The Lenfesty Report

Last year presented an interesting set of real estate statistics. The year started with a burst of activity and regional housing prices peaked in June then softened slightly (but only but about 1.5%) by December.

By the end of December, we had reached “balance” and, looking back, we see that some areas – and some price points – fared better than others.

In general, higher-priced detached houses saw more sales and more price appreciation in 2011 than mid- or lower-priced properties.

Darlene

READ MORE OF THE JANUARY ISSUE OF THE LENFESTY REPORT

The Lenfesty Report, May 2011

Sun, 22 May 2011 13:49:00 GMT

The Market Today…

Beautiful spring days remind us how lucky we all are just to live here. Makes me feel as though I’ve won life’s lottery.

As spring is emerging, the economy is stabilizing, the provincial and federal political situations are clarifying and our housing market is growing.

We’ve seen a particularly strong early spring market this year across the region, driven partly by an influx of offshore buyers and partly by a slight tightening of mortgage credit rules. The “regular” influences are also playing a positive role: our economy is growing, population growing, and employment increasing.

Darlene

The Lenfesty Report , March 2011

Mon, 14 Mar 2011 14:07:00 GMT

The Market Today…

This year the spring housing market seems to have started early, even if the winter weather is continuing a bit longer than we'd like.

Interestingly, demand for single family detached houses is climbing most rapidly, fuelled partly by offshore buyers. We're seeing this increased demand all across the region, but especially in Richmond and on Vancouver's West Side. At the same time, new construction in the region seems to be focused on multi-family developments. If these supply-and-demand trends continue house prices should remain strong.

Darlene

READ MORE OF THE MARCH ISSUE OF THE LENFESTY REPORT

The Lenfesty Report, Feb 2011

Wed, 23 Feb 2011 11:05:32 GMT

Window Opening? Or Window Closing?

Current Real Estate Market Influences: Intersest Rates, Mortgage Rules, Demand, Supply, Taxes

Right now the market is heating up. If you are thinking of buying or selling, call me to discuss the best timing for you.

Darlene

READ MORE OF THE FEBRUARY ISSUE OF THE LENFESTY REPORT

The Lenfesty Report - Sept 2010

Wed, 15 Sep 2010 11:00:42 GMT

The Market Today…

Over the summer our real estate has been quite steady. As usual, August was a little slower than previous months, this year perhaps more so as a result of outstanding weather.

You can call me anytime for the details, but here’s the summary:

· Prices are holding

· Sales volume is steady

· Listings are declining

And of the key factors that drive the real estate market, we can say this:

· Interest rates are still at record lows

· BC’s population continues to grow at over 1000 people each week

· Employment will rise in BC in 2011 (CMHC)

Darlene

READ MORE OF THE SEPTEMBER ISSUE OF THE LENFESTY REPORT

The Lenfesty Report, March 2010

Sat, 13 Mar 2010 11:45:01 GMT

The Market Today …

How about those Olympics, eh?

Every day for 17 days we were reminded of the importance of goals, hard work, dedication, and family. Every day we were moved by the Olympians' example to do more and be more ourselves.

And as the world was inspired with us, the backdrop for it all was the fabulous geography and wonderful people of our region. Winning all that gold was special, but more importantly the TV also showed us – and the world – why Vancouver is at the top of every "best city" list.

For years to come, we will reap benefits in the shape of a stronger economy, more tourism, higher population growth and – of course – increased demand for real estate.

When it's time to reach for your real estate goals, I can help.

Darlene

Read more of the March issue of The Lenfesty Report

The Lenfesty Report, January 2010

Mon, 01 Feb 2010 12:08:41 GMT

The Market Today …

We'll have to call 2009 the "Year of the Rebound." After a very slow start—with prices down over 15% on average—we ended December with both unit volume and average prices pretty much back to full strength.

In the entire Greater Vancouver trading area (covering Squamish to Maple Ridge and South Delta) only Squamish houses and West Vancouver condos are still lower in price than they were a year ago (down 3.2% and 5.6% respectively). Big winner was Port Moody houses (up 30.7% over Dec. a year ago), and houses on Vancouver's West Side (up 30.2%).

The five year trend is even better, with most areas up between 40% and 65%.

Continued low mortgage rates are helping to support the market, as is growing demand driven by steady population increase. And we have (at the end of Dec.'09) a relatively low number of homes listed for sale – 40% fewer than at the end of 2008; since 1997 there's been only 3 times we had fewer homes for sale at year end.

I wish you a happy, healthy and prosperous 2010. Enjoy the Olympics and all they bring to us. Call me anytime for a personal real estate update.

Read the entire issue of the January 2010 Lenfesty Report

The Lenfesty Report, November 2009

Wed, 27 Jan 2010 13:09:14 GMT

The Market Today …

It's been an interesting 18 months, here's what happened:

First, a lack of confidence at a time of very high prices and a worldwide economic meltdown caused a lot of home Buyers to defer buying, and too many Sellers to try and cash in.

This resulted in a glut of homes and a shortage of Buyers. Not surprisingly, prices and sales numbers dropped; at the same time new building slowed.

