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Month: August 2009

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for West End, June 2009

 Vancouver real estate in the West End saw July listings drop to 164, having reached a record high of 281 in November.  Sales peaked in May at 88 and dropped to 75 in July.  The days on the market for condos that sold dropped to 43, the lowest for the year. The average selling price was  $449,000.  75% of the sales were under $500,00 and only 3.5% were over $1M. The list price to sale price ratio increased to 98%, the highest for the year.  The West End inventory dropped again to just only 2.1 months, down from 9.7 months in  January.  The average $ pr sq ft for those West End condos that sold is down slightly to $560, compared to $471 in November.  The market under $500,000 has the most demand but $500-$1M doing better. In February it was the market under $300,000 that was selling the best. We shall see what Fall brings.

Listings – 164.  25 listed under $300,000 (including 5 under $200,000). 51 listed between $300,000 and $400,000. 25 listed between $400,000 and $500,000.  35 listed between $500,000 and $1M.  20 listed between $1M & $2M.  13 listed between $2M

Least expensive –$189,00 for a leasehold studio

Most expensive – $5,888,000 for 4500 sq-ft in Shangri-la. View it

Supply –  2 months Read more

by Maggie Chandler Maggie Chandler No Comments

New Listing at The Vine, Kitsilano, Vancouver, BC

Kitsilano’s ‘The Vine’, just 2 years old & featuring NE corner with mountain views. 2268 W. Broadway. Conveniently situated on the bus route with LondongDrugs and IGA supermarket. Walking distance to 4th avenue shops and restaurants and Kits Beach – recently voted the 3rd sexiest beach in the world!

 Come home to this  2 bedrooms, 2 baths den, plus a balcony overlooking the gardens & BBQ area. Engineered hardwood floors, gourmet kitchen with granite countertops & stainless steel appliances.  New Home Warranty. Gordon & Kitsilano Catchment. Immediate possession. Sharply priced at $578,000 for 915 sq.ft.   Read more

by Maggie Chandler Maggie Chandler No Comments

Gastown Designated a National Historic Site

Gastown is one of Vancouver’s most popular tourist designations, well known for its carefully preserved cobbled streets and heritage buildings.To recognize its historic significance, the Honourable Jim Prentice, Canada’s Environment Minister who also oversees Parks Canada, has designated Gastown as a National Historic Site.“The designation of Vancouver’s Gastown recognizes the role of this special place in shaping the economy and development of Western Canada,” said Minister Prentice. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Olympic Village Condos

The Olympic Village is Vancouver’s last waterfront community. Vancouver real estate statistics for False Creek South (Olympic Village) saw listings drop 38% and sales nearly tripled for July 2009. All but one sale was under $500,000. 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. Most expensive listing $1,248,000 for 1141 sq.ft. sub penthouse (air conditioned) in Foundry. Read more

by Maggie Chandler Maggie Chandler No Comments

BC Home Sales This Year Just Below the 10 Year Average

  The British Columbia Real Estate Association (BCREA) released its Forecast Update for the third quarter of 2009 today.BC Multiple Listing Service® (MLS®) residential sales are forecast to climb 15 per cent from 68,923 units in 2008 to 79,400 units this year, just below the ten-year average of 82,800 units.

Residential sales in 2010 are forecast to rise an additional 6 per cent to 84,200 units. For comparison, a record 106,310 units were sold in 2005.

“After 12 months of significant volatility in BC’s housing markets, greater stability is expected through 2010,” said Cameron Muir, BCREA Chief Economist. “Robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters.”    Read more

by Maggie Chandler Maggie Chandler No Comments

Canada Real Estate Roundup

Compared to one year ago, real estate prices in the big cities of  Vancouver, Victoria, Calgary, Edmonton & Saskatoon are lower. Winnipeg, Toronto, 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.

July was the best July on record. 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 West End, July 2009

Compared to June, Vancouver real estate in the West End saw July listings drop to 164, the lowest for the year, having reached a record high in November.  Sales climbed from 26 in January to 75 in July., down slightly from June. The days on the market for condos that sold dropped to 43, compared to 69 in January. The average selling price was  $449,995.  A whopping 75% of the sales were under $500,00 and only 3 sales over $1M. The list price to sale price ratio rose to 98%, the highest for the year.  The West End inventory dropped again to just only 2.1 months, down from 9.7 months in  January.  The average $ pr sq ft for those West End condos that sold is $561,up from $471 in November and equal to a year ago.  Higher price ranges still soft. Prices at the bottom now moving up. Market stable and in need of more listings. We shall see what Fall brings.

