If home prices in Vancouver are leaving you a little out of reach of your real estate dream and you are finding similar scenarios in Langley and Abbotsford, I would like to offer up Promontory Heights as an alternative and one home in particular. Situated high up the hill is a 4 bedroom charmer that just may be the answer to what you have you have been looking for. I’m going to give you a list of some of its attributes and you can judge for yourself whether this might be something to pursue:
1) Great location
2) Solid Construction
3) Open Floor Plan
4) Fully Finished Basement
5) 3 Bedrooms Upstairs
6) Close to Schools
7) Fenced Back Yard Perfectly Sized – almost 2300 square feet
9) Affordable – $379,000.
10) Just Over an Hour Away from Vancouver
WEST VANCOUVER
In West Vancouver there are currently 20 active one-bedroom properties for sale, ranging in price from $259,000. to $750,000., with the average asking price being $415,915. There have been 17 sales since August of this year, with the average selling price being $422,435. and the average cost per square foot being $551. The least expensive sale price so far this year was for $219,000. in October and the most expensive was for $747,500. in October as well. With 20 properties currently for sale and an average of 3.4 homes selling per month through October, there is currently a 6 month supply of homes.
AMBLESIDE
In Ambleside there are currently 6 active one-bedroom properties for sale, ranging in price from $298,000. to $439,500., with the average asking price being $362,133. There have been 8 sales since August of this year, with the average selling price being $336,737. and the average cost per square foot being $448. The least expensive sale price so far this year was for $220,000. in October and the most expensive was for $615,000. in March. With 6 properties currently for sale and an average of 1.7 homes selling per month through October, there is currently a 3 & 1/2 month supply of homes.
DUNDARAVE
In Dundarave there are currently 9 active one-bedroom properties for sale, ranging in price from $259,000. to $750,000., with the average asking price being $444,833. There have been 6 sales since August of this year, with the average selling price being $590,333. and the average cost per square foot being $730. The least expensive sale price so far this year was for $380,000. in February and the most expensive was for $747,500. in October. With 9 properties currently for sale and an average of 1 home selling every month through October, there is currently a 9 month supply of homes.
The BC Government has announced that it will exclude new homes costing up to $525,000 from its proposed 12 per cent Harmonized Sales Tax (HST) scheduled to take effect July 1, 2010. The government has also increased the rebate of the provincial portion of the HST paid on a new home to a maximum of $26,250. This represents a 30 per cent increase over the original government proposed home price threshold of $400,000 and maximum rebate of $20,000.
This is good news for the Real Estate Board and proof that its lobbying efforts produce results. In October, 2009, the Board asked the government to raise the threshold for the HST on new homes as well as the new housing rebate. Clearly the government listened to the Board and the real estate sector. “We heard the concerns from consumers and industry about how the HST might affect home buyers, and this increase will move the threshold to above the average new home price in the province,” said the Hon. Colin Hansen, Minister of Finance.
A similar rebate will also support the construction or substantial renovation of affordable rental housing. The government has released its proposed Residential Housing New Housing Rebates and Transitional Rules for British Columbia HST, which provides details on new housing rebates including transitional rules for real property. This includes:
Transitional rules: the HST would not apply to sales of new homes where ownership or possession is transferred before July 1, 2010;
Grandparenting: sales of new homes under written agreements of purchase and sale including presales entered into on or before midnight November 18, 2009, would generally not be subject to the provincial portion of the HST, even if both ownership and possession are transferred on or after July 1, 2010. Any home sold on or after November 19, 2009 is subject to HST transitional rules.
Vancouver, BC – November 17, 2009. The British Columbia Real Estate Association (BCREA)
reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 115 per
cent to 8,624 units in October compared to the same month last year. Last month posted the highest
number of MLS® residential sales for the month of October since 2003, when 8,682 units changed hands. The average MLS® residential sales price in the province climbed 17 per cent to $493,328 from $420,259 in October 2008.
There are currently 401 detached properties for sale in West Vancouver, ranging in price from $669,000. to $30,000,000., with the average asking price coming in at $2,544m423. There have been 222 sales since August, with the average selling price being $1,770,570. The lowest sale price achieved so far this year was for $550,000. in March. The highest sale price achieved so far this year was for $10,650,000. in October. With 401 homes currently for sale and 73 sales in October, there is a 5 & 1/2 month supply right now.
There are currently 44 detached properties for sale in Ambleside, ranging in price from $789,126. to $3,895,000., with the average asking price coming in at $1,579,701. There have been 40 sales since August, with the average selling price being $1,492,058. The lowest sale price achieved so far this year was for $765,000. in March. The highest sale price achieved so far this year was for $3,950,000. in July. With 44 homes currently for sale and 13 sales in October, there is a 3 & 1/2 month supply of homes right now.
There are currently 17 detached properties for sale in Dundarave, ranging in price from $1,088,000. to $10,800,000., with the average asking price coming in at $1,875,933. There have been 23 sales since August, with the average selling price being $1,918,961. The lowest sale price achieved so far this year was for $850,000. in March. The highest sale price achieved so far this year was for $10,650,000. in October. With 17 homes currently for sale and 10 sales in October, there is a 1 & 1/2 month supply of homes.
I visited the Woodward’s building recently. Rather than having the top of the building enjoyed by only a few, they made it available to all residents. Located on the 42nd floor, Club W boasts incredible rooftop amenities, including an outdoor hot tub, a full service kitchen with deck seating, an indoor lounge, a gym with a rock climbing wall and a breathtaking view.
There are many parallels between real estate and relationships. One of them that comes to mind is the whole area of difficult conversations. I have difficult conversations all the time, both in the relationship sphere as well as the real estate sphere. For instance, in real estate, I might have to say to a client just before I am about to hand her the keys to her new home, “Do you remember how we wrote into the contract that the seller would have the place professionally cleaned before the time of completion? Well, as it turns out, his idea of clean is different than that of yours and the rest of society.
In the relationship sphere, a difficult conversation might go something like this:
“Hi, my name is Mike Giesbrecht.
Yes.
Would you like to go out to dinner sometime?
No.
Would you like to take some time to consider your response before answering so quickly?
No
Is there anything I can say or do that would move you along the continuum from no to yes?
Ah, no.
You hesitated.
I thought I was going to sneeze.
So, no is your final answer?
Yes. No. I mean whatever the answer is that says I don’t want to go out with you, that’s the answer.”
North Vancouver
In North Vancouver there are currently 168 active two-bedroom properties for sale, ranging in price from $279,000. to $1,650,000., with the average asking price being $551,330. There have been 102 sales since August of this year, with the average selling price being $443,749. and the average cost per square foot being $456. The least expensive sale price so far this year was for $170,000. in January and the most expensive was for $1,465,000. in July. With 168 properties currently for sale and 53 sales in October, there is a 3 month supply of homes*.
