There is no set equation to determine how you’ll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You’ll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you’re willing to offer.

Concentrate on the following areas to help you determine an offer price:

Comparable Sales

• Compare prices of homes that are similar to the property you’re considering in the following areas: number of bedrooms and bathrooms, square footage, lot size, type of construction, and garage space.
• The most comprehensive and in-depth information can be accessed through the Multiple Listing Service (MLS). Your Realtor, who will be working closely with you to set your offer price, can help you navigate this service.

Property Condition

• Observe how the property compares to the rest of the neighbourhood. Is it average, above average, or below average?
• Look at structural condition: walls, ceilings, windows, floors, doors.
• Pay close attention to: bathrooms, bedrooms, condition of plumbing and electricity.
• Also check the fixtures: light switches, doorknobs, drawer handles, etc.
• What is the condition of the front and back yards?

Home Improvements

• Cosmetic changes can be largely ignored, but any major improvements should be taken into account.
• Take special note of: room additions (especially bedrooms and bathrooms).
• Items such as swimming pools may be taken into account, but usually won’t affect your offer. Your Realtor can offer your guidance in these matters.

Market Conditions

• Seller’s Market: A seller’s market is considered a “hot” market. This type of market is created when demand is greater than supply—that is, when the number of Buyers exceeds the number of homes on the market. As a result, these homes usually sell very quickly, and there are often multiple offers. Many homes will sell above the asking price.

• Buyer’s Market: A Buyer’s market is a slower market. This type of market occurs when supply is greater than demand, the number of homes exceeding the number of Buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency. Prices may even decline during this period. Buyers will have more selection and flexibility in terms of negotiating toward a lower price. Even if your initial offered price is too low, Sellers will be more likely to come back with a counter-offer.

• Balanced Market: In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of Buyers. When a market is balanced there aren’t any concrete rules guiding whether a Buyer should make an offer at the higher end of his/her range, or the lower end. Prices will be stable, and homes will sell within a reasonable period of time. Buyers will have a decent number of homes to choose from, so Sellers may encounter some competition for offers on their home, or none at all.

Comparable sales information helps you establish a price range for the home you’re interested in. Adding in the additional factors mentioned above will guide your decision of whether you consider a “fair” price to be near the upper or lower limit—or the middle—of that range. Keep in mind, this price should be the one you’d be happy with once all negotiations are said and done. The price you decide to begin with depends on your particular style of negotiation. Most Buyers begin the negotiation process with a number lower than the “fair” price they’ve come up with.

Hosting of the 2010 Winter Games in Whistler, BC will create many opportunities for West Vancouver, the Greater Vancouver region, British Columbia and Canada. With the snowboarding and freestyle skiing events being held at Cypress Mountain, West Vancouver, as a Venue Community, is in a unique position to work with the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) to create a truly memorable Winter Games experience and legacy for residents and visitors alike.

The Official Community Plan (OCP)has identified housing and neighbourhood character as central issues in our community. Some people are concerned about affordability and housing choice for seniors and young people. Others worry about what the new houses being built on their block will look like and how these houses will affect the character of their neighbourhoods.

During the OCP review process, it became clear that people have diverse views about housing issues. The OCP calls for a community-wide dialogue so that residents can better understand what is happening in our community as people age, and how these changes will affect us.

Talking about housing issues and options should occur within the broader context of neighbourhood character because any new housing initiatives should be able to fit into the established fabric of our neighbourhoods.

The "Dialogue" is an opportunity...

for you to help define the future of your communitiy
to learn more about demographic trends, and future housing needs in the community

to share your ideas on what makes West Vancouver a special place and what you value most about your own neighbourhood

to sit down with other people in the community and discuss different kinds of housing that will fit into your neighbourhood so that we can meet the future needs of all residents

How will the "Dialogue" unfold?

Council has appointed a volunteer Working Group of residents from across West Vancouver to help design and implement a program that will engage the community in dialogue about our future.

The process will take about one year and is divided into four phases:

Phase I – Beginning The Dialogue: Information And Ideas (June – November 2007) Newsletter #1

The purpose of this phase is to get people thinking about what they value about their neighbourhoods, what aspects they would like to see preserved, and/or what changes might be appropriate. The key event during this phase is the “Neighbourhood Ideas Fair” (Oct 13-14) where residents will be invited to share their neighbourhood visions, and their ideas about housing and related issues. (If you were unable to attend the Fair and would like to provide your comments, please click here for a copy of the questionnaire.) A primary tool for framing questions and encouraging public discussion about housing and neighbourhood issues will be the online community forum, which will be used throughout the process.

