Patrick Hung, MBA - Realtor with Grand Central Realty

07/11/2024

Your 3-minute October 2024 Greater Vancouver Market Insights housing market update video!!!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 per cent year-over...

06/11/2024

Greater Vancouver (October 2024):
"Buyer demand surges in October"

In a nutshell for October 2024:

*Sales volume compared to October 2023 increased about 31.9% and for the month was 5.5% below the 10-year seasonal average.

*The total number of listings available today is 24.8% higher than October 2023 and 26.2% above the 10-year seasonal average.

*Pricing changes compared to September 2024:
- Overall: -0.6%
- Detached: -1.0%
- Apartments: -0.6%
- Attached: +0.9%

*Sales-to-Active Ratio:
- Overall: 18.8%, a 6.0% increase from September 2024.
- Detached: 13.4% (+4.3%)
- Attached: 22.5% (+5.6%)
- Condominiums: 22.2% (+7.6%)
(Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months)

For the complete news report:https://members.gvrealtors.ca/news/GVR-Stats-Package-Oct-2024.pdf

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

26/10/2024

***JUST LISTED!!!***

208 - 2004 Fullerton Avenue, North Vancouver

OPEN HOUSES (NOTE, NO SIGNAGE):
- Saturday, October 26: 2-4pm
- Sunday, October 27: 2-4pm

Welcome to your VERY QUIET forest-facing oasis in Whytecliff at Woodcroft Estates!

This fabulous RENOVATED & CORNER unit 900sqft 2-bedroom condo features a SPACIOUS layout and plenty of in-suite STORAGE.

Enjoy your morning coffee while listening to the sounds of the Capilano River on your COVERED BALCONY!

NEW fridge & microwave, and kitchen cabinets with pull-out shelving!

One PARKING stall included!

Heat, hot water, and district water & sewer fees INCLUDED in your strata fees!

A plethora of AMENITIES include an indoor pool, hot tub, sauna, gym, garden, EV chargers ($30/mo) , bike room ($12/yr) , guest suite ($100/nt), lots of washers & dryers ($0.75-$1.50/load each), and extra parking stall ($60/mo) & storage locker rentals ($15-25/mo - subject to availability)!

Vacant, so QUICK POSSESSION is possible!

Note, parkade re-membrane project currently underway.

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

Virtual Tour of 2004 Fullerton Ave, Unit 208, North Vancouver BC V7P 3G8, Canada.

23/10/2024

Bank of Canada Interest Rate Announcement

0.50% cut!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

19/10/2024

Your 3-minute October 2024 British Columbia Housing Market Update video!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the September 2024 statistics. Learn more at https://bcrea.bc.ca/economics Fol...

15/10/2024

British Columbia Housing Market Update - September 2024

Regional Disparities Emerging in BC Housing Market Activity

“Thus far, falling mortgage rates have not had the expected impact on home sales,” said BCREA Chief Economist Brendon Ogmundson. “That said, there has been interesting regional variation with markets on Vancouver Island and in the North recording more historically normal activity while the Lower Mainland and parts of the Interior lag behind.”

For the complete news release:https://www.bcrea.bc.ca/wp-content/uploads/2024-09.pdf

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

12/10/2024

Your October 2024 liv.rent Metro Vancouver Rent Report!

At a glance:

*Rents are $25/month cheaper than this time last year
- Average rental prices for a one-bedroom unfurnished unit in Metro Vancouver are $2,381 this October – a $25 decrease in prices compared to October 2023 at $2,406 Lowering interest rates combined with measures from the Canadian government to increase housing affordability are possible contributing factors to this price decrease.

*There’s an $823/month gap between Vancouver’s most vs least expensive neighbourhoods
- West Point Grey/UBC is the city’s most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for $2,995/month on average. The same type of unit rents for an average of $2,172 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview, a difference of $823/month.

*There’s a $6/month price difference between furnished & unfurnished units in Metro Vancouver
- As of October 2024, an unfurnished one-bedroom unit rents for $2,375 which is $6/month on average more than a furnished one which currently rents for $2,381. This is vastly different from October 2023, where a furnished one-bedroom unit rented at $2,626 – $220/month is more expensive than an unfurnished one-bedroom priced at $2,406.

Renters... Why pay off your landlord's mortgage when you can pay off your own instead? You can get in with as little as a 5% down-payment!!!

Investors & Renters... The market is favourable to Buyers currently. Buy now before the Seller's market returns and things become competitive again!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

A report carried out by liv.rent examining the rental landscape of metro Vancouver.

11/10/2024

Curious to know what housing costs in different parts of town? Want to know how strong each market is as well?

My September 2024 stats sheet is now ready, so please check it out!

Don't see your neighbourhood? Ask me for it!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

10/10/2024

Your 2-minute September 2024 Fraser Valley Eye on the Market housing market update video!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

Despite three interest rate cuts by the Bank of Canada, Fraser Valley home sales are falling with the season. What does this mean if you are looking to buy o...

10/10/2024

Your 3-minute September 2024 Greater Vancouver Market Insights housing market update video!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September ...

