cautions against the strategy of low-ball pricing in an effort to spur multiple offers. We believe this a dishonest practice that can prove dangerous to sellers and frustrating to buyers. Rather, we employ our vast experience, intimate neighbourhood knowledge and your goals to set exactly the right price. And it works. According to third-party recognition Faith Wilson Group’s sale prices on the Westside are more than 3% higher than the industry average.

n Townhouse teardowns? It is a term we suspect we will be hearing more in the months to come. It refers to the potential demolition of older townhouse projects, some more than 30 years old, to make way for higher-density, more modern homes. It relates to a change in the Strata Property Act that encourages townhouse owners to sell an entire building for development. We have been tracking this trend and can advise sellers and buyers on potential strategies.


Cambie 8 $1,024,400 6.69 7.13

Coal Harbour 5 $1,487,900 1.09 13.12

Downtown (W) 3 $781,500 2.27 8.85

Fairview 7 $773,900 1.15 8.84

False Creek 3 $774,600 3.99 6.28

Kerrisdale 6 $1,168,800 9.21 10.59

Kitsilano 22 $865,300 1.74 4.48

Marpole 3 $786,000 7.44 14.49

Mount Pleasant (W) 5 $1,007,800 2.90 9.50

Oakridge 1 $1,271,400 4.07 7.81

Point Grey 4 $910,400 3.21 8.89

Quilchena 3 $1,435,900 5.77 8.49

Shaughnessy 1 $1,669,200 0.21 10.25

South Cambie 3 $1,474,700 5.94 9.13

University 2 $1,191,500 3.99 7.74

West End 0 $946,900 2.16 8.75

Yaletown 2 $1,343,200 3.80 13.14

Combined Total 77 $966,400 2.92 8.27

$1,250,000

$1,200,000

$1,150,000

$1,100,000

$1,050,000 $1,000,000

$950,000

Days

60

50

40

30

20

10

0


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Sales

Price



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$1,100,070

$993,000

$1,051,403

$1,020,000

$1,060,531

$1,052,000

$1,268,262

$1,137,500

$1,132,801

$1,100,000

$1,244,277

$1,138,000

31

13

43

17

30

13

27

12

17

8

18

9

2015 2016 CHANGE


JANUARY 53 36 -32.1%FEBRUARY 55 54 -1.8%MARCH 99 77 -22.2%APRIL 70 77 10.0%MAY JUNE Totals 277 244 -11.9%


0 – 400,000 0 0 -

400,001 – 500,000 3 3 100%

500,001 – 600,000 2 3 150%

600,001 – 700,000 4 1 25%

700,001 – 800,000 5 6 120%

800,001 – 900,000 6 6 100%

900,001 – 1,000,000 4 4 100%

1,000,001 – 1,100,000 7 1 14%

1,100,001 – 1,200,000 6 8 133%

1,200,001 – 1,300,000 7 6 86%

1,300,001 – 1,400,000 6 4 67%

1,400,001 – 1,500,000 12 6 50%

1,500,001 – 1,750,000 10 12 120%

1,750,001 – 2,000,000 6 7 117%

2,000,001 – 3,000,000 5 4 80%

3,000,000+ 3 0 0%

Totals 86 71 83%




THE REAL WESTSIDE RESULTS: MAY 2016 THE REAL NEIGHBOURHOOD RESULTS: MAY 2016

MAY - TOWNHOUSES



n The benchmark price for a Westside townhouse reached above $1 million in May, up 7.1% in a month and 14.1% higher than at the end of February. The price pressure is tied to a lack of inventory in the face of soaring demand. With just 86 new listings of townhouses in May, the sales-to-new-listing ratio was an amazing 78%, clearly a seller’s market.

n In May it took a median of only 8 days for a townhouse listing to sell. This does not leave a lot of time for buyers to arrange their financing, decide on subjects and, perhaps, compete with multiple offers. However, Faith Wilson Group’s Buyer Peace of Mind Guarantee, the only such guarantee in the industry, can help buyers act calmly and with confidence.

n Speaking of multiple bids, appraisers caution that some lenders will only provide a mortgage on the appraised townhouse price, not the price bid up with multiple offers. In such situations, buyers must be working with a complete real estate team that includes a Vancouver mortgage specialist who can advise on proven and innovative strategies in such situations.


