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Hello everyone, Ray Estrella here, your family first real estate advisor.  This is your march madness real estate recap for your community of Richmond British Columbia since the start of 2022.  Now the spring market is right around the corner, so people have been wondering whats been happening as of late.  Now, since August we seen more than 5 interest rate changes which effected the market i ...

Below average home sales allow inventory to inch upwards   February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards. The Real Estate Board of ...

Hi everyone!  Here's a look at whats been happening since the beginnging of the year in each of one of Richmond's most popular neighbourhood: All figures compiled on March 14, 2023Understanding MOI (Months of Inventory): Months of inventory is a measurement to help understand how busy a marketplace by comparing how many active number of active listings, and comparing them to the average amo ...

Check out this cool joint in my hometown of Richmond BC.  You're not going to find this in a city centre or a strip mall.  This joint is in the  industrial area behind ironwood with zero foot traffic.  They're soup dumplings didn't dissapoint.  They also have fried dumplings and steamed dumplings in a large array of flavours.  They even have fresh tossed noodle dishes which i usually go for, ...

With the market shifting, i just wanted to share an outlook i use with all my clients. The one thing to understand is that getting into a property isnt meant to be easy, no matter how well you time. It'll either be competitive, or its going to effected by external factors...such as interest rates.  But the process doesnt have to be an ordeal.  I always tell my clients to prioritize 3 things: ...

Home sales decline below long-term averages and inventory remains low   Inventory remains low in Metro Vancouver* while home sales dipped well below monthly historical averages in January. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January ...

So we just did a video for the Stats of January and here are a few things to note.  -The sales ratio in the Richmond BC area is at 8% for single family homes.  This represents a 30% drop in the amount of sales compared to December. -Most of the sales in the Richmond Area for single detached fall in the range of 1.25 to 1.5 million dollars.-The most popular area in the Richmond area for single ...

With most of the buildings lifiing their exisitng age restrictions, the popualr question that i have been getting is what will happen to the market value of my property if the building decides to turn into a 55+ complex.   At this time frame, i'd like to look at a couple of recent data from 2 buildings: Queens Gate which is on General Currie and Sharon Manor on Granville, which are the onl ...

Hey everyone, Just wanted to send this message to few of the people i've talking with.  The reason why you received this video is because we've talked about real estate in one way or another.   So this message is to outline some new things that came across the real estate industry thats pretty much brand new to 2023.  First, the change of strata bylaws on two major sections:1. stratas ar ...

Rising mortgage rates brought uncertainty and caution in 2022   After seeing record sales and prices during the pandemic, Metro Vancouver’s* housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region t ...