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East Vancouver Real Estate Prices and Sales Drop in October 2016

November 5, 2016, from REBGV stats

East Vancouver Real Estate Prices and Sales Drop in October 2016 whilst listings remained flat. The overall average sales price sits at $890,000 which is equal to November 2015. It peaked at $1.107.000 in May and has been sliding since then. Current market conditions favour buyers and I expect this will continue into next year. Overall the market has returned to being balanced and more normal than what we’ve seen over the last year.

Average Sales Price – houses are currently $1.564.000, down from $1.703.000 in July. Townhomes sit at $836,000, down from $905,000 in September and condos are flat at $495,000. Overall price is now the lowest it’s been since Jan’15. Houses are up 10% over the last year, townhomes 13% and condos 14%.

New Listings for the month of October were 435 with only condos increasing

Total Listings are up to 1,037 from the bottom in December of 500. The biggest increase is houses, which have doubled since January this year. This is the highest they’ve been since March 2014 and are 22% more than a year ago.

Sales now sit at 195 and have contined to decline since the peak in March at 408 and are 41% lower than Oct’15 and equal to December 2015.

Sales to Active Ratio currently sits at 19%, compared to 40% a year ago. It peaked in March at 67%.

Average Days on Market flat at 11 and equal to a year ago

Percentage of Original Price 99%, down from June’s peak of 105%. Currently the lowest it’s been since Jan’15.

Dollar Volume is about 60% less than the peak in May and 40% lower than a year ago. Almost back to Feb’14 levels.

View the average sale price since 2011

View sales since 2011

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by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side Real Estate Prices, Listings and Sales Drop in October

Vancouver’s West Side Real Estate Prices, Listings and Sales Drop in October. Compared to the previous month, listings sales and prices declined. Compared to a year ago listings and sales are lower and average sale price is considerably higher for condos, lower for townhomes and up a tad for houses.

Listings dropped from 1,840 in September to 1,733 in October and are 13% less than a year ago. Usually listings decline in the Fall.

New listings are 10% less than a year ago and dropped from 932 in Septemberto 736 in October

Sales peaked in March at 981 and now sit at 404. Houses are down 51% from a year ago, townhomes 63% and condos 34%. House sales increased from 61 in September to 79 in October. Condos sales set a record in March at 683 for the month and were down to 301 in October. Townhomes peaked at 77 in March and are down to 24. The market hit bottom in November 2008 with only 171 West Side property sales

Sales to active ratio is only 12% for houses, 17% for townhomes and 32% 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%.

Best Selling Price Range – condos $500,000-$600,000. townhomes $1.1M- $1.2M and houses over $3M.

Average days on market sits at 28 compared to 30 a year ago. From June to August it bottomed at 19 days. Houses are taking the longest to sell, with an average of 39, townhomes are 15 and condos 26. The peak was January 2009 with an average of 73 days to sell.

Percentage of original price – houses sit at 93%, townhomes at 103% and condos at 98%. April was the top at 104% and it has been declining since then, now down to 97%. This is the lowest its been since Feb’15.

Dollar volume hit a record in March this year at 1,587,730,189 and has been on a downward trend since, now at 568,531,740, approximately a 60% drop!

updated November 5, 2016 based on REBGV stats

 

by Maggie Chandler Maggie Chandler No Comments

Metro Vancouver Real Estate Prices Up in October but Sales and Listings Down

Metro Vancouver Real Estate Prices Up in October but Sales and Listings Down.

Real estate sales were 15% below the 10 year October average. House sales clocked in at 2,233 which is a 38% drop from a year ago and 0.9% lower than September. House sales were 652, down 54% from a year ago. Townhomes sales were 39% lower than a year ago and condos were also 39% less than a year ago. Towhome sales were up a tad from the previous month but houses and condos declined.

New  listings were 9.5% below the 10 year average for the month and were also lower than September.

Total listings clocked in at 9,143, down 4.5% from a year ago and 2.3% lower than the previous month.

Sales to active listings ratio was only 24% – meaning that only 24% of listings sold. Analysts say upward pressure occurs when the ratio surpasses 20% and downward pressure when the ratio is less than 12%. The ratio was down slightly for townhomes and flat for houses and condos.

Average days on the market was 21 for houses, 12 for townhomes and 11 for condos. Compared to the beginning of the year only houses have increased.

Average percentage of original price declined for all types of Metro Vancouver properties. Houses are currently selling at 95% of original price, townhomes and condos at 99%.

Dollar volume is way down for houses – 52% lower than a year ago. Townhomes are down 29% and condos 12%.

Average sale price – houses peaked in February at $1.811.000 and is now down to $1.619.000. Townhomes peaked in July at $735,000 and now sit at $681,000. Condos peaked in July at $573,000 and now sit at $572,000.

Houses increased from $1,541,000 in September to $1,649,000 in October. Townhomes dipped from $721,000 to $681,000 and condos increased from $549,000 to $562,000.

