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Month: April 2011

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Market Update for False Creek North

Dreaming of living Downtown Vancouver on the waterfront in False Creek North?

March had a tight market with only 2.2 months of inventory.

Most expesnive? $10M  and least expensive $399,000

The Numbers

  • Listings 120
  • Sales 54
  • Days on market 34
  • Sale price/list price ratio 97%
  • Average sale price $1,019,459
  • Sale price psf – 851

Busiest price range?

  • 20% was under $500,000.
  • 50% between $500,000 and  $1M
  • 30% sold over $1M

What’s the 90 day trend? Listings up and sales up

What’s the 12 month trend? Prices are flat compared to a year ago, sales are up and listings are down. Good time for buyers!

See my other Vancouver False Creek North stats since 2008

Have a Vancouver false creek north condo stat you’d like to see?

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by Maggie Chandler Maggie Chandler No Comments

How to benefit Financially in the Future – Homes for Sale in Vancouver

Do you have some money to invest and are you wondering where to put it? Real estate over the long term is always a good investment and Vancouver is now attracting the world, so the demand remains strong.

  Take advantage of the current good selection of condos.

 Buy a condo and rent it out

Buy a condo near the university or the waterfront or where people want to rent. Or go east where it’s less expensive

Create a positive cash flow, or at least break even, so that the condo pays for itself

Use other people’s money. Take advantage of the low interest rates and lock in for a long ter

Hire a  professional management company

Let your tenants buy you a condo for you! What a great idea!

 And remember – real estate is a low risk investment that holds its value and pays for itself

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The Bank of Canada is planning for inflation. You should too!

Don’t wait to buy real estate…buy real estate and wait.

by Maggie Chandler Maggie Chandler No Comments

Tax incentives and changes to the Income Tax Act – Vancouver Real estate News

Politicians often fail to mention landlords when they talk about affordable housing. In election campaigns, it’s more appealing to speak about families and their daily struggle to keep a roof over their heads.

For Marg Gordon, federal investments in social housing, rental supports, and other subsidies are all good measures worthy of attention.

But according to the CEO of the B.C. Apartment Owners and Managers Association, the private sector also has a role in making housing affordable. And she says the government has a long way to go in providing proper tax incentives.

“If we’re looking at tax deferrals on real-estate investments, then we’re moving in the right direction,” Gordon told the Georgia Straight in a phone interview. “It could reduce the cost of rental housing. It could improve affordability and would definitely improve housing supply. And supply and demand is how costs can be controlled.”

She was referring to long-standing proposals to institute two changes to the Income Tax Act.

One seeks to allow real property owners to postpone paying tax on capital gains when they sell as long as they reinvest their profit in another income property within a year. The other also involves a payment deferral, and covers tax due on the cost of depreciation deducted from rental income, an item usually called the capital cost allowance.

i agree with this idea to make more affordable rental housing in vancouver

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by Maggie Chandler Maggie Chandler No Comments

Royal wedding in 1981 when Mortgage Rates were 16% – Vancouver Real Estate Update

HARD TIMES: Rising real-estate prices have you down? Jittery over growing interest rates and mortgage-qualification requirements? Inflation’s spectre spooking you? Flat-out scared that U.S. domestic woes and international indebtedness spell big trouble for us, too? Cheer up. Let’s turn the Doomsday Clock back 30 years and see ourselves in 1981.

THEN AND THERE: Ronald Reagan was about to be inaugurated as U.S. president, and make supply-side economics the White House mantra. Two energy crises (1974 and 1979) had spurred that weird malaise of high inflation and low economic growth called stagflation. They’d also rollercoasted unemployment to eight per cent, with two more points to come. Swinging wider, meanwhile, plain old inflation approached 14 per cent in 1981, more than four times its 1950s-1960s average. Closing the money tap, the Fed prompted a vicious recession that contributed to savings and loan institutions losing $4.6 billion in 1981 and almost the same again in 1982.

this article is relevant because it shows how good things are today, compared to 1981

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by Maggie Chandler Maggie Chandler No Comments

BC’s GDP outperforms the National Average – Vancouver Real Estate News

VANCOUVER (NEWS1130) – BC’s economy grew faster than the national average and most other provinces in 2010, according to new figures from Statistics Canada, led by the resource sector.This province’s gross domestic product rose 3.8 per cent, half a point above the national average, after shrinking 1.8 per cent during the recession in 2009. StatsCan says “Strong export demand led to growth in forestry and logging and manufactured wood products.”

This article is relevant because a good economy is positive for the real estate market. BC’s economy grew over 1/2 a point above the Canadian average

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by Maggie Chandler Maggie Chandler No Comments

What is the Contingency Reserve Fund for Vancouver Condos?

If you’re planning to buy a Vancouver condo, you should understand what a contingency reserve fund is and make note of the size of the fund.

Strata corporations must have a contingency reserve fund (F) to pay for common expenses that usually occur less often than once a year or do not usually occur

The contributions from strata owners to the CRF should be included in every budget approved at an AGM.

Usually CRF conttibutions will appear as a single line item in the budget, and the budget will not detail any specific use of the CRF.