Lower Lonsdale
In Lower Lonsdale there are currently 39 active two-bedroom properties for sale, ranging in price from $279,000. to $1,149,000., with the average asking price being $546,344. There have been 49 sales since August of this year, with the average selling price being $477,910. and the average cost per square foot being $496. The least expensive sale price so far this year was for $198,000. in May and the most expensive was for $1,465,000. in July. With 39 properties currently for sale and 20 sales in October, there is a 2 month supply of homes.
The Pier
In The Pier there are currently 5 active two-bedroom properties for sale, ranging in price from $599,900. to $899,000., with the average asking price being $698,960. There have been 9 sales since August of this year, with the average selling price being $608,544. and the average cost per square foot being $592. The least expensive sale price so far this year was for $470,000. in May and the most expensive was for $820,000. in April. With 5 properties currently for sale and 3 sales in October, there is a 1 & 1/2 month supply of homes.
*Absorption Rate: A supply of under 3 months represents a “Seller’s Market.” A supply of over 6 months represents a “Buyer’s Market.”
VANCOUVER, B.C. – February 3, 2009 – The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008.
New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008.
Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009.
“Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said.
“Today’s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,” Watt said.
Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008.
Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008.
Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008.
There are a lot of negative messages out there with regard to Vancouver’s real estate market, but there are some positives as well. One of those is that for people that are looking to upgrade, now is a good time to do that. Let’s say that awhile back your current home was worth $1,000,000. and the one you were looking to purchase was $1,500,000. That’s a difference of $500,000. Now let’s say for the sake of argument that the market has gone down by 10%. Your home is now worth less but so is the one you are wanting to purchase. Yours sells for $900,000. and you buy the other one for $1,350,000. You have now paid $50,000. less for the difference than you would have when the market was up.
I was previewing homes this morning in West Vancouver, ranging in price from the low 300’s to over $4,000,000.I was taken aback by one particular condo I saw.I could tell it was a really nice home but it had way too much stuff in it.By now everyone must know that we are in a Buyer’s Market.There is lots of inventory out there and while correct pricing is the most important ingredient in getting your home sold, presentation should not be overlooked either.You may not want to spend thousands of dollars to get your home looking its best but there are some very simple things you can do to get your home to shine.Remember, LESS IS MORE!If you have too much furniture for the space, remove some of it.Are your shelves and closets overflowing with stuff?De-clutter.There are lots of other things you can do that will cost you little to nothing.If you would like to talk about these or have other questions about real estate, please email me at mike@mikegiesbrecht.com
We are getting a lot of numbers thrown at us these days with regard to the real estate market. The market is down overall but that doesn’t mean it is down everywhere. I have a client looking for a 1-bedroom condo in Kits. Overall, 1-bedroom condos on the West Side are selling for virtually the same price they sold for last year at this time. In Kitsilano they are actually selling for a little more and in Fairview they are selling for about 10% less. I’m not going to say that 1-bedroom condos and ones in Kits in particular, will not eventually be caught up in the downward wave but I will say that it is important to drill down a little deeper when researching the particular area in which you want to live. Be aware of the averages but don’t overlook the specifics.
Is it the right time to buy real estate right now? Yes. Is it the wrong time? Yes. How about selling? Right time? Yes. Wrong time? Yes. It really depends on you and your particular situation. For example, if you are looking to upgrade right now then take advantage of the current market conditions. The gap between what you have and what you want is considerably less then it was 6 months ago. Strike while the iron is hot. However, let’s say you are looking to downsize. It could be both the wrong time and the right time. The argument for “wrong” would be that the money you are putting in the bank after the two transactions is less than it would be in a rising market. Maybe you want to wait. The argument for the “right” would be that while you may not be putting quite as much money in the bank, that would be offset by the benefits you would derive from turn-key living. Lock the door of your new condo and travel worry-free. Everything depends on you personally, on your situation. I would love to discuss your situation with you. Contact me anytime.
On November the 4th America voted for change. On November the 8th I would like to give you the opportunity to vote for change. Vote for 201-2271 Bellevue Avenue. Change your address, change your life!
This is the common thinking amongst media types. The more sensational or gory or negative an event is, the more likely it is to find its way to the front page of the paper. The media seems to have a propensity to put a negative spin on things. I guess this is what sells. Even in sports this rings true. Let’s say the Canucks are on a 4-game winning streak and they have won each game by 1-0 scores. A good headline would be: Canucks Winning Streak at 4 and Climbing. But I think we would be more likely to see: Canucks Unable to Score More Than 1 Goal in Last 4 Games. It’s all about perspective. With regard to the current real estate market, we are being bombarded by negative stories. Now I’m not going to say that everything is pie in the sky and that everyone should be making moves in the market, but there are undeniably opportunities out there. For the last few years people have been complaining about affordability. Prices are now moving towards being more affordable. Is that not good news? Multiple offers have all but disappeared from the current market and buyers have the time to do their due diligence and more importantly they are not being forced to pay above-market value for their homes. Good news? I would say so. There are many more good news scenarios that I would be happy to talk about. Call or email me anytime and we can have a talk.
So the talk of the day is the opposition parties in Canada forming a coalition to topple the Conservative government. Canadians voted in the Conservative government and now the parties that did not get voted in are organizing a coup, without input from voting Canadians. This is democracy? Thankfully in real estate when you vote a realtor in to market your home, the other companies can’t band together and take over your listing. When you vote for Mike Giesbrecht of Prudential Sussex Realty to market your home you can rest assured that representatives from Remax, Royal LePage and MacDonald can not form an unholy alliance and and hijack the listing of your home. Thankfully democracy is still alive and well in the real estate community. Your vote still counts.
The key to an easy move is careful planning. There are many action items that need to be taken prior to the move all the way up to the actual day the first box is loaded on the moving truck. Take time to write down and organize the decisions and activities that will need to be accomplished prior to the move such as securing a mover and changing your address. Ideally, you should try to break up the tasks over a two-month period. By doing so, you will not overload your schedule, plus it can save you time and money. To get you started, consider using the checklist below as a guide.
Eight Weeks Prior
Get estimates from at least three professional movers. If you are going to do it yourself, get estimates on rental trucks.
Decide which furniture and household goods you’ll be taking, which needs to be disposed and which needs to be replaced.
If you will be moving to a new city, contact the Chamber of Commerce of that town for a new residence packet. Your sales professional may also have information.
Six Weeks Prior
Inventory your possessions besides furniture – kitchenware, decorative items, electronics, apparel and so on.
Complete a change of address form with the post office. This can be easily done online at https://ssl.postescanada-canadapost.ca/smartmoves/coa/default-e.aspx Make sure you notify organizations, credit cards companies, and publications to which you subscribe of your new address too.
Obtain copies of all medical, dental, legal, accounting and veterinarian records.
If children are changing schools, arrange for transfer of educational records.
Itemize moving-related costs with the mover including packing, loading, special charges and insurance.
