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Month: October 2009

by Maggie Chandler Maggie Chandler No Comments

Canada Real Estate Roundup

Slowly all of the major Canadian cities are showing real estate prices are higher than a year ago.

The average Canadian real estate price in September saw the Western cities of  Vancouver, Victoria, Calgary, Regina and Winnipeg higher than a year ago. So were Toronto, Ottawa, Montreal, Newfoundland and PEI.  But prices were lower in Edmonton, Saskatoon and Halifax.  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.  View the September summary.

View interest rate trends. View consumer confidence trends and employment trends.

 View my Canadian real estate blogs 

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by Maggie Chandler Maggie Chandler No Comments

Featuring 1790 and 1710 Bayshore Drive, Coal Harbour, Vancouver

Bayshore Gardens consists of 7 condo buildings, of which 1790 and 1710 were the first to be built in 1997 and 1998. They are on the south west side of Bayshore Drive, Vancouver, BC

Built: 1996-97

Levels – 22

Floorplan – All 66 suites are corner condos. 1790 has 5 suites per floor, 19 storeys and is Tower 1 of the Bayshore Buildings. It is on the s.w. corner of Bayshore Drive. The ’01’ faces north and is 1070 sf. The ’02’ faces n.e. 1080sf. The ’03’ is s.e. 880sf. The ‘o4’ is s.w. 1280sf and the ‘o5’ is due west 1260 sf with unobstructed views toward Stanley Park. After the 10th floor there are 4 suites per floor and the 15th and 16th floors have 2 suites per floor 2800 sq.ft. and the Penthouses are 2500-4300 sf. Read more

by Maggie Chandler Maggie Chandler No Comments

Just Listed! 36th Floor 2 bedroom at The Melville, Coal Harbour, Vancouver

Condo for sale, the Melville, Coal Harbour, Vancouver, BC, Maggie Chandler RealtorWelcome home to The Melville, steps to Coal Harbour’s waterfront. This 36th floor 2 bedrooms & conservatory, 2 1/2 baths, insuite storage plus 2 parking & locker. South, East & West views of English Bay, Stanley Park & the city. Corner suite with floor to ceiling windows, hardwood floors & lovely open floor plan. Chef’s kitchen with S/S appliances, gas stove & granite countertops. Master bath with porcelain floor tiles, deep soaker tub, granite vanity countertop & frameless glass shower. Features walk-in closet & electric fireplace. Rooftop pool & sky spa. Concierge. ALL FURNISHINGS INCLUDED! Priced to sell! $1,048,000

Amenities: Exercise Centre, Garden, Rooftop Pool, Sauna/Steam room, Swirlpool/Hot tub. Pets and rentals welcomed. Features Air conditioning, Washer/dryer, Fridge, Stove/DW, Disposal, Drapes, Window coverings, Microwave 2  parking, locker
Electric heat, fireplace

Open Friday 23rd October 10-12 and Sat 24th  2-4.

contact Maggie for a viewing 

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by Maggie Chandler Maggie Chandler No Comments

Bullish Forecast for Vancouver Real Estate Market in 2010

Central Credit Union, Chief Economist , Helmut Pastrick, projects a 30% increase in sales for BC real estate in 2010, setting new records for both sales and prices,  and then falling back slightly in 2011.

“The annual medium sales price will climb to $391,000 next year and $415,000 in 2011. Pastrick also sees housing starts rebounding almost 50% in 2010. The sales upturn will be stronger in Metropolitian areas, with a 45% increase in Vancouver.  The record housing sales will be due to “favourable mortgage rates, a growing economy and easier credit for builders and developers.”

Pastrick also sees mortgage rates starting to turn up in 2010 and “with conviction” in 2011, with the 5 year term breaking through 7% (posted rate, not discount rate).  See the graphs and read the report here. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for West End

 Vancouver real estate in the West End saw September listings steady at 171 (equal to feb’08) and sales at 65 (less than the peak of 88 in June) resulting in 2.6 months of inventory, second lowest month for the year after July.  The days on the market for condos that sold increased from 29 to 39.  The average selling price jumped to nearly $700,000, distorted by a Shangri-la sale over $5M, which also distorted the sale price psf.   75% of the sales were under $500,000 and 14% were over $1M, up from 6.5% the month before. The list price to sale price ratio flat at 98% and the highest for the year, indicting little flexibility on the price from sellers. In February the market under $300,000 was selling the best -currently 20% of the solds. Overall a healthy market with more sales at the high end.

