Alphonse Quenneville : Seller Information

Market momentum carries into August

Alphonse Quenneville — Fri, 04 Sep 2009 00:51:00 GMT

August stats:

Market momentum carries into August

The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007.

New listings for detached, attached and apartment properties increased 4.9 per cent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 per cent from August 2008.

“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4 per cent to $539,600 from $484,211. However, home prices compared to August 2008 levels are down 1.1 per cent.

Sales of detached properties in August 2009 increased 155.5 per cent to 1,367 from the 535 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 0.7 per cent from August 2008 to $732,656.

Sales of apartment properties increased 97.8 per cent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 per cent from August 2008 to $369,263.

Attached property sales in August 2009 increased 108.2 per cent to 610, compared with the 293 sales during the same month in 2008. The benchmark price of an attached unit declined 0.9 per cent between August 2008 and 2009 to $459,159.

Market conditions drive strong June housing sales - The "Q" Report

Alphonse Quenneville — Sat, 04 Jul 2009 02:14:00 GMT

www.AlphonseQ.com

VANCOUVER, B.C. – July 3, 2009 – The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.

New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.

“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said.

“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” Russell said. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”

Residential benchmark prices, as calculated by the MLSLink® Housing Price Index, declined 8.2 per cent to $518,855 in June 2009 compared to June 2008.

The number of sales of detached properties increased 81.6 per cent to 1,667 from the 918 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 8.4 per cent to $701,384 in June 2009 compared to June 2008.

The number of sales of apartment properties in June 2009 increased 69.3 per cent to 1,790, compared to 1,057 sales in June 2008. The benchmark price of an apartment property declined 8.2 per cent from June 2008 to $356,880.

The number of attached property sales in June 2009 increased 78.2 per cent to 802, compared with the 450 sales in June 2008. The benchmark price of an attached unit declined 7.3 per cent between June 2009 and 2008 to $441,620.

Bright spots in Greater Vancouver in June 2009 compared to June 2008:

Detached:

Burnaby up 109.7 per cent (151 units sold from 72)

Coquitlam up 122.2 per cent (160 units sold from 72)

Delta - South up 107.7 per cent (56 units sold from 27)

Maple Ridge/Pitt Meadows up 54.3 per cent (162 units sold from 105)

New Westminster up 104.8 per cent (43 units sold from 21)

North Vancouver up 96.2 per cent (153 units sold from 78)

Port Moody/ Belcarra up 120 per cent (33 units sold from 15)

Richmond up 77.4 per cent (204 units sold from 115)

Squamish up 107.7 per cent (27 units sold from 13)

Sunshine Coast up 33.9 per cent (75 units sold from 56)

Vancouver East up 71.2 per cent (238 units sold from 139)

Vancouver West up 85.2 per cent (200 units sold from 108)

West Vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)

Attached:

Burnaby up 81.8 per cent (140 units sold from 77)

Coquitlam up 80 per cent (54 units sold from 30)

Maple Ridge/Pitt Meadows up 48.6 per cent (55 units sold from 37)

North Vancouver up 121.2 per cent (73 units sold from 33)

Port Coquitlam up 82.6 per cent (42 units sold from 23)

Port Moody/ Belcarra up 77.3 per cent (39 units sold from 22)

Richmond up 84.5 per cent (155 units sold from 84)

Vancouver East up 118.5 per cent (59 units sold from 27)

Vancouver West up 121.8 per cent (122 units sold from 55)

Apartments:

Burnaby up 60.4 per cent (239 units sold from 149)

Coquitlam up 93.9 per cent (95 units sold from 49)

New Westminster up 57.1 per cent (121 units sold from 77)

North Vancouver up 71.4 per cent (120 units sold from 70)

Port Coquitlam up 58.1 per cent (49 units sold from 31)

Port Moody/Belcarra up 128.6 per cent (48 units sold from 21)

Richmond up 54.1 per cent (225 units sold from 146)

Vancouver East up 58.7 per cent (165 units sold from 104)

Vancouver West up 87.2 per cent (627 units sold from 335)

West Vancouver/Howe Sound up 155.6 per cent (23 units sold from 9)

Download complete stats package by clicking here.

