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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!

 

 

 

by Maggie Chandler Maggie Chandler No Comments

BC Real Estate Prediction for 2017 and 2018

Will the new foreign buyers tax effect Vancouver real estate sales and prices, or will the prices continue to trend upwards? Read the latest opinion from Central 1 Credit Union’s Economist

Here’s another opinion on BC real estate sales and prices from BCREA Chief Economist Cameron Muir

Vancouver, BC – August 25, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 10.4 per cent to a record 113,000 units this year, eclipsing the previous record of 106,310 units in 2005. Housing demand is expected to moderate next year, with home sales declining nearly 8 per cent to 104,400 units. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.

“The introduction of a 15 per cent tax on foreign national home buyers in Metro Vancouver is expected to accelerate a moderating trend in the market that began earlier in the year,” said Cameron Muir, BCREA Chief Economist. “However, other regions of the province are performing above expectations and at the provincial level, largely offsetting Metro Vancouver’s deceleration.”

The average MLS® residential price in the province is forecast to increase 11 per cent to $706,900 this year and a further 5.2 per cent to $743,700 in 2017.

“While the cyclical nature of housing markets can exact a harsh toll on affordability in the short term, there is some relief for beleaguered home buyers on the horizon, added Muir. Housing starts in the province are expected to reach near record levels this year, and the highest amount since 1993. In Metro Vancouver, a record number of homes are now under construction. “A moderation in housing demand combined with a rising number of both new and resale homes on the market is expected to create more balance and less upward pressure on home prices.”

 

by Maggie Chandler Maggie Chandler No Comments

BC Housing Starts Decline in July

Housing starts in BC declined last month . On a year-over-year basis, new home construction was up 14 per cent in July due to a 25 per cent jump in single detached starts and an 11 per cent rise in multiple units. Through the first seven months of the year, BC housing starts are up 37 per cent compared to 2015.

Multiple unit starts dropped 14%. Single-detached starts in the Vancouver CMA were up 15 per cent. In total Greater Vancouver saw a 9% drop overall, due to multiple units.

 

by Maggie Chandler Maggie Chandler No Comments

What’s Special About Vancouver’s Jameson House Condos?

JUST LISTED! 2306-838 W. Hastings in the heart of Vancouver’s Downtown District and only two blocks to Coal Harbour’s waterfront seawall. Enjoy the 97 Walkscore. Close to luxury shopping, restaurants, coffee shops, supermarket, the cruise ship centre, Vancouver’s convention centre and the business district. Live the Vancouver Lifestyle!

This 1750sf spaciously laid out 2 bedroom and den faces north west and has a water, mountain and city view plus a 73sf deck for cocktails!

This luxury Vancouver condo boasts 9ft ceilings, floor to ceiling windows, in floor radian heat, a contemporary kitchen by Dada cucina of Italy, Gaggeneau and Sub-Zero applianes, plus imported Travertine flooring plus many luxury appointments including air condition and remote shades.

Jameson House boasts Canada’s first auto valet service and 2306 comes with two parking stalls and a super helpful concierge service, which is 24/7.

Rentals are permitted in this condo building and one pet per suite.

Sharply priced at $2,188,000 and available for immediate occupancy. This is the perfect investment, home or pied-a-terre.

Call Maggie today for a showing 604-328-0077

 

by Maggie Chandler Maggie Chandler No Comments

Expert Advice for Vancouver’s Real Estate Buyers and Sellers

Expert Advice for Vancouver Real Estate Sellers and Investors

There are two types of Vancouver real estate sellers – those who are investors and those who are owner occupiers. Making the decision about the correct time to sell is much easier for investors, because they are generally doing one side of the transaction. Either they accept the current market conditions – perhaps they are cashing out of the market and retiring – or they wait until it is a sellers market and then list their property. In the meantime their investment is generating income. It is adviseable to sell the property when it is not on a lease but on a month to month rental, because a large portion of the buyers are not investors and wish to move into the suite within 60 days, so you will decrease your market substantially if its leased.  It is a good idea to reduce the rent when the property is listed for sale and ask the tenant to be co-operative with your Realtor’s request for showings and to keep it tidy. Uncooperative tenants and untidy suites will fetch a lower price. Currently Vancouver’s rental vacancy rate is 0%.