Listings – 164. 17 listed under $300,000 (including 4 under $200,000). 51 listed between $300,000 and $400,000. 27 listed between $400,000 and $500,000.  32 listed between $500,000 and $1M and 20 listed between $1M & $2M and 12  listed over $2M.

Least expensive – $189,00 for a leashold studio

Most expensive – $5,698,000 for 4500 sqft in Shangri-la. View it Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Downtown, July 2009

Vancouver’s Downtown condo market saw listings flat at 441  and are the lowest since January 2008.  Condos that  “expired” and didn’t sell dropped to 33 (vs. 78 in Jan) and none got relisted. Sales up from 176 to 188 and are by far the highest for the last 18 months.  Average days on the market for condos that sold dropped to 30 and is equal to a year ago.  The average price for Downtown condos that sold is up to $439,000 but lower than a year ago. The average $ pr sq ft for condos that sold is up to $601 and is the highest for this year.  A whopping 80% of the sales were under $500,000 and only 3 over $1M. Downtown Vancouver only has a 2.3 months supply of condos (vs.16 months in October). Best selling price range is under $500,000 and over $1M is the slowest.  List price to sales price ratio now flat to 98%.  A steady market exists. Read more

by Maggie Chandler Maggie Chandler No Comments

Voice Your Concerns About the Proposed HST on This Site

The British Columbia Real Estate Association (BCREA) today launched a new section of its website to provide the public and REALTORS® with information about the impact of the proposed Harmonized Sales Tax (HST) and an opportunity to voice their concerns about the tax. This new resource, which can be found  encourages concerned citizens and REALTORS® to proactively communicate their dissatisfaction with the HST by sending letters to their local MLAs, Premier Gordon Campbell, Minister of Finance Colin Hansen and Carole James, Leader of the Official Opposition. Housing is an essential basic need and a significant part of the BC economy,” said BCREA president John Tillie. “We hope the public will join with REALTORS® across the province to express their concern by writing to the government. The HST is unfair to homebuyers and sellers, and the government must take action to minimize the impact of this unfair tax on consumers.” Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Coal Harbour, July 2009

ch july 09

Vancouver’s luxury waterfront neighbourhood of Coal harbour saw real estate sales flat and listings decrease in July, compared to June.  There were more high end listings selling.  Days on market up to 80.  Coal Harbour inventory dropped from 19 months in February to 4 months, the lowest for the year. The average sale price increased to  over $966,000 for condos that sold. List price to sale price ratio droppedt to 96% but up from 91% in January. Average $ pr sq ft for sold listings jumped to $919 (more sales over $2M).   The market under $500,000 sells the best with only 2 months of inventory, however all price ranges selling well, including over $2 million which had 9 sales in July, the highest for the year.  Of the 16 listings that did not sell and expired, only 3 got relisted.  

Listings -146.  24 listed under  $500,000.  47 listed between $500,000 and $1M. 36 listed between $1M and $2M and 39 listed over $2M, including 11 over $5M.

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

New Listing at Bayshore Gardens, Coal Harbour

Bayshore Gardens, Coal Harbour, Vancouver West, BC, Maggie Chandler Realtor

1616 Bayshore Drive #1804.  Sharply priced to sell! $1,078,000. 1257 sq.ft. s.w. corner

Welcome to Coal Harbour and Bayshore Gardens. Steps to the waterfront. Enjoy the magnificent ocean, mountain and Stanley Park views from this luxury S.W. corner 2 bedroom, featuring a large view patio. The kitchen has granite island and countertops, Bosch gas cooktop, oven, dishwasher, Sub-Zero fridge and Sub-Zero wine fridge. Master bedroom ensuite features a double-sink vanity with pullout drawers, marble countertop, dressing mirror and faucets by Kholer. Enjoy 24 hr concierge, 2 parking & locker. Pets & rentals welcome. BONUS – furnishings included.

Amenities:  Central air, bike room, exercise centre

Pet & rental friendly.

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when you’re ready to buy or sell Coal Harbour real estate, call Maggie, an experienced realtor marketing homes since 1981

by Maggie Chandler Maggie Chandler No Comments

Kitsfest!

