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Month: January 2010

by Maggie Chandler Maggie Chandler No Comments

Featuring Fairmont Rim Estates, Coal Harbour, Vancouver Waterfront

Fairmont Rim Estates at 1011 West Cordova Street, Vancouver, BC.,V6C OB8. One of 8 luxury waterfront condos on Coal Harbour’s exclusive quarter mile of waterfront.  

Built – 2010 and due to open end of February or early March

Architect – James Cheng

Developer – Westbank and Peterson Group. Developer’s website. They built Shangri-la, Shaw Tower and Woodwards Redevelopment

Landscape Architect – Phillips, Farawaag Smallenberg

Storeys – lower floors are 26 to 31 (01 to 09 suites varying from 727 sf to 2669sf) Upper floors are 32-45 (01 to 07 suites varying from 1300sf to 2669sf) Sub penthouses (6400sf) and two Penthouses (double height and roof garden) are 46th floor and are 6700sf.

Privileges  – 5 Star Hotel Privileges including 24 hour concierge, valet and limosine services,  Spa, Meeting & Conference Facilities, Ballrooms, State of the Art Business Centre, 18 seat multi-media movie centre, Private Cabanas with Firepits, Elegant Pool, Poolside Bar, Hot tub

Features – security and communication by Millson-Multi Media including I-Pod docking station, extreme speed internet service

Kitchens – Boffi of Italy, appliances by Miele and Sub-Zero,

Bathrooms –Kohler cast iron tub and watertile body sprays, Boffi designed built in wooden cabinets. Full length marble, tile or travetine stone walls and flooring

View other coal harbour condos and my coal harbour posts including monthly statistics

View my coal harbour website.

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when you’re ready to buy or sell in Coal Harbour, contact Maggie, an experienced realtor marketing vnacouver homes since 1981

by Maggie Chandler Maggie Chandler No Comments

UBC Study Reports the Effects of the Olympics on Real Estate Prices

Cities that win Olympic bids experience neither boom nor bust in their real estate prices, but gain construction jobs as they prepare for the Games.

We do not find support for the argument of host city backers that the Olympics delivers positive economic benefits, nor of the arguments made by opponents that there is some post-Olympic bust,” says Tsur Somerville, lead author and Sauder’s Real Estate Foundation of B.C. Professor in Real Estate Finance. Read more

by Maggie Chandler Maggie Chandler No Comments

British Columbia’s Housing Starts Expected to Rise 50%

Central Credit Union says BC’s housing rebound is the “strongest and sharpest” on record and credits “record low mortgage rates” for the increase

Lower Mainland sales increased 72% over the past year. “some slowing of the rebound is likely over the short term” says CCU in its latest economic outlook but it believes that higher prices and higher mortgage rates will be seen over the next 4-5 years.

Housing starts are forecast to increase 50% this yearand climb to more than 30,000 units within 2 years. Up from 18,800 units in 2009. However, the unemployment rate will stay around 8% in 2010.

“Considerable momentum is expected to continue through the first quarter of 2010 before Read more

by Maggie Chandler Maggie Chandler No Comments

BCREA – BC Real Estate Recovery Limited by Economy, Affordability

BCREA Housing Forecast Update – First Quarter 2010 Vancouver, BC – January 29, 2010.
The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the first quarter of 2010 today. BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 6 per cent from 85,028 units in 2009 to 90,100 units this year, before declining 3 per cent to 87,500 units in 2011. Higher home prices and rising mortgage interest rates will provide a constraint on home sales next year. “BC MLS® residential sales sprinted from an annualized rate of 50,000 units during the first quarter to 112,000 units during the fourth quarter last year,” said Cameron Muir, BCREA Chief Economist. “That gold medal finish will give way to a silver medal performance in 2010.” Relatively slow economic growth, waning pent-up demand and rising carrying costs are expected to keep home sales from continuing at their frenetic pace. While home sales in Victoria, Vancouver and the Fraser Valley rebounded sharply last year and weighted heavily in the provincial total, the rest of the province is demonstrating more gradual improvement. The average annual MLS® residential price in BC is forecast to increase 5 per cent to $490,900 this year and then rise by 1 per cent to $494,800 in 2011. “Higher mortgage interest rates will limit price appreciation next year,” added Muir.    
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by Maggie Chandler Maggie Chandler No Comments

Canada Real Estate Roundup

The average Canadian real estate price in December 2009 saw the big cities of  Vancouver, Victoria, Calgary, Edmonton, Winnipeg, Toronto, Ottawa, Montreal all  higher than a year ago. As well, all Provincial average prices were higher than December 2008, except for Prince Edward Island. Fredricton was the only exception to the rule, being a tad less than a year ago.

