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Month: April 2012

by Maggie Chandler Maggie Chandler No Comments

How is Vancouver’s Downtown Condominium Market?

The stats for Downtown Vancouver condo market in March showed the average price to be $491,000, up from $334,000 in Jan’06! Prices are up 2.5% over the last year, whilst total listings are down 5% and sales are down a whopping 20%. It’s taken an average of 53 days to sell a property in March, which is 43% higher than a year ago and the average $psf is 642 which is -1% from a year ago.

How Have One Bedroom Condos In Downtown Vancouver Performed Over the Last Year? Read more

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Real Estate Prices Still Trending Up in March

Every month I upload the East Vancouver real estate graph which shows the average price by month, over the last year, for homes, townhomes and condos. It also shows the dollar volume, total listings and total sales by month, over the last year.  View East Vancouver’s real estate graphs for March 2012.

Are East Vancouver Property Prices Trending Up or Down?

Based on the average price, East Vancouver property prices are higher than a year ago for houses (at an all time high) which are up 13% and for condos, which are up 4.7% and equal to the high in Sept’11, but townhomes are down 3.1% and lower than the peak in Oct’11.  Number of  listings are up in all three categories and sales are down 30% in homes and townhomes and 14% in condos.

Which is the Best Selling Price Range for Properties in East Vancouver?

East Vancouver houses with the most sales in March was the  $8000,000-$900,000 . For townhomes it was the $400,000-$600,000 price range and for condos $300,000 to $400,000.  Houses totalled 375 sales for the year, with condos a close second at 307 and townhomes bringing up the rear at 94.

What’s your opinion of the market? Are you buying or selling now?

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by Maggie Chandler Maggie Chandler No Comments

Has Vancouver Real Estate Got Buyers and Sellers Confused?

The Vancouver real estate market has been on a strong upward trend since 2002, when the average price was $302,660 versus $763,800 today. If we look back to when Vancouver’s market peaked in 1995 at $329,500 it wasn’t until 2004 that the average price surpassed that of 1995 at $362,800.  So if you bought at the peak of 1995 you had a long run til you could sell at a profit in 2004.  Vancouver real estate has been on a steady increase until 2011 when it peaked at $786,000 (in May) and is now down to $763,800. What do Vancouver buyers and sellers think?

I’m Confused! Is it a Buyers Market or a Sellers Market in Vancouver?

When clients ask me “how is the market”, I used to answer them in a couple of words because the market was the same for all kinds of properties in all neighbourhoods. Now its different,Vancouver houses and townhouses and condos are not all moving in the same direction at the same time and neighbourhoods aren’t in sinc either. As I’m working with clients I can tell they’re confused. Buyers have too much choice and that’s confusing. Sellers haven’t yet grasped the fact that the buyers are now in the drivers seat – after a long run – and they better get their price dead on or it won’t sell. The smart ones underlist their property and receive multiple offers. So is it a buyers or sellers market in Vancouver? Read more

by Maggie Chandler Maggie Chandler No Comments

Should Vancouver Property Sellers Get a Home Inspection?

Part of doing your ‘due diligence’ when you purchase a property is having a house/condo inspection from a licensed building inspector. This can take from one to three hours depending on the size of the property. The inspector reviews his findings and presents you with a report, which is quite substantial and covers both the interior and the “guts” of the property. Inevitably the inspector always finds items that need attention. The question is whether it’s a major issue and the sellers responsibility or a minor issue and the buyer deals with it. Wouldn’t it be smart if  Vancouver property sellers had a home inspection prior to listing their property?

Would a Vancouver Real Estate Inspection by Sellers Result in a Higher Sale Price?

It would certainly remove any surprises found by the buyer and if it’s a major issue Sellers would have time to shop around for quotes and fix the problem, thereby giving you a stress free sale. This is particularly helpful if  Sellers are buying a property before they sell their current one and particularly if its a non subject offer. I think a Vancouver real estate  inspection carried out by Sellers would result in a higher price. Read more

by Maggie Chandler Maggie Chandler No Comments

How is the Vancouver Real Estate Market in Kitsilano?

Vancouver’s waterfront neighbourhood of Vancouver’s Kitsilano saw a mixed real estate market in March, house prices jump 14% over the last year, townhomes up 1.3% and condos up 2.5%. House and condo sales in Kits saw a drop in March of 18% vs a year ago, townhomes dropped 30%. Listings increased 13% for houses and dropped 13% for condos and 1.6% for townhomes. All categories of properties are performing differently but overall sales are down and over the last year prices are substantially up in houses but pretty flat in townhomes and condos.