Separate sections within a strata corporation have a duty to establish their own operating fund and CRF for common expenses that relate exclusively to the section.

However, common expenses shared by different sections cannot be included in separate section budgets, and must be included in the strata corporation budget as a common strata corporation expense.

Strata lots that are differentiated as different types of strata lots in a bylaw do not have the power to establish their own operating fund and CRF.

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate market Update for Downtown

Dreaming about buying your DowntownVancouver condo?  Well, the prices rose  % last year, so your timing is good.

March had a tight market with 3.7 months of inventory.

Most expesnive? $2.5M in One Wall Centre.  Least expensive? $230,000 for a studio

The Numbers

  • Listings 578
  • Sales 152
  • Days on market 24
  • Sale price/list price ratio 98%
  • Average sale price $521,481
  • Sale price psf – 652

Busiest price range?

  • 62% was under $500,000.
  • 35% between $500,000 and  $1M
  • 3% sold over $1M

What’s the 90 day trend? Listings up and sales up

What’s the 12 month trend? Prices are up slightly compared to a year ago, sales are flat (there was a surge after the Olympics)  and listings are down. Good time for buyers!

View my other Vancouver Downtown stats

Have a Vancouver Downtowncondo stat you’d like to see?

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by Maggie Chandler Maggie Chandler No Comments

Metro Vancouver skews the National Average Price – Vancouver Real Estate Update

From Vancouver realtor Tom Gradecak’s perch inside the market that the Canadian Real Estate Association says skewed the national picture at the end of March, things seem to have cooled a bit — but in a relative sense.

“Earlier in the year you could pretty well list a house and almost there were going to be seven, eight, nine, 10 offers, sometimes more,” Gradecak said. “Now, we’re seeing two or three or four, which is still, relatively speaking it’s busy, [but] not quite as frenzied.”

Metro Vancouver saw 4,080 sales in March, according to the Real Estate Board of Greater Vancouver, which was a 31.7-per-cent increase compared with February’s 3,097 sales, a 30.1-per-cent increase from the 3,137 sales in March of the previous year and the third-highest for any March on record.

“Realtors certainly are experiencing much higher activity,” said Rosario Setticasi, president of the Real Estate Board of Greater Vancouver.

“The market, I believe, is strengthening pretty much straight across, with the west side [of Vancouver] and Richmond being probably the hottest,” Setticasi said.

I agree with this article. Perhaps we should now have an average price for condos under $1M, which is the local market. I believe the luxury condo market skews the average price

by Maggie Chandler Maggie Chandler No Comments

FirstLine variable mortgage rates increase for Vancouver Home Buyers

With or without a Central Bank move, brokers are bracing for an increase in adjustable rates offered through the broker channel after FirstLine Mortgages raised its floor by 25 basis points.
 
“We got notice that FirstLine had changed its five-year closed from (prime minus 0.65) to prime minus 0.40 effective Tuesday,” Michael Di Stefano, agent and co-owner of Dominion Lending Centres BTB Mortgage Solutions in Niagara Falls, told MortgageBrokerNews.ca. “We’re now expecting the other lenders to follow suit over the next week. Basically the spreads are too thin and there just isn’t enough profitability for lenders is what I’ve been told.”
 
Brokerages across the country are now anticipating that collective move following on the heels of FirstLine, which effectively lowered the maximum discount off of prime now available to brokers and their clients.
 
Other lenders are now sending out emails to their status brokers warning them to get their clients in before their own hammers drop.
 
Still, any mass buyer response may be slowed by the Central Bank decision earlier this month to hold the overnight rate steady. It means many prospective homebuyers simply weren’t anticipating any change in adjustable rates this season.

It remains to be seen whether or not the Bank of Canada changes the overnight rate on May 31st. Mortgage rates are still at the lower end of the scale. Good time to lock in long term.

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate and Vancouver Women are both Beautiful!

on the top-10 list of Travel MSN’s most beautiful in the world.

“It’s not about the look and the culture but the personality,” said James Ho, president of International Top Model Corp.

“What really sets people apart is the inner beauty … and that’s what really counts. (Vancouver) women are very special … It’s a very unique area and the quality of (women) is very high.”

In an inaternational contest, a Vancouver woman is ranked the 6th Most Beautiful!

by Maggie Chandler Maggie Chandler No Comments

New era in BC politics begins – Vancouver Real Estate

VICTORIA (NEWS1130) – The two tribes in the BC political spectrum go to war as of today. Two new chiefs will debut this session — Adrian Dix for the NDP and Christy Clark for the Liberals.Political analyst Michael Prince with U-Vic says we can expect some fiery rhetoric from both of them. “They’re both strong, they’re both smart, they’re both quick so I expect we’ll see some quite good verbal fireworks coming out of both leaders over the next coming weeks.”

The onus will be on the brand new NDP boss to get his licks in early, says Prince. “Perhaps he’s got a bit of an edge, these early days, to set a tone and look like a leader in the Legislature. Of course, he’ll face a barrage of heckling I’m sure. I’m not sure this is going to be a very quiet or polite sitting.”