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 latest summary.

Bank of Canada is committed to holding rates til last half of 2010. Read more

by Maggie Chandler Maggie Chandler No Comments

New Vancouver Condo Projects

Looking for a new condo to purchase? Here are a few suggestions for you

1) Lumen at Granville Island. Completed and ready to move in. Lowrise concrete building. Starting at $339,000. A limited selection (36) of studios, l bedrooms, l & dens and 2 bedrooms remain.  Grand Opening January 30th from 12 noon

2) Pinnacle Living on Broadway. (Kits) Presale. lowrise concrete building. Pre-register now available

3) Ginger @Main & E. Georgia (Chinatown) Ready to move in. Most condos are under $400,000 Read more

by Maggie Chandler Maggie Chandler 2 Comments

Canada Immigration and Tax

IMMIGRATION AND TAX  Most, but not all, immigrants to Canada become tax residents.  In this sense Canada is different from the USA where all immigrants (ie. “green card” holders) and all citizens are automatically tax residents even if they do not live or spend time in the USA.  In Canada some immigrants can legally avoid paying income taxes provided they have minimal ties with Canada or have stronger economic and social ties to some other country.  Of course such persons (if they are immigrants and not citizens) will have to consider how non-payment of tax might impact their ability to keep their immigration status. Canada’s Income Tax Act does not make reference to citizenship or immigration status.  It simply provides that Canadian tax “residents” are bound annually to pay tax on their world-wide income and to declare the existence of substantial foreign assets located outside Canada.  Read more

by Maggie Chandler Maggie Chandler No Comments

City of Vancouver Reviewing Downtown Building Heights

Currently on the table at City Hall are two staff reports pertaining to 1) the future of the city’s 27 view corridors and whether they should be retained. The second pertains to the Historic Area Height Review (Gastown, Victory square, Chinatown and Main/Hastings).

Brent Toderian, Chief City Planner, reports that in recent years many buildings have been permitted to intrude into the view corridor space, breaking the promise of Eco-Density and allowing developers to have exceptions. Read more

by Maggie Chandler Maggie Chandler 4 Comments

Vancouver Real Estate Analysis for Downtown

Vancouver’s Downtown condo market in December saw listings increase 8% over November  and equal to a year ago. Sales dropped 60% and were the lowest since February 2009. The largest increase in listings was under $500,000. The supply is the highest since Feb’09.  The market under $400,000 selling the best and no sales over $850,000. Average days on the market remained constant at 26, as did the average $psf at $623.   Condos that  “expired” and didn’t sell increased to 76, from 44 in Nov and 33 in October and 78 in Jan’09.  List price to sales price ratio dropped from 98% to 97%, the first time in 2009 that it dropped.  Vancouver’s downtown market becoming more balanced and less of a seller’s market.  The January sales are slower than December, perhaps the market won’t wake up til after the Olympics. What do you think?

Listings -543.  Least expensive $198000 for a small studio.  Most expensive –$6.6M for 3500 sqft in Residences on Georgia Sub-Penthouse. 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 bucked the trend and saw listings up from 111 to 133, the first month in 2009 that listings increased.   Sales down from 36 to 17.  Days on the market down from 42 to 34. The average selling price and $psf were both due to more sales at the bottom end. The average supply of condos in this waterfront n’hood more than doubled to 7.8 months.