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

Note: The MLSLink® Housing Price Index (HPI), established in 1995, is modeled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation. Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

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. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Squamish Update

Alphonse Quenneville — Wed, 03 Dec 2008 00:29:00 GMT

Squamish sales for the month of November #4 detached home sales, #2 Attached and #1 apartment sale.

We saw a decline in listings detached homes at #20 compared to #29 in October, Attached listing were down to #9 as compared to #14 in Oct, Apartment listings were up at #19 as compared to #12 in October that was because Solterra Eagle Wind development listed #14 units in November.

Dawn Mortensen

www.livesquamish.com

Thinking of Buying or Selling?

Squamish - #1 Outdoor Recreation Capital of Canada and Heart of the 2010 Olympic Winter Games

Slow home sales create window of opportunity - www.AlphonseQ.com

Alphonse Quenneville — Tue, 02 Dec 2008 23:47:00 GMT

The "Q" Report

VANCOUVER, B.C. – December 2, 2008 – November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market.

In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007.

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.

“Times of turmoil, from which we always emerge, offer excellent opportunities to buy quality real estate,” says REBGV president, Dave Watt.“For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years.

“The local real estate market is not immune to the current economic challenges globally; however, Canada’s disciplined lending structure has kept the mortgage landscape steady in these uncertain times.”

New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed. Active listings in November declined 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008.

Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to $666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent.

Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent.

Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent.

People still intending to buy real estate

Alphonse Quenneville — Tue, 04 Nov 2008 04:32:00 GMT

www.AlphonseQ.com - The "Q" Report

November 03 - 10:37:35 AM Shane Bigham

VANCOUVER (NEWS1130) - Homes are no longer selling at a record-breaking pace for record setting prices, but that doesn't mean people don't have plans to buy. A new Ipsos Reid survey shows that the number of people who intend to buy is holding steady.

Sean Simpson with Ipsos Reid says despite the doom-and-gloom news, slowing home sales, high oil prices, etc., the number of people planning to change addresses in the next two years is virtually unchanged. "Home purchasing intentions in Canada are relatively stable. Nationally, they are down just one percentage point from when we asked the question in January and in British Columbia they are actually up one percentage point."

Ipsos Reid says 22% of Canadians are considering a move in the next two years, and that jumps to 27% in B.C.

Residential Housing Price Decline creates buying opportunities

Alphonse Quenneville — Tue, 04 Nov 2008 03:27:00 GMT

VANCOUVER, B.C. – November 3, 2008 – The "Q" Report - www.AlphonseQ.com

Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.

“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.”

Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.

Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.

Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent.

Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent.

Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent.

North Vancouver Homes - The Q Report September 2008.09

Alphonse Quenneville — Sun, 05 Oct 2008 23:42:00 GMT

At an average benchmark price of $815,398, September detached home prices in North Vancouver were down 6.1% from last month. The number of detached homes sold declined 44.4% from September 2007, significantly below the 23.9% year-to-date decline from this time last year. The inventory of detached homes available for sale in September increased by 39.2% from September 2007.

North Vancouver townhouse prices were down 2.9% from one year ago. September year-to-date sales were down 25% form last year.

Condominium prices in North Vancouver are down 1.2% from September 2007, while sales have fallen 53.7%. The inventory of condos available for sale has increased 7.6% from one year ago.

Statistical source: Real Estate Board of Greater Vancouver

West Vancouver Homes - The Q Report September 2008.09

Alphonse Quenneville — Sun, 05 Oct 2008 23:37:00 GMT

The price of West Vancouver detached homes declined 3.9% from September of last year, reaching a benchmark price of $1,407,069. As the number of units sold September year-to-date has declined by 33.2%, the number of detached homes available for sale increased by 13.1%.

Statistical source: Real Estate Board of Greater Vancouver

Metro Vancouver Homes - The Q Report September 2008.09

Alphonse Quenneville — Sun, 05 Oct 2008 23:25:00 GMT

Metro Vancouver real estate sales overall were down 42.8% from September 2007, while the number of listings available for sale rose by 28.6%. Competition amongst sellers has continued to increase in recent months, as buyers find much more inventory from which to choose.

Detached home prices in Metro Vancouver have fallen 1.6% from September 2007, to an average benchmark price of $726,331. The number of detached homes sold in September fell by 50.2% from one year ago, while listings were up 25.5% over last September.