How Long to Sell a Vancouver Property in Vancouver’s Kitsilano?

In March 2012 days on the market forVancouver houses in Kitsilano was 2% less than a year ago, taking only an average of 24 days. Townhomes sold an average of 30 days and was down 17% from a year ago and condos took an average of 33 days to sell but was up 40% from a year ago. Average $psf for homes is $738, townhomes is $715 and condos $618

What’s Selling Best in Vancouver’s Kitsilano Condos?

Vancouver condo prices in Kitsilano peaked in February and are now lower than February and December. The best appreciation over the last year was condos over $600,000 which went up 8%. Kitsilano Condos between $425,000 and $600,000 present the best value with a decline of 2% over the last year.

Buying or Selling in Kitsilano?

  • I come armed with stats and graphs
  • hyperlocal info
  • all coupled with decades of experience marketing vancouver homes
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by Maggie Chandler Maggie Chandler No Comments

How is the Vancouver Real Estate Market in Coal Harbour?

How is the Vancouver Real Estate market in Coal Harbour compared to other neighbourhoods? How were sales in March compared to February and compared to a year ago? In March the condos under $500,000 saw the most sales. The average price psf was $831, having peaked in Oct’08 at $1031. Average days on market was 61 which sits in the middle. Current listings are 220, since 2006 the low was 86 in Jan’06.  New listings have been declining since February. Sellers on average move 4% off List Price. Average price for 3 bedrooms increased a whopping 66% (average price $3.4M)  over the last year, 2 bedrooms lost 30% (average price $1.479.000) and one bedrooms fell 5% (average price 417,800).

How Much More Do Vancouver Coal Harbour Waterfront Condos Sell For?

Coal Harbour has less than 40 condo buildings and the area is built out. It is made up mostly of condos but some building have townhomes as well. March sales show the average sale price of waterfront condos was $2.8M or $1,321 and the average size was 2095sf. The average price of non Coal Harbour waterfront condos was $713,000 or $755psf , with an average size of 900sf. Read more

by Maggie Chandler Maggie Chandler No Comments

How Will Vancouver House Prices Perform in the Future?

When we make a real estate investment we are always concerned about the future return. How will Vancouver house prices perform in the future? That leads us to ask how the BC economy will perform and will it create jobs and will they be good paying jobs? It is currently a buyers market but we have had such a long run of a sellers market that the buyers and sellers are having difficulty adjusting.

What will Drive Vancouver Real Estate Prices?

The resources sector is fuelling British Columbia’s economy, according to the Vancouver Real Estate Forum, which identified record levels of employment, all time low interest rates, confidence in the Canadian economy and lack of overbuilding. In fact, since 2000, prices in other Canadian cities have increased more than Vancouver’s but BC is one of the four Canadian provinces where income growth has been strongest. Read more

by Maggie Chandler Maggie Chandler No Comments

How Much Have Greater Vancouver Real Estate Prices Risen since 1977?

The Real Estate Board of Greater Vancouver (REBGV) updated their graphs a couple of months ago and the new ones are awesome. They have one graph that shows vancouver real estate prices since 1977. Back then they lumped houses, townhouses and condos into one – in fact there were few condos in Vancouver in the 1970s! Then they finally separated the three types of property.

What Period Saw the Highest Vancouver Property Price Increase?

View the average sale price graph for Greater Vancouver homes, townhomes and condos since 1977

What Period Saw the Worst Return on Vancouver Real Estate?

How well i remember the 1980s, when British Columbia’s small and local economy was based on mining and lumber. The Trudeau Government spiked the mortgage rates to an all time and unheard of high – over 20% – and crash went the real estate market and the Canadian economy. It was the worst of times. Prices fell by 50% in a year. Then along came Expo’86 and the Hong Kong immigration in the late ’80s. So 1981-87 was the worst.

What are you looking for? If you’re not finding what you’re looking for, please tell me what you want!

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by Maggie Chandler Maggie Chandler No Comments

No March Madness for British Columbia Real Estate This Year

BCREA reports that the dollar volume of British Columbia homes sold on MLS  declined 26.5 %  in March compared to Mar’11. There was also a decline of 20 per cent. in residential sales for the same period, bringing the average price for residential units to  $545,959 , a 8.1% drop from March 2011.

March 2011 Saw a Spike in Consumer Demand

but this spike was not expereienced in March this year. The spike a year ago was due to an increase of high end home sales   which pushed up the number of sales and skewed the average price. An absense of that occurrence again resulted in a levelling of sales and the average price.

