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BC Property Real Estate Update

Vancouver, BC – April 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 9,826 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, down 21.8 per cent from the same period last year. Total sales dollar volume was $6.79 billion, down 30 per cent from March 2016. The average MLS® residential price in the province was $690,597, a 10.5 per cent decrease from the same period last year.

“Consumer demand continues to normalize following blockbuster home sales in 2016,” says Brendon Ogmundson, BCREA Economist. “However, the supply of homes available for sale has not recovered and is still declining in many markets around the province.”

Although the average price in BC was down year-over-year due to a shift in the composition of sales away from higher-priced homes in Greater Vancouver, home prices in most markets are being pushed higher due to severe supply constraints. This is particularly true for the Victoria region, which currently has just over one month of inventory for sale, as well as for the apartment and townhouse market in the Lower Mainland.

Year-to-date, BC residential sales dollar volume was down 34.7 per cent to $14.1 billion, when compared with the same period in 2016. Residential unit sales declined 25.5 per cent to 20,893 units, while the average MLS® residential price was down 12.4 per cent to $674,856.

 

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East Vancouver Property Sales & Prices Rise in March

East Vancouver Property Sales & Prices Rise in March but listings remain flat. The average sale price for houses is the same as a year ago, having peaked in July, corrected and started to uptrend in January this year. Now $1.583.000. Townhomes are 11% higher than a year ago, now at $851.000 and condos are up 18% from a year ago, now at $571,000.

East Van real estate sales are down 18% from a year ago. with houses taking the biggest hit at 24%, townhomes at 14% and condos at 9%. Average days on market are 36 for houses, 22 for townhomes and 19 for condos. Sales bottomed in January and have been trending upwards since.

Sales to listing ratio is 22% for houses, 59% for townhomes and 87% for condos.

Percentage of original price – houses are 98%, townhomes 101% and condos 102%.

East Vancouver property listings are 39% higher than a year ago. Houses are up 65%, townhomes 81% and condos 11%. Houses have the largest selection and are trending upwards but condos are trending downwards.

Put Maggie’s decades of local knowledge to work for you! Call today!

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Vancouver West Side Real Estate Prices and Sales Up But Listings Flat in March

Vancouver West Side Real Estate Prices and Sales Up but Listings Flat in March. Condos are outshining houses and townhomes. Condo continue to be popular due to the affordability factor and very low inventory. Whereas, the selection in houses is good.

Here’s the average sale price graph for houses, townhomes and condos for March 2017. Compared to Mar’17 house prices increased from $3.7M to $3.9M. Townhomes dropped from $1.5M to $1.294.000 and condos increased from $855,000 to $862,000.

Solds – houses peaked in April 2016 and bottomed in Jan’17. Townhomes and condos peaked in Mar’16 and bottomed in Jan’17. Only houses didn’t increase over March 2017.

Listings –  at the lowest point they’ve been for the last 5 years.

 

Average days on market – houses 35, townhomes 32 and condos 24.

Percentage of original price – houses 95%, townhomes 101% and condos 100.7%

Sales to active ratio – houses are only 16%, townhomes 51% and condos 69%

Planning to make a move? Put Maggie’s decades of local knowledge to work for you! Call today!

 

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Kitsilano Real Estate and Neighborhood Profile

Kitsilano, aka Kits, is one of Vancouver’s most prominent neighborhoods. It’s an area nearly everyone in Greater Vancouver Area is familiar with and often frequent. Kits has lots to offer not only in terms of proximity to the beach, but it has great shopping, local pubs and restaurants, coffee shops galore, parks, access to public transit and the False Creek Ferry, as well as, a varying assortment of types of properties to inhabit.

Like most neighborhoods in the city Kits has changed a great deal over the years. However, its transformation may be one of the most noticeable compared to some of the up and coming Vancouver neighborhoods further east. From its humble beginnings in the 1960s, beachside Kits was Vancouver’s Hippyville. Hippies were attracted by the low rents and variation in small businesses and unique restaurants for the time. West 4th Ave was nicknamed Rainbow Road, which was filled with vegetarian restaurants (The Naam being one of them) and music and record shops. This changed in the 1980s when the Yuppies moved in, or maybe the existing Hippies simply transformed into Yuppies?! This was spurred by the popularity of the area which inevitably created higher rents and therefore attracted a less Hippie-like demographic. This progression from Hippyville to Yuppieville is something that is still evident today. You still see the odd old school Hippie resident; however, they’re certainly outnumbered by the yuppies and their upper scale restaurants and expensive retail shops.