Townhouse prices in Metro Vancouver have held their own with a 2.5% increase in the past twelve months, reaching $464,478 in September 2008. The number of townhouses sold fell by 45% from last September. With the continued decrease in sales, inventory levels have remained high with 26.7% more townhouses available for sale this September over last.

Vancouver condominium prices were down slightly at .7% below September of last year. With prices averaging $369,062, September sales were down 35.1% from one year ago. The number of condos available for sale increased 32.3% from September of last year.

Statistical source: Real Estate Board of Greater Vancouver

Squamish Homes - The Q Report September 2008.09

Alphonse Quenneville — Sun, 05 Oct 2008 23:14:00 GMT

Detached Homes

At a benchmark price of $526,666, detached home prices are down .7% from one year ago. With the 47.6% decline since September 2007 in the number of detached homes sold, Squamish inventory levels are up 57.1% from one year ago.

Townhouses & Condominiums

September year-to-date sales of Squamish townhouses and condos have declined by 35.4% from this period last year.

Statistical Source: Real Estate Board of Greater Vancouver

Home prices adapt to affordability demands

Alphonse Quenneville — Thu, 02 Oct 2008 19:08:00 GMT

News Release

FOR IMMEDIATE RELEASE: www.AlphonseQ.com

The "Q" Report

VANCOUVER, B.C. – September 2, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.

New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.

“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”

Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent.

Sales of apartment properties declined 35.1 per cent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 per cent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent.

Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.

www.AlphonseQ.com

Fall Outlook For Real Estate - The "Q" Report

Alphonse Quenneville — Tue, 09 Sep 2008 07:14:00 GMT

Real Estate Perspective - www.AlphonseQ.com
After the U.S. election in November, all bets are off with respect to interest rates. The start of a new presidential term is typically when tough medicine is doled out to fix the economy. An upward draft in U.S. rates would come as no surprise. Iʼd recommend locking in your mortgage rate now for a minimum four year term, if an increase in mortgage rates could jeopardize your financial position. Uncertainty and lack of consumer confidence are having an impact on Real Estate and Equity Markets. The Toronto Stock Exchange's main index plunged over 470 points today, dragged lower by retreating resource issues as oil prices fell. Hurricane Gustav appears to have spared major U.S. oil facilities in the Gulf of Mexico. The stronger U.S. dollar and materials sector meltdown has had a downward impact on the price of gold and other metals today on the Toronto Stock Exchange. We expect this volatility to continue. On the real estate front, we continue to see sales drop in Metro Vancouver (down 53.6% August 2008 from August 2007). Depending upon the neighbourhood, price declines have been moderate to extreme. As an example, a new one bedroom apartment in Lower Lonsdale that would have sold in excess of $400K last year, is now listed in the mid $300ʼs and is still for sale as of our publish date. Prices are definitely being pressured downward in some areas more than others. Those who bought real estate in the last twelve months hoping to resell at a profit might be hard pressed to realize their gains in the short term. Keep in mind that ten years from now, weʼll look back and wish we had taken advantage of this market, as prices are still expected to increase over the longer term.
On the positive side now, the current real estate malaise appears to be largely province-wide. Those selling in Metro Vancouver can still sell and buy relatively transparently elsewhere in the province. Homes that are properly priced and marketed are selling. For now, the days of pricing a home ahead of a rising market are gone, making it even more important to have your real estate team in place to ensure your success. Although I am not expecting the current market to turn around substantially over the next twelve months, it must be remembered that there are still many factors which attract the interest of buyers in BC:
1. Unemployment rates are at 40 year lows. There is still work for anyone who wants it.
2. There are still many large capital projects under construction requiring manpower.
3. In-migration to BC continues to attract tens of thousands of people from around the world and other parts of Canada.
4. The mining and resource sector is still very strong and is benefiting greatly from material demand world wide.
5. As we said in January 2008, we expect the dollar to remain above 90 cents and interest rates to remain at historical lows for the rest of the year.
Sellers: Homes are still selling when well-priced and properly marketed. It is critical to be working with a realtor who understands this market to ensure your success. Call me if you require help in determining the best approach to selling your home in this changing market.

Buyers: Your chance to make a good deal in this market is now better than ever. There are more homes to choose from, and there are good deals to be had. Working with a trusted Realtor, Mortgage Broker and Legal Advisor will help ensure your success. Ten years from now, these prices will look low. Call
me if you need help pulling your team together.