The affordability factor is benefiting townhomes and condos.

View the 10 year average sales price for houses, townhomes and condos.

View the 10 year sales graph

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

 

 

 

 

 

by Maggie Chandler Maggie Chandler No Comments

Why I Bought a Pied-a-Terre in Vancouver

Why I bought a pied-a-terre in Vancouver! The concept of a Pied-a-Tierre residence can be appealing for different reasons for different people. Whether it’s to decrease the frequency of a lengthy commute, to create a getaway and a chance to have easy access to the mountains and beach or simply an opportunity to stay connected to a city you love and for whatever reason have had to depart as a full time resident. The concept of Pied-a-Tierre is different than merely a vacation home because of its location and the lengths of visits the owners tend to have. They are primarily in urban areas and usually entail some form or downsizing on multiple fronts or exist as a secondary residence to a primary one, which may be in a more rural and less urban area. They are often used for longer visits, giving the owner more time to fully immerse themselves and family in what the city offers at their fingertips.

 

It is undeniable that Vancouver is the West Coast Canadian gem. Your average Canadian is familiar with the saying “West Coast, Best Coast”. The emphasis on Coast is a key component to what makes Vancouver different from other major Canadian cities. The stunning urban waterfront adds a little something extra to business trips to the city, which makes the concept of wanting to invest time into the city beyond hotel rooms and boardrooms more appealing. It’s definitely hard to end up stuck visiting chain restaurants and roaming industrial areas surrounding your hotel when you are in an urban environment like Vancouver’s. With the city as a home base combining business with pleasure is made easy. You can go from the boardroom, to a unique and tasty lunch spot in Gastown and then back to the office before wrapping up your day with a walk along the water and snagging a spot on a patio for happy hour. The transit system makes it easy to avoid owning a car so heading home to your Pied-a-Tierre condo to get ready for the next day’s work is a breeze after your evening activities. This professional’s experience is different than the average hotel experience because you have more of an opportunity to live the urban Vancouverites lifestyle. You can be here for business and at the same time explore and experience the city, combined with the perk of being able to come home to a space that is truly yours and not just a familiar hotel chain.

 

There’s also the strong possibility that you’re someone who loves the outdoors, and that was your main incentive to make Vancouver your second home. The views of the mountains and waterfront are not only easy to enjoy from a handful of the city’s downtown neighborhoods and urban areas, they truly are as close as they seem, and for the most part can be accessed within a couple of hours drive. This is what makes this west coast city a haven for urban inhabitants who pine for the outdoors as part of their urban experience. You can hit the Sea to Sky highway and get to one of the world’s premier mountain resort communities for a rip down the mountain on your bike in the summer and board in the winter. Whistler is one of the further drives, which is still only a couple of hours, but if you’re looking for a quick drive to the outdoors there are mountains such as Grouse and Seymour that are even closer. This is where the accessibility becomes a very appealing aspect of this Pied-a-Tierre lifestyle for those who are combining business with pleasure. You can work a full day in the office and hit the slopes as an alternative Happy Hour to top of a long day indoors.

 

There is also the other end of the spectrum of people who see the appeal in Vancouver being a second home. People who have chosen to downsize their one large home into two smaller ones for reasons beyond the office. The access to a variety of downtown easts and activities seems endless in this city with new areas constantly emerging each offering a different vibe and lifestyle. It can be hard to leave a city as spectacular as Vancouver, so the fact that it can be dearly missed by those who depart is a driving force as to keep a little bit in the form of a Pied-a-Tierre. You can have a larger primary property with the backyard and multiple bedrooms, for your perhaps more affordable suburban or country life, which offers you everything you cannot easily access from your primary residence outside of the city. This is one of the great appeals of urban living and Vancouver is a prime location to fill that void. All you need is a small space, in a great location that gives you the chance to involve yourself in all of the things you love about Vancouver urban living.

 

A key element of the Pied a Tierre lifestyle is the factor that resident is wanting more of the city. The Pied a Tierre is a way to keep in touch with a city you love but for whatever reason no longer live in as a primary residence. It’s a way to stay immersed in all that Vancouver has to offer in a way a tourist or visitor is unable to, without having a home base and being able to spend longer periods of time in the city. Vancouver has a lot to offer as an urban area that make it somewhere people are left wanting more. The city itself takes a while to explore and become familiar with, even after living here for extended periods of time there is always something new to try. Once you start venturing out of the urban areas for getaways from your Pied-a-Tierre you’ll find yourself with endless camping, lakes, wine tours, hiking, beautiful drives, resorts etc. It’s the accessibility and variety that Vancouver places on your condo’s doorstep that make it a very hard city to leave with both feet. Search for your Vancouver pied-a-terre!

 

 

by Maggie Chandler Maggie Chandler No Comments

What is CMHC’s Forecast for Vancouver Real Estate in 2017 and 2018?

Check out the latest CMHC forecast for Vancouver’s real estate market in 2017 and 2018, including sales, prices, the rental units and rental rates, new construction, demographics, immigration and mortgage rate forecast.

