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Housing Market Sees Slight Changes In October:


The Greater Vancouver housing market saw a slight increase in the humber of homes sales, a slight reduction in the number os listings, and a slight decrease in home prices in October compared to the summer months.  With those changes, the sales-to-active-listings ratio increased to 11 per cent in October from 8 per cent in September.


The Real Estate Board of Greater Vancouver reported 1,931 residential property sales of detached, attached and apartment properties on the region's Multiple Listing Service in October, a 16.7 per cent decline compared to the 2,317 sales in October 2011 and a 27.4 per cent increase compared to the 1,516 home sales in September 2012.


October sales were 28.5 per cent below the 10-year October sales average of 2,700.


"Buyer demand increased slightly in October compared to the previous few months." Sandra Wyant, REBGV president-elect sait.  "Overall conditions in today's market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making.  This translates into a calmer tmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today's marketplace."


Since reaching a peak of $625,100 in May, the MLS Home Price Indes composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per cent to $603,800 in October.  This represents a 0.8 per cent decline compared to last year. 


"There have been modest price changes since they peaked in the spring.  The largest reductions have occurred in the areas and property types that experienced the biggest price increases over the last few years," Wyant said.


Since hitting a record high in April, the benchmark price of a detached home on the Westside of Vancouver has declined 8.6 per cent while detached homes in Richmond and West Vancouver have seen declines of 6 per cent over the same time period.


Since reaching a peak in May, the benchmark price for a detached property in Greater Vancouver has declined 4.1 per cent to $927,500.


Sine reaching a peak in May, the benchmark price for an apartment property in Greater Vancouver has declined 2.9 per cent to $368,800.


If you would like more information, please do not hesitate to contact me.


** All information has been obtained from the Real Estate Board of Greater Vancouver.



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The leaves ae falling, the air is cooling off - autumn is here at last.  Now is the perfect time to get your home in shape before winter starts to take its toll, and while the weather is still pleasant enough to spend time outdoors.


Seal it up:  Caulk and seal around exterior door and window frames.  Look for gaps where pipes or wiring enter the home and caulk those as well.  No only does heat escape from these openings, but water can enter and cause structural damage and mold problems.


Look up:  Check the roof for missing or damaged shingles.  Water, wind, ice and snow can cause serious damage to a vulnerable roof, leading to a greater chance of further damage inside the home.  It's best to have a qualified professional inspect and repair the roof, but you can do a preliminary survey from the ground using binoculars.


Clear it out:  Clear gutters and eaves troughs of leaves, sticks, and other debris.  Consider installing leaf guards if your gutters can accommodate them - they are real time-savers and can prevent damage from clogged gutters.  Check the joints between sections of gutter, as well as between the gutter and downspouts, and make any necessary adjustments to tighten them.


No Hose:  In climates with freezing weather, drain garden hoses and store indoors to protect them from the elements.  Shut off outdoor faucets and make sure exterior pipes are drained of water.  Faucets and pipes can easily freeze and burst, causing leaks and water damage.


Warm up time:  Have the furnace inspected to ensure it's safe and in good working order.  Most utility companies will provide no-cost inspections, but there can often be a long waiting list come fall and winter.  Replace disposable furnace air filters or clean the permanent type according to the manufacturer's instructions.  Using a clean filter will help the furnace run more efficiently, saving you money and energy.


Light that fire:  If you enjoy the crackle of the fireplace on a chilly fall evening, have the firebox and chimney cleaned before using it this season.  Cresote, a byproduct of wood burning, can build up to dangerous levels and cause a serious chimney fire if not removed. 


** All information provided by Pillar to Post Home Inspections

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