Featuring the First Annual Kitsfest! August 14-16. Voted one of the sexiest beaches in the world by Forbes

Originally a First Nations Beach, Kitsilano was named after Chief Khahsalino and was know as Greer’s Beach in the late 1800s – after Sam Greer, an Irish settler who claimed the real estate which actually belonged to the Railway.  Greer Avenue on Kits Point is named after him. His daughter married the first Notary public in BC and they built Killarney Manon on Point Grey Road, which as developed into the condo building after she died.

Drop by and join in the basketball and tennis tournaments, enjoy ’70s Motown music,  a bistro serving up delicious and healthy food.

View their website

when you’re ready to buy or sell your kits property, contact Maggie, an experienced realtor marketing kits homes since 1981

keep up to date with the market, subscribe via RSS or email

 Walk or ride to kts beach and join in the fun!

by Maggie Chandler Maggie Chandler No Comments

BC Housing Market Balanced

 

Vancouver, BC – August 14, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 53 per cent to 10,051 units in July 2009 compared to the same month last year. After six consecutive months of rising home sales and declining inventories, the province moved into balanced conditions in July, the first time since April 2008. 

“Record home sales in Metro Vancouver and Victoria propelled the province into balanced conditions last month,” said Cameron Muir, BCREA Chief Economist. “While conditions in many interior markets are getting much better, their reliance on the struggling resource sector and a recent spate of forest fires have contributed to a more gradual pace of improvement.”

Year-to-date, MLS® residential sales dollar volume declined 10 per cent to $21 billion over the same period last year. A total of 46,380 units were sold in the first seven months of 2009, down 6 per cent from 2008, while the average MLS® price declined 4 per cent to $451,758.

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Graphs for July 2009

Above are the Vancouver real estate graphs for July for houses, townhouses and condos on Vancouver’s west side. The houses performed slightly different to the townhouses and condos.

Condo listings continue to decrease and are now less than 1500 from nearly 2500 a year ago. The monthly new listings are down slightly.  Sales have increased every month since January and are the highest for the past 12 months.  For the year, the busiest price range is $300,000 to $400,000 . Year to Date over $1 Million saw 104 sales  in Vancouver West Side (up from 30 for the first quarter). Total of 2270 sales for the year. 

Townhouse listings are lower than one year ago. The new listings for the month are up slightly but lower than a year ago. The sales for the month of June are the highest they have been for the last 12 months. Busiest price range is $500,000 to $650,000. 51 Sales over $1M. Total of 433 sales for the year.

House listings peaked in September and are 40% less than a year ago. . New listings for the month are up slightly but less than a year ago.  Sales are at the highest level for the  last 12 months and decreased slightly in June. There were 691 (up from 195 in March) sales over $1 million for the year and a total of 916 for the year. Prices levelling?

 In all 3 categories the market bottom in Dec/Jan and prices started moving up in March. Sales have been rising all year and listings declining.

when you’re ready to buy or sell your Vancouver  condo, contact Maggie, an experienced realtor marketing Vancouver homes since 1981.  Please fill out my contact form

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Kitsilano, July 2009

Kits condo market inventory continues to drop to the lowest level since we started this analysis 18 months ago.  Vancouver real estate market analysis for Kitsilano condos saw July sales up and higher than any of the last 18 months.   Listings dropped to a low of 78, half of what they wee a year ago. Average price for solds increased from $421,000 to $460,866 and for the last 2 months is higher than it was a year ago.   Average Days on the market for sold condos increased from 26 to 35,  List price to sale price ratio steady at 100%. Half the sales sold at or above list.  Average $ psf for sold condos up to $572. July saw an increase to 25% of the sales over $500,000.  Kits condo supply down from 9 months in January to a low of only 1.5 months. The one bedroom market is very tight with only 39 listings and sales in July.  There was an increase in listings that didn’t sell or were cancelled – tonal of 10.  Where does it go from here? Unless there is an increase in inventory prices will continue to climb.

Listings- 78. 8 listed under $300,000.  17 listed between $300,000 and $400,000. 25 listings between $400,000 and $500,000. 14 listings between $500,000 and $600,000 and 11 listed between  $600,000 & $800K. 3 listings between $800k and $900k.  Currently there is 2 studios listed, 39 are one bedrooms and 37 are 2 bedrooms. Read more

by Maggie Chandler Maggie Chandler No Comments

4 Things You Should Know About Condo Building Envelopes

Douville & Co are home inspectors who give a very useful Condo Manual to their clients when hired to do a condo building inspection.

The manual explains building envelopes and explains Wall systems which are classified as rainscreen, concealed barrier, face seal or mass wall.

