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Where does the time go? And what a difference a year makes!
At the end of 2008 we were all panicking that a new depression was bearing down on us, retail sales were down, profits down, layoffs up, and no one who watched any mainstream news was out shopping for a home. Prices had plummeted and governments were scrambling to stop the bleeding. Confidence was at a serious low.
Then something happened. Interest rates dropped and affordability improved greatly, businesses didn’t layoff so many people (still too many than most would like), earnings beat estimates, VANOC dropped the idea of scaling back Olympic festivities and gained corporate sponsors, and home sales rebounded in a very big way.
Let’s take a look back at the year that was:
January 2009:
The most popular posts were all about slashing prices. Onni was having a “20-40% off sale” and the H&H was having a receivership sale and the . The results were nothing short of spectacular with both using a clearance-style ad and promoting deep discounts, as opposed to the lifestyle ads of lattes and urban hipness which we had come to expect. Sales were brisk and lines formed. I believe these two type of events were pivotal in jolting the market back into life. After all, nothing gets people thinking about buying more than when their associate tells them they bought, and vice-versa.
February 2009
The two most popular posts were a piece I wrote on What I think it takes to get a Home Sold (which was spawned by a quote given to the daily 24hrs paper) and the H&H sale again. The market continued to show turmoil and people were still panicking in the streets. Sales were happening but not at any level comparable to the past 5 years. Not even close.
March 2009
The most popular post on the site, by far (even beat out the Weekly Stats and general Property Search) was about the relaunch of The Beasley. Having been redesigned and priced lower than the first time it was offered The Beasley was a tremendous success and it was the first new condo to go on sale in Vancouver’s downtown core in some time (Onni and H&H had already been completed). This post also drew the attention of the CBC who interviewed me for my thoughts on presale madness. I urged buyers to be reasonable and cautious. The lead of that story? A couple who camped out for four days for one of the loss leaders which went on sale on a Saturday.
April 2009
The Beasley maintained a strong position in views and people looking at the map of new condos became increasingly popular. Clearly buyers were getting interested again. Sales started to climb and listings of resale properties never really took off. Prices had stabilized and were climbing again (just a bit). This was turning out to be a far busier Spring than many expected. Maybe it was due to the fact that so many agents had left the business or taken part time jobs to put food on their table to the previously brutal months. It was also in this month that one of my clients scooped up what has to be THE GREATEST REAL ESTATE DEAL OF 2009. They read this blog and know who they are. Congratulations, you two!
May 2009
New Condos were still popular and the recently completed TV Towers became a hot commodity. Buyers who knew what they want went after those properties and enjoyed getting some negotiating done. Deals were getting made at very good values but the market still was precipitously cautious. Many were simply waiting for an excuse not to buy. Those who did can pat themselves on the back for now. This was a pivotal month for not only continuing the upswing but for starting the craze that went off in the Summer months.
June 2009
The iPhone real estate search app was released on this site to allow you to search for homes on a location following map. I didn’t have an iPhone before this but it did push me over the edge to get one. Espana started completions and prices were barely above what people had bought them at. That didn’t last long. Espana was the #1 most searched for condo on AgentWill.com. My own listings were getting record views as well and one property we had had multiple offers the same day it went live on the realtor’s back end site. I would field over 200 calls on that property over the next two weeks.
July 2009
Finally my episode of House Hunters International aired on HGTV. Sorry, I don’t have a clip to share with you all but everytime they re-air it I get stopped on the street or some tweets get sent my way. It was great to do and really showed what a lag in time from production to airing can do to a piece. I speak on how the market had slowed and buyers had more opportunity, which was true back in November 2008 when it was filmed, but was so far from the reality of July 2009. More like it was the sellers who had the opportunity to pick and choose their buyers. Bidding wars were back in a HUGE way. We were also all relieved when the Keg stepped up as a sponsor for the Celebration of Light fireworks show. Oh yeah, my son was born (Yay!) in amidst all the craziness and I had the best month ever for sales.
August 2009
The redesign of AgentWill.com went live! When I wasn’t tweaking it I was in the midst of far, far, far too many bidding wars with one going close to 50% (yes fifty percent) over ask. Don’t get me wrong, I love bidding wars… when I’m the seller. As a buyer I can’t stand them. And yet this would be pretty much the trend from here on out.
September 2009
V6A gets announced to be going on sale again and does very well. District goes on sale shortly thereafter and does even better. Multiple offers. Dwindling Listings. Almost no Lustings (C) – yes, I am copywriting the use of Lustings as it applies to real estate and it is defined as a highly regarded listing with quality and design which exceeds all expectations upon viewing. Buyers were out in force and setting new records for sales and multiple offers were getting into an unreasonably stupefying level. Case in point? My clients won a property with a very reasonable and well written offer over one that was $48k (about 5%) more with ridiculous conditions. That was a job well done and I congratulate them on both their astuteness of the market, their own situation, and sticking to their own financial plan from the beginning.
October 2009
The number one page, as expected, is property searching. The mainstream media is getting in on the act commenting on high prices and low interest rates which have fallen from recent highs earlier in the year to historic lows. Still, despite prices almost equaling the previous year and wiping out losses listings continue their downward trend and prices keep marching up.
November 2009
Another high for the month both for sales and prices. Listings continue to fall and buyers continue to line up as The Mark goes on sale. Jokes are made by those who watch this market in disbelief at the name and even greater questions surround what effect the impending HST Campbell will impose on us in July 2010 will have on these sales. Once set for a exclusion limit of $400k developments such as Richards, Maynards, Beasley, and others made sure their redesign included a majority of suites under that price point. Now that limit has been proposed to be raised to $500k. Nonetheless, what this assures, in my opinion, is that in three years we will have a glut of small condos come on the market. The only question is how much will they be worth.
December 2009
The market continues with brisk sales and dwindling listings. Sales to listings ratios are at seasonal norms at or over 100% and I expect the year will wrap up its whirlwind tour of emotions with a brisk sigh of relief. Christmas will be more merry for many, especially realtors who were looking at the classifieds this same time last year. I’d expect the year to start with very low inventory and that will be the trend until the Olympics have passed. With the Olympics locking down the downtown and no moving trucks getting around nor people able to see homes we will see a lull in activity (but not prices) until March. Then it will appear as though the heavens have opened up and we will see a tremendous jump in the market.
So there we have it. A year that encapsulated all emotions from record lows to record highs. From high interest rates to record low interest rates. From ghost towns at Open Houses to streets becoming parking lots. From cancelled projects to all new building launching with lineups. Yes, 2009 had it all and 2010 is looking to be just as much an emotional and financial rollercoaster.
To all of you readers and especially the commenters, supporters, and clients I wish you all a joyous holiday season and a fantastic 2010!
Vancouver, BC 
Great structure, and true in so many ways. A roller coaster year and a good summary of how it all played out.
Well done Will.
Adrian.
Yes, it will be great to read this again Dec.2010 when the tank starts from July 1.