Cambie 3 $1,051,200 2.62 10.20

Coal Harbour 1 $1,560,400 4.88 14.27

Downtown (W) 5 $809,600 3.59 10.60

Fairview 12 $806,600 4.23 8.29

False Creek 5 $849,300 9.65 17.12

Kerrisdale 0 $1,233,600 5.55 14.63

Kitsilano 11 $987,400 14.11 18.71

Marpole 2 $825,000 4.97 19.59

Mount Pleasant (W) 5 $1,030,300 2.23 10.37

Oakridge 3 $1,359,300 6.92 15.32

Point Grey 1 $971,900 6.76 15.32

Quilchena 4 $1,559,500 8.61 18.29

Shaughnessy 0 $1,843,600 10.45 18.09

South Cambie 2 $1,547,900 4.96 14.17

University 5 $1,311,700 10.09 18.44

West End 0 $983,000 3.81 10.63

Yaletown 5 $1,373,400 2.24 13.31

Combined Total 71 $1,035,400 7.14 14.13

$1,300,000

$1,250,000

$1,200,000

$1,150,000

$1,100,000

$1,050,000 $1,000,000

Days

60

50

40

30

20

10

0


– Me

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rice

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erage

Sales

Price



– Me

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Avera

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$1,051,403

$1,020,000

$1,060,531

$1,052,000

$1,268,262

$1,137,500

$1,132,801

$1,100,000

$1,244,277

$1,138,000

$1,284,325

$1,285,000

43

17

30

13

27

12

17

8

18

9

16

8

2015 2016 CHANGE


JANUARY 53 36 -32.1%FEBRUARY 55 54 -1.8%MARCH 99 77 -22.2%APRIL 70 77 10.0%MAY 78 71 -9.0%JUNE Totals 355 315 -11.3%


0 – 400,000 1 0 0%

400,001 – 500,000 3 2 67%

500,001 – 600,000 2 2 100%

600,001 – 700,000 5 4 80%

700,001 – 800,000 6 2 33%

800,001 – 900,000 7 6 86%

900,001 – 1,000,000 4 4 100%

1,000,001 – 1,100,000 6 8 133%

1,100,001 – 1,200,000 14 5 36%

1,200,001 – 1,300,000 6 2 33%

1,300,001 – 1,400,000 4 1 25%

1,400,001 – 1,500,000 6 6 100%

1,500,001 – 1,750,000 11 11 100%

1,750,001 – 2,000,000 6 1 17%

2,000,001 – 3,000,000 3 0 0%

3,000,000+ 3 1 33%

Totals 87 55 63%




THE REAL WESTSIDE RESULTS: JUNE 2016 THE REAL NEIGHBOURHOOD RESULTS: JUNE 2016

JUNE - TOWNHOUSES



n While listings have been increasing gradually for Westside townhouses there was not enough supply to satisfy demand until recently. In June 81 new listings for townhouses were reported – the highest level in three months - and sales reached 55 – the lowest level in four months – for a sales-to-new-listing ratio of 35.6%. This still indicates a seller’s market, but it is moving towards better choices for buyers.

n In June, the benchmark price of a Westside townhouse was just over $1 million, with the most active price range for buyers at between $1.5 million to $1.75 million, with 11 of the 55 sales. Yet there were 28 townhouses listed for $1 million or less and half a dozen priced at less than $700,000. Of these, 10 were still on the market as we prepared this newsletter. Our agents know the Westside townhouse market extremely well and will be glad to help buyers zero in on properties that fit their budget and aspirations.

n Fairview led the townhouse market in June, with the most sales – 13 – of any Westside neighbourhood. One reason may have been price: at a benchmark of $861,000, Fairview values are well below the Westside townhouse benchmark. For price appreciation, however, Marpole provided the best return for investors, with benchmark prices increasing 41.4%, over the past three months, to a new benchmark of $875,000. Kitsilano, with 12 sales, posted a 41.1% increase in prices since March, to $1.04 million in June.