Four Weeks Prior
Make arrangements for packing your belongings. If you will be using professionals, schedule with the company for packing to take place a day or two before the move. If you will handle packing on your own, purchase adequate boxes, packing materials and tape.
Arrange for short-term or long-term storage if needed.
Make travel arrangements for pets including necessary medical records, immunizations, medication and so on.
Three Weeks Prior
Begin packing items you won’t need immediately or that will go into storage.
Contact utilities on both ends of the move to order termination or turn-on for occupancy date.
Confirm travel arrangements for family and pets.
Two Weeks Prior
Terminate newspaper and other delivery services.
If necessary, arrange and confirm new bank accounts and local services in your new neighbourhood.
One Week Prior
Gather important papers, records, and valuables for protected shipment to new home or safe deposit box.
Obtain any prescription medications needed for the next few weeks.
Day Before or Actual Moving Day
Defrost refrigerator/freezer and give away all perishable food.
Keep a box marked “Last Box Packed/First Box Unpacked” for tools, flashlights, first aid kit and so on. On moving day, this should be the last box placed on the truck.
Pack items to carry with you such as valuables, financial records, personal papers and so on.
Give the movers a telephone number and address to reach you.
To be sure, a detailed action plan can get your move well down the road before you ever depart to your new destination.
Vancouver, BC – January 12, 2009. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined
31 per cent to $31.3 billion in 2008, compared to 2007. Residential unit sales declined 33 per cent to 68,923 units last year, the lowest level since 2000, when 54,179 transactions were recorded. The average MLS® residential price in 2008 was $454,599, up 3.5 per cent from 2007.
“The housing market came in like a lion and went out like a lamb in 2008,” said Cameron Muir, BCREA Chief Economist. “Home prices reached a record high in March, but edged lower during the balance of the year.” The average residential sales price hit $483,291 in March and ended the year at $429,210, an 11 per cent decline in nine months.
“The global financial crisis, a sharp correction in the equity markets and a recessionary environment in Canada has wreaked havoc on consumer confidence,” added Muir. “While it’s difficult to predict when consumer confidence will strengthen, home affordability is quietly improving as lower prices and mortgage interest rates increase the buying power of BC households.”
December MLS® residential sales dollar volume in the province declined 52 per cent to $1.05 billion, compared to December 2007. Provincial MLS® sales were down 49 per cent to 2,456 units, while the average residential price declined 6 per cent to $429,210 over the same period.
This video today is for those of you that have decided to take advantage of current market conditions and either buy into the market or make a move within it. It is for those of you that like low interest rates, who embrace lower prices, who appreciate that there is a decent amount of inventory right now and who are comfortable making offers without having to compete with someone else. There are a lot of areas you could choose to live in and one I would like to offer up for your consideration is Lower Lonsdale. If you’re looking for a downtown lifestyle but don’t want to live in downtown Vancouver, Lower Lonsdale is just across the harbour. If you like to ski and snowboard, you’re probably 45 minutes closer to the 3 local mountains because there are no bridges to cross. If you like to park your car and walk everywhere, restaurants, shops and other businesses are just steps away. Within Lower Lonsdale I would like to draw your attention to The Pier, developed by Pinnacle. In particular, Suite 2205-188 E Esplanade is a northwest corner home with views to the south, west and north from the main living area and one balcony and from the second balcony you can see east toward the Second Narrows Bridge. Brand new, ready to move into sub-penthouse living.
So all that to say that if you are looking for value, views, location, outdoor space and quality construction, I have a home that I would love to show you.
Vancouver, BC – February 3, 2009. The British Columbia Real Estate Association (BCREA) is pleased with the BC Government’s recent announcement to license home inspectors, effective March 31, 2009.
“As a REALTOR®, I know it’s important for my clients to have the best property information possible,” said BCREA President Scott Veitch. “An independent inspection is a great starting point for consumers to learn about property conditions.”
Since 1998, the Association has recommended the government license home inspectors. Now, BCREA looks forward to the development of meaningful standards to ensure consumers receive adequate protection.
“Solid information helps consumers have confidence in their home buying decisions,” added Veitch. “And confidence and protection are necessary for the excellent quality of life we enjoy in British Columbia.”
1. Improper surface grading/drainage: Results in water penetration in the basement or crawl space.
2. Improper electrical wiring: Includes insufficient electrical service to the house, inadequate overload protection, and amateur, often dangerous, wiring connections.
3. Roof damage: Includes old or damaged shingles or improper flashing which cause water leakage.
4. Heating systems: Includes broken or malfunctioning operation controls, blocked chimneys and unsafe exhaust disposal.
5. Poor overall maintenance: Includes cracked, peeling, or dirty painted surfaces, crumbling masonry, makeshift wiring or plumbing, and broken fixtures or appliances.
6. Structure-related problems: Includes damage to foundation walls, floor joists, rafters, and window and door headers.
7. Plumbing: Includes old or incompatible piping materials, faulty fixtures and waste lines.
8. Exterior flaws: Includes inadequate caulking and/or weather stripping on windows, doors, and wall surfaces which leads to water and air penetration.
9. Poor ventilation: includes over-sealed homes which result in excessive interior moisture that causes rotting and premature failure of structural and non-structural elements.
Source: The Canadian Association of Home and Property Inspectors
Home Renovation Tax Credit (HRTC): This temporary program provides an income tax credit on eligible home renovation expenses for work performed or goods bought after January 27, 2009 and before February 1, 2010. Homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000 for a maximum credit of $1,350. There is no tax credit for less than $1,000. New additions, decks, carpeting, floorings, heating systems and landscaping qualify. Furniture, appliances, tools and maintenance contracts do not qualify.
First-Time Home Buyers’ Tax Credit: This new tax credit program provides up to $750 in tax relief to eligible first-time home buyers for costs associated with buying their first home, including legal fees and land transfer taxes.
ecoENERGY Retrofit program: This new funding provides home and property owners grants of up to $5,000 to offset the costs of making energy-efficiency improvements.
An increase to the RRSP withdrawal limit to $25,000 from $20,000 for eligible homebuyers. The plan, first introduced in 1992, has not had a withdrawal limit increase. Eligible couples can now withdraw up to $50,000.
The Board estimates indicate that a couple buying a townhome in Metro Vancouver with a benchmark price of $423,338 will save $7,448 on their mortgage (at a five per cent rate amortized over 25 years) as a result of being able to use an additional $10,000 of their RRSPs.
Vancouver, BC – March 13, 2009. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 53 per cent to $1.54 billion in February, compared to the same month last year. Residential unit sales fell 47 per cent to 3,653 units during the same period. The average MLS® residential price in the province was $421,023 in February, down 12 per cent from February 2008.
“After a weak start to the year, BC MLS® residential sales increased 17 per cent in February, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. MLS® residential sales in the province climbed from a seasonally adjusted and annualized rate of 40,200 units in January to 47,000 units in February.
