Vancouver Real Estate Market Update For December 2019!


This is your Vancouver real estate
market update for December 2019 and we’re getting into it right after this hey everyone I’m Craig Veroni with
RE/MAX Masters Realty I’m your local real estate agent here in Vancouver BC and
this is the final market update for 2019. Man, this year has flown by hasn’t it? Has
it felt that way for you as well? It’s crazy. As usual in this video I’m going
to cover what’s happened in the Vancouver real estate market through the
month of November, what’s coming that could affect that market, and a piece of
technology that I’m utilizing to make your home buying and selling experience
a smoother one. I shoot a ton of videos about what it’s like to live love and own here in Vancouver BC. So, if you haven’t yet, please hit that subscribe button and don’t forget to hit the bell as well so you could be notified the
moment that I have a new video out. I really want you to be able to stay up to
date on all the latest tips and insights into the Vancouver real estate market so
you can become an expert too. Let’s dive into it. last month sales were 4% above the 10-year November sales average. There was a 55% increase in the sales recorded in November of 2018 compared to those recorded in November of 2019 and yet
there was a 12.6 % decrease in sales from those sales recorded in
October of 2019 to November of 2019. what we’re seeing is the intensity of home
buyer demand depends on neighbourhood, price point, and, property type. And, to
better understand the changing trends in your neighborhood and property type of
your choice it’s very important to work with your local trusted REALTOR. Receiving the snap stats market reports also helps and as always my friends to
download those full reports simply click on the images below to download either
the Metro Vancouver report or the Greater Vancouver report. Now if you’re
watching this on YouTube, down in the description below is a link to a sample
report which I send to my clients on a monthly basis. Go ahead and click on that
and review that report and if you find that it’s something of value and trust
me you are going to love these reports, simply fill out your name and email address to start receiving these reports monthly. There have been a few things announced recently which could have an impact on the real estate market
here in Vancouver. You may have heard that the City of Vancouver announced it
will be increasing the empty homes tax by 25 % next year so it will go
out from its current 1% to 1.25% in 2020 with two additional
25 % increases in 2021& 2022. That will put the empty homes tax at 1.75 % by the year 2022. The city has already collected
over forty million dollars from this tax which is being used to fund affordable
housing projects. The city’s goal is to add more pressure on empty homes to be
filled and Vancouver’s Mayor, Kennedy Stewart has stated that any additional
revenues from this tax will be used to provide housing for Vancouver’s most
vulnerable residents. Another huge buzz in the condo market is that strata corporations are facing insurance increases of anywhere from 50%
to 300% for the policies that cover their buildings.
Strata corporations are required by law to have insurance policies in place for
their building. Any buyer purchasing a home in that building is responsible for
obtaining personal insurance for their belongings and their home. Not only are
the cost of the policies going up but so are the deductibles and the reason for
these massive increases are both local and global in nature. We have insurers
not willing to assume the full risk of a high value brand new condo building here
in Vancouver which may be anywhere from a hundred million to two hundred million
dollars in value. There are also a number of older buildings in Vancouver and some
of them may not have kept up with maintenance over the years and may now
find themselves unable to actually get insurance for the building. Some of the
global issues affecting these massive changes in the risk profile assessments
of insurance companies are the fact that we are seeing increasing weather-related
catastrophes, fires, and natural disasters around the world so this really isn’t
just an issue for residents in British Columbia but may become the new norm for cities worldwide. So, if you’re planning on purchasing a strata home such as a
condo or townhouse here in Vancouver BC make sure you’re working with your local
trusted REALTOR. a piece of technology that I utilize to help make your home buying and selling experience a smoother one is a program allowing you to sign documents electronically electronic signatures are not only convenient and
save time but they help to streamline the entire buying and selling process.
It’s not uncommon for negotiations to go on for several days during the purchase
of a home and there can be many revisions to a contract during that time.
Being paperless and having the ability to edit documents digitally is a huge
advantage for both buyers and sellers. Of course, there are still those who want to be able to put paper to pen when purchasing a home and if you’re one of
those people I’m happy to accommodate you. will be shooting many more in the
upcoming months so stay tuned. I really hope you’ve enjoyed this final
market update for 2019 and if so would you do me a favour and hit that thumbs up button give this video a like and don’t forget to leave a comment in the comment section below. Thank you so much for watching. I wish you all a very Merry Christmas and remember this is where you Live. Love. Own Vancouver! See you in 2020.

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