Cambie 1 $1,138,100 8.26 28.43

Coal Harbour 1 $1,619,900 3.81 47.3

Downtown (W) 5 $840,700 3.83 40.95

Fairview 13 $861,000 6.75 26.53

False Creek 5 $922,400 8.61 39.24

Kerrisdale 0 $1,267,300 2.74 29.5

Kitsilano 12 $1,048,200 6.16 41.12

Marpole 2 $875,000 6.05 41.44

Mount Pleasant (W) 3 $1,077,000 4.53 40.48

Oakridge 0 $1,425,800 4.89 24.61

Point Grey 0 $1,017,200 4.66 27.79

Quilchena 2 $1,601,500 2.69 37.51

Shaughnessy 0 $1,942,000 5.34 39.08

South Cambie 1 $1,629,900 5.3 29.12

University 2 $1,345,900 2.6 27.51

West End 4 $1,020,400 3.81 39.75

Yaletown 3 $1,441,100 4.93 45.88

Combined Total 55 $1,092,900 5.55 35.6

$1300,000

$1,250,000

$1,200,000

$1,150,000

$1,100,000

$1,050,000 $1,000,000

Days

60

50

40

30

20

10

0


– Me

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rice

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erage

Sales

Price



– Me

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Avera

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$1,060,531

$1,052,000

$1,268,262

$1,137,500

$1,132,801

$1,100,000

$1,244,277

$1,138,000

$1,284,325

$1,285,000

$1,206,358

$1,100,000

30

13

27

12

17

8

18

9

16

8

12

8

2015 2016 CHANGE


JANUARY 53 36 -32.1%FEBRUARY 55 54 -1.8%MARCH 99 77 -22.2%APRIL 70 77 10.0%MAY 78 71 -9.0%JUNE 81 55 -32.1%Totals 436 370 -15.1%


Q1

Q2

Q3


2015207

229

436

2016167

203

370

Change (%)

-19.3%

-11.4%

-15.1%



THE REAL WESTSIDE RESULTS: Q2 2016 THE REAL NEIGHBOURHOOD RESULTS: Q2 2016

Q2 - TOWNHOUSES


Sales-To-New



0 – 400,000 2 0 0%

400,001 – 500,000 7 5 71%

500,001 – 600,000 6 8 133%

600,001 – 700,000 20 9 45%

700,001 – 800,000 20 14 70%

800,001 – 900,000 21 19 90%

900,001 – 1,000,000 18 13 72%

1,000,001 – 1,100,000 18 19 106%

1,100,001 – 1,200,000 27 20 74%

1,200,001 – 1,300,000 14 14 100%

1,300,001 – 1,400,000 16 13 81%

1,400,001 – 1,500,000 20 18 90%

1,500,001 – 1,750,000 33 29 88%

1,750,001 – 2,000,000 13 13 100%

2,000,001 – 3,000,000 10 6 60%

3,000,000+ 8 3 38%

Totals 253 203 80%


n In the entire first half of this year, just 370 townhouses sold on the Westside and at least 7 neighbourhoods reported less than 7 sales during the second quarter. Meanwhile, the benchmark price for a Westside townhouse increased a startling 35.6% from a year earlier and the typical listing sold within a median of just 8 days. In Q2, the sales-to-new-listing ratio was an amazing 80%. The message is clear: there is a lack of townhouses for sale to meet the demand.

n Many people who had considered a detached house are now looking for a Westside townhouse. A key reason is that townhouses are selling for about $2.5 million less than the detached benchmark price. But townhouses are distinct type of property, offering both the advantages of a house and of condominiums. We urge buyers to take the time to talk to an agent who truly understands the townhouse sector and can help sift through the listings to find a home that matches a budget and a lifestyle.

n There are a number of new townhouse projects coming to the Westside this year, and we urge buyers to have their real estate agent in tow when they visit project sales offices. An experienced agent can see through the marketing and the sales contracts to explain exactly what you are being offered, and how you can protect yourself if something unexpected occurs, for example if the project is delayed or you find you are in a position where you need to sell your assignment before the project completes.