Listings –  133  four listed under $400,000 and 13 listings between $400,000 & $500,000. 24 listed between $500,000 and $700,000. 41 listed between $700,000 and $1 million.  36 listed between  $1 & $2 million (up from 26 last month) and 15 listed over $2 million. 13 condos did not sell (up from 7 last month) and 6 were re-listed at the same or higher prices, indicating sellers are pushing the market prices. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Pacific Palisades Hotel converting to Residential

Anthem Properties Group who owns the 233 unit Pacific Palisades Hotel on Robson Street is converting the 44 year old property to residential use later this year.

The hotel will be closed at the end of April. The hotel was built as an apartment building and would require a large investment to make it competitive with other new hotels in the neighbourhood – the Shangri-la, the Loden and the Coast (just opening in Coal Harbour and closing the one on Comox Street).

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by Maggie Chandler Maggie Chandler No Comments

What’s Ahead for Metro Vancouver Real Estate

by James Schouw BIV, December 14, 2009.  James Schouw is the owner of James Schouw and Associates Inc. and is a former BIV Forty under 40 award winner

A year ago Vancouver was hit by the global economic and credit tsunamis and the 7 year real estate boom was declared dead. Sales were sluggish and may expected recovery to be slow and painful.

REBGV reports that sales year over year to October 2009 increased 171.6%, representing 171.6% of October 2008’s tally.

What happened and what’s next? Read more

by Maggie Chandler Maggie Chandler No Comments

Will the Rising Canadian $ Impact Vancouver Home Buyers?

I’ve been watching BNN (business news network) over the holidays and yesterday they had a program on the rising canadian dollar, now at par. They predict ti will go to $1.10 or $1.15 exchange rate to the US $ this year.

Do you think this will impact the demand fromoffshore buyers? Or will they still invest in vancouver homes but buy less expensive properties? Will our rising currency create more demand for Vancouver real estate because we will be viewed as a strong and safe currency?

Are you an offshore buyer planning to invest in vancouver?  If so, how does the rising loonie impact you?

contact Maggie when you’re ready to buy vnacouver real estate – providing trustworthy real estate services for 30 years. search for listings on this site

by Maggie Chandler Maggie Chandler No Comments

City parking meter Rates set to Rise

From Glen Korstrom , BIV

Vancouver’s projected $61M budget shortfall will cost drivers more money every time they we plug the city meters.

Vancouver’s Mayor supports proposals in a report presented to council December 1st that include hiking the pricest downtown parking rate to $6 per hour from $5 per hour. That would place Vancouver among the highest priced cicties in North America for street parking. The report also suggests extending hours covered by parking meters to 10pm from the current 8pm, and be in effect from 9am.

The City generates $50 million from parking operations and that the proposed changes would bring in an additional $4.4M this year.

The hike would take effect April 2010. It was carried unanimously.

Tax and spend? Give themselves a pay rise and tax the citizens more!

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by Maggie Chandler Maggie Chandler No Comments

Condo King Bob Rennie’s Take on Vancouver Real Estate and 2010

This is a link from Homezilla. Some highlights –

Vancouver is going to face a shortfall of apartment units following its hosting of next month’s Winter Olympics Games, said the realtor known as the city’s “CondoKing,” responding to the local realty company Royal LePage’s recent forecast that property in western Canada’s largest city would rise 7.2 percent this year.

Bob Rennie, principle of Rennie Marketing Systems, Canada and USA, told Xinhua in an exclusive interview that Vancouver properties would conservatively rise 4 to 4.5 percent in 2010, which would present an ideal opportunity for investors.

The high-profile designer and marketer of condominium developments said with the city going through a difficult economic downturn in 2008, in Greater Vancouver alone the construction of between 4,000 to 6,000 apartments units had been put on hold. Read more

by Maggie Chandler Maggie Chandler No Comments

BC Property Tax Assessments

By now you will have received your property tax assessment. Your assessment determines the taxes you pay and if you feel the assessment is too high you can appeal it. The assessments are based on values as of July 1, 2009 and assessments were capped in 2008 due to the market correction (down). Assessments seem to be below current market values. Go to http://www.bcassessment.ca and check the sale price of similar houses in your neighbourhood. Assessed value and the number of bedrooms/bathrooms. This service is only available til March 14th.

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