“It’s not surprising that home sales rebounded from January’s low level,” noted Muir. “Reduced home prices and mortgage interest rates have markedly increased affordability. The carrying cost of an average home in BC is approaching a three-year low.”
Year-to-date, MLS® residential sales declined 51 per cent to 5,768 units compared to the first two months of 2008. The average MLS® residential declined 11 per cent to $418,057, while MLS® residential dollar volume was down 56 per cent to $2.4 billion over the same period.
Falling home prices and low interest rates are just 2 of the factors contributing to a healthy home buying environment. How much bang will you get for your buck?
Balanced markets emerging in Victoria, Vancouver and the Fraser Valley
Vancouver, BC – May 26, 2009. As part of its Spring 2009 Housing Forecast, the British Columbia Real Estate Association (BCREA) reported today that housing market conditions have improved more rapidly than expected. As a result, BCREA has revised its home price forecast upwards, reflecting greater price stability through the balance of the year. The average Multiple Listing Service® (MLS®) residential price in British Columbia is forecast to decline eight per cent to $420,600 in 2009, instead of 13 per cent originally forecasted at the beginning of the year.
“The majority of the decline in home prices has already occurred,” said Cameron Muir, BCREA Chief Economist. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these areas.”
Home sales in the province have climbed out of a trough, posting double-digit percentage gains for three consecutive months (seasonally adjusted).
BC MLS® residential sales are forecast to decline 12 per cent to 60,755 units this year, as a result of a weak first quarter. However, stronger consumer demand is expected to continue for the balance of the year and through 2010. Residential sales in 2010 are forecast to climb 10 percent to 66,740 units.
Affordability reached a three-year high in April with lower home prices and record low interest rates reducing the carrying cost of the average priced home 24 per cent over the last year.
“A significant increase in affordability has brought many first-time buyers into the market,” added Muir. “First-time buyers were largely absent in the late fall and winter, making it more difficult for move-up buyers to sell their current homes. The chain of ownership is now being oiled.”
Increased demand steadies housing market in Greater Vancouver
A continued increase in buyer activity over the last four months has resulted in increased home sales and lessened the downward pressure on housing prices in Greater Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 4.5 per cent to $506,201 from $484,211. However, home prices compared to May 2008 levels are down 10.9 per cent.
“The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region,” Scott Russell, REBGV president said. “MLS® data continues to show a trend toward a balanced market in the region.”
New listings for detached, attached and apartment properties declined in Greater Vancouver, down 36 per cent to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. At 13,641, the total number of property listings on the Multiple Listing Service® (MLS®) declined 4.7 per cent compared to last month and 16 per cent compared to May 2008.
Sales of detached properties increased 16.5 per cent to 1,402 from the 1,203 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 11.8 per cent from May 2008 to $680,320.
Sales of apartment properties in May 2009 increased 17.2 per cent to 1,458, compared to 1,244 sales in May 2008. The benchmark price of an apartment property declined 10.2 per cent from May 2008 to $349,987.
Attached property sales in May 2009 are up 19.6 per cent to 664, compared with the 555 sales in May 2008. The benchmark price of an attached unit decreased 9 per cent between May 2008 and 2009 to $435,848.
Bright spots in Greater Vancouver in May 2009 compared to May 2008:
Detached:
Burnaby up 48.9 per cent (140 units sold from 94)
Maple Ridge/Pitt Meadows up 13.4 per cent (144 units sold from 127)
North Vancouver up 31.4 per cent (134 units sold from 102)
Port Moody/Belcarra up 52.6 per cent (29 units sold from 19)
Richmond up 14.0 per cent (170 units sold from 142)
Vancouver East up 11.1 per cent (180 units sold from 162)
Vancouver West up 59.5 per cent (193 units sold from 121)
Attached:
Burnaby up 31.5 per cent (96 units sold from 73)
Maple Ridge/Pitt Meadows up 43.8 per cent (46 units sold from 32)
North Vancouver up 31.8 per cent (58 units sold from 44)
Vancouver West up 54.5 per cent (102 units sold from 66)
Apartments:
Burnaby up 32.6 per cent (187 units sold from 141)
North Vancouver up 22.6 per cent (103 units sold from 84)
Richmond up 27.4 per cent (200 units sold from 157)
Vancouver East up 28.7 per cent (139 units sold from 108)
Vancouver West up 25.4 per cent (529 units sold from 422)
VANCOUVER, B.C. – July 3, 2009 – The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.
New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.
“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said.
“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” Russell said. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”
Residential benchmark prices, as calculated by the MLSLink® Housing Price Index, declined 8.2 per cent to $518,855 in June 2009 compared to June 2008.
The number of sales of detached properties increased 81.6 per cent to 1,667 from the 918 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 8.4 per cent to $701,384 in June 2009 compared to June 2008.
The number of sales of apartment properties in June 2009 increased 69.3 per cent to 1,790, compared to 1,057 sales in June 2008. The benchmark price of an apartment property declined 8.2 per cent from June 2008 to $356,880.
The number of attached property sales in June 2009 increased 78.2 per cent to 802, compared with the 450 sales in June 2008. The benchmark price of an attached unit declined 7.3 per cent between June 2009 and 2008 to $441,620.
Bright spots in Greater Vancouver in June 2009 compared to June 2008:
Detached:
Burnaby up 109.7 per cent (151 units sold from 72)
Coquitlam up 122.2 per cent (160 units sold from 72)
Delta – South up 107.7 per cent (56 units sold from 27)
Maple Ridge/Pitt Meadows up 54.3 per cent (162 units sold from 105)
New Westminster up 104.8 per cent (43 units sold from 21)
North Vancouver up 96.2 per cent (153 units sold from 78)
Port Moody/ Belcarra up 120 per cent (33 units sold from 15)
Richmond up 77.4 per cent (204 units sold from 115)
Squamish up 107.7 per cent (27 units sold from 13)
Sunshine Coast up 33.9 per cent (75 units sold from 56)
Vancouver East up 71.2 per cent (238 units sold from 139)
Vancouver West up 85.2 per cent (200 units sold from 108)
West Vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)
Attached:
Burnaby up 81.8 per cent (140 units sold from 77)
Coquitlam up 80 per cent (54 units sold from 30)
Maple Ridge/Pitt Meadows up 48.6 per cent (55 units sold from 37)
North Vancouver up 121.2 per cent (73 units sold from 33)
Port Coquitlam up 82.6 per cent (42 units sold from 23)
Port Moody/ Belcarra up 77.3 per cent (39 units sold from 22)
Richmond up 84.5 per cent (155 units sold from 84)
Vancouver East up 118.5 per cent (59 units sold from 27)
Vancouver West up 121.8 per cent (122 units sold from 55)
Apartments:
Burnaby up 60.4 per cent (239 units sold from 149)
Coquitlam up 93.9 per cent (95 units sold from 49)
New Westminster up 57.1 per cent (121 units sold from 77)
North Vancouver up 71.4 per cent (120 units sold from 70)
Port Coquitlam up 58.1 per cent (49 units sold from 31)
Port Moody/Belcarra up 128.6 per cent (48 units sold from 21)
Richmond up 54.1 per cent (225 units sold from 146)
Vancouver East up 58.7 per cent (165 units sold from 104)
Vancouver West up 87.2 per cent (627 units sold from 335)
West Vancouver/Howe Sound up 155.6 per cent (23 units sold from 9)
As of July 29th, there were 454 active listings for one-bedroom condos, with the lowest priced one being $168,000., the highest priced one being $1,148,000. and the average being $409,317. 898 have sold since April of this year, with an average sale price of $367,306. and an average cost per square foot of $559. The least expensive one-bedroom condo so far this year sold for $145,000. and the most expensive was $1,200,000. With 454 active and 271 sold in June, that is a 1.68 month absorption rate (meaning it would take around 1 & 1/2 months to sell off the current inventory if nothing else came on the market during that time)>
As of July 29th, there were 705 active listings for two-bedroom condos, with the lowest priced one being $239,000., the highest priced one being $7,350,000. and the average being $625,688. 843 have sold since April of this year, with an average sale price of $625,688 and an average cost per square foot of $577. The least expensive two-bedroom condo so far this year sold for $222,000. and the most expensive was $5,400,000. With 705 active and 238 sales in June, the absorption rate is 2.96.