Cambie 12 $1,138,100 18.53 28.43

Coal Harbour 7 $1,619,900 10.06 47.3

Downtown (W) 14 $840,700 10.01 40.95

Fairview 32 $861,000 12.54 26.53

False Creek 14 $922,400 23.84 39.24

Kerrisdale 6 $1,267,300 18.42 29.5

Kitsilano 45 $1,048,200 23.24 41.12

Marpole 7 $875,000 19.6 41.44

Mount Pleasant (W) 13 $1,077,000 9.97 40.48

Oakridge 4 $1,425,800 16.71 24.61

Point Grey 5 $1,017,200 15.32 27.79

Quilchena 9 $1,601,500 17.97 37.51

Shaughnessy 1 $1,942,000 16.58 39.08

South Cambie 6 $1,629,900 17.09 29.12

University 9 $1,345,900 17.46 27.51

West End 4 $1,020,400 10.09 39.75

Yaletown 10 $1,441,100 11.36 45.88

Combined Total 203 $1,092,900 16.38 35.6

SALES PRICE QUARTERLY TREND

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

$1,200,000$1,100,000$1,000,000

$900,000$800,000$700,000$600,000

$997,682

$890,000

$1,005,804

$940,000

$1,006,379

$1,004,000

$1,161,023

$1,105,000

$1,248,011

$1,150,000

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Sales

Price

DAYS ON MARKET QUARTERLY TREND

Days

60

50

40

30

20

10

0

32

15

42

12

32

13

23

9

16

8

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Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016



THE REAL NEIGHBOURHOOD RESULTS: APR 2016

APRIL - APARTMENTS /CONDOS




Cambie 13 $441,900 2.01 6.65

Coal Harbour 29 $943,400 4.26 13.12

Downtown (W) 123 $585,200 5.22 9.99

Dunbar 3 $564,100 0.52 6.23

Fairview 52 $611,400 3.92 9.82

False Creek 27 $786,100 0.66 7.19

Kerrisdale 5 $742,900 1.22 8.40

Kitsilano 60 $506,200 1.69 9.03

Marpole 16 $385,500 1.73 8.36

Mount Pleasant (W) 7 $509,900 -0.82 5.58

Oakridge 1 $866,700 1.76 5.97

Point Grey 4 $539,300 3.01 12.28

Quilchena 7 $949,600 1.04 6.32

S.W. Marine 3 $382,300 1.90 11.19

Shaughnessy 4 $529,100 3.73 15.02

South Cambie 3 $635,200 1.19 7.26

Southlands 0 $675,600 0.15 8.82

University 43 $716,000 1.45 1.04

West End 64 $517,100 3.26 7.55

Yaletown 82 $754,500 4.19 14.91

Combined Total 548 $656,900 3.40 9.64


0 – 350,000 39 22 56%

350,001 – 400,000 52 39 75%

400,000 – 450,000 41 40 98%

450,001 – 500,000 74 52 70%

500,001 – 550,000 45 51 113%

550,001 – 600,000 61 51 84%

600,001 – 650,000 49 40 82%

650,001 – 700,000 47 41 87%

700,001 – 750,000 23 21 91%

750,001 – 800,000 39 22 56%

800,001 – 900,000 43 46 107%

900,001 – 1,000,000 43 25 58%

1,000,001 – 1,250,000 30 30 100%

1,250,001 – 1,500,000 27 21 78%

1,500,000 – 2,000,000 31 24 77%

2,000,001 + 46 23 50%

Totals 690 548 79%


THE REAL WESTSIDE RESULTS: APR 2016

FAITH’S KEY INSIGHTS:n Recent provincial legislation on assignment sales excludes pre-sale

condominiums and other new construction from the revised rules that come into effect mid-May. (The regulations require the seller of an assignment to give any profits to the original owner). Some developers have their own rules regarding assignments, but these vary widely among projects. With a low inventory of new and unsold condos, and with condo benchmark prices up 9.6% on the West Side from a year ago, pre-sale assignments may prove popular with some investors.

n Have you visited the West End recently? The original high-density enclave is thick with trees and flowers, quieted by traffic barriers and alive with street life. We feel this adds up to being a great neighbourhood for condominium apartment living. At a benchmark price of $517,100 in April, the West End’s condo prices are also nearly $150,000 below the Westside average. Faith Wilson Group knows each and every Westside neighbourhood and the condominium projects in the city. We would be delighted to help buyers in their search for the ideal apartment.

n The sweet spot for condominium pricing on the West Side in April was $500,000 to $550,000, with 43 new listings and a sales ratio of 100%. More condos were sold in the next price range of from $550,000 to $600,000, but only 68% of the condos listed in this range sold. Yet, in the range of $700,000 to $750,000, 91% of the 22 listings sold. This shows how important it is to have your price set precisely when your listing is posted, because even a 10% change can dramatically affect demand.