Listings – 171.  13 listed under $300,000 (including 2 under $200,000). 45 listed between $300,000 and $400,000. 33 listed between $400,000 and $500,000.  45 listed between $500,000 and $1M.  26 listed between $1M & $2M. 9 listed over $2M Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for False Creek North

Vancouver real estate analysis for False Creek North saw listings flat at 127. Sales up from 34 in August to 41 in September. Days on the market steady at 42 and equal to a year ago.  The average selling price up to $714,000 and equal to a year ago. Average $ psf down slightly to $705, due to fewer sales over $1M, but higher than a year ago. The average supply of condos in this waterfront hood is down to 3 months. The sales over $1 million dropped by 50% from August.  This neighbourhood now selling well under $1,000,000 and oversupplied between $1M and $2M which has a 12 month supply and no market over $2M.  False Creek North is one of the few vancouver neighbourhoods that saw sales increase in September. A well balanced market except for condos over $2M.

Listings –  127 only 3 listing under $400,000.  15  listed between $400,000 & $500,000. 20  listed between $500,000 and $700,000. 38 listed between $700,000 and $1 million. 38 listed between  $1 & $2 million and 13 listed over $2 million. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Downtown

Vancouver’s Downtown condo market saw listings up and sales down in  September and a move up market with the middle range selling better than the bottom end.  The average selling price and average $psf jumped due to more sales over $1M.  Monthly sales were higher than a year ago, but lower than any of the 3 summer months.  Condos that  “expired” and didn’t sell increased from  42 to 53 (vs. 78 in Jan) and one third got relisted (this figure is on the rise) indicating that the sellers that didn’t relist will revisit the market at a future date (after 2010?), so expect a future increase in inventory.   Average days on the market for condos that sold increased.  70% of the sales were under $500,000 (down from 80% in August) and sales increased in both the $500,000-700,000 price range and over $1M.  The supply is up to 3.5 months and equal to Mar/Apr level (vs.16 months last October). The only price range to see listings decrease was $500-700,000.  List price to sales price ratio dropped from 99% to 98%.  Better opportunities for buyers and sellers now need to be priced sharp if they wish to make a sale. Read more

by Maggie Chandler Maggie Chandler No Comments

BC Housing Market Gains Momentum

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 68 per cent to 8,576 units in September compared to the same month last year. The average MLS® residential sales price in the province climbed 15 per cent to $474,169 from $412,149 in September 2008. 

“Upward momentum in consumer demand continued unabated in September,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates and renewed confidence in real estate assets has propelled BC home sales to a level not seen in two years.” September posted the highest number of BC MLS® residential sales for that month since September 2005, and the third highest ever recorded for the month of September.

“While Victoria and the Lower mainland are exhibiting strong sellers’ market conditions with rising prices, housing markets in the rest of the province are experiencing a more gradual recovery,” added Muir.

Year-to-date, MLS® residential sales dollar volume increased 6 per cent to $29 billion over the same period last year. A total of 63,521 units were sold in the first nine months of 2009, up 6 per cent from 2008, while the average MLS® price declined 1 per cent to $457,389.

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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 and sales up. Polygon sold a number of units at Foundry, averaging $700psf.

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.

Listings – Feb 19,  Mar 18, Apr 16, May 26, Jun 28, Jul 18, Aug 26, Sept 36

Sales – Feb 0,  Mar 3, Apr 5, May 3, Jun 4, Jul 10, Aug 2, Sept 9 Read more

by Maggie Chandler Maggie Chandler No Comments

Hong Kong Developer Sets World Price Record for Condo

Global Edge reports that a Hong Kong property developer has sold an apartment for a world record price of HK$71,280 (US$9,200) per square foot less than three months after the territory emerged from recession.  Henderson Land sold the property on Hong island for HK$439m (US$56.6m) to a buyer from the Chinese mainland.

