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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!

 



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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]

 

 

by Maggie Chandler Maggie Chandler No Comments

How Does Canada’s 2016 Census Impact Vancouver’s Real Estate Market?

Check out the latest stats from Canada Census 2016 and see how our population is growing in Metro Vancouver, the number of dwellings, population density and more!

Population growth in Metro Vancouver communities in REBGV

Location Population 2016 Population 2011 % change
Metro Vancouver 2,463,431 2,313,328 +6.5%
Anmore 2,210 2,092 +5.6%
Belcarra 643 644 -0.2%
Burnaby 232,755 223,218 +4.3%
Coquitlam 139,284 126,804 +9.8%
Delta 102,238 99,863 +2.4%
Lions Bay 1,334 1,318 +1.2%
Maple Ridge 82,256 76,052 +8.2%
New Westminster 70,996 65,976 +7.6%
North Vancouver City 52,898 48,196 +9.8%
North Vancouver District 85,935 84,412 +1.8%
Pitt Meadows 18,573 17,763 +4.7%
Port Coquitlam 58,612 55,958 +4.7%
Port Moody 33,551 33,011 +1.6%
Richmond 198,309 190,473 +4.1%
Vancouver 631,486 603,502 +4.6%
West Vancouver 42,473 42,694 -0.5%

Source: Statistics Canada

Dwellings, occupied dwellings and population density

Location Total # of private dwellings Occupied private dwellings Land in sq km Population density per sq km
Metro Vancouver 1,027,613 960,894 2,882.68 854.6
Anmore 723 688 27.55 80.2
Belcarra 292 253 5.50 116.9
Burnaby 98,030 92,201 90.61 2,568.7
Coquitlam 54,393 51,325 122.30 1,138.9
Delta 37,590 35,758 180.20 567.4
Lions Bay 547 495 2.53 526.5
Maple Ridge 31,400 30,262 266.78 308.3
New Westminster 34,235 32,708 15.63 4,543.4
North Vancouver City 26,426 24,645 11.85 4,465.1
North Vancouver District 32,624 31,116 160.76 534.6
Pitt Meadows 7,356 7,194 86.51 214.7
Port Coquitlam 22,586 21,753 29.17 2,009.4
Port Moody 13,318 12,975 25.89 1,295.9
Richmond 77,478 73,457 129.27 1,534.1
Vancouver 309,418 293,916 114.97 5,492.6
West Vancouver 18,649 16,933 87.26 486.8

Source: Statistics Canada

Note: Occupied private dwellings are those lived in by primary residents. The difference between this number and the total number of private dwelling is that these units aren’t occupied by private residents. These units could be cottages or housing for staff or students and may be occupied.

by Maggie Chandler Maggie Chandler No Comments

BC Real Estate Sales in January Return to Long Term Average Levels

The British Columbia Real Estate Association (BCREA) reports that a total of 4,487 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, down 23 per cent from the same period last year. Total sales dollar volume was $2.79 billion, down 36.5 per cent from January 2016. The average MLS® residential price in the province was $621,093, a 17.5 per cent decrease from the same period last year.

“Housing demand across the province returned to long-term average levels last month,” said Cameron Muir, BCREA Chief Economist. “However, regional variations persist, with Victoria posting above average performance and Vancouver falling below the average.”

“A marked decrease in the average MLS® residential price is largely the result of relatively more home sales occurring outside of the Lower Mainland,” added Muir.

Home sales from Vancouver fell from 43 per cent of provincial transactions in January 2016 to 35 per cent last month. In addition, fewer detached home sales in Vancouver relative to multi-family units has skewed the average price statistic down in the province’s largest urban area. In contrast, the MLS® Residential Benchmark Price in the Real Estate Board of Greater Vancouver area has declined 3.7 per cent over the past six months, but is up 15.6 per cent from January 2016.

Contact Maggie if you have a real estate question

 

by Maggie Chandler Maggie Chandler No Comments

Francophones in Early Vancouver Walk Tour

I just went on Vancouver Heritage Foundation’s two hour walk tour about Francophones in early Vancouver -dating back to the last half of the eighteen hundreds. Hosted by historian Maurice Guibord, who is extremely knowledgeable, has a lovely sense of humour and does a lot of digging to verify facts and ascertain the correct information when found with conflicting opinions. The tour took place in the original Downtown Vancouver – Gastown and the Downtown Eastside.

