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Month: July 2008

by Maggie Chandler Maggie Chandler No Comments

Waiting for Their Ships to Come In

Yacht transport companies are looking forward to bigger shipments on the horizon, with the creation of the Can Am Oceanic Yacht Alliance (COYA).

Baila Lazarus recently reported in Business in Vancouver that BC’s yacht building industry used to be a fair size but only a few companies are left. In 2007 Mears, who is the owner and president of North Vancouver’s Pacific Northwest Ship & Cargo Services, imported 233 yachts between 50 and 150 feet in length to BC waters and exported 57.  That’s up from 55 imported and 44 exported in 2003.

A typical fee for transporting a 40 foot yacht from La Paz to Vancouver is US$15,000 one way. Mears welcomes the work of COYA and the new support for mega yacht berths in BC because more public-city and marina space means more work for this and other companies. Read more

by Maggie Chandler Maggie Chandler No Comments

Which Mayoral Candidate will be Best for Vancouver?

Peter Ladner and Gregor Robertson, both successful entrepreneurs, vie to be Vancouver’s next Mayor. Both are Vancouver born.

Peter Ldner  was a co-founder of Business in Vancouver and is already an Alderman at Vancouver’s City Hall.  Robertson is a co-founder of Happy Planet and they are both cyclists.

Ladner supports creating mobile business licenses so small business owners, such as a Burnaby plumber, would not need to spend time getting registered in every separate municipality. Robertson says he thinks this idea “undermines local governments’ ability to accept their own bylaws”.

Robertson plans to outlaw the ability for Vancouver businesses to provide plastic bags to their customers. Ladner believes paper bags wreck more havoc on the environment and an anti-plastic bag bylaw should cover the whole Lower Mainland. In additon Robertson wants to tax condo owners who leave their properties empty for extended periods instead of renting them out. “The intention is that if a property is effectively being used as a holding and not a residence then t should be taxed like a business”. Ladner opposes this idea and believes it would scare away investors. Of course it would! Read more

by Maggie Chandler Maggie Chandler No Comments

The Cold Hard Facts About Vancouver’s Coal Harbour Condo Prices

What are the cold hard facts about Vancouver’s Coal Harbour condo prices? Up or down? 

The average price for Vancouver’s Coal Harbour condos between Jan-Jun 2008 $988,487. 157 sales and an average of 48 days on the market.

For the same period in 2007 the average price was $746,288, 200 sales and an average of 49 days on the market.

For the period July to December 2007, the average price was $903,934, 197 sales and an average of 47 days on the market. Read more

by Maggie Chandler Maggie Chandler No Comments

Guess Who’s Coming to the River Rock Theatre?

It’s one of my favourite Vancouver entertainment venues – the River Rock Theatre – and I’ve enjoyed seeing many stars in this small and personal theatre, mostly the oldie goldies!

Every seat is a good seat at Riverrock. Some of the artists let you boogie on the dance floor.

Coming soon – Chris Isaak (always a sell out, haven’t been able to get tickets yet) Donna Summer…the queen of disco, Stevie Windwood (remember him in the Spencer Davis Group) Boz Scaggs (saw him years ago in The Cave), the Gypsy Kings, Al Green,  Petula Clark, Melissa Manchester and many others.

View the listings here

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by Maggie Chandler Maggie Chandler No Comments

RBC Predicts Restrained Growth in British Columbia

B.C.’s economy continues to trend above the national average, although further weakness in its exports is expected to restrain growth to 2.2% in 2008 and 2.9% in 2009, according to a provincial economic outlook released this month by RBC.

“The current decade has proven to be very prosperous for BC as 2007 marks the sixth consecutive year of economic growth above of the national average and we expect this trend to continue right through to 2010,” said Craig Wright, senior vice-president and chief economist, RBC.

However, the challenges facing the province’s exporters are many and do not appear to be letting up, particularly with respect to the rout in the US housing construction sector.” According to the report, wood products are leading five of the top six export categories showing declines so far this year, with only the energy sector garnering a gain. Read more

by Maggie Chandler Maggie Chandler No Comments

Major Projects in B.C. Continue to Break Records

Investor confidence remains strong across British Columbia for 19th straight quarter, as major projects continue to break record and show an ongoing high level of investor confidence.

