Robert Moore

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Forces keeping home prices in check:


  • Existing High Prices
  • Rising Interest Rates
  • A mortgage lending Stress Test designed to ensure new mortgagees can afford rising interest rates
  • The Vancouver Empty Homes Tax
  • The BC Provincial Government stating that they want to see prices not just soften, but fall!
  • A speculation tax in the recent BC Provincial Government aimed at curbing real estate price growth by taxing homes not fully occupied or rented out
  • The new school tax on properties valued over $3 million, really just a wealth tax. Unpopular with the pensioners for starters
  • Increasing capital controls by China limiting money coming out of mainland China; hindering foreign buyers
  • The 20% foreign buyers tax applicable to Greater Vancouver, Fraser Valley, Okanagan, Nanaimo and Victoria area, also hindering buying


Forces driving the market forward starting with the 3 most important:


  • Increased immigration, up from 250,000 per year to 330,000. The Gov’t of Canada plans to welcome 980,000 immigrants between 2018 to 2020 and Greater Vancouver tends to get a disproportionate share of the wealthier immigrants
  • Demographics which show that the Millennial generation has now surpassed the baby boomers in total numbers and they are now entering their prime household formation years
  • An interest rate environment that remains moderate to low
  • Our low Canadian dollar
  • Rising construction costs and competition for labour amidst the on going building boom ensures all new built homes will remain expensive
  • BC having the strongest economy in Canada with low unemployment
  • BC’s vibrant hi-tech sector and film industry lures many well paid young professionals to the province
  • Growing political uncertainty in China, which has been the major source of the foreign capital invested in BC real estate to date, a surge will happen


Government Policy

Federal policies may well eventually overwhelm anything done at the Provincial or Municipal levels. While the strongest forces against the market are driven by government policy, so are most of the forces that are driving the market forward. Of course, the most powerful force is generated by supply / demand economic fundamentals.



Doing something about affordability is not unique to BC. A similar discussion is going on in many coastline cities around the world. 


Municipalities are struggling to keep up. In Vancouver, even though the zoning allows for the conversion of many detached houses into ½ duplexes or even 3 unit conversions with an infill coach house or laneway house, the permit approval process for these conversions is sufficiently slow that it’s impacting the supply of these highly in demand and much needed properties.


2018 Spring Market Conditions

This spring, condo and townhouse prices have risen on strong demand and low supply. This trend appears poised to continue although sales volumes are moderating and so are price increases. Detached house values on Vancouver’s west side are down by about 15%. North Van and East Van are slightly down. 


CIBC issued a report saying that the transfer of wealth from one generation to the next in Canada over the next 10 to 15 years is estimated to be $750 billion. Well, that’s a lot of shekels going to about 5 or 6 million people, which won’t hurt demand!


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I have sold a property at 4611 RAMSAY RD in North Vancouver.
The perfect 5 bedroom family home on a level sunny 8,517 sq ft lot having a large private side yard and private back yard. Crest built, completely renovated and updated with new chef's kitchen, French doors off the dining area to an awesome covered deck w/ skylights & heaters. Functional floor plan. Numerous renovations include a new bathroom, new bedroom down, gutters, gas line from street, water line 3/4 in., sewer & drain tile - All Re-done! Hardwood flooring, ceilings, base & crown moldings, also 200 amp electrical service. A new fully sound proofed beautiful suite below w/ separate entrance & its own laundry. This is a great home. Close to Upper Lynn Elementary, trails, parks. Open house Sat & Sun May 27 & 28 from 2:00 to 4:00. Act fast, it does not get any better than this!
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I have sold a property at 411 7168 OAK ST in Vancouver.
QUIETLY HIDING - 160 FEET OFF OAK STREET! A treed green space, townhouses and a duplex separates & buffers this Top Floor, Corner Penthouse Unit from Oak St. Fully rain screened building in a gated complex. Quiet enjoyment from your SW facing balcony. Excellent floor plan with in floor radiant heat and good ambient light makes for a very comfortable home with a spacious kitchen and a large master bedroom. Bring your house sized furniture. Surrounded by parks. Sir Wilfrid Laurier Elementary and Sir Winston Churchill High School are a short easy walk. Sneek Peek: Thursday 5:30 to 6:30. Public open house on Saturday May 6 from 1:00 to 4:00. Cats Ok, rentals restricted, 1 parking & 1 Storage locker incl.
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What to Expect in 2017!