The Shopping in Kits is popular because of the variation. You can find a bit of everything! There’s your standards like Starbucks and David’s Tea for those who like the consistency of the bigger brands, however, for those who like to support a local business and pine for something different, there’s Arbutus Coffee which is tucked away off west 4th in a heritage building or Culprit coffee that offers gluten-free everything and homemade almond milk. The same contrast applies to the retail locations; you can shop a big box stores like Urban Outfitters or find something a bit different like a Coco’s Boutique or Miz Mooz Boutique. You truly can have it all in kits!

The Kits area is not only known for mooching around shops and stopping in at the occasional café, it also has a great deal of recreational activities to spark your cultural interest and get you outside in the sunshine. Kits Beach is one of Vancouver’s busiest beaches, it has a stunning view of the West End and Downtown, along with beach volleyball nets, a playground and a couple of very sweet patios to kit up after your day at the beach. Kits Pool is an outdoor heated salt water pool, which is 150 yards long and has the same stunning views of the mountains and city. Along with the volleyball courts on the beach there are also tennis and basketball courts, which are a great way to stay active and embody the Kitsilano lifestyle. If you’re not so much of an organized sports person you can take it easy and stroll along the seawall, take in the views and end up on a beautiful patio on Granville island in less than half an hour.

Kits is home to some of Vancouver’s best attractions including the Museum of Vancouver, H.R. MacMillan Space Centre, and the Vancouver Maritime Museum, as well as being the venue for the Bard on the Beach, a Shakespeare festival that runs from June to September each year. Kits is also host to a number of community festivals over the course of the summer including; Greek Days on West Broadway, the Khatsalano Street Festival lining West 4th Ave, and the Children’s Festival that takes place in tents along Vanier Park. One of the highlights of the summer in Kitsilano is the fireworks display that’s put on every year in August. People set up early in the day to snag a sweet spot and then hangout on the beach with a picnic the occasion sneaky glass of wine or beer. This is one of the events that truly bring together the city.

Now that you know about all the amazing things you can get up to in the Kitsilano area, you need to find somewhere to live that suits your fancy and your budget! The neighborhood offers an assortment of properties. Old character houses – Carriage Homes which originated in California and originated in the UK – or new houses, townhomes and half duplexes; where you share a 33-foot lot with one neighbor and primarily located west of Macdonald and north of W. 4th. Condos consist of four story wooden frame buildings from the 1970s and 1980s that commonly offer spacious living rooms and bedroom and your standard galley kitchen. Or there’s the option of a newer midrise concrete building that may offer a small outdoor space as well as amenities and underground parking. A popular neighborhood is Arbutus Walk which was developed in the late 1990s and is west of Arbutus, south of W. Broadway and north of W. 12th Avenue this area is known for beautiful and distinctive buildings.  The abundance of parks, playgrounds and green space. Also popular are condos north of West 4th avenue, which offer a wonderful seaside location. This part of Kits was developed in the early 1900s by the Reifel Brothers who built a brewery on W. 12th and Yew and was instrumental in having the CN Rail extended from Downtown. They also filled in Connaught Park, which was a bog.

Despite being a bit of a destination for tourists and locals alike, Kits is still very much a neighborhood. You get a mix of UBC students renting basement suits, family homes, and just about everyone has a dog. The area has four public elementary schools and one public secondary school as well as four independent schools. There’s also the Kitsilano Public Library which is very accessible and just off Broadway and Macdonald. Kits is very walkable with all the amenities you could ever need as well as a couple of great pubs and mountain views galore!

Search for Kits homes

Put Maggie’s decades of Kits knowledge to work for you! Call today! 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

New Foreign Buyer Tax Refunds for Workers

The BC government announced last week that foreign nationals with Canadian work permits through the BC Provincial Nominee Program are now exempt from the 15 per cent foreign buyer tax. 

They also announced that existing BC provincial nominees who bought a principal residence on or after the foreign buyer tax was implemented on August 2, 2016, can apply for a retroactive exemption.

