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Month: November 2010

by Maggie Chandler Maggie Chandler No Comments

What are Vancouver’s First Time Homebuyers’s Needs and Expectations?

From the Vancouver Sun – Peter Simpson is president and chief executive officer of the Greater Vancouver Home Builders’ Association. E-mail [email protected].

Although Generations X and Y are vastly different, when it comes to listing the impediments preventing them from buying their first homes, the members of these two generations are as similar as the Sedin twins.

A survey conducted at the 16th annual seminar for first-time homebuyers -organized by the Greater Vancouver Home Builders’ Association and presented by the Homeowner Protection Office, branch of B.C. Housing -revealed that high prices and insufficient down payments were the culprits, no different than the responses gleaned from the survey conducted at, say, the fourth annual seminar in 1997. Read more

by Maggie Chandler Maggie Chandler No Comments

Canada Real Estate Roundup

A recent report from RBC says Canada’s housing affordability improved in the third quarter.

Vancouver — Big drop in ownership costs; a little relief  – The third quarter brought some relief to Vancouver homebuyers but is unlikely to change the perception that this is an expensive market to enter because affordability remains very poor. Read more

by Maggie Chandler Maggie Chandler No Comments

Heritage Vancouver

IMG_1902Heritage Vancouver - 2220 cypress

2220 Cypress in Kits is a heritage building “B” (Significant) “and represents good examples of a particular stype or type, either individually or collectively: may have some documented historical or cultural significance in a neighbourhood”. Originally built in 1914. Read more

by Maggie Chandler Maggie Chandler No Comments

Higher End Richmond, West Vancouver and Vancouver Houses Performing the Best

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.

In Metro Vancouver, the “benchmark” price of a West Side of Vancouver house is now more than $1.6 million; it is $1.4 million plus in West Vancouver and $884,696 in Richmond. Read more

by Maggie Chandler Maggie Chandler No Comments

Seven Rules for Real Estate Investing

When you are ready to make a real estate investment, here are some tips to assist you.
 
1. Invest for the long term. Real estate cycles last 5 to 7 years on average. The value of the real estate will rise over time (inflation) and the value of the mortgage should decline – but only if you lock in the current, artificially low, mortgage interest rates for the long-term.
 
2. Invest in growth areas. A good resource for growth forecast in Urban Futures Institute. Their website is www.urbanfutures.com
 
3. Look for infrastructure improvements,  like new highways, bridges, new airports, or airport expansions.  These create jobs which result in population growth and bode well for the community over the long term. Read more

by Maggie Chandler Maggie Chandler No Comments

77 Reasons to Buy Vancouver Real Estate

Reason #1 of 77 reasons to buy Vancouver Real Estate

Wages in B.C. compared with Canada

In July 2010, B.C.’s mean weekly wage was over $836, well above the national average. The average weekly wage has risen by $188 – or 29 per cent – since 2001, when it was $648. (BC Stats) Read more

by Maggie Chandler Maggie Chandler No Comments

CMHC Toughens Mortgage Rules for Rental Investors

phpjz5f0qpmCanada Mortgage and Housing Corporation has changed their underwriting criteria for CMHC insured mortgage on properties with four units or less.

The new rules include changes to the treatment of rental income when calculating a borrower’s total debt service ratio for mortgage loan applications.  This results in investors being able to use less of the rental income to qualify for a mortgage. Read more

by Maggie Chandler Maggie Chandler No Comments

BC Home Sales Trend Higher

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,507 units in October compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in October from September 2010. The average MLS® residential price climbed 6 per cent to $521,859 in October compared to the same month last year.

“BC home sales have posted moderate gains since the summer months,” said Cameron Muir, BCREA Chief Economist. “Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power.”

Total active residential listings in the province have declined 18 per cent since June,” added Muir. “However, the housing market remains tilted in favour of homebuyers.”

Year-to-date, BC residential sales dollar volume declined 2 per cent $32.5 billion, compared to the same period last year. Residential unit sales declined 10 per cent to 64,735 year-to-date, while the average MLS® residential price climbed 9 per cent to $502,353 over the same period.