In 2016, we had a record breaking first half of the year and then a shift in the opposite direction for the last half. In Greater Vancouver there were 26,439 properties sold in the first six months and 14,441 sales in the last six months of 2016. So while demand declined through the last half of the year, an accumulation of listings for sale did not happen. 


Greater Vancouver is Very Much a Regional Market

Not just in regional or geographic terms but by price range and by home type. Vancouver is a diverse market with all types of housing and prices ranging very widely. 


Here is my Prediction for 2017 

Supply to remain restricted and that will change very slowly. Detached housing will continue its gradual decline leveling off in the spring, but not really reaching a balanced market. Strata title properties to experience strong demand with price increases due to short supply. BC's economy is strong and diverse. Constuction is booming.  With 300,000 immigrants entering Canada each year, most end up in Ontario or BC. There is little any government can do about property prices in Greater Vancouver without increasing the supply of buildable land.

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I have sold a property at 4A 1596 14TH AVE W in Vancouver.
In Vancouver, the Kingswood stands above all as the finest condominium residence ever built. With its Shaughnessy influenced design, the quality of workmanship and finishing details are unmatched in the city. Grand, gated and secured with 24 / 7 full service professional concierge, the Kingswood is renowned for comfort, luxury and privacy. Suite 4A is in impeccable condition with marble tile flooring and house size principle rooms. Generous size kitchen has Sub Zero and Gaggenau appliances. Excellent floor plan with ample light and a bright beautiful outlook. Air conditioning, in floor radiant heat throughout and 2 balconies are the finishing touches. There are only 18 exclusive homes in the luxurious Kingswood. Showings by appointment, please allow 24 hours.
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Insights for one of the Most Interesting Real Estate Markets in the World. 


With sales volumes being down 37% consistently for the past 5 months does this mean that foreign buyers have been accountable for about 37% of all sales? Definitely not. For the most part,  buyers have taken a wait and see approach, sitting on the fence as a result of government intervention and because of the unprecedented run up in sales volumes and market value increases over the the first half of 2016, all of 2015 and part of 2014. It’s believed that foreign buyers have been accountable for something more like 10% of all sales but, this varies significantly by area and by price range. Obviously the high end in West Vancouver, Coal Harbour or Yaletown or homes in Point Grey for example saw more foreign buyer activity than places like East Vancouver or North Vancouver.  


Detached Homes:

657 single family detached homes sold in November, of these, 74 homes sold above the asking price. The House Price Index (for all of Greater Vancouver) is down 1 per cent month over month for Greater Vancouver and down 3 per cent over the past 3 months. West Vancouver is showing the biggest decline with the House Price Index down 10 per cent over the last 3 months. 


Attached Homes:

1589 condos, townhouses and 1/2 duplexes sold in November, of these 332 sold above the asking price.  Prices have remained stable, or flat, for townhouses, apartments and 1/2 duplexes. 


New Listings:

Sales volumes in East Vancouver were actually 25 per cent higher in November compared to October. And while the number of sales have held steady for November, the number of new listings coming on market in most areas are down for November compared to October as well down from November 2015. The result is a dropping Active Listing count – finishing in November at 9,051 listings compared to 9,826 at the end of October. The number of new listings coming on market was 10.5 per cent below the average for November going back to 1991. 



Distraction can have its effects on markets and that has certainly been the case for Metro Vancouver and beyond. Perhaps the pull back in demand, that actually started before the Foreign Buyer Tax, mortgage rule changes and the new City of Vancouver Vacant Home Tax announcement, had more to do with the market reacting to its own conditions than those imposed by the government.


Generally speaking, look for 2017 to be a normal year for the Metro Vancouver housing market with supply and demand being closer to balanced conditions but supply still remaining low. While detached homes are currently seeing a modest month-over-month decline, its still hard to predict how long this will continue. Attached housing will outperform detaching housing for the foreseeable future but then take into account that 2017 and 2018 will see more new condo completions than we saw in 2015 and 2016. Yet again, many of the new buildings coming to completion are expensive and they are not large buildings. Just look at all the main east/west arteries across the city for evidence of boutique sized buildings. 


Growth in the total active listings count would be a healthy for the market as it would create opportunities for new buyers to enter the market.  One thing is certain, there is a lot of confidence in our market. Canada's immigration policy, Vancouver’s position within the global marketplace, that the Vancouver Real Estate Board is a recognized leader in North America and that our MLS system provides buyers and sellers with transparency and visibility are all fundamental to the confidence and stability that a proper functioning market needs. 