There are many more important details

March 25, 2017

by Maggie Chandler Maggie Chandler No Comments

SOLD! 809-1833 Crowe – Condos in Vancouver’s Olympic Village Neighbourhood

SOLD! 809-1833 Crowe – condos in Vancouver’s Olympic Village Neighbourhood.

This is Vancouver’s last waterfront neighbourhood and will soon be fully developed. The condo buildings are midrise concrete. Enjoy a seawall walk to Downtown or Kitsilano.

This waterfront neighbourhood is a viable option for condo buyers who wish to be close to Downtown.  Also, the OV neighbourhood has a lower density factor and all amenities are at your doorstep.  Located near the Skytrain and bus, providing easy access Downtown. You can also enjoy the False Creek Community Centre, BMO Goldcorp Theatre, kayaking, restaurants, pubs featuring craft beer, coffee shops, dental offices, a supermarket, pharmacy and more! A few blocks away on Cambie Street is Whole Foods, Save On Foods, No Frills, Home Depot, Winners and Home Sense. Costco is also close by.


Search for your False Creek home

Put Maggie’s decades of local knowledge to work for you! Call today! 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Property Transfer Tax Changes

March 18, 2017

The following changes have been introduced for the additional property transfer tax:

Exemption –

Foreign national individuals who have received confirmation under the B.C. Provincial Nominee Program may be eligible for an exemption from paying the additional property transfer tax Refund

Foreign national individuals who were confirmed as a B.C. Provincial Nominee between August 2, 2016 – March 17, 2017 and paid the additional property transfer tax may be eligible for a refund

Foreign national individuals who become a permanent resident of Canada or Canadian citizen within one year of the date the property transfer tax is registered with the Land Title Office may be eligible for a refund of the additional transfer tax Information sheets 2016-005 and 2016-006 have been retired and the information is now on our website http://www.gov.bc.ca/propertytransfertax.

A class action lawsuit argues this announcement will be good for their case.

Buying or selling? Put Maggie’s decades of local knowledge to work for you!
  

by Maggie Chandler Maggie Chandler No Comments

SOLD Above List in One Week – 401-2655 Cranberry in Kitsilano

Congrats to my Sellers! We had multiple offers and this immaculate one bedroom and den in Arbutus Walk’s most desirable building. It sold in one week and above list price. The New Yorker is a very well maintained concrete building.

Are you looking for a Kits condo?

Currently there are 30 Kits condo listings. 6 listings under $500,000. 21 listings between $500,000 and $1M and 3 listed over $1M. Eleven of the listings are at  3506 W. 4th where the owners are trying to sell to a developer/investor.  So that leaves 18 listings….rock bottom inventory. Only six listings are north of West 4th avenue. Only one condo listed in desirable Arbutus Walk.

Least expensive is $419,000 for a one bedroom at 3680 W. 7th.

Most expensive is a second floor suite at the Vue, 2386 Cornwall, listed at $3.388.000 for 1730sf. This luxury concrete building is 11 years old.

There have been seven Kits condo sales so far this month.

Looking for a Kitsilano townhome? Currently there are seven listings starting at $628,000 for a one bedroom. Three sales so far this month.

There are 10 half duplexes currently listed, from $1.388.000 for 1388 sf. Most expensive is $2.890.000 for 2249sf. None sold so far this month.

View the graphs for Kits condos and townhomes over the last three years

Sales

 

 

 

 

Put my decades of local Kitsilano knowledge to work for you! Call Maggie 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

BC Home Sales Return to a Typical Level

BCREA – March 15, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 6,580 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, down 31.7 per cent from the same period last year. Total sales dollar volume was $4.53 billion, down 39.7 per cent from February 2016. The average MLS® residential price in the province was $688,117, an 11.7 per cent decrease from the same period last year.

“Consumer demand has returned to a more typical level over the first two months of the year,” said Cameron Muir, BCREA Chief Economist. “While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month’s activity reflected the average for the month February since the year 2000.”

“The average MLS® residential price for the province was down nearly 12 per cent from a record $779,419 in February 2016. However, this change is largely the result of a decline in the proportion of provincial sales originating from the Vancouver region. Last month, 37 per cent of BC home sales occurred in the Real Estate Board of Greater Vancouver’s area, compared to 44 per cent in February 2016.