Phase II – Exploring Ideas And Options: Community Workshops (December 2007 – March 2008)

A series of community workshops will be held in early 2008, to provide a forum for more in-depth discussion of housing issues and opportunities in West Vancouver. Participants will be provided with background information and context for informed discussion. A key focus will be on the current and future housing needs within the community, and how these might be met over time.

Phase III – Making Choices: Confirming Future Direction (April – May 2008)

A community survey will provide an opportunity to gauge public opinion on the key issues, opportunities, and directions coming out of the workshops.

Phase IV – Recommendations: Achieving The Community Vision For Neighbourhood Character And Housing (June – July 2008)

The Working Group and staff will review the results of the Community Dialogue, and report to Council with recommendations for possible District actions.

CMHC Releases Comprehensive Report on Housing in Canada
OTTAWA, October 22, 2007 —

Building greener homes in higher-density neighbourhoods near public transit, rather than in sprawling suburbs, is key to reducing the housing sector’s impact on the environment and lowering greenhouse gas emissions, according to the 2007 Canadian Housing Observer released today by Canada Mortgage and Housing Corporation (CMHC).

“The focus on sustainable housing in this year’s Canadian Housing Observer is particularly timely given growing public interest in the environment,” said Karen Kinsley, President of CMHC. “The Observer is a reliable source of current and comprehensive analysis of housing trends and conditions in Canada.”

The 2007 Canadian Housing Observer analyzes the relationship between environment-friendly housing construction, neighbourhood design and transportation. It found that downtown living, which provides easy access to workplaces, schools, and shops, as well as housing located close to public transit, lead to reduced automobile use. Also, better design of the suburbs results in less short-distance driving and lower greenhouse gas emissions.

The 2007 Canadian Housing Observer also examines recent trends in affordable housing, housing finance and market developments. A key conclusion about the living conditions of Canadians, which is based on new CMHC information, found that the level of Canadians living in core housing need1 has declined slightly from 13.9 per cent in 2002 to 13.6 per cent in 2004.

Other key findings of this year’s Canadian Housing Observer include:

Housing-related spending grew by 6.1 per cent in 2006, contributing more than $275 billion to the Canadian economy;
Total mortgage credit outstanding in 2006 reached an annual average of $694 billion, up 10.7 per cent from 2005. This is mainly due to increased property values, which in turn increased the average mortgage amount approved;
Environment-friendly, energy-efficient housing is expected to become more the Canadian norm in the future thanks to initiatives such as CMHC’s EQuilibrium sustainable housing initiative.
All of the fastest-growing metropolitan areas in recent years were in Alberta, Ontario and British Columbia, with the exceptions of Moncton, New Brunswick and Sherbrooke, Québec.

Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way. Consider the following benefits of working with a Realtor:

Professional Experience:

With knowledge and training in marketing strategy, negotiation tactics, and the workings of the current real estate market, a Realtor will be able to guide you through the steps of the home-selling process and be able to explain exactly what to expect. S/he will make you aware of your rights and responsibilities, work with you to strategize the best moves according to your own goals, discuss financing options, and point you in the direction of other specialized professionals who will aid you in different stages of the process.

Best Price:

Realtors have their fingers on the pulse of the current real estate market, and will know what comparable properties in your area are selling for. They have the resources and knowledge to establish the best asking price and to attract the highest selling price. With access to their company’s professional marketing resources and connections, they will ensure potential buyers are immediately made aware of your home and market the property to sell as quickly as possible and for the most money.

“Showcasing” Experience:

Your Realtor will know the importance of a property’s first impression. S/he will have experienced first-hand, for example, the impact a property’s “drive-up appeal” has on the rest of a potential Buyer’s experience of your home. Your Realtor will be able to offer you tips and information on how to get your home in the best selling shape possible, in order to sell your property quickly and for top dollar.

Access to Qualified Buyers:

Realtors save time and effort by dealing only with qualified buyers. They have access to a pool of pre-screened and pre-qualified buyers who are serious about buying a home in your neighbourhood. Realtors work hard to develop this base of qualified buyers which will become an invaluable resource for you.

Negotiation Skills:

Realtors serve many functions, but perhaps the most important is their role as primary negotiator on your behalf. Your Realtor realizes your goal is to sell your home as quickly as possible, and for the most money possible, and will work closely with you during the negotiation process to facilitate this goal. Realtors bring to the process the knowledge and skills to draw up legally binding contracts, to assist in negotiating offers and counter-offers, and to offer counsel and perspective as you work toward your selling goals.