Francophones were  French, Belgian and French-Canadian. Maurice gave us the history of a Sun reporter, Doctor, photographer and many entrepreneurial merchants, including bar owners because Gastown was a hub having the port and railroad in the neighbourhood.  He passed around a picture of them and pointed out  buildings, some designated as heritage, that were built by them, many with French names.

Did you know that the original Vancouver General Hospital was built next to the Sun Tower – it is presently a parking lot.

In 1909 mill workers were brought from Quebec to Maillardville by the owners of Fraser Mills. The immigrants from France and Belgium in the late 1800s became notable in business and society. This occurred around 1867 when the Dominion of Canada was formed. Happy 150th birthday Canada!

But back in 1790 it was mainly Francophones who facilitated the early overland crossing of the Pacific Northwest, drove the fur economy and eased relations with the indigenous people, as well as being the first non-indigenous people to farm in BC. A francophone was instrumental in organizing the CPR.

I learnt lots!

If you are interested in history and would like to learn about Vancouver’s history, I suggest you check out Vancouver Heritage Foundation and join a house tour, walking tour, workshop or special event.

Have a Vancouver real estate question? Contact Maggie

by Maggie Chandler Maggie Chandler No Comments

SOLD! 3007-1328 W. Pender in Vancouver’s Coal Harbour Neighbourhood

SOLD! 3007-1328 W. Pender in Vancouver’s Coal Harbour Neighbourhood.

What makes this north east. corner two bedroom condo special? The amazing water and mountain views!!

In addition Pinnalce’s Classico has great facilities which include a large indoor lap pool with a view! Jacuzzi, sauna, gym, party room, visitor parking, meeting room and a guest suite.

The suite itself has a large storage room (as well as a locker downstairs) and a den. It’s an excellent open floorplan with floor to ceiling windows.

Buying or selling in this Vancouver waterfront neighbourhood? Put my decades of hyper-local knowledge to work for you!

Search for Coal Harbour listings

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Condos Outperform Houses and Townhomes in January 2017

East Vancouver Condos Outperform Houses and Townhomes in January 2017 with an increase in average sale price. Overall listings increased slightly but sales declined. The real estate market has returned to being better balanced. Clearly condos are benefiting from the affordability factor.

Listings –  listings bottomed in Dec’15 at 500 and now sit at 841, up 37% from a year ago. Houses sit at 624,up 81% from a year ago the highest inventory since Aug’13.Townhomes are 35, down 3% from a year ago and condos are 182, down 21% from a year ago. Condo and Townhome supply is at an all time low.

New Listings – increased for all property types

Sales – 136 for the month and continued on a downward trend and equal to Dec’08. Down 30% from last January.

Average Days on Market – 37 which is 5% less than a year ago. Houses 55. Townhomes 42 and condos take 23 days to sell.

Percentage of Original Price – houses sell at 96% , which is 6.6% less than a year ago. Townhomes sell at 101% which is equal to a year ago and condos sell at 101% which is also equal to a year ago.

Sales to Active Ratio – 16% overall which is 50% less than a year ago. Only 8% of houses listed are selling 22% of townhomes and 41% of condos.

Average Sale Price – levelled at $900,000 but houses continue to drop, now down to $1.393.000 , compared to $1.447.000 the previous month and 7.5% less than a year ago. Townhomes sit at $731,000, down from $814,000 the previous month and 7.5% less than a year ago. Condos are $580,000, up 31% from a year ago and up from $543,000 in Dec’16.

Dollar Volume – continues to decline and is now 36% less than a year ago. The lowest it’s been since Nov’12.

View the average sale price graph for the last 5 years

as per stats from REBGV Feb 3/17.

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

 

by Maggie Chandler Maggie Chandler No Comments

Only Vancouver’s West Side House Prices Decline January 2017 And Overall Sales Drop

Vancouver’s West Side House Prices decline in January 2017 as did sales, but listings saw an uptick..

Listings – House listings are 595, up 14% from a year ago. Townhomes are 87, down 10% from a year ago and condos sit at 691 which is 15% less than a year ago. 1373 listings in total, which is 4.6% less than a year ago.

New Listings – January saw 862 new listings which is 10.7% less than a year ago.

Sales – totalled 269 for the month, a drop of 42% from a year ago and equal to October’08.  Only 37 West Side house sales for the month, a 72% drop from Jan’16 and down from 64 in December. Condos had 213 sales, a 30% drop from a year ago and townhomes had 19 sales, a 38% drop from a year ago. This is the lowest month for sales since Dec’12.