View the graph from January 2015 showing fewer detached home sales in Vancouver.

After a record year of housing starts, new home construction is projected to settle lower but remain above the five-year average level, in line with population-based demand.

MLS®2 sales are forecast to slow to the end of 2016 with a further weakening of sales in 2017 before leveling off in 2018.

Average MLS® prices will be higher in 2016 with strong price growth in the first half of the year. Prices are expected to increase modestly in 2017

Here’s the article, published October 26, 2016.

Thinking of making a move? Put Maggie’s decades of hyper-local knowledge to work for you! Call 604-328-0077 today!

by Maggie Chandler Maggie Chandler No Comments

Why Yaletown is My Favourite Vancouver Waterfront Community

What makes Yaletown Vancouver’s best waterfront community?

Yaletown has been a prevalent area in Vancouver since it was founded during the Fraser Canon Gold Rush in the 1880’s when it originally functioned as an entry point for the Railway, connecting the area to the town of Yale. The area was initially industrial, however, as the Yale railway workers began to settle at this end of the line. They soon established housing close to the water, and soon gave the area reason to acquire its name. The reasons for choosing this waterfront community shifted from industrial to urban when the city hosted Expo 86 and has continued to establish its role as one of the city’s most desirable communities that it continues to exemplify today.

Yaletown has nearly everything a Vancouverite could ask for, and if it’s not in Yaletown itself, it’s certainly easy to access in one of the many neighboring areas. Being the first stop in the downtown area on the Canada line is definitely the area’s biggest asset in terms of accessibility to the rest of the city. Along with being walking distance to Gastown, The Westend, City Center and a short Aquabus ride across the river to Granville Island and Olympic village. The beauty of accessing all of these areas, is not only are they walking distance, but you can walk along the seawall on the waterfront and take in the city while reaching your destination.

It’s not be hard to accomplish everything on your to do list with ease within the Yaletown area. It truly has everything within a few urban blocks. From locally owned grocery stores such as Choices, Nesters and Urban Market; to Dentists, Doctors, Drugstores and fantastic boutique shopping. What makes Yaletown different when checking things off your errands list, is that there truly is a great balance between one of a kind locally owned businesses and the familiar spots you can also find throughout the city. You can go from grocery shopping for local produce, to happy hour with microbrew beers at The Yaletown Brewpub, to browsing for housewares in a local boutique such as The Cross, to eating your favorite familiar entree and cocktail at Earls. The amount of choice and variation the area offers is a huge perk for people living in the community, you’re never stuck going to the same old spots…unless of course you want to!

The community is definitely a destination for spectacular dining and lounge-like night life. The elevated brick promenades are lined with restaurant after restaurant, all welcoming you in with heated patios and nearly every style of cuisine a Vancouverite could ask for. It has a reputation for having an elevated atmosphere as a community. Things just seem a little swankier on a Yaletown patio with a group of friends out to treat themselves. There is certainly beauty in the balance of the community. During the day there are families who live in the community taking advantage of all it has to offer, including neighbourhood schools.

Not only does the area have a couple of great urban green spaces tucked in between the stunning glass high rises, it’s home to the spectacular David Lam Park. The home of the Vancouver Jazz Festival, Cinema Under the Stars, outdoor concerts and outdoor spaces to play any sport or outdoor activity you can dream up. The park lines the waterfront offering vast green spaces to picnic, along with a variation of courts and a large portion of the seawall where cyclists, runners, roller bladers and people simply out for a relaxing stroll pass each other and take in the beautiful waterfront Yaletown is known for. The seawall is no more than a couple of blocks from residential areas of the neighborhood, so it doesn’t take much to effort to get outside and take in the water you can most likely see from your apartment living room. This accessibility to the water makes the element of being waterfront that much more relevant for people who choose this balanced urban community home.

The waterfront definitely has you covered for the warmer and dryer Vancouver months and the abundance of fitness studios have you covered year round. When it comes to fitness, you name it, Yaletown’s got it! Pure Barre, Crossfit, Yoga, Hot Yoga, Spin, and a Dance center; combined with everything the Roundhouse Community center has to offer, Yaletown makes it hard to justify those excuses for skipping the workout. Health and fitness tend to come hand in hand in general, and Yaletown definitely has them both. After your workout, it’s super easy to grab a smoothly or juice or even hit the salad bar to round off a healthy day. It’s hard not to feel inspired to get moving when you have everything to facilitate a healthy lifestyle at your fingertips.

