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Month: November 2012

by Maggie Chandler Maggie Chandler No Comments

Which Is Vancouver’s Most Expensive Condo Building?

Last month I toured Vancouver’s Downtown and Coal Harbour luxury condos with an American buyer. At the end of the tour he asked me to analyse the average selling price of the top five luxury condo buildings in Downtown to determine Vancouver’s most expensive condo building. Love to crunch real estate numbers as I do, I came up with the below results.

Which Is Downtown Vancouver’s Most Expensive Condo Building?

I took sales in the following buildings from June-October and here’s what I found Read more

by Maggie Chandler Maggie Chandler No Comments

Another Flippin’ Monday For Vancouver Condo Investors!

I think it’s a great market if you are a potential Vancouver condo investor because you can take advantage of rock bottom interest rates,a low vacancy rental rate, lower real estate prices and a super selection of  listings, I’ve recently guided buyer investors into Vancouver condos that break even with 25-30% down.

What Makes a Good Vancouver Condo Investment?

Vancouver condo investors can buy a fix-and- flip suite, buy a condo that’s already got a tenant or buy a micro condo pre-sale. My advice is to buy at the bottom of the market, as it has the largest number of  renters, is the easiest to rent and gets the best return. Or let me sieve through the listings for a Vancouver condo seller that has to sell and is listed below current market value. Read more

by Maggie Chandler Maggie Chandler No Comments

Top Seven Questions Vancouver Condo Sellers Ask

vancouver condos

Vancouver condo sellers often have many questions when I meet with them to discuss their upcoming move. Being a Vancouver first time seller isn’t as easy as being a first time buyer, as you need your money out of your current property in order to purchase another one. So, do you buy first or sell first? It depends on the current Vancouver real estate market and the available selection and how long it takes to sell your Vancouver condo. Another consideration is the banks and whether you can obtain bridge financing so as to purchase first and then sell. Read more

by Maggie Chandler Maggie Chandler No Comments

Which Price Range Has Dropped the Most In Vancouver Condos?

It’s a good time to be a Vancouver condo buyer, given the reduction in prices and the excellent selection, not to mention record low interest rates.  But which price range in has dropped the most in Vancouver condos and offers the best value for buyers? And in which neighbourhoods?

Which Price Range Is Best Value Compared to Oct’11?

Vancouver West’s best value for condos compared to October 2011 are condos over $1,288,000 which has dropped 11.8% over the last year. $650,000 to $1,2,88,000 has performed the best with a 4.2% gain. Read more

by Maggie Chandler Maggie Chandler No Comments

Should Ottawa Relax Canada’s New Mortgage Rules?

There’s been a lot of articles in the media about the effect the mortgage tightening has had on the Vancouver real estate market and the broader economy – housing accounts for 18% of Canada’s GDP.   There is now talk about whether Ottawa should relax some of the new mortgage rules it implemented in June, given that it bonked Vancouver real estate buyers on the head, the world economy is slowing down and the fact that the market will make its own correction. Read more

by Maggie Chandler Maggie Chandler No Comments

Hong Kong Condo Sells for Nearly $60M As Tax on Foreign Buyers Introduced

And you thought Vancouver had expensive real estate ! In fact there have been only seven Vancouver condos sold over $6M, that have been published on MLS,  of which the most expensive was in the Shaw Tower. The highest $psf was $1600. However, a recent condo in Hong Kong’s financial centre just sold for nearly $60M, only nine days before new rules introduced by the Government that taxes foreign real estate buyers. This equals almost $9000psf!

What Makes a Condo Worth $60 Million?

Buyers with too much money! The luxury condo in a Frank Gehry designed building was 6,683sf on the ninth floor. The buyer was not disclosed. The condo is one of only 12 suites in the building with commanding views of Hong Kong. There was another condo in the building which recently sold for $55.5M and another one with its own pool was leased for $110,000 a month! Read more

by Maggie Chandler Maggie Chandler No Comments

The Vine Condos at 2228 West Broadway in Vancouver’s Kitsilano

Built in 2008 by London Drugs, this Kitsilano condo complex consists of three concrete buildings – 2228, 2268 and 2288 West Broadway. 2228 West Broadway is 8 levels and has 133 suites. 2268 West Broadway is 7  levels and has 133  suites. 2288 West Broadway is 5  levels and has 133  suites.  The condos run from studios to 2 bedrooms 1100sf and are backed by a 2/5/10 warranty.