Average Sale Price – for all property types is down 27% from a year ago and equal to Feb’13. Houses topped in July’16 at $4.2M and are down to $3.4M, a 10% decline from a year ago. Townhomes and condos are more stable. Townhomes sit at $1.16M which is 6% higher than a year ago and condos sit at $843,000, also 6% higher than a year ago. Overall the average sale price is now equal to Sept’15 and is due to the drop in houses.

Best Selling Price Range – for condos 4500,000-$600,000. Townhomes $1.3-$1.4M,  houses over $3M.

Days on Market – 35 overall. Houses averaged 51, townhomes 28 and condos 33

Sales to Active Ratio – only 6% for houses compared to the peak the in May last year when it was 30%. Townhomes are 21% and condos 30%

Percentage of Original Price –on average houses are selling at 95%, townhomes and condos are 98.5%.

Dollar Volume – total dollar volume is down 58% from a year ago and the lowest its been since Dec’12.

as per REBGV stats feb 2/17

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

by Maggie Chandler Maggie Chandler No Comments

Greater Vancouver Real Estate Prices and Sales Decline in January 2017

Greater Vancouver’s Real Estate prices and sales decline in Janaury 2017. Overall the average sale price is down 19% from a year ago ($1.106.000 to $881.900)  Listings turned up slightly. The market is returning to being better balanced.

Listings – were 6,482 in December and moved to 7,421 in January. They are 0.9% less than a year ago.

New listings -increased in January but are 7% lower than a year ago.

Sales peaked in Mar’16 at 5,067 and January had 1,503, a 39% decline and equal to Jan’12.  Houses are down  57% from a year ago, townhomes 31% and condos 24%. The market hit bottom in January 2009 with 746 – after the Wall Street Crash.

Sales to active ratio is only 10% for houses,  28% for townhomes and  37% for condos. Analysts say that upward pressure on prices occurs when the ratio is above 20% and downward pressure when is it below 12%. The peak was March at 65%, currently it is 23% overall and is down 38% from a year ago.

Best Selling Price Range – condos $300,000-$500,000. Townhomes $500,00-$600,000 and houses over $900,000-$1M.

Average days on market sits at 43 and continues to climb.  Houses are taking the longest to sell, with an average of 58, townhomes are 43 and condos 35  The peak was January 2009 with an average of 76 days to sell and the bottom was June 2016 at 22.

Percentage of original price – houses sit at  95%, townhomes at 98% and condos at 98%. April was the top at 104% and it now sits at 97.5%. Dec’16 was the bottom

Dollar volume hit a record in March this year at 1,587,730,189 and has been on a downward trend since, now at  1,325,618,338, a 50% drop from a year ago

put my decades of hyper-local experience to work for you!

updated November 5, 2016 as per REBGV stats

by Maggie Chandler Maggie Chandler No Comments

Downsizing from a Vancouver house to a condo. What are the challenges?

Downsizing from a Vancouver house to a Vancouver condo is something that primarily comes with becoming empty nesters or assists in facilitating travel and/or retirement plans. There are a lot of factors that can make this transition challenging some of which are emotional and others purely practical and logistical. Downsizing your living space is a process that forces you to do a lot or re-evaluating of spaces and belongings in your life. This process of purging can be very difficult, however, what you’re left with often becomes all you need and the new adventure you’re left with make it easy not to look back for what you’ve given up. It’s a new adventure in life and one that many Vancouver Baby Boomers are currently dealing with or considering. Think of the fun  you’ll have when you lock your condo door and set out on a different life adventure!

The process of purging can often have a bit of a slow start. The decision to get rid of a certain knickknack you’ve had on your bathroom windowsill for 10 years can feel like an impossible one. The justification as to why it should come to the smaller space can seem like an easy one. As the process continues, it becomes much easier to make the cuts. When asking yourself questions about these items such as “what’s the sentimental meaning attached with this item?” “when was the last time I used this or even looked at it with a sense of joy“ “If I lost it in the move would I even notice?”. The answers to these seemingly tough questions get easier and easier and eventually you barely have to think about it, and can even become a bit ruthless. This natural progression of the eliminations getting easier is a reason why it’s a good idea to give yourself the time to do more than one round of purging. Even being open to purging as you unpack on the other end isn’t a bad idea. You may find things that you forgot about in the couple of weeks they were packed away in the corner. If your heart doesn’t flutter when you pull if out of that box…leave it in the box.