Another element of balance that the area embodies is in the Heritage buildings and architectural aesthetic. Roundhouse Community Center being front and center on Pacific Boulevard with the old engine turntable as a small outdoor amphitheater. In another tribute to the rail history of the area, it also houses Engine 374, which pulled the first passenger train into Vancouver in 1887. Accompanying the elevated brick promenade are streets of buildings from the area’s industrial days, Hamilton and Mainland being the most prevalent. Along with many of them being converted to modern living spaces on the inside, there are also a great deal of office spaces which were established during the dot com boom and continue to function as office spaces above the rows of restaurants. Many are designated Heritage by City of Vancouver. These buildings are surrounded by glass high-rise apartment buildings that embody the modern feel of the downtown community. Depending on the look and feel of the condo you’re looking for, it’s not hard to find either option on the streets of Yaletown, from cool heritage lofts to studios to amazing Penthouses with astounding water, city and mountain views. Waterfront living at its best!

by Maggie Chandler Maggie Chandler No Comments

BC Housing Starts Continue to Climb

Here’s the latest stats from BCREA – October 11, 2016

Housing starts in BC surged 40 per cent higher to 47,560 in September and were 79 per cent higher on a year-over-year basis. Single detached starts rose 27 per cent compared to last September while multiple unit starts nearly doubled. Through the first three quarters of the year, BC housing starts are up 39 per cent compared to 2015. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 110 per cent year-over-year in September, led by triple digit growth in both single and multiple units. In the Victoria CMA, housing starts tripled compared to September 2015 due to strong growth in new multiple unit starts. New home construction in the Kelowna CMA rose 16 per cent on balanced growth between single and multiple unit starts. Housing starts in the Abbotsford-Mission CMA declined 64 per cent compared to last year as multiple unit projects took a breather in September following several strong months of activity. 

Buying or Selling? Put my decades of hyper-local knowledge to work for you!

Call Maggie 604-328-0077 today!

 

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side Sales & Average Price Decline in September 2016

Vancouver’s West Side Sales & Average Price declined in September 2016, pulled down mostly by houses whose average sale price peaked at $4.2M in July and now sits at $3.7M by still remain 17% higher than a year ago. Townhomes peaked in May at $1,279.000 and are now $1.119.000 equal to a year ago. Condos peaked in July at $911,000 and now sit at $820,000 still up 21% from a year ago. In Sept’10 you could still buy a West Side house for less than $2M.

Sales peaked in March at 981 and clocked in at 424 in September, down 29% from a year ago and almost back to January 2013 levels. House sales for the month were 50% less than Sept’15, townhomes were 24% less and condos 23% less.

Listings clocked in at 1,751 for the month, 21% less than a year ago and the lowest level since Dec’10.

Sales to active ratio peaked in March at 65% and now sits at 24% – down 10% from a year ago and equal to Feb’15 levels. Average days on the market for September sales is 22, up slightly from the low of 19 in June.

Percentage of original sale price is 94% for houses, 98% for townhomes and 99% for condos. April was the peak with an average of 104%.

Dollar volume peaked in March and is now a third less, as well as being 26% lower than a year ago, dragged down to a large extent by houses.

The new Government regulations has taken the heat out of the market and we are returning to a more balanced market.

Buying or Selling? Put my decades of hyper-local experience to work for you! Call Maggie!

 

 

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Property Prices and Listings Turn Up in September But Sales Decline

East Vancouver Property Prices and Listings Turn Up in September But Sales Decline

Average sale price for East Van peaked in May at $1.1M and now sits at $912,000, up 7% from a year ago. Houses sit at $1.6M which is 19% higher than a year ago, having peaked in July at $1.7M.  Townhomes are $905,000 , a whopping 37% higher than a year ago and currently a record high. Condos are $496,000 which is 14% higher than a year ago, having peaked in June at $525,000.

Listings continue to climb and are now the highest they’ve been for the year and up 3.6% from a year ago. Currently 984 in total. Still a lot less than the peak in Oct’08 which was over 2,000 listings.

Sales peaked in March this year and are now less than half that number, clocking in at 201 which is 38% lower than a year ago and equal to Jan’15 levels. Houses are 52% less than Sept’15, townhomes are 23% less and condos are 27% less.

Sales to active ratio sits at 20%, having peaked in March at 67% and is 40% lower than a year ago.

Days on the market average 24, which is 11% less than a year ago. It bottomed in June at 15.

Percentage of original price is 97% for houses and 101% for townhomes and condos.

Dollar volume is 33% lower than a year ago and less than half of what it was at the peak in May this year.

Buying or Selling? Put my decades of hyper-local experience to work for you! Call Maggie!

 

by Maggie Chandler Maggie Chandler No Comments

Metro Vancouver Real Estate Sales & Prices Dip in September

Metro Vancouver Real Estate Sales & Prices Dipped in September 2016 as a result of the foreign buyers tax implementation. Sales totalled 2,253, a decrease of 32% from a year ago and down 9.5% from the previous month and equal to March 2013.  September sales were 9.6% below the 10 year sales average for the month. Real estate sales peaked in March and are now less than 50% of that number.

The sales to active listings ratio sits at 24%, which is the lowest its been since February 2015.

New listings in Metro Vancouver totalled 4,799 in September which is a decrease of 1% compared to a year ago and 11.8% higher than the previous month.