Vancouver property sellers are advised to prep your home, tidy, clean, organize closets and cupboards and do minor updates if necessary and  ensure there are no pet odours in the home, so that the home shows its best. In a balanced market make sure the price is right.  Staying on the market too long and having price reductions will not achieve the best price for you. Also, get advice from your experienced Vancouver Realtor when is the best time of the year to list your property.

Expert Advice for Vancouver Real Estate Buyers & Sellers

When  a Vancouver real estate buyer or seller makes the decision to enter the market, albeit to do one or two transactions simultaneously, the conditions will often benefit only the buyer or only the seller.  It is a buyers market if there is more supply of properties than there is demand. It is a sellers market – such as what we are experiencing currently in 2016 in Greater Vancouver  – when there is more demand than there are listings for sale and this results in multiple buyers making offers on the same property, which results in the property selling above the List Price. This is the most stressful market conditions and extremely time consuming for buyers.  If you plan to be in the market for the long term, then hunker down, keep writing offers until you win the competition and become a happy homeowner. Don’t purchase a property just to get into the market because you will not be happy if it doesn’t suit your needs.

Sometimes you are fortunate to enter the real estate market when it is well balanced between buyers and sellers. In this scenario you can shop the market to satisfy yourself that there is a selection of listings which meet your top criteria. Then you market your current home, negotiate with the buyer for a longer closing – say 90 days – then you purchase a property that suits your needs and negotiate a closing date that is one day after the closing date for the property you are selling. This scenario is by far the less stressful for Vancouver home owners.

Secondly, you could sell your current home and move in with family, or rent short term until you find the right property. The downside of this scenario is that in a rising market if it were to take six months to find the property, financially you might be unable to get back into the market.

Thirdly, your other option would be to ask your Bank to give you bridge financing, so first you would find a property that meets your needs and purchase it without a subject to the sale of your current home. Try for as long a close as possible. Should your current property not sell by the Closing Date, your Bank would lend you the funds to buy the next property and you would repay the loan when your current property sells. One risk in this scenario is what if the market were to change and trend downwards after your make your purchase , then the property you are selling would then be worth less. It is important to crunch the numbers for all the different kind of scenarios.

If the market conditions favour buyers you can try to make an offer subject to the sale of your current property. Should the seller accept this condition they would add a shotgun clause that says if the seller gets another offer which has no subject to the sale of a property, then you would be given 48 hours to remove all of your subject to clauses and thereby purchase the property or if you do not remove your subject to clauses your contract collapses and the next buyer wins.

Expert Advice for Vancouver First Time Real Estate Buyers or Investors

This is by far the easiest of Vancouver real estate transactions because you do not have a property to sell, you are solely a buyer. So once you have a written pre-approved mortgage, have selected an experienced Realtor to represent you, then it is merely a matter of finding the right property.

Investors are sometimes lucky and find a property that already has a tenant in place. If this is the case you would want to ensure that the tenant is paying current market rent. If the condo isn’t rented its a good idea for your Property Manager to get access to the condo prior to the beginning of the month, so they can take pictures and upload the property to their website.

For buyers who are renting you will need to have a longer closing so that you can give your landlord the required notice to vacate the premises.

Current Vancouver Real Estate Market Conditions

Currently the sales to active ratio for Vancouver real estate is 51%, having hit a hight of 57% in April and a low of 4% in November 2008. Vancouver property listings are now 2,362, having reached a high of 6,321 in October 2008 and a low of of 1,689 in December 2015. Vancouver real estate sales hit a record in April 2016 at 1,302 and a low in low in January 2009 at 251, June2016  sales were 1,219.