Year-to-date, BC residential sales dollar volume was down 38.5 per cent to $7.3 billion, when compared with the same period in 2016. Residential unit sales declined 28.5 per cent to 11,067 units, while the average MLS® residential price was down 14.1 per cent to $660,943.

Contact Maggie if you have a real estate question 604-328-0077 – put my decades of local knowledge to work for you!

 

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Real Estate Listings, Sales and Prices Trend Upwards in February

East Vancouver Real Estate Listings, Sales and Prices Trend Upwards in February.  Listings are not at a record low but remain a long way away from the record high. Sales are on the low end of the scale, similar to Feb’12. The overall sale price is now equal to Dec’15 at $936,000 but in fact only the price of house has slipped.

Listings edged up slightly in all categories. Now 924 compared to 672 a year ago, a 37% increase and lower than the average for this month over the last 10 years

Solds 224 , which is 31% less than Feb’16. Over the last 10 years 2013 was the record low for the month, with 151 sales.

Average Sale Price for all types of properties edged up slightly but remains 8.7% less than a year ago. Houses sit at $1.395.000, down 3% from a year ago. Townhomes $882,000, up 20% from a year ago and condos are at $564,00 also up 20% from a year ago. Both houses and townhomes increased from January but condos slipped a bit.

Days on Market was 26 in February. All categories were lower than January but are 23% higher than a year ago.

% of Original Price is 100% which is 4% less than a year ago. Houses are selling at 97% of list price, townhomes at 100.7% and condos at 102%.

Sales to Active Ratio is 12% for houses, 35% for townhomes and 60% for condos

Dollar Volume moved up in February but is 37% less than a year ago.

BUYING OR SELLING? put my decades of local knowledge to work for you! Call Maggie today!

 



by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side Prices & Sales Climb But Listings Decline in February 2017

Vancouver’s West Side Prices & Sales Climb But Listings Declined in February 2017. Real estate sales peaked in March/April last year and have been declining until January.

Listings – total West Side listings dropped from 1423 in January to 1396 in February. A year ago they were 1594. In Feb’14 there were 2694 properties listed for sale. Listings peaked in October 2008 at 4,121.

Sales climbed from 268 in January to 493 in February.  Houses went from 37 to 93 – are the foreign investors back? Townhomes went from 19 to 32 and condos went from 212 to 368. March 2016 was a record for sales at 981. There are still lots of multiple offers in the condo market, just not enough listings to satisfy the demand.

Sales to Active Ratio only 15% for houses, 30% for townhomes and 53% for condos. Only 15% of houses are selling, giving house buyers by far the best selection.

Average Sale Price houses sit at $3.7M.  Townhomes $1.5M, up a whopping 27% over the last year.  Condos are $855,00, up 8.6% over the last year. Both townhomes and condos are at a record high level. A year ago houses were $3.7M, townhomes $1.183M and condos were $787000. Overall average sale price is equal to Feb’14.

% of Original Price  houses sold at 96% of list price, townhomes at 101% of list price and condos at 100% of list price. All property types are lower than a year ago.

Days on Market houses took an average of 35 days to sell, townhomes 24 and condos 21 days

Dollar Volume increased for all property types and is almost half of what it was a year ago. It is also less than Feb’14 and Feb’15.

Best Selling Price Range – houses over $3M, townhomes between $1.6M & $1.7M and condos between $500,000 & $600,000. YTD there have been 71 house sales over $3M, 2 townhomes and 9 condos.

Put my decades of hyper-local knowledge to work for you!

by Maggie Chandler Maggie Chandler No Comments

Canada’s GDP Growth Expands to 2.6%

March 3, 2017 from RECBC

The Canadian economy expanded at a 2.6 per cent annual rate in the fourth quarter, beating expectations of 2 per cent growth.  Economic growth continues to be led higher by strong household consumption spending, though an uptick in exports was also a significant contributor. Due to a slow start to the year and disruptions caused by the Alberta wildfires,  the Canadian economy grew just 1.4 per cent overall in 2016.
 
There are clear signs of momentum in the Canadian economy, with strong hiring and economic growth over the past six months and we expect the Canadian economy will post significantly stronger growth in 2017 about 2.1 per cent.  That rate of growth should be enough to put the economy on a path toward eliminating excess slack in the economy by mid 2018, pushing inflation back to its 2 per cent target. If so, we expect the Bank of Canada may consider raising its overnight rate early next year while long-term rates and mortgage rates may creep higher in 2017. 
 