Total listings are currently 13.4% less than a year ago but 10% more than August 2016. Listings are close to October 2015 level.

Average days on the market has turned upwards to 28, which is 33% less than a year ago.

Dollar volume peaked in March and is now less than half of that amount, as well it is 29% less than a year ago.

The average sale price peaked at $1.106.000 in February and currently sits at $877,000, back to February 2015 level but up from $844,000 in August and 1.9% higher than a year ago. Metro Vancouver houses topped in January at $1.817.000 and now sit at $1.542.000, up 9% from a year ago. Townhomes topped in July at $735,000 and are now at $720,000, up 21% from a year ago. Condos topped in July at $573,000 and now sit at $549,000 , up 15% from a year ago.

Buying or Selling? Put my decades of hyper-local experience to work for you! Call Maggie!

 

by Maggie Chandler Maggie Chandler No Comments

Which Greater Vancouver Neighbourhood has the Best Priced Homes?

Looking for a house, townhome or condo to buy in Greater Vancouver and wondering where the best value is? Here’s which Greater Vancouver neighbourhood has the best priced homes.

Houses

Below is the Benchmark Price  and one year price change, as published by REBGV for August 2016

  • Bowen Island $797,000 +26%
  • Burnaby East $1.260.000 +33%
  • Burnaby North $1.596.000 + 33%
  • Burnaby South $1.700.000 +39%
  • Coquitlam $1.228.000 38%
  • Ladner 1.031.000 +34%
  • Maple Ridge $712,000 +37%
  • New West $1.104.000 +34%
  • North Van $1.689.000 +42%
  • Pitt Meadows $784,000 +34%
  • Port Coquitlam $907,000 +33%
  • Port Moody $1.394.000 +35%
  • Richmond $1.704.000 +43%
  • Squamish $800,000 +33%
  • Sunshine Coast $475,000 +26%
  • Tsawwassen $1.247.000 +36%
  • East Van $1.533.000 +35%
  • Vancouver West $3.617.000 +34%
  • West Vancouver $3.359.000 +38%
  • Whistler $1.322.000 +24%

Most expensive – Vancouver’s West Side. Least expensive Sunshine Coast

Townhomes

Benchmark Price at Augst 31, 2016 and one year change in price

  1. Burnaby East $511,000 + 15%
  2. Burnaby North $514,000 + 18%
  3. Burnaby South $562,000 +27%
  4. Coquitlam $516,000 +23%
  5. Ladner $638,000 +26%
  6. Maple Ridge $408,000 +41%
  7. New West $550,000 +25%
  8. North Van $900,000 +37%
  9. Pitt Meadows $479,000 +30%
  10. Port Coquitlam $550,000 +36%
  11. Port Moody $538,000 +17%
  12. Richmond $732,000 +31%
  13. Squamish $613,000 +31%
  14. Tsawwassen $640,000 +29%
  15. East Vancouver $785,000 +36%
  16. Vancouver West $1,107,000 +36%
  17. Whistler $762,000 +28%

Most expensive is Vancouver’s West Side and Best Value is Maple Ridge but if you wish to live closer to the City there is good value in Burnaby North and Burnaby East

Condos

Benchmark Price at August 31, 2016 as published by REBGV and one year change in price.

  1. Burnaby East $561,000 +26%
  2. Burnaby North $468,000 +30%
  3. Burnaby South $535,000 +29%
  4. Coquitlam $346,000 +28%
  5. Ladner $397,000 +12%
  6. Maple Ridge $200,000 +18%
  7. New WEst $275,000 +26%
  8. North Vancouver $467,000 +27%
  9. Pitt Meadows $299,000 +18%
  10. Port Coquitlam $310,000 +30%
  11. Port Moody $474,000 +29%
  12. Richmond $440,000 +21%
  13. Squamish $354,000 +30%
  14. Tsawwassen $411,000 +13%
  15. East Vancouver $439,000 +32%
  16. Vancouver West $691,000 +27%
  17. West Vancouver $906,000 +31%
  18. Whistler $375,000 +41%

Most expensive is West Vancouver and best affordability is Maple Ridge, followed by Port Coquitlam and Coquitlam.

Always happy to answer your real estate questions! Vancouver real estate since 1981!

by Maggie Chandler Maggie Chandler No Comments

New Mortgage Regulations for Vancouver Real Estate Buyers

The Federal Government announced significant changes to regulations for new-government backed insured mortgages today. Effective October 17, 2016, all insured homebuyers will have to qualify at the posted 5-year qualifying rate.  This is a change from previous policy where only variable rate mortgages and mortgages with terms less than 5-years were subject to a higher qualifying rate.

With this move, the Federal Government has chosen to offset a modest risk to the taxpayer by severely eroding affordability for low equity home buyers, particularly first time home buyers. The qualifying rate is updated weekly and available on the Bank of Canada website. It is currently 4.64 per cent, about 200 basis points higher than the best bank offered rates.

