23 Macdonald Realty agents complete Certified Negotiation Experts credential in the October and November 2017 classes

Congratulations to these 23 Macdonald Realty agents who successfully completed the Certified Negotiation Expert (CNE®) course in October and November 2017 and became negotiation experts.

Click below to see their information and how they can assist you today!

CNE blog (November 2017)

Kaz Adediran (South Surrey)
Iman Asemani (West Vancouver)
Maryam Badie (West Vancouver)
Mercedes Bourgaize (Parksville)
Eli Dagher (South Surrey)
Arash Emamy (Vancouver Downtown)
Kevin Grewal (North Delta)
Lindsay Hamilton (Victoria)
Avissa Izadi (West Vancouver)
Mary Lau (Coquitlam)
Fiona Lee (Coquitlam)
Edwin Lee (Vancouver East)
Mary Lynn Machado (Vancouver Downtown)
Marion Meyer (Vancouver West)
Lisa Nohr (Victoria)
Benson Perelonia (Vancouver West)
Bryan Schwartz (North Vancouver)
Sarah Shim (Vancouver East)
Amber Simpson (Victoria)
Paula Wensley (Victoria)
Jenny Wu (Victoria)
Philip Yu (Vancouver West)
Steve Yu (Maple Ridge)

Meet “The Morrison” – the highly anticipated collection of 40 London-inspired West Coast Modern townhomes in North Vancouver

 

 

Morrison

Built by the award-winning Haebler Group, presale of The Morrison starts on November 19, 2017.

The Morrison features one to four bedroom homes adjacent to the newly expanded Moodyville Park and entrance to the Spirit Trail, many with private rooftop decks with stunning views. All homes feature private walk-up entrances and were crafted to embrace the North Shore’s coveted indoor-outdoor lifestyle with generously sized patios, decks and vehicle-free courtyards.

With 5 one-bedroom, 15 two-bedroom, and 20 three or four bedroom homes, every one of The Morrison’s meticulously crafted homes has something unique to offer. Gorgeous kitchens, many with 8 or 9-foot islands boast high-end integrated Bosch appliance’s, expansive quartz countertops and backsplash, wide-plank white oak hardwood floors, as well as sleek cabinetry that can be customized to your personal style with three designer colour schemes.

One Bedrooms starting from $569,000

Two Bedrooms starting from $898,000

Three or Four Bedroom Homes starting from $1,498,000

Morrison_Edited1

The homes at The Morrison are being built by the award-winning Haebler Group to rigorous standards and are registered under the LEED Gold building program with aims to reduce energy consumption while providing superior comfort and quiet for your enjoyment.

Plus, Moodyville, Lower Lonsdale, North Vancouver new masterplanned (recently re-zoned) community just minutes from Lower Lonsdale – 12 minutes to downtown via seabus. Adjacent to $2.5 revitalization of Moodyville Park and entrance to the Spirit Trail. The Spirit Trail when complete will run from Deep Cove to Horseshoe Bay.

SALES START NOVEMBER 19, 2017. VISIT THE MORRISON FOR MORE DETAILS AND REGISTRATION.

 

Government housing market measures hurting, not helping first-time buyers, says Macdonald Realty | Vancouver Sun

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A one-bedroom condo at 1565 W 6th Avenue in Vancouver listed for $698,000. The overheated entry-level home buying market is being caused by conflicting initiatives from various levels of government, says Dan Scarrow. SUPPLIED

The federal government’s tougher mortgage lending rules and the British Columbia government’s affordable housing measures are working against each other. Ultimately, these moves will hurt first-time buyers the most, says a senior real estate executive with a leading Vancouver-based firm.

Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, says it wants to reduce the risk of mortgage defaults due to high levels of household debt. But applying stricter lending guidelines is making it more difficult for home buyers to access mortgage funds, says Dan Scarrow, vice-president at Macdonald Realty.

Last year, the former Liberal provincial government offered first-time home buyers help in covering the cost of a mortgage down payment with an interest-free loan of up to $37,500 that is payment-free for the first five years, Scarrow said, adding the new NDP government says it wants to continue the program for the time being.

These initiatives, on top of government intervention with the 15 per cent foreign buyers’ tax introduced last year and two interest rate hikes this year, are causing major market distortions, such as overheated entry-level home buying and a cooling of the higher priced homes in Vancouver, he said.

