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Month: December 2009

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for West End

Vancouver real estate in the West End saw October listings and sales down in November,  resulting in less than 3 months of inventory.  The days on the market for condos that sold dropped from 47 to 30.   The average selling price dropped to $568,000 but is higher than any November in the last 5 years.   The sales under $500,000 dropped from 75% to 51% and the $700,000 to $1M price range increased by 50%. The list price to sale price ratio is 99% . In February the market under $300,000 was selling the best -currently less than 10% of the sales.   Read more

by Maggie Chandler Maggie Chandler No Comments

The 2010 Economic Impact on Vancouver

From The Vancouver Sun – Dec 9/09

Central One credit Union predicts Vancouver’s economy will grow by 3.9% in 2010, after shrinking 2.1% this year, and that the 2010 Olympics will pump $800M into the economy.

“Spending at the Games will account for about 20% of Vancouver’s growth in 2010. 85% of Olympic spending will be in Metro Vancouver and 15% on Sea to Sky corridor” said Economist David Hobden.

The poplulation will continue to grow almost unabated, due to net International In-migration. It grew by 1.7% this year.

The report suggest Vancouver’s unemployment rate will fall from its current  7.2% to 6.5% in 2010 and the region’s economy will grow by 3.4% in 2011.

After plunging in 2008, consumer confidence swings positive in late 2009. Read about it here

Read the report from Central 1 Credit Union

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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 down from  125 to 111.  Sales up from 33 to 36.  Days on the market down from 53 to 42.  The average selling price down from $980,000  to $787,000 as more sales at the bottom end. The average supply of condos in this waterfront hood is now under 3 months, the lowest for the year.   This neighbourhood now selling best under $700,000.  Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Downtown

Vancouver’s Downtown condo market saw listings and sales drop in  November, with  the market under $500,000 selling the best.  The average selling price dropped to $459,000 reflecting more sales at the bottom of the market. Condos that  “expired” and didn’t sell increased to 44, from 33 in October and 78 in Jan.  Average days on the market for condos that sold down to 28.  The supply is down to 3 months vs.23 months last November.  List price to sales price ratio flat at 98%.  Vancouver’s downtown market remains strong. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Graphs

The November graphs for Greater Vancouver real estate show the average price of Greater Vancouver homes, townhomes and condos are back to the top, having regained what they lost last year. 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, 1989,1993 and 2008. Vancouver real estate didn’t appreciate much between 1994 and 2002 but they did between 2002 and 2008 and are now testing the highs of 2008. Read more

by Maggie Chandler Maggie Chandler No Comments

What You Should Know about Vancouver Property Taxes

If you own Vancouver real estate, the first half of your property taxes are due at the end of January every year.

You can appeal your assessment but not your taxes. Your assessment will arrive the first week of January and you have til month end to appeal. BC Assessment assesses properties as of the previous July 1st. The market may have changed and may not correlate with the assessed value. When purchasing a property you are liable for all outstanding taxes.  Your Homeowners Grant can be claimed on an annual basis, not accumulated. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Olympic Village

Less than 60 days to go! Vancouver’s 2010 Winter Olympics commence on February 12, 2010.The Olympic Village is Vancouver’s last waterfront community.  Vancouver real estate statistics for False Creek South (Olympic Village) saw listings down and sales up for November, average $psf up to $611, all sales under $535,000.

In her report to council in October, city manager Penny Ballem confirmed that 420 units of the 1,100 total units on the site (including affordable housing) have been “inspected, approved and locked down by VANOC”.  MilleniumWater will be pre-selling the remainder in May

We can only track the activity for this neighbourhood through MLS, not the Developers who are pre-selling, but that will eventually change as they all become resales and then we can get a better feel for the neighbourhood. Most expensive listing $1,749,000 for 1359 sq.ft.  penthouse (air conditioned) in Foundry. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Coal Harbour

Vancouver real estate analysis for Coal Harbour in November saw sales and listings decrease, compared to October.  Listings are at the lowest for the last 24 months.  Days on market down to 61 and the lowest for the year.  Coal Harbour inventory dropped to 4 months and also the lowest for the year. Both the average sale price and average $psf continue to climb.  List price to sale price ratio stable at 96%. No more than 5 months of inventory in any price range, including over $2M. However, as Fairmont Estates close in January we expect to see a number of flippers. New condos on Coal Harbour’s waterfront now listed over $2000 psf, resales now at $1600 psf.  Fairmont and Three Harbour Green are the last remaining new waterfront buildings. At some point the inventory must increase as more sellers revisit the market.

Listings -111.  23 listed under  $500,000.  36 listed between $500,000 and $1M. 24 listed between $1M and $2M and 27 listed over $2M, including 5 over $5M (down from 9 last month, one sold and 4 expired) expect to see this number rise as Fairmont completes and the flippers hit the market. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Kitsilano

Listings and sales down.  Kits condo supply at a record low for the year.  Vancouver real estate market analysis for Kitsilano condos for November saw the average sale price dipped to $428,000 as more lower condos sold.  Average $psf for solds $566.  Average Days on the market for sold condos up to 26.  List price to sale price ratio  99%, indicating a seller’s market.   October saw 80% of the sales under $500,000.  5 listings didn’t sell or were cancelled, same as October and up from 2 in Sept and 6 in August.  Overall a good year, market still in need of listings.

Listings- 65 . 3 listed under $300,000.  9 listed between $300,000 and $400,000,  25 listings between $400,000 and $500,000. 11 listings between $500,000 and $600,000 and 16 listed between  $600,000 & $1M and 1 listed over $1M. Currently there are 2 studios listed, 30 are one bedrooms and 36 are 2 bedrooms.

2008 Listings –Dec  117 , Nov 171,  Oct  187, Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130 Read more

by Maggie Chandler Maggie Chandler No Comments

Culinaria Festive Buffet, Vancouver

The International Culinary School at The Art Institute of Vancouver is having a Festive Buffet from december 1-18, weekdays.

Held at the Cannacord Tower, Granville and Dunsmuir. Drop by for lunch or meet family and friends. Reservations are recommended . Senior students will be showcasing their talents.

Thomas Haas Chocolates has just opened at 2539 W. Broadway.  Fine European chocolates and patisserie. Addictive!

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call maggie when you’re ready to buy or sell vancouver real estate

by Maggie Chandler Maggie Chandler No Comments

Carol Ships Parade of Lights

The annual Carol Ships Parade of Lights takes place every evening from December 4th th to December 23rd. The decorated boats join up and form a flotilla and cruise to different areas of the city and harbour. The majority of boats offer dinner on board with carol singing and festivities. Departs from various locations.

The tradition started 49 years ago with just one boat decorated in Coal Harbour. There can be as many as 50 decorated boats enjoyed by over 200,000 people

For a schedule to view the Carol Ships. A Vancouver favourite!

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by Maggie Chandler Maggie Chandler No Comments

Greater Vancouver Property Prices Rise 12.4% from November 2008

Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms.Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before.” Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Pre-Sale Lineups are Back!

If memory serves me right, it’s been early 2007 since we’ve seen lineups for Vancouver condo pre-sales but that changed on Saturday as the investors lined up (in the rain) to take advantage of the low prices at The Mark, on Seymour and Pacific.

Onni’s new building will be 41 storeys and prices started at $325,000. Given that completion will be 2013, it’s a no brainer that investors can only win as this is one of the final sites available in Yaletown and we assume prices will be higher in 2013 than they are now. Read more

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