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Month: October 2011

by Maggie Chandler Maggie Chandler No Comments

Wall Financial Returns to City Hall for Boundary Road – Homes for Sale in Vancouver

Three months after Vancouver city council approved Wall Financial Corporation’s rezoning application at Shannon Mews

the developer will be back before the politicians on another significant proposal. On Tuesday (November 1), there will be a public hearing on Wall’s bid to rezone 33 parcels along Boundary Road, Ormidale Street, and Vanness Avenue just east of the Joyce SkyTrain station.

GBL Architects filed the application on behalf of Wall, which obtained council’s approval in late July to develop 735 housing units at the historic Shannon Mews site near the corner of Granville Street and West 57th Avenue. The current application in East Vancouver calls for three residential towers between 28 and 30 storeys, as well as a six-storey stepped building, 33,000 square feet of amenity space, some commercial space, and an accessible park. Read more

by Maggie Chandler Maggie Chandler No Comments

The World’s Ten Most Expensive Streets – Vancouver Homes for Sale

This year’s Financial News has listed the world’s top 10 most expensive streets. From Hong Kong to Fifth Avenue residents are splashing out a jaw-dropping $78,000 a square meter for these prestigious addresses.

1. Severn Road , Hong Kong

Average cost per square foot: $78,200

According to the Wall Street Journal report, Severn Road in Hong Kong is now the most expensive street in the world. Despite seeing rates fall by as much as 72% during the recession, the wealthy residents of this luxury area successfully drove prices back up, helping to secure their prestigious title for the second year running. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Update for Coal Harbour’s Bayshore Drive -Sept 2011

beautiful coal harbourAre prices up or down? Are listings increasing? Are sales up or down? What’s the average days on the market? What’s the average price? How do prices compare to a year ago. How flexible are sellers on their list price?

2011 vs 2010

Sales are up in 2011, listings have dropped dramatically and prices are also up

September saw a decrease in sales and flat listings compared to August Read more

by Maggie Chandler Maggie Chandler No Comments

Head to East Vancouver to Buy a Vancouver Home!

East Vancouver’s Hastings-Sunrise neighbourhood has much to offer residents

a richly diverse community, fast/easy transportation to downtown Vancouver, and, most importantly, reasonably priced real estate.

Sesame is rising in the midst of a culturally diverse scene. The West Coast contemporary, low-rise development consists of 61 one-, two- and three-bedroom homes with patios offering sweeping views of the North Shore Mountains and the downtown skyline.

Caitlin Nordin, interior designer with Gannon Ross Designs, says she wanted to create a show home that pays reverence to both the neighbourhood’s heritage and the West Coast ethos.

“Sesame is mostly contemporary with organic and industrial accents, an eclectic mix influenced by its location,” Nordin says. “As soon as you enter the suite, you’re greeted by three framed cross-sectioned tree trunks, marking their annual growth.” Read more

by Maggie Chandler Maggie Chandler No Comments

To Rent or Buy a Vancouver Home for Sale?

In a report earlier this year, Royal Bank of Canada chief economist Craig Wright suggested home ownership for a growing number of Canadians has become an impossible dream. That’s certainly true in Vancouver, where the affordability index is at record highs, with the average home price at nearly 10 times the median income.

But perhaps ownership has been oversold as an aspirational goal. As thousands of Americans have discovered, sometimes the dream becomes a nightmare.

In the United States, home ownership wasn’t just a dream, it was held up as an inalienable right. Washington pressured financial institutions to lend money to almost anyone who asked, giving rise to the NINJA mortgage (no income, no job, no assets). Because mortgage interest was (and still is) tax deductible, homeowners did not bear the full burden of borrowing. Financial institutions turned to the wizards of Wall Street to devise derivatives that might mitigate the heightened risk. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Update for West End – Sept 2011

How’s the market in Vancouver’s waterfront neighbourhood of the West End? Are prices up or down? What’s the average days on market? What’s the average sale price? Are listings rising or falling?

September saw an uptick in listings and flat sales

resulting in a well balanced market, slightly tilted toward buyers in this Vancouver West End neighbourhood.

