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Month: October 2010

by Maggie Chandler Maggie Chandler No Comments

Are you Preventing your Vancouver Home from Selling?

You have made the decision to sell your Vancouver property, you’ve selected a good neighbourhood realtor and listed it. Months have passed, you’ve had lots of showings and no offers. What’s wrong? Why is your property not selling? Could the problem be you? Selling your home is time consuming and emotionally challenging.  Buyers poke around in your closets, are critical about everything and will offer you less than the asking price.

Here’s what you should do prior to listing your Vancouver real estate.

 Have you priced it right? Establishing current market value and prices the property right is crucial. Even if it is priced right, the average days on the market for similar properties may be 60, indicating it could take that long to get an offer. Buyers look at all comparable properties and if yours is priced higher than the competition, you will get fewer showings and those that do view it will deem it to be overpriced and wont make an offer. Tip  – discuss the price in detail with your agent Read more

by Maggie Chandler Maggie Chandler 2 Comments

Canada Real Estate Roundup

Canadian Average Home Price

Canadian Home Sales

 

All Canadian Provinces saw a higher average real estate price in September 2010 than they did a year prior, except for Nova Scotia. The average Canadian real estate price in September saw the cities of  Vancouver, Victoria, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Saskatoon all higher than a year ago. Edmonton and Saskatoon were lower. Read more

by Maggie Chandler Maggie Chandler No Comments

Happy Halloween

pumpkinHappy Halloween!

What’s the origin of Halloween?

What’s Vancouver’s scariest Halloween event?

How did Halloween start? wiki says it’s an annual holiday observed on October 31, primarily in the US, Canada, Ireland and the UK. It has roots in the Celtic festival of Samhain and the Christian holiday All Saints’ Day, but is today largely a secular celebration. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Burrard Street Gateway

from the Vancouver Sun

Two local developers are proposing a landmark $500-million mixed-use project that includes a 48-storey residential tower just north of the Burrard Street bridge.

The joint proposal by Jim Pattison Developments Ltd. and Reliance Properties Ltd., called the Burrard Gateway development, is one of the largest projects proposed for downtown Vancouver, with the main tower 102 feet higher than is allowed now under city bylaws.

However, the site is one of six identified by the City of Vancouver where developments could potentially go higher than now allowed if they include such amenities as significant architectural interest and a high degree of sustain-ability, and do not intrude on view corridors. Read more

by Maggie Chandler Maggie Chandler 2 Comments

The Kensington in Vancouver’s West End

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Built in the early 1900s, the Kensington at 1386 Nicola and Beach Avenue, in Vancouver’s West End was converted into a condo in the ’80s.

This beautiful heritage building, in distinctive yellow, looks like a Mediterranean villa!The building, built in renaissance revival style, boasts features resembling that of European villas and elegant revival homes decorated with elaborate pre-cast concrete trim. Truly a work of art and built during a time of true elegance and workmanship.

It has wonderful views of English Bay and features a custom designed and elegant foyer. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Stats for Coal Harbour’s Bayshore Drive

Vancouver’s Coal Harbour boasts a small, luxury neighbourhood on the waterfront. Bayshore Drive consists of seven condo buildings, of which two are on the waterfront and they are all surrounded by beautiful gardens and contain suites primarily over 1000sf.

Currently there are 30 condos listed for sale, ranging in price from $830,000 for 877sf with no view, on the 10th  floor, to a Penthouse listed at $4.1M, which is only condo listed over $4M. There are only 3 listings under $1M, 19 listed between $1M and $2M, 7 between $2M and $4M. The average $psf is 1,036.

Oct has 2 sales so far, both under $1.7M. Sept had 5 sales Read more

by Maggie Chandler Maggie Chandler 2 Comments

Vancouver Luxury Real Estate Stats

luxury-graph

September saw  9 sales of luxury Vancouver condos over $2M, double from August.  June was the best month for 2010 so far with 11 sales.  The highest sale price in september $4.3M. Seven of the nine sales were in Coal Harbour and False Creek North and two in Shaughnessy.  Price range between $2M and $3M is the most supplied and has the most sales for the year, totalling 39 out of 60. Average days on market up from  68 to 80. Listings flat at 164 .  List price to sales price ratio 92%.   18 months of inventory (down from 25 in March). 2009 looks like the best year so far for Vancouver luxury condo sales. Luxury condo market selling well but over the last 5 years there have been more luxury buildings coming on the market and therefore increasing the supply, so  still a  buyer’s market. Residences on Georgia will be completed in the Spring. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Stats for Downtown

