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Author: Maggie Chandler

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Vancouver Mortgage Info

Jeff Fraser Mortgage Advisor Dominion Lending Centres – A Better Way Phone: 604-340-1809 Email: [email protected] http://www.jefffraser.ca
Terms Posted Rates Payment   Per $100k Our Rates Payment   Per $100k Savings
6 Months 3.14% $480.46 3.10% $478.39 $2.07
1 Year 3.04% $475.30 2.34% $440.04 $35.26
2 Years 2.84% $465.07 2.14% $430.24 $34.84
3 Years 3.44% $496.11 2.34% $440.04 $56.07
4 Years 3.89% $520.07 2.44% $444.98 $75.09
5 Years 4.64% $561.28 2.44% $444.98 $116.30
7 Years 5.30% $598.80 3.14% $480.46 $118.34
10 Years 6.10% $645.76 3.69% $509.35 $136.41
 Variable   1.95% $457.99 1.95% $421.04 $36.94
Prime Rate 2.70%  
Please Note: Payment per $100K and possible savings shown above are based on a 25-year ammortization. Rates are subject to change without notice and the rate you receive may vary depending on your personal financial situation. *OAC E&OE. Please reply to this email and I will be happy to provide you with greater detail and determine the best rate available for you.
This edition of the Weekly Rate Minder shows the latest rates available for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the best possible mortgage to suit your needs.

Explore mortgage scenarios using helpful calculators on my website: http://www.jefffraser.ca

 

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by Maggie Chandler Maggie Chandler No Comments

Bank of Canada Interest Rate Remains Unchanged

Courtesy of BCREA – May 24, 2017

The Bank of Canada announced this morning that it is holding the target for its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is broadly in line with the Bank’s projection, though intense retail competition is pushing inflation temporarily lower.  The Bank also noted that the tightening of mortgage regulations implemented in the Fall of 2016 have yet to have a substantial cooling effect on markets but it does expect those measures will contribute to a more sustainable debt profile for Canadian households.

Although the Canadian economy has expanded well above the Bank’s estimate of potential growth for three consecutive quarters, including a first quarter that is tracking at close to 4.5 per cent growth in real GDP, the Bank is not optimistic that the economy will sustain that level of growth for much longer.  Moreover,  despite faster growth, a significant amount of slack remains in the economy and there is therefore very little pressure on inflation. Without a signal that inflation is going to push higher, the Bank will remain sidelined at least until early 2018 when it expects remaining slack in the economy will be eliminated.

 

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Vancouver Penthouse Condos

Vancouver is often referred to as the “City of Glass”. When arriving downtown, heading north over the Burrard Street Bridge, it’s an easy connection to make. A wall of glass buildings immediately greets you as you enter the city center. These buildings are head to toe glass for a reason; capturing every angle of the waterfront view. Vancouver is all about the water and mountain views so it makes sense if you’re choosing to have one of these homes in the sky, that you want to avoid things like window frames and small outdoor spaces. The view only get better as you get higher, so why not go straight to the top! The stunning sights the city center has to offer from every direction make it easy to see why those searching for luxury living in Vancouver gravitate to the modern Penthouse.

As clear as it is that this city is the perfect candidate for buildings topped by penthouses, they have been an architectural feature since the 1920s in New York City when the desire and demand to live in urban spaces increased. Penthouses didn’t start to gain notoriety in Vancouver until the 1990s, when the city experienced wealthy immigration from Hong Kong and Taiwan. The developers began catering to this clientele, building larger condos and featuring Penthouses as the best of the best in the city. Many of these immigrants came from urban areas in their respective cities and wanted to continue to reside in the city, however, they desired a certain level of luxury that included the multi level Penthouse condo as a staple aspect of their new life on the west coast.

