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Month: November 2008

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Sing Along Messiah

For the 28th year the Vancouver Bach Choir, the audience and the Vancouver Symphony Orchestra will bring down the house with the choruses Handel’s beloved oratorio. Directed by Vancouver Bach Choir Music Director Bruce Pullun

Orpheum Theatre December 14th 2.30pm, Seymour at Smithe

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Tax Benefits of Losses

 The Canadian Institute of Chartered Accountants  provided the below information relating to Tax Benefits of Losses.

Taxpayers may use losses to reduce their tax liability in the same, earlier or later taxation years, subject to certain limits and conditions. The limits and conditions largely depend on the character of the particular loss, with different rules applying to the particular type of loss.

This article discusses some considerations in the tax treatment of: allowable capital losses, allowable business investment losses and non-capital losses.

Allowable Capital Losses you have an allowable capital loss when you sell, or are considered to have sold, a non-depreciable capital asset (say an investment or real estate) for less than its adjusted cost base plus the outlays and expenses involved in selling the property. In other words, the capital loss arises becuase the amount realized from the sale of the asset is less than its purchase price. The allowable capital loss is deducted against any taxable capital gains you have. Generally, one-half of the capital loss can be offset against one-half of the capital gain. Hoever, allowable capital losses usually cannot be offset against oher income sources, such as business income or earned income.

The adjusted cost base is usually the cost of a property plus any expenses you incurred to acquire it, such as commissions and legal fees. The cost of a capital property is its actual or deemed cost, depending on the type of property and how you acquired it. Cost also includes capital expenditures for additions and improvements. However, you cannot add current expenses, such as maintenance and repair costs, to the cost base of a property. Read more

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How Vancouver Real Estate is Impacted by Immigration

Statistics Canada shows Vancouver’s population continues to increase. Vancouver real estate is hugely impacted by inmigration, from other provinces and international. British Columbia and Canada’s population is growing.

Canada’s population posted its highest quarterly growth since 1991 in the second quarter of 2008, with an increase of 125,800. The advance was mainly due to a rise in net international migration which, at 91,600, reached its highest level since the end of the 1980s.

As of July 1, 2008, Canada’s population was estimated at 33,311,400. From April to June, Canada’s population grew by 0.38%.

The increase in net international migration over the second quarter of 2008 is mainly explained by an increase in both the number of immigrants and non-permanent residents. Read more

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One of a Kind Show

An extraordinary shopping experience for all.  Holiday shop for exceptional gifts from more than 200 North American artisans. Meet the artists and learn about their creative inspirations. Buy directly from the artisans and buy someone’s story and passion.

November 20-25 at BC Place Stadium, 777 Pacific Boulevard, Vancouver

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The Nutcracker Ballet

Direct  from Russia, the world renowned Moscow Classical Ballet returns to Vancouver to dance the Nutcracker. A cherished holiday tradition at the Queen Elizabeth Theatre  at Hamilton and West Georgia. Matinee and evening shows. Invited by Ballet BC

Book tickets

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Featuring Vancouver’s Coopers Lookout Waterfront Building

Coopers Lookout at 33 Smithe Street, Vancouver, is the second of five waterfront buildings that make up Coopers Landing, situated east of the Cambie Street Bridge and across the water from the 2010 Olympic Village.

The Building 33 storeys with suites ranging from 550 sq ft one bedroom to 2866 sq ft villa residences, consisting of 3 adjoining buildings – the tower, the townhomes and the villas

The Amenities Coopers Quay Esprit Club is 14,000 sq.ft. recreation centre providing storage for a fleet of kayaks, a 2 lane 10 pin bowling alley, 60 ft lap pool, fitness centre, yoga facility and a video theatre. 24 hour concierge.

The Developer Concord Pacific

The Floorplans – The 01 suites are 802 sq.ft. 2 bedrooms facing east, from the 8-33 floors. The 02 is a 1086 sq.ft. 2 bedrooms on n.e. corner. The 03 is 1103 sq.ft. on the south corner. The 05 is 945 sq.ft. 2 bedroom facing west. The 06 is a corner 732 sq.ft. l and den and the 07 is 550 sq.ft. l bedroom and the 08 is a corner l and den. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Downtown Analysis October 2008

DT graph Oct 08

Vancouver’s Downtown condo market saw listings flat in October and sales slightly lower. Average days on the market for condos that sold was down slightly from 50 to 48.  The average price for Downtown condos that sold increased from  $379,000 to $411,768. The average $ pr sq ft for condos that sold is flat at $562.  Again a whopping 89% of the sales were under $500,000.  Best selling price range is under $400,000. Vancouver’s Downtown inventory increased to 16 months. This October was the lowest for sales for the millennium – given the increase in population in Vancouver from 2000, that is an amazing statistic.

Listings – 744 vs 742 in September

57 listings in False Creek North under $300,000. 229 between $300,000 and $400,000. 198  between $400,000 and $500,000.  216 listings between $500,000 and $1 million and 37 listed between $1 and $2M.