How are Year to Date Real Estate Sales Vs.2011?

Residential home sales year to date declined 17% vs same period last year but the average price climbed 5%. Sales in BC are following the same pattern as Greater Vancouver.

How do you think the year will unfold?

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by Maggie Chandler Maggie Chandler No Comments

What Should I Know About Vancouver Real Estate Deposits?

deposit to purchase real estateWhen a buyer makes an offer to purchase a property, the buyers agent draws up a contract of purchase and sale for the buyer and seller to sign. One of the terms of the contract is the deposit, which binds the buyer and seller to the transaction. Sometimes the Vancouver real estate deposit is due when the contract is written. In this case, should the subject to clauses not be removed the deposit is returned to the buyer.

What is the role of the Vancouver Real Estate Brokerage?

The Vancouver real estate brokerage acting for the buyer holds the deposit in Trust until the Closing Date and acts as a stakeholder. The rules regarding Vancouver real estate deposits are governed by RECBC (The Government of BC). Read more

by Maggie Chandler Maggie Chandler No Comments

When Should I Reduce My Vancouver Condo Price?

When should I reduce my Vancouver condo price? This is not a question sellers often ask me! Naturally they’d rather increase their property price! There are many different strategies for selling your property. Is it a sellers or buyers market and how motivated is the seller? As well, sellers should make property price decisions based on whether they’re trading up or down in the same market, or maybe just cashing out.

Are Vancouver Property Prices Rising, Falling or Flat?

If Vancouver property prices are rising you are in a Sellers market, which means more demand than supply, so it is unlikely you will have to lower your price – unless you priced it way above current market value. Home prices will eventually catch up to you, if you are not in a hurry. Read more

by Maggie Chandler Maggie Chandler No Comments

Are Vancouver Real Estate Prices Moving Up?

Vancouver condosClients are always asking me how’s the property market? Are Vancouver real estate prices up or down and by what percentage? I ask them what type of property are they referring to and what neighbourhood and what time frame. The market used to do the same thing for all types of properties and all neighbourhoods in Vancouver. Now it’s different. Some markets are driven by the Chinese immigration and some by Chinese investors and some by first time buyers.

Are Vancouver Sold Property Prices Moving Up or Down?

The overall Vancouver average sales price moved down in March. House prices dropped to $2,400,672 and are up 7% from a year ago.  Townhouse prices ticked up to $979,510 and are up 4.9% over the year.  Condos dipped slightly to $617,942 and present the best value for buyers as they dropped 5.5% over the last year. Read more

by Maggie Chandler Maggie Chandler No Comments

The World’s Top 10 Cities for the Mega Wealthy – Vancouver Real Estate News

Citi Private Bank and the London-based real estate advisors, Knight Frank , just came out with their Wealth Report 2012,  a study of the globe’s ultra rich and where they are buying property. Consider it a global version of Penta’s much-read annual list, Best Places for Second Homes. It makes for an interesting read.

According to Ledbury Research, there are 63,000 people globally in possession of $100 million or more in assets, with 18,000 centa-millionaires located in South East Asia, China and Japan. That compares with 17,000 in North America and 14,000 in Western Europe. The number of centa-millionaires rose 29% globally between 2006 and 2011, with the U.S. accounting for a 6% rise.

Applying their pencil scratching to regional GDP-growth projections for the coming years, the wealth researchers figure that by 2016, the U.S. will still have the most centa-millionaires on a country-by-country basis, with 17,100, but probably not for much longer after that. China, it is assumed, will in that short time double its number of centa-millionaires to 14,000. It’s all, of course, about the globe’s wealth-creation center of gravity shifting from somewhere in the mid-Atlantic to somewhere over in Asia. It’s the ongoing and painful global restructuring we read about in the newspapers every day.

Posted on Vancouver Real Estate-Vancouver Homes For Sale

by Maggie Chandler Maggie Chandler No Comments

Featuring Downtown Vancouver’s H&H at 1133 Homer Street – Condos for Sale

H&H at 1133 Homer in Downtown Vancouver is one of my favourite condo buildings. Built in 2008.

Currently there are seven listings from $325,000 for 500sf . This would make a great investment becuase there are many renters at the bottom of the market and current rent would be around $1200 pr month. Highest priced is  $625,00 for 925sf 2 bedroom.

Building  boasts a lovely rooftop garden for relaxing in the summer sun and a state of the art gym. Other features are gourmet kitchens, stainless steel  appliances, granite counters, open living rooms and stunning ensuite,  with double closets.