50% of the sales were under $500,000,  30% between $500,000 & $1M and 20% over $1M (up from Aug)

In general, Sellers need to be priced no more than 3% above market value in order to attract an offer

The Stats (previous month in brackets)

  • listings – 246  (up from 235)
  • sales – 43 (down from  42)
  • average days on market for solds – 33 (up from 43)
  • sellers moved  an average of 3% off their list price (unchanged)
  • average sale price   $631,459 ($577,052)
  • average $psf  $611
  • best selling price range  – under $500,000
  • Supply is 5.5  months (flat)

What does it Cost Me to Buy West End Real Estate?

The West End offers 2 bedroom towhomes from $550,000,  studio condos from low $200,000 ,one bedroom condos from $280,000 and 2 bedrooms from $450,000.

How is the Market over the Last Year?

HPI up 3.5%

How is the Market over the Last 90 Days?

Steady as she goes! This Vancouver neighbourhood is doing very well.

Buying or selling?

  • In one of Vancouver’s oldest and most historic  neighbourhoods bordered by Stanley Park, English Bay and DowntownVancouver?
  • I arrive armed with stats and facts, coupled with 30 years of  knowledge from working in the West End!
  • I educate you so that your real estate experience is fun!
  • Contact me by BB, email or tex 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

Vancouver City Hall Retreats on Olympic Village Utility Bills – Vancouver Homes for sale

The City of Vancouver has agreed to continue covering the heating and hot-water bills of tenants in two city-owned rental properties at the Olympic Village until December 31, 2011.

But it has refused a freedom-of-information request filed by the Georgia Straight to release copies of its correspondence in connection to the dispute over energy costs at 80 and 122 Walter Hardwick Avenue.

The spat has on one side seniors on fixed incomes and low-income people on social assistance. They are ranged against: the city, owner of the neighbourhood utility that provides energy for the Olympic Village; the Coho Property Management Society, the group that operates the two buildings; and Enerpro Systems Corp., a North Vancouver firm that does the billing and collection of energy charges. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Update for False Creek – Sept 2011

How’s the real estate market in False Creek and the Olympic Village neighbourhood? Are prices up or down? What’s the average price? What’s the average days on the market? Is this area good value for waterfront property?

Generally developers do not list all their pre-sales on MLS and only some of the Olympic Village condos are listed on MLS, so I cannot keep track of those for you.

The inventory in this neighbourhood is increasing, due to the number of new buildings that are preselling and the olympic village condos. Prices are very reasonable due to this. A good buyers market in September, as listings rose but sales fell by 50%. 456 Moberly had a condo which sold over $1M and $250,000 above list price, which skewed the stats. Read more

by Maggie Chandler Maggie Chandler No Comments

Have High Vancouver Real Estate Prices Left Young Families Behind?

Heather Hansen and her husband are left with almost no spending money after they pay their regular bills.

Mortgage payments on their New Westminster townhouse, daycare costs for their two-year-old son, transportation, groceries and servicing student loans suck all the income out of the household as fast as Hansen, a health care social worker, and her husband, an apprentice welder, are able to earn it.

The family is not eligible for any kind of income assistance because their salaries are too high. Read more

by Maggie Chandler Maggie Chandler No Comments

What Can RBC Mortgage Specialist Do for You?

Jeff Fraser  has spent his 16 years in the banking industry forging a reputation as a leading mortgage specialist capable of helping clients achieve their dream of home ownership.

He understands that buying a home is a unique and highly personalized experience and that a mortgage should also be unique. He ensures his clients’ mortgages reflect both their current financial situation as well as their future plans, money strategies and goals. Read more

by Maggie Chandler Maggie Chandler No Comments

What’s the most Popular Colour to Decorate Your Vancouver Home?

Have you ever wondered what the most popular colours are?

Thanks to a survey unveiled by Dulux Paints and its parent company, AkzoNobel, to coincide with Let’s Colour Week – which wraps up this weekend – the colour preferences of Canadians and others across the globe are no longer a mystery.

The survey involved respondents from 30 countries

And found that personal colour preference is highly similar across the world. Read more

by Maggie Chandler Maggie Chandler No Comments

Is East Vancouver’s Portland the last Affordable Waterfront Real Estate?

The East Vancouver Portlands area is a unique neighbourhood with a colourful history.