 

by Maggie Chandler Maggie Chandler No Comments

Just Listed! 401-2655 Cranberry Drive in Kitsilano’s Arbutus Walk

Just Listed! 401-2655 Cranberry Drive in Kitsilano’s Arbutus Walk.

The New Yorker is arguably Arbutus Walk’s most prestigious concrete condo building. No rental restriction and pets permitted (2 cats of 1 dog under 40 lbs). Building has a meeting room.

The south side of the building overlooks a green space.

This south facing well laid out one bedroom and den is 786sf, boasting new wide plank bamboo floors, a large den, a large walk in closed and a solarium. This condo is in top condition with high end stainless steel appliances and a spacious open floorplan, plus 9ft ceilings and a gas fireplace. It has it all!

Incredibly walkability, a short walk to Kits Beach and pool, the museums, fitness facilities, restaurants, coffee shops , grocery stores,  London Drugs and public transportation. Coming soon is the Arbutus Skytrain Station. Catch the bus to UBC.

Call for a viewing or drop by my Open House on Saturday March 4th 1-3pm.

786sf listed at $699,000

View the listing

Search for Kits condos and townhomes

Call Maggie 604-328-0077 [email protected]

 

 

by Maggie Chandler Maggie Chandler No Comments

How Does Canada’s 2016 Census Impact Vancouver’s Real Estate Market?

Check out the latest stats from Canada Census 2016 and see how our population is growing in Metro Vancouver, the number of dwellings, population density and more!

Population growth in Metro Vancouver communities in REBGV

Location Population 2016 Population 2011 % change
Metro Vancouver 2,463,431 2,313,328 +6.5%
Anmore 2,210 2,092 +5.6%
Belcarra 643 644 -0.2%
Burnaby 232,755 223,218 +4.3%
Coquitlam 139,284 126,804 +9.8%
Delta 102,238 99,863 +2.4%
Lions Bay 1,334 1,318 +1.2%
Maple Ridge 82,256 76,052 +8.2%
New Westminster 70,996 65,976 +7.6%
North Vancouver City 52,898 48,196 +9.8%
North Vancouver District 85,935 84,412 +1.8%
Pitt Meadows 18,573 17,763 +4.7%
Port Coquitlam 58,612 55,958 +4.7%
Port Moody 33,551 33,011 +1.6%
Richmond 198,309 190,473 +4.1%
Vancouver 631,486 603,502 +4.6%
West Vancouver 42,473 42,694 -0.5%

Source: Statistics Canada

Dwellings, occupied dwellings and population density

Location Total # of private dwellings Occupied private dwellings Land in sq km Population density per sq km
Metro Vancouver 1,027,613 960,894 2,882.68 854.6
Anmore 723 688 27.55 80.2
Belcarra 292 253 5.50 116.9
Burnaby 98,030 92,201 90.61 2,568.7
Coquitlam 54,393 51,325 122.30 1,138.9
Delta 37,590 35,758 180.20 567.4
Lions Bay 547 495 2.53 526.5
Maple Ridge 31,400 30,262 266.78 308.3
New Westminster 34,235 32,708 15.63 4,543.4
North Vancouver City 26,426 24,645 11.85 4,465.1
North Vancouver District 32,624 31,116 160.76 534.6
Pitt Meadows 7,356 7,194 86.51 214.7
Port Coquitlam 22,586 21,753 29.17 2,009.4
Port Moody 13,318 12,975 25.89 1,295.9
Richmond 77,478 73,457 129.27 1,534.1
Vancouver 309,418 293,916 114.97 5,492.6
West Vancouver 18,649 16,933 87.26 486.8

Source: Statistics Canada

Note: Occupied private dwellings are those lived in by primary residents. The difference between this number and the total number of private dwelling is that these units aren’t occupied by private residents. These units could be cottages or housing for staff or students and may be occupied.

by Maggie Chandler Maggie Chandler No Comments

BC Real Estate Sales in January Return to Long Term Average Levels

The British Columbia Real Estate Association (BCREA) reports that a total of 4,487 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, down 23 per cent from the same period last year. Total sales dollar volume was $2.79 billion, down 36.5 per cent from January 2016. The average MLS® residential price in the province was $621,093, a 17.5 per cent decrease from the same period last year.

