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Royal LePage’s just released House Price Survey is predicting average Canadian home prices will be up 3.5% in 2008, including the Vancouver market.

In Vancouver, a spike in inventory during the second quarter simmered the heat in the long-standing hot market, resulting in single-digit average house prices increases for most areas examined, when compared to this time past year. Despite the increase in listing volumes, buyer’s interest remained strong and it is anticipated that much of the inventory will be absorbed over the next few quarters, leading to low single digit price appreciations through to the year’s end.

Canada’s real estate market is poised to maintain the momentum gained from a solid second quarter through to the end of 2008, with Regina set to experience the greatest rise in house prices.  While home prices are expected to appreciate in all but two major markets during the year, activity levels across the country are expected to decline from 2007’s record-setting pace, as pent-up demand is satisfied and some buyers retreat to the sidelines in the face of increasing economic uncertainty, according to a House Price Survey and Market Survey Forecast report released today by Royal LePage Real Estate Services.  (more…)

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You don’t need to be all that old to remember when the Marine Building and Hotel Vancouver nominated the Vancouver city skyline.

Now you need sharp eyes to find them as they’re buried behnd the sea of hirise towers that have gone up in the Vancouver Downtown core The largest and tallest of them all is nearing completion. Ledcor Construction managers will oversee the completion touches on the Shangri-la Vancouver this October

Between Alberni and West Georgia Street, in the heart of Downtown Vancouver, the Shangri-la has redefined the city’s look. At 61 storeys it is the tallest structure in Vancouver , with the first 15 floors as the hotel and the remainder luxury condos. (more…)

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Vancouver’s Downtown market in June saw an increase in sales and listings compared to May. The days on market was the same and so was the average price. 75% of the sales were under $500,000.

Listings - 740 (vs 669 in May). 430 listed under $500,000. 264 listed between $500,000 and $1 million.  40 listed between $1 and $2 million. 6 listed over $2 million.

There is a 5 1/2 month supply under $500,000, a one year supply between $500,000 and $1 million and a two year supply over $1 million.

2008 Listings Jan 420 , Feb 457  ,Mar 529 , Apr 630, May 669 , June 740

Sales - 102 (vs 86 in May). 77 sold under $500,000 and 23 sold between $500,000 and $1 million. One sold between $1 and $3 million and one sold over $3 million. There were 38 list price reductions and one increase. (more…)

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Prior to the hot sellers market in Vancouver, that started to gain momentum in 2002 (B.C. had a positive change of Government in 2001, which brought big investment money back to the Province, after the left wing government that rules the Province in the ’90s brought in policies that scared that big investment money away), when I did a market evaluation for a seller, I would always include the “expired listings” because that was evidence of properties that were priced above the current market which did not sell. In a hot seller’s market, we establish the value of a property based on comparable sales in the last 2-4 weeks.  Expired listings in a seller’s market just don’t relate to current market conditions.

Now I’m starting the track the “expired listings” again and here’s what I’ve found for the Vancouver condo neighbourhoods that I track. (more…)

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Vancouver’s West End neighbourhood saw a drop in listings and sales in June compared to May but the days on the market increased. The average $ pr sq ft increased. The average price was down slightly. Market levelling?

Listings -235 (241 in May) 76 had price reductions and one had a price increase.

138 West End condos are listed under $500,000. 65 listed between $500,000 and $1 million. 24 listed between $1 and 2 million. 7 listed between $2 and $5 million and 1 listed over $5 million.

The least expensive is $155,000 for a studio in a 99 year leasehold building at 1100 Harwood - rentable.  The least expensive 2 bedroom is a co-op at 1972 Robson for $389,000.

2008 Listings - Jan  168, Feb 172 ,  Apr 232 , May  241  , June 235 (more…)

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