Kitsilano Real Estate Monthly Market Update


Share This!

We are into April and, as expected, the market is showing signs of picking up. While there is much talk in the news of March sales being down up to 30% over the 10 year average, sales have increased substantially compared to the first two months of 2013. This is a trend is likely to continue through April and May. Interestingly, and perhaps a result of some Seller’s believing too much of what they hear on the news, the number of listings in most market segments are decreasing. I suspect we will see inventory start to climb again slowly as the both consumer confidence, and the weather, begin to improve.

You will note that our numbers are presented slightly differently this month. Due to a couple of technical changes with the real estate board, we are no longer able to pull the information in the same way we did before… at least not with proper accuracy. As the real estate board does not separate townhomes from condos, which we find extremely valuable, our price breakdowns have become more limited for those segments. We apologize for the change.

Let’s start with the Detached market this month:

On the Westside, March 2013 look remarkable similar to March of 2012. Sales, inventory and active listings remained virtually the same, though we did notice an increase in time on market. Compared to February, we noted a big 46.2% uptick in sales, perhaps spurned by some more realistic sellers – as evident in the slip in Median Pricing of 11.9%. The sub-$2m market remains quite active here with a marked down turn in the higher end properties.

The townhome market is more consistent across market segments. Year over year, we are seeing inventory remain relatively stable, while sales have fallen 14.7% – 29.3%. Median pricing has slipped in all three segments as well, though all three have been less than 4%. We also noted inventory drops and a substantial uptick in sales activity compared to last month, so the townhome market as a whole is showing signs of strength.

On to the condo market: Sales have increased between 14% and 47% in every area of town, with the number of listings and median, average & price/sqft holding relatively steady. Breaking down the price categories, we see a very balanced market, meaning every type of condo has interested Buyers. The one bedroom and sub $425k market (where new Buyer’s can get a Property Transfer Tax exemption) is performing best.

As noted above, all markets are showing rising sales and lower inventory, which is leading to a more balanced market and stabilizing prices. We’ve noticed that if you have a unique property that’s priced sharp and marketed well, it will sell quickly. The change from PST to GST will decrease the tax on new construction, as well as real estate commissions, which may add some movement as well.

If you have any questions, please don’t hesitate to ask.


[x] close

Login for Full MLS Acess

Name* (first and last):

Email Address*:

Price Range: -

Property Type:

How many bedrooms?

How many bathrooms?

What area? (Near xxx)

I'm looking for a home that: (Allows pets, has ocean view)

Are you working with a Realtor?

Terms of Use

The term Virtual Office Website ("VOW") refers to a Participant's (REALTORS®) Internet website, or a feature of a Participant's Internet website, through which the Participant provides real estate brokerage services to Registrants (clients and prospects) with whom the Participant has first established a relationship where the Registrant has the opportunity to search for MLS® data, subject to the Participant's oversight, supervision and accountability. By agreeing to these "Terms of Use" you:

  1. acknowledge and understand that the Terms of Use do not create an agency relationship and do not impose a financial obligation on the Registrant or create any representation agreement between the Registrant and the Participant;
  2. understand that all data obtained from the VOW is intended only for your personal, non-commercial use;
  3. do have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered through the VOW
  4. agree not to copy, redistribute or retransmit any of the data or information provided;
  5. acknowledge the Board/Association ownership of and the validity of the copyright in the MLS® database.
  6. agree that all information provided may be provided to the relevant Board and may be used to administer and operate the VOW and to investigate any breach of security of the data or the MLS® rules
  7. that a "mouse click" is sufficient acknowledgement and agreement to the terms
  8. must supply a user name and a password, the combination of which must be different from those of all other Registrants on the VOW, before being permitted to search and view information from the MLS® database via the VOW.
  9. must provide a valid email address. The Registrant may be permitted to access the VOW only after the Participant has verified that the email address provided is valid the Registrant's agreement to the VOW's Terms of Use is confirmed.
  10. understand the Participant must at all times maintain a record of the name, telephone number and email address supplied by the Registrant, and the username and current password of each Registrant, such records to be kept for not less than 180 days after the expiration of the validity of the Registrant's password. If the Board/Association has reason to believe that a Participant's VOW has caused or permitted a breach in the security of the data or a violation of MLS® rules related to use by one or more Registrants, the Participant shall, upon request, provide to the Board/Association a copy of the record of the name, email address, telephone number, username, current password, and audit trail, if required, of any Registrant identified by the Board/Association to be suspected of involvement in the violation.
  11. Understand that information on this site is deemed to be valid but is not guaranteed. It is the responsibility of the registrants to confirm all information on their own. Broker may not have reviewed or approved listing enhancements. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
  12. Understand any agreement entered into at any time between the Participant and Registrant imposing a financial obligation on the Registrant or creating agency representation of the Registrant by the Participant must be established separately from the Terms of Use, must be prominently labelled and may not be accepted solely by mouse click
  13. have received, read and understand the brochure published by the British Columbia Real Estate Association entitled Working With a REALTOR®

Having agreed to the terms and conditions of use, I would like to have access to this VOW information.

 Terms and Conditions I agree to the Terms and Conditions

[x] close

Login for VOW Access

Remember me

Don't have an account? Register now!