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Month: October 2008

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Halloween is a Vancouver Event

It happens on Friday October 31st. See what’s on in the city for Halloween entertainment.

Halloween dates back to the ancient Celtic festival of Samhain. The Celts lived 2000 years ago in what we now know as Ireland, the UK and northern France. October 31st marked the end of summer and the harvest and it was believed that the ghost of the dead returned to earth. In addition to causing trouble and damaging crops, Celts thought that the presence of the otherworldly spirits made it easier for the Druids, or Celtic priests, to make predictions about the future. For a people entirely dependent on the volatile natural world, these prophecies were an important source of comfort and direction during the long, dark winter. relates how this Celtic fest evolved into Halloween. Enjoy!

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Economic Roundup

Here are some recent reports about the Canadian economy and Canada and Vancouver’s real estate market. 

A new RBC study conducted during the market turmoil in October finds overall intentions to purchase a home in the next two years remain steady at 22 per cent and have not changed since January 2008. As well, renovation intentions are slightly higher than last year – up four percentage points as  70 per cent of respondents are planning to renovate or make home improvements in the next two years.

Bank of Canada dropped rates a quarter of a point on October 21st and reports the Canadian economy will be sluggish til Q2 next year and accelerate to above potential growth in 2010.

BCREA’s chief economist Cameron Muir’s latest report says downward pressure on home prices is expected to ease by the second quarter of 2009, as an increase in affordability and consumer confidence induces a modest growth in sales. The inventory of homes for sale is also expected to decline in the coming months as potential home sellers delay putting their homes on the market until conditions improve.

Read more

by Maggie Chandler Maggie Chandler No Comments

Renters Scramble to Find Homes in Vancouver

More and more I hear how tight the rental situation is in Vancouver and some of the bottom end of vancouver real estate is being purchased by parents for their student kids or first time buyers who are paying hight rents and by young people moving into the province.

This article recently appeared in the Vancouver Sun.

 An “extreme shortage” of studio and one-bedroom apartments in Vancouver is driving parents, students and pet owners out of the rental market and leading to lineups for the city’s few vacant suites.The vacancy rate for bachelor suites has plummeted to 0.3 per cent, compared to the national average of four per cent for major Canadian cities, according to the most recent data from the Canadian Mortgage and Housing Corporation.

Vacancy rates for studio and one-bedroom apartments have been below one per cent in Vancouver since 2006.

Amanda Kent (left) and Alexis Twiddy are two potential renters that were out of luck when they attended a viewing of a one bedroom apartment in the 2000-block West Third Avenue in Vancouver.

Amanda Kent (left) and Alexis Twiddy are two potential renters that were out of luck when they attended a viewing of a one bedroom apartment in the 2000-block West Third Avenue in Vancouver.

“The market is astoundingly tight; 30, 40, 50 people are lining up trying to get into one apartment,” said David Goodman, a Vancouver-based rental housing expert. “It’s reached extreme levels of shortages.” Read more

by Maggie Chandler Maggie Chandler No Comments

Don’t Worry Be Happy!

Vancouver real estate owners have been bombarded over the last two months with negativity by the press. Now everyone’s a real estate guru! And guess what? They have the ability to see into the future and predict it. The stock market plunges, house prices are falling, Canadian economy slowing down and may go into a  recession. That’s the daily news.

What goes up must come down and vice versa. This isn’t the first time Vancouver’s real estate market has corrected and it won’t be the last. The world is not coming to an end. It’ll work through this mess. Personally, i’m tired of the press and its negativity and I’m not watching or reading about it any more. There’s nothing I can do about it anyway!

Here’s my Top Ten Don’t Worry Be Happy List! Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Biggest Events

Vancouver enjoys many festivals and cultural events throughout the year.  Following is a list of the biggest ones, published by Business In Vancouver.

HSBC’s celebration of Light comes in first with 1.5 million people attending. This Vancouver Event  held in the summer and started in the ’80s, when it was sponsored by Benson & Hedges, prior to the Government of Canada banning cigarette companies from sponsoring public events. Fireworks extraordinare!

 The Fair at the PNEis the runner-up with three quarters of a million attending.

Vancouver’s Pride Parade  and TD Canada Trust International Jazz Festival boasts half a million attendees.

CelticFest Vancouver. is the fifth largest event and boasts a quarter of a million attendees. Read more

by Maggie Chandler Maggie Chandler No Comments

Featuring Flatiron in Vancouver’s Coal Harbour Waterfront Neighbourhood

Coal Harbour’s Flatiron will be opening soon and is the neighbourhood’s newest development.  It is a luxury condo located at 1277 Melville Street, Vancouver.   Condos in Coal Harbour are considered the waterfront neighbourhood of choice when it comes to Vancouver real estate.

Triangles where meeting of the West End, Coal Harbour and Stanley Park. The triangular intersection of Melville, Pender and Jervis, and the Flatiron: designed with inspiration from the old triangular Flatiron building in New York City. Described as a “lithe and elegant tower”, the Flatiron makes maximum use of a small triangle of land.