WEST END
In the West End there are currently 79 active one-bedroom properties for sale, ranging in price from $168,800. to $999,000., with the average asking price being $375,566. There have been 154 sales since April of this year, with the average selling price being $334,184. and the average cost per square foot being $526. The least expensive sale price so far this year was for $162,000. in January and the most expensive was for $625,000. in January as well.
In the West End there are currently 68 active two-bedroom properties for sale, ranging in price from $299,900. to $3,450,000., with the average asking price being $952,930. There have been 113 sales since April of this year, with the average selling price being $707,993. and the average cost per square foot being $600. The least expensive sale price so far this year was for $295,000. in April and the most expensive was for $2,950,000. in June.
FALSE CREEK NORTH
In False Creek North there are currently 18 active one-bedroom properties for sale, ranging in price from $379,000. to $596,000., with the average asking price being $484,227. There have been 55 sales since April of this year, with the average selling price being $435,633. and the average cost per square foot being $595. The least expensive sale price so far this year was for $280,000. in April and the most expensive was for $650,333. in May.
In the False Creek North there are currently 79 active two-bedroom properties for sale, ranging in price from $539,000. to $3,350,000., with the average asking price being $1,068,155. There have been 97 sales since April of this year, with the average selling price being $770,927. and the average cost per square foot being $674. The least expensive sale price so far this year was for $360,000. in January and the most expensive was for $1,850,000. in May.
COAL HARBOUR
In Coal Harbour there are currently 26 active one-bedroom properties for sale, ranging in price from $343,000. to $879,000., with the average asking price being $495,934. There have been 44 sales since April of this year, with the average selling price being $450,688. and the average cost per square foot being $648. The least expensive sale price so far this year was for $292,500. in July and the most expensive was for $1,200,000. in May.
In Coal Harbour there are currently 104 active two-bedroom properties for sale, ranging in price from $589,000. to $7,350,000., with the average asking price being $2,104,216. There have been 52 sales since April of this year, with the average selling price being $970,105. and the average cost per square foot being $781. The least expensive sale price so far this year was for $439,000. in February and the most expensive was for $5,400,000. in February as well.
DOWNTOWN (East of Burrard, North of Pacific)
In the area defined as downtown, there are currently 197 active one-bedroom properties for sale, ranging in price from $188,900. to $1,148,000., with the average asking price being $423,549. There have been 337 sales since April of this year, with the average selling price being $334,184. and the average cost per square foot being $590. The least expensive sale price so far this year was for $215,000. in April and the most expensive was for $940,000. in May.
In the area defined as downtown, there are currently 215 active two-bedroom properties for sale, ranging in price from $259,900. to $4,190,000., with the average asking price being $752,783. There have been 188 sales since April of this year, with the average selling price being $545,332. and the average cost per square foot being $556. The least expensive sale price so far this year was for $318,000. in January and the most expensive was for $1,575,000. in March.
1. Improper surface grading / drainage: Results in water penetration in basement or crawl space.
2. Improper electrical wiring: Includes insufficient electrical service to the house, inadequate overload protection and amateur, often dangerous wiring connections.
3. Roof damage: Includes old or damaged shingles or improper flashing which cause water leakage.
4. Heating systems: Includes broken or malfunctioning operation controls, blocked chimneys and unsafe exhaust disposal.
5. Poor overall maintenance: Includes cracked, peeling, or dirty painted surfaces, crumbling masonry, makeshift wiring or plumbing, and broken fixtures or appliances.
6. Structure-related problems: Includes damage to foundation walls, floor joists, rafters, and window and door headers.
7. Plumbing: Includes old or incompatible piping materials, faulty fixtures and waste lines.
8. Exterior flaws: Includes inadequate caulking and / or weather stripping on windows, doors, and wall surfaces which leads to water and air penetration.
9. Poor ventilation: includes over-sealed homes which result in excessive interior moisture that causes rotting and premature failure of structural and non-structural elements.
- with thanks to the Canadian Association of Home and Property Inspectors
Finding the right contractor for a kitchen remodel might seem like a daunting task but it doesn’t have to be. Here are some steps to keep in mind:
1. Ask for referrals.
2. Look at credentials.
3. Interview candidates.
4. Check references.
5. Get it in writing.
As of August 7, 2009, there are currently 391 detached properties for sale in West Vancouver, ranging in price from $699,000. to $30,000,000., with the average asking price coming in at $2,605,117. There have been 168 sales since April, with the average selling price being $1,496,301. The lowest sale price achieved so far this year was for $550,000. in March. The highest sale price achieved so far this year was for $5,075,000. in June. With 391 active and 57 sold in July, that suggests a 7 month supply of homes.
As of August 7, 2009, there are currently 28 detached properties for sale in Ambleside, ranging in price from $949,000. to $3,495,000., with the average asking price coming in at $1,731,035. There have been 48 sales since April, with the average selling price being $1,335,433. The lowest sale price achieved so far this year was for $765,000. in March. The highest sale price achieved so far this year was for $3,950,000. in July. With 28 active and 9 sold in July, that suggests a 3 month supply of homes.
As of August 7, 2009, there are currently 19 detached properties for sale in Dundarave, ranging in price from $1,368,000. to $12,800,000., with the average asking price coming in at $2,323,382. There have been 24 sales since April, with the average selling price being $1,426,158. The lowest sale price achieved so far this year was for $850,000. in March. The highest sale price achieved so far this year was for $5,075,000. in June. With 19 active and 3 sold in July, that suggests a 6 month supply of homes.