Besides the view, what makes Penthouses so desirable? Why not go for a mansion in Shaunessy or an acre and a stunning view of the water off South West Marine drive? Those looking to call a Penthouse home are looking for the proximity features of city living, but with a little more amenity. You are able to live close to all of your favorite spots to grab a quick takeout, pop into the grocery store, access to the seawall and local urban parks and beaches, while at the same time, you’re on the top floor so you’re elevated from the noise pollution that commonly comes with living in the heart of the city. There’s access to an abundance of amenities in your building so you can easily cut down on travel time to the gym etcetera with a quick elevator ride. Penthouses are not only novel because of being situated on the top floor, they also tend to be a significant in size, and often take over at least one entire floor on top of a building. This being the case, there is plenty of opportunity to create a sprawling outdoor patio space. A key feature of a penthouse unit is that there is a portion of the unit that is set back from the rest of the building. This not only creates more privacy from your neighbors, but it also allows more square footage for that comfy outdoor living space where you can sit back and take in the stunning mountain and water views this city is known for.

The features a penthouse has to offer that are specific to the unit are not only being in a building with a gym and a view, the unit will often have its own private elevator, and they often include two or more levels. As well as, extensive building services including a concierge at your beck and call to run any errand your heart desires at day or night; from picking up that takeout or dropping off your dry cleaning, they’re a very nice addition to the Penthouse lifestyle. There is prestige that comes with owning a Penthouse and it’s not all to do with the location in the building.

How have Penthouses in Vancouver changed over the years? Back in the old days, prior to the 1990s boom, there were few Penthouses in the city A true Penthouse is the only suite on the top floor, so there were buildings that qualified for the title however they were often no more than 6 stories and merely qualified because fo their location in the building. The quality of finishing was basic compared to now, there were no spa like bathrooms, no high end European appliances, or 3-5  parking spots available to the unit, floor to ceiling windows are now a must, entertainment size patios with heated outdoor kitchens, private swimming pool and or Jacuzzi with a view of course, as well as,  biometric security, integrated lighting, music and air conditioning systems available throughout the home.  It has only been in the last 10 years that Vancouver’s Downtown peninsula has been rezoned to accommodate 50-65 story buildings, therefore, the views have been upgraded from just glimpses of the surroundings to remarkable.

Since the penthouse lifestyle took off in the 1990’s in Vancouver there have been a couple of buildings that have managed to exemplify the perks of this type of unit quite well. In 2016 the 4900 square foot penthouse at 1717 Bayshore, now 16 years old, sold for $12.9 million. Two penthouses in the Harbour Green’s building, located in the very desirable Coal Harbor community, sold for $16.6 million for 6000 square feet. Well over $2000 per square foot. Currently there are 12 penthouses in Vancouver’s West Side listed over $3 million. Penthouse living is most definitely a significant investment and is unquestionably designed to appeal to those wanting a very special version of urban living in Vancouver.

The most expensive condo Penthouse to sell in Vancouver is the suit crowning the top floor of the Fairmont Pacific Rim also in Coal Harbor. An overseas condo buyer was looking for a recreation residence in the city and felt the $55 million dollars in cash that he paid was well worth this incredible rooftop home. Another renowned building for luxury and Penthouse living is The Private Residences at the Georgia Hotel. This penthouse unit awaits your finishing touches and flare and is ready to be sold for $18 million for the 6800 square feet, this includes a wraparound patio with a bbq area, mountain, city and waterfront views in one of Vancouver’s top three luxury .

Buying or selling a Vancouver Penthouse? Put my decades of experience to work for you! Call Maggie 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

BC Property Listings at a 20 Year Low

May 15, 2017 courtest of BCREA

The British Columbia Real Estate Association (BCREA) that a total of 9,865 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, down 23.9 per cent from the same period last year. Total sales dollar volume was $7.19 billion, down 25.4 per cent from April 2016. The average MLS® residential price in the province was $728,955, a 2 per cent decrease from the same period last year.

“BC home sales are on an upward trend this spring, led by a sharp increase in consumer demand in the Lower Mainland,” said Cameron Muir, BCREA Chief Economist. The seasonally adjusted annual rate (SAAR) of home sales was over 106,000 units in April, significantly above the five-year SAAR for April of 89,000 units.

The supply of homes for sale declined 17 per cent from April 2016. On a seasonally adjusted basis, active residential listings have declined 50 per cent since 2012 and are now at their lowest level in over 20 years. The imbalance between supply and demand is continuing to drive home prices higher in most regions, further eroding affordability.