Sales-to-New- Listings Ratio

$900,000$850,000$800,000$750,000$700,000$650,000$600,000

$735,548

$599,000


– Me

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– Av

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Sales

Price

$762,071

$571,800

$801,358

$604,000

$826,038

$630,000

$835,622

$629,000

$813,241

$625,000


Days

60

50

40

30

20

10

0


– Me

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30

12

44

19

50

10

22

9

24

9

18

8

2015 2016 CHANGE


JANUARY 312 368 17.9%FEBRUARY 425 609 43.3%MARCH 513 617 20.3%APRIL 502 548 9.2%MAY JUNE Totals 1,752 2,142 22.3%


THE REAL NEIGHBOURHOOD RESULTS: MAY 2016

MAY - APARTMENTS /CONDOS




Cambie 20 $458,400 3.73 10.12

Coal Harbour 37 $928,100 -1.62 6.42

Downtown (W) 131 $582,000 -0.55 3.77

Dunbar 3 $572,800 1.56 1.72

Fairview 53 $670,000 9.59 14.22

False Creek 44 $809,600 2.98 7.27

Kerrisdale 5 $744,400 0.20 3.00

Kitsilano 56 $514,900 1.72 6.66

Marpole 18 $404,100 4.82 12.38

Mount Pleasant (W) 4 $527,900 3.53 5.89

Oakridge 4 $908,200 4.79 10.25

Point Grey 2 $519,500 -3.66 2.57

Quilchena 7 $958,500 0.93 2.44

S.W. Marine 4 $377,400 -1.29 1.69

Shaughnessy 1 $547,200 3.41 15.38

South Cambie 2 $671,300 5.69 12.30

Southlands 1 $676,600 0.15 3.17

University 45 $729,600 1.89 4.16

West End 79 $549,700 6.31 11.42

Yaletown 87 $773,100 2.47 10.90

Combined Total 604 $673,000 2.45 7.72


0 – 350,000 21 18 86%

350,001 – 400,000 47 33 70%

400,000 – 450,000 36 48 133%

450,001 – 500,000 49 40 82%

500,001 – 550,000 54 37 69%

550,001 – 600,000 74 47 64%

600,001 – 650,000 34 56 165%

650,001 – 700,000 63 49 78%

700,001 – 750,000 24 32 133%

750,001 – 800,000 42 41 98%

800,001 – 900,000 62 50 81%

900,001 – 1,000,000 36 36 100%

1,000,001 – 1,250,000 36 37 103%

1,250,001 – 1,500,000 42 23 55%

1,500,000 – 2,000,000 32 25 78%

2,000,001 + 41 32 78%

Totals 693 604 87%


THE REAL WESTSIDE RESULTS: MAY 2016

FAITH’S KEY INSIGHTS:n In May, 555 condominiums sold on the Westside and, so far this year,

nearly 2,700 Westside condos have been bought, a 17% increase from the first five months of 2015. The median time a new listing is on the market has averaged less than 10 days since February, another indication of the most robust market in history. If you are a condo owner thinking of listing, this is an opportune time. Faith Wilson Group’s team can advise on pricing, staging and marketing to help you achieve the best possible value.

n Many condo investors are active on the Westside, but it seems like there is a reliance on appreciation, not rental income, for gains. While the benchmark price has increased 28% in the past year, B.C.’s Residential Tenancy Act allows only a 2.9% rent increase annually. However, landlords who provide tenants with a fixed-term lease agreement, rather than having the lease roll into a month-to-month agreement, have the opportunity to achieve the current market value when the lease expires.

n While the Westside benchmark price for a condominium is now $673,000, it is still possible to buy for much less. In the Cambie neighbourhood, 20 buyers purchased an apartment in May and the benchmark price was $458,400; 18 Marpole buyers purchased a condo and their neighbourhood’s benchmark was $404,000 and four buyers bought in the S. W. Marine area where the benchmark price was $377,400. Faith Wilson Group continually monitors the Westside condominium market and can help guide buyers to the best values available.