604-328-2554 Hot Line: 1-888-328-6788 alphonse@alphonseq.com

Sales & Pricing Trends - August 2008

Metro Vancouver real estate sales were down 53.6% from August 2007. The number of listings available for sale was down 1.7% from last year. With fewer buyers purchasing real estate, the market continues to rebalance.

Metro Vancouver Homes
Detached home prices in Metro Vancouver were up just 1.6% from August 2007, but down 2% from last month reaching an average August benchmark price of $737,985.
The number of detached homes sold in August fell 58.2% from one year ago, while listings were down 5.5%. Prices of Metro Vancouver townhouses were up 3.8% in the past twelve months, reaching $463,433 in August 2008. The number of townhouses sold fell by 50.5% from last August. While the sales trend has continued to slow, inventory levels fell 32.8% from last month as frustrated sellers have removed their townhomes from the market.
Condominiums

Condominium sales have followed a similar trend to townhouses. With prices averaging $374,366, the number of sales in August fell 50.8% from August 2007. Listings over this period increased 3.6%.

North Vancouver Homes

Detached home prices reached an average benchmark price of $868,177, up 2.6% from last August, but down 1.8% from last month. The year to date August sales of detached homes declined 21.9% from last year. With the decline in sales, inventory levels have increased by 7.1% from one year ago.

North Vancouver townhouse prices were up just .6% from one year ago, but down 4% from last month. Sales were down 63.4% from last August, significantly lower than the year-to-date decline of 25%.
Condo prices in North Vancouver were down 1% from August 2007. The number of condo sales this August over last fell 61%. Year-to-date sales are down 27% from last year.
West Vancouver Homes

West Vancouver detached home prices were up 7.2% over August of last year, reaching a benchmark price of $1,512,967. The number of units sold declined by 69.8%, while the inventory of detached homes available for sale fell by 18.2%.

Squamish Homes
Detached Homes in Squamish reached a benchmark price of $565,643, up 12.7% from one year ago, but down 12.4% from last monthʼs all-time high. The number of detached homes sold in August fell 65.5% from August 2007, while inventory levels fell 12.8% from this time last year.

Townhouses & Condominiums

August year-to-date sales of Squamish townhouses and condos have declined by 36.4%. Inventory levels have climbed 17.6% in the past twelve months.

Whistler Homes

The number of homes available for sale in Whistler has increased by 3.4% this August over last. Year-to-date sales of Whistler homes are down 23.2% from this time last year.

* Statistical Source: Real Estate Board of Greater Vancouver.

www.AlphonseQ.com

Summer lull sees properties stay on market

Alphonse Quenneville — Wed, 03 Sep 2008 22:51:00 GMT

www.AlphonseQ.com

VANCOUVER, B.C. – September 3, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of 53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006.

New listings for detached, attached and apartment properties declined 1.7 per cent to 4,331 in August 2008 compared to August 2007, when 4,408 new units were listed.

“In August, properties on average remained on the market longer than we’ve seen in recent years,” REBGV president, Dave Watt said. “As the market heads into the traditionally more active fall season, we have begun to see property listings recede and prices moderate.”

Sales of detached properties declined 58.5 per cent to 535 in August 2008 from the 1,288 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 1.6 per cent from August 2007 to $737,985. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 4.3 per cent.

Sales of apartment properties in August 2008 declined 50.8 per cent to 740, compared to 1,504 sales in August 2007. The benchmark price of an apartment property increased 1.7 per cent from August 2007 to $374,366. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent.

Attached property sales in August 2008 are down 50.5 per cent to 293, compared with the 592 sales in August 2007. The benchmark price of an attached unit increased 3.8 per cent in Greater Vancouver between August 2007 and 2008 to $463,433. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3.2 per cent.

As of August 31, 2008, active residential listings totalled 17,950 in Greater Vancouver, a 6.2 per cent decline from the 19,138 active listings seen on July 31, 2008.

www.AlphonseQ.com

Home Inspections are a Good Investment

Alphonse Quenneville — Wed, 03 Sep 2008 21:27:00 GMT

Whether you are buying or selling a home, it's crucial to include a thorough home inspection as part of the process. It might be tempting to save a couple of dollars by passing on a home inspection, however this short sighted approach could end up costing you big time in repairs, such as leaky roof or an unsound foundation. Here are some other reason a home inspection is such a good investment:

Consumers can only see so much on pre-owned homes. A home inspection goes beyond the cosmetic to give buyers a clear look at what's behind the walls.
From a seller's standpoint, offering an inspection to potential buyers goes a long way to ensure peace of mind. Although the buyer may get their own inspection, it does go a long way to giving a comfort level for the buyer that you have done your best to make the condition of your home known. As well an inspection done by a properly accredited inspector will give you a good heads up and allow for the proper pricing of your home in advance without emotion, as opposed to during negotiations.

