Bank of Canada lowered their rate this week and Vancouver real estate buyers can now get a 5 year term under 4%.However, Canadian banks are tightening up on lending. Bank of Nova Scotia is telling mortgage brokers not to bother sending them files for funding; construction, rentals, and anyone who is trying to buy in a company name. Expect to see more tightning with self employed programsConsumer confidence on the rise In March, consumer confidence in BC reached 82.6 points, increasing 1.4 points over February 2009. In comparison, the national consumer confidence index rose 2.7 points to 71.5 points.
“British Columbians are typically the most optimistic of all Canadians,” explains Conference Board of Canada economist Todd Crawford. “A big part of this is due to the fact that British Columbians have always enjoyed a higher level of income than most other Canadians, and the unemployment rate has traditionally been lower in the west than elsewhere in the country.”
Crawford attributes the lower federal number to economic difficulties in Central Canada, where the impact of the global recession has been more severe. Read more
Take a look at what’s happening in the Canada real estate market. Average price a year ago shows the big cities of Toronto, Vancouver, Calgary and Edmonton are down but Montreal is flat, but the Maritime Provinces, Ottawa and Winnipeg are up. The following is a release by CREA, you can hold your mouse over a specific city and view the current average price and the average price one year ago.
Existing MLS® home sales activity rose for the second month in a row in March 2009, according to statistics released by The Canadian Real Estate Association (CREA). The number of new listings also continued trending lower in March, which firmed up the balance of supply to demand.A seasonally adjusted total of 31,135 homes traded hands nationally via the Multiple Listing Service® (MLS®) in March 2009. This is an increase of seven per cent from the previous month, and builds on the 10.3 per cent activity gain in February. The number of transactions in March 2009 stands 18 per cent above levels reported in January 2009, when activity sank to the lowest level in a decade.The monthly increase in activity was largest in British Columbia (13.6 per cent), and Ontario (10.5 per cent). Sales were also up from February levels in Manitoba, Quebec, and Newfoundland & Labrador.Actual (not seasonally adjusted) transactions numbered 35,225 units in March 2009. While this remains 13.7 per cent below levels reported in March 2008, it is the smallest year-over-year decline in six months.The national average price for home sales via the MLS® remains below levels reached one year earlier, but year-over-year declines are shrinking. The MLS® average residential price for homes sold in March 2009 was $288,641, down 7.7 per cent from March 2008. This is the smallest year-over-year decline in six months. Read more
Vancouver real estate statistics for False Creek North (Olympic Village) saw listings flat and sales up for March. We can only track the activity for this neighbourhood through MLS, not the Developers who are pre-selling, but that will eventually change and then we can get a better feel for the neighbourhood.
Listings – Feb 19, Mar 18
Sales – Feb 0, Mar 3
Average Days on Market for Solds – Mar 22
Average Sale Price – Feb $399,000
Average $ pr sq ft – Feb $485
List Price to Sale Price Ratio – 96%
Least expensive – 2055 Yukon has a l bedroom 673 sq.ft. for $342,000. Concrete building completed in 2006.
Most expensive – 2055 Yukon 858 sqft $515,000. Read more
Vancouver’s Downtown condo market saw listings drop 20% in March compared to February and are the lowest since January 2008. 69 condos expired and came off the market (vs. 78 in Jan). Sales increased 40% to 129 and are the highest since Mar’08 and have quadrupled since last December. Average days on the market for condos flat at 51. The average price for Downtown condos that sold jumped to over $400,000. The average $ pr sq ft for condos that sold down a bit to $531. A whopping 85% of the sales were under $500,000. Downtown Vancouver only has a 3.3 month supply of condos (vs.16 months in October). Best selling price range is under $400,000. Market tight between $400,000 to $500,000 also. More sales occurring in higher price ranges (move up sellers?). Market definitely improving!
Listings -426. Least expensive $210,000 for a studio under 461 sq.ft. ($455 pr sq ft). Most expensive –$2.895 million for 1966 sq-ft at 1055 Homer
Listings Inventory – 42 listings Downtown under $300,000. 111 between $300K and $400K. 88 listings between $400K and $500K. 71 condos listed between $500K and $600K, 70 listed between $600,000 and $1M and 44 listings in false creek north over $1 million.
Supply – less than 2 months supply for condos under $300,000 (down from 11 months in December). Less than one and a half months of inventory for Vancouver Downtown condos listed between $300,000 and $400,000. 4 months supply for condos listed between $400K and $500K . 8 months supply between $500K and $600K. 11 months between $600,000. Read more
Listings Down! Sales Up! Vancouver real estate analysis for False Creek North in March(compared to February) saw listings down to 231 from 240. Sales up to 28 from 18. Days on the market up from 41 to 77. The average selling price down from $672,000 to $592,388. Average $ psf is down to $600. The average supply of condos in this waterfront hood dropped to 8 months from 13 in February and 17 in January. No sales over $1 million. This neighbourhood is least supplied under $400,000. The most number of sales were between $800k and $1M.