2008 Listings –  Jan 420 , Feb 457  ,Mar 529 , Apr 630, May 669 , June 740, July 745, Aug 782, Sept 742, Oct 744

Least expensive $149,000 for a studio. $228,000 for a l bedroom and $409,000 for a 2 bedroom. Most expensive $3.8M

Sales – 47 vs. 62 in September

9 sold under $300,000.  23 sold between $300,000 and $400,000. 8 sold between $400,000 and $500,000. 5 sold between $500K and $1M and 2 sales between $1 and $2 million.

2008 Sales – Jan 109, Feb 137 , Mar 139, Apr 114, May 86, June 102, July 65, Aug 69, Sept 62, Oct 47

October Snapshots – at the bottom of the last down cycle in 2000, there were 44 sales in October. Oct’01 (61), Oct’02 (92), Oct’03 (225), Oct’04 (113 ), Oct’05 ( 172), Oct’06 (118 ), Oct’07 ( 102).

Supply – 6 months supply of False Creek North condos listed under $300,000. 10 months supply between $300,000 and $400,000. 2 years supply between $400,000 and $500,000. A whopping three and a half years supply of Downtown condos between $500K and $1M. 18 months of supply for condos listed between $1 and $2M. No market in October for listings over $2M.

Expired – 101 vs 113 in September

Average Days on Market –  May 32, Jun 32, Jul 39, Aug 46 , Sept 50, Oct 48

Average Selling Price -Oct $411,768,  Sept $379,000, Aug $408,824, Jul  $460,017 Mar $450,048, Feb $424,838

Average Sale Price $ pr sq ft – $562, Sept $565, Feb $616, Mar $646

List to Sale Price Ratio  95% vs 96% in September (the list price to sale price gap is widening)

Reflections – the market is crunching to a halt. Best selling price range is under $300,000 and even that has a 6 month supply of inventory. Why list now? Unless you are absolutely serious about selling and prepared to really sharpen the list price you may as well sit the market out. It is interesting to observe that although the listings count is high and the sales are grinding to a halt, the average price is not crashing.

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for False Creek North October 2008

FCN graph Oct 08

Vancouver real estate analysis for False Creek North saw listings flat in October and sales down.  Days on the market increased from 40 in September to 62 and the average selling price increased to $864,980 from  $631,944 in September.    The average supply of condos in this waterfront hood increased from  16 months to 25 months. Best selling price range is between $700,000 and $1,000,000.  No sales over $1.7M. By far the worst October in the history of this waterfront neighbourhood.

Listings – 250 (down from 257 in September)

13 listings under $400,000. 27 between $400,000 and $500,000. 94 listed between $700K and $1M. 51 listings between $1 and $2 million. 20 listings over $2 million.

Least expensive$318,000 for 529 sqft l bedroom. Most expensive is the Penthouse at 1000 Beach, now down to $14,800,000

2008 Listings – Feb 153, Mar 174, May 202, Jun 210,  Jul 237, Aug 256, Sept 257, Oct 250

Sales – 10, down from 16 in September. Two sales sold under $400,000. One sold between $400,000 and $500,000. Five sold between $700K and $1M and two sold between $1.4M and $1.7M.

2008 Sales – Jan 24, Feb 39 , Mar 44 , Apr 40 , May 18, June 18, July 9, Aug 14, Sept 16, Oct 10

Record of sales for False Creek North during October – 2000 (14), 2001 (21) 2002 (23) 2003 (28) 2004(34) 2005 (41) 2006 (48) 2007 (44)Expired Listings – 38. Sept 35Supply – 6 months of supply for False Creek North condos under $400,000. 27 months supply for condos between $400,000 and $500,000. 18 months supply between $700K and $1M. 25 months supply between $1 and $2 million and no market in October for condos over $2 million.Average Price  Jan $1,095,251, Feb $919,278, Apr $735,096, May $799,376, Aug $799,000, Sept $631,944, Oct $864,980Average Days on Market – May 47, Jun 59, Jul 51, Aug 56, Sept 40, Oct 62

List Price to Sales Price Ratio  93% . Sept 96%. This means the spread between list price and sale price is increasing.

Average Sale Price $ pr sq ft – $736. Sept $672

Reflections – clearly the market all but closed down and if you are a

when you’re ready to buy or sell Vancouver real estate or False Creek North, contact Maggie Chandler, an experienced realtor marketing Vancouver real estate since 1981

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Elects a New Mayor

Vancouver elects an ex NDP MLA, Gregor Robertson as its new Mayor, in a very controversial race against incumbent City Councillor Peter Ladner.. The turnout was low. The left of centre parties joined forces a month ago and took all but one seat in Vancouver City Hall.

Robertson promises to make Vancouver “the world’s greenest city” and to convert one of the Burrard Street lanes for cyclists. In an economic downturn Where will be find the funds?

Robertson is the founder and ex-joint owner of Happy Planet juices. He left the company to run for MLA in Fairview. Read the Province’s review.