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

by Maggie Chandler Maggie Chandler No Comments

777 Things to do in Vancouver, BC

Russian Xmas in Vancouver – December 19th at 5pm

The Russian Community Centre, located in the heart of Kitsilano at 2114 W. 4th Ave  (the former Kitsilano Cinema), was established in 1956 in order to provide a venue for people interested in Russian culture to gather and socialize at various events.

Part of the mandate of the RCC is to promote and support Russian cultural activities. It has been the home of the Russian Balalaika Orchestra for 40 years, the Yablochko Russian Dance Ensemble for 19 years, the RCC Pushkin Saturday Children’s Language School for 38 years, and most recent the Palme Theatre Group. Read more

by Maggie Chandler Maggie Chandler No Comments

Seven Reasons to collapse an Offer to Buy Vancouver Real Estate

It’s a buyers market in Vancouver real estate but it appears the buyers are lacking in consumer confidence. These are reasons buyers have recently given for collapsing existing offers!

1. My bedroom suite is a little too big but I’ve viewed the condo four times and had my interior designer’s opinion

2. My accountant says the one year old condo building isn’t managing it’s finances properly

3. I won’t accept a higher maintenance fee, based on the AGM held two weeks ago Read more

by Maggie Chandler Maggie Chandler No Comments

Snap Up these Vancouver Condo Deals This Weekend

L'Hermitage En VilleOpen Saturday 1-2.30, 1406-788 Richards (Downtown L’hermitage boutique hotel/condo) 2 bedroom, n.w. corner, upscale finishing. immediate possession. 858sf .REDUCED TO $575,000

 

Open Saturday 3-4 , 202-1586 W. 11th (Fairview’s Torrey Pines) 2 bedroom s.w. corner with large wraparound balcony, high end finishing, immediate possession. 910sf. JUST REDUCED $529,900

 

 

ritzOpen Saturday 2-4 , 1603-1211 Melville (Coal Harbour’s Ritz) 3 bedroom n.w. corner, spectacular mountain and water views, immediate possesion. 1257 sf. Lowest priced 3 bedroom in Coal Harbour. REDUCED $999,900

Contact Maggie for a private viewing if you can’t make the Open House. All these condos are priced below last comparable sold in the building! Going…going…

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by Maggie Chandler Maggie Chandler No Comments

Featuring the Shaw Tower, Coal Harbour, Vancouver

shawShaw Tower 1077 West Cordova, Vancouver, BC, V6C 2C6 Canada

Built: 2005. 42 levels with 130 condos

Developer: Westbank Projects

Floorplans: 6 suites per floor. The 01 is n.e. corner 2002sf 2 bedroom. The 02 is 2002sf 2 bedroom on n.w. corner. The 03 is 1530sf 2 bedroom facing west. The 04 is 1356sf 2 bedroom facing east. The 05 is 906sf 1 bedroom facing south and the 06 is 778sq one bedroom facing south

Bathrooms: polished European granite slab countertop with honed edges and European limestone/quartzite tile Mosaic glass wall tile from Italy, under floor radiant heat in master ensuite, separate glass shower enclosure in master ensuite and undercounter eliptical vanity basin Read more

by Maggie Chandler Maggie Chandler No Comments

Tell Vancouver City Hall what you think about your City

city of vancouverIt’s your City! It’s your budget! Yes, you can make a difference! Metro Vancouver prepares for increased population and a greener future and local governments and official community plans are focusing consultation on key topics that include –

Eco-density –  green, livable, healthy, affordable, car free neighbourhoods with new housing choices

New housing choices  in single family residential areas choices include coach houses, laneway houses, granny flats, duplexes and secondary suites Read more

by Maggie Chandler Maggie Chandler No Comments

BC Home Sales Forecast to Rise Moderately in 2011

The British Columbia Real Estate Association (BCREA) released its Fall Housing Forecast 2010 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 12 per cent from 85,028 units in 2009 to 74,950 units this year, before increasing 6 per cent to 79,700 units in 2011.