To qualify for mortgage insurance, a homebuyer’s debt servicing ratio must be no higher than:

  • Gross Debt Service – 39 per cent of household income, including mortgage payment, taxes and heating costs.
  • Total Debt Service – 44 per cent of household income, including mortgage payment, taxes, heating costs and all other debt payments

The announced measure will apply to new mortgage insurance applications received on October 17, 2016 or later. This measure will not apply to mortgage loans where:

  • before October 3, 2016: a mortgage insurance application was received;
  • the lender made a legally binding commitment to make the loan;
  • the borrower entered into a legally binding agreement of purchase and sale for the property against which the loan is secured.

Mortgage loans for which mortgage insurance applications are received after October 2, 2016 and before October 17, 2016 are also not affected by the rule change, provided that the mortgage is funded by March 1, 2017. Homeowners with an existing insured mortgage or those renewing existing insured mortgages are not affected by this measure.
The Federal Government is also instituting new eligibility rules for low-ratio (higher than 20% down payment) mortgages backed by government insurance. As of November 30, 2016,  to be eligible for government insurance, new mortgages must meet the following requirements:

  1. A loan whose purpose includes the purchase of a property or subsequent renewal of such a loan;
  2. A maximum amortization length of 25 years;
  3. A maximum property purchase price below $1,000,000 at the time the loan is approved;
  4. For variable-rate loans that allow fluctuations in the amortization period, loan payments that are recalculated at least once every five years to conform to the original amortization schedule;
  5. A minimum credit score of 600 at the time the loan is approved;
  6. A maximum Gross Debt Service ratio of 39 per cent and a maximum Total Debt Service ratio of 44 per cent at the time the loan is approved, calculated by applying the greater of the mortgage contract rate or the Bank of Canada conventional five-year fixed posted rate; and,
  7. A property that will be owner-occupied.

These new criteria, in particular requiring a maximum purchase price below $1 million, will essentially make the majority of single family homes in Metro-Vancouver ineligible for government issued insurance for low-ratio mortgages.

by Maggie Chandler Maggie Chandler No Comments

East Vancouver Property Prices and Sales Still Trending Down

East Vancouver property prices and sales still trending down in August 2016.

Average sale price for East Vancouver hit $911,560 in August, down from the top in May $1,113,960. Current house price is $1,506,000 down from the peak in July of $1,706,000. Towhomes sit at $743,000 down from the peak in July of $850,000. Condos are at $511,000 down from $525,000 in June. House prices remain 14% higher than a year ago, townhomes are up 22% higher than a year ago and condos are 16% higher than a year ago.

East Side sales clocked in at 213, down from the peak in March of 448. House sales in August were 80, down from the peak in May of 221. Townhome sales in August were 18, down from 39 in June. Condos peaked in March at 209 and now sit at 115. August sales are down 26% compared to August 2015.

New listings in August were 446, down from the peak in May of 442.

Total listings are currently are flat at 877 and back to the same levels as October last year and equal to August 2015.

Sales to active ratio is 24, down from the peak in March when it was 67.

Percentage of original price sits at 97% for houses, 100% for townhomes and 103% for condos.

Days on the market are flat at 19, the lowest its been since January when it was 39.

Total dollar volume peaked in May and is now 60% lower but remains 23% lower than a year ago.

East Vancouver’s real estate market is returning to a more normal market, better balanced between buyers and sellers but the number of listings remains on the low side and the demand has never been stronger, but this has now been impacted by the much higher property prices, effecting buyers affordability. Maybe we will see a flat market for the remainder of the year.

Call Maggie today and put my hyper-local experience to work for you! Vancouver real estate since 1981!

 

 

by Maggie Chandler Maggie Chandler No Comments

Hurry for Vancouver’s West End’s Cheapest One Bedroom Condo!

Hurry for Vancouver’s West End’s Cheapest One Bedroom Condo!

JUST LISTED! 2205-1251 Cardero Street – Penthouse n.e. corner one bedroom boasting wonderful ocean, mountain and city views.  Freshly painted and new carpets. Bring your decorating ideas for the kitchen and bathroom. 99 year leasehold building.

Surfcrest is situated steps to Alexander Park and Beach Avenue, with a 94 Walkscore, indoor lap pool and sauna, plus underground secured parking and storage locker.

A great investment condo, no rental restriction. Adult oriented.

Drop by my Open House on Saturrday 24th 1.30-2.30pm and bring your offer $339,000.

Or Call Maggie for a showing! 604-328-0077

by Maggie Chandler Maggie Chandler No Comments

BC Housing Demand Remains Strong Except for Vancouver

The British Columbia Real Estate Association (BCREA) reports that 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 1.5 per cent from the same month last year. Total sales dollar volume was $5.1 billion in August, down 6.7 per cent compared to the previous year. The average MLS® residential price in the province was $569,393, a decline of 8.1 per cent compared to the same month last year.

“Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month,” said Cameron Muir, BCREA Chief Economist. “The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month.”

