B.C. housing starts up in February on higher multi-family dwelling projects

Increases to the number of new multi-family dwelling projects across B.C.’s urban centres nudged overall housing starts up in February compared to the same month last year, according to new numbers by Canada Mortgage and Housing Corporation (CMHC).

While more condo and townhouse projects got underway in cities with a population of 10,000 or more across the province, the number of new single-family detached homes decreased, compared to the same period last year.

In Vancouver, 1,675 new multiple-family dwelling units got started last month, up 38 per cent from 1,211 in February 2011.

In the same period, the number of new detached homes decreased from 203 to 195.

Across all of urban B.C., the total number of housing starts climbed by 28 per cent in February, year over year, increasing from 1,805 to 2,302.

The year-to-date numbers showed increases in both housing categories across urban B.C.

Single-detached starts rose from 739 last year to 808 in January and February this year, while the number of new multiples climbed from 2,957 to 3,546.

“Residential construction activity during the first two months of 2012 is ahead of last year’s levels due to strength in a number of housing markets around the province,” said Carol Frketich, CMHC’s BC Regional Economist, in a release.

She said Nanaimo, Victoria, Abbotsford-Mission, Vernon and Chilliwack also recorded an increase in total housing starts so far this year, compared to January and February of 2011.

Via Vancouver Sun.

To Stage or Not to Stage

You may have heard that it’s important to stage your home to increase the value, while reducing the time on the market, but is this true?  According to the following statistics provided by the Real Estate Staging Association (RESA) the answer is a simple – YES! Please keep in mind these figures are from the US market, which has been much slower than our local market.

All numbers as of February 10^th.

For Vacant Homes Previously on the Market – 2009 Study 01-09 to 12-09

There were 87 vacant homes (not staged) previously on the market an average of 277 days unsold. Those homeowners had their properties staged. Those same homes sold in 63 days on average after staging. This is 78% less time on the market.

For Occupied Homes Previously on the Market – 2009 Study 01-09 to 12-09

There were 39 occupied homes (not staged) previously on the market an average of 233 days unsold. Those homeowners had their properties staged. Those same homes sold in 53 days on average after staging. This is 78% less time on the market.

For Vacant and Occupied Homes Previously on the Market - 2009 Study 01-09 to 12-09

There were 126 vacant and occupied homes (not staged) previously on the market an average of 263 days unsold. Those same homes were staged and sold in 60 days on average after staging. This is 78% less time on the market.

Staged First, Listed and SOLD - 2009 Study 01-09 to 12-09

There were 117 vacant homes that were staged before they went on the market. These homes sold in 42 days on average after staging and 167 occupied homes that were staged before they went on the market. These homes sold in 39 days on average after staging.

How much money could you save by staging your home before listing?

The study shows 126 homeowners had their property on the market on average of 263 days before they decided to stage. 263 days = 9 months!!!

Those same homes were staged and sold in 60 days on average after staging. This is 78% less time on the market. This is 7 months less time on the market.

As an example, using this formula you can determine approximately how much money you will continue to spend while your home is on the market un-staged.

 

If your mortgage is : $1800.00

If your direct expenses are: $300.00

 

Total carrying cost per month: $2,100.00

This study shows home owners had their property on the market for an average of 9 months. $2,100.00 X 9 months = $18,900.00 in expenses.

Had those homeowners staged first, their time on market would have been cut by 223 days on average (7 months). $2,100.00 x 7 months= $14,700.00

 

Staging their homes first would have saved them $14,700.00.

These numbers are all relative to individual mortgage and expenses. Use this simple formula to determine how much you will save by staging your home or listing before putting it on the market:

 

Mortgage + expenses (utilities etc.) = Monthly expenses

Monthly expenses X 9 months (avg. time un-staged) = Cost to list house un-staged

Savings: Expenses x 7 months (average time on market reduced) –staging fee =Savings if you stage your house first!

If you have a price reduction you can also add that into the loss you are taking by listing a property un-staged.

Speed Up a Slow Market

For residential real estate, 2011 began strong; however, towards the end, there was a greater balance between supply and demand.

Overall, the price of residential properties has increased by 7.6 percent. Despite the price increasing in some areas, sales are not necessarily doing the same, with a home sale total for 2011 that was 6.3 percent less than the 10 yr average sale in the region.

Staging is a means of creating a vision for buyers of what a space will look like when it has reached its full potential. Our team is passionate about design and helping owners, realtors, designers and anyone else interested in the staging and interior design industry. Here are a few photos of our projects that we are very proud of. Enjoy!

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Making it Happen!

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I visited the Carmichael site yesterday. There is so much going on, outdoors and indoors, and lots of planning. Jan has nailed down some of finishes and details and they are gorgeous of course. There is some reference to the hexagon influence through the house and wood, grey and concrete seem to be making an appearance. I can’t wait to see the final product!

Georgie Awards’ Finalists Announced!

Over the weekend, The Vancouver Sun annouced the finalists for the Georgie Awards. For those of you who don’t know the Georgie Awards, they are awards that recognize all aspects of the development industry, from sales and marketing to interior design, from builders and renovators to landscape architects and graphic artists. The Georgie Awards benefits both the industry and the consumer because  Georgie Awards bring instant credibility to its winners and people love dealing with them.

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We have the pleasure to work with Concert Real Estates’s Patina, one of the finalist. The Patina is a 42 storeys high rise with a bold urbanism look that harmonizes with the smaller scale of the older residential West End.

Congrats to all the finalists and good luck!

New Life in the Heart of the Gritty Downtown Eastside

Robert Fung‘s company Salient Group has contributed greatly to the changing face of Gastown. He believes that there is now a big gap between full market housing and non-market housing. He attemps to close this gap with his new project 21 Doors, located at 370 Carrall in the Downtown Eastside.The developing 1980′s building had sat mostly vacant and dilapidated for many years. As the Woodward’s Building has already proved, a younger demographic is eager to move into the area. The area attracted young urban types ( the type who drink espresso while they work on their laptop) due to its many boutique fashion stores and stylish cafes. This area will sure have a new look and feel soon.