If you’d like more information on the current value of your home or homes in other neighborhoods, you are welcome to call me anytime. Thank you very much! 


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November 2016 Market Update: 

Have you ever had to compete when buying a home with other buyers? Good chance the answer is yes. Read on!


In Greater Vancouver we had a grand total of 2,233 sales for all housing types in October, 2016 or a decline of 38.8% compared to 3,646 sales for October 2015. The slow down in trading volumes is in response to the record sales volumes during the first half of this year and significant increases in home values. Sales for the month of October were 13% below the 25 year average while New Listings for October were 11 percent below the 25 year average. 

The market update below shows how many properties SOLD for or above the asking price in October 2016 versus October 2015. 



2015 – October - Detached

  • 164 detached homes SOLD
  • 59 homes or 36% SOLD for or above the asking price 

 2016 – October - Detached

  • 79 detached homes SOLD
  • 14 homes or 18% SOLD for or above the asking price


 2015 – October – Attached (excluding all downtown areas)

  • 249 condos, townhouses, duplexes SOLD
  • 95 homes or 38% SOLD for or above the asking price 

2016 – October – Attached (excluding downtown areas)

  • 167 condos, townhouses, duplexes SOLD
  • 74 homes or 44% SOLD for or above the asking price 



  2015 – October - Attached

  • 284 condos, townhouses, duplexes SOLD
  • 122 homes or 43% SOLD for or above the asking price 

2016 –October - Attached

  • 165 attached condos and townhouses SOLD
  • 48 homes or 29% SOLD for or above the asking price 



2015 – October - Detached

  • 149 detached homes sold
  • 82 homes or 55% SOLD for or above the asking price 

2016 – October - Detached

  • 66 detached homes SOLD
  • 22 homes or 33% SOLD for or above the asking price


 2015 – October - Attached

  • 205 condos, townhouses, duplexes SOLD
  • 103 homes or 50% SOLD for or above the asking price 

2016 – October - Attached

  • 138 condos, townhouses, duplexes SOLD
  • 72 homes or 52% SOLD for or above the asking price



2015 – October - Detached

  • 129 detached homes SOLD
  • 50% of homes SOLD for or above the asking price

2016 – October - Detached

  • 62 detached homes SOLD
  • 14 homes or 23% SOLD for or above the asking price


 2015 – October - Attached

  • 159 condos, townhouses, duplexes SOLD
  • 36% of homes SOLD for or above the asking price 

2016 – October - Attached

  • 106 condos, townhouses, duplexes SOLD
  • 50 homes or 47% SOLD for or above the asking price 



2015 – October - Detached

  • 115 detached homes SOLD
  • 22 homes or 19% SOLD for or above the asking price 

2016 – October - Detached

  • 24 detached homes SOLD
  • 3 homes 13% of homes SOLD for or above the asking price


Homes sell above the asking price either because they are sharply priced, they have all the right stuff or because of a supply shortage. Often all of the above. 


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September 2016 Update

The detached housing market continues to be slower than the attached housing market. Sales of detached homes in September represented 29% of all sales for all housing types compared to 38% in September 2015 and to 42% at the peak of our market last February / March 2016. 


Government Intervention

What the 15% foreign buyer tax has done and will do is accelerate a market normalization. Each week there seems to be a new government measure to ease pressure on the real estate market followed by a media feeding frenzy. Our real estate markets were normalizing even before the 15% Foreign Buyer tax came into effect.


New mortgage qualification rules introduced by Ottawa this week mean that buyers who take out an insured mortgage (a downpayment of 20% or less) will now have to qualify based on the “Posted 5 YR Qualifying Rate” (presently 4.64%) instead of the actual mortgage lending rate. 


Vacancy Rates and Short Term Rentals

This summer, New York City passed a bylaw completely banning Airbnb and other short term rentals. San Francisco has just imposed strict new rules and fines on owners who engage in Airbnb and other short term rentals. City of Vancouver will create an audit task force which will allow the City to declare victories against home owners who allow the property to sit empty or who engage in short term rentals of 30 days or less. 


