Bob Sethi, B.Comm | 604.273.2828

 

Richmond

January 1st to June 30th, 2011 (Cumulative)
 

Company

No. of
Sales

Volume per
Associate

Sales per
Associate

No. of
Associates

RE/MAX
- Westcoast Realty

1022

$3,264,688

8.9

115

MacDONALD REALTORS
- Westmar & Willie S. Chan

1151

$2,005,084

4.8

242

SUTTON GROUP
- Seafair -on Blundell

801

$1,791,398

4.3

186

ROYAL PACIFIC REALTY
- Riverside Realty

390

$1,668,940

3.6

109

AMEX
- Sunrich Realty

325

$1,513,444

3.2

101

MULTIPLE GROUP
- 3 Richmond Offices

276

$1,191,818

2.5

110

REGENT PARK REALTY
- Fairchild - on #3 Rd

252

$1,044,106

2.4

107

TEAM REALTY
- TEAM Realty Ltd.

63

$720,408

2.2

29

MAGSEN
- Magsen Realty Inc

121

$636,239

1.6

77

All Others
( 13 Offices )

227

$406,837

1.5

150

INTERLINK REALTY
- Interlink Realty

49

$480,764

1.0

47

Total

4,614

 

 

1,244

 
 
NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver, Fraser Valley, Victoria and Vancouver Island, Okanagan Mainline, South Okanagan, and BC Northern, which assume no responsibility for its accuracy.
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Changes to Canadian Immigration Rules

On June 24, the federal government instituted rule changes related to new applications under the Federal Immigrant Investor Program (IIP), the Federal Skilled Worker Program (FSW) and the Federal Entrepreneur Program. The changes are as follows:
  • Federal Entrepreneur Program: A temporary moratorium on new applications.
  • Federal Immigrant Investor Program (IIP): A cap of 700 new IIP applications will be considered for processing each year.
  • Federal Skilled Worker Program (FSW): A cap of 10,000 new FSW applications, without an offer of arranged employment, will be considered for processing each year. Within the 10,000 cap, a maximum of 500 new applications per occupation will be considered each year.

BC, and Vancouver in particular, has been one of the primary recipients of immigrants under the IIP, accounting for half of total Canadian investor class immigration. From 2005 to 2010, over 30,000 investor class immigrants have located in BC, an average of about 5,000 per year. This number relates to roughly 2,000 households per year.

Implications

The Government's stated reason for instituting the application cap is to reduce a backlog in applications and to shorten wait times. In 2010 there were 3,223 applications approved under the IIP and the government has indicated that it has received applications well in excess of that number in recent years, creating a large backlog of applications. It has not indicated that it wishes to lower the number of immigrants processed under the IIP, but simply to reduce the current backlog.
 
Therefore, as old applications are still being processed, the implementation of the new rules may not have an impact on the number of immigrants entering under the IIP and therefore may not have a material impact on BC housing markets.
 
To view Citizenship and Immigration Canada's (CIC) press release, visit:
www.cic.gc.ca/english/department/media/releases/2011/2011-06-24a.asp.
 
For more information about the Federal Immigrant Investor Program, visit:
www.cic.gc.ca/english/immigrate/business/investors/index.asp.
 
For more information about the Federal Entrepreneur Program, visit:
www.cic.gc.ca/english/immigrate/business/entrepreneurs/index.asp.
 
For more information about the Skilled Worker Program, visit:
www.cic.gc.ca/english/immigrate/skilled/index.asp.
 
To view CIC's Frequently Asked Questions, visit:
www.cic.gc.ca/english/information/faq/immigrate/business/index.asp.
 
 
All information subject to verification by independent legal advice.
 
 
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Active home sellers bring greater selection to the Greater Vancouver housing market

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.
 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.
 

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.

At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.
 
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.
 
Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.
 
Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.
 
Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.

Courtesy Real Estate Board of Greater Vancouver.
 
 
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May 2011 Stats
 
Greater Vancouver housing market holds steady and favours sellers in May
 
Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.
 
Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.
 
“With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011.
 

At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.
 
 “We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”
 
Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.
 
Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.
 
Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.
 
Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.

 

Stats taken from the Real Estate Board of Greater Vancouver, all rights reserved.
 
 
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Summer housing market trends toward balance after an active spring season

Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.
 
Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.
 

“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.”

At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010.
 
“The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”
 
Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.
 
Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.
 
Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.

 
Courtesy of Real Estate Board of Greater Vancouver.
 
 
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Free news update courtesy of:

Bob Sethi, BComm

RE/MAX Westcoast

604-273-2828

bob@bobsethi.com

 
 
 
2010 a better year than 2009 -- except in Tsawwassen

 

Housing starts nearly double in number over the same period last year, while residents of Delta community reject densification

 

By Peter Simpson, Special to the Sun

 

December 18, 2010

 

Two weeks ago, Canada Mortgage and Housing Corp. released its Metro Vancouver housing-starts summary for the January-to-November period. Vancouver Sun reporter Brian Morton filed a fine story, but the statistics-laden media release was spiked by other news outlets, never to see the light of day.