Have a real estate question? Call Maggie 604-328-0077 and put my decades of hyper-local experience to work for you!

 

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Forecast

Since becoming a Realtor in 1981 I have probably seen every possible type of real estate market, ranging from the current very strong seller’s market to the very strong buyer’s market of 2012/ 2013 and the mid to late 1990s, and the worst of all was the dreadful market of the early 1980s when Pierre Trudeau increased interest rates to 20% and many people were faced with the reality of their mortgage term expiring and the huge increase in interest rates resulting in a mortgage payment they could not afford to pay. Also, prices plunged 50% very quickly and their home was worth less than their mortgage, resulting in homeowners declaring bankruptcy and losing their homes.

So what is my Vancouver real estate forecast for the future and what are the reasons behind my forecast?

Vancouver has evolved from a small town in the 1980s, with a local economy based on lumber and mining, to a desirable International city which attracts much offshore investment into all types of real estate. As well, current low interest rates, rising rents and a rental vacancy rate of 0.5% is attracting local investors and parents who are buying a condo for their children who are not yet adults, so renting it out in the short term. Some parents gift their first time buyer kids the downpayment in order to help them get into the housing market. Then there’s inter-provincial migration and offshore migration There are also people who live in the Vancouver suburbs, or outside of the Lower Mainland and buy  a pied-a-terre in order to enjoy city living. The latter tend to buy a studio or small one bedroom, some rent their condo furnished, which has evolved into a desirable and profitable investment. For example, Downtown Vancouver condo studios currently rent furnished for $2,000 a month in the summer and $1,700 a month in the winter.

The City currently has a population of 650,000, which is 25% of the Greater Vancouver’s population. Greater Vancouver has jobs for 1.311.000 people, of which 33% are in the City. So, the City has more jobs than the number of people living in it. This results in many workers having to commute from the suburbs and the need for more public transportation is highly desirable.

Vancouver’s City Hall has carried out major rezoning to many of the City’s neighbourhoods. This has not resonated well with many residents who do not wish to live in a more densified city. In the Downtown core the area is pretty much built out, no lots left for developing, so Mayor Robertson has rezoned the West End which was developed as rental buildings about 60 or 70 years ago and  are ripe for redevelopment. As well, the developers are approaching older strata and co-op buildings, offering them two to three times current market value in order to entice the owners to sell the land. The new zoning permits towers up to 60 storeys. Many of these new hi-rise developments are catering to the rich Mainland China money that has been pouring into the city over the last few years – first was the Shangri-la, soon to open is Trump Tower, under construction is Vancouver House, One Burrard, the Charleston and three new towers in the 1500-1600 block of Alberni Street which are all over 60 storeys high.

Then there’s the Brexit question. Many Canadian economists are predicting that there will be immigration from England to Canada and Vancouver will be the most sought after location, being a waterfront city with a temperate climate, our fabulous outdoors, restaurants, great walkability, geographical beauty and clean air, etc. So just when some people are hoping for a slowdown, it might not occur just yet!

Tom Davidoff, UBC Professor at Economics says that bubbles are hard to predict and some people have been predicting one in Vancouver for years! Houses always lead the price increases in real estate and over the last year Vancouver house prices have increased 22% on the West Side and 28% on the East Side (it used to be the other way around but the affordability factor is one of the reasons more people are moving east). Ten years ago the average price of a West Side house was $1.2M, now it sits at $4M. Ten years ago the average sale price of an East Vancouver house was $540,000 and now it’s $1.680.000. The City has been rezoning areas from single family homes to townhomes and condos, so the supply of houses is decreasing.

On the other hand, the supply of condos is rising as a result of rezoning and increasing the allowable height of a building.  Ten years ago the average sale price of a West Side condo was $447,000 and now it’s $882,000.Ten years ago an East Vancouver condo was only $230,000 and now it’s $525,000. Over the last year West Side prices increased 20% and East Van prices increased 23%. Again the demand on the East Side is now greater than the West Side and the sales to active ratio is 100% on the East Side and 75% on the West Side.