British Columbia 

We still enjoy the strongest performing economy in Canada, with a diversified base of economic activity – film production, tourism, strong retail sales, a strong high tech sector, etc. The homeownership rate continues to climb in Metro Vancouver, and population growth is consistent. New home permit applications are at record levels right now and vacancy rates are at record low levels. By 2041, only 10% of housing stock in Vancouver will be single detached homes compared to 28% in 2011. 


The Future

Our market has been in overdrive for 2 years with all types of buyers being active in all market segments and all housing types. What to expect now?  Fewer buyers at the high end of the market and now new price sensitivity at the low end of the market as a result of Ottawa’s changes this week.  Once the high end of our market; (about $4 million and up) corrects by about 15% to 20%, some foreign buyers, now on the sidelines, will come back. 


Government is a Big Part of the Cost

New real estate developments and master planned communities will continue to be green, green and more green, making them very very expensive. The total municipal, provincial and federal government tax haul and permit fees on all new condo developments represents about 30% of the cost of a typical $500,000 condo. Vancouver has 103 different permits, taxes and fees that a developer must pay, ensuring that new housing into the future will be very very expensive. 

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I have sold a property at 105 6611 ECKERSLEY RD in Richmond.
Unit is on 2nd floor, ABOVE GROUND. Quiet and private, high ceilings, like living in a garden. Great location close to parks and shopping. Modena was built new in 2010. Designer owner upgrades inside make this the perfect 1 bedroom condo - better than new! Attractive open kitchen w/ gas range and stainless steel appliances, granite countertop. 9 ft high ceilings & bright throughout, good use of space with custom in-suite organizers and ample storage. Amazing large bathroom and walk in closet! Rented furnished for $1675, tenant leaving, end of October possession possible. Open house this Sunday, Sept 18 from 2:00 - 4:00pm. Great starter home. Pets and rentals are ok!
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I have sold a property at 8 1803 MacDonald ST in Vancouver.
Fabulous Kits 3 bdrm craftsman town home overlooking Tatlow Park. Great open plan main with 9' ceilings, wood flooring, crown mouldiing & wonderful light; chef's kitchen graced with SS Bosch appliances, granite and modern cabinets, Up offers 3 good sized BR's (2 en-suite) and 1/2 bath. Top floor is great escape be it office alternative MBR. Lower floor space is flex space for whatever your whim be it storage, office or man cave. Enjoy the outdoors with landscaped and fenced patio,(13'x22") or covered front porch (22'x5') Rarely available Tatlow Court is a desirable small strata complex just steps to beach, shops, transportation, tennis courts and more. Pet friendly too
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I have sold a property at 905 1650 7TH AVE W in Vancouver.
Enjoy water, mountain and city views from every room in desireable Virtu! Bright 2 bdrm, 2 bath & den, open plan living corner suite with windows on all sides. Separation of bdrms and stylish Swedish H/W floors throughout.Gourmet kitchen with gas range, large custom pantry, granite counters. Master bdrm has a spacious ensuite with soaker tub. Functional floor plan, w/ no wasted space ensures your comfort. One convenient parking stall, secure bike storage and one storage locker. Appreciate great views in a reputable building close to Granville Island. Walk everywhere lifestyle. Bldng has 8 visitor parking stalls, additional parking available to rent should buyer need. Open house Sat March 30 from 2:00 to 4:00.
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I have sold a property at 111 1859 STAINSBURY AVE in Vancouver.
The Works! A Collection of Townhomes near Commercial Dr. Three bdrms & large den, terrific floor plan, great use of space. Separation of bdrms. Private Master on top floor w/ensuite & nook. High quality updates incl feature wall entrance,custom built walnut 8 person banquette off the kitchen. S/S app, gas stove & gas line on patio for year BBQ'ing. Granite countertops, eng HW floors, marble FP w/custom walnut bookshelves. Attractive millwork, built in closet organizers, custom UV roller shades throughout. Two large private patios w/durable composite decks. Custom crafted 270 Sqft den/storage not included in measurements. Must see to appreciate! Walk to Trout Lake, sky train, coffee shops & restaurants. Open on Sun Mar 10th. 2-4.
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I have sold a property at 2910 928 Beatty ST in Vancouver.
