Vancouver’s Luxury Condo Sales Hit a Record High in 2016

Vancouver Luxury condo sales (over $3M) hit a record high in 2016 at 100, compared to 69 for 2015. 2015 had 13 sales over $5M. The most expensive was the Penthouse at 1480 Howe Street – Vancouver House pre-sale  – which sold for $8.8M for 3,252sf. The top floor in this condo building which is due for completion in 2019 is one of many top floor suites. It is a three bedroom with amazing outdoor space totalling 2,300sf….

Where is Affordable Real Estate in Greater Vancouver?

Where is Affordable Real Estate in Greater Vancouver? 2016 was by far the hottest real estate market I have ever experienced in my 35 year career. It did, of course, benefit home sellers rather than home buyers but if you were selling your home and wishing to buy another it was a challenge to say the least, due to the demand far outstripping the supply. The BC Government’s 15% foreign buyers tax introduced on August l,…

BCREA Predicts BC Home Sales & Prices to Decline in 2017

November 29, 2016. The British Columbia Real Estate Association (BCREA) just released its 2016 Fourth Quarter Housing Forecast Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent to 96,300 units in…

BC Real Estate Sales Decline

 November 15, 2016 The British Columbia Real Estate Association (BCREA) reports that 7,272 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, down 16.7 per cent from the same month last year. Total sales dollar volume was $4.4 billion in October, down 24.2 per cent compared to the previous year. The average MLS® residential price in the province was $606,787, a decline of 9.1 per cent compared to the same month…

Interest Rates for Vancouver Home Buyers on the Rise

November 15, 2016 Interest Rate increases are coming fast and furious from all lender this week, including Major Banks and Monoline lender. In the article below, RBC has taken a position where fixed rates for 5 years are as high as 2.94% and apparently if you want a 30 year amortization, there will be an additional premium on interest rates. This is a very aggressive change and there will likely be more to come. At…

Average Sale Price of Greater Vancouver’s Condo Neighbourhoods

What is the Average Sale Price of Greater Vancouver’s Condo Neighbourhoods? Looking for an alternative neighbourhood the buy a condo in, that is less expensive than Vancouver West Side or East Vancouver?  Check out the below graphs for resale condos in October 2016. Vancouver West Side, East Vancouver, North Vancouver and Richmond Burnaby North, South and East, New Westminster Port Moody, Coquitlam, Port Coquitlam and Langley     Ladner, Tsawwassen White Rock and North Delta…

East Vancouver Real Estate Prices and Sales Drop in October 2016

November 5, 2016, from REBGV stats East Vancouver Real Estate Prices and Sales Drop in October 2016 whilst listings remained flat. The overall average sales price sits at $890,000 which is equal to November 2015. It peaked at $1.107.000 in May and has been sliding since then. Current market conditions favour buyers and I expect this will continue into next year. Overall the market has returned to being balanced and more normal than what we’ve…

Vancouver’s West Side Real Estate Prices, Listings and Sales Drop in October

Vancouver’s West Side Real Estate Prices, Listings and Sales Drop in October. Compared to the previous month, listings sales and prices declined. Compared to a year ago listings and sales are lower and average sale price is considerably higher for condos, lower for townhomes and up a tad for houses. Listings dropped from 1,840 in September to 1,733 in October and are 13% less than a year ago. Usually listings decline in the Fall. New…

Metro Vancouver Real Estate Prices Up in October but Sales and Listings Down

Metro Vancouver Real Estate Prices Up in October but Sales and Listings Down. Real estate sales were 15% below the 10 year October average. House sales clocked in at 2,233 which is a 38% drop from a year ago and 0.9% lower than September. House sales were 652, down 54% from a year ago. Townhomes sales were 39% lower than a year ago and condos were also 39% less than a year ago. Towhome sales…

Why I Bought a Pied-a-Terre in Vancouver

Why I bought a pied-a-terre in Vancouver! The concept of a Pied-a-Tierre residence can be appealing for different reasons for different people. Whether it’s to decrease the frequency of a lengthy commute, to create a getaway and a chance to have easy access to the mountains and beach or simply an opportunity to stay connected to a city you love and for whatever reason have had to depart as a full time resident. The concept…