Vancouver Reflections - Shining the Light on Vancouver Real Estate - by Maggie Chandler

Vancouver Real Estate Graphs

Maggie — Sun, 08 Nov 2009 19:19:37 +0000

The October graphs for Greater Vancouver real estate show the average price of Greater Vancouver homes, townhomes and condos are nearly back to the top, having regained what they lost last year. Prices have been rising since March. The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present. The Vancouver market peaked in 1981, 1989,1993 and 2008. Vancouver real estate didn’t appreciate much between 1994 and 2002 but they did between 2002 and 2008 and are now testing the highs of 2008.

Following are the stats for Vancouver West Side (more…)

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Vancouver Real Estate Analysis for Kitsilano

Maggie — Fri, 06 Nov 2009 23:21:37 +0000

Listings at a record low for the year and sales at a record high. Kits condo supply dropped from 2 months in Sept to 1.6 months in October.  Vancouver real estate market analysis for Kitsilano condos saw October listings flat at 80. Sales increased 25% to 50, the highest for the last 22 months, tied with July which is the highest for the year, and three times as many as October’08. The average sale price dipped to $474,000 but is higher than a year ago. Average $psf for solds $584.  Average Days on the market for sold condos up slightly to 18. The last quarter have had the lowest DOM for the year.  List price to sale price ratio back to 100%.  A whopping 75% sold at or above list price, indicating many buyers still looking to buy.   October saw 65% of the sales under $500,000.  Only 5 listings didn’t sell or were cancelled, up from 2 in Sept and 6 in August. Only one of the expireds was relisted. Market needs some more listings.

Listings- 80 . 3 listed under $300,000.  27 listed between $300,000 and $400,000,  21 listings between $400,000 and $500,000. 13 listings between $500,000 and $600,000 and 15 listed between $600,000 & $1M and 1 listed over $1M. Currently there are 2 studios listed, 38 are one bedrooms and 40 are 2 bedrooms. (more…)

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Vancouver Shangri-la Condo Prices Rising

Maggie — Thu, 01 Jan 1970 06:59:59 +0000

Now that the investors have flipped their Vancouver Shangri-la condos, the prices are rising.

The building just achieved a sale price of over $1500psf. The same suite sold, eight floors higher, in June at $1235 psf. Currently there are only three suites for sale in the Estates at Shangri-la, including my lisitng on 53rd floor, which is a unique (one of only 3) double height 3 bedroom 4500 sqft

At the beginning of the year, the Estates at Shangri-la were selling as low as $900 psf. The developer sold them in 2004/05 as low at $750psf. plus taxes.

View my other posts on Shangri-la

When you’re ready to buy or sell a shangri-la condo, contact Maggie

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Vancouver Luxury Condo Sales Remain Steady

Maggie — Thu, 05 Nov 2009 19:58:14 +0000

Vancouver luxury condo sales remained steady in October, with a total of 9 sales over $2 million.

The average days on the market was 122 (up from 97 in Q3). List price to sales price ratio was 92% (up from 91% in Q3) and the average sold price was $1286 psf (up from $1250psf in Q3). The least expensive sold for $1026psf and the most expensive sold for $1623psf.

There were 5 sales between $2 and $3M. 3 sales between $3 and $4M and one sale over $4M. The most expensive was $4.3M which was on Coal Harbour’s waterfront Two Harbour Green, which had 2 sales on the n.w. corner, 5 floors apart and an additional $81,000 pr floor. The condo which sold for $4.3M broke a new price for the waterfront ($1612psf). (more…)

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Wordless Wednesdays

Maggie — Wed, 04 Nov 2009 16:30:45 +0000

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Greater Vancouver Real Estate Sales in October Rise but Listings Drop

Maggie — Tue, 03 Nov 2009 21:53:05 +0000

REBGV reports that “Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year.” Sales in October increased 4% from September and new listings decreased 13.4%.Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008. “While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “We’re coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year,”

The REBGV reports that residential property sales in Greater Vancouver totalled 3,704 in October 2009, an increase of 4.1 per cent from the 3,559 sales recorded in September 2009, and an increase of 171.6 per cent compared to October 2008 when 1,364 sales were recorded. Looking back two years, last month’s sales increased 22.3 per cent compared to October 2007 when 3,028 sales were recorded. (more…)

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CMHC Predict a Rise in Sales and Prices for Vancouver Real Estate in 2010

Maggie — Tue, 03 Nov 2009 19:42:03 +0000

CMHC’s latest report Vancouver homes sales to “continue at a brisk pace through the remainder of this year and into 2010. More sales combined with fewer active listings will push the prices higher.”

“Home starts will also increase in 2010 but remain below levels recorded in recent years. Steady population growth through migration, low interest rates, an improved job market will provide growth for housing demand, increasing prices 2-4%, listings by 3.6% and sales by 6%. Their leading indicator has bounced into Sellers territory. As prices continue to rise, more sellers will enter the market in the last half of 2010 which will bring balance to the market.

Read the report

CMHC’s BC Regional Highlights and Forecast for 2010

keep up to date with Vancouver’s changing market, subscribe via RSS or email

when you’re ready to buy or sell Vancouver real estate, contact Maggie, an experienced realtor marketing Vancouver homes since 1981

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Vancouver Real Estate Market Keeping me Busy

Maggie — Tue, 03 Nov 2009 03:40:52 +0000

October was a busy month in Vancouver Real Estate and I’ve been working seven days a week and too busy to blog!

Three of my listings sold and I had one transaction as a buyer agent. In addition I received four other offers. One was accepted but the buyer changed their mind, the second one just got accepted and the other two are still under negotiation. I’ve observed an increase in verbal offers - a method of negotiating i dont partake in. On average it takes about 30 showings to sell a million dollar property. (more…)

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Changes Coming to Vancouver’s Stratas

Maggie — Tue, 03 Nov 2009 03:18:18 +0000

The B.C. Government is moving ahead with changes to the Strata Title Act, which governs codominiums, despite an election promise to seek public input. The Condominium Homehowners Association (CHOA) is calling on the government for public input.

There are nearly half a million stratas in British Columbia. The full text of the Bill can be viewed. The items up for change include the strata owner’s ability to rent, strata governance, strata management licencees, disclosure, property taxation, strata fee equity, strata development approvals, depreciation reports and accountability. Beststratachanges.ca also have useful information.

keep up to date with vancouver’s changing market, subscribe via RSS or email

when you’re ready to buy or sell, contact maggie, an experienced realtor since 1981

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Canada Real Estate Roundup

Maggie — Thu, 29 Oct 2009 20:55:13 +0000

Slowly all of the major Canadian cities are showing real estate prices are higher than a year ago.

The average Canadian real estate price in September saw the Western cities of Vancouver, Victoria, Calgary, Regina and Winnipeg higher than a year ago. So were Toronto, Ottawa, Montreal, Newfoundland and PEI. But prices were lower in Edmonton, Saskatoon and Halifax. The following is a release by CREA, You can hold your mouse over a specific city or province and view the current average price and the average price one year ago.  View the September summary.

View interest rate trends. View consumer confidence trends and employment trends.

View my Canadian real estate blogs

(more…)

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