Navigating Metro Vancouver?s housing market with the right REALTOR

Michael Bernard
The Vancouver Sun

Navigating Metro Vancouver’s housing market can feel daunting, especially when market conditions are changing.

In 2018, the region’s housing market has been in a transition from a seller’s market to one that favours buyers.

If you’re considering entering the market, you’ll want to take the time to choose the right Realtor for you, says Phil Moore, Real Estate Board of Greater Vancouver president. “In this market, you have more time to look at homes and be choosy. Take the same approach with Realtors: invest the time, be selective, and choose one with the skills, expertise and demeanour that’s right for you.”

It’s a working relationship that can last several weeks and months and you want to be comfortable with the right person.

Click on the video below to learn more about all the ways a Realtor can work on your behalf:

“The first thing we always suggest is to talk with your family or friends about who they have worked with,” said Moore. “Many times, buyers and sellers don’t ask for references, [but] past clients can tell you a lot about how the Realtor works, how they communicate and whether they can deliver the results you’re looking for.”

Moore suggests looking at the process of engaging a Realtor like conducting a job interview. “Visit a few open houses. Drop by a real estate office in your neighbourhood. Talk to different agents, and ask them about their marketing strategies, their skills and their level of training and education.”

Buying or selling a home is the biggest financial decision most people will ever make. Your Realtor is your professional representative through this process. Their role is to advise and guide you at every step of the process.

To learn about how working with a Realtor offers you an extra level of protection, watch this video

This includes everything from knowing the history of the home, the neighbourhood and its schools to handling the complex paperwork involved in a real estate transaction, Moore said.

And while there is more data than ever available to consumers, Realtors have the knowledge and experience to best interpret it for their clients.

“Buying and selling can be a stressful time,” said Moore. “Knowing you have a professional with experience and expertise representing you in the market, one who listens to and understands your needs, will give you peace of mind and allow for a smooth process.”

Above all, Moore said consumers should feel empowered and confident throughout the buying or selling process.

To learn more about working with a Realtor, visit www.rebgv.org/choosing-right-home-starts-choosing-right-realtor.

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Greater Toronto area condo prices up

Steve Randall
Canadian Real Estate Wealth

Condo prices continue to rise in the Greater Toronto Area even as new supply eases inventory pressures.

The average selling price of actively-marketing projects in the third quarter of 2018 was $745 per square foot, up 11% year-over-year. For unsold units, asking prices gained 19% to $972 psf on average.

Urbanation’s Q3 2018 condo market report also reveals that average resale condominium prices grew by 6.5% year-over-year to $690 psf, or $577,000 based on an average size of 837 sf; a sharp deceleration from the 27% annual pace recorded in Q3-2017.

Sales gain in Q3 but YTD is down from record high

Third quarter new condo sales were up 4% to 4,738 units in Q3-2018, reaching the third highest Q3 volume of the past 10 years.

Year-to-date sales of 14,055 units were down 46% from the record high of 25,839 sales recorded during the same period last year

Meanwhile, resales gained for the first time since Q1 2017, with a 2% rise year-over-year to 5,253 units.

Construction started on a record 8,150 new condominiums in Q3-2018, raising the total number of condos under construction to a new high of 67,581 units in 236 buildings. Projects under construction were 95% pre-sold on average.

“The condominium market has performed exceptionally well during its transition from an overheated 2017. Low supply and stabilized demand should continue to provide structural support for prices. However, signs of a slower pace of price growth ahead from factors including rising interest rates and higher completions should be factored into decision making with respect to purchasing investment units”, said Shaun Hildebrand, President of Urbanation.

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