The Building Flatiron will be one of Coal Harbour’s most exclusive residential buildings, with only 52 homes in a sleek 28 story tower. The 01 suites are 1392 sq.ft. and the ’02 suites are 1272 sq.ft.Taking advantage of the extraordinary views of the water and mountains, the building features only two exclusive homes per floor, each fronting on to incredible waterfront and mountain views.

The Developer the Cathedral Development Group . Constructed by Intertech. Read more

by Maggie Chandler Maggie Chandler No Comments

Canada Real Estate Round UP

Take a look at what’s happening in the Canada real estate market.  The big cities of Toronto, Vancouver, Calgary are down (with the exceptiion of Montreal which is up)and the small ones like Winnipeg, Halifax, St. Johns Newfoundland are up.

Vancouver – prices down according to Vancouverreflections

Edmonton –  prices down according to TheEdmontonRealEstateBlog

Calgary– prices down according to TheCalgaryRealEstateBlog

Saskatoon– prices down according to SaskatoonOnLine

Winnipeg -sellers market is changing  according to WinnipegRealEstateBlog

Toronto – prices down 15% in October according to MoveSmartly

Mississagua – prices down according to MississaugaRealEstateHomes

Collingwood-BlueMountain – prices up according to CollingwoodBlueMountain RealEstateBlog Read more

by Maggie Chandler Maggie Chandler No Comments

Find Out Which Price Range for Vancouver Real Estate Sells the Best

In this excellent Vancouver real estate buyer’s market, it’s a good idea for sellers to look at which price ranges are selling and which aren’t, then they can make an informed decision whether they should be listing their Vancouver condo, or making alternate plans.

The Real Estate Board’s stats for the year show there have been 3,051 condo sales in Vancouver (west side) til the end of September.

As Vancouver real estate prices continue to slide The best selling price range is $350,000 to $400,000 (about 17% of the total sales). Closely followed is the $300,000-350,000 (14%) and $400,000 to $450,000 (13%)price range. Concluding that most of the buyers are in the $300,000 to $450,000 range (44%).  The sales start to decrease quite a bit after $550,000. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis Downtown – September 2008

DT graph sept

Vancouver’s Downtown condo market saw listings decrease in September, versus August, and sales slightly lower. Average days on the market for condos that sold increased to 50. The average price for Downtown condos that sold dropped to only $379,000. The average $ pr sq ft for condos that sold is only $565 (given that new construction starts at $700 pr sq ft, there is real value in resale condos).  90% of the sales were under $500,000.  Best selling price range is under $400,000. Vancouver’s Downtown has almost a year’s worth of inventory. 

Listings – 742

49 listings under $300,000. 217 listings between $300,000 and $400,000.  200 listings between $400,000 and $500,000.  227 between $500,000 and $1 million and 43 listed over one million dollars. The most expensive is $3.8 million for 3800 sq.ft.

2008 Listings –  Jan 420 , Feb 457  ,Mar 529 , Apr 630, May 669 , June 740, July 745, Aug 782, Sept 742

Sales – 62

10 sales under $300,000. 35 sold between $300,000 to $400,000.  9 sales between $400,000 and $500,000. 6 sold between $500,000 and $1 million and one condo sold at a million dollars.

Least expensive sales was $220,000 for a studio 410 sq.ft. ($536 pr sq ft). The most expensive sale was $1 million for 1492 sq.ft. ($670 pr sq ft) Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis False Creek North – September 2008

FCN graph 08

Vancouver real estate analysis for False Creek North saw listings flat and sales up (two consecutive months).  Days on the market dropped from 56 to 40 and the average selling price decreased from  $799,000 to $631,944.   The average supply of condos in this waterfront neighbourhood dropped from 18 months to 16 months and the best selling price range is between $400,000 and $500,000. The slowest selling price range is over $800,000.

Listings – 257

In False Creek North there are 14 listings under $300,000, 27 listed between $300,000 and $400,000, 27 listed between $400,000 and $500,000, 26 listed between $500,000 and $600,000, 12 listings between $600,000 and $700,000, 35 listings between $700,000 and $800,000, 36 listed between $800,000 and $900,000, 33 listings between $900,000 and $1 million and 73 listed over $1 million.

2008 Listings Feb 153, Mar 174, May 202, Jun 210,  Jul 237, Aug 256, Sept 257

Sales – 16 Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate West End Analysis – September 2008

WE graph 08

Vancouver real estate in the West End saw September listings  up a tad from 246 in August to 257 in September. Sales were up from 25 in August to 29 in September. The days on the market for condos that sold increased from 57 to 65.   The average selling price increased from $392,000 to $447,834. The West End has nearly a nine month supply of condos for sale.