Listings – 231. 8 listings under $400,000 (including 2 under $300,000. 36 listed betweeen $400,000 & $500,000. 49 listed between $500,000 and $700,000. 41 listed between $800,000 and $1 million. 907sold over $1 million.
Least expensive $259,00 for a studio at 910 Beach. This sold new in 1997 for $169,000. Most expensive The 6900 sq.ft. Penthouse at 1000 Beach. Now listed at $9,800,000.
2008 Listings – Feb 153, Mar 174, May 202, Jun 210, Jul 237, Aug 256, Sept 257, Oct 250, Nov 246, Dec 229
2009 Listings – Jan 258, Feb 240, Mar 231
Sales – 28. Five sold under $400,000. 7 sold betwen $400,000 & $500,000. 7 sold between $500,000 & $700,000. and 9 between $800,000 and $1 million. No sales over $1 million. Read more
Vancouver’s luxury waterfront neighbourhood of Coal harbour saw real estate sales up in March to 17 from 11 in february and its best month since April 2008. Listings down to 191, from 202 in February. Days on market up to 75, from 47 in february. Coal Harbour inventory dropped from 19 to 11 months. The average sale price is down to $708,000 for condos that sold. List price to sale price ratio flat at 91%. Average $ pr sq ft for sold listings is $676. Under $500,000 remains the best selling price range.
Listings – 191. 38 listed under $500,000. 69 listed between $500,000 and $1M. 47 listed between $1M and$2M and 37 listed over $2M.
55% are listed over $1M, down from 60% in February and 45% in January.
Least expensive $268,000 for a studio ($638 pr sq ft). Least expensive 2 bedroom $525,000 for 960 sq.ft.
Most expensive – The $10,800,000 for the Melville Penthouse ($2100 pr sq ft), reduced from $12 million. Over 2500 sq.ft. condo at One Harbour Green for $7,185,000, includes 3700 sqft of outdoor space ($2800 pr sq ft). Three Harbour Green is now pre-selling, n.e. corner on 19th floor $5,400,000 for 2600 sq.ft. Currently 9 condos listed over $5 million in Coal Harbour.
2008 Listings –Jan 128,Feb 149, Mar 179, Apr 176, May 175, June 192, July 220, Aug 212, Sept 245, Oct 246, Nov 247, Dec 201
2009 Listings – Jan 220, Feb 202, Mar 191
Sales – 17. Nine sold under $500,000. 6 sold between $500,000 and $900,000 and 2 sold between $2 and $2.5M
2008 Sales – Jan 14, Feb 33, Mar 22, Apr 26 May 16, June 16, July 11, Aug 12, Sept 16, Oct 12, Nov 9, Dec 6
2009 Sales – Jan 8, Feb 11, Mar 17 Read more
Vancouver real estate in the West End saw listings down to 254 in March from 274 in February, having reached a record high for the year in November. Sales steadily climbing from 26 in January, to 34 in February and 56 in March. The days on the market for condos that sold increased to 67 from 44. The average selling price decreased from $477,545 to $443,480. 80% of the sales were under $500,00 and the highest price was $1,180,000 in the Shangr-la. The list price to sale price ratio is flat. The West End inventory dropped to 4.5 months, down from 9.7 months in January. The average $ pr sq ft for those West End condos that sold is stable at $525. The market between $400,000 and $500,000 has the most demand (in February it was the market under $300,000 – move up sellers?)
Listings – 254
Least expensive – $158,000 for a concrete building, 99 year leasehold, 450 sq.ft. Least expensive strata l bedroom $238,000. Least expensive strata 2 bedroom is $335,000 with most of them begnning at $410,000.
Beach Avenue living with ocean views, private garden (641 SqFt) & security. Like-new, this Designer Condo has been completely renovated to the highest quality of finishing and boasts 2 Bedrooms & Den, 3 Baths + 864 SqFt of outdoor living. Kitchen features Wenge-wood cabinets, granite countertops, limestone bar, stainless steel appliances, Grohe fixtures, glass tile backsplash, Sub-Zero and Meile appliances. All new lighting, sprinkler, heating and plumbing throughout. Solar shades and American cherry-hardwood floors. Bose surround-sound system and ceiling fans in all rooms. Master bathroom steam in shower, heated floors, granite countertops. A beautiful Corner Suite that must be seen to appreciatee. Unique! 1851 sq.ft. plus 864 sqft of outdoor space.
Rentals and pets allowed
Amenities: bike room, exercise centre, greenhouse
Appliances included: Washer/dryer, Refrigerator, Stove, Dishwasher, Microwave
Window coverings and in-suite laundry
Open House April 17th 10.30-12 noon.
Listed at $2,488,000.
When you’re ready to buy or sell Vancouver real estate, contact Maggie, an experienced agent marketing Vancouver real estate since 1981. subscribe via RSS or email
British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 35 per cent to $2.3 billion in March, compared to the same month last year. Residential unit sales declined 25 per cent to 5,464 units during the same period. The average MLS® residential price in the province was $424,122 in March, down 12 per cent from March 2008.