Year-to-date, BC residential sales dollar volume was down 31.8 per cent to $21.3 billion, when compared with the same period in 2016. Residential unit sales declined 25.0 per cent to 30,757 units, while the average MLS® residential price was down 9.2 per cent to $692,220.

 

 

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BC Housing Starts Update

In BC, total housing starts were 44,604 units SAAR, a 1 per cent dip from the previous month and 1 per cent higher compared to April 2016.  Single detached starts declined 9 per cent month-over-month but were 16 per cent higher year-over-year. Multiple unit starts increased 2 per cent month-over-month and were down 3 per cent year-over-year.

Looking at census metropolitan areas (CMA) in BC:

  • Total starts in the Vancouver CMA were flat month-over-month and down 7 per cent year-over-year with declines posted in both single and multiple units starts.
  • In the supply constrained Victoria CMA market, housing starts jumped 25 per cent from March as new multiple unit projects broke ground. However new home construction was well off the pace set in 2016 with total starts down 26 per cent year-over-year .
  • New home construction in the Kelowna CMA dropped 24 per cent on a month-over-month basis after a strong March. However, year-over-year, total housing starts were four times higher than April 2016.
  • Housing starts in the Abbotsford-Mission CMA were down 26 per cent from March but were up close to 60 per cent compared to April 2016 due to a stronger pace of multiple unit starts.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information. May 8, 2017. For more information contact Chief Economist Cameron Muir.

 

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East Vancouver Real Estate Prices level in April 2017

April saw East Vancouver property listings increase, sales down slightly and the average sale price flat

Average sale price for houses is $1.620.000 which is 2% less than a year ago and equal to Apr’16. Townhomes sit at $847,000 which is 3.4% higher than a year ago and equal to July’16. Condos are at $572,000, up a whopping 20% from a year ago and equal to January.

Listings houses sit at 759, up 66% from a year ago, townhomes are at 43, up 72% from a year ago and condos are at 217 which is 3% less than a year ago.

New Listings are up in all categories and are 2% higher than a year ago

Sales clocked in at 346 which is down 14% from a year ago

Days on Market averaged 25, which is 56% higher than a year ago.

Percentage of Original Price all categories are selling at a lower percentage of list price than a year ago. Houses are at 99.6% – down 7%. Townhomes are at 103% – down 4% and condos are at 102.7% – down 1% from a year ago

Sales/Active Ratio all categories are at 33%, which is 40% less than a year ago. Houses sit at 19% and are down 52% from a year ago. Townhomes are at 90% and are down 21% from a year ago and condos sit at 75% and are down 15% from a year ago.

Dollar Volume is currently 13% less than a year ago and is back to March 2015 level.

 

Planning a move? Put my decades of local knowledge to work for you! Call Maggie 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side House Prices Fall in April But Condos & Townhomes Rise

Average Sale Prices -April saw Vancouver’s West Side house prices dip from $3.922.000 to $3.694.000, which is in line with February 2016 levels and down 11% from a year ago. Townhomes climbed from $1.294.000 to $1.348.000, up 15% from a year ago  and condos climbed from $862.000 to $969.000, up 15% from a year ago.

Listings dropped from 1,404 to 1,386 which is 12% less than a year ago and up from 1,166 in December.

New Listings rose slightly but remain 25% less than a year ago

Sales totalled 608, equal to March and 30% less than a year ago. House sales are down 51% from a year ago, townhomes are down 24% and condos are down 21%. Sales peaked in March 2016 at 981. Sales are equal to March 2008, which was a few months prior to the Wall Street Crash.

Overall days on the market was 27, up 12.5% from a year ago. On average houses are taking 51 days to sell which is up 75% from a year ago, townhomes 21 days, which is 16% more than a year ago and condos 21 days, which is 8% less than a year ago.

Sales to active ratio is 17% for houses, 50% for townhomes and 68% for condos.

Houses are selling at 95% of original price which is 10% less than a year ago. Townhomes are selling at 102% of original price which is 3.5% less than a year ago and condos are at 101.5%, which is 2% less than a year ago.

Total dollar volume is down 38% from a year ago and equal to July 2016.


