Vancouver Real Estate Market

The Vancouver real estate market has remained relatively level for the better part of eight months or so, but there are areas of the market that have still been booming, and the latest statistics reveal a trend toward increased sales, benchmark prices and number of listings.  Last April, Vancouver real estate sales and housing prices reached record highs, leveling off by the summer and for the most part remaining that way until recently.  As reported by the Real Estate Board of Greater Vancouver, last month sales in Greater Vancouver of detached, attached and apartment properties increased by over 70% since January 2011 and by 42.6%, 17.5% and 101.2% respectively from this time last year.  Benchmark prices increased slightly across the board, and the new listings for Greater Vancouver homes increased by 23.6% from this time last year and 18.6% since January 2010 to 5,693.  These numbers indicate a lot of options for home buyers but also a high demand, thus the Vancouver real estate market presently benefits home buyers and home sellers alike. 

Detached Properties in Richmond and Vancouver West Luxury Homes in High Demand

The Real Estate Board of Greater Vancouver also reported the most movement in Richmond and Vancouver West, noting that detached homes are the most in demand.  The benchmark price of detached homes in Richmond and Vancouver West rose from around the $200,000 mark in November 2010 to above $1million last month. A recent article in the Vancouver Sun maintains that luxury homes (many of which are located in Vancouver West) remain in high demand (which pushes up the statistics of the city and the province as a whole).  In 2010, reports the Vancouver Sun, 375 Vancouver homes (of those 50 were Vancouver condos) sold for over $3million, breaking the previous record of 209.  75 of those Vancouver luxury homes sold for over $5million, and the most expensive sold for $17.5million.  According to the Sun, these sales reflect an influx of home buyers from the global market, especially Chinese investors, to which our home prices seem relatively inexpensive for the standard of living Vancouver provides.  Because sales of luxury homes are expected to rise even further, soon $3 million may “no longer be considered particularly expensive,” and people will look to the $5 million mark for luxury properties in Vancouver.

While the Vancouver real estate market in general has been somewhat stable since last summer, the market for detached properties continues to boom, especially in suburban areas like Richmond, and the Vancouver luxury home market, most of which is concentrated in Vancouver West or  Downtown Vancouver condos, is at present extremely hot and especially appealing to foreign investors.

Buying or selling a home can be one of the most important and complicated transactions you make in your lifetime.  With this transaction comes plenty of paperwork, endless decisions to be made, and unknown obstacles.  A Realtor can help you through the process of buying or selling a home from beginning to end, and ensure your financial and legal protection along the way.  Realtors differ from other licensed or registered real estate agents or brokerages in that they are member of The Canadian Real Estate Association, and as such must adhere to the REALTOR® Code and Standards of Business Practice.  These regulations, ethics and high standards ensure you will receive the best possible assistance while buying or selling your property.  Below is an explanation of ways in which a Realtor can help you.

Skill

Realtors have professional marketing and negotiating skills that can help you buy or sell your home at a price that works for you. 

Knowledge

A Realtor knows the ins and out of the industry and uses his or her education and experience to your advantage.  In addition to their training, Realtors constantly update their knowledge through professional education programs. 

Resources

Realtors have a plethora of resources at their fingertips, which can help you buy or sell a property faster and broaden your options.  Realtors have access to the Multiple Listing Service; thus if you are buying a home, a realtor can find properties other Realtors are selling, or if you are selling they can list your home so other buyers can discover it through the Realtor with whom they are working.  Realtors can also post signs which can direct buyers’ attention to a home that is for sale and being handled professionally.

Protection

Realtors must follow strict regulations and adhere to a code of ethics that is designed to protect you, the client.  A Realtor is bound to client confidentiality and also must offer you his or her undivided loyalty; he or she must “protect the client’s negotiating position at all times, and disclose all known facts, which may affect or influence their decision.”  Realtors must also “obey all lawful instructions of the seller” and “account for all money and property placed in a brokerage’s hands while acting for the client.”  Furthermore, a realtor can legally incorporate a Property Disclosure Statement into a Contract for Purchase and Sale, ensuring you buy a home with full knowledge of any defects of which the seller may be aware.