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Month: February 2010

by Maggie Chandler Maggie Chandler No Comments

What Vancouver Real Estate Sells Best?

I often get questions from Buyers purchasing Vancouver real estate regarding the price range that sells the best.

So I thought I’d take a look at the February sales and see what price range was the best seller. MLS to date shows 177 condo sales and of those 55% sold under $500,000 (of those 12% sold under $300,000),  30% sold between $500,00 and $1M and 15% sold over $1M. Average $ psf $650.

75 sales were 1 bedrooms (or 43%).Average sale price $405,000 and average days on market was 25.  Sale price to list price ratio was 98%.  Average $psf $599. Only 7 of the 75 sales reduced their original list price and only one seller increased the original list price.

80 sales were 2 bedrooms (or 45%).Average sale price was $672,000 and average days on market was 33. Sale price to list price ration was 97%. Average $psf was $672. Ten sellers reduced their original list price and only 2 increased it. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Penthouse Real Estate Analysis

A search on MLS shows 112 listings over $500,000 identified as Penthouses – a special apartment on the top floor of a building.  Some condos are marketed as Penthouses if they are one of a few suites on the top floor. The New Year saw a 10 month supply of Vancouver Penthouses with the listings under $1M selling the best and only 2 sales over $2.5M.

2010 Listings – Jan 102

There are 7 one bedrooms, 68 two bedrooms, 22 three bedrooms from $799,000, 3 four bedrooms from $2.2M, one 5 bedroom Penthouse listed at $10.8M with 5700sf and one 6 bedroom Penthouse listed at $4.5M with 4300sf.

Ranging from 1 bedrooms at $500,000 to the most expensive at $12,980,000. Read more

by Maggie Chandler Maggie Chandler No Comments

Canada Real Estate Roundup

With the exception of PEI, all Canadian Provinces saw a higher average real estate price in January 2010 than they did in January 2009.

The average Canadian real estate price in January 2010 saw the cities of  Vancouver, Victoria, Calgary, Winnipeg, Toronto, Ottawa, Montreal all  higher than a year ago.  However, Edmonton, Saskatoon and Regina were lower. 

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. Read more

by Maggie Chandler Maggie Chandler No Comments

New Listing! West of Denman Condo @ 1010 Chilco Street

Fifteen years ago i received a phone call from an owner of a condo West of Denman inquiring about the value. Although I have talked to him many times on the phone and more recently by email, we had not met until last Fall and when he emailed me a couple of days ago to meet again I guessed he was ready to sell his condo.

It’s a bright and spacious 733sf l bedroom & den s.w. corner with insuite laundry and gas fireplace. Rentals permitted, 1 pet ok, and second one with permission.  Engineered walnut floors. Features 2 balconies, s/s appliances, tiled entrance and backsplash. Parking and locker. Nothing to do but come home to your new Stanley Park condo.  Original owner. Chilco park is a very well managed strata building. $438,000

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Drop by and visit! Feb 26th 10.30-12 or Feb 27th 2-4pm

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by Maggie Chandler Maggie Chandler No Comments

Vancouver’s #1 – Again!

No, we’re not talking the 2010 Winter Olympics, though the city is electric and the most exciting I’ve ever seen it! Awash in red and Oh Canada is being sung everywhere!

The Economist has again voted Vancouver the World’s Most Liveable City! Canada does exceptionally well in The Economist’s Intelligence Unit Ranking due to its perfect scores in health care and education and achieving 98 out of 100 points. On a sunny and balmy 12 degrees in February, the mountains and ocean are certainly breathtaking.

Vienna , Melbourne, Toronto, Calgary, Helsinki, Sydney, Perth, Adelaide and Auckland roundup the Top 10.

What do you think? Don’t live here and would like to? Live here and wish you didn’t? What’s your reason.

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contact Maggie when you’re ready to buy or sell vancouver real estate, an experienced realtor since 1981

by Maggie Chandler Maggie Chandler No Comments

West End Real Estate Analysis

West End real estate analysis saw January listings and sales up, compared to  December, leaving the supply stable at less than 3 months.  Listings and sales similar to Jan’09. The days on the market for condos that sold dropped from 41 to 28.   The average selling price steady at $544,000.  The sales under $500,000 up from 51% to 61% and the sales over $1M increased. The list price to sale price ratio is 98% . 

Listings – 162.  17 listed under $300,000 (including 1 under $200,000). 32 listed between $300,000 and $400,000. 30 listed between $400,000 and $500,000(up from 14 last month) ,39 listed between $500,000 and $1M.  28 listed between $1M & $2M. 13 listed over $2M (doubled from last month) Read more

by Maggie Chandler Maggie Chandler 3 Comments

Changes to Canada’s Mortgage Insurance Rules

Federal Finance Minister Jim Flaherty announced changes to mortgage insurance rules this morning, which are set to come into force on April 19th, 2010.  This means the government will adjust the rules for government-backed insured mortgages as follows:

  1. Require that all borrowers meet the standards for a five-year fixed-rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
  2. Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90% from 95% of the value of their homes. This will help ensure home ownership is a more effective way to save.
  3. Require a minimum down payment of 20% for government-backed mortgage insurance on non-owner-occupied properties.

There were no changes to down payment requirements or length of amortizations for owner-occupied residences.