Listings – 257

2008 Listings – Jan  168, Feb 172 ,  Apr 232 , May  241 , June 235, July 235, Aug 246, Sept 257

41 listed $300,000. 68 listings between $300,000 and $400,000. 50 listed between $400,000 and $500,000. 29 listings between $500,000 and $600,000. 39 listings between $600,000 and $1M and 30 listings over $1 million.

The least expensiveis a one bedroom at 1250 Burnaby, 540 sq.ft., 99 year leasehold concrete building with a rooftop pool for only $199,000. The most expensiveis the 717 Jervis Penthouse for $5,775,000 for 8700 sqft. Read more

by Maggie Chandler Maggie Chandler No Comments

Vanouver Real Estate Coal Harbour Analysis – September 2008

CH graph 08

Vancouver’s Coal Harbour statistics for September show listings up to 245 from 220 in August.  Sales 16, up from August.  Days on market up to 83, from 73 in August and average selling price down slightly from $1,513,062 to $1,569,772,. More condos selling over $1 million than under $1 million in September.  There is currently a fifteen month supply of condos in Coal Harbour

Listings – 245

59 Coal Harbour condos listed under $500,000.  90 listed between $500,000 and $1 million.  67 listed between $1 and $2 million.  8 listed between $2 and $3 million. 14 listed between $3 and $5 million and 7 listed over $5 million.

The least expensive is a studio condo at $289,000 and the most expensive coal harbour listing is 3300 sq.ft at Harbour Green Two (1169 West Cordova) on the 21st floor, listed at $7,498,000.

2008 Listings  – Jan 128,Feb 149, Mar 179, Apr 176, May 175, June 192, July 220, Aug 212, Sept 245

Sales – 16 Read more

by Maggie Chandler Maggie Chandler No Comments

Gobble Gobble

In Canada, Thanksgiving is celebrated on the second Monday in October – that would be this Monday 13th and its a stautory holiday, so we can enjoy a long weekend and get together with family.

Do you know how Thanksgiving in Canada started? Here’s what Wikipedia says

The history of Thanksgiving in Canada goes back to an explorer, Martin Frobisher, who had been trying to find a northern passage to the Orient. In the year 1578, he held a formal ceremony, in what is now the province of Newfoundland and Labrador, to give thanks for surviving the long journey. This feast is considered by many to be the first Thanksgiving celebration in North America, although celebrating the harvest and giving thanks for a successful bounty of crops had been a long-standing tradition throughout North America by various First Nations and Native American groups. First Nations and Native Americans throughout the Americas, including the Pueblo, Cherokee, Cree and many others organized harvest festivals, ceremonial dances, and other celebrations of thanks for centuries before the arrival of Europeans in North America [2]. Frobisher was later knighted and had an inlet of the Atlantic Ocean in northern Canada named after him — Frobisher Bay.

At the same time, French settlers, having crossed the ocean and arrived in Canada with explorer Samuel de Champlain, also held huge feasts of thanks. They even formed ‘The Order of Good Cheer‘ and gladly shared their food with their First Nations neighbours.  Read more

Here’s the weather forecast for Thanksgiving in Vancouver.

In Canada and Vancouver in particular I think we have LOTS to give thanks for. Particularly this year with the current financial crisis. The B.C. Government tells us that “BC is the best place on earth“.

Happy Thanksgiving!

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Kitsilano – September 2008

Kits graph 08

Vancouver real estate market analysis for Kitsilano condos saw sales for the month of September flat at 24, versus 25 in August. Listings up from 165 to 184. Average price for sold condos dropped from $416,240 to $408,,159. Average Days on the market dropped from 37 to 32. September saw a bottom end market with no sales above $600,000 in this hood. Seven and a half months supply of condos. Kitsilano prices are off 10% since January.

Listings 184 – 7 listings under $300,000. 46 listed between $300,000 and $400,000. 60 between $400,000 and $500,000. 32 listings between $500,000 and $600,000. 20 listed between $600,000 and $700,000. 11 listings between $700,000 and $800,000. 4 between $800K and $1 million and 4 over $1 million.

Listings Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130 Read more

by Maggie Chandler Maggie Chandler No Comments

What The Oz Says About Vancouver’s Real Estate Market

Last Saturday I attended Ozzie Jurock’s Real Estate Outlook in Downtown Vancouver.  It looked like a sellout.  I have followed his predictions for a long time and his track record is good.  Here is an overview of his opinion of the Vancouver real estate market from my notes.

The current financial situation in the U.S. is serious and its magnitude is larger than past recent financial crises the world has experienced. But the world always has bad news.

IN ’74 the average price of a Vancouver house was $54,000 and sales dropped 42% due to the US stocks crash. The news said “we’ll never see these real estate prices again.”  Credit became tight.

’87 we saw Black October when the stock market crashed 22% in one day and the markets closed for 4 days. Pension funds increased their real estate investments.

’90the Reichmans moved to New York and made $500 million, as the economy turned down due to 13.5% 5 year term mortgage rates. San Diego real estate prices dropped 35% and are now 410% above that. Read more


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