dt-graph-pic

Vancouver’s Downtown real estate analysis in September saw listings drop  but higher than  they were a year ago,  and lower than Sept’08.  Condos that didn’t sell and got delisted remain high.  Sales were flat at 103,  which is 30% lower than a year ago.  Average days on the market flat at 47.  Average sale price flat at  $472,000 and average $psf $633, similar to Nov/Dec’09 . Sale price to list price ratio 97%.  Supply down to 6.4 months, double what it was a year ago. 75% of sales were under $500,000 . No market for condos over $1.3M. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Luxury Condo Trends

September saw  9 sales of luxury Vancouver condos over $2M, double from August.  June was the best month for 2010 so far with 11 sales.  The highest sale price in september $4.3M. Seven of the nine sales were in Coal Harbour and False Creek North and two in Shaughnessy.

Price range between $2M and $3M is the most supplied and has the most sales for the year, totalling 39 out of 60. Average days on market up from  68 to 80. Listings flat at 164 .  List price to sales price ratio 92%.   18 months of inventory (down from 25 in March). 2009 looks like the best year so far for Vancouver luxury condo sales.

Luxury condo market selling well but over the last 5 years there have been more luxury buildings coming on the market and therefore increasing the supply, so  still a  buyer’s market. Residences on Georgia will be completed in the Spring.

Listings – Jan Feb 50, Mar 179, May 159, Jun 136, Jul 155, Aug 161, Sept 164

86 listed between $2M and $3M. 37 listed between $3M & $4M. 22 listed between $4M and $5M. 17 listed between $5M & $10M. 2 listed over $10M. Most Expensive $12,880,000

Luxury Sales over $2M 2004 – 35 , 2005 – 37, 2006 – 40, 2007 – 62, 2008 – 47, 2009 – 85, 2010 – 60 to date

2010 Solds –Jan 3, Feb 7, Mar 7, Apr 10, May 6, Jun 11, Jul 3, Aug 4, Sept 9  . 39 sales in the $2-$3M, 17 sales in the $3-$4M and 6 sales in the $4-$5M and 6 sales over $5M.

Properties sold over $5 million – Jan 2, Feb 1, Mar 1

Properties sold over $10 million – none in 2010

Average Days on Market for Solds – Jan 59, Feb 22, Mar 73, May 54, Jul 88, Aug 68, Sept 80

List Price to Sales Price Ratio – Jan  94%, Feb 94%, Mar 91%, Apr 90%, Jul94%, Aug 92%, Sept 94%

Supply (months) Jan 9, Mar 25,  May 26, Jul 52, Aug 40, Sept 18

Average Sold Price – Jan $2.7M, Mar $3.1M, May $1.7M, Jul $3.4, Aug $2.5M, Sept $2.8

Tip for Vancouver luxury condo buyers – select properties that have been on the market more than 3 months, select properties that have had price reductions. Determine the price from latest sales in the building and negotiate a price less than that.

Have a statistic you’d like for luxury vancouver homes?

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

contact Maggie when you’re ready to buy or sell  luxury vancouver real estate, marketing vancouver homes since 1981 and 2009 MLS Medallion Club Master Diamond Member

search for listings on your Virtual Office Website (VOW). the above info from MLS and though deemed to be correct, should not be relied upon without verification

search for listings in Coal Harbour, False Creek North, Downtown, West End, Kitsilano and Fairview on this site

by Maggie Chandler Maggie Chandler No Comments

How Much is the World’s Most Expensive House?

 

the world's largest home

the world's largest home

 

from overseas property mall

If you said $1 Billion you were right! Ambani, owner of Reliance Industries is worth £18bn according to Forbes magazine. He is not your typical wealthy businessman; in fact he has distanced himself from the Indian business elite.

The world’s most expensive home is complete. The $1 billion (£630 million), 27 storey tower block in Mumbai is the home of Mukesh Ambani — the richest man in India, fourth richest man in the world –, his wife and their 3 children. It is difficult to know what to call it. It is far too big and grand to call it a house, the fact that it has more floor space than the palace of Versailles and 600 staff would ordinarily make it a castle, or Mansion, but can you call a sky scraper a mansion?

