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Month: June 2009

by Maggie Chandler Maggie Chandler No Comments

Will Vancouver Condos Keep Flying out the Door?

Vancouver’s real estate market started bubbling in January. I was in a multiple offer situation back then and noticed an increase in buyer inquiries compared to last Fall.  In February I noticed condos that were priced right were selling in 30 days. But April was when it went crazy and it hasn’t stopped since.

I listed or sold within a week, condos in the Capers building, Citadel Parade, 1616 Bayshore Drive, 2057 W. 3rd, The Qube, Aquarius 1 and many had multiple offers.

If sales for June are less than May I believe it’s because the listings aren’t keeping pace with the sales.  Vancouver west side has fewer listings than they did a year ago and the sales for June will be more than June 2008. Read more

by Maggie Chandler Maggie Chandler No Comments

What’s Your Vision for 1818 Cornwall?

Currently an office building, 1818 Cornwall sits on the corner of Cypress & Cornwall in Vancouver’s Kitsilano. It used to be a Coca Cola bottling plant prior to being converted to an office building in the early ’80s. The building is owned by a Canadian Pension Fund who say it is near the end of its life cycle and doesn’t meet current energy efficiency and sustainability standards.

Re-investment in the building to extend its life for the longer term is not an economically viable solution. Currently there is no redevelopment plan for the property.  Brook & Associates, development planning consultants and Walter Franci Architects have joined the Bentall team (property-managers) to work with the community and City to create a plan for redevelopment of the site.

Their intention is to create a development that performs above conventional building standards, a building that will have minimal impact on the environment. Any development on the site will meet or exceed LEED Gold standards.

After hosting a series of public Open Houses and a Workshop to seek the community’s input into the use and form of the proposed project, they will prepare and submit a rezoning application for the site that will permit a new development.

Visit their website and submit comments and questions if you live in the neighbourhood.

Innovative planning process don’t you think? Share your ideas for this site with us.

keep up to date with vancouver’s changing real estate market, subscribe via RSS or email. when you’re ready to buy or sell, contact Maggie, an experienced realtor marketing vancouver real estate since 1981

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Empty Condo Theory Exaggerated

Andrew Yan conducted a study of condo occupancy in Downtown Vancouver. Yan is a planner & researcher with Bing Thom Architects. So who doesn’t live Downtown and how do empty condos impact the future of Urban Housing in Vancouver? The study focused on Downtown, excluding the West End.

Vancouver’s Mayor had talked about taxing the offshore owners who leave their condos empty, and use the monies generated to build housing for the homeless. He speculated that hundreds sat empty.

The study’s results were surprising, even to Yan. “I was thinking the number would be much higher, but it wasn’t”.

 “If Vancouverism 1.0 is embodied by tall skinny towers and one bedroom, investor-driven condominium projects for Downtown Vancouver, then Vancouverism 2.0needs to redress this imbalance by providing more affordable family-oriented housing units with great supporting amenities,” concludes Yan. “Without this, the sustainable communities with opportunities to live, work and prosper that the City aspires to are likely unachievable.”

“The biggest questions is what kind of City do we want to live in and what are we willing to do to get there”.

Are you surprised? Comments welcomed.

Did you know you can search for listings on this site? View my other posts on False Creek North. When you’re ready to buy or sell Vancouver real estate , contact Maggie Chandler, an experienced realtor marketing Vancouver real estate since 1981

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 the above information is deemed to be accurate but should not be relied upon

by Maggie Chandler Maggie Chandler No Comments

Tips to Reduce Renovation Costs

This is a Guest Post by Kat Sanders from the Fixer-Upper Blog. She welcomes your comments 

Tips to Reduce Renovation Costs

There are so many benefits that you stand to gain when you renovate your home, the most obvious one being that of a good-looking and well-maintained home whose value is raised considerably. Besides this, you also get to live in a more comfortable home, one that looks and feels as good as a new one but which still retains all that you’ve come to love about your old one. Home improvements are good no doubt, but they tend to play havoc with your finances. If you’re looking for ways to reduce and minimize your renovation costs, here’s what you need to do: Read more

by Maggie Chandler Maggie Chandler No Comments

Which are Vancouver’s Most Expensive Neighbourhoods?

questions for me buyersWhen searching for a Vancouver home, buyers often have to adjust their criteria list and settle for a less expensive neighbourhood. Let’s take a look at which are Vancouver’s most and least expensive neighbourhoods and which have performed the best and worst over the last 1 and 5 years.