You cannot start too early when it comes to clearing out an entire house. Tackle one room at a time so it doesn’t feel overwhelming. You can even start as small as one closet or shelf at a time. By starting early and giving yourself the time you need to clear-out a home you’ve most likely lived in for a large portion of your life, you also give yourself time to go through your belongings more than once, you may find the items that made the cut while you were just getting started, no longer speak to you in the same way once you’ve found your groove with clearing out and have a more ruthless lens. This also gives you a chance to go through the process properly and not feel rushed, which will help you avoid purging precious items and holding on to hunks of junk that have got to go!

The emotional aspect of downsizing and purging can be challenging because of the moments you’re forced to have with belongings you’ve just always had the space for and not considered their true value. Moving is never easy and people do it for all kinds of reasons, however, downsizing from your Vancouver home to a Vancouver condo can be one of the hardest versions of moving. When you’re young and entering the housing market there’s the common goal of aiming for a larger home to inhabit longer term. Something with some outdoor space, space to have a family, entertain and throw parties, as well as, something in a neighborhood with a sense of community and a space to build on that. A large family home is often the peak of the mountain when climbing your way through the housing market. This ascent to owning your “dream home” is a big reason leaving the home you may have worked the majority of your life for, is particularly challenging. It can truly signify the end of an era for a family. The kids have moved out, you’re ready to retire and spend more time travelling and less time maintaining a property. You spent all of that time convincing yourself you needed the house and the space and now you’ve reached the flip side of that where you’re convincing yourself you don’t need the extra space and excess of belongings. It can be a mix of emotions which land on both sides of sadness and excitement. It’s a trade of items and space for time and travel that can be tough. The time it takes to let that settle in varies, however, when you come out the other side, you’ll feel lighter and ready for the next adventure!

The more practical side of downsizing from a house to a condo can also be a very helpful thing to focus on while dealing with the emotional challenges. It can actually become a really fun challenge to make for yourself. You have to decipher which items are the going to be the most useful for your new smaller space. Can you find furniture that is equally confortable but maybe more compact? Are there small appliances you don’t use very often and could probably live without? How is entertaining in the space going to change? How are the activities you did in your backyard going to transfer to your balcony, patio or smaller backyard space? There are answers to all of these questions and not all of the answers are bad ones. Things in a smaller space aren’t necessarily worse, they’re just different, and finding hacks to make a considerably smaller space as functional and aesthetically pleasing as your previous one can be a very satisfying part of the process.

Let Maggie help you make the move! *SRES* (Senior Real Estate Specialist). Decades of hyper-local knowledge!

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s Luxury Condo Sales Hit a Record High in 2016

Vancouver Luxury condo sales (over $3M) hit a record high in 2016 at 100, compared to 69 for 2015.

2015 had 13 sales over $5M. The most expensive was the Penthouse at 1480 Howe Street – Vancouver House pre-sale  – which sold for $8.8M for 3,252sf. The top floor in this condo building which is due for completion in 2019 is one of many top floor suites. It is a three bedroom with amazing outdoor space totalling 2,300sf. The list price was $9.488.000. Average sale price was $4.3M and it took an average of 52 days for these luxury condos to sell.

2016 had 28 sales over $5M, The average sale price of $4.650.000 and it took an average of 57 days for these luxury condos to sell.  80 of the 100  sales over $3M last year occurred before July 31st. The most expensive sale was $16.6M for 6,000sf Penthouse at Two Harbour Green on Coal Harbour’s waterfront – 1139 W. Cordova. Imagine the stunning water and mountain views!

What neighbourhoods had the most luxury condo sales? In 2016, 50 of them were in Coal Harbour and 18 in Yaletown, 10 in the West End, 10 in Downtown, 6 in False Creek and 2 in Fairview and 2 in Kerrisdale

Currently there are 36 listings for West Side condos over $3M. How will the foreign buyer’s tax effect this market? Least expensive is 1051sf 2 bedroom on 58th floor at Trump Tower listed at $3M. Most expensive is 3900sf at Kings Landing, 428 Beach Ave., listed at $8.9M. It’s been on the market for 477 days!.

In 2001 there was only one West Side condo which sold over $3M – a Penthouse on Bayshore Drive. Between January 2002 and December 2005 there were 22 sales on MLS.