This article was recently published in Business in Vancouver.

The total number of major projects has increased for the 19th consecutive year, as of the end of the first quarter of 2008. The Provincial Governments Major Projects Inventory, which tracks the growth in the number of large scale construction projects in BC, shows the number of total major projects in the province has increased with record breaking numbers again.

For example, activity in the number of projects planned or underway in the Thompson/Okanagan region has increased by 95% since March 2005. 858 major capital projects worth an estimated record $163.2 billion were planned or underway in BC between January and March 2008, which is an increase of 7% in the number of major capital projects and an increase of 31% in estimated value from this time last year, where there were 804 major projects planned or underway with an estimated value of $124.2 billion. Read more

by Maggie Chandler Maggie Chandler No Comments

Canadian House Price Increases Poised to Continue Thru Year End

Royal LePage’s just released House Price Survey is predicting average Canadian home prices will be up 3.5% in 2008, including the Vancouver market.

In Vancouver, a spike in inventory during the second quarter simmered the heat in the long-standing hot market, resulting in single-digit average house prices increases for most areas examined, when compared to this time past year. Despite the increase in listing volumes, buyer’s interest remained strong and it is anticipated that much of the inventory will be absorbed over the next few quarters, leading to low single digit price appreciations through to the year’s end.

Canada’s real estate market is poised to maintain the momentum gained from a solid second quarter through to the end of 2008, with Regina set to experience the greatest rise in house prices.  While home prices are expected to appreciate in all but two major markets during the year, activity levels across the country are expected to decline from 2007’s record-setting pace, as pent-up demand is satisfied and some buyers retreat to the sidelines in the face of increasing economic uncertainty, according to a House Price Survey and Market Survey Forecast report released today by Royal LePage Real Estate Services.  Read more

by Maggie Chandler Maggie Chandler No Comments

You Ain’t Seen Nothing Yet

You don’t need to be all that old to remember when the Marine Building and Hotel Vancouver nominated the Vancouver city skyline.

Now you need sharp eyes to find them as they’re buried behnd the sea of hirise towers that have gone up in the Vancouver Downtown core The largest and tallest of them all is nearing completion. Ledcor Construction managers will oversee the completion touches on the Shangri-la Vancouver this October

Between Alberni and West Georgia Street, in the heart of Downtown Vancouver, the Shangri-la has redefined the city’s look. At 61 storeys it is the tallest structure in Vancouver , with the first 15 floors as the hotel and the remainder luxury condos. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Downtown Market Analysis June 2008

Vancouver’s Downtown market in June saw an increase in sales and listings compared to May. The days on market was the same and so was the average price. 75% of the sales were under $500,000.

Listings – 740 (vs 669 in May). 430 listed under $500,000. 264 listed between $500,000 and $1 million.  40 listed between $1 and $2 million. 6 listed over $2 million.

There is a 5 1/2 month supply under $500,000, a one year supply between $500,000 and $1 million and a two year supply over $1 million.

2008 Listings Jan 420 , Feb 457  ,Mar 529 , Apr 630, May 669 , June 740

Sales – 102 (vs 86 in May). 77 sold under $500,000 and 23 sold between $500,000 and $1 million. One sold between $1 and $3 million and one sold over $3 million. There were 38 list price reductions and one increase. Read more

by Maggie Chandler Maggie Chandler No Comments

What Does Vancouver Expired Listings Mean?

I didn’t understand the meaning of the term “expired listing” when i first became a Vancouver realtor in 1981. “Had the listing died” I asked myself. Then I discover that it hadn’t died, it just didn’t sell and the listing contract terminated!

Prior to the hot sellers market in Vancouver, that started to gain momentum in 2002 (B.C. had a positive change of Government in 2001, which brought big investment money back to the Province, after the left wing government that rules the Province in the ’90s brought in policies that scared that big investment money away), when I did a market evaluation for a seller, I would always include the “expired listings” because that was evidence of properties that were priced above the current market which did not sell. In a hot seller’s market, we establish the value of a property based on comparable sales in the last 2-4 weeks.  Expired listings in a seller’s market just don’t relate to current market conditions.

Now I’m starting the track the “expired listings” again and here’s what I’ve found for the Vancouver condo neighbourhoods that I track. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West End Market Analysis June 2008

Vancouver’s West End neighbourhood saw a drop in listings and sales in June compared to May but the days on the market increased. The average $ pr sq ft increased. The average price was down slightly. Market levelling?