“Housing demand across the province returned to long-term average levels last month,” said Cameron Muir, BCREA Chief Economist. “However, regional variations persist, with Victoria posting above average performance and Vancouver falling below the average.”

“A marked decrease in the average MLS® residential price is largely the result of relatively more home sales occurring outside of the Lower Mainland,” added Muir.

Home sales from Vancouver fell from 43 per cent of provincial transactions in January 2016 to 35 per cent last month. In addition, fewer detached home sales in Vancouver relative to multi-family units has skewed the average price statistic down in the province’s largest urban area. In contrast, the MLS® Residential Benchmark Price in the Real Estate Board of Greater Vancouver area has declined 3.7 per cent over the past six months, but is up 15.6 per cent from January 2016.

Contact Maggie if you have a real estate question

 

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Francophones in Early Vancouver Walk Tour

I just went on Vancouver Heritage Foundation’s two hour walk tour about Francophones in early Vancouver -dating back to the last half of the eighteen hundreds. Hosted by historian Maurice Guibord, who is extremely knowledgeable, has a lovely sense of humour and does a lot of digging to verify facts and ascertain the correct information when found with conflicting opinions. The tour took place in the original Downtown Vancouver – Gastown and the Downtown Eastside.

Francophones were  French, Belgian and French-Canadian. Maurice gave us the history of a Sun reporter, Doctor, photographer and many entrepreneurial merchants, including bar owners because Gastown was a hub having the port and railroad in the neighbourhood.  He passed around a picture of them and pointed out  buildings, some designated as heritage, that were built by them, many with French names.

Did you know that the original Vancouver General Hospital was built next to the Sun Tower – it is presently a parking lot.

In 1909 mill workers were brought from Quebec to Maillardville by the owners of Fraser Mills. The immigrants from France and Belgium in the late 1800s became notable in business and society. This occurred around 1867 when the Dominion of Canada was formed. Happy 150th birthday Canada!

But back in 1790 it was mainly Francophones who facilitated the early overland crossing of the Pacific Northwest, drove the fur economy and eased relations with the indigenous people, as well as being the first non-indigenous people to farm in BC. A francophone was instrumental in organizing the CPR.

I learnt lots!

If you are interested in history and would like to learn about Vancouver’s history, I suggest you check out Vancouver Heritage Foundation and join a house tour, walking tour, workshop or special event.

Have a Vancouver real estate question? Contact Maggie

by Maggie Chandler Maggie Chandler No Comments

SOLD! 3007-1328 W. Pender in Vancouver’s Coal Harbour Neighbourhood

SOLD! 3007-1328 W. Pender in Vancouver’s Coal Harbour Neighbourhood.

What makes this north east. corner two bedroom condo special? The amazing water and mountain views!!

In addition Pinnalce’s Classico has great facilities which include a large indoor lap pool with a view! Jacuzzi, sauna, gym, party room, visitor parking, meeting room and a guest suite.

The suite itself has a large storage room (as well as a locker downstairs) and a den. It’s an excellent open floorplan with floor to ceiling windows.

Buying or selling in this Vancouver waterfront neighbourhood? Put my decades of hyper-local knowledge to work for you!

Search for Coal Harbour listings

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Condos Outperform Houses and Townhomes in January 2017

East Vancouver Condos Outperform Houses and Townhomes in January 2017 with an increase in average sale price. Overall listings increased slightly but sales declined. The real estate market has returned to being better balanced. Clearly condos are benefiting from the affordability factor.

Listings –  listings bottomed in Dec’15 at 500 and now sit at 841, up 37% from a year ago. Houses sit at 624,up 81% from a year ago the highest inventory since Aug’13.Townhomes are 35, down 3% from a year ago and condos are 182, down 21% from a year ago. Condo and Townhome supply is at an all time low.

New Listings – increased for all property types

Sales – 136 for the month and continued on a downward trend and equal to Dec’08. Down 30% from last January.

Average Days on Market – 37 which is 5% less than a year ago. Houses 55. Townhomes 42 and condos take 23 days to sell.

Percentage of Original Price – houses sell at 96% , which is 6.6% less than a year ago. Townhomes sell at 101% which is equal to a year ago and condos sell at 101% which is also equal to a year ago.