“While fewer MLS® residential sales were recorded last month compared to March 2008, home sales actually climbed 24 per cent from February to March on a seasonally adjusted basis, the second consecutive month of gains,” said Cameron Muir, BCREA Chief Economist.
A significant increase in affordability helped fuel housing demand last month. “Reduced mortgage interest rates have effectively doubled the impact of lower home prices on affordability,” added Muir. While the average sales price in BC declined 12 per cent from a year ago, the monthly payment on the average priced home was 24 per cent lower. “Housing is now more affordable than at any time in the last three years,” noted Muir, BCREA’s Chief Economist
When you’re ready to buy or sell Vancouver real estate, contact Maggie, an experienced agent marketing Vancouver real estate since 1981. subscribe via RSS or email
Genworth Financial is Canada’s second biggest mortgage default insurer and is reportedly making several changes to its insurance offerings, effective April 18th. The changes will effect new borrowers with less than 20% down, who use a lender than insure with Genworth.
Among other things, Genworth is reportedly:
- Shelving its high-ratio rental and Credit Assist programs.
- Lowering its maximum TDS guideline from 44% to 42% for all products
- Increasing credit score requirements for its Cash-Out Refinance program, from:
- 650 to 700 (for 90.01-95% LTV applications)
- 600 to 660 (for 85.01-90% LTV applications)
- Imposing new credit score minimums for high-rise (4+ floors) condominiums of:
- 700 (for 90.01-95% LTV applications)
- 660 (for 85.01-90% LTV applications)
Genworth did not previously have credit score minimums specific to high-rise condos.
- Increasing credit score requirements for its Business For Self (Alt. A) product, from:
Genworth said it will accept applications for the above programs (under the old guidelines) until April 17.
Collectively, these are significant changes for Genworth. So far, the only explanation we’ve seen from them is that the moves were due to “changes in the Canadian economy and housing markets.” We’re hoping to get a bit more clarity next week on the “why” factor.One thing seems clear: If CMHC keeps it’s own guidelines as-is, Genworth will likely lose additional market share to the country’s number one insurer.______________________________________________________
Sidebar: When evaluating an applicant against the above credit scores, Genworth will “average the scores pulled from both credit bureaus for each borrower, and the recommended score requirement will apply to all borrowers on the application.”
For further information or to apply for a pre-approved mortgage, contact Alma Pasic
Vancouver real estate market stats for Kitsilano condos saw sales jump 70% in March, compared to February and were higher than any of the last 15 months. Listings up slightly from 107 to 122. Average price for sold condos down to $406,841 from $416,000. Average Days on the market for sold condos down to 35. List price to sale price ratio flat. March saw a bottom end market with only 7 sales over $500,000 and the most activity was between $300,000 and $400,000 in this hood. Kits condo supply down from 9 months in January to 2.5 months. No market for Kits condos over $650,000. Market definitely levelling.
Listings -122. 15 listed under $300,000. 34 listed between $300,000 and $400,000. 29 listings between $400,000 and $500,000. 25 listings between $500,000 and $600,000 and listed over 19 listed over $600,000
2008 Listings –Dec 117 , Nov 171, Oct 187, Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130
2009 Listings – Jan 104, Feb 107, Mar 122
Sales – 48. Three sold under $300,000. 22 sold between $300,000 and $400,000. 16 sold between $400,000 and $500,000. 6 sold between $500,000 and $600,000 and one sold over $600,000 Read more
A survey of homeowners and renters across British Columbia suggests that, when it comes to housing, affordability concerns and making smart green choices are top of mind for most BC residents.Sponsored by the British Columbia Real Estate Association (BCREA), the January 2009 Mustel Group survey examines the top affordability barriers in the province and how provincial taxes and homeowner assistance programs impact BC buyers.
A total of 38 per cent of British Columbians plan or hope to purchase a property within the next five years, with about half of these potential buyers expecting to do so in the next two years.
“Following the May 12 election, quick actions by the newly elected provincial government on key issues of interest to the real estate sector may assist these buyers in their home buying decisions, while also potentially empowering those who are currently unable to purchase a home,” says BCREA President Scott Veitch. Read more
Above are the Vancouver real estate graphs for March 2009, for houses, townhouses and condos in Vancouver west side. They show an improvement in the market. Read more
Vancouver’s waterfront neighbourhood of Coal Harbour has seven condo buildings on Bayshore Drive and 1616 Bayshore is the final one at Bayshore Gardens
Address – 1616 Bayshore Drive, Vancouver, B.C. V6G 3L1
Levels – 25 and 69 units with entertainment size balconies. The 22nd – 24th floors have only 3 suites per floor and the 25th has 2 Penthouses. Townhomes range from 1450 to 1850 square feet on two levels.
Built – 2006
Architect – DA Architects
Interior Designer – Mitchell Freedland
Landscaping – Durante Kruek Read more
The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.
Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.
Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.
“There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is levelling off,” said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV). Read more