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The Vancouver Real Estate market is changing once again.  It seems that not a day goes by that the media is not reporting something about real estate in Vancouver.  As typical of media, fear sells!  However, the statistics do not lie.  We are in a changing market.  Sales are off considerably in Vancouver since this time last year and although only marginally prices are lower also.  Is the sky falling, clearly it is not.  But from both a Buyers’ & Sellers’ perspective it is important to be mindful of market forces.  Reality is the market has changed as it always has, as it always does and as it always will. 

 

Homes are still selling.  As in the case of any market people will always need to move for various reasons.  The British Columbia Real Estate Association has reported the following for September 2012:

 

-          Home sales are well below historical averages

-          Year over year sales for September 2012 are down 32.5%

-          Sales from August 2012 to September 2012 are down 8.1 %

-          Year over year new listings for September 2012 are down 6.3%

-          Listings from August 2012 to September 2012 are up 31.6%

-          Year over year active listings for September 2012 are up 14.1%

-          Listing inventory from August 2012 to September 2012 is up 4.5%

-          As of September 2012 Sales-to-Active listings ratio is at 8%

-          Year over year MLS Home Price Index is down only 0.8%

-          The MLS Home Price Index is down 2.3% from July 2012 to September 2012

 

***For complete details click here

 

All the above information is based on the Vancouver market in general.  So how is the Simon Fraser University area, specifically UniverCity of Burnaby North, real estate market performing?

 

 

2012 (Jan to Sep)

2011 (Jan to Sep)

Difference

2012 vs 2011

Active Listings (1+ year)

55

N/A

 

Active Listings (under construction)

30

N/A

 

Total Active Listings

85

N/A

 

Re-Sales (1+ year)

57

65

(-8) sales or (-12.4%)

Pre-Sale (under construction)

8

N/A

 

Avg. Sale Price (1+ year)

$367,963

or

$413.00 per sqft

$377,374

or

$434.76 per sqft

(-2.5%) or (-5%)

Avg List Price (1+ year)

$407,733

or

$436.05 per sqft

 

 

 

 

In looking at the numbers, I have to admit that even I was a little surprised.  From January to September, 2011 vs 2012, sales are only down 8 units or approximately 12.5%.  This is very different than the rest of the market as reported by the BCREA.  Total sales in UniverCity were 78 homes in 2011 in the resale market.  The sale price is down only 2.5% from January 2011 to September 2011 compared to the same time this year. 

 

The end result is that the market has changed.  We continue to see a softening of sales and price.  But clearly the numbers do not lie.  The market is not crashing, the sky is not falling.  The market is adjusting. 

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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