Whatever you call it, the building is a physical representation of emerging markets taking over the world in terms of money and power, which is also what it screams (money and power) from the top of its 173 meter high walls: an asymmetric stack of glass, steel and tiles with a four-storey hanging garden and solid gold chandeliers hanging from the ball room ceiling Read more

by Maggie Chandler Maggie Chandler No 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. 

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate News

1) Economic Outlook for BC and Canada: Average. So says the TD’s chief economist who expects slow growth in the long run, uncertainty and market volatility in the short term.Craig Alexander notes that BC’s strength has resulted from its diversified economy but thinks the economy will be average in the next few years, due to provincial and global challenges. Alexander sees a 2% growth over the next few years, down from its current 3.5% in 2010. He sees unemployment dropping to 7.2% by 2010. He sees retail and wholesale trade increasing next year and services performing ok.

2) A report from Re/Max last week was fairly bullish on Canada’s housing market – noting rightly that sales were up in 11 of country’s 19 largest markets. The survey also noted that sales of high-end homes were leading the curve in most cities, a fact that is easy to spot in Metro Vancouver. Re/Max reports that every market reported a surge of 20% or more in upper-end home sales. Sixty-eight per cent of markets saw upscale home sales climb in excess of 40%, while 21% boasted triple-digit gains. Read more

by Maggie Chandler Maggie Chandler No Comments

Why Hire a Professional Management Co.?

Guest Article 

 

By: Nicholas Meyer, Downtown Suites Ltd.

Licensed property managers in BC offer the best assurance to real estate investors who are renting their properties.

Property Management is a specific professional designation, controlled under the Real Estate Services Act of BC, and monitored by the Real Estate Council of BC and the Real Estate Board of Vancouver.
Even if a person has a real estate license, in BC legislation doesn’t permit real estate salespeople to manage people’s property. Property Managers are designated as true professionals, under strict guidelines.

Aside from the many areas of expertise required of a true property manager, one key reason for the specific designation has to do with the management of the funds which are rightfully the landlord’s. It all comes down to handling other people’s funds.

It is against the rules, as laid out by the governing bodies, for someone who is not a licensed Property Manager to take money for the service of managing rentals. This gives greater integrity to the system, as people need to have confidence in the system. Property managers are audited and supervised, and the landlords know that their money is safe, accounted for and they will get it when the rent is collected.

As a Managing Broker at Downtown Suites (Vancouver Property Managers), I have a license for both real estate sales and property management. All clients’ funds are held in trust accounts, and we differentiate between accounts for sales and property management. Each is operated separately, and independently audited, ensuring financial integrity.

Normally, realtors don’t want to begin to deal with this complexity, which is best left to Property Managers. Should a buyer acquire property for rental revenue, their realtor is not licensed to manage it, and the buyer should find a responsible Property Management company to handle this for them.

Some real estate agents do also have property management licenses. But some more unscrupulous realtors act unlicensed, as independent managers, and when they deduct commission they then put it in their own accounts. Landlords should be aware that this may not be handled through the account of the realtor’s affiliated real estate companies, and should watch to ensure that the transactions are all above board.

by Maggie Chandler Maggie Chandler No Comments

Featuring Coal Harbour Condo Cascina

cascina, coal harbour, vancouver, bc, canadaAddress: 560 Cardero Street, Vancouver, BC, V6G 3J8, Canada

Cascina and Denia are the last two of 4 condo buildings in Waterfront Place. The two towers are connected by a lagoon courtyard and surrounded by 34 townhomes.

Developer: Aspac Developements

Architect:  James KM Cheng Architects Inc

Construction:  Ledcor Industries

Built: 2003

Floorplans:25 levels with 121 suites. 01 suites are 1536sf and face nw.  02 suites are 1434 sf and face ne. 03 suites are 809sf one bedrooms and face east and 04 suites are 1232sf and face south (the suite is the entire back of the building) , the 05 suites are 838sf 2 bedrooms and face west Read more

by Maggie Chandler Maggie Chandler No Comments

Just Sold! 2102-1189 Howe, Vancouver, BC

Congrats to the happy buyer! This smart n.w. corner 2 bedroom was on the market for less than a week and I have other buyers looking for a Downtown 2 bedroom up to $450,00, so please call me if you’re wishing to sell yours in a week.

