Vancouver’s luxury condo market has been slow to get going this year. Since April the sales have increased but the average $ pr sq ft remains the same, it takes longer to sell these luxury condos than it did at the beginning of the year and the list price to sale price ratio has not improved, however, there are more sales over $3 million.
The first quarter of 2009 saw only 7 condo sales above $2M and only 2 sold over $3 million. Average days on the market was 66. List price to sale price ratio was 88% and the average sale price pr sq ft was $1,239.
The second quarter saw 20 sales, with only 3 selling over $3M and the most expensive was $5M on the Coal Harbour waterfront. Average days on market was 105. List price to sale price ratio was 89% and the average sale price pr sq ft was $1,111. Read more
Vancouver’s Shangri-la Hotel/Condo building is located at 1128 West Georgia and at 61 storeys is the tallest building in Vancouver and the 11th tallest in Canada. It opened in November 2008.
The luxury boutique hotel only occupies the first 15 floors and is, of course, an international brand name. 16th to 45th floors are 227 live/work condos with a lobby at 1111 Alberni. To date there have been 29 sales and currently there are 9 listings. 670 sq.ft. l bedroom listed at $600,000 and 1000 sq ft 2 bedroom listed at $1,230,000. The 2 bedrooms range from 1000 to 1600 sq ft. The re-sales are selling for 40-50% more than the pre-sale price in 2004. Average sale price is $850 pr sq ft. Read more
The average Canadian real estate price in August saw the big cities of Vancouver, Victoria, Calgary, Edmonton lower than a year ago. But Saskatoon, Winnipeg, Toronto, Ottawa, Montreal prices are higher than a year ago, 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. Read the August summary. Read more
Vancouver’s Downtown condo market has seen listings stabilize since April, sales stabilize since June and the average selling price unchanged since June. Monthly Sales remain the highest since Jan’08. Condos that “expired” and didn’t sell increased from 33 to 42 (vs. 78 in Jan) and only 7 got re-listed. Average days on the market for condos that sold dropped to 25 and are the lowest since Jan’08. The average sale price for Downtown condos is $439,000 and higher than a year ago. The average $ pr sq ft for condos that sold is up to $611 and is the highest for this year. A whopping 80% of the sales were under $500,000 and only 2 over $1M. The supply is flat for the last 3 months at 2.3 months (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 is the highest for the year at 99%. The market will remain steady until we see an increase in listings
Listings -436. Least expensive $168,000 for 1 bd 558 sq.ft.. Most expensive –$6.6M for 3500 sqft in Residences on Georgia Sub-Penthouse. Read more
Every Fall I attend Ozzie Jurock’s “Real Estate Outlook” . On Saturday it was held at our new Convention Centre, which is truly a beautiful and very impressive building on the waterfront in Coal Harbour.
This is a quick summary of what I heard from Ozzie and Cameron McNeill of MAC Marketing Solutions The outlook for Vancouver real estate is cautiously optimistic, not full steam ahead yet, but bullish in the longer run. It’s a good time to be buying the right deal now.
“Real estate values grow where jobs and people go” said Ozzie and Vancouver had 17,000 net migration in the first quarter. Our population will double in the next 15-25 years, the largest growing city in Canada. The City is clean, safe , culturally diverse, has a limited land supply and is geographically astounding. It is now the second most dense city in North America – after Manhattan. We have surpassed San Francisco.
Cameron said the International buyers he deals with tell him that “Vancouver is the Swiss Bank account of International Real Estate”. Whose found Vancouver real estate? Asia Pacific, India, Iran, Russia and Mexico! The Hong Kong wave of the late ’80s was the first set of international buyers. We have since seen great wealth from Korea and Iran and currently China.
The activity leading up to and after the 2010 Olympics will be mostly local. The Olympics will at least double the number of people in the world that have heard of Vancouver and this will result in the growth going forward.
The next 10 years will be more exciting than the last ten as we see escalating demand. Five to seven years out you’ll be glad you bought today. Vancouver real estate is expected to benefit more from the Olympics than Whistler or recreational property.
What’s your opinion about the Olympics and its impact on our real estate?
The above photo is taken from my listing at Shangri-la, on the n.e. corner of the 53rd floor, 4500 sq.ft., listed at $5,890,000. Contact me for a showing.