What Are the Kitsilano Neighbourhood Amenities?

Vine sits on the bus route to UBC and has easy access to Downtown Vancouver. Underneath the building is London Drugs and Market Place supermarket. As well, there are lots of coffee shops and restaurants close by and Connaught Park at your doorstep, as is Kitsilano High School and Farmers Market.  You are a five minute walk to 4th avenue shopping and Whole Foods and another five minutes to popular Kitsilano Beach, pool and park, Maritime Museum , the Observatory and School of Music. Read more

by Maggie Chandler Maggie Chandler No Comments

Which Vancouver Condo Neighbourhood Is The Least Expensive?

My clients often ask me which of Vancouver’s condo neighbourhood is the least expensive, which has the lowest number of sales and which have the highest number of listings, thereby determining where the best buys may be.  So I did an analysis of October 2012 sales and average sale price for Coal Harbour, Downtown, Yaletown, West End, Kitsilano, Fairview and False Creek .

Yaletown has the tightest market,  the West End has the lowest average sale price, closely followed by Fairview and Coal Harbour remains the most expensive. Read more

by Maggie Chandler Maggie Chandler No Comments

False Creek Condo Average Sale Price Drops Back to June 2008 Levels

Vancouver’s False Creek waterfront neighbourhood sits on the south side of False Creek and looking north to Yaletown. The condos west of Cambie Bridge were built in the ’70s and ’80s and east of the bridge is the newer Olympic Village neighbourhood which will have about 16,000 inhabitants when completed.

False Creek condo average sale price is down 24% from a year ago, as per REBGV and now equal to June ’08, having roller coastered since then. Prices peaked in Dec’08. Sales to active ratio ticked up to 11%, hitting a low in September that equalled Dec’08. Sales tripled in Oct vs Sept. and listings hit a new high of 148. The False Creek condo market can only improve from this low point – now a good time to buy at the right price! Read more

by Maggie Chandler Maggie Chandler No Comments

Coal Harbour Real Estate Average Sale Price Equal to Feb’08

It’s been a roller coast ride for many of Vancouver’s real estate neighbourhoods. Our luxury waterfront neighbourhood of Coal Harbour real estate average sale price now equal to Feb’08 . Prices peaked in October 2008 and surpass that in November 2011, then reached a low in July 2012 and is a tad above that for October.

Coal Harbour Sales Vs A Year Ago Drop 40%

Coal Harbour condo sales in October took an average of 21 days to sell and sellers dropped an average of 6% off list price. The sales to active ratio increased to 10%,  from a low of 5% in September but down from a peak of 47% in 2006!  YTD sales down 40% from 2011. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Downtown Condos Now At Nov’09 Prices

Vancouver’s Downtown condos now at Nov’09 prices , with average sale price of  $482,000 in October.  Downtown listings dipped to 457,  14% lower than a year ago and Downtown sales ticked up to 72, 20% below a year ago. Downtown days on the market was 70.  The average $psf  is 626. Downtown sales to active ratio increased to 16%, now in balanced market territory. A good time to buy!

How Have Vancouver Downtown Condos Performed Vs. Townhomes?

Vancouver’s Downtown condo sales are performing the best at the bottom of the market, with 75% of sales under $500,000 in October. YTD half the townhome sales have been under $600,000.

Where’s the Best Value for Vancouver’s Downtown Properties?

Compared to a year ago, Downtown condos under $360,000 are the best value, with an 4.5% loss. Townhomes under $575,000 rose less than the higher priced townhomes.