 

Perhaps the newshounds were chasing reaction to the increase in gang violence, or analyzing how NDP politicos actually managed to out-self-destruct the Liberals. Anyway, a good-news story slipped between the cracks.

 

So, for all you housing junkies out there, here's some positive news. Housing starts reached 13,502 in the first 11 months of 2010, nearly double the 7,329 starts recorded during the same period last year.

 

Granted, 2009 was a brutal year for housing activity, and the region came within a whisker of recording the worst one-year housing-starts total since the 1960s. But the improvement this year, although still below the previous five-year average, is cause for a few high-fives, nonetheless.

 

In fact, CMHC predicted 13,000 starts this year -- single-detached homes, town houses and apartments. So, here we are, 500 starts ahead of the prediction, with one more month still to count.

 

Why am I so stoked about these numbers? It's all about people and their livelihoods. The additional 6,173 starts this year generated 17,284 more full-time direct and indirect jobs, with more to come.

 

Not only are there more workers on the construction sites, but Vancouver-area manufacturers of products such as windows and doors ramped up production and hired more workers. This season will no doubt go down as one in which celebrations for Christmas and Hanukkah, among others, were happier.

 

CMHC's 2011 forecast is for modest growth throughout Metro Vancouver (15,000 starts comprised of 4,400 single-detached and 10,600 multiples). Who knows: those numbers might end up higher if mortgage rates remain at current low levels. And it seems more first-time buyers are out looking. Not surprisingly, pundits predict real-estate prices will rise as this awesome region continues to attract folks from other provinces and abroad. Here's a fun fact: Condo marketer Bob Rennie says more than 60 per cent of homes priced above $1.7 million on Vancouver's west side are sold to buyers from Mainland China.

 

Developers and builders are looking ahead to 2011 with confidence, as many new-home projects are planned throughout the Lower Mainland.

 

In stark contrast, reports are surfacing that there are more than 10 million unoccupied homes in the U.S. Entire communities have become ghastly ghost towns, and industry insiders believe a meaningful recovery in the U.S. housing market is at least two years away. Political hullabaloo and a variety of prickly issues notwithstanding, we should all be very thankful we live here.

 

--------------------------------------------------------------------------------------------------------

 

One group's good intentions often bring out the worst in people. This is particularly true when NIMBYISM -- the not-in-my-backyard minority cabal -- raises its voice to shrill levels.

 

In Tsawwassen, resistance to change has progressed past NIMBY. It has even surpassed BANANA -- Build Absolutely Nothing Anywhere Near Anything. It is now NOPE -- Not On Planet Earth.

 

A contingent of vocal Tsawwassen residents packed a public hearing last month to protest a proposed Tsawwassen Area Plan that called for higher-density housing, such as town houses. The residents expressed fears of decreased land values and a loss of neighbourhood character.

 

Here's the thing. I believe Tsawwassen is more than just the gateway to Point Roberts. It is a wonderful community where many of my friends and colleagues live. But as fellow columnist Bob Ransford warned in his Sun column on Nov. 13, Tsawwassen, without more housing diversity, will inevitably experience a decline in infrastructure, amenities and community fabric.

 

Last week, I wrote to Delta Mayor Lois Jackson and council. I lamented the unfortunate outcome of the public meeting, which was the scrapping of the area plan. It's like the snakes and ladders game, where you climb the ladder, then with one roll of the dice you slide down the snake, and start again.

 

For residents to insinuate that new town houses would lower the value of their single-detached homes is both unfounded and unfair. Twenty-five studies of affordable housing in Canada and the U.S. concluded there was no impact on property values. The province of B.C. undertook seven studies, and in no community did property values decrease. In some cases, property values actually increased.

 

In the letter, I also pointed out the residents' allegations that their community would be "destroyed" or "destabilized" by new residential development are groundless.

 

Managed growth enhances the opportunities for all residents and creates the capacity for governments to invest in important public services.

 

Growth leads to vibrant communities, a talented workforce, quality public services and a healthy, sustainable environment.

 

Growth also creates the conditions necessary to attract and retain investment and the brightest people, and it creates a better-performing economy and higher standard of living.

 

Where's the foul in all that?

 

Some of the young people at the public hearing wore T-shirts pronouncing support of the proposed area plan. Those brave souls were outnumbered by a large margin. I hope we hear more from these young people, from new families and new Canadians -all of whom require housing that is affordable.

 

Those people need confidence that Delta council will deal with this important issue based on sound urban-planning rationale, not on self-serving, negative assumptions from a vocal minority.

 

And we should all ask ourselves this important question: Where will our children live?

 

It has been a pleasure sharing my thoughts with you this year. My column will return mid-January. Best wishes to you and yours.

 

 

Peter Simpson is president and chief executive officer of the Greater Vancouver Home Builders' Association. E-mail peter@gvhba.org.

 

© Copyright (c) The Vancouver Sun

 

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Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

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