“The decline in the average home price was due to a change in the composition and location of homes sold in the province,” added Muir. “Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline.”

Year-to-date, BC residential sales dollar volume increased 39.1 per cent to $61.6 billion, when compared with the same period in 2015. Residential unit sales climbed by 22.1 per cent to 86,206 units, while the average MLS® residential price was up 13.9 per cent to $714.400.

Put my hyper-local experience to work for you! Call Maggie 604-328-0077

 

by Maggie Chandler Maggie Chandler No Comments

Vancouver’s West Side Property Listings, Sales & Prices Continue Downwards Trend

August saw a continued drop in property prices, sales and listings compared to the prior month as Vancouver’s West Side real estate looses its heat and returns to a balanced market, as a result of the BC Government’s 15% foreign buyers tax which came into effect on August 2, 2016.

Average Sale Price

The average sale price of a West Side house is now $3,982,000 – down from $4,245,000 in July but still up 20% over the last year. Townhomes are now worth $1,089,000, down from $1,292,00 in July but still up17% over the last year. West Side condos sit at $795,000, down from $911,000 in July and up 5.5% over the last year. Average price pr sq ft of a West Side house is 1287, townhomes are 877 and condos are 914.

Sales peaked in March at 981 and dipped to 445 in August, down 44% from a year ago and down from 590 in July. This is the lowest sales for August since 2013.

Average days on the market is 30 for houses, 15 for townhomes and 17 for condos.

New listings continued a downward trend to 769 from the peak of 1159 in February. Total listings are currently 1,550 which is 27% less than a year ago. Listings this year peaked in February at 1591. October 2008 (post Wall Street crash) had the highest number of properties for sale in the last ten years at 4,121.

Sales to listing ratio is currently 29%, down from the peak in March at 65% which was the highest in the last ten years. The bottom was November 2008 at 4%.

The average percentage of original price is 96% for houses, 101% for towhomes and 100% for condos.

Overall dollar volume sits at 565,994,646 in August, one third of what it was at the peak in March and 40% less than a year ago.

Best Selling Price Range in 2016 YTD – $1.1M to $1.2M for townhomes and $500,000-$600,000 for condos. There have been 82 condo sales over $3M this year and 11 townhomes on Vancouver’s West Side and total YTD sales for 2016 have been 5,935.

by Maggie Chandler Maggie Chandler No Comments

Greater Vancouver’s Real Estate Market Becoming More Balanced

August saw Greater Vancouver’s real estate market becoming more balanced as it leaves its lofty high volume of sales and escalating prices. It was the second consecutive month that property sales turned downwards from the record breaking pace and were 3.5% below the 10-year sales average for the month

Sales peaked in March at 5,196 and dropped to 2,524 in August, which is 25% less than a year ago and equal to August 2013. Given that sales have been performing at record levels the market is now returning to a normal pace, which has to happen at some point! Sales to active ratio is 27%, down from the peak in March of 62%. Downward pressure in prices usually doesn’t occur until the ratio dips below 12% and prices see upward pressure when the ratio is above 20-22%.

New listings also peaked in March at 6,345 and dropped to 4,304 in August, equal to a year ago but down 18% from July.

Total Listings sit at 8,506 which is down 22% from a year ago and up only 2% from July. So the new tax so far has not created a flush of listings, we will see what occurs as we move into the Fall market.

Average sale price – houses $1,507,000, up 1.9% over the last year and down from the peak of $1.816.000 in January. Townhomes $675,000, up 17% from a year ago and down from the peak of $740,000 in July. Condos $528,000, up 1.5% from a year ago and down from the peak of $570,000 in May.

Dollar Volume in August was 975,207,966 down 9.6% from a year ago and down from March’s peak of 1,723,217,069.

Average days on the market sits at 24, which is 42% less than a year ago.Houses take the longest to sell with 30 days on the market. In March the average was 25.

The percentage of original price for houses sold in August was 97.6%, townhomes and condos were both 100%

Buying or Selling? Put my hyper-local knowledge to work for you!

by Maggie Chandler Maggie Chandler No Comments

New Regulations for Older BC Strata Buildings

Are you stuck in old, run-down strata properties? You will now have an easier time selling their units.

The Strata Property Act has been amended, permitting strata corporation members to terminate a strata corporation by an 80 per cent vote. Previously, a strata corporation could only be terminated with a 100 per cent vote.

“We made this change to give strata lot owners more freedom to choose what they want to do as their property nears the end of its life cycle,” said Hon. Rich Coleman, Minister of Natural Gas Development and Minister Responsible for Housing.

“We don’t want strata owners to be stuck in a situation where they’re paying for repairs on a property not worth repairing, but they can’t terminate the strata because it’s really difficult to get a unanimous vote,” said Minister Coleman.

Tony Gioventu, executive director of the Condominium Home Owners’ Association thinks the new regulations are a positive step.

