Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

March Market Update

As the Olympics wind down and the Paralympics start up, BC’s momentary pause from the world’s premiere sporting spectacle is being replaced by a relatively hot economy. According to the Conference Board of Canada, BC’s economy is expected to lead the country in growth for 2010, fueled by Olympic spending and better fortunes for forestry and manufacturing.
(http://www.globalnational.com/money/Strong+growth+expected/2602719/story.html)

In many places across the province, the spring market is expected to be hotter than usual, with the housing sector continuing its upward trajectory from 2009’s lows. This will be supplemented with an increase in both buyers and sellers, who put their intentions on hold during the Olympics, leading to both greater inventory and more sales in the months ahead.

This month, Macdonald Realty will be introducing the MacBlog, an up to date information source for all things property-related. The MacBlog will feature contributions from both managers and sales associates from all of our offices across British Columbia, and will cover a wide variety of topics, including:

• Common issues encountered by buyers and sellers;
• City and neighbourhood profiles;
• Interest rate updates;
• Unique property listings;
• Effects of government policies and legislation on real estate;
• and much more

March 2010 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson 604-675-6214

Jason Feinstadt 604-263-1911

MacDonald Realty 604-263-1911

Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

Despite the recession, BC’s luxury home market remained strong in 2009. Based on the Greater Vancouver Real Estate Board MLS stats, 31 homes priced over $5 million sold in 2009 versus 25 that sold in 2008. What’s more remarkable is that none of these sales occurred in the first 1/3 of the year, when the world’s financial markets were seemingly in freefall. Take that period out of the equation and the rate of luxury home sales in 2009 was almost double that of 2008.

The same trend held true throughout the province as luxury home prices bounced back after a slow start to the year.

Bill Dick, Vancouver’s managing broker for Macdonald Realty, which sold the 3 of the 5 most expensive properties in the province in 2009, believes a number of factors contribute to a strong luxury market. “Everyone talks about how interest rates are driving this market,” he states, “but out-of-town buyers are the primary force behind luxury real estate.”

That said, the luxury market is still subject to the whims of the economy. The move-up process – first-time condo to marital townhouse to family home to dream property – is still built upon first-time buyers entering the market, who, in turn, are most influenced by interest rates. This was most obvious in the beginning months of 2009 as luxury property sales lagged nearly 4 months behind first-time home transactions.

Moving forward, it looks as though the luxury market is poised to remain strong throughout 2010. Western Canada is a pleasant, safe place to live, and out-of-town and overseas buyers will continue to look to this market for both investment and pleasure. And with the eyes of the world focusing on Vancouver, the number of wealthy foreigners who know about Canada’s West Coast will only increase.

Top 5 sales in BC according to MLS:

1. $15.2 Million
2. $14.2 Million
3. $11.8 Million
4. $11.3 Million
5. $10.65 Million

February 2010 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson 604-675-6214

Jason Feinstadt 604-263-1911

MacDonald Realty 604-263-1911

Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

Since the market correction last winter, the market has bounced back nicely to test previous highs, both in the number of sales and in benchmark prices. The summer of 2009 surprised many analysts and market-watchers with both its resiliency and fervour, and clients have asked what will happen in the fall and winter.

No one really knows what the market will do, but traditionally, the winter season has resulted in a slow-down in the market as families buckle down for the school year, weather patterns make buyer tours less pleasant, and holiday planning begins. Because there are fewer buyers, some sellers will decide that they can wait until these buyers return, which results in less supply to offset the drop in demand.

However, statistics show that house prices tend to be lower in the winter than in the summer which is why home price stats are seasonally adjusted. People who sell in the winter are more likely to be ready to sell and realistic rather than curious and unmotivated. Also, because there are fewer buyers, true negotiations between buyers and sellers are more likely to occur in place of auction-type multiple offer situations.