As confidence returned in the last few months, a flood of Buyers raced to take advantage of the happy combination of huge selection, lower prices, continued low interest rates and highly motivated sellers. Builders started to turn out new homes again.

2010 should be a fantastic year for us – we're less than 3 months to the Olympics, the economy is beginning to rebound, and confidence & stability have returned.

Timing in 2010 will be particularly important. Call me when it's time for you to talk real estate.

Read the entire November issue of The Lenfesty Report

The Lenfesty Report - September 2009

Fri, 11 Sep 2009 13:20:18 GMT

The Market Today …

After taking a tumble, home prices appear to have regained much of their losses. The end-August benchmark price for a detached home in Greater Vancouver – $732,656 – is within 0.7% of the one year- ago number and approaching the peak ($771,250) briefly achieved in May '08.

Residential property sales in Greater Vancouver increased by 119% in August 2009 compared to

August a year ago (3441 sales, up from 1568 in '08) and were slightly higher (by 1.7%) than August of 2007.

In our more balanced market today, the total number of active listings at the end of August was 11,937, down 33% from August last year.

Darlene

READ THE SEPTEMBER ISSUE OF THE LENFESTY REPORT

The Lenfesty Report, May 2009

Tue, 19 May 2009 14:45:36 GMT

The Market Today …

The pace of home sales in Greater Vancouver has picked up significantly with 31% more homes sold in April than in March. That's still lower by 8% than in April of 2008, but a welcome trend. Equally encouraging is the number of new listings trending downwards, with almost 34% fewer homes listed in April than a year ago. Individual areas are showing marked differences in performance.

For example, detached home sales in Pitt Meadows show a price increase of 8% over the past year, while West Vancouver houses are down in value more than 29%. Burnaby and Coquitlam houses are down from 11-13% over the year, but still up over 40% over the past five years.

The best 5 year value increases in the region are:

• Port Moody detached houses up 66.2%

• South Delta attached homes up 80.5%
• Maple Ridge/Pitt Meadows apartments up 79.6%.

Darlene

Read the entire copy of the May edition of The Lenfesty Report

The Lenfesty Report - March 2009

Fri, 20 Mar 2009 12:54:17 GMT

The Market Today …

With our recent mixed weather, I'm sure the flowers are as confused as we are! Snow and

crocuses are a sure sign of spring in Vancouver.

Here's a snapshot of current market trends in Greater Vancouver from the Real Estate Board:

· February '09 saw 94% more homes sold than in January.

· New listings coming on the market decreased for the fourth month in a row compared to the same month last year.

· Greater Vancouver benchmark home prices in February were down 13.5% overall over February '08.

There are as many real estate circumstances as there are people. To help understand your exact position and your options, call me.

And in the meantime, enjoy the crazy spring weather!

Darlene

The Lenfesty Report - January 2009

Tue, 24 Feb 2009 13:08:14 GMT

The Market Today …

Happy New Year – it’s shaping up to be a particularly exciting one!

Our local real estate market has switched from one that wildly favoured sellers to one that now favours buyers. The decline in prices is good or bad depending on your point of view.

Where the byword for years has been “equity growth” we now hear about “affordability” returning.

Where once the market pace was frantic, now it’s more balanced.

Experts are forecasting further declines of about 5% in housing prices but I was happy to see a couple of important statistics turn around already.

For three months in a row (Oct – Dec) we saw the number of active listings decline, and new listings this December were lower than December a year ago. Even more interesting, for the first time in 27 years Vancouver saw more homes sold in December than in November. So perhaps a balance of supply and demand is returning.

We’ll have lots to talk about in 2009: politics, global conflicts, the environment, the stock market, the run-up to our Olympics…

But when it’s time to talk about real estate, call me.

The Lenfesty Report - November 2008

Fri, 21 Nov 2008 12:25:22 GMT

The Market Today …

Well, don’t we live in interesting times!

The cycle of life goes on regardless of events in the world; people grow up, graduate, marry, have children, change jobs, inherit, invest, retire. Real estate plays a part in every stage.

They say that when all about are losing their heads, it’s important to keep yours. So whenever you need more information and perspective on real estate trends – and how they affect your property – give me a call for the latest.

Following a spectacular fall leaf display and a couple of very interesting national elections – against the backdrop of a history-making global financial crisis – here we are approaching the Christmas season already.

As always, I’d like to wish you and your family a heartfelt “Best Wishes” for the coming holidays. There’s nothing like family and good cheer to provide a stable outlook on world events.

Darlene

October Flyer

Thu, 30 Oct 2008 18:18:09 GMT

As the world’s economy goes through turmoil and correction – maybe real estate will prove once again to be the safest haven for your long-term investment dollars.

Just as we were pre-2002, (when the sky wasn’t falling) we are once again in a “Buyers’ Market.”

Yes, the number of sales is down and the number of homes for sale is up. Prices are off by 5-10% but still holding better than most other investments.

With home and condo prices softening and rental vacancy rates tightening, this could be a great time to invest in real estate. Unlike other investments, real estate gives you options:

lease, list, leverage, live in.

If you’re thinking of buying or selling real estate – call me for the best analysis and advice.