For Detached – based on the Real Estate Board’s benchmark price, Shaughnessy is The Most Expensive neighbourhood in Vancouver, clocking in at $2,016,725 and it has appreciated 94% over the last 5 years. Quilchena comes in second at $1,600,000 and appreciated 77% over the last 5 years.  McKenzie Heights third at $1,538,887 appreciating 71% over the last 5 years. Fourth is South Granville at $1,493,374 (55%) , followed by Arbutus at $1,430,598 (57%) . Kerrisdale at $1,393,456 ( 66%) and Point Grey at $1,357,088 (74%).

Best value for Vancouver Detached is Marpole at $788,331 (46% increase over last 5 years), then Cambie at $964,518 (62%),  Kitsilano at $1,005,685 (27%), Oakridge at $1,028,576 (39%), Dunbar $1,117,763 (55%), S.W. Marine at $1,125,000 (58%) and Southlands $1,233,965 (52%). Read more

by Maggie Chandler Maggie Chandler No Comments

Canada Real Estate Roundup

Take a look at what’s happening in the Canada real estate market.  Compared to one year ago, Real Estate prices in the big cities of  Vancouver, Calgary and Edmonton & Saskatoon are lower. Winnipeg, Ottawa, Montreal prices are up, as are all the Maritime Provinces & Newfoundland. The following is a release by CREA, you can hold your mouse over a specific city or province and view the current average price and the average price one year ago.

National resale housing market activity returned to pre-recession levels in May 2009. The rebound in activity is being led by an increase in transactions in some of the most expensive markets in the country, which is skewing the national average price upward.

 View my Canadian real estate blogs  Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for False Creek North May 2009

fcn may 09

A tight market! Listings Down! Sales Up! Vancouver real estate analysis for False Creek North in May (compared to April) saw listings down from 174 to 158 and are the lowest for the last 18 months.   Sales up from 42 to 59. Days on the market down to 69.  The average selling price up substantially to $721,686.  Average $ psf is up to $651 and is the highest for the year. The average supply of condos in this waterfront hood dropped to only 2.2 months, a quarter of what it was in March and down from 13 months  in February and 17 in January. Two sales over $2 million. In March there were none over $1M. This neighbourhood now selling well under $700,000.  The most number of sales were betwee $500K and $700,000. Market sales increasing and the price range that’s selling is moving up. See how bad things were in November.

Listings –  135. 4 listings under $400,000.  9  listed between $400,000 & $500,000. 20  listed between $500,000 and $700,000.  44 listed between $700,000 and $1 million. 42  listed between  $1 & $2 million and 16 listed over $2 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. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Olympic Village Neighbourhood May 2009

ov may 09

Vancouver real estate statistics for False Creek South (Olympic Village) saw listings (Foundry just completed) and sales down for May 2009. 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, Apr 16, May 26

Sales – Feb 0,  Mar 3, Apr 5, May 3

Average Days on Market for Solds – Mar 22, Apr 28, May 14

Average Sale Price – Mar $399,000 , Apr $325,000, May$429,665

Average $ pr sq ft – Mar $485, Apr $533, May $557 Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for West End May 2009

Compared to April, Vancouver real estate in the West End saw May listings drop 12% to 201, having reached a record high in November.  Sales  climbing from 26 in January to 88 in May, which is the highest for the year.   The days on the market for condos that sold dropped to 49, compared to 69 in January. The average selling price was  $482,585.  A whopping 85% of the sales were under $500,00 and the highest price was nearly $3M in the Shangri-la. The list price to sale price ratio flat at 96%.  The West End inventory dropped again to just only 2.2 months, down from 9.7 months in  January.  The average $ pr sq ft for those West End condos that sold is down slightly to $541, compared to $471 in November.  The market under $500,000 has the most demand (in February it was the market under $300,000). Higher price ranges still soft. Prices at the bottom now moving up.

Listings – 201. 27 listed under $300,000 (including 5 under $200,000). 55 listed between $300,000 and $400,000. 37 listed between $400,000 and $500,000.  48 listed between $500,000 and $1M and 34 listed over $1M. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver International Jazz Festival

TD Canada Trust Vancouver International Jazz festival is held from June 25th to July 5th and consists of many venues throughout the city.  Many are free concerts and some are paid concerts.

This year features a collection of up and coming artists.

 Drop by O’Douls Restaurant and Bar on Robson or the Media club or Ouisi Bistro or the Capilano Performing Arts Theatre and listen to some jazz music.

Check out the list of who’s playing

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contact Maggie when you’re ready to buy or sell vancouver real estate, marketing homes since 1981

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Coal Harbour May 2009

ch may 09

Vancouver’s luxury waterfront neighbourhood of Coal harbour saw real estate sales and listings flat in May, compared to April. It was the  best month since February 2008. Listings flat at 172.  Days on market down from 86 to 78.  Coal Harbour inventory dropped from 19 months in February to 5 1/2 months. The average sale price is now over $800,000  for condos that sold. List price to sale price ratio flat at 95%. Average $ pr sq ft for sold listings now $761. Under $1M is the best selling price range. The luxury market over $2M still soft.  Of the 20  listings that did not sell and expired, only 7 got relisted. In April there were 27 expired listings.