Amazing views from all rooms in this 29th floor, South West exposure corner unit at the Max 1. Mountains, city & water surround you as lots of natural light flows in to this functional layout. The unit features over $20,000 in upgrades including; California closets, dark wood flooring, custom built office, upgraded Bloomberg washer/dryer, Maytag gas range, high end ceiling fan, granite bathroom countertop, kitchen backsplash, light fixtures & more. With second to none amenities including a 65 ft indoor pool with large connected tanning terrace, a fitness centre, hot tub, steam room, sauna, theatre & entertainment room, this exceptional home at the Max shouldn't be missed.
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I have sold a property at 110 6669 TELFORD AVE in Burnaby.
New low price, $22k below tax assessed value. Condo in excellent condition. Large, private bright corner suite w/ updates inside and large private patio to enjoy your beautiful garden view in quiet and peaceful area. Beautifully restoredinside, just move in, an exceptional condo in an exceptional owner occupied building. Pride of ownership is evident throughout. Bonus: large living room for house sized furniture. Here is an affordable opportunity to grow your equity. Why rent or why buy a new small condo and pay HST? Here is a turn key home offering great value. Security and peace of mind here. A great invesment. Open house on Sun Sept 30 at 2:30 to 4:00. Who is the lucky buyer? Hurry!
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I have sold a property at 20B 2311 MacKinnon RD in Pender Island.
Only 30 feet from the waters edge with a great view looking SW Cottage 20 is on the edge of a forest with no neighbors on one side. At about 750 sq ft and fully furnished, Cottage 20 is 4 years new! This is quarter share ownership at its finest and all furniture is included. The property is very well managed. Enjoy 2 bedrooms and 2 bathrooms. A 300 Sq Ft deck overlooks the ocean with lounge chairs, an outdoor table, large umbrella and gas BBQ. Whale sightings from the deck are frequent. Amenities include a flatscreen TV with DVD, high speed internet and a gas fireplace. A full kitchen and all cookware too. The grounds include 2 pools and a general store, restaurant and a marina. Rent scooters and bicycles on site. The location is ideal for kayaking and boating. Reserve space at the marina if you would like to bring your boat.
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I have sold a property at 806 8 Smithe MEWS in Vancouver.
Spectacular 2 bedroom 2 bathroom waterfront condo in Concord's Pacific's premiere A Class building "the Flagship". Features include: your dream open concept gourmet kitchen w/stunning white Peria lacquer cabinets, Sub Zero & Miele appliances & 5 burner Viking gas range; quality white oak floors in main living space, polished porcelain bathroom floors, white marble stone counter tops, air conditioning, & in suite storage. Water views from both bedrooms (note 2nd bedroom has no closet), the living room, plus two balconies. Resort style amenities with lounge, indoor & outdoor pool, bowling alley, spa, kayaks, & more. Right on the seawall & only steps from Yaletown's best shopping, restaurants, cafes & transit. Pets & Rentals welcome.
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I have sold a property at 141 20 AVE E in Vancouver.
Centrally located on a 32 x 138 foot lot just steps from all the shops and restaurants on Main St. This west of Main character house has been extensively renovated and includes a 2 car garage. A welcoming front porch, gracious main floor, three bedrooms up plus a loft/4th bedroom, with views of the North Shore mountains makes this an ideal family home for those wanting to live in a great community close to everything. In addition there is a 1 bed & den suite a great way to help out with those mortgage payments.
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I have sold a property at 401 1165 Burnaby ST in Vancouver.
Welcome to 401 in the Southwest corner of the coveted boutique concrete Qu'Appelle in the heart of the Westend. Only 2 suites occupy each level for a total of 22 homes in this building. The home has been mostly used as a vacation home and is very well maintained. Renovations include beechwood engineered hardwood floors, open floor plan, large main bath with soaker tub and slate tiles. Master has 2pce en-suite. Living room is cozy and offers built in shelving for TV, stereo and books. The building is very well kept with many recent upgrades. Two blocks to beautiful Westend Beaches, and all this community has to offer! OPEN HOUSE Saturday March 19, 2-4pm.
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I have sold a property at 701 1290 Burnaby ST in Vancouver.
Rarely available suite in the Bellevue. Unique floor plan in boutique building with only 2 suites per floor and no adjoining walls. 2 beds, 2 baths, spectacular views from every window plus 2 outdoor patios. Updated kitchen, bathroom, and living room with built in cabinets, concrete cladded gas fireplace, granite and Corian countertops, new carpets and new laminate flooring. Building has new rainscreen exterior with new roof, windows and walls with warranty. Desirable residential area, close to all amenities. Shows beautifully.
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