Over the past year, MLS statistics show that the benchmark price for a single-family home in greater Vancouver rose only 2.9% to $1,617,300 while condo prices soared 21.7% to a benchmark price of $635,800.

In the end, all these initiatives are hurting the very people that various levels of government are trying to help, says Bill Dick, managing broker for Macdonald Realty.

“Since many of the government reforms have been implemented, the top end of the market has softened while the entry level has performed extremely well,” he said.

While Macdonald Realty realizes there is a place for some government intervention in the housing market, it is against the mortgage regulation changes that it sees as unnecessary, especially considering that Canadian banks have long been recognized globally for managing their business well.

“The regulators have arbitrarily insisted that buyers undergo stress testing that artificially limits the amount that they can borrow, making it harder for first-time buyers to compete with already wealthy landowners,” Scarrow says. “The banks have their own risk assessment and they have made the determination that these are acceptable risks and returns that they are willing to take.”

Macdonald Real Estate Group employs more than 1,000 people in over a dozen real estate offices across British Columbia. Last year, sales volume exceeded $8.9 billion while assets under management grew to over $5 billion.


This story was created by Content Works, Postmedia’s commercial content division, on behalf of Macdonald Realty. The article was originally posted on vancouversun.com November 6, 2017. Written by Michael Bernard.

Greater Vancouver Real Estate Market Statistics – October 2017

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in October 2017.

Vancouver

In the Vancouver Westside, there were 108 sales of detached homes and 852 active listings at the end of the month. The benchmark sale price was $3,626,300, with an average days on market of 49. The hottest market for sales was Dunbar with 16 sales.

In comparison, the condo market had 393 sales, 769 active listings and a benchmark sale price of $806,500 with an average of 21 days on market. The hottest market for sales was Downtown VW, 90 sales.

Townhome sales were 45, active listings were 136. The benchmark sale price was $1,265,100 with an average days on market of 29. Kitsliano with 15 sales was the hottest market of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_October2017_VanWest

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Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – October 2017

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in October 2017.

Squamish

In October 2017, there were 21 sales of detached homes and 117 active listings in Squamish. The benchmark sale price was $983,000 with an average days on market of 52.

The Condo market had 17 sales and 20 active listings at the end of the month.  The benchmark sale price was $454,100 with an average days on market of 32.

Townhome sales were 27, active listings were 22. The benchmark sale price was $899,000, and the average days on market were 36.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_October2017_Squamish

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Okanagan Real Estate Market Statistics – October 2017

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in October 2017.

Central Okanagan: Kelowna and Lake Country

There were 220 sales, 866 active listings, and a $672,434 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The average days on market were 54.

The condo market featured 117 sales and 330 active listings at the end of the month. The average sale price was $318,812 with 65 average days on market.

Townhome sales were 75, active listings were 196, average sale price was $454,451, and the average days on market were 58.

MarketHotSheet_October2017_CentralOkanagan

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North Delta, Surrey, Langley and Fraser Valley Real Estate Market Statistics – October 2017

Here are the latest real estate market statistics from Macdonald Realty on North Delta, Surrey, White Rock, Langley, and Fraser Valley listings and sales in October 2017.

North Delta

In the North Delta market, the benchmark sale price was $921,400 for detached homes. At the end of the month, there were 157 active listings and 37 sales.

The condo market had 9 sales and 20 active listings. The benchmark sale price was $345,100.

Townhomes featured 6 sales, 21 active listings and a $579,300 benchmark sale price.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_October2017_NDelta

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Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – October 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in October 2017.

Greater Victoria

In October 2017, there were 281 sales of single family homes and 599 active listings in the Greater Victoria. The benchmark sale price was $690,000 with an average days on market of 32. The hottest market for sales was Sannich East with 57 sales. There were also 10 sales and 120 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 213 sales, 331 active listings at the end of the month.  The benchmark sale price was $437,800 with an average days on market of 29. The hottest market for sales was Victoria, 83 sales.

Townhome sales were 70, active listings were 104 and the benchmark sale price was $562,000. The average days on market were 23, and the hottest market was Victoria with 17 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_October2017_Victoria

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Foreign buyers not swayed by 15-per-cent housing tax, data show | The Globe and Mail

Condos in the Gilmore area of Burnaby are seen in the distance behind houses in east Vancouver, B.C., on Sunday September 20, 2015.