The biggest factor behind the record breaking price is limited land supply. The government owns all the land in Hong Kong according to the FT, and releases plots for auction from a pre-approved “application list” only after a developer’s offer triggers a closely guarded reserve price. “If you want to maximise the value of land you don’t sell any – or at least very little,” says one local property executive.The Hong Kong government strenuously denies it enforces a “high land-price policy” and the territory’s chief executive Donald Tsang has hinted he will take steps to prevent another property price bubble. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Average Price Graph

The average price of Greater Vancouver houses dropped slightly in September, compared to August. Townhome and Condo prices were up 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. The above graph shows prices have recovered remarkably well and are not much below the peak of 2008.  Listings and sales for Greater Vancouver increased in September compared to August. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Graphs

Above are the September Vancouver (west side) real estate graphs  for houses, townhouses and condos.

Median and average sold price for houses was down in September, compared to August and equal to a year ago. Townhomes and condos were up in September,compared to August and a tad higher than a year ago. Read more

by Maggie Chandler Maggie Chandler No Comments

Crunching the Numbers for Vancouver’s Downtown Condos

My mortgage broker, Alma Pasic, ([email protected]) forwarded this info yesterday. An interesting number crunch on the status of Vancouver’s downtown market, including coal harbour, false creek north and downtown.

The darling of the Lower Mainland market sits today with 3.46 months supply of overall inventory.  Now consider this, with 1,237 sold units in the last 9 months under $500,000, and average of 137 sales per month; with 288 units currently available there is just 2 months inventory supply under $500,000.  With less than two dozen MLS listings coming to market after closing over 300 units…Woodwards did not flood the market with supply as was widely feared.  Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Kitsilano September 2009

Kits condo supply up from 1.5 last month to 2 months.  Vancouver real estate market analysis for Kitsilano condos saw September listings increase, for the first time since April.  Sales for September dropped to an April/May level, but higher than a year ago. More sales at the high end, which pushed up the  average price to  $493,000 and is equal to the peak of May last year and pushed up average $ pr sq ft to $607.  Average Days on the market for sold condos dropped to a low of 14, the lowest for the last 21 months, indicating desirable condos that are priced right sell fast.  List price to sale price ratio dropped from 100% to 99%, indicating June-August was the least flexible on list price.  Only one third of the sales sold above list, a substantial drop from August.  Sept saw 60% of the sales under $500,000.  Only 2 listings didn’t sell or were cancelled, down from 6 in August. The stats indicate a healthy but more balanced market. 

Listings- 81 . 3 listed under $300,000.  27 listed between $300,000 and $400,000 (up from 13 last month),  26 listings between $400,000 and $500,000. 11 listings between $500,000 and $600,000 and 12 listed between  $600,000 & $1M and 1 listed over $1M. Currently there is 1 studio listed, 49 are one bedrooms and 30 are 2 bedrooms and 1x 3 bedrooms. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Coal Harbour, September 2009

Vancouver real estate analysis for Coal Harbour in September saw sales and listings decrease, compared to August.   Days on market dropped to 62, slightly higher than a year ago.  Coal Harbour inventory increased to 5 months, equal to April, as sales decreased but there were more luxury sales over $2 million, pushing up the average sale price to $1,129,000 and average $ pr sq ft up to $868.  List price to sale price ratio dropped slightly to 96%. The market between $500,000 and $1,000,000 selling the best. If sales remain at this level the market will tilt in the buyer’s favour, as listings increase.

Listings -124.  20 listed under  $500,000.  48 listed between $500,000 and $1M. 30 listed between $1M and $2M and 26 listed over $2M, including 4 over $5M.

45% are listed over $1M, same stats as January.

Least expensive $285,000 for a studio 420 sqft .  Least expensive 2 bedroom $475,000. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Luxury Condo Sales Increase in Q3

Last week I did an analysis of Vancouver’s luxury condo sales and remarked that Q2 was considerably better than Q1 for number of solds, but the average sale price remained the same.

Q3 sales are better than Q2. A total of 26 (vs 20).  Days on market 97 (vs. 105 in Q2).  List price to sales price ratio 91% (vs. 90% in Q2) indicating buyers receiving an average of 9% off list price.  Average sale price was $1,250 pr sq ft.(equal to Q2). The least expensive was $822 pr sq ft and the most expensive was over $1600 pr sq ft Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Statistics for August 2009

Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.

Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.when it’s time to buy or sell vancouver real estate, contact Maggie

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