The rise in Vancouver real estate prices are being underpinned by the strong economy – currently the best performing Province in Canada – and job growth and the City’s attractions for Millennials who are the largest demographic in the country and now in their prime home buying years.

Currently there is strong demand driven by the Mainland Chinese who are pouring huge amounts of money into all types of BC real estate. Whether the economy in China is booming or correcting the outflow of money so far has not been effected. It is estimated that by 2020 another US$220B will flow out of China into international real estate and Vancouver is one of their top five cities which include London, New York, Sydney and Auckland.

At some point the prices will level and/or correct because all markets have their ups and downs. It may be triggered by a political initiative  or a world event but Vancouver is now on the international radar as a desirable city to invest in real estate and money is flowing in from many different countries around the world. It’s not just the super rich that wish to live here.

What will Vancouver real estate prices be like in ten years? Very expensive!

 

 

 

by Maggie Chandler Maggie Chandler No Comments

Top Ten Questions Vancouver Real Estate Sellers Should Ask

Top Ten Questions Vancouver Real Estate Sellers Should Ask their Realtor

  1. How long have you been in business and are you a full-time Professional?
  2. Do you specialize in my neighbourhood and for how long?
  3. Do you work with a team and how does that work and who exactly will I be dealing with and are they qualified?
  4. What is your average list to sales price ratio compared to REBGV average
  5. Do you have current testimonials?
  6. Do i buy or sell first and what is that process and pitfalls? Dates? Deposit?
  7. What subjects will be in the contract, how long to satisfy them and what if they don’t get removed?
  8. How do multiple offers work?
  9. How often do  you communicate with me and what information should I expect to receive? What are your days and hours of work?
  10. What documents will I need to sign and can I review them? Do you provide digital signing?

Vancouver Neighbourhood Specialist Maggie Chandler

  • I a full-time Real Estate Advisor who always goes the extra mile for you!  Do you wish to receive excellent service on your time frame, backed by decades of hyper-local knowledge and expertise in Vancouver’s  neighbourhoods?
  • How can you benefit from my knowledge of Vancouver penthouses, waterfront condos, townhomes, heritage condos, lofts, investment properties  and luxury real estate ?  I have marketed and sold over 1,000 properties
  • How can I help you find the right home or investment property?
  • Author Maggie Chandler 1648 W. 6th Ave., Vancouver, BC V6J 1R3

You Deserve to Know It All!

  • Second Home Real Estate Specialist (SHRES)
  • Seniors Real Estate Specialist SRES®
  • Buying or Selling Tenant Occupied Properties (STOP)
  • Sellers Downsizing and Trading Up
  • New Home Buyers
  • First Time buyers
  • Visit my website for more info on Vancouver’s waterfront condo neighbourhoods

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by Maggie Chandler Maggie Chandler 1 Comment

Why is Vancouver a Good Real Estate Investment?

Why is Vancouver a Good Real Estate Investment?

The city’s population is steadily growing. In 2010 there were 600,000 in the city and 2.4M in Greater Vancouver and 4.6M in all of BC. The density factor is about 5,249 pr sq kilometer and is on Pacific Standard Time, so is the closest geographical Province to Asia.

Vancouver has a shortage of land It is hemmed in by the mountains on the north, the ocean on the west and only 25 miles to the US border on the south. The city can only grow east into the Fraser Valley or into the sky! It is growing into a desirable international city, particularly with Asians, many of whom use it as a bedroom community. In 2014 Vancouver was voted the most liveable city in North America.

Greater Vancouver has an annual net migration of about 40,000-60,000. As the city continues to grow there will always be a certain number of people who are urban livers and wish to live in the Downtown peninsula (Downtown, Coal Harbour, Yaletown and the West End) or in a neighourhood that is close by (Kitsilano, False Creek or Mount Pleasant). The availabilty of development lots is diminishing , so the only option is for the City of Vancouver to rezone current lots and permit increased density. This option is not popular with many local residents.

