Happy New Year LiveKitsilano.com readers! I hope you enjoyed your holidays and have gotten off to a great start in 2019. Our team is just getting back into the groove after our own holidays. The Real Estate Market has started to show signs of life, but activity doesn’t really start until mid-January when we start to see more new listings and pre-approved Buyers. The market continues to pick up momentum as we move into the Spring Market which is when we typically see the highest number of listings and sales.
I’m going to keep this update fairly short as the month of December is typically quite slow since listings are taken off the market before Christmas (and typically re-listed in the New Year, though there may be some Sellers who decided to rent their unit instead) and Buyers start focusing on the holidays rather than real estate. I still had a listing sell over the holidays so things don’t slow completely, but it’s definitely not a month to draw assumptions on the current market.
This past summer and fall was fairly slow, so it will be interesting to see what happens this year. Generally, prices have dropped since last year and interest rates remained steady so Buyers have reason to be excited. I’ve gotten a few calls already this year from Buyers who are eager to get their search started, and a few calls from Sellers who are keen to sell their property so I anticipate this year will be a balanced market – good for both Buyers and Sellers. Buyers have some negotiating power back with the ability to submit conditional offers, and Sellers can be confident that their property will sell within a few weeks (assuming it’s priced appropriately).
For Sellers who may be upset that the market has dropped slightly, think about the price difference between what you’re selling and buying rather than the fact that your property might not be worth as much as it was last year. Even if you’re selling for less now, your next purchase will also be cheaper than before, and typically more expensive properties have dropped further in price so you’ll be in a good position.
We typically suggest to clients who are looking to both buy and sell to get started as soon as possible. If you sell early enough in the year, you’ll be looking to purchase your next property during the Spring which is typically when we see the highest inventory which would give you the best odds of finding a great property, quickly.
If you haven’t already, talk to a mortgage broker about your affordability and what your options are when it comes to a buy and sell (ie. any mortgage break fees, portability options, etc). Contact Pinksy Mortgages to get started on your financing approval since the simple “Mortgage Calculators” on the internet don’t tell you the full story.
If you have any questions about the Kitsilano Real Estate market, or want to chat about the type of property you’re looking for and the best plan of action, don’t hesitate to contact me at: 778-387-7371 or [email protected].
Take a look at the stats.
Prices have dropped slightly for condos and townhouses in Kitsilano, and more so for detached houses. Inventory dropped across the board but the sales to active ratio for condos and townhouses remains strong, so the Buyers are out there.
Kitsilano Condo Market Update for January 2019
Ignore the 3 bedroom condo numbers in Kitsilano last month – that’s an anomaly due to a unique property. Otherwise inventory dropped this past month, but the sales to active ratio was good for 1 and 2 bedroom condos so this market should keep moving along. Just reviewing some or the new listings that have popped up this week and there are some good properties at good prices. Kitsilano used to be a bit more expensive than the Eastside, but that’s not so much the case anymore.
Kitsilano Townhouse Market Update for January 2019
The Kitsilano townhouse market is a fairly small market to take a sample from, but the umbers this past month show that there is still activity. Prices increased slightly and the sales to active ratio was strong amidst an expected drop in inventory. I expect to see people who own townhouses try to make the jump into a detached home this year as the price gap between the two has narrowed, which could lead to more inventory on the market this year.
Kitsilano Detached House Market Update for January 2019
The Kitsilano detached market is slow, and has been for a while now. Very few new development projects have sold this year. The re-sale market has been slow this year, but we also saw a huge drop in inventory this past month so all eyes will be on whether or not that inventory is re-listed.