So what does this mean if you’re a buyer or seller? If you’re a buyer that has the flexibility to purchase during the winter months, your selection may become more limited, but if you find what you like, you will likely have a better opportunity to negotiate for your home rather than bid for it. If you’re a seller, a limited supply can work in your favour if you have a good realtor that can outline the unique features of your home.

Every situation is different, and each year presents a new set of challenges and opportunities that require professional analysis.

November 2009 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson 604-675-6214

Jason Feinstadt 604-263-1911

MacDonald Realty 604-263-1911

Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

GDP and the Housing Market

On September 30th, Statistics Canada released a report stating that Canada’s GDP ’stalled’ in July, reversing its June growth of 0.1% to slide back to no growth in July. While these numbers seem small, economists had expected Canada’s GDP to grow by 0.5% and the figures suggest Canada may not bounce back as quickly or fervently as once hoped.

Surprisingly, the sectors that achieved the most gains in July were Eastern Canadian industries such as motor vehicle and parts production, while Western Canadian and big city sectors like mining, construction, and retail trade all faltered. This stands in stark contrast to Canada’s Consumer Confidence Index, which rose once again, and shows that Canadians believe that an economic recovery is at hand.

The real estate market has benefited tremendously from this increase in faith from the Canadian public. Home prices across Canada have risen for 3 straight months and several municipalities are seeing prices above pre-recession levels.

This is important to note. While economics plays a role in housing prices on the supply side, it has to be looked at in lock-step with the demand side, which is to a great extent dictated by a combination of Consumer Confidence and demographics.

So while the economics of housing may be lagging behind, Consumer Confidence and population inflows to Western Canada have, once again, begun pushing prices upwards.

Many factors come into play when it comes to pricing your home and a professional can help you through that process. To find out more, please feel free to contact one of us at the address below.

October 2009 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson 604-675-6214

Jason Feinstadt 604-263-1911

MacDonald Realty 604-263-1911

Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

All About Agency

In Canada, real estate buyers generally work with one real estate agent, who is responsible for finding all available properties in their price and preference range, setting up showings, performing due diligence on potential acquisitions, and representing the buyer in all negotiations.

Understanding client needs and motivations are integral functions of producing positive results and building long-term relationships. Macdonald Realty sales associates are licensed real estate agents that work within a legal framework called ‘Agency’. Agency provides sales associates with the authority to represent your principal interests when dealing with other parties.

Sales associates owe fiduciary duties to clients with whom they represent through agency relationships. They include

• a) Undivided loyalty;
• b) Obeying all lawful instructions of the principal (client);
• c) Exercising reasonable care and skill in performing all assigned duties;
• d) Accounting for all money and property placed in a Brokerage’s hands while acting for the principal.

Another interesting twist on agency and how it pertains to real estate is the issue of Dual Agency. While Buyer’s and Seller’s Agency seem intuitive, the idea of representing both sides of a transaction is strange to most people. Effectively, this type of agency restricts the agent from divulging insider information to either side and limits their role to providing information about the subject property and the general market, and providing professional assistance in the writing of any contracts or addendums.

Working with a sales associate offers an exclusive arrangement between agent and client, ensuring that your best interests are always protected. Macdonald Realty sales associates pride themselves on being industry leaders possessing an array of facilitation skills not commonly found in today’s real estate industry.

Many factors come into play when it comes to pricing your home and a professional can help you through that process. To find out more, please feel free to contact one of us at the address below.

September 2009 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson 604-675-6214

Jason Feinstadt 604-263-1911

MacDonald Realty 604-263-1911

Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

Last month we focused on Sellers and how to price homes for sale. This month, we’ll be turning our attention to Buyers and offer certain strategies for how you should approach the negotiation process. Remember, these are just general guidelines. Every situation is unique and you should consult your Realtor about your specific circumstances.

Many factors come into play when it comes to pricing your home and a professional can help you through that process. To find out more, please feel free to contact one of us at the address below.

July 2009 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson  604-675-6214

Jason Feinstadt  604-263-1911

MacDonald Realty 604-263-1911