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Vancouver real estate in the West End saw August listings increase slightly to 169, having reached a record high of 281 last November. The days on the market for condos that sold dropped from 43 to 29, the lowest for the year. The average selling price up to $497,000. 71% of the sales were under $500,000 and 6.5% were over $1M, up from 3.5% last month. The list price to sale price ratio flat at 98% and the highest for the year, indicting little flexibility on the price from sellers. The West End inventory increased a tad to 2.7 months, down from 9.7 months in January. The average $ pr sq ft for those West End condos that sold increased to $578, which is the highest for the year. The market under $500,000 has the most demand but $500K $1M doing better with only 3 months inventory. In February it was the market under $300,000 that was selling the best. Over the summer both listings and sales have decreased. Usual summer lull or have we gone through the backlog of buyers who didn’t purchase last year?
Listings – 169. 20 listed under $300,000 (including 5 under $200,000). 48 listed between $300,000 and $400,000. 26 listed between $400,000 and $500,000. 36 listed between $500,000 and $1M. 24 listed between $1M & $2M. 10 listed between $2M
Least expensive –$189,00 for a leasehold studio
1616 Bayshore Drive #1804. Now $1,048,000. 1257 sq.ft. Welcome to Coal Harbour and Bayshore Gardens. This condo is the least expensive view 2 bedroom on the market.
Steps to the waterfront. Enjoy the magnificent ocean, mountain and Stanley Park views from this luxury 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.
Amenities: Central air, bike room, exercise centre and 24 hour concierge
contact Maggie for a viewing.
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Listings flat and sales in August were down from July. Vancouver real estate analysis for False Creek North saw listings down to 127. Sales dropped to 34 from the peak in May. Days on the market down to 42 and equal to a year ago. The average selling price up to $840,000 and the highest for the year. Average $ psf is up to $727 and also the highest for the year. The average supply of condos in this waterfront hood is 3.7 months, down from 17 in January. Six sales over $1 million. In March there were none over $1M. This neighbourhood now selling well under $700,000 and oversupplied over $1M which has a 9 month supply. See how bad things were in November. Read more
The Olympic Village is Vancouver’s last waterfront community. Vancouver real estate statistics for False Creek South (Olympic Village) saw listings increase 50% and sales decline substantially.
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. The increase in listings is due mainly to resales in Foundry at 1833 Crowe. Read more
Vancouver’s luxury waterfront neighbourhood of Coal harbour saw real estate sales and listings decrease in August, compared to July . Days on market up to 67, comparable to a year ago. Coal Harbour inventory dropped from 19 months in February to less than 4 months, the lowest for the year. The average sale price is $895,000 for condos that sold. List price to sale price ratio is 97% – up from 91% in January. Average $ pr sq ft for sold listings was $787 . The market under $1,000,000 selling the best. Read more
IT’S A TOWNHOUSE! Chic Mt Pleasant location, walk to Main Street. 1 bedroom & den. Attractive heritage style Vantage City Homes covered by 5/10 year Warranty. Featuring high end finishes – stainless steel appliances & granite countertops, limestone vanity, countertops, laminate floors & 9 ft ceilings. French doors opening to large patio. Includes secured parking, locker & bike room. Low strata fee. A RARE FIND, PRICED TO SELL! $379,000
Pets allowed, rentals allowed
Inclusions: drapes/window coverings, garage door opener, microwave, stove, refrigerator, dishwasher
Kits condo market inventory is at the lowest level since we started this analysis 18 months ago with only 1.5 months of inventory. Vancouver real estate market analysis for Kitsilano condos saw Aug sales down slightly and equal to July. Listings dropped to a low of 71. Average price for solds up again to $464,131 and is higher than any month since June last year. Average Days on the market for sold condos at a low of 18, equal to Feb 2008. List price to sale price ratio steady at 100%. A whopping 70% of the sales sold at or above list. Average $ psf for sold condos up to $586, the highest for the last year. August saw 25% of the sales over $500,000. All listings under $500,000 selling. Only 6 listings didn’t sell or were cancelled. As we move into Fall and experience an increase in demand there will be a further increase in prices, unless the inventory opens up.
Listings- 71 . 4 listed under $300,000. 13 listed between $300,000 and $400,000. 25 listings between $400,000 and $500,000. 13 listings between $500,000 and $600,000 and 15 listed between $600,000 & $1M and 1 listed over $1M. Currently there are no studios listed, 34 are one bedrooms and 35 are 2 bedrooms and 2 are 3 bedrooms.
2008 Listings –Dec 117 , Nov 171, Oct 187, Sept 184, Aug 166, Read more
Above are the Vancouver real estate graphs for August for houses, townhouses and condos on Vancouver’s west side.
Median house and condo price is up, townhouse price is down. Read more
The average price of Greater Vancouver houses increased in August, compared to July. Townhome and Condo prices dipped slightly. 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. Listings decreased in August and sales were up slightly, compared to July. Read more
Just released from REBGV
The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007. New listings for detached, attached and apartment properties increased 4.9 per cent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 per cent from August 2008.“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance. Read more