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Month: February 2014

by Maggie Chandler Maggie Chandler No Comments

Will Canada’s Immigrant Investor Program Closure Impact Vancouver Real Estate?

imagesCAFCOFQEWill Canada’s immigrant investor program closure impact Vancouver real estate? BCREA’s Cameron Muir says it’ll have little impact and foresees less pressure on the detached homes inventory in Vancouver, Richmond and West Vancouver. The program was closed in 2012 and it certainly hasn’t impacted Vancouver’s real estate sales since then. Luxury home sales hit a record last year.

The number of investor immigrant landings peaked at 5,876 in 2008 before declining to 2,644 in 2012, with a similar number expected for last year. The numbers include spouses and dependents. It’s estimated this has added 900 to 1000 households per year since 2011. The program was initiated in 1986, luring the rich Asians to Canada to boost our economy. The program allowed  130,000 mostly Asian foreigners, with individual net worth of $1.6M to lend $800,000 each to various provincial governments, interest free for five years in exchange for permanent residency and eventually citizenship. BC attracted a large number of them. Read more

by Maggie Chandler Maggie Chandler No Comments

What’s British Columbia’s Economic Outlook for 2014?

BCREA informs us that January had the highest number of sales for the month since 2010.

CMHC forecast the BC economy to grow at a slightly faster rate this year and in 2015, compared to 2013, projecting an improvement in labour markets and ongoing population growth, consumer deand for goods and services, including housing, is expected to contribute to economic growth.  Real GDP is forecast to increase to 2.3% this year and 2.8% next year, compared to 1.7% last year.

Housing demand will be increased by growth in employment and incomes. In 2013 a rising share of full time employment boosted growth in the average weekly wage rate above the national average. This trend will continue.

Population growth is forecast to average about 1% per year. Net international migration added more than 41,000 people to BC in 2013 is expected to stabilize over the next couple of years and stabilize at that rate. In addition, this will lower the rental vacancy rates.

Multiple Housing starts are projected to reach 18,700 this year and 18,400 next year, compared to 18,532 in 2013. House starts are forecast to increase to 9,100 this year and 9,400 next year.

BC home sales will remain below levels recorded in pre-2009 despite an upward trajectory. Expect 76,000 this year and 77,300 next, versus 72,936 last year. The average price is forecast to grow at a pace slower than the general rate of inflation due to an increase in listings.

The above bodes well for Vancouver’s real estate market.

Why Hire Maggie Chandler as your Vancouver Realtor?

  • I am a full-time Professional and offer a high calibre service
  • You can count on my decades of hyper-local knowledge and experience
  • I understand the real estate in Vancouver’s waterfront neighbourhoods, its history and its evolution
  • Looking for a Vancouver Penthouse, waterfront condo, townhome, heritage condo, loft or luxury real estate?
  • I help you get exactly what you want! Call Maggie today! 604-328-0077
  • Attention Sellers! Vancouver condo inventory is low! Call for a free consultation today!

Author Maggie Chandler 1648 W. 6th Ave., Vancouver, BC V6J 1R3

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by Maggie Chandler Maggie Chandler No Comments

JUST LISTED! Enjoy the Oceanviews from 2001-1330 Harwood St in Vancouver’s West End

2001  1330 Harwood Street-small-014-roof top view 2-666x444-72dpiJUST LISTED! Enjoy the Oceanviews from 2001-1330 Harwood St in Vancouver’s West End. This n.w. corner spacious one bedroom has jaw dropping water, mountain and city views. Enjoy a cocktail on your large balcony which has floor to ceiling windows. Parking and a large storage locker is included. Bring your decorating ideas and make this water view condo home!

Maintenance fee is $319.83 and includes heat, hot water, property taxes. Managed by Westsea Construction who have an office in the building. Excellent caretaker has been a long time employee. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver First Time Home Buyers Get a Break on Property Transfer Tax

4647415-money-pile-100-dollar-billsVancouver first time home buyers get a break on property transfer tax in BC’s 2014 budget. The threshold was increased from $425,000 to $475,000. As well, the partial exemption continues and will apply to homes valued between $475,000 and $500,000. This will save first time buyers up to $7,500 in PTT when they buy their first home but will cost the BC government $8 million in lost tax revenue annually. Read more

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Property Listings Climb in January but Sales Dip

IMG_1936The new year saw East Vancouver property  listings climb but sales dipped. House listings are 9% lower than a year ago, condos are 5.5% lower but townhomes are 6.4% higher. Sales for all categories peaked in May at 319 and have been on a monthly decline since, now sitting at 163 for January 2014. Total dollar volume for 2013 was $2,108,580,232 which is 19% higher than a year ago.

What About the Sales to Active Ratio?

It hit a high for 2013 in December at 28% and dropped back to 18% in January. Did Chinese New year arrive early? However, days on the market dropped to 22, from a high of 30 in July. January sellers moved an average of only 1.9%. Read more

by Maggie Chandler Maggie Chandler No Comments

SOLD In One Week! 711-2788 Prince Edward, Vancouver, BC

paperworkUptown in Vancouver’s Mount Pleasant is a one year old mid-rise concrete  condo building built by Concord Pacific, situated behind the Biltmore Hotel on Prince Edward and Kingsway.

#711 faces east and has astounding views of the city and mountains. The buildings top floor is a rooftop garden patio and playground.

The tenant wouldn’t allow showings but when she moved out at the end of January I held Open Houses and showed it to a number of Realtors and their buyers and got an acceptable offer. What’s the appeal? Finding a new concrete condo building.

Why Hire Maggie Chandler as your Vancouver Realtor?

  • I am a full-time Professional and offer a high calibre service
  • You can count on my decades of hyper-local knowledge and experience
  • I understand the real estate in Vancouver’s waterfront neighbourhoods, its history and its evolution
  • Looking for a Vancouver Penthouse, waterfront condo, townhome, heritage condo, loft or luxury real estate?
  • I help you get exactly what you want! Call Maggie today! 604-328-0077
  • Attention Sellers! Vancouver condo inventory is low! Call for a free consultation today!

Author Maggie Chandler 1648 W. 6th Ave., Vancouver, BC V6J 1R3

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Prices and Sales Remain Level in January but Listings Increase

wf4Vancouver Real Estate prices and sales remain Level in January but Listings Increase. Total listings increased from 1964 in December to 2024 in January. Sales in January were 382 vs 385 in December.  Days on the market dropped from 45 to 36. Sales to active ratio dropped from 19% to 15%, due to increased listings. Sellers moved an average of 3.5% off list price .

Total dollar volume for the month increased to 492,793,277 from 486,992,919 in December. The dollar volume has been on a steady uptrend since April last year and was up 32% in 2013 vs 2012. Read more

by Maggie Chandler Maggie Chandler No Comments

January Stats Support Greater Vancouver’s Real Estate Market Uptick

imagesCACS38HEJanuary stats support Greater Vancouver’s real estate market uptick, showing sales and listings outpaced the historical average, with sales rising 30% compared to a year ago, clocking in at 1,351 but down 9.9% from December 2013. January’s sales were 7.2% above the 10-year average for the month. View the average price graph  for houses, townhomes & condos.

New listings were 4.2% higher than a year ago and 17.7% higher than the 10-year average for the month. Read more

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Contact Maggie Chandler today to find your Vancouver dream home