The building envelope, also called the building enclosure or environmental separator, is the entire assembly of the exterior skin of a building, including cladding, sheathing papers, windows, doors, joint sealants, roofs, balconies and decks.

A building envelope consultant is a specialist (usually an engineer) who evaluates building assemblies. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Graphs for July 2009

The average price of houses, townhouses  dipped slightly in July, compared to June. Condo prices continued to climb. Prices have been rising since March. The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present.  The Vancouver market peaked in 1981, 1990, 1995 and 2008. Vancouver condos didn’t appreciate much between 1990 and 2002 but they did between 2002 and 2008 and prices are back to where they were in mid to late 2006.  Both Listings and sales decreased in July. Normal summer market. Read more

by Maggie Chandler Maggie Chandler No Comments

Greater Vancouver Real Estate Sales Strongest July Ever

Just released from REBGV

The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.

Bright spots in Greater Vancouver in July 2009 compared to July 2008:

DETACHED:    Burnaby up 121.7 per cent (153 units sold from 69)   North Vancouver up 53.3 per cent (115 units sold from 75)   Maple Ridge/Pitt Meadows up 60 per cent (160 units sold from 100)   Richmond up 140.2 per cent (221 units sold from 92)   Vancouver East up 66.4 per cent (208 units sold from 125)   Port Coquitlam up 236.4 per cent (74 units sold from 22)   Vancouver West up 104.5 per cent (180 units sold from 88)   South Delta up 203.1 per cent (97 units sold from 32)   West Vancouver up 108.1 per cent (77 units sold from 37)   Sunshine Coast up 60.5 per cent (69 units sold from 43)   ATTACHED:    Burnaby up 123.3 per cent (134 units sold from 60)   Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)   North Vancouver up 70 per cent (51 units sold from 30)   Vancouver West up 110 per cent (105 units sold from 50)   Richmond up 152.1 per cent (179 units sold from 71)   Vancouver East up 195.8 per cent (71 units sold from 24)   Port Coquitlam up 117.6 per cent (37 units sold from 17)   Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)   Coquitlam up 88.2 per cent (64 units sold from 34)    APARTMENTS:    Burnaby up 72.8 per cent (235 units sold from 136)   North Vancouver up 47.9 per cent (105 units sold from 71)   Richmond up 85.5 per cent (230 units sold from 124)   Vancouver East up 64.2 per cent (179 units sold from 109)   Vancouver West up 94 per cent (584 units sold from 301)   New Westminster up 70.6 per cent (116 units sold from 68)   Coquitlam up 62.3 per cent (86 units sold from 53)   Port Moody/Belcarra up 138.1 per cent (50 units sold from 21)  

 

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board’s area generating $1.03 billion in spin-offs.

When you’re ready to buy or sell  Vancouver real estate, contact Maggie, an experienced agent marketing Vancouver real estate since 1981. Keep up to date with Vancouver’s changing real estate market, subscribe via RSS or email.

by Maggie Chandler Maggie Chandler No Comments

What You Should Know About Vancouver Short-term Rental Bylaws

From REBGV

With the 2010 Winter Olympics on the horizon, property owners may be wondering whether they can legally rent their property by the night, week or for a month.

If you are planning to rent your home for less than 28 days, you must first check with the local municipality. Renting space in your home may require a local business licence. If the municipality permits short term rentals, then property owners must comply with local zoning and business licensing requirements, strata bylaws and insurance requirements.

Property owners must also understand the tax implications set by Canada Revenue Agency, the financial risks and liability, the insurance coverage required and the necessity of using established property management companies.

In addition, renting a property short-term must also comply with the GST, Health Act and Regulations, Hotel Keepers Act/Hotel Guest Registration Act, Hotel Room Tax Act, Income Tax Act, Provincial Sales Tax Act, Strata Property Act, Residential Tenancy Act

For 2010 Olympics, City of Vancouver is relaxing the Zoning and Development Bylaw to allow temporary rentals for less than 30 days between Jan lst and March 31st and introducing a temporary licensing program to support this bylaw, allowing B&B owners to rent one additional room during the 3 month period.

For more info visit the City’s website

Otherwise, go for it!

did you know you can search for listings on this site? When you’re ready to buy or sell Vancouver real estate   contact Maggie Chandler, an experienced realtor marketing Vancouver real estate since 1981this site is updated regularly, subscribe for FREE via RSS or email. the above information is deemed to be accurate but should not be relied upon

  

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