Planning a move? Put my decades of local knowledge to work for you! Call Maggie at 604-328-0077

 

by Maggie Chandler Maggie Chandler No Comments

BC Property Real Estate Update

Vancouver, BC – April 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 9,826 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, down 21.8 per cent from the same period last year. Total sales dollar volume was $6.79 billion, down 30 per cent from March 2016. The average MLS® residential price in the province was $690,597, a 10.5 per cent decrease from the same period last year.

“Consumer demand continues to normalize following blockbuster home sales in 2016,” says Brendon Ogmundson, BCREA Economist. “However, the supply of homes available for sale has not recovered and is still declining in many markets around the province.”

Although the average price in BC was down year-over-year due to a shift in the composition of sales away from higher-priced homes in Greater Vancouver, home prices in most markets are being pushed higher due to severe supply constraints. This is particularly true for the Victoria region, which currently has just over one month of inventory for sale, as well as for the apartment and townhouse market in the Lower Mainland.

Year-to-date, BC residential sales dollar volume was down 34.7 per cent to $14.1 billion, when compared with the same period in 2016. Residential unit sales declined 25.5 per cent to 20,893 units, while the average MLS® residential price was down 12.4 per cent to $674,856.

 

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East Vancouver Property Sales & Prices Rise in March

East Vancouver Property Sales & Prices Rise in March but listings remain flat. The average sale price for houses is the same as a year ago, having peaked in July, corrected and started to uptrend in January this year. Now $1.583.000. Townhomes are 11% higher than a year ago, now at $851.000 and condos are up 18% from a year ago, now at $571,000.

East Van real estate sales are down 18% from a year ago. with houses taking the biggest hit at 24%, townhomes at 14% and condos at 9%. Average days on market are 36 for houses, 22 for townhomes and 19 for condos. Sales bottomed in January and have been trending upwards since.

Sales to listing ratio is 22% for houses, 59% for townhomes and 87% for condos.

Percentage of original price – houses are 98%, townhomes 101% and condos 102%.

East Vancouver property listings are 39% higher than a year ago. Houses are up 65%, townhomes 81% and condos 11%. Houses have the largest selection and are trending upwards but condos are trending downwards.

Put Maggie’s decades of local knowledge to work for you! Call today!

by Maggie Chandler Maggie Chandler No Comments

Vancouver West Side Real Estate Prices and Sales Up But Listings Flat in March

Vancouver West Side Real Estate Prices and Sales Up but Listings Flat in March. Condos are outshining houses and townhomes. Condo continue to be popular due to the affordability factor and very low inventory. Whereas, the selection in houses is good.

Here’s the average sale price graph for houses, townhomes and condos for March 2017. Compared to Mar’17 house prices increased from $3.7M to $3.9M. Townhomes dropped from $1.5M to $1.294.000 and condos increased from $855,000 to $862,000.

Solds – houses peaked in April 2016 and bottomed in Jan’17. Townhomes and condos peaked in Mar’16 and bottomed in Jan’17. Only houses didn’t increase over March 2017.

Listings –  at the lowest point they’ve been for the last 5 years.

 

Average days on market – houses 35, townhomes 32 and condos 24.

Percentage of original price – houses 95%, townhomes 101% and condos 100.7%

Sales to active ratio – houses are only 16%, townhomes 51% and condos 69%

Planning to make a move? Put Maggie’s decades of local knowledge to work for you! Call today!

 

by Maggie Chandler Maggie Chandler No Comments

Kitsilano Real Estate and Neighborhood Profile

Kitsilano, aka Kits, is one of Vancouver’s most prominent neighborhoods. It’s an area nearly everyone in Greater Vancouver Area is familiar with and often frequent. Kits has lots to offer not only in terms of proximity to the beach, but it has great shopping, local pubs and restaurants, coffee shops galore, parks, access to public transit and the False Creek Ferry, as well as, a varying assortment of types of properties to inhabit.