The proportion of foreign buyers in the Vancouver region is at its highest level since the province’s 15-per-cent tax on these purchasers came into effect a year ago, with experts and industry insiders saying international interest is strong in the surging condo market and the suburbs of Burnaby, Richmond and Surrey.

Provincial government data released on Tuesday show foreign buyers accounted for 5 per cent of homes bought in Metro Vancouver in September, with Richmond and Burnaby showing the highest levels, at 10.8 per cent and 9.6 per cent respectively. In Surrey, the city in the region where the most properties changed hands, the rate of foreign buyers more than tripled from August to September – jumping from 1.7 per cent to 5.9 per cent.

Although it is too early to say whether the September data represent a new baseline for the level of foreign buyers in the region, industry insiders and academics say these numbers are likely related to the region’s surging condo prices, which are driving Greater Vancouver’s real estate market in the wake of slowing sales in the once-mighty segment of detached houses.

[Read more…]

Victoria real estate: Fewer listings, fewer sales in October | Times Colonist

Fewer listings translated into a slow month of home sales in October, according to figures released Wednesday by the Victoria Real Estate Board.

There were 664 properties sold last month, a drop of nearly 10 per cent compared with the same time last year.

At the same time, there were 1,905 active listings for sale at the end of October, a 3.6 per cent drop compared to September and 1.7 per cent fewer than the 1,938 active listings for sale at the end of October 2016.

“As expected, we saw fewer sales than this time last year. Looking at the longer-term picture, however, sales last month were 17.1 per cent above the 10-year average of 567 properties for the month of October,” said board president Ara Balabanian. “So the market is still very active here in Victoria, and this is in spite of the ongoing low inventory levels.”

The benchmark value for a single-family home in the Victoria core last month was $821,900, a 9.3 per cent increase over the $752,000 benchmark value in October 2016.

“The fact that we’ve seen such a controlled levelling off in the market directly following a year which felt so uncontrollable in terms of demand and pressure on prices illustrates the depth and stability of the Victoria market,” said Balabanian. “An unstable market may have experienced a heavy correction or shift, whereas in our market sales are moderating at a reasonable rate.”

Historically speaking, the region’s pricing is unprecedented.

According to a survey conducted by Century 21, the price per square foot of a typical single-family home has increased 238 per cent over the past 10 years to more than $424.

The study gathered the price-per-square-foot for a typical home across the major towns and cities in Canada in 1997, 2006 and 2017.

According to Century 21, Victoria’s 10-year increases — 182 per cent for condos to $435 per square foot and 173 per cent to $354 per square foot for townhomes — was considered healthy.

“It has really changed. It gives you a snapshot of where you are living and Victoria, Vancouver and Toronto have seen some big increases,” said Chris Markham managing broker at Century 21 Queenswood.

The biggest increase was seen on the west side of Vancouver where the typical price per square foot — building and land — increased 400 per cent to $1,210.

Markham said the price point in Greater Victoria is a growing problem that is pushing young people out of the equation. He said the large number of condos that are under construction might help in terms of added supply and improving the 0.5 per cent rental vacancy rate, but might not do much in terms of price.

Markham cited increased building costs and scarcity of skilled trades as factors driving up cost.

He also noted foreign investment in homes and businesses has been great for spurring on growth, but it’s made getting into the housing market that much more difficult.

“[Foreign investment] goes to Vancouver, Vancouver comes to Victoria and we spin it up Island,” he said.

Foreign investment in the capital region remains fairly low, with just 4.3 per cent of all property transfers in the last six months involving foreign nationals.

Markham said the current market conditions are unprecedented, and it’s anyone’s guess when it will slow down. “I do think we are seeing more balance,” he said, noting the market is not building up its inventory but rather matching new listings with sales each month.

But he doesn’t think the market has seen the end of high prices and demand. “If you and I had talked a year ago, I’d have said be in cash and out of the market by the end of this year. But now what I’m seeing is there’s so much momentum that even if they jacked up interest rates and even if a bomb dropped there’s so much momentum I don’t see it dying. There’s too much already committed,” Marjham said, adding the unemployment rate remains low, interest rates are relatively low and in-migration continues.

The VREB said a balanced market will continue over the next few months as low inventory levels will match the traditional slowdown in buyer and seller behaviour.


The article was originally posted on Times Colonist, November 1, 2017. Written by Andrew A. Duffy.