Current 5 year terms 3.69% ($423 pr month)

keep up to date with vancouver’s changing real estate market, subscribe via RSS or email

contact Maggie when you’re ready to buy or sell

by Maggie Chandler Maggie Chandler No Comments

False Creek North Real Estate Analysis

False Creek North real estate analysis for January saw listings up from 133 to 153 for the second consecutive month.   Sales also increased  fro 17 to 28.  Days on the market up from 34 to 43. The average selling price was up to $688,000 and $psf flat at $694. The supply of condos dropped to 5.6 months. The condo listings over $2M nearly doubled. An early spring for False Creek North. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Luxury Real Estate

January 2010 saw 19 sales over $3 million. Of those, 2 were condos and the remainder houses.  The highest sale price was $6.1M for water view house in Point Grey. The most expensive condo was the 5000sf Penthouse at Wall Centre. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Downtown Real Estate Analysis

Vancouver’s Downtown real estate analysis in January saw listings flat at 546, equal to a year ago and more than Jan’08.  Sales spiked 40% to 141, resulting in less than 4 months supply.  The market under $500,000 selling the best and an increase in sales over $1M.  Average days on the market increased to  36, and average $psf flat at $623.   Condos that  “expired” and didn’t sell dropped to 37 from 76 in December and 78 in Jan’09.  A healthy start to the new year.

Listings -546.  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 2 Comments

BCREA’S Vancouver Forecast For 2010/11

Just released by BCREA 
Gold medal recovery limited by economy, affordability

Residential units sales through the Multiple Listing Service® (MLS®) in BC are forecast to increase six per cent to 90,100 units in 2010, before edging back three per cent to 87,500 units in 2011.

MLS® residential unit sales sprinted from an annualized rate of 50,000 units during the first quarter of 2009 to 112,000 units during the fourth quarter. However, waning pent-up demand and eroding affordability is expected to moderate the pace of home sales going forward, particularly on the South Coast.

While market performance in Victoria, Vancouver and the Fraser Valley markets were largely responsible for pulling the provincial aggregate significantly higher last year, MLS® residential sales are expected to grow more rapidly outside these major markets in 2010, as the full impact of low mortgage rates, attractive home prices and improved consumer confidence are just now taking hold.

In 2011, BC residential sales will be constrained by higher home prices, especially on the South Coast, and rising mortgage interest rates. In addition, relatively sluggish economic and employment growth is not expected to propel household incomes high enough to offset the rising carrying cost of housing.

The average annual BC MLS® residential price is forecast to climb five per cent to $490,900 this year, and remain relatively unchanged in 2011, albeit up one per cent to $494,800. Most of the increase will likely occur by the end of the first quarter this year. Home prices are expected to experience relatively less upward pressure as the year unfolds.

In Victoria, Vancouver and the Fraser Valley, moderating consumer demand (compared to Q4 2009) combined with a larger number of homes for sale is expected to level market conditions from a sellers’ market to a balanced market this year. Housing markets in the rest of the province are expected to exhibit a relative balance between buyers and sellers through the next two years.

What do you think?

When you’re ready to buy or sell Vancouver real estate, contact

Maggie, an experienced realtor marketingVancouver homessince 1981keep up to date with vancouver’s changing real estate market, subscribe via RSS or email

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Graphs

The December graphs for Greater Vancouver real estate show the average price of Greater Vancouver homes, townhomes and condos are slightly above their last peak, 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. Then it dropped about 20-25% and has now surpassed the highs of 2008.

Following are the stats for Vancouver West Side

The New Year saw listings up and sales down, compared to Dec’09. The new listings more than doubled the sales for the month. A changing trend. Market becoming more balanced as we see the inventory increase. Read more

by Maggie Chandler Maggie Chandler No Comments

Olympic Village Real Estate Analysis

Let the Games Begin! 4 days and counting! Follow the Torch and the fun which begins february 12, 2010. Buy tickets for 2010 Winter Olympic Events.

The Olympic Village is Vancouver’s last waterfront community.  Vancouver real estate statistics for False Creek South (Olympic Village) saw January sales down and listings up. Average sold price $396,000 and list price to sales price ratio an amazing 100% indicating sales selling at or above list price. 

 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 . The waterfront units will be over $1M. Hire me as your Buyer Agent!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 $1,590,000 for 1225 sq.ft.  penthouse (air conditioned) in Foundry. Least expensive $319,000 for a studio. Read more

by Maggie Chandler Maggie Chandler No Comments

Olympic Village Real Estate Analysis

Let the Games Begin! 4 days and counting! Follow the Torch and the fun which begins february 12, 2010. Buy tickets for 2010 Winter Olympic Events.

The Olympic Village is Vancouver’s last waterfront community.  Vancouver real estate statistics for False Creek South (Olympic Village) saw January sales down and listings up. Average sold price $396,000 and list price to sales price ratio an amazing 100% indicating sales selling at or above list price. 

 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 . The waterfront units will be over $1M. Hire me as your Buyer Agent!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 $1,590,000 for 1225 sq.ft.  penthouse (air conditioned) in Foundry. Least expensive $319,000 for a studio. Read more

by Maggie Chandler Maggie Chandler No Comments

Coal Harbour Real Estate Analysis

 Coal Harbour real estate analysis for January saw sales down slightly and listings up by 35%, compared to December, and no sales over $2M for the second consecutive month. (vs 5 in November).  80% of the sales were under $1M. The inventory doubled to 8 months. December was a low for number of listings, so we expect them to rise.   Days on market dropped from 61 to 43.    List price to sale price ratio increased to 98%, showing little flexibility on the part of sellers.  We expect to see the inventory increase as listings come on at Fairmont Estates which has prices from $1800psf.   Fairmont and Three Harbour Green are the last remaining new waterfront buildings.

Listings -136.  34 listed under  $500,000.  48 listed between $500,000 and $1M. 26 listed between $1M and $2M and 28 listed over $2M, including 7 over $5M  and 9 expired, down from 20 in Dec and 4 in November.

40% are listed over $1M, up from 33% last month. Read more

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