Real Estate prices have become unhinged from local incomes due to international investment. European money is now flowing into the city. In addition , first time buyers are receiving help from the Bank of Mum and local investors are moving their money into real estate because the vacancy rate is below 1% and rents are on the rise. Parents who live in the suburbs and plan to send their kids to UBC are buying a condo with an eye to the future. Baby Boomers who live in the suburbs are buying a condo pied-a-terre which they rent furnished and use it themselves when they visit the city to enjoy what it offers. Some Baby Boomers are selling their house in the suburbs and relocating to a condo in Vancouver.

Vancouver checks off all the boxes that give a city long term resiliency when considering real estate investments – environmental sustainability, economic prosperity and community liveability. The aforementioned includes social and environmental vulnerability and adaptive capacity, as stated by Urban Land Institute’s Patrick Phillips.

Buyers who are real estate investors, usually purchase condos and rent them out furnished or unfurnished. The rental vacancy rate in Vancouver is currently below 1% and there are many applicants competing for available suites. Since the 1990s real estate developers have been tearing down old rental buildings and constructing condo buildings, so the rental stock has been shortened and there are very few buildings being built for rentals. Rising real estate prices have resulted in rising rents, which is attractive to investors. As real estate prices escalate, more young people will have no option but to rent if they wish the urban lifestyle.

In addition, UBC has become a big income generator for the City of Vancouver, attracting foreign students to the University, as well as all the other businesses operating at UBC – MRI research, the hospital.

Laurence D. Fink, Head of the world’s biggest asset manager says “purchasing gold has lost its lustre, there are now better mechanisms. The two greatest stores of wealth internationally today is contemporary art….. and I don’t mean that as a joke, I mean that as a serious asset class,” said Fink. “And two, the other store of wealth today is apartments in Manhattan, apartments in Vancouver, in London.” The UK’s Kinght Frank ranked Vancouver #1 for luxury real estate on the Prime International Investment Index.

Although there has been a lot of buzz in the media about Mainland Chinese buying up Vancouver real estate – houses, condos and commercial – and many economists have proposed a tax for those buyers who do not occupy the property, resulting in many dark towers, the BC Government has decided not to wade into this discussion, primarily because they like the taxes generated from offshore investors. The low Canadian Dollar is now also attracting investors from Europe and the USA.

The world’s population will continue to grow as we move forward and people in large cities will seek refuge in smaller cities with cleaner air, less population and a better quality of life – our waterfront city meets all these criteria. In addition, Vancouver was just voted #5 for the best qualify of life and English Bay is ranked in the top 50 beaches in the world. Stanley Park was rated the top park in the entire world in 2015.

The future price of Vancouver condominiums can be expected to increase because of escalating prices being paid for land, according to a LandShare survey compiled by Colliers International in Vancouver. The study found that land values have driven up the price-per-buildable square foot of new condo projects.

Vancouver property listings are at a ten year low, having peaked after 2010 Olympics and the population is considerably higher population than ten years ago. There are five to twelve offers on most properties. Buyers feel that if they don’t get into the market now they will be forever priced out of it.

The Vancouver real estate forecast is that we will be talking about high house prices this year, next year and the one after that. I look at the city as evolving into a mini-London, a safe haven for international money to invest in our land bank.  Vancouver has always been a desirable place to live and it will continue to be, albeit more expensive.

Vancouver Neighbourhood Specialist Maggie Chandler

  • I a full-time Real Estate Advisor who always goes the extra mile for you!  Do you wish to receive excellent service on your time frame, backed by decades of hyper-local knowledge and expertise in Vancouver’s  neighbourhoods?
  • How can you benefit from my knowledge of Vancouver penthouses, waterfront condos, townhomes, heritage condos, lofts, investment properties  and luxury real estate ?  I have marketed and sold over 1,000 properties
  • How can I help you find the right home or investment property?
  • Author Maggie Chandler 1648 W. 6th Ave., Vancouver, BC V6J 1R3

You Deserve to Know It All!

