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Month: July 2012

by Maggie Chandler Maggie Chandler No Comments

Are Vancouver’s Luxury Condo Market Prices and Sales Slipping?

Vancouver luxury condo sales (over $2M) YTD  are down 30% compared to last year and the average sale price is 3% lower, equating to a drop of just under $100,000. The number of luxury Vancouver condo listings increased to 16 months. Sellers on an average moved 8% from the asking price.  February and March had the most sales, whilst July has been the slowest month of the year with only 2 sales. Vancouver waterfront prices bucked the trend and moved up.

How is The Luxury Vancouver Condo Market Over $5M?

YTD sales are the same as last year – only two but there are 26 listings over $2M, resulting in over a year’s inventory. Read more

by Maggie Chandler Maggie Chandler No Comments

My Kitsilano Condo Price Has Been Slashed!

Take advantage of my big price reduction at 107-2226 W. 12th avenue, vancouver.  Was $339,000, now $309,000. I reside in Kitsilano’s desirable Arbutus Walk.  I’m a 529sf studio facing south with a private patio, in a ten year old building. I have insuite laundry, a built in murphy bed, harwood floors and a spacious open kitchen, storage locker and two parking stalls. You can move in tomorrow!

Why Am I a Hot Price?

The condo above me sold a year ago for $305,000 with one parking stall and the one next to me sold just prior to that for $325,000 with one parking stall. Read more

by Maggie Chandler Maggie Chandler No Comments

Which are Vancouver’s Hotel/Condo Buildings?

I’ve often been asked by Vancouver condo buyers to show them properties in a Vancouver hotel/condo building. Non-resident condo buyers particularly like this type of ownership, because they have the valet services of the hotel. In most cases the Vancouver condo building shares the amenities with the hotel and sometimes the concierge as well. The condo building will have its own elevator and secured parking.

Which are Vancouver’s Hotel/Condo Buildings?

The first to come to mind is Vancouver’s Shangri-la condo, which is currently Vancouver’s tallest building at 62 storeys. Just opened is Vancouver’s Residences on Georgia. The old Hotel Georgia is a Vancouver icon and was the hotel of choice for Hollywood stars. Equal in quality to these two is Pacific Rim Fairmont Estates at the bottom of Burrard Street. Then there’s the smaller and very exquisite L’Hermitage at 788 Richards Street. The Marriott in Coal Harbour was the first to be built. Vancouver’s Fairmont Pacific Rim Estates at the foot of Burrard Street is the most luxurious. Read more

by Maggie Chandler Maggie Chandler No Comments

When Should Vancouver Home Sellers Downsize?

At some pont in your life you will decide to sell your Vancouver family home and downsize. The video will answer such questions as what should Vancouver home sellers know about downsizing.? When is the right time? What do you downsize to? Do you move into a condo or forget real estate all together and rent? Perhaps if you’re in your later years you move into some kind of Senior Housing.

How Much  Will You Need for Retirement Years?

This is  a question for a Vancouver  investment advisor, who will sit down with you, ask lots of questions and use the most advanced retirement techniques available. You will also receive advice on what type of investments are right for you. Read more

by Maggie Chandler Maggie Chandler No Comments

Which Are Vancouver’s Downtown Waterfront Neighbourhoods

Downtown Vancouver sits on a large peninsula with water on the north, west and south side and it consists of four waterfront neighbourhoods on the Downtown West Side, three of which have been developed in the last fifteen years. Except for the West End they have been developed as a hi-rise condo neighbourhood.

The Waterfront Neighbourhoods of Downtown Vancouver

The West End is the oldest of the Vancouver waterfront neighbourhoods, rich in history, bordering Stanley Park and English Bay and isVancouver’s gay neighbourhood, it has an assortment of heritage homes, rental accommodation and condos which include co-ops. Condos were first built in the West End in 1970s and there isn’t much new accommodation but the City is revisiting its plan for the West End. The condos on Beach Avenue are older but boast unobstructed views facing west. Read more

by Maggie Chandler Maggie Chandler No Comments

Yaletown Condo Prices Down 2.8% Year over Year – Bottomed?

Yaletown condo prices are only down 2.8% year over year. Average sale price in Yaletown for June softened to $704,000  (from  $754,750 in May) and is now equal Apr’08 prices but has been on a roller coaster. Prices peaked at $978,044 in Jan’11.  Listings flat at 376 and 16%  higher than a year ago. Sales dropped to 58, which is 27% below a year ago. Days on market dropped to 31, same as a year ago. The average $psf  is flat at 720.  Yaletown condo prices have been on a roller coaster since Apr’08, so in fact buyers can buy for the same price they did four years ago. Expect sales to pick up in second half of 2012.

How Have Yaletown Condos Performed Vs Townhomes?

Year over year Yaletown townhomes average sale price is up 5% but condos are down 5%. Townhomes peaked in Mar’10 and condos peaked in Jan’11. Read more

by Maggie Chandler Maggie Chandler No Comments

Why Are Coal Harbour Condos a Strong Buyer’s Market in June?