Back in the Winter Olympics Year of 2010 there were only 36 Vancouver West Side condos that sold over $3M and only six sales over $5M. Average sale price was $3.985.000, with an average days on the market of 85, versus 57 for the sales in 2016.

  • 2010 had 36 sales, average sale price $3.985.000
  • 2011 had 49 sales
  • 2012 had 34 sales
  • 2013 had 42 sales
  • 2014 had 39 sales
  • 2015 had 69 sales
  • 2016 had 100 sales, average sale price $4,650,000

Have a Vancouver condo question? Put my decades of hyper-local knowledge to work for you! Call Maggie 604-328-0077

 

by Maggie Chandler Maggie Chandler No Comments

Where is Affordable Real Estate in Greater Vancouver?

Where is Affordable Real Estate in Greater Vancouver? 2016 was by far the hottest real estate market I have ever experienced in my 35 year career. It did, of course, benefit home sellers rather than home buyers but if you were selling your home and wishing to buy another it was a challenge to say the least, due to the demand far outstripping the supply.

The BC Government’s 15% foreign buyers tax introduced on August l, 2016 put the brakes on the market. In fact, property sales were already decreasing due to the affordability factor. Then City Hall passed the Empty Home Tax, which takes effect on January 1, 2017 and will present a challenge to people who live outside of the city and own a pied-a-terre in Vancouver for their own use. They will have to pay a 1% tax of assessed value if the property is left vacant for more than six months. In addition, Ottawa tightened mortgage qualifying rules – yet again, which presents a  challenge for local buyers.

Vancouver is obviously trending up the unaffordable real estate ladder, whereby the younger buyers who aren’t lucky enough to tap into the Bank of Mum will be faced with renting or moving to the far away suburbs and commuting by public transportation or having to drive, which also increases your overhead,  if they have a City job.

First I’ll look at houses -just because they are part of the real estate equation but only a small percentage of local people can afford a house in Vancouver – even on the East Side. Townhomes have become an alternative to houses and then of course there’s condos which remain the most affordable type of real estate to own, providing you’re not on the waterfront or the luxury Downtown hotel/condo complexes!

Townhomes reached a benchmark price of $661,000 at the end of December 2016, which is a 20% increase for the year. Over the last ten years the Lower Mainland has seen a 56% increase in townhome prices and a 39% increase over the last five years. Squamish townhomes won the race last year, boasting a 33% increase, closely followed by Whistler with a 32% increase and Maple Ridge with a 28% increase Currently the suburbs with the most affordable townhomes are Maple Ridge with a benchmark price of $391,000, followed by Pitt Meadows at $477,000 and Coquitlam at $504,000. Clearly townhomes are benefiting from the high cost of a house. In Squamish the benchmark price of a house is $813,000.

So that leaves condos as the only choice for young buyers. Alternatively, the Province could grow the economy in Surrey and create more jobs for people working out there. These properties saw a 52% increase over the last ten years in the Lower Mainland. East Van won this race with a 73% hike. Currently the least expensive condos in the Lower Mainland are in Maple Ridge with a benchmark price $208,000, then Port Coquitlam at $303,000, followed by Pitt Meadows at $310,000. Coquitlam is also affordable at $346,000. Consider a joint venture with a friend and buy a two bedroom condo with both of you paying the mortgage and sharing the profit when you sell. You can still find some two bedrooms in Richmond, Coquitlam or Burnaby that sell for less than $350,000. So getting some assistance from the Bank of Mum may be possible for first time buyers.

Consider Ladner which has a bus to the City and maybe in the long run the BC Gov’t will extend the Skytrain from Richmond to cross the new bridge which is due for completion in 2022.

Greater Vancouver 2016 Market Recap

In my entire career I have never seen anything close to 2016. Back in the good old days a hot market which favoured sellers would produce three or maybe four offers on the same property. Last March I was in an 18 offer presentation and every offer had at least another eight buyers competing for the property. I have also never seen properties sell for such a large amount over the list price. So it is healthy to see the market return to normal. If the Mainlanders return to buying real estate for the Chinese New Year which is at the end of January, that will stabilize prices. If they don’t we may well see a small decline, particularly in house prices. The sales to active ratio peaked at 61% and now sits at 27%. Listings peaked after the Wall Street crash in 2008 at 20,000 and now sits at 6,200. Prices generally decrease when the supply is high, but we have never had this degree of unaffordability.