In West Vancouver up to now there have been:
372 sales compared to 371 at this time last year.
7 sales over $4,000,000. compared to 20 at this time last year.
11 sales between $3,500,000. & $4,000,000. compared to 10 at this time last year.
7 sales between $3,000,000. & $3,500,000. compared to 19 at this time last year.
21 sales between $2,500,000. & $3,000,000. compared to 24 at this time last year.
25 sales between $2,000,000. & $2,500,000. compared to 39 at this time last year.
51 sales between $1,500,000. & $2,000,000. compared to 78 at this time last year.
145 sales between $1,000,000. & $1,500,000. compared to 152 at this time last year.
105 sales under $1,000,000. compared to 29 at this time last year.
What do I find interesting in all of this?
1. West Vancouver as a whole is in a buyer’s market (statistically) but that doesn’t mean that little pockets can’t be in a seller’s market. Ambleside, with an absorption rate of 3.1, is a good example.
2. Virtually the identical amount of homes have sold so far this year as at this time last year.
3. The lowest sale price was achieved in March; the highest in July.
4. Very similar sales numbers year over year in the 3.5 – 4 mil, 2.5 – 3 mil and 1 – 1.5 mil categories.
5. Three times as many sales under a million dollars this year compared to this time last year.
Some good tips in this Washington Post article on making your home more attractive to prospective buyers. Some of these are:
- Swapping out old light fixtures for flush-mounted ones
- Buying a new bathroom vanity
- Adding colourful flowers in a planter on the front porch
- Buying a new mailbox
- Replacing the oldest kitchen appliance, preferably the dishwasher
North Vancouver
In North Vancouver there are currently 90 active one-bedroom properties for sale, ranging in price from $175,000. to $739,000., with the average asking price being $349,911. There have been 151 sales since April of this year, with the average selling price being $289,255. and the average cost per square foot being $419. The least expensive sale price so far this year was for $149,000. in June and the most expensive was for $710,000. in July. With 90 properties currently for sale and 34 sales in July, there is a 2 & 1/2 month supply of homes.
In North Vancouver there are currently 218 active two-bedroom properties for sale, ranging in price from $227,900. to $1,650,000., with the average asking price being $532,461. There have been 237 sales since April of this year, with the average selling price being $417,146. and the average cost per square foot being $416. The least expensive sale price so far this year was for $170,000. in January and the most expensive was for $1,465,000. in July. With 218 properties currently for sale and 44 sales in July, there is almost a 5 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 33 active one-bedroom properties for sale, ranging in price from $239,900. to $478,000., with the average asking price being $356,015. There have been 73 sales since April of this year, with the average selling price being $297,484. and the average cost per square foot being $444. The least expensive sale price so far this year was for $160,000. in June and the most expensive was for $449,900. in July. With 33 properties currently for sale and 12 sales in July, there is a 2 & 3/4 month supply of homes.
In Lower Lonsdale there are currently 47 active two-bedroom properties for sale, ranging in price from $274,900. to $1,199,000., with the average asking price being $526,267. There have been 82 sales since April of this year, with the average selling price being $443,013. and the average cost per square foot being $445. The least expensive sale price so far this year was for $198,000. in May and the most expensive was for $1,465,000. in July. With 47 properties currently for sale and 18 sales in July, there is a 2 & 1/2 month supply of homes.
The Pier
In The Pier there are currently 7 active one-bedroom properties for sale, ranging in price from $419,000. to $478,000., with the average asking price being $450,971. There have been 5 sales since April of this year, with the average selling price being $393,080. and the average cost per square foot being $575. The least expensive sale price so far this year was for $346,000. in May and the most expensive was for $449,900. in July. With 7 properties currently for sale and 2 sales in July, there is a 3 & 1/2 month supply of homes.
In The Pier there are currently 12 active two-bedroom properties for sale, ranging in price from $475,000. to $849,900., with the average asking price being $618,066. There have been 6 sales since April of this year, with the average selling price being $607,500. and the average cost per square foot being $582. The least expensive sale price so far this year was for $470,000. in May and the most expensive was for $820,000. in April. With 12 properties currently for sale and 1 sale in July, there is a 12 month supply of homes.
Things to note:
1. The best opportunity for a buyer right now would appear to be in the 2-bedroom category in The Pier development.
2. The least expensive 1-bedroom condo to sell so far this year was in June; the most expensive in July.
3. The least expensive 2-bedroom condo to sell so far this year was in January; the most expensive in July.
4. According to statistics from the Real Estate Board of Vancouver, the benchmark price for a condo property in North Vancouver is up over 10% from the beginning of the year. So still down from what is was last year at this time, but trending up.
A good reminder here that you only have 6 months left to take advantage of some tax savings. The Home Renovation Tax Credit applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 - $1000) x 15%].
1. Have you explored all of your options?
2. Are you comfortable with your payments?
3. Do you need cash flow for other things?
4. Can you handle fluctuating rates?
5. Will you sell soon?
6. Are you thinking about a major renovation?
7. When do you want to be “mortgage-free?”
8. Could you use your home equity to fulfill other goals?
9. Have your insurance needs changed?
10. Are you getting the best rates and terms?
The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices. Read the article here.
WEST END
In the West End there are currently 73 active one-bedroom properties for sale, ranging in price from $168,800. to $999,000., with the average asking price being $383,627. There have been 175 sales since April of this year, with the average selling price being $334,428. and the average cost per square foot being $527. The least expensive sale price so far this year was for $162,000. in January and the most expensive was for $625,000. in January as well. With 73 properties currently for sale and 36 sales in July, there is a 2 month supply of homes.
In the West End there are currently 66 active two-bedroom properties for sale, ranging in price from $299,900. to $3,450,000., with the average asking price being $930,743. There have been 123 sales since April of this year, with the average selling price being $707,880. and the average cost per square foot being $603. The least expensive sale price so far this year was for $295,000. in April and the most expensive was for $2,950,000. in June. With 66 properties currently for sale and 24 sales in July, there is a 2 & 3/4 month supply of homes.
FALSE CREEK NORTH
In False Creek North there are currently 23 active one-bedroom properties for sale, ranging in price from $379,000. to $596,000., with the average asking price being $491,978. There have been 58 sales since April of this year, with the average selling price being $438,272. and the average cost per square foot being $600. The least expensive sale price so far this year was for $280,000. in April and the most expensive was for $650,333. in May. With 23 properties currently for sale and 9 sales in July, there is a 2 & 1/2 month supply of homes.
In the False Creek North there are currently 81 active two-bedroom properties for sale, ranging in price from $539,000. to $2,500,000., with the average asking price being $1,061,176. There have been 104 sales since April of this year, with the average selling price being $769,168. and the average cost per square foot being $675. The least expensive sale price so far this year was for $360,000. in January and the most expensive was for $1,850,000. in May. With 81 properties currently for sale and 25 sales in July, there is a 3 month supply of homes.