BC has been lucky to have a stable government for a decade but now both parties have new leaders. We shall have to wait and see how they transform the Province

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Homes for Sale Stop for Canucks Win

Like that. It’s hard to fathom there could be six more weeks like this.

The Canucks’ search for their first Stanley Cup continues after Alex Burrows blasted a rolling puck past goalie Corey Crawford at 5:22 of overtime Tuesday, lifting Vancouver to a 2-1 Game 7 victory against the Chicago Blackhawks and into the second round of the National Hockey League playoffs.

The Canucks have been there before, but never got there this way — this dramatically. This unexpectedly, after the defending champion Blackhawks had roared back from an 0-3 deficit to start the series and roared back Tuesday with a shorthanded tying goal late in the third period.

“It’s Game 7, exciting,” Canuck Ryan Kesler said after the team mobbed Burrows while Roger Arena shook with a deafening cheer. “We deserved this one. We believed.”

Not everyone did.

The Canucks were the best team in the National Hockey League’s regular season, winning the Presidents’ Trophy by 10 points. But after bolting to three straight wins against the Blackhawks, they looked like they’d be just the fourth team in Stanley Cup history to lose a seven-game playoff series with four straight losses.

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Vancouver is a city that’s crazy for hockey and everything draws to a halt when they make the playoffs. I’ve had a number of appointments cancelled because there’s a hockey game.

by Maggie Chandler Maggie Chandler No Comments

Vancouver Homes for Sale Average Price Under $1Million

Now let’s take a look at the  Vancouver real estate condo sales(west side)  between $500,000 and $1M,  from January til present.

The stats are similar to the 0-$500,000 price range.

This price range is selling much faster now than at the beginning of the year and the price so far in April is down a bit. Good market for buyers!

Average Price

  • january $665,821
  • february $672,591
  • march $674,986
  • april $643,576 (to date)

Days on market for Solds

  • january 49
  • february 51
  • march 29
  • april 27 (to date)

Have a stat you’d like to see?

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by Maggie Chandler Maggie Chandler No Comments

Real Estate Market in Vancouver – Average Price of Vancouver Homes over $1M

Now let’s take a look at the  Vancouver real estate condo sales (west side)  between $1M and $2M, from January til present.

The stats are similar to the  price range under $1M.

This more expensive condos are selling much faster now than at the beginning of the year and the price is pretty much flat for the year. Good market for buyers!

Average Price

  • january $1,369,052
  • february $1,289,078
  • march $1,325,745
  • april $1,345,045 (to date)

Days on market for Solds

  • january 81
  • february 98
  • march 40
  • april 40  (to date)

Year to Date Sales

122. Exactly the same as 2010. This market is performing well!

Have a stat you’d like to see?

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Average Price of Condos over $2M

Now let’s take a look at the  Vancouver real estate condo sales(west side) over $2M,  from January til present.

The Vancouver luxury condo market  is taking longer to sell now than  than at the beginning of the year but the average price so far in April is higher than the average price in January. Sales this year are smoking vs same period last year. A good market for sellers.

Average Price

  • january $3,035,567
  • february $3,197,057
  • march $3,315,714
  • april $3,135,096 (to date)

Days on market for Solds

  • january 64
  • february 21
  • march 83
  • april 96 (to date)

2011 Sales  vs Same Period 2010

  • 2011 – 43
  • 2010- 27

View same stats for other price ranges of Vancouver condos

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by Maggie Chandler Maggie Chandler No Comments

Average Price of Vancouver Condos over Last 3 Months

The average price is sometimes skewed  if there’s a large number of sales in the upper price range and Vancouver real estate has an increasing number of luxury condos.

So lets look at the price of Vancouver west side condos from January til present, under $500,000. This price range is selling faster now than at the beginning of the year and the price really hasn’t changed. Good market for buyers!

Average Price

  • january $385,232
  • february $384,583
  • march $388,779
  • april $389,304

Days on market for Solds

  • january 47
  • february 32
  • march 31
  • april 28

Have a stat you’d like to see?

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by Maggie Chandler Maggie Chandler No Comments

How to Water Conservation in Vancouver Homes

If you knew that you could save money, help enhance the quality of your drinking water and nurture a more adaptive community, would you be inspired to tkae acton and minimize water consumption in your home?

In a typical stand-alone Vancouver  home, sutdy findings indicated that the majority of water consumption is used int he following ways: 31% through toilets, 25% through washing machines and 19% through showers.

Toilets

Homeowners can replace large volume toilets that use 13 litres per flush with high efficiency units that only use 4.8 litres or less per flush.

Clothes Washers

Efficient front load clothes washers provide the most effective way of saving water, using only 40 to 50 litres per load in comparison to 100-150 litres per load for top loaders. Look for the ENERGY STAR libel as an indication that a model is water efficient.

Shower Heads

Invest in a low flush shower head with flow rates as low as 5-7 litres a minute, compared to the average Canadian showerhead with a rate of 9.5 litres a minute.

Visit BCREA’s green tool kit and learn about sustainable options for homeowners.

Have a water saving idea you’d like to share with us?

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