Currently three sales in 2012, from $441,000 for 655sf to the $1,458,00 for a Penthouse which was 1576sf. The sales took an average of 49 days to sell and sellers moved 2% from List Price. Read more

by Maggie Chandler Maggie Chandler No Comments

What’s the Newest Technology that Sells Vancouver Homes?

Intelligent Living Corp. (“ILVC”) /quotes/zigman/8123543 ILVC -44.44% , a leading provider of green building solutions, today announced the completion of their latest smart home project in Vancouver, BC. The 6,500 sqft custom home, located in Shaughnessy, Vancouver’s “grand old neighborhood,” was designed and built by Tavan Developments Ltd. (“Tavan”) ( www.tavandevelopments.com ), a leading Vancouver custom home builder.

The home is equipped with the state-of-the-art HAI OMNI home automation and a sophisticated energy monitoring system that displays current and estimated electricity cost and usage on a daily and monthly basis, integrated security, lighting and Russound whole-house distributed audio systems. The large format home theater system features a 120in screen, 3-D projector and 7.1 THX sound system and a custom designed double-sided glass projection screen in the bar area. Apple iPad and iPhone/iPod Touch interfaces utilizing SnapLink and MyRussound apps provide complete home control. With built-in network access, the system allows remote programming, status review, monitoring and control over the Internet.

Posted on Vancouver Real Estate-Vancouver Homes For Sale

by Maggie Chandler Maggie Chandler No Comments

Proposed Delta Farmland To Exit the ALR for Gateway project Infrastructure

A warehouse developer has signed a $98-million deal to buy 600 acres of south Delta’s prime farmland for industrial use.

Documents unearthed by Delta South Independent MLA Vicki Huntington indicate the option-to-purchase deal involves 11 productive farm parcels located in the Agricultural Land Reserve between Highway 17 and Deltaport Way.

At the centre of the optioning deal is Lamington Heights Investments, a warehouse distribution business associated with the Emerson Real Estate Group.

Ron Emerson, president of the group, which specializes in confidential industrial land acquisitions, confirmed he signed the option-to-purchase agreements with five large-scale farmers, most of whom are growing blueberries, with some producing root vegetables.

Fast changing world.

Posted on Vancouver Real Estate-Vancouver Homes For Sale

by Maggie Chandler Maggie Chandler No Comments

How is the Vancouver Real Estate Inventory?

How’s the Vancouver (west side)  real estate market? Is the inventory up or down compared to a year ago? Good time to sell or sit it out and wait for inventory to drop?

The highest inventory for condos are 2 bedrooms

  • 1,2 and 3 bedrooms are all a tad higher than a year ago

For townhomes the listings for 2 and 3 bedrooms are tied

  • 2 bedrooms are slightly less than a year ago
  • 3 bedrooms are higher than a year ago

Total Inventory for Vancouver West. Read more

by Maggie Chandler Maggie Chandler No Comments

How Long Does it Take to Sell A Vancouver Property?

When you decide to sell your Vancouver property, pay attention to the number of days it takes to sell a property like yours in your neighbourhood.

The time frame has increased for Vancouver homes, townhomes and condos compared to a year ago. Homes are selling the quickest.

Days on Market for Vancouver West.

Buying or selling Vancouver Real Estate?

  • I come armed with stats and graphs
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  • hyperlocal info
  • educate you about the market and the process
  • all coupled with decades of experience providing trustworthy real estate advice
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View my other Vancouver condo neighbourhood stats.

What are you looking for? If you’re not finding what you’re looking for, please tell me what you want!

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by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Lofty Real Estate Prices and Unspoken Race Issue

In Saturday’s column, I wrote about a study of Vancouver real estate prices by Andy Yan, an urban planner with Bing Thom Architects and an adjunct professor with the University of B.C.’s School of Community and Regional Planning.

In the study, Yan plotted the worth of all homes in neighbour-hoods zoned single-family residential – or RS, in planning par-lance. He plotted those homes assessed at over $1 million.

The study was an update of a similar one he had done in 2011, and Yan did the update to see what change there had been in the number of million-dollar homes.

He found a radical change.

In a single year, the number of million-dollar homes had increased by 10 per cent. More than half the single-family homes in Vancouver were now assessed at over $1 mil-lion. All homes had increased in value by at least $55,000 (out-stripping Vancouver’s median family income of $53,000) and 80 per cent of the homes had increased in assessed value by over $100,000.

Posted on Vancouver Real Estate-Vancouver Homes For Sale

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