COAL HARBOUR
In Coal Harbour there are currently 28 active one-bedroom properties for sale, ranging in price from $338,000. to $1,250,000., with the average asking price being $513,706. There have been 50 sales since April of this year, with the average selling price being $452,436. and the average cost per square foot being $650. The least expensive sale price so far this year was for $292,500. in July and the most expensive was for $1,200,000. in May. With 28 properties currently for sale and 8 sales in July, there is a 3 & 1/2 month supply of homes.
In Coal Harbour there are currently 95 active two-bedroom properties for sale, ranging in price from $599,900. to $7,350,000., with the average asking price being $2,088,781. There have been 67 sales since April of this year, with the average selling price being $970,105. and the average cost per square foot being $781. The least expensive sale price so far this year was for $439,000. in February and the most expensive was for $5,400,000. in February as well. With 95 properties currently for sale and 19 sales in July, there is a 5 month supply of homes.
DOWNTOWN (East of Burrard, North of Pacific)
In the area defined as downtown, there are currently 181 active one-bedroom properties for sale, ranging in price from $179,900. to $899,000., with the average asking price being $428,860. There have been 406 sales since April of this year, with the average selling price being $368,714. and the average cost per square foot being $594. The least expensive sale price so far this year was for $215,000. in April and the most expensive was for $940,000. in May. With 181 properties currently for sale and 108 sales in July, there is a 1 & 1/2 month supply of homes.
In the area defined as downtown, there are currently 213 active two-bedroom properties for sale, ranging in price from $259,900. to $4,190,000., with the average asking price being $762,608. There have been 216 sales since April of this year, with the average selling price being $548,986. and the average cost per square foot being $560. The least expensive sale price so far this year was for $318,000. in January and the most expensive was for $1,575,000. in March. With 213 properties currently for sale and 56 sales in July, there is a 4 month supply of homes.
You’ve made the decision to sell your home. Even if you’ve sold a home before, this process can be daunting because it is a major financial transaction that involves many steps from selecting a sales professional and marketing the home, to negotiating with buyers and finally receiving funds at the closing. Yet, the home-selling process doesn’t have to be intimidating if you know what to expect. The process can be divided into nine steps.
Step 1:List your property with a real estate professional. Select someone who is knowledgeable, listens carefully, and with whom you feel comfortable. Don’t base your selection solely on selling price or commission. It’s probably best to avoid working with someone who promises you the moon—in this case, an unrealistically high price—then has to make price reductions until the property sells. Instead, focus on marketing plans, service and past results.
Step 2:Establish price and time frame. Determining a reasonable asking price is crucial in this market. Price the property too high and it could languish on the market. Of course you could always decrease the price later, yet you’ve lost potential buyers. Your real estate professional can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. Supply and demand, craftsmanship, amenities, condition and any special circumstances can also impact price. For instance, a relocation move might necessitate a quick sale.
Step 3: Develop and implement a marketing strategy. To get the most exposure for your home, you should have a marketing plan with clear objectives and an outline of specific resources to be used. Your plan should include a mixture of conventional and online marketing to optimize your reach to potential buyers.
Step 4: Get Your Home in Show Condition. Remember, you only get one chance to make a first impression. So make sure your home is in tip-top shape inside and out. Eliminate clutter and remove personal items. Refresh the paint, clean the carpets and make minor repairs. Keep the grass trimmed and add colour to your landscape. You may also want to consider hiring a professional to stage your home. A home in move-in condition is much more attractive to buyers in a competitive market.
Step 5: An offer is submitted. Once your home is on the market, a buyer will make an offer through his/her real estate sales professional. The buyer’s sales professional will present the offer to you and your representative and afterward your realtor will help you evaluate the offer.
Step 6: The negotiation process begins and eventually an offer is accepted. One of the most critical roles played by your real estate professional is in the negotiation phase. Negotiations over the terms of a home-purchase contract can be extremely sensitive. The process of offer and counter-offer may go on until parties arrive at an acceptable contract, which can go very quickly or take days, even weeks.
Step 7: The contract is submitted to the mortgage professional and home inspections are scheduled. Most often, the loan approval is contingent upon a satisfactory appraisal. You will also want to consider having a building inspection.
Step 8:The loan is approved and the closing process begins. Once the buyer’s home loan has been approved, preparations begin for the closing. The closing is the final step toward completing the sales transaction between the buyer and seller. During this process, your sales professional will funnel all the necessary closing documents to the lawyer or notary. A final walk-through may be scheduled, which can coincide with a building inspection.
Step 9: Time to move! Of course this is a simplification of what is otherwise a complex transaction. As you are going through each stage of the process, look to your real estate professional to provide guidance so that you feel comfortable every step of the way.
Mike Giesbrecht can be reached at 604-787-9197. Prudential Sussex Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company.
WEST VANCOUVER
In West Vancouver there are currently 29 active one-bedroom properties for sale, ranging in price from $232,381. to $799,000., with the average asking price being $465,302. There have been 15 sales since April of this year, with the average selling price being $416,133. and the average cost per square foot being $531. The least expensive sale price so far this year was for $250,000. in January and the most expensive was for $620,000. in May. With 29 properties currently for sale and 4 sales in July, there is a 7 month supply of homes.
AMBLESIDE
In Ambleside there are currently 14 active one-bedroom properties for sale, ranging in price from $232,381. to $599,000., with the average asking price being $381,220. There have been 6 sales since April of this year, with the average selling price being $312,500. and the average cost per square foot being $463. The least expensive sale price so far this year was for $250,000. in January and the most expensive was for $615,000. in March. With 14 properties currently for sale and 1 sale in July, there is a 14 month supply of homes.
DUNDARAVE
In Dundarave there are currently 9 active one-bedroom properties for sale, ranging in price from $274,999. to $799,000., with the average asking price being $624,422. There have been 5 sales since April of this year, with the average selling price being $510,000. and the average cost per square foot being $647. The least expensive sale price so far this year was for $380,000. in February and the most expensive was for $620,000. in May. With 9 properties currently for sale and 1 sale in July, there is a 9 month supply of homes.
Spruce up your space with these budget-friendly ideas. Real the full article here.
1. Spruce up your front door.
2. Refresh your walls with vibrant colours.
3. Recycycle fabrics and textiles.
4. Clean up your kitchen cabinets.
5. Fix up an old ceiling fan
6. Declutter
7. Use mirrors (but not smoke)
8. Refurbish, repaint, recycle
WEST VANCOUVER
In West Vancouver there are currently 48 active two-bedroom properties for sale, ranging in price from $445,000. to $6,980,000., with the average asking price being $1,319,987. There have been 56 sales since April of this year, with the average selling price being $737,636. and the average cost per square foot being $584. The least expensive sale price so far this year was for $290,000. in August and the most expensive was for $2,126,250. in April. With 48 properties currently for sale and 9 sales in July, there is a 5 month supply of homes.