One of the city’s oldest, it was established in 1863 as “New Brighton” and became a popular weekend retreat for residents of the province’s then capital New Westminster. Where the present day New Brighton Park and Cascadia Wheat pool now stand, the New Brighton Hotel once offered a floating wharf and steamer excursions.

The arrival of the railway in 1885 increased the town site settlement considerably and the CPR extension from Port Moody to Granville facilitated industrial development. Construction of streetcar lines along McGill and Hastings Street also encouraged growth and the area became part of the city of Vancouver in 1911. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Olympic Village Now 60% Sold – Vancouver Homes for Sale

Real estate marketer Bob Rennie says the tide has turned

Vancouver’s once-troubled Olympic Village development has 75 per cent of units occupied.

But that number includes the project’s 119 rental homes, Rennie said; of the 737 condominiums for sale, 436, or about 60 per cent, have been purchased so far.

Rennie rejoiced Tuesday that sales of the Village’s high-end units are picking up steam, which could bode well for the city, which remains hundreds of millions of dollars in debt on the project. Read more

by Maggie Chandler Maggie Chandler No Comments

BCREA Forecasts for Vancouver Real Estate and BC Economy

What does 2012 hold for the BC economy, Vancouver real estate market and interest rates?

I attended a seminar last week with Cameron Muir, BCREA’s Chief Economist, as the Speaker.

Here is a link to his presentation, which reviews the Vancouver and Greater Vancouver real estate market, the BC Economy, BC immigration and recent changes to the entreuprenurial program, employment rates in BC and lots of good graphs.

Enjoy! Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Condo Info – What are Special Assessments?

If your Vancouver condo has insufficient funds in the operating budget or contingency reserve fund to meet repairs or utility cost increases, each owner may be given a special assessent charge.

The amount owed by each owner

is calculated by a unit entitlement of the strata lot. The fee may be either a lump sum payment or spread over a period of time with monthly maintenance fees.

Special assessments

can be passed at a Special General Meeting (SGM) or at the Annual General Meeting (AGM) and have to be a 75% majority vote of the owners who attend or have a proxy.

View my other posts on Vancouver condo info, or ask me a vancouver condo question and I’ll try my best to answer it

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by Maggie Chandler Maggie Chandler No Comments

BC Home Sales Edge Higher in September – Vancouver Homes for Sale

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 8.8 per cent to 5995 units in September compared to the same month last year. The average MLS® residential price increased 6 per cent to $523,568 last month compared to September 2010.

“MLS® home sales edged up 3 per cent in September compared to August on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment.”

“Despite a modest gain in unit sales, total active residential listings in the province remained elevated in September,” added Muir. A total of 55,616 homes were listed on the MLS® in the province at the end of September.

Year-to-date, BC residential sales dollar volume increased 17.5 per cent to $34.8 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 61,127 units, while the average MLS® residential price rose 13.9 per cent to $569,922 over the same period.

by Maggie Chandler Maggie Chandler No Comments

More Than 60% of Richmond’s Residents are Chinese Immigrants – Vancouver Homes

Jeremy Lau sometimes wishes familial duty didn’t compel him to live in central Richmond.

“I’d like a more typical North American city and lifestyle, with not so many Chinese people,” said Lau, who came to Canada from Hong Kong in 1993. “When you immigrate to a new country, you don’t want to experience just what you’re used to. You want a new adventure.”

So why does Lau, who works in the high-tech industry, remain in the heart of the largest, highly concentrated, ethnic Chinese enclave in Canada?

To support his parents-in-law, who live with Lau and his wife. They don’t speak English or own a car. Like many recent and elderly immigrants, Lau’s in-laws feel more comfortable in Chinese surroundings. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Update for Yaletown – Sept 2011

How is the Vancouver real estate market in Yaletown? Are sales up or down? Have listings increased? What’s the average price? How long does it take to sell a Yaletown property? What are prices doing? Are they higher or lower than 90 days ago? What price range is selling the best?

The Yaletown market in September saw listings spike and  sales drop about 20% . $500,000 to $1M remains the best selling price range. The supply increased by 40%. Yaletown prices still higher than a year ago. The market now definitely favours buyers.  Ask me how to find the best deal! Read more

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