$900,000$850,000$800,000$750,000$700,000$650,000$600,000


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Sales

Price

$762,071

$571,800

$801,358

$604,000

$826,038

$630,000

$835,622

$629,000

$813,241

$625,000

$879,213

$670,000


Days

60

50

40

30

20

10

0


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44

19

50

10

22

9

24

9

18

8

21

9

2015 2016 CHANGE


JANUARY 312 368 17.9%FEBRUARY 425 609 43.3%MARCH 513 617 20.3%APRIL 502 548 9.2%MAY 550 604 9.8%JUNE Totals 2,302 2,746 19.3%


THE REAL NEIGHBOURHOOD RESULTS: JUNE 2016

JUNE - APARTMENTS /CONDOS




Cambie 7 $463,100 1.03 6.90

Coal Harbour 13 $996,800 7.40 10.17

Downtown (W) 123 $630,200 8.29 13.32

Dunbar 0 $599,200 4.60 6.78

Fairview 35 $624,200 -6.84 6.10

False Creek 34 $822,700 1.63 5.34

Kerrisdale 9 $789,600 6.07 7.59

Kitsilano 32 $524,100 1.79 5.30

Marpole 16 $404,900 0.21 6.85

Mount Pleasant (W) 4 $529,900 0.40 3.09

Oakridge 6 $902,300 -0.65 5.94

Point Grey 1 $536,000 3.17 2.39

Quilchena 2 $1,012,500 5.64 7.74

S.W. Marine 2 $399,100 5.75 6.37

Shaughnessy 1 $545,300 -0.35 6.89

South Cambie 2 $684,100 1.90 8.99

Southlands 0 $711,300 5.12 5.45

University 29 $738,600 1.24 4.65

West End 39 $539,600 -1.84 7.75

Yaletown 70 $831,200 7.51 14.78

Combined Total 427 $696,200 3.44 9.58


0 – 350,000 17 4 24%

350,001 – 400,000 31 16 52%

400,000 – 450,000 25 26 104%

450,001 – 500,000 49 41 84%

500,001 – 550,000 58 31 53%

550,001 – 600,000 62 41 66%

600,001 – 650,000 39 39 100%

650,001 – 700,000 52 36 69%

700,001 – 750,000 24 30 125%

750,001 – 800,000 47 22 47%

800,001 – 900,000 52 44 85%

900,001 – 1,000,000 33 23 70%

1,000,001 – 1,250,000 37 30 81%

1,250,001 – 1,500,000 46 16 35%

1,500,000 – 2,000,000 44 20 45%

2,000,001 + 49 8 16%

Totals 665 427 64%


THE REAL WESTSIDE RESULTS: JUNE 2016

FAITH’S KEY INSIGHTS:n The median time for a listing for a Westside condominium apartment to

remain on the market was a very rapid 8 days in June, an indication of continued robust demand. Total sales dipped 18.7% compared to June 2015, but this may be linked to decline in listings, down to 665 homes during the month, the lowest level since January.

n Sellers should be aware that, defying a trend that began in earnest a year ago, benchmark prices for condominium apartments are down in some Westside neighbourhoods compared to a year ago. In Fairview, the benchmark price dipped 6.8% from June 2015 to $624,200 and prices were slightly lower or nearly unchanged in the West End and Oakridge. Setting your price correctly means realizing your real estate goals for the speed of your sale and the return you receive. We believe that we are amongst the best in Vancouver at achieving this.

n Investors buying a condominium as a long-term rental investment already know that the vacancy rate for condominiums is around 0.7% and that Westside condominium prices have increased nearly 10% in the past three months. But such investors should also be aware of proven strategies, such as fixed-term leases and value-added renovations, which may increase rental income and appreciation. Faith Wilson Group has worked with many investors and can offer timely advice on making the most from your condominium buy.