  • Second Home Real Estate Specialist (SHRES)
  • Seniors Real Estate Specialist SRES®
  • Buying or Selling Tenant Occupied Properties (STOP)
  • Sellers Downsizing and Trading Up
  • New Home Buyers
  • First Time buyers
  • Visit my website for more info on Vancouver’s waterfront condo neighbourhoods

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by Maggie Chandler Maggie Chandler No Comments

What Makes Vancouver Special?

bayshore1650What Makes Vancouver Special?

Vancouver is a waterfront city with the Coastal Mountain Range as a backdrop – geographically beautiful with a mild climate and it is a cosmopolitan city. The  most spoken languages being English and Chinese.

The first Europeans to discover the city were the Spanish in 1791 (a number of streets named after them – Cordova, Cardero, Valdez and Narvaez) and British Captain George Vancouver in 1792 but it took another 100 years for it to be settled, after the completion of Canada Pacific Railway which brought in Chinese to work on the railway. Simon Fraser University was named after an explorer and fur trader.Which cultures apart from the British helped shape Vancouver?  Japan, India, China and Italy Read more

by Maggie Chandler Maggie Chandler No Comments

What Are the Ten Most Asked Questions by Vancouver Property Sellers ?

Over the last year I started making notes of all the questions Vancouver property sellers ask me and then I organized them into the into the ten most popular ones. Here they are!

  1.  What will my home sell for?
  2. What price should I list it at?
  3. How long will it take to sell?
  4. When is the right time to market it?
  5. What upgrades should I do?
  6. Do I need to stage it?
  7. Should I terminate the tenant?
  8. How long will it take to close?
  9. What is your fee and what other costs will I incur?
  10. What are your showing times and how much notice will i get?

Do you have a question you’d add to the list?

Vancouver Neighbourhood Specialist Maggie Chandler

  • I a full-time Real Estate Advisor who always goes the extra mile for you!  Do you wish to receive excellent service on your time frame, backed by decades of hyper-local knowledge and expertise in Vancouver’s  neighbourhoods?
  • How can you benefit from my knowledge of Vancouver penthouses, waterfront condos, townhomes, heritage condos, lofts, investment properties  and luxury real estate ?  I have marketed and sold over 1,000 properties
  • How can I help you find the right home or investment property?
  • Author Maggie Chandler 1648 W. 6th Ave., Vancouver, BC V6J 1R3

You Deserve to Know It All!

  • Second Home Real Estate Specialist (SHRES)
  • Seniors Real Estate Specialist SRES®
  • Buying or Selling Tenant Occupied Properties (STOP)
  • Sellers Downsizing and Trading Up
  • New Home Buyers
  • First Time buyers
  • Visit my website for more info on Vancouver’s waterfront condo neighbourhoods

[gravityform id=1 name=ContactUs]

 

 

 

 

by Maggie Chandler Maggie Chandler No Comments

How has Vancouver Real Estate Changed Since 1981?

V896116_101_73HOW HAS VANCOUVER REAL ESTATE CHANGED SINCE 1981?

An offshore investor client recently asked me how long have I been a Realtor and how has Vancouver  real estate change during that time. I replied that I have been a full-time professional since 1981 and the Vancouver that I remember back then is so totally different from the Vancouver we now know. Both the city and the real estate market has undergone a huge change. So what does that mean? Read more

by Maggie Chandler Maggie Chandler No Comments

Are East Van’s Real Estate Sales Curtailed by Low Inventory?

Are East Van’s Real Estate Sales Curtailed by Low Inventory?

When I check the East Vancouver real estate graphs back in 2005 i noticed the difference in the listings to sales ratio compared to what it currently is. Back in 2005 the total listings were 1,250 compared to 653 today. Sales at the beginning of 2005 totalled 227 vs 314 today, resulting in a sales/active ratio of 48% today, compared to 19% in 2005.Today’s population is greater and I think sales would be higher if there were more listings.

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