“Consumers are responding to a double-dip in mortgage interest rates,” said Cameron Muir, BCREA Chief Economist. “While housing demand waned in the province through the spring and summer, the added purchasing power from low borrowing costs combined with gradual improvement in the BC economy has trended home sales higher in recent months.”

Read more

by Maggie Chandler Maggie Chandler No Comments

Lest We Forget

We live in The Best Place on Earth !  Let’s partake in the Vancouver Remembrance Day celebrations. Our time to remember and give thanks to those who died for freedom.

Eight-plane formation
A first-ever eight-plane formation of Second World War Navion aircraft will take to the skies for Remembrance Day over six locations in the Lower Mainland. The Fraser Blues formation flying team is composed of general-aviation pilots from Canada and the U.S. Weather permitting, they’ll be seen over cenotaphs in Chilliwack at 10:40 a.m.; Aldergrove at 10:54 a.m.; Fort Langley at 11 a.m.; Langley at 11:06 a.m.; Port Kells at 11:11 a.m.; and Cloverdale at 11:16 a.m.

Read more

by Maggie Chandler Maggie Chandler 2 Comments

Vancouver Real Estate Graphs

vanwestsold1

 

 

Above are the October Vancouver (west side) real estate graphs  for houses, townhouses and condos. Dollar Volume for houses remains very strong, weak for townhomes and flat for condos.  Listings for all categories are on a decline.  Sales for houses are up, sales for townhomes and condos are flat.

CONDOS -total listings down to  1,805 vs 1,500  a year ago.

New Listings  2010–  Oct 582, Sept 720, Aug  609, Jul577, Jun 866,May 1,025, Apr 1163 , Mar 1168 ,Feb 601, Jan 850, 

New Listings 2009 – Dec 349, Nov 621, Oct 833 , Sept 798, Aug 660,

Condo Sales  2010– Oct 337,  Sept 325 ,Aug 324 , Jul 369, Jun 419, May 495, Apr 539, Mar 387 ,Feb 342, Jan 298,

Condo Sales 2009 – Dec 397, Nov 483, Oct 529, Sept 477, Aug 509,  Jul  584.  

Busiest price range -still  $350,000 to $400,000

Year to Date sales over $1 Million – 355

Annual  sales for 2010  – 3,835  vs 4,369  in 2009 Read more

by Maggie Chandler Maggie Chandler No Comments

What next for Vancouver Real Estate Prices?

IMG_15811) Almost half of first-time homeowners in Canada say it’s now a buyers market, pointing to a pick up in activity in coming months, according to an online survey conducted by RBC. 43 per cent of those who intend to buy for the first time agreed. “That could be an indicator that there is higher home buying activity to come and rates do remain near historical lows,” said Marcia Moffat, RBC vice president of home equity financing Canadian banking, RBC

A combination of rising interest rates, the harmonized sales tax in British Columbia and Ontario, and new mortgage regulations all helped take some steam out of the market. RBC expects prices to slow to about 1.4 per cent gain next year, Chief Economist Craig Wright said. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Average Price Graph

avgGraph

The  graph for Greater Vancouver real estate shows the average price of Greater Vancouver homes, townhomes and condos.  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 it did between 2002 and 2008. Then it dropped about 20-25% and surpassed the highs of 2008  in late 2009/early 2010 when it decreased about 5% and has now surpassed that loss for houses. Townhouses are lower than the peak and condos flat. Read more

by Maggie Chandler Maggie Chandler No Comments

Featuring Escala in Vancouver’s Coal Harbour

escalaEscala at 323 Jervis Street, Vancouver, BC,V6C 3P1, Canada

Situated on West Cordova and Jervis,on Coal Harbour’s prestigious waterfront, which consists of only eight condo buildings, Escala sits on the west side of the eight buildings and overlooks the Coal Harbour community centre, giving it clear views to the west and incredible views of the mountains and water.

Built: 2002 and contains 95 condos and townhomes Read more

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Contact Maggie Chandler today to find your Vancouver dream home