“This benefits strata corporations considering liquidation of their buildings for redevelopment,” Gioventu said.

by Maggie Chandler Maggie Chandler No Comments

Why I Came Back to Vancouver’s Kitsilano

rvyc waterviewThis article is about stories my clients have told me regarding leaving and returning to Vancouver’s Kitsilano.

We lived in kits for nearly three decades and just loved it but when we retired we decided to sell our Kitsilano house and move to Vancouver Island. After a year of living on the island we got lonesome for Kits and found ourselves taking the ferry back to Vancouver more often than we had thought we would. We stayed a reasonably priced Downtown Vancouver Hotel but after a year we decided this was not a good way to be spending our money, so we decided to buy a Kits condo and use it as our pied-a-terre. That was a year ago and we are delighted with our decision. We now live in our former neighbourhood and visit our favourite coffee shops and restaurants, whilst watching the Kits condo prices climb!

Kitsilano is west of Burrard Street, north of West 16th Avenue and east of Alma Street. It remains a quiet and low density neighbourhood, boasting an 89 Walkscore, excellent public transportation which we use when going Downtown or to other Vancouver neighbourhoods to visit friends. Sometimes we use the car share program. If you are a cyclist there are also many bike share places and bike lanes. You can hop a ride on the little ferry and buzz around False Creek.

Kits has some of the best water views in Vancouver, you can see the North Shore mountains all the way to Bowen Island and the city and English Bay beach. We never get tired of looking at it.

If you like beaches Kits Beach has been voted one of the top beaches in the world! It is so relaxing to walk along the beach, sit and read a book, take your dog for a walk or partake in various beach and water sports including kayaks, paddle boards and boating. There is also basketball and volleyball.

Our neighbourhood has over 350 restaurants including many fine world class dining, including Italian, French, Greek, Mexican, Japanese, Malaysian, Indian, Thai, Chinese, farm to table and vegetarian/vegan. We boast a wide selection of grocery stores including Whole Foods and Choices. Jacksons Meat store is a tradition. High end bakeries such as Beaucoup Bakery. Don’t forget to attend the Kits Farmers Market. Don’t forget Thomas Haas Chocolate. Then there’s the very cool Blue Martini Jazz Cafe which has live music. There’s no shortage of coffee shops.

Looking for a place to hang out after work and have a cocktail? Kits has many fine pubs, some with patios. The Billy Bishop on Kits Point has been around forever. Yew and York also have a good selection of eateries, including Starbucks. Grab a coffee and go sit on a bench on Kits Beach.

Then there’s the shopping which includes many fine quality boutique stores such as Gravity Pope and JNBY whose clothes is natural fabric. Looking for funky shoes? Drop by Miss Mooz.  You can buy albums at Zulu which has been part of the Kitsilano neighbourhood since the hippie days. Kids Books on West Broadway is one of the best children’s book stores in Vancouver. Kits has many beautiful flower shops.

Looking to get pampered? Try one of Kits’ many spas. A long time tradition is the annual Honda Celebration of Light which puts on an amazing fireworks display at the end of July. Enjoy movies? Fifth Avenue Cinema now has a bar and features the latest movies. For Shakespeare fans there’s Bard on the Beach under the tent in Vanier Park every summer, featuring wonderful plays.

Another of our favourite activities is to visit all the Kits Parks – Vanier, which is on the waterfront and a lovely walk down Kits Beach to Granville Island. Then there’s Hadden Park, Connaught Park, McBride Park, Almond Park, Tatlow Park on Point Grey Road and Jean Beaty. You’ll see many people flying kites in Vanier Park.

Kits streets are named after trees – cypress, maple, laburnum, walnut, arbutus, yew, balsam. Some street names connect to English history – Trafalgar, Blenheim, Waterloo

Outdoor sports are very popular in Kits – swimming in Kits Pool in the summer, or in the ocean itself and enjoy its many beaches or a walk along the waterfront. The neighbourhood also has many gyms and yoga studios, and a wide variety of sports store equipment and clothing. Don’t forget the good selection of tennis courts of which the most popular is right at Kits Beach. Or you can join Jericho Tennis Club which is situated on the waterfront next to Royal Vancouver Yacht Club – should you wish to have the boating experience. Both clubs are over a century old.

Kits has a great history, dating back to the early 1800s. It was originally settled by the Squamish Nation whose Chief was named Khatsahlano. It was a wild rain forest, which was perfect for a lumber industry.

The oldest building in Vancouver is the Hastings Mill Store at Alma and Point Grey Road. It was opened as a museum in this location in 1931 when it was moved from Gastown and boasts many artifacts from ye olde Vancouver in the 1800s. Are you a museum lover? Visit Vancouver Maritime Musuem, HR MacMillan Space Centre, Vancouver Archives.

If you work Downtown or at UBC, it’s a quick commute.

Regarding your options for real estate, Kits has it all! Houses, townhomes, half duplexes and an assortment of condos of which some were built as far back as the 1970s.

Contact Maggie Chandler and put my hyper-local Kitsilano knowledge to work for you!

 

 

 

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