$900,000$850,000$800,000$750,000$700,000$650,000$600,000


– Me

dian S

ales P

rice

– Av

erage

Sales

Price

$801,358

$604,000

$826,038

$630,000

$835,622

$629,000

$813,241

$625,000

$879,213

$670,000

$797,075

$677,000


Days

60

50

40

30

20

10

0


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Avera

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50

10

22

9

24

9

18

8

21

9

15

8

2015 2016 CHANGE


JANUARY 312 368 17.9%FEBRUARY 425 609 43.3%MARCH 513 617 20.3%APRIL 502 548 9.2%MAY 550 604 9.8%JUNE 525 427 -18.7%Totals 2,827 3,173 12.2%


THE REAL NEIGHBOURHOOD RESULTS: Q2 2016

Q2 - APARTMENTS /CONDOS




Cambie 40 $463,100 6.9 17.64

Coal Harbour 79 $996,800 10.17 47.03

Downtown (W) 377 $630,200 13.32 35.15

Dunbar 6 $599,200 6.78 30.72

Fairview 140 $624,200 6.1 33.99

False Creek 105 $822,700 5.34 28.24

Kerrisdale 19 $789,600 7.59 26.53

Kitsilano 148 $524,100 5.3 23.48

Marpole 50 $404,900 6.85 16.51

Mount Pleasant (W) 15 $529,900 3.09 23.1

Oakridge 11 $902,300 5.94 29.36

Point Grey 7 $536,000 2.39 27.22

Quilchena 16 $1,012,500 7.74 28.67

S.W. Marine 9 $399,100 6.37 39.37

Shaughnessy 6 $545,300 6.89 24.18

South Cambie 7 $684,100 8.99 22.76

Southlands 1 $711,300 5.45 33.94

University 117 $738,600 4.65 16.81

West End 182 $539,600 7.75 28.85

Yaletown 239 $831,200 14.78 36.8

Combined Total 1,579 $696,200 9.58 31.83


0 – 350,000 77 44 57%

350,001 – 400,000 130 88 68%

400,000 – 450,000 102 114 112%

450,001 – 500,000 172 133 77%

500,001 – 550,000 157 119 76%

550,001 – 600,000 197 139 71%

600,001 – 650,000 122 135 111%

650,001 – 700,000 162 126 78%

700,001 – 750,000 71 83 117%

750,001 – 800,000 128 85 66%

800,001 – 900,000 157 140 89%

900,001 – 1,000,000 112 84 75%

1,000,001 – 1,250,000 103 97 94%

1,250,001 – 1,500,000 115 60 52%

1,500,000 – 2,000,000 107 69 64%

2,000,001 + 136 63 46%

Totals 2,048 1,579 77%


THE REAL WESTSIDE RESULTS: Q2 2016

FAITH’S KEY INSIGHTS:n The sales pace for Westside condominiums is, to put it mildly, blistering this year.

n In Q2, condominiums were selling at a sustained pace of more than 17 every day. The typical listing was on the market for just over a week before it sold and, despite more than 2,000 new listings, the sales-to-listing ratio is an amazing 77%! This is very active, perhaps unprecedented market and it requires both sellers and buyers to work with an experienced agency.

n The downtown is a robust area for condominium buyers. If we combine the West End with Downtown West, we see that the area accounted for one-third of all condo sales during Q2. Aside from the natural advantages of living in Downtown Vancouver, a main reason for this activity is likely price. In the West End, the June benchmark price was $539,600, while it was $630,200 in Downtown West – both below the Westside benchmark of $696,200. This price advantage is very attractive and the combined areas saw a total of 1,579 condo sales in Q2.

n Investors are very active across the Westside, but in which neighbourhoods have they seen the highest price appreciation this year? That would be Coal Harbour, with an increase of 47% in the benchmark price of a condo apartment since mid-2015, to $996,800. The S.W. Marine area, where condominium prices increased 39.3% and Yaletown, with a 36.8% rise in benchmark prices to $831,200, posted the next highest appreciation. All together, the benchmark price of a Westside condo apartment in Q2 was more than $21,000 higher than a year earlier.

SALES PRICE QUARTERLY TREND$850,000 $800,000 $750,000$700,000$650,000$600,000$550,000

$688,061

$530,000

$709,856

$545,000

$737,011

$581,000

$824,050

$625,000

$834,105

$658,000

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 – Me

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Sales

Price

DAYS ON MARKET QUARTERLY TREND70

60

50

40

30

20

10

33

15

35

15

34

14

25

9

19

9

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 – Me

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Days



Q1

Q2

Q3


20151,250

1,577

2,827

20161,594

1,579

3,173

Change (%)

27.5%

0.1%

12.2%

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