June 2012 saw the average sale price for Coal Harbour condos drop slightly to $1,202,000 from May and is down 1.5% from  a year ago, having peaked at $1,766,000 in Nov’11. Coal Harbour Sales are down 50% from  a year ago, with 50% under $550,000  and 20% over $1M, with an average of 77 days on the market for solds.  The average price psf dropped to $846 having achieved a peak in Oct’08 at $1015 and roller coastering since then.

Coal Harbour condo listings sit at 218, equal to a year ago.  Monthly new listings are dropping. Coal Harbour Sellers on average moved 7% off List Price. The high inventory and low number of sales equals a strong buyer’s market for Coal Harbour condos, as the prices remain squishy. Buyer activity is predicted to increase for the last half of 2012, so this may be as low a price as buyers can get.

Compared to a year ago, average price for Vancouver’s Coal Harbour townhomes and condo 3 bedrooms was up 25%  (average price $2.2M), 2 bedrooms lost 5% (average price $1.500.000) and one bedrooms increased 10% (average price 483,000). Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Downtown Condo Prices Levelling

How is Vancouver’s Downtown Condo Market? Vancouver’s Downtown average sale price  in June ticked up from $470,000 to $479,000 and is equal to a year ago and to Sept’09. Prices peaked at $548,127 in Jan’12.  Total listings are up to 570, higher than a year ago and equal to Sept’08. Sales dropped to 79, lower than a year ago and equal to Feb’10.   Days to sell a property in June dropped to 79.  The average $psf  is down to 636, 3% lower than a year ago. This Vancouver  neighbourhood represents great opportuniites for buyers! Read more

by Maggie Chandler Maggie Chandler No Comments

Why Vancouver Condo Prices Will Outperform

There’s a lot of conversation these days about falling Vancouver real estate prices. So I thought it’d be interesting to look at some facts and figures which don’t get discussed by the media but which effect the Vancouver real estate market and in particular Vancouver condo market.

Vancouver’s Population Will Continue to Grow

Predictions indicate that the City of Vancouver’s population will grow by 94,000 over the next 12.5 years – that’s a lot of people needing a roof over their head, 53,000 new residences in fact. Of the new condo building scheduled to complete this year only 77 suites are unsold and only 146 for next year, the majority of suites have been pre-sold. Of the remaining sites left Downtown, there is a capacity for only 7200 units over a 10 year period, compared to nearly 19,000 over the last 10 years. The demand will have to to be filled with units outside of Downtown Vancouver. The tight supply will bode well for Vancouver condo prices in the long run. Sieze the opportunity to buy now in a buyers market! Read more

by Maggie Chandler Maggie Chandler No Comments

Kitsilano’s Townhomes Outperform Houses and Condos in June

Vancouver’s waterfront neighbourhood of Kitsilano saw the average sale price in June 2012,  vs a year ago, up 7.9% for townhomes, 1.4% for condos and down a whopping 15.8% for houses.

Month over month houses and condos dropped but townhomes were flat.

Year over year, sales for townhomes dropped 28% , condos were up 17% and houses dropped 44%. Listings in all cateogireis were down in June.

Average days on market was 29 for townhomes, 26 for homes and 38 for condos.

Kits one bedroom condos performed the best over the last year.

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by Maggie Chandler Maggie Chandler No Comments

Do Cranes and Champagne Define Vancouver Real Estate?

Do cranes and champagne define Vancouver real estate? As employment in Vancouver increases we see more cranes popping up, indicating an improved economy and more buyers for pre-sale condos and champagne to celebrate your new home purchase! Vancouver’s property market is proving to be more resilient than many buyers wish for. The average sale price for west side homes and townhomes in June ticked up a bit whilst condos softened a bit, showing average sale price for  homes down 4.7% over the last year, townhomes up 17% and condos down 4.3%.  Listings are now decreasing and sales remain below the 10 year average. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Prices Move Up in June

By now I think Vancouver home buyers and sellers know  the Vancouver  real estate prices are dropping but different types of properties in different Vancouver neighbourhoods are performing differently, so be sure to choose an experienced neighbourhood realtor! The REBGV stats for June show the average Vancouver (west side) house sale prices UP,(graph) with the average sale price now $2,402,038, down from the peak at $2,790,51. Average townhome sale price is also up $109,131, compared to $853,984 a year ago, and condos sit at $600,964 compared to $627,621 a year ago. Still a good buyers market in all Vancouver real estate categories. Read more

by Maggie Chandler Maggie Chandler No Comments

Which Vancouver Condo Price Range Has The Best Value?

Let’s drill down on Vancouver’s condo prices and see which price range has the best value. What’s the average sale price for June 2011 vs a year ago? What’s the $psf? How long is it taking to sell a Vancouver condo vs a year ago? What’s the list price to sale price ratio? According to the stats today from REBGV, sales are much lower than a year ago and listings are higher, resulting in too much choice for buyers!

Best Value is Vancouver’s Middle Price Ranges

The Vancouver condo prices under $600,000 are higher than a year ago but between $700,000 and $1M the prices are lower than a year ago. Above $1M the Vancouver condo prices are higher than a year ago. But there are fewer sales in all price ranges.  Below is the current $psf vs a year ago in brackets. Read more

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