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Coal Harbour October 2008

CH graph Oct 08

Vancouver’s Coal Harbour statistics for October show listings flat at 246, from245 in Sept.  Sales down to 12, from 16 in September.   Days on market flat at 53 and average selling price down from $1,513,062 to $910,291.  66% selling under $750,000.  The supply increased from 15 months in September to 20 months in October. The price range under $300K and between $700K and $750K is the least supplied. This October saw the least number of sales for the month of October for the last 9 years.

Listings – 246. Four listed under $300,000. 24 listed between $300,000 and $400,000. 23 listed between $400,000 and $500,000. 25 listed between $600,000 and $700,000. 10 listed between $700,000 and $750,000. 31 listings between $1.2M and $1.7M and 29 listings over $2.4M

Most expensive $16,800,000 in Shaw Tower for 7450 sq.ft. ($2255 pr sq ft)

2008 Listings –Jan 128,Feb 149, Mar 179, Apr 176, May 175, June 192, July 220, Aug 212, Sept 245, Oct 246

Sales – 12. One under $300,000. One between $300,000 and $400,000. 3 sold between $400,000 and $500,000. One between $600K and $700K and 2 between $700K and $750K.  3 sold between $1,200,000 and $1,700,000 and one sold over $2,400,000 Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Housing Market Roundup

Jamieson House halts construction

Building permits pick up pace in September

Canadian Home Builders Association says Metro Vancouver real estate market will bounce back

BC job losses now the highest since December 2006, now at 5.1%

CMHC predicts 11% drop in BC home sales for 2009

Vancouver guarantees $100 million for the Olympic Village

BCREA reports BC residential sales back to December 2000 levels

by Maggie Chandler Maggie Chandler No Comments

Vancouver Housing Market Analysis – Kitsilano October 2008

Kits graph Oct 08

Vancouver real estate market analysis for Kitsilano condos saw sales for the month of October down to 15 from 24 in September. Listings flat at 187, versus 184 for September.  Average price for sold condos increased from $408,,159.to $427,850.  Average Days on the market increased from 32 to 36.  October saw a bottom end market with the majority of sales under $500,000 in this hood. Kits condo supply up from seven and a half months to 12 months.  The price range between $500,000 and $600,000 and over $700,000 is has the most inventory. Kitsilano prices are off 12% since January.

Listings 187 – 8 listed under $300,000. 58 listed between $300,000 and $400,000.  58 listed between $400,000 and $500,000. 28 listed between $500,000 and $600,000.  21 listed between $600,000 and $700,000. 14 listed over $700,000.

Listings  Oct  187Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130

Sales – 15. Five sold between $300,000 and $400,000. 7 sold between $400,000 and $500,000. One sold between $500,000 and $600,000 and two between $600,000 and $700,000. Read more

by Maggie Chandler Maggie Chandler No Comments

Vanouver Real Estate West End Analysis October 2008

West End graph Oct

Vancouver real estate in the West End saw October listings  up a tad from 257 in September to 268.  Sales were down from  29 in September to 16.  The days on the market for condos that sold dropped 65 to 45.   The average selling price dropped from $447,834. to $370,468, the lowest for the year and a 35% drop since January.  Half the sales were under $300,000 and 90% of the sales were under $400,000. The West End has over 16 months of supply.

Listings – 268

43 listed under $300,000.  84 listed between $300K and $400K.  49 listed between $400 and $500K. 39 listed between $500 and $700,000 and 53 listed over $700,000.

2008 Listings – Jan  168, Feb 172 ,  Apr 232 , May  241 , June 235, July 235, Aug 246, Sept 257, Oct 268

Sales – 16. Five sold under $300,000. 8 sold between $300,000 and $400,000. No sales between $400K and $500K.  2 sold between $500K and $700K and one over $700,000. Read more

by Maggie Chandler Maggie Chandler No Comments

Lest We Forget

Remembrance Day is November 11th. The 11th hour of the 11th day of the 11th month marks the signing of the Armistice to end WW1 in 1918. This year is the 90th anniversary of the end of WW1 and the 60th anniversary of the Universal Declaration of Human Rights.

The City of Vancouver’s Remembrance Day ceremonies will be held on:

Tuesday, November 11th  at 10:30 a.m.
Cenotaph at Victory Square
(West Hastings Street, between Cambie and Hamilton)

These ceremonies, which include a wreath-laying to honour those who gave their lives. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Housing Market Analysis for October 2008

The REBGV reports that Greater Vancouver housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008. October was the slowest month of the year for sales. Active listings were down and the median price is down from September 2008 . Active listings 1% higher in October, over a year ago. Average price for October versus September 2008 went UP (+04%).

 Residential benchmark prices, as calculated by the MLSLink Housing Price Index, declined 8.8% between May and October 2008, resulting in a 3.9% year to date price reduction for detached, attached and apartment properties in Greater Vancouver between October 2007 and 2008. In May 2008 the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.

 “Home sales are not keeping pace with the positive economic conditions in BC”, said REBGV president Dave Watt.” That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.

 Residential property sales in Greater Vancouver declined 55% in October’08 to 1,364 from 3,028 sales recorded in October’07. Read more

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