AMBLESIDE
In Ambleside there are currently 16 active two-bedroom properties for sale, ranging in price from $449,000. to $2,295,000., with the average asking price being $884,187. There have been 23 sales since April of this year, with the average selling price being $623,304. and the average cost per square foot being $542. The least expensive sale price so far this year was for $290,000. in August and the most expensive was for $1,380,000. in February. With 16 properties currently for sale and 5 sales in July, there is a 3 month supply of homes.
DUNDARAVE
In Dundarave there are currently 12 active two-bedroom properties for sale, ranging in price from $549,000. to $5,150,000., with the average asking price being $1,041,700. There have been 21 sales since April of this year, with the average selling price being $791,448. and the average cost per square foot being $634. The least expensive sale price so far this year was for $416,000. in July and the most expensive was for $1,375,000. in April. With 12 properties currently for sale and 3 sales in July, there is a 4 month supply of homes.
I was running a little late for a showing last week and I called the other realtor to give her a heads-up, as well as to ask for a small favour. Her response was the title of this post and I thought it was lacking in courtesy. She has a listing and I am trying to help her sell it. Ultimately whatever is in the best interest of my client trumps everything, but if it came down to 2 similar homes, would I not be more inclined to want to deal with someone who treats others courteously?
Vancouver, BC – August 24, 2009. The British Columbia Real Estate Association (BCREA) today launched a new section of its website to provide the public and REALTORS® with information about the impact of the proposed Harmonized Sales Tax (HST) and an opportunity to voice their concerns about the tax. This new resource, which can be found here, encourages concerned citizens and REALTORS® to proactively communicate their dissatisfaction with the HST by sending letters to their local MLAs, Premier Gordon Campbell, Minister of Finance Colin Hansen and Carole James, Leader of the Official Opposition.
“Housing is an essential basic need and a significant part of the BC economy,” said BCREA president John Tillie. “We hope the public will join with REALTORS® across the province to express their concern by writing to the government. The HST is unfair to homebuyers and sellers, and the government must take action to minimize the impact of this unfair tax on consumers.”
On July 1, 2010 the proposed HST will significantly increase the cost of buying and selling all property, particularly newly-built homes. With almost 60 per cent of a BC family’s household income required to cover home ownership costs, BCREA is concerned that homebuyers will bear most of the burden associated with the HST resulting in a negative effect on BC’s housing affordability.
BCREA is calling on the provincial government to exempt real estate related services, and to increase the rebate threshold on new housing to at least $500,000, with the threshold indexed for inflation and adjusted annually. The government should also amend the flat rebate of $20,000 to a fixed percentage rebate of four per cent for new homes over the rebate threshold and introduce a three-year phase-out of the Property Transfer Tax to restore fairness for homebuyers.
It’s been a difficult twelve months for BC’s housing markets. No question. However, while we wait to hear the latest unemployment figures or government stimulus packages it might be fun, or perhaps even refreshing, to take a look at two things that are working in BC’s favour. The first is population growth, without which the housing stock wouldn’t need to expand; and housing affordability, the quiet redeemer of markets.
BC’s population grew by an impressive 14,440 from October to January, second only to Alberta. This was the highest fourth quarter of growth since 1996. The largest contributor to this growth was international migrants, netting BC 10,255 individuals during the fourth quarter, 64 percent more than a year ago. In fact, net international migration broke the record books in 2008, even surpassing 1996 when the province experienced a significant influx of Hong Kong immigrants. However, weaker economic conditions have slowed migration from other provinces, as BC’s economy is no longer the brightest light in the country. Net interprovincial migration fell to 6,450 individuals in 2008 from 15,520 in 2007, but nonetheless remained in positive territory.
Despite the current challenges in the economy, migration will become increasingly important over the coming decades as BC’s population ages, and deaths begin to outpace births. By 2026/2027, migration may be the only source of population growth for the province. If BC Stats current population projections are any indication, the recent level of migration will be the norm and not an exception. Annual net migration is expected to range between 50,000 and 60,000 individuals over the long term. In twenty years, this could add another 1.27 million people to the province. This means that demand for housing will be robust over the long-term, despite the current weakness.
Housing affordability is the relative difference between household income and the carrying cost of ownership, in other words — your mortgage payment. Lenders typically limit the carrying cost to a maximum of 32 percent of the borrower’s pre-tax income. Since incomes tend to grow very slowly compared to short-term changes in mortgage interest rates and home prices, the carrying cost of the average home in the market is a great indicator of housing affordability.
Many market watchers concentrate solely on home prices relative to income and ignore the impact of interest rate changes, which can be significant. You may be surprised to learn that while the average price of a home in BC is down 11 percent from a year ago, the carrying cost has actually declined 23 percent, the difference being lower mortgage interest rates. The combination of lower home prices and lower interest rates means buying a home in BC is now more affordable than at any time in the last three years, which coincidently was the last
time the carrying cost of housing made sense relative to income.
So, population growth is very much in BC’s favour for at least the next few decades. This will keep our homebuilders building despite brief downturns in the market. In addition, housing affordability makes a lot more sense today. A typical home buyer’s mortgage payment has been slashed by nearly one-quarter over the last twelve months. No wonder so many potential buyers are kicking tires.
Article reprinted from the June 2009
issue of BC Homes Magazine.
By Cameron Muir,
BCREA Chief Economist
Economics
As part of its Spring 2009 Housing Forecast, the British Columbia Real Estate Association (BCREA) reported today that housing market conditions have improved more rapidly than expected. As a result, BCREA has revised its home price forecast upwards, reflecting greater price stability through the balance of the year. The average Multiple Listing Service® (MLS®) residential price in British Columbia is forecast to decline eight per cent to $420,600 in 2009, instead of 13 per cent originally forecasted at the beginning of the year.
CANADIAN and Australian cities account for six of the top ten spots in the Economist Intelligence Unit’s latest liveability ranking. All of the cities in the top ten scored well over 80.0, the threshold below which difficulties are apparent in day-to-day living. Vancouver is still the world’s most liveable city, with a rating of 98.0; Sydney and Zurich, sharing ninth place, achieved a score less than 2% lower than Vancouver’s. The worst-performing locations are in Africa or Asia, where civil instability and poor infrastructure present significant challenges. The unfolding political and economic crisis in Zimbabwe makes Harare the least desirable city in the survey. Locations within Afghanistan and Iraq are not included.
Despite growing confidence that economic growth is in the offing, monetary policy around the world is likely to remain “ultra-accommodative,” perhaps until 2011. Read the article in the Financial Post.
Realtors work within a legal relationship called agency and have an obligation to uphold the integrity of their clients, while protecting and promoting their interests. Go here for more information on this relationship.
On June 23, 2008 new federal money laundering and anti-terrorist financing regulations came into effect that require REALTORS® to collect personal identification information from buyers and sellers. Read more here.
To people visiting Open Houses