2016 Vancouver West Side Real Estate Recap

The year saw the BC Government introduce the 15% foreign buyers tax on August 1, 2016 and City of Vancouver passing the Empty Home Tax effective January 1, 2017.

Sales actually peaked in March at 1,005 and declined to 325 in December, with a sales to active ratio falling from 66% to 28%.

Average days on market bottomed at 18 and is now up to 37.

There are only 1,049 properties listed for sale on the West Side. This is an all time low.

The average sale price of a house is now $3.7M, up 11% over the last year. Townhomes sit at k$1,287,000 up 16% over the last year and condos are $856,000 up 14% over the last year.

Ten years ago the average house price was $1.2M, townhomes $570,000 and condos $420,000. Houses have outperformed and perhaps that’ll be where the correction will be.

2016 East Vancouver Real Estate Recap

East Van average sale price is down to $1.452.000 for houses, which is equal to a year ago. It peaked at $1.726.000 in April. Townhomes are $814,000, up 21% from a year ago and condos are $543,000 up 22% from a year ago. Clearly East Van is benefiting from the very expensive West Side.

Ten years ago the average house price was $540,000, townhomes was $330,000 and condos $231,000. Cheap or what!!

Sales to active ratio is now 25%.

Currently 712 properties listed. The low was Dec’15 with 500.

Average days on market is 36.

Some economists are predicting that prices will correct by ten or even 20%, or only house prices will correct, and some are saying prices will sit flat for the time being. In truth, no-one knows and time shall tell! History shows that long term investors always do well.

Let my decades of hyper-local knowledge help you find the right home! Call Maggie at 604-328-0077

 

by Maggie Chandler Maggie Chandler No Comments

BCREA Predicts BC Home Sales & Prices to Decline in 2017

November 29, 2016.

The British Columbia Real Estate Association (BCREA) just released its 2016 Fourth Quarter Housing Forecast

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent to 96,300 units in 2017. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.

“”Housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers,” said Cameron Muir, BCREA Chief Economist. “However, while home sales are not expected to repeat this year’s record performance, consumer demand is expected to remain well above the ten-year average.”

The average MLS® residential price in the province is forecast to increase 9.8 per cent to $698,900 this year. The supply of homes for sale is expected to trend higher next year as moderating demand is met with added new home completions. A trend toward more balance in the market will unfold next year and exert less upward pressure on home prices. In addition, a larger contraction in the number high-end home sales will contribute to moving the aggregate average price statistic lower. As a result, the average MLS® residential price in the province is forecast to decline 6.4 per cent to $654,200 in 2017.

We are returning to a balanced market.

 

by Maggie Chandler Maggie Chandler No Comments

BC Real Estate Sales Decline

 November 15, 2016

The British Columbia Real Estate Association (BCREA) reports that 7,272 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, down 16.7 per cent from the same month last year. Total sales dollar volume was $4.4 billion in October, down 24.2 per cent compared to the previous year. The average MLS® residential price in the province was $606,787, a decline of 9.1 per cent compared to the same month last year.

“Housing demand remained mixed across the province in October,” said Cameron Muir, BCREA Chief Economist. “Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month to month basis. In contrast, home sales on Vancouver Island and in the interior of the province continue to post strong year-over-year gains.”

“The decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver,” added Muir. Home sales through the Real Estate Board of Greater Vancouver fell to 31.4 percent of BC transactions last month, compared to 42.6 per cent a year ago.

Average sale price is up 10% from a year ago.

 

 

by Maggie Chandler Maggie Chandler No Comments

Interest Rates for Vancouver Home Buyers on the Rise

November 15, 2016

Interest Rate increases are coming fast and furious from all lender this week, including Major Banks and Monoline lender.

In the article below, RBC has taken a position where fixed rates for 5 years are as high as 2.94% and apparently if you want a 30 year amortization, there will be an additional premium on interest rates.

This is a very aggressive change and there will likely be more to come.

At this point, TD has increased fixed rates, nothing yet from Scotiabank.

Most important to note, lower rates in the 2.49-2.59% range are still out there for conventional deals, (20% down payment or more) and for insured (lower down payment 5-20%), rates are still as low as 2.24% (must close by December 31).

Vancouver real estate buyers need to have a proper pre-approval  as the market is in constant movement.

Looking for an experienced mortgage broker?

Jeff Fraser | Mortgage Advisor | Dominion Lending Centres – A Better Way  

604-340-1809 Email. [email protected]

 

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