Crest Realty Westside
Independently Owned and Operated

 Greater Vancouver Real Estate Board Stats for October 2011; What's happening with the market right now?; RE/MAX #1; Grey Cup Festivities for 2011


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November 2011

I've been hard at work designing new marketing materials, and as you can see, this includes my monthly newsletter.  I hope you like the new format!  Feel free to give me some feedback if you wish.  A new website offering you quick and easy access to property information, pre-defined searches , and tools for number crunching, has also been on the agenda.  So, after months of brainstorming, and tweaking here and there, I'm happy to announce my new website is finally live,  Check it out, and let me know what you think. 

I'm getting a lot of questions about what's happening with the market right now, so I thought I'd give you the quick run down.  The market was quite stagnet from the middle of September to the middle of October.  Lots of new listings, but no buyers to be found.  In the last two weeks though, the buyers seem to be getting off the sidelines, realizing that with interest rates at an all time low, this buyers market offers them time to view properties a couple of times before making an offer.  That's a nice change to the days when you had 20 minutes to decide if that was the home for you.  So, if you want to make the move, but are not sure if it's the right time, call me, and I can help you decide.

My Listings!

I have sold one of my new listings, maybe two by the time you read this.  My office, RE/MAX Crest Realty Westside has recently taken over top spot, now the #1 RE/MAX office worldwide.  Yup, worldwide!  Pretty cool, eh?  I'd like to think I've helped out a little with that!   Click here to view my current listings and sales.  
Market Statistics
With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver Housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months. Read More...

Grey Cup 2011

The new roof on BC Place Stadium is complete, and just in time for the big game.  The 99th Grey Cup festivities run November 24-27, 2011.  I'll be at the game, so if you are also, make sure you say hello!   Grey Cup 2011 festival information
Copyright © 2011 Krista Freeborn

Our mailing address is: 1428 W. 7th Ave, Vancouver BC V6H 1C1

This communication is not intended to induce a breach of an extisting agency relationship.

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The people in the know are saying there is no bubble, it's the lack of the transitional rules for taking out the HST that is causing some buyers to sit on the sidelines.  


There is no real estate bubble in Vancouver but, according to a panel of speakers at a recent Board of Trade event, a lack of clear transitional rules leading up to the return of the provincial sales tax is having a negative effect on the real estate industry.


That was the message delivered by the panel of three real estate industry experts, including the Board’ President-Elect Eugen Klein, to a packed house at the Board of Trade’s Bubble Trouble event on October 21 at the Fairmont Hotel in Vancouver.


Other panelists included Ward McAllister, president of Ledingham McAllister Properties, and Richard Wozny, of Site Economics Ltd. The panel was moderated by David Podmore, CEO of Concert Properties Ltd.

Each of the speakers presented information that helped to set the overall picture of what they consider to be a solid overall market that is not in the midst of a bubble. But they directed their strongest comments towards the impact that the lack of transitional rules is having on the market right now.


“Potential buyers, especially the under-25 group, are sitting on the sidelines,” said Klein. “It’s also affecting home renovation projects with HST on them because consumers don’t know what to do.”


“Potential buyers, especially the under-25 group, are sitting on the sidelines,” said Klein. “It’s also affecting home renovation projects with HST on them because consumers don’t know what to do.”

McAllister was the most vocal in his criticisms, noting that he and his company have been “literally begging” the provincial government for transitional rules since the results of the referendum to repeal the HST were announced.


“What is amazing to me is that it took the government three days to bring this new tax in and now they are telling us it is going to take up to 18 months to unravel,” said McAllister. “This is really hurting us in the new home business just because of the uncertainty.”

Both Klein and McAllister noted that they are seeing developers taking on a portion, or even all, of the HST on their product to try and remove that uncertainty for potential buyers.

Other information provided by the speakers suggested that the Metro Vancouver real estate market is healthy and stable.


Wozny forecasted that low interest rates will hold steady into the foreseeable future, which will translate into continuing sales, and McAllister highlighted immigration data that shows that approximately 52,700 immigrants will move to British Columbia in 2011. Of that total, some 42,000 will move into the Metro Vancouver area, meaning that the need for new housing will remain strong.


Klein pointed to steady residential sales driven by high-end property demand in Richmond, West Vancouver and the Westside of Vancouver. He also updated major commercial projects that will add approximately five million square feet of retail space and 1.5 million square feet of office space to Metro Vancouver by 2015.


“Putting the residential and commercial real estate sectors in perspective, the Lower Mainland remains a very desirable place to live and work,” said Klein.


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RE/MAX Crest Realty | 1428 W. 7th Ave Vancouver, BC V6H 1C1 | PH: 604-716-9301
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.