Sales to Active Ratio – 16% overall which is 50% less than a year ago. Only 8% of houses listed are selling 22% of townhomes and 41% of condos.

Average Sale Price – levelled at $900,000 but houses continue to drop, now down to $1.393.000 , compared to $1.447.000 the previous month and 7.5% less than a year ago. Townhomes sit at $731,000, down from $814,000 the previous month and 7.5% less than a year ago. Condos are $580,000, up 31% from a year ago and up from $543,000 in Dec’16.

Dollar Volume – continues to decline and is now 36% less than a year ago. The lowest it’s been since Nov’12.

View the average sale price graph for the last 5 years

as per stats from REBGV Feb 3/17.

put my decades of hyper-local knowledge to work for you!

 

by Maggie Chandler Maggie Chandler No Comments

Only Vancouver’s West Side House Prices Decline January 2017 And Overall Sales Drop

Vancouver’s West Side House Prices decline in January 2017 as did sales, but listings saw an uptick..

Listings – House listings are 595, up 14% from a year ago. Townhomes are 87, down 10% from a year ago and condos sit at 691 which is 15% less than a year ago. 1373 listings in total, which is 4.6% less than a year ago.

New Listings – January saw 862 new listings which is 10.7% less than a year ago.

Sales – totalled 269 for the month, a drop of 42% from a year ago and equal to October’08.  Only 37 West Side house sales for the month, a 72% drop from Jan’16 and down from 64 in December. Condos had 213 sales, a 30% drop from a year ago and townhomes had 19 sales, a 38% drop from a year ago. This is the lowest month for sales since Dec’12.

Average Sale Price – for all property types is down 27% from a year ago and equal to Feb’13. Houses topped in July’16 at $4.2M and are down to $3.4M, a 10% decline from a year ago. Townhomes and condos are more stable. Townhomes sit at $1.16M which is 6% higher than a year ago and condos sit at $843,000, also 6% higher than a year ago. Overall the average sale price is now equal to Sept’15 and is due to the drop in houses.

Best Selling Price Range – for condos 4500,000-$600,000. Townhomes $1.3-$1.4M,  houses over $3M.

Days on Market – 35 overall. Houses averaged 51, townhomes 28 and condos 33

Sales to Active Ratio – only 6% for houses compared to the peak the in May last year when it was 30%. Townhomes are 21% and condos 30%

Percentage of Original Price –on average houses are selling at 95%, townhomes and condos are 98.5%.

Dollar Volume – total dollar volume is down 58% from a year ago and the lowest its been since Dec’12.

as per REBGV stats feb 2/17

put my decades of hyper-local knowledge to work for you!

by Maggie Chandler Maggie Chandler No Comments

Greater Vancouver Real Estate Prices and Sales Decline in January 2017

Greater Vancouver’s Real Estate prices and sales decline in Janaury 2017. Overall the average sale price is down 19% from a year ago ($1.106.000 to $881.900)  Listings turned up slightly. The market is returning to being better balanced.

Listings – were 6,482 in December and moved to 7,421 in January. They are 0.9% less than a year ago.

New listings -increased in January but are 7% lower than a year ago.

Sales peaked in Mar’16 at 5,067 and January had 1,503, a 39% decline and equal to Jan’12.  Houses are down  57% from a year ago, townhomes 31% and condos 24%. The market hit bottom in January 2009 with 746 – after the Wall Street Crash.

Sales to active ratio is only 10% for houses,  28% for townhomes and  37% for condos. Analysts say that upward pressure on prices occurs when the ratio is above 20% and downward pressure when is it below 12%. The peak was March at 65%, currently it is 23% overall and is down 38% from a year ago.

Best Selling Price Range – condos $300,000-$500,000. Townhomes $500,00-$600,000 and houses over $900,000-$1M.

Average days on market sits at 43 and continues to climb.  Houses are taking the longest to sell, with an average of 58, townhomes are 43 and condos 35  The peak was January 2009 with an average of 76 days to sell and the bottom was June 2016 at 22.

Percentage of original price – houses sit at  95%, townhomes at 98% and condos at 98%. April was the top at 104% and it now sits at 97.5%. Dec’16 was the bottom

Dollar volume hit a record in March this year at 1,587,730,189 and has been on a downward trend since, now at  1,325,618,338, a 50% drop from a year ago

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updated November 5, 2016 as per REBGV stats

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