My Sellers love the convenient location of the Genesis and the large indoor pool but require larger accommodation. View the listing

1189 Howe, vancouver, bcVancouver under $500,000 and nine sales in October so far in this price range. Average days on market 43.  Average sale price pr sq ft – 554 and 98% sale price to list price ratio.

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

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

search for homes on this site

by Maggie Chandler Maggie Chandler No Comments

Last Five Grants and Rebates for Vancouver Property Buyers and Sellers

16. Tersan Gas Rebate Program

A range of rebates for home owners include a $25 gift cards for furnace servicing: $50 rebates for upgrading a water heater, $150 rebate on an EnerChoice fireplace $1,000 rebate for switching to natural gas and installing an ENERGY STAR heating system

17. SolarBC Incentives

Contractors will provide home owners buying a solar hot water system with a $2,000 discount at the point of sale until Dec 31, 20110. Website Read more

by Maggie Chandler Maggie Chandler No Comments

Next 5 Grants and rebates for Vancouver Property Buyers and Sellers

The next 5 grants and rebates for Vancouver property buyers and sellers are energy efficient related.

11. LiveSmart BC: Efficiencty Incentive Program

Home owners improving the energy efficiency of their homes who hire a certified energy advisor may qualify for cash incentives through this provincial program provided in partnership with Tersan Gas, BC  Hydro and FortisBC. View the website

12. BC Residential Energy Credit

Home owners and residential landlords buying heating fuel receive a BC government point of sale rebate on utility bills equal to the provincial component of the HST. Read more

by Maggie Chandler Maggie Chandler No Comments

RBC’s Housing Affordability Measure Rises Across BC

According to RBC’s Economics Research rising mortgage rates in the second quarter have pushed up BC’s home affordability to near all time highs, rising between 1.1% and 2.5% compared with the first quarter.
“While we generally dismiss talk of a Canadian housing bubble, the high flying Vancouver market is probably the closest area to one in the country with very poor affordability, likely playing a drop in the resale market since the start of the year.” said RBC senior economist Robert Hogue.

This means demand for housing in the months ahead will likely diminish, RBC said. Nonetheless, even though the Vancouver market is clearly vulnerable to a price correction, this does not imply that a collapse is imminent because existing and new home supply is well contained at this point.

RBC’s housing affordability measure looks at the pre-tax household income needed to service the costs of owning a home. A measure of 50%, for example, means homeownership costs account for 50% of a household’s monthy pre-tax income.

The measure for the benchmark detached bungalow in BC rose 1.7% to 63.8% last quarter compared with first. A standard townhouse was up 1.1% to 47.7% and 1.1% to 34.6% for condominiums, remaining the most affordable type of housing.

keep up to date with vancouver’s changing real estate market, subscribe via RSS or email. contact Maggie, an experienced realtor marketing homes since 1981 when you’re ready to buy or sell vancouver real estate

by Maggie Chandler Maggie Chandler No Comments

How Many Homes Do You Think a Canadian Owns in Their Life?

IMG_1090Home Sweet Home..so how many homes do you think a Canadian owns in their lifetime? A recent Home Buyers Report by TD Bank finds that one in five Canadians own Five homes in their lifetime and 23% of those surveyed plan to move again in six years and less than one third say their next move will be their last.

49% think their next home will be larger, vs. 51% who think it’ll be smaller and 7 in 10 repeat homebuyers say their next home will be a detached, not a townhome or condo. 21% plan to take the maximum mortgage they’ll qualify for and 72% plan to stick to their current lender. Only 1 in 3 port their current mortgage when buying a new home. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Statistics for West End

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West End real estate analysis for September saw listings and sales down, compared to the previous month.  The days on the market for condos that sold dropped from 55 to 38.  The average selling price is $617,118 , leaving March  the highest for the year.  There was a big jump in sales over $1M ( 8 to be exact) , dropping the supply to four and a half months,and the average $psf for those was only $730.   The list price to sale price ratio  dropped to 96% . West End sales peaked in April and have been on a downhill slide since and are similar to Sept’08.  Listings peaked in April and have been decreasing since.  Supply now the highest for the year. Buyers still in the drivers seat. Good value remains in this neighbourhood. Read more

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