Listings – 172.  25 listed under $500,000. 62  listed between $500,000 and $1,000,000.  44 listed between $1M and $2M.  16 listed between $2M and $3M and 25 listed over $3M.

50% are listed over $1M, down from 60% in February and up from 45% in January. Read more

by Maggie Chandler Maggie Chandler No Comments

BC Home Sales Continue to Climb

The British Columbia Real Estate Association (BCREA) reported that Multiple Listing Service (MLS®) residential sales in the province rose 3 per cent to 8,270 units in May 2009 compared to the same month last year. It was the first year-over-year increase since December 2007. The month of May also posted the highest number of residential sales since April 2008, on a seasonally adjusted basis, and was the fourth consecutive month of rising home sales

Home sales have bounced back from the extraordinarily low levels recorded during the winter months,” said Cameron Muir, BCREA Chief Economist. “Improved affordability and less uncertainty about the future are the main factors driving home sales higher.”

“The combination of stronger consumer demand and fewer homes for sale is stabilizing home prices in many BC markets,” added Muir.  

Year-to-date, MLS® residential sales dollar volume was down 31 per cent to $11.7 billion over the same period last year. A total of 26,359 units were sold in the first five months of 2009, down 26 per cent from 2008, while the average MLS® price declined 7 per cent to $443,252.

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by Maggie Chandler Maggie Chandler No Comments

Canada Interest Rates on the Rise

Canadian Interest Rates have been rock bottom but now they’re on the move – upwards.

The 5 year fixed rate is up .40 bases points but the 2 and 3 year terms have been reduced by .20 bases points. We do not know if this is a permanent trend or not. If you lock in now you will get the lower rate, should they drop again.

Prime lending rate remains the same at 2.25%.

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contact Maggie when you’re ready to buy or sell vnacouver real estate  

by Maggie Chandler Maggie Chandler No Comments

The Economist Ranks Vancouver “The Most Liveable City in the World”

Vancouver voted the World’s Most Liveable city with a score of 98 out of 100.

AUSTRALIAN cities occupy five of the top 20 places in a British survey ranking the liveability of 140 of the world’s major centres.Melbourne ranked third in the world, behind Vancouver in Canada and the Austrian city of Vienna in the Economist Intelligence Unit’s 2009 Liveability survey. It assessed 140 cities based on stability, health care, education, infrastructure and culture and environment, giving each one a rating out of 100. Perth was equal fifth with Calgary in Canada, with Sydney sharing ninth place with Zurich in Switzerland, Adelaide in 11th place and Brisbane 16th on the list. As well as Vancouver and Calgary, Canadian cities also featured strongly in the top 20, with Toronto (4th) and Montreal (17th). Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Downtown May 2009

dt may 09

Vancouver’s Downtown condo market saw listings drop slightly to 416 (compared to 426 in March) and are the lowest since January 2008.  51 condos expired and came off the market (vs. 78 in Jan). Sales down from 129 to 117. and are the highest since Mar’08.  Average days on the market for condos that sold are down to 49. The average price for Downtown condos that sold are down a tad to $391,929 (from $400,000).  The average $ pr sq ft for condos that sold up to $543.  A whopping 89% of the sales were under $500,000 and only 1 over $1M. Downtown Vancouver only has a 3.5 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. 

Listings -416. Least expensive $199,000 for 1 bd 558 sq.ft. ($356 pr sq ft).bank sale sold “as is, where is”. Most expensive –$2.8M for 3800 sqft at 283 Davie

Listings Inventory –  33 listings Downtown under $300,000.  102 between $300K and $400K.   91 listings between $400K and $500K.  75 condos listed between $500K and $600K, 39 listed between $600,000 and $700,000. 37 sold between $700,000 & !M and  44  listed over $1M. Read more

by Maggie Chandler Maggie Chandler No Comments

View the parade of Renovated Homes by GVHBA

On June 14th, join the 16th annual Parade of Renovate Homes by GVHBA

Tour 17 professionally renovated homes in Burnaby, Richmond, Delta, Mission, New West, North Vancouver and Vancouver from 10am to 4pm. The homes showcase leading edge design, advanced construction techniques and innovative building products.

Projects include extreme facelifts of homes built from the ’20s to ’60s, including a Kitsilano 1906 craftsman style bungalow.

Admission is by passport, available at each home $10 per person.

GVHBA says BC homeowners will spend a record $7 billion sprucing up their homes this year and projects range from $70,000 to $700,000.

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