03/10/2024

Greater Vancouver (September 2024):
"Buyers remain cautious to begin the fall market"

In a nutshell for September 2024:

*Sales volume compared to September 2023 decreased about 3.8% and for the month was 26% below the 10-year seasonal average.

*The total number of listings available today is 31.2% higher than September 2023 and 24.2% above the 10-year seasonal average.

*Pricing changes compared to August 2024:
- Overall: -1.4%
- Detached: -1.3%
- Apartments: -0.8%
- Attached: -1.8%

*Sales-to-Active Ratio:
- Overall: 12.8%, a 1.5% decrease from August 2024.
- Detached: 9.1% (-0.5%)
- Attached: 16.9% (-1.1%)
- Condominiums: 14.6% (-2.6%)
(Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months)

For the complete news report:https://members.gvrealtors.ca/news/GVR-Stats-Package-Sept-2024.pdf

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

23/09/2024

The BCREA released their 2024 Q3 Mortgage Rate Forecast today!

Highlights:
- Canadian bond yields falling as markets expect deep rate cuts by US Federal Reserve and the Bank of Canada.
- Economic growth slowed through the summer but will lower rates stimulate a second half recovery?
- The Bank of Canada is on a glide path to a 2.75 per cent policy rate.

For the full interactive forecast: https://bcrea.us12.list-manage.com/track/click?u=1d19d95fdc3d8a43aeed37550&id=0590a86427&e=8460d891c7

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

17/09/2024

Your September 2024 liv.rent Metro Vancouver Rent Report!

At a glance:

*Coquitlam remains resilient despite falling prices
- Prices for two-bedroom units are down across all of Metro Vancouver, except in Coquitlam, where unfurnished two-bedroom units buck the trend. Coquitlam remains a rental hotspot, with a surge in new condo completions driving the recent price increases.

*Rental prices in Metro Vancouver see downward trend
- Prices for one-bedroom unfurnished units are down YoY for the third month in a row. This September prices are $68/month cheaper than this time last year (September 2023). This trend reflects the anticipated fall in rent prices after the Bank of Canada announced lowering interest rates with another decrease in overnight rates expected soon.

*Langley prices: highs and lows
- Langley experienced significant price shifts this September, with one-bedroom furnished units seeing a sharp MoM decline of (-7.59%), while unfurnished one-bedroom units posted the highest MoM increase at (+1.86%). Notably, Langley ranked as the second most expensive area in Metro Vancouver by square foot at $3.66, yet it remains the most affordable for one-bedroom furnished units.

Renters... Why pay off your landlord's mortgage when you can pay off your own instead? You can get in with as little as a 5% down-payment!!!

Investors & Renters... The market is favourable to Buyers currently. Buy now before the Seller's market returns and things become competitive again!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

A report carried out by liv.rent examining the rental landscape of metro Vancouver.

17/09/2024

Your 3-minute British Columbia Housing Market Update video!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the August 2024 statistics. Learn more at https://bcrea.bc.ca/economics Follow...

12/09/2024

***JUST LISTED!!!***

608 - 9060 University Crescent, Burnaby

OPEN HOUSES:
- Saturday, Sep. 14: 2-4pm
- Sunday, Sep. 15: 2-4pm

Welcome to your home in the sky!

This functional 2-bedroom + 2 full bathroom condo features MODERN decor, a SPACIOUS living area & MOUNTAIN VIEWS, all steps to Simon Fraser University!

Enjoy your morning coffee or a meal on the large COVERED BALCONY!

Building amenities include a well-stocked GYM, PARTY ROOM for entertaining, and a GARDEN & PLAY AREA to enjoy the fresh mountain air!

HEAT, HOT WATER & GAS are covered in your monthly fee! And, the condo comes with a PARKING stall and LOCKER as well!

WoofWoofs & MeowMeows welcome!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

Virtual Tour of 9060 University Crescent, 608, Burnaby BC V5A 0E1, Canada.

11/09/2024

British Columbia - August 2024

Sales Slow in August, but Falling Rates Should Drive Activity Higher in the Fall

"The total sales dollar volume was $5.6 billion, an 11.5 per cent decline from the same time the previous year. BC MLS® unit sales were 22 per cent lower than the ten-year average for August. “After some encouraging signs of recovery in early summer, sales slowed again in August,” said BCREA Chief Economist Brendon Ogmundson. “However, with the Bank of Canada lowering rates for a third consecutive time and with fixed mortgage rates falling, we expect market activity to pick up in the fall.” "

For the complete news release:https://www.bcrea.bc.ca/wp-content/uploads/2024-08.pdf

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

10/09/2024

Your 2-minute August 2024 Fraser Valley Eye on the Market housing market update video!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

Summer sales failed to ignite in the Fraser Valley despite two mid-year interest rate cuts by the Bank of Canada. What does this mean if you are looking to b...

10/09/2024

Your 3-minute August 2024 Greater Vancouver Market Insights housing update video!

Questions? Let's chat!
604-715-9908 or [email protected]!

Not planning to buy or sell yourself? Maybe one of your friends or family members is! Ask me about my Referral Gifts!

From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different. With that sa...