Kitsilano Real Estate Update for June 2018

Summer is in full swing now and we hope that you’ve been able to enjoy some time on the beach. Make sure to keep a look out though, we heard there was a shark spotted in the shores of Kits Beach (link: https://globalnews.ca/video/4289933/small-shark-spotted-off-of-vancouvers-kits-beach).

The market has been slowing down a bit for both Detached and Attached Housing. Out of 30 homes, 11 were sold at asking price or above. However, the majority of the listings did sell within 90% of what they were listed for with only a few below. The lowest reached 74% of the original asking price after a price reduction.

Good news for sellers, the value of properties isn’t dropping much, that means you should really make sure you know the value of your home and do a bit of research to come up with the appropriate asking price. It may take a while for your home to sell, but just be a little patient.

As for buyers, keep an eye out for homes that are overpriced and be prepared for some negotiating. Prices aren’t going down by much.

Also, remember that while you may be going on vacation this summer, the housing market’s not. Keep a eye on our listings page in case the house of your dreams appears. Check out some Condos, Townhouses, and Duplexes here! Summer is especially a great time to look for a place with a patio. It’s so much easier to imagine hosting a barbecue party when the sun hits the yard just right.  

Now it’s time to address the elephant in the room, the new rules issued by the Real Estate Council of BC (RECBC) on June 15th. You’re probably wondering “what exactly is going on?” These new rules change a lot of things, for instance “dual agency”. This rule basically ensures that realtors can no longer represent both the Buyer and the Seller as clients. It’s strictly a one or the other deal. To clarify further, realtors can’t represent two people with conflicting interests. This is only one among many of the new rules issued. Visit the RECBC website to learn more about the new changes (link: https://www.recbc.ca/licensee/new-rules.html).

If you have any questions, concerns, or just want to have a friendly chat, don’t be shy. Nick is always up for making new friends, chatting with old ones and he is never too busy to help someone in need. You can get in contact with him easily by phone at (778) 320-8265 or by email at nick@nickchenhomes.com.