The bottom line is that a home inspection is one of the best financial investment consumers can make and should not be skipped. If you need help with buying or selling your next home - Call Alphonse at 604-328-2554.

www.AlphonseQ.com

Most homebuyers already from B.C.

Alphonse Quenneville — Fri, 29 Aug 2008 03:36:00 GMT

Darrell Bellaart

The Daily News (Nanaimo)

www.AlphonseQ.com

The average homebuyer in Nanaimo is from B.C.

There's a good chance he or she is from Vancouver Island and it's highly likely he or she is in Nanaimo already.

B.C. residents remain the single-largest group of buyers of Nanaimo real estate, according to the third annual real estate buyer profile report from the Vancouver Island Real Estate Board.

The Island-wide voluntary buyer survey got 587 responses from Nanaimo home buyers. The data they provided suggests that 38% of all residential buyers come from Nanaimo. Fourteen per cent come from elsewhere on Vancouver Island and all of B.C. accounted for 74% of all home buyers who took the time to complete and return the survey.

But the report also shows a continuation of a trend seen all over the Island in recent years - an increase in the number of retirees moving to Nanaimo, many from Alberta.

Alberta buyers made up 13.5% of the market in Nanaimo last year, a big jump from 2006 when only 9% of buyers hailed from Wild Rose Country. Albertans made up 11% of the total in 2005.

Those buying for retirement made up 30% of all buyers in Nanaimo last year, less than the Island rate (35%), but a two-point jump from the previous two years, when it hovered at 28%.

That's seen good news for the Island, since retirees come here with hefty bank balances and help make the Island economy one of the strongest in Canada.

"Retirees really are a tremendous boost to the local economy," said Cameron Muir, chief economist for the B.C. Real Estate Association. "Retirees living day-to-day are not only paying taxes, they also support high-value occupations such as doctors, medical professions, lawyers, financial institutions and home maintenance (firms). All those help carry the community through the ups and downs of the business cycle."

Housing sales are considered a good economic barometer. The industry is a major driver of the economy, and retirement is a major driver of housing sales on Vancouver Island.

"Affordability is a big factor," Muir said. So is Nanaimo's favourable climate, its central location and its growing list of amenities for people wanting to relocate here.

The Vancouver Island market usually follows the lead of the Lower Mainland and with prices leveling off and even dropping in some areas, Muir said sellers can expect a similar pattern here.

Looking ahead, Muir said the economic indicators are good for the Island and B.C., with the exception of consumer confidence. Confidence has taken a hit amid the barrage of media coverage of the U.S. sub-prime mortgage fiasco.

But Muir said Canada's banking industry is better protected, since borrowers have to qualify for mortgages, and that's reflected in Canada's mortgage failure rate, which remains low.

Muir repeated the mantra realtors have been saying lately: It's now a buyers' market. For sellers, it means sprucing up a home's curb appeal and pricing it right will make a difference how long it sits on the market.

"Buyers are now competing against each other for available buyers," he said. "Having a sharp pencil around pricing a property is more important it was a few years ago."

WHERE BUYERS COME FROM

Nanaimo residents still make up the single largest group of home- buyers in Nanaimo at 38% of the total. Albertans, however, are catching up with Islanders for the second-largest single buying group. But B.C. buyers still made up the greatest share, at 74% of the total, while Islanders made up 57% last year.

THE BREAKDOWN

Within same area 38%

Elsewhere on Island 14%

Alberta 13.5%

Other B.C. 7.7%

Vancouver 6.0%

Ontario 5.1%

Victoria 4.4%

Rest of world 2.7%

Fraser Valley 2.7%

Sask./Manitoba 2.6%

Other Canada 2.2%

Gulf Islands 1.0%

**587 responses

Source: Vancouver Island Real Estate Board