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Month: March 2017

by Maggie Chandler Maggie Chandler No Comments

New Foreign Buyer Tax Refunds for Workers

The BC government announced last week that foreign nationals with Canadian work permits through the BC Provincial Nominee Program are now exempt from the 15 per cent foreign buyer tax. 

They also announced that existing BC provincial nominees who bought a principal residence on or after the foreign buyer tax was implemented on August 2, 2016, can apply for a retroactive exemption.

There are many more important details

March 25, 2017

by Maggie Chandler Maggie Chandler No Comments

SOLD! 809-1833 Crowe – Condos in Vancouver’s Olympic Village Neighbourhood

SOLD! 809-1833 Crowe – condos in Vancouver’s Olympic Village Neighbourhood.

This is Vancouver’s last waterfront neighbourhood and will soon be fully developed. The condo buildings are midrise concrete. Enjoy a seawall walk to Downtown or Kitsilano.

This waterfront neighbourhood is a viable option for condo buyers who wish to be close to Downtown.  Also, the OV neighbourhood has a lower density factor and all amenities are at your doorstep.  Located near the Skytrain and bus, providing easy access Downtown. You can also enjoy the False Creek Community Centre, BMO Goldcorp Theatre, kayaking, restaurants, pubs featuring craft beer, coffee shops, dental offices, a supermarket, pharmacy and more! A few blocks away on Cambie Street is Whole Foods, Save On Foods, No Frills, Home Depot, Winners and Home Sense. Costco is also close by.


Search for your False Creek home

Put Maggie’s decades of local knowledge to work for you! Call today! 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Property Transfer Tax Changes

March 18, 2017

The following changes have been introduced for the additional property transfer tax:

Exemption –

Foreign national individuals who have received confirmation under the B.C. Provincial Nominee Program may be eligible for an exemption from paying the additional property transfer tax Refund

Foreign national individuals who were confirmed as a B.C. Provincial Nominee between August 2, 2016 – March 17, 2017 and paid the additional property transfer tax may be eligible for a refund

Foreign national individuals who become a permanent resident of Canada or Canadian citizen within one year of the date the property transfer tax is registered with the Land Title Office may be eligible for a refund of the additional transfer tax Information sheets 2016-005 and 2016-006 have been retired and the information is now on our website http://www.gov.bc.ca/propertytransfertax.

A class action lawsuit argues this announcement will be good for their case.

Buying or selling? Put Maggie’s decades of local knowledge to work for you!
  

by Maggie Chandler Maggie Chandler No Comments

SOLD Above List in One Week – 401-2655 Cranberry in Kitsilano

Congrats to my Sellers! We had multiple offers and this immaculate one bedroom and den in Arbutus Walk’s most desirable building. It sold in one week and above list price. The New Yorker is a very well maintained concrete building.

Are you looking for a Kits condo?

Currently there are 30 Kits condo listings. 6 listings under $500,000. 21 listings between $500,000 and $1M and 3 listed over $1M. Eleven of the listings are at  3506 W. 4th where the owners are trying to sell to a developer/investor.  So that leaves 18 listings….rock bottom inventory. Only six listings are north of West 4th avenue. Only one condo listed in desirable Arbutus Walk.

Least expensive is $419,000 for a one bedroom at 3680 W. 7th.

Most expensive is a second floor suite at the Vue, 2386 Cornwall, listed at $3.388.000 for 1730sf. This luxury concrete building is 11 years old.

There have been seven Kits condo sales so far this month.

Looking for a Kitsilano townhome? Currently there are seven listings starting at $628,000 for a one bedroom. Three sales so far this month.

There are 10 half duplexes currently listed, from $1.388.000 for 1388 sf. Most expensive is $2.890.000 for 2249sf. None sold so far this month.

View the graphs for Kits condos and townhomes over the last three years

Sales

 

 

 

 

Put my decades of local Kitsilano knowledge to work for you! Call Maggie 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

BC Home Sales Return to a Typical Level

BCREA – March 15, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 6,580 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, down 31.7 per cent from the same period last year. Total sales dollar volume was $4.53 billion, down 39.7 per cent from February 2016. The average MLS® residential price in the province was $688,117, an 11.7 per cent decrease from the same period last year.

“Consumer demand has returned to a more typical level over the first two months of the year,” said Cameron Muir, BCREA Chief Economist. “While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month’s activity reflected the average for the month February since the year 2000.”

“The average MLS® residential price for the province was down nearly 12 per cent from a record $779,419 in February 2016. However, this change is largely the result of a decline in the proportion of provincial sales originating from the Vancouver region. Last month, 37 per cent of BC home sales occurred in the Real Estate Board of Greater Vancouver’s area, compared to 44 per cent in February 2016.

Year-to-date, BC residential sales dollar volume was down 38.5 per cent to $7.3 billion, when compared with the same period in 2016. Residential unit sales declined 28.5 per cent to 11,067 units, while the average MLS® residential price was down 14.1 per cent to $660,943.

Contact Maggie if you have a real estate question 604-328-0077 – put my decades of local knowledge to work for you!

