Kitsilano Market Stats

Kitsilano Market Statistics - April 2012

Mon, 14 May 2012 18:20:23 GMT

Well, it's that time of year again... the time in Kitsilano where everyone stops working and heads to the beach to enjoy the sun! The weather this past weekend was spectacular and let's hope for more of the same for the long weekend.

In the Kitsilano real estate market, comparing detached and attached markets, we are seeing one consistent trend and two divergent ones:

(1) Listing inventory is climbing in both markets, as is typical this time of year, with both markets showing inventory levels higher than anything we saw in 2011 or so far this year. If this trend continues, we may see inventory levels exceed the high levels of 2010. Combined with interest rates that are still near record lows, this Summer should provide some good buying opportunities.

(2) Sales activity has been steady in the attached market, but has seen a surge in the detached market. This may be attributed to the lowest average price we have seen for detached homes since the beginning of last year.

(3) Contrary to what the inventory vs sales numbers from above may suggest, we are actually seeing a push in attached homes to record highs while detached homes, as mentioned, are at the lowest average price we have seen since early last year. It's difficult to imagine both of these trends continuing given the fundamentals in play, so I expect condo prices to level off and detached home prices to get a boost next month.

While listing inventory is expected to grow, conversations with our connections in the banking world suggest that mortgage pre-approval applications are flooding in at the moment. It is shaping up to be a busy Summer, with many buyers eager to jump in they find the right buy.

Enjoy the sun!

Kitsilano Market Statistics - April 2012

Mon, 14 May 2012 18:18:40 GMT

In the Kitsilano real estate market, comparing detached and attached markets, we are seeing one consistent trend and two divergent ones:

Enjoy the sun!

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Kitsilano Market Statistics - March 2012

Mon, 14 May 2012 18:14:09 GMT

As expected, March showed further growth in activity as we near the peak of the Spring market. Active listings are up across all markets, though not as significantly as some may have expected. Sales activity was also up in most markets, with the exception of the Westside, which saw a slight drop in activity in both the attached and detached markets. Downtown showed the largest jump in activity with sales up 43.8% over last month. Median pricing remained relatively flat, though a drop off of almost 8% was noted in the Westside detached market.

The hottest market segments last month were:

- Any detached home on the Eastside under $1.2m

- The sub-$1.5m Westside detached market

- Virtually all detached North Van detached homes between $700k and $1.6m

- Entry level downtown condos under $400k

- Higher end North Van condos/townhomes between $800-900k

The next two months should have plenty of Buyer activity, with many looking to use the 2.99% rates that are locked in for the next 90 days. Looking forward to a good Spring (and good spring weather for showings and tours)!

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Kitsilano Market Statistics for February 2012 - Attached Homes

Tue, 06 Mar 2012 22:11:00 GMT

Take a look at the latest market statistics for Attached Homes in Kitsilano.

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Kitsilano Market Statistics for February 2012 - Detached Homes

Tue, 06 Mar 2012 22:09:30 GMT

Take a look at the latest market statistics for Detached Homes in Kitsilano:

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BC HST New Housing Rebate

Wed, 29 Feb 2012 15:59:25 GMT

Good news for all of you who are eligible for an HST New Housing Rebate! The cap level has been increased from $525,000 to $850,000, meaning a higher maximum rebate of $42,500 (from $26,250). Pending approval by the BC Legislature, these changes will be effective from April 1 2012 to March 31 2013 (when HST is transitioned back to PST/GST).

More Information (and frequently asked question) can be found at the British Columbia Real Estate Association or Ministry of Finance HST Notice #12 .

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BC First Time New Home Buyers Bonus

Wed, 22 Feb 2012 15:31:28 GMT

Today, the Provincial Government announced a temporary one-time refundable personal income tax credit worth up to $10,000 for First Time New Home Buyers. Details are can be found here , and are summarized below.

From the BC Budget website:

Subject to Approval and effective February 21, 2012 to March 31, 2013, this First Time New Home Buyers' Bonus is a one-time refundable personal income tax credit worth up to $10,000. To qualify as a first time new home buyer:

-You purchase or build an eligible new home in BC

-You (and your spouse/common law partner) have never previously owned a primary residence

-You file a 2011 BC resident personal income tax return, or if you moved to BC after December 31, 2011, you file a 2012 BC resident personal income tax return (you will not be eligible if you move to BC after December 31, 2012)

-You are eligible for the BC HST New Housing Rebate

-You intend to live in the home as your primary residence

An eligible new home includes new homes (i.e. newly constructed or substantially renovated) that are purchased from a builder and that are owner built.

The bonus will be available in respect of new homes purchased from a builder where:

-A written agreement of purchase and sale is entered into on or after February 21, 2012

-HST is payable on the home

-No one else has claimed a bonus in respect of the home

The bonus will be available in respect of owner built homes where:

-A written agreement of purchase and sale is entered into on or after February 21, 2012

-Construction of the home is complete or the home is occupied before April 1, 2013

-No one else has claimed a bonus in respect of the home

A substantially renovated home is one where all or substantially all (generally 90%) of the interior of a building has been removed or replaced.

Amount of the Bonus:

The bonus is equal to 5% of the purchase price of the home (or in the case of owner built homes, 5% of the land and construction costs subject to HST) to a maximum of $10,000. The bonus will be reduced based on an individual's/couple's net income (see website for the formula).

Application Process:

Individuals must apply for the bonus through the BC Government (forms will be posted later this year). Applicants will be required to submit documentation demonstrating eligibility for the bonus.

For more information:

INCOME TAXATION BRANCH

Ministry of Finance

Province of British Columbia

(T) 250-387-3332 or 1-877-387-3332

(E) ITBTaxQuestions@gov.bc.ca

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Kitsilano Real Estate Market Stats - January 2012

Mon, 06 Feb 2012 13:26:51 GMT

With a month already gone in 2012, let's look at how the Kitsilano real estate market fared to start the year.

The Kitsilano condo market has seen quite the yo-yo effect that past couple months. After a big spike in median pricing in November, and a drop in December that completely wiped out those gains, January showed a substantial bounce back in pricing that leaves us sitting above the average of 2011. I am excepting this number to level off a bit heading into Spring with more marginal increases in what is typically the busiest season in Kits real estate. Based on seasonal trends, I would also expect to see listing inventory and sales activity climb significantly through February and March. This is a trend that we have seen the past few years and history looks to repeat itself this year.

In the Kitsilano detached housing market, January displayed a similar bounce back month to what we saw in the Kits condo market, only to an even great degree. Both median and average pricing leapt over November numbers, with both numbers setting new highs. Unlike the condo market, we also saw an early boost in sales activity here, which is the key driver for the increasing prices. I suspect this market will be really hot over the next 2-3 months before cooling significantly through the rest of the year.

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Kitsilano Detached Market Statistics

Tue, 17 Jan 2012 17:49:28 GMT

Take a look at this month's Kitsilano Detached Market Statistics

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Kitsilano Attached Market Statistics

Tue, 17 Jan 2012 17:46:13 GMT

Take a look at this month's Kitsilano Attached Statistics

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