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by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Yaletown Real Estate Prices Rise 9.4% From a Year Ago

Vancouver’s Yaletown real estate prices rise 9.4% from a year ago, as per REBGV. Average sale price now at $717,810, having peaked at $978,000 in Jan’11. The average sale price first reach $717,000 in Oct’07 and has been roller coastering since.

  • Yaletown listings dropped again to 295 and are 15%  lower than a year ago
  • Yaletown sales dropped to 49, which is 21% lower than a year ago and taking an average of 45 days to sell.
  • Yaletown sellers dropped 5% off list price
  • The average $psf  is flat at 705
  • Sales to active ratio increased to 17 , indicating a balanced market Read more

by Maggie Chandler Maggie Chandler No Comments

Kitsilano Real Estate Prices Tick Up in October! Kitsilano Realtor

Vancouver’s Kitsilano real estate prices ticked up in October for condos, townhomes  and houses.  Kitsilano townhome sales were up 25%  from a year ago, condos dropped 12.9% and houses down 66%.  Kitsilano house listings are flat and down from a year ago. Townhome  and condo listings dipped slightly compared to September but higher than a year ago.

How Long to Sell a Listing in Kitsilano?

Days on the market for Kitsilano properties dropped from 49 to 31 in October, similar to a year ago. Average $psf for Kitsilano townhomes is down 2% from a year ago,  condos are up 6%.  Sales to listings ratio bottomed at 13% in August and ticked up to 17% in October. Kitsilano sellers moved an average of only 4% off list price. Has Kitsilano real estate prices bottomed? Read more

by Maggie Chandler Maggie Chandler No Comments

CMHC’s Vancouver Housing Forecast Predicts Sales to Increase in 2013

CMHC’s Vancouver housing forecast predicts sales in 2012 will be 18% lower than 2011 but the region will see an increase of 11% in 2013. There will be an increase in market share for condos, due to affordability and the average sale price in 2013 will drop 0.3% .

2013 Forecast to Return to a Balanced Market

As listings decrease, the market will return to a balanced market by mid year. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver West Average Sale Price Up in October

Vancouver West  average sale price ticked up in October, according to  REBGV.  House prices up to $2,510,303, up 6.8% from a year ago. Townhomes average sale price up to $942,384, 1.5% lower than  year ago, and Vancouver condos dipped to $598,909 , down 7.2% from a year ago.  Vancouver real estate market still favours buyers, due to the listings vs sales ratio which is 13%, up from 9% in September which was the low.

How Are Vancouver Property Sales Compared to a Year Ago?

Vancouver West house sales are down 14% from a year ago, after peaking in February this year. Vancouver Townhomes sales in October are down 8.9% from a year ago. Vancouver Condos peaked in Mar’11 and are down 19.6% from a year ago.Vancouver sellers dropped an average of 5% off list price on condos, 4% on townhomes and 9% on houses. Read more

by Maggie Chandler Maggie Chandler No Comments

Greater Vancouver Home Sales Edge Up in October But Prices Down 12% From Peak

Greater Vancouver home sales edged up in October but remain 28.5% below the 10 year average, listings decreased 5.3% from September but remained 12% above a year ago.  Greater Vancouver  average sale price ticked up to $736,838, slightly above Dec’10 price. The top was May ’11 at $838,205, now down 12% from there.

Which Greater Vancouver Neighbourhoods Increased in October?

The average sale price of real estate in Burnaby, Coquitlam,  North Vancouver, Port Coquitlam , Richmond, Squamish, Vancouver East and West and Whistler all saw an uptick in the average sale price. All the other suburbs saw a decrease in average sale price. Read more

by Maggie Chandler Maggie Chandler No Comments

How Is Kitsilano Townhouse Market? Kitsilano Realtor

kitsilano townhomesVancouver’s waterfront neighbourhood of Kitsilano has an excellent selection of townhouses and half duplexes. So how is the Kitsilano townhome market? October saw only six sales from $425,000 to $1,530,000, with an average sale price of  $948,000 and only 13 days on the market. Sellers moved an average of only 3% from list price. October 2011 saw 11 sales with an average sale price of $908,000, 11 days on market and sellers moving only 1% off list price. Read more

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