Like most neighborhoods in the city Kits has changed a great deal over the years. However, its transformation may be one of the most noticeable compared to some of the up and coming Vancouver neighborhoods further east. From its humble beginnings in the 1960s, beachside Kits was Vancouver’s Hippyville. Hippies were attracted by the low rents and variation in small businesses and unique restaurants for the time. West 4th Ave was nicknamed Rainbow Road, which was filled with vegetarian restaurants (The Naam being one of them) and music and record shops. This changed in the 1980s when the Yuppies moved in, or maybe the existing Hippies simply transformed into Yuppies?! This was spurred by the popularity of the area which inevitably created higher rents and therefore attracted a less Hippie-like demographic. This progression from Hippyville to Yuppieville is something that is still evident today. You still see the odd old school Hippie resident; however, they’re certainly outnumbered by the yuppies and their upper scale restaurants and expensive retail shops.

The Shopping in Kits is popular because of the variation. You can find a bit of everything! There’s your standards like Starbucks and David’s Tea for those who like the consistency of the bigger brands, however, for those who like to support a local business and pine for something different, there’s Arbutus Coffee which is tucked away off west 4th in a heritage building or Culprit coffee that offers gluten-free everything and homemade almond milk. The same contrast applies to the retail locations; you can shop a big box stores like Urban Outfitters or find something a bit different like a Coco’s Boutique or Miz Mooz Boutique. You truly can have it all in kits!

The Kits area is not only known for mooching around shops and stopping in at the occasional café, it also has a great deal of recreational activities to spark your cultural interest and get you outside in the sunshine. Kits Beach is one of Vancouver’s busiest beaches, it has a stunning view of the West End and Downtown, along with beach volleyball nets, a playground and a couple of very sweet patios to kit up after your day at the beach. Kits Pool is an outdoor heated salt water pool, which is 150 yards long and has the same stunning views of the mountains and city. Along with the volleyball courts on the beach there are also tennis and basketball courts, which are a great way to stay active and embody the Kitsilano lifestyle. If you’re not so much of an organized sports person you can take it easy and stroll along the seawall, take in the views and end up on a beautiful patio on Granville island in less than half an hour.

Kits is home to some of Vancouver’s best attractions including the Museum of Vancouver, H.R. MacMillan Space Centre, and the Vancouver Maritime Museum, as well as being the venue for the Bard on the Beach, a Shakespeare festival that runs from June to September each year. Kits is also host to a number of community festivals over the course of the summer including; Greek Days on West Broadway, the Khatsalano Street Festival lining West 4th Ave, and the Children’s Festival that takes place in tents along Vanier Park. One of the highlights of the summer in Kitsilano is the fireworks display that’s put on every year in August. People set up early in the day to snag a sweet spot and then hangout on the beach with a picnic the occasion sneaky glass of wine or beer. This is one of the events that truly bring together the city.

Now that you know about all the amazing things you can get up to in the Kitsilano area, you need to find somewhere to live that suits your fancy and your budget! The neighborhood offers an assortment of properties. Old character houses – Carriage Homes which originated in California and originated in the UK – or new houses, townhomes and half duplexes; where you share a 33-foot lot with one neighbor and primarily located west of Macdonald and north of W. 4th. Condos consist of four story wooden frame buildings from the 1970s and 1980s that commonly offer spacious living rooms and bedroom and your standard galley kitchen. Or there’s the option of a newer midrise concrete building that may offer a small outdoor space as well as amenities and underground parking. A popular neighborhood is Arbutus Walk which was developed in the late 1990s and is west of Arbutus, south of W. Broadway and north of W. 12th Avenue this area is known for beautiful and distinctive buildings.  The abundance of parks, playgrounds and green space. Also popular are condos north of West 4th avenue, which offer a wonderful seaside location. This part of Kits was developed in the early 1900s by the Reifel Brothers who built a brewery on W. 12th and Yew and was instrumental in having the CN Rail extended from Downtown. They also filled in Connaught Park, which was a bog.

Despite being a bit of a destination for tourists and locals alike, Kits is still very much a neighborhood. You get a mix of UBC students renting basement suits, family homes, and just about everyone has a dog. The area has four public elementary schools and one public secondary school as well as four independent schools. There’s also the Kitsilano Public Library which is very accessible and just off Broadway and Macdonald. Kits is very walkable with all the amenities you could ever need as well as a couple of great pubs and mountain views galore!

Search for Kits homes

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

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

Search for Kits condos and townhomes

Call Maggie 604-328-0077 [email protected]

 

 

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