 

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Real Estate Listings, Sales and Prices Trend Upwards in February

East Vancouver Real Estate Listings, Sales and Prices Trend Upwards in February.  Listings are not at a record low but remain a long way away from the record high. Sales are on the low end of the scale, similar to Feb’12. The overall sale price is now equal to Dec’15 at $936,000 but in fact only the price of house has slipped.

Listings edged up slightly in all categories. Now 924 compared to 672 a year ago, a 37% increase and lower than the average for this month over the last 10 years

Solds 224 , which is 31% less than Feb’16. Over the last 10 years 2013 was the record low for the month, with 151 sales.

Average Sale Price for all types of properties edged up slightly but remains 8.7% less than a year ago. Houses sit at $1.395.000, down 3% from a year ago. Townhomes $882,000, up 20% from a year ago and condos are at $564,00 also up 20% from a year ago. Both houses and townhomes increased from January but condos slipped a bit.

Days on Market was 26 in February. All categories were lower than January but are 23% higher than a year ago.

% of Original Price is 100% which is 4% less than a year ago. Houses are selling at 97% of list price, townhomes at 100.7% and condos at 102%.

Sales to Active Ratio is 12% for houses, 35% for townhomes and 60% for condos

Dollar Volume moved up in February but is 37% less than a year ago.

BUYING OR SELLING? put my decades of local knowledge to work for you! Call Maggie today!

 



by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side Prices & Sales Climb But Listings Decline in February 2017

Vancouver’s West Side Prices & Sales Climb But Listings Declined in February 2017. Real estate sales peaked in March/April last year and have been declining until January.

Listings – total West Side listings dropped from 1423 in January to 1396 in February. A year ago they were 1594. In Feb’14 there were 2694 properties listed for sale. Listings peaked in October 2008 at 4,121.

Sales climbed from 268 in January to 493 in February.  Houses went from 37 to 93 – are the foreign investors back? Townhomes went from 19 to 32 and condos went from 212 to 368. March 2016 was a record for sales at 981. There are still lots of multiple offers in the condo market, just not enough listings to satisfy the demand.

Sales to Active Ratio only 15% for houses, 30% for townhomes and 53% for condos. Only 15% of houses are selling, giving house buyers by far the best selection.

Average Sale Price houses sit at $3.7M.  Townhomes $1.5M, up a whopping 27% over the last year.  Condos are $855,00, up 8.6% over the last year. Both townhomes and condos are at a record high level. A year ago houses were $3.7M, townhomes $1.183M and condos were $787000. Overall average sale price is equal to Feb’14.

% of Original Price  houses sold at 96% of list price, townhomes at 101% of list price and condos at 100% of list price. All property types are lower than a year ago.

Days on Market houses took an average of 35 days to sell, townhomes 24 and condos 21 days

Dollar Volume increased for all property types and is almost half of what it was a year ago. It is also less than Feb’14 and Feb’15.

Best Selling Price Range – houses over $3M, townhomes between $1.6M & $1.7M and condos between $500,000 & $600,000. YTD there have been 71 house sales over $3M, 2 townhomes and 9 condos.

Put my decades of hyper-local knowledge to work for you!

by Maggie Chandler Maggie Chandler No Comments

Canada’s GDP Growth Expands to 2.6%

March 3, 2017 from RECBC

The Canadian economy expanded at a 2.6 per cent annual rate in the fourth quarter, beating expectations of 2 per cent growth.  Economic growth continues to be led higher by strong household consumption spending, though an uptick in exports was also a significant contributor. Due to a slow start to the year and disruptions caused by the Alberta wildfires,  the Canadian economy grew just 1.4 per cent overall in 2016.
 
There are clear signs of momentum in the Canadian economy, with strong hiring and economic growth over the past six months and we expect the Canadian economy will post significantly stronger growth in 2017 about 2.1 per cent.  That rate of growth should be enough to put the economy on a path toward eliminating excess slack in the economy by mid 2018, pushing inflation back to its 2 per cent target. If so, we expect the Bank of Canada may consider raising its overnight rate early next year while long-term rates and mortgage rates may creep higher in 2017. 
 

 

by Maggie Chandler Maggie Chandler No Comments

Just Listed! 401-2655 Cranberry Drive in Kitsilano’s Arbutus Walk

Just Listed! 401-2655 Cranberry Drive in Kitsilano’s Arbutus Walk.

The New Yorker is arguably Arbutus Walk’s most prestigious concrete condo building. No rental restriction and pets permitted (2 cats of 1 dog under 40 lbs). Building has a meeting room.

The south side of the building overlooks a green space.

This south facing well laid out one bedroom and den is 786sf, boasting new wide plank bamboo floors, a large den, a large walk in closed and a solarium. This condo is in top condition with high end stainless steel appliances and a spacious open floorplan, plus 9ft ceilings and a gas fireplace. It has it all!

Incredibly walkability, a short walk to Kits Beach and pool, the museums, fitness facilities, restaurants, coffee shops , grocery stores,  London Drugs and public transportation. Coming soon is the Arbutus Skytrain Station. Catch the bus to UBC.

Call for a viewing or drop by my Open House on Saturday March 4th 1-3pm.

786sf listed at $699,000

View the listing

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Call Maggie 604-328-0077 [email protected]

 

 

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