Listings -235 (241 in May) 76 had price reductions and one had a price increase.

138 West End condos are listed under $500,000. 65 listed between $500,000 and $1 million. 24 listed between $1 and 2 million. 7 listed between $2 and $5 million and 1 listed over $5 million.

The least expensive is $155,000 for a studio in a 99 year leasehold building at 1100 Harwood – rentable.  The least expensive 2 bedroom is a co-op at 1972 Robson for $389,000.

2008 Listings – Jan  168, Feb 172 ,  Apr 232 , May  241  , June 235 Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Coal Harbour Market Analysis June 2008

Vancouver’s Coal Harbour statistics for June show listings up from 175 in May, sales flat, days on market up and average price down slightly.

Listings 192 – 36 under $500,000. 34 listed between $500,000 and $1 million,  51 listed between $1 and 2 million, 28 listed between $2 and $5 million and 10 listed over $5 million. Most expensive is the Shaw Tower penthouse $16,800,000. Contact me if you wish to sell your Coal Harbour condo.

Sales  16 –  7 under $500,000, 5 between $500-$1 million, 3 between $1 and 2 million and 1 over $2 million. Contact me if you wish to buy in Coal Harbour

2008 Sales – Jan 14, Feb 33, Mar 22, Apr 26  May 16, June 16 Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Kitsilano Market Analysis June 2008

Vancouver’s Kitsilano condo neighbourhood saw sales for the month of June drop from 45 to 35 and listings increase from 145 to 157.

Listings 157 – of those 57 have had price reductions. 92 are listed under $500,000. 57 listed under $1 million, 5 listed between $1 and 2 million and 1 over $3 million.

Sales 35 – 13 had price reductions. 29 sold under $500,000 (only 3 months supply) and 6 sold between $500,000 and $680,000 (9 months supply). There were no sales above $680,000. 4 sold at list price and 2 sold over list price (last month 15 sold at or above list price). The inventory in Kitsilano is now 4 and a half months, which is up from 3 months in May.

The lease expensive 2 bedroom sold at $433,000.

2008 SALES – Jan 26, Feb 44 , Mar 20, Apr 42, May 45, June 35 Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Market Analysis for June 2008

The REBGV reports that residential attached, detached and apartment property sales in the Greater Vancouver area totalled 2,425 in June 2008, a decline of 42.9% from June 2007 and down from 2,999 in May 2008

New listings for detached, attached and apartment properties climbed 18% over a year ago, to 6546.

Although housing prices, on a year over year comparison continue to show single digit percentage increases, we are beginning to see more price reductions in properties listed on the market today. Homes priced at a competitive level continue to sell quickly, but it is important for people to accurately identify their home’s value when putting it on the market.

Sales of  detached properties declined 43.4% to 918 from 1,623 units compared to the same period in 2007 and down from 1,203 in May 2008. But the benchmark price rose 7% from June 2007 to $765,264

Sales of apartment properties in June 2008 declined 42.7% to 1.057 compared to June 2007 and down from 1,244 in May 2008.  The benchmark price, as calculated by the MLSLink Housing Price Index, of an apartment property increased 7.8% from June 2007 to $388,722. New Westminster bucked the trend and sales increased 42.4% from a year ago.

Attached property sales in June 2008 decreased 41.9% to 450 , compared with June 2007. and down from 555 in May 2008. The benchmark price of an attached unit increased 7.6% from June 2007 to $476,585.

Read more

by Maggie Chandler Maggie Chandler No Comments

HSBC Celebration of Light

One of my favourite Vancouver events – HSBC’s celebration of light at English Bay. Watch the fireworks!

July 23, 26, 30 and August 2nd at 10pm . A wonderful half hour of entertainment.

Apparently 1.5 million Vancouver residents show up for the four nights of this spectacular event, presented by the Vancouver Fireworks Festival Society.

It is an annual competition that brings out pyro-technicians from Canada, the US and China this year.

English Bay, Kits Beach, Vanier Park, West Vancouver and Jericho Beach are well attended.

Do you watch the fireworks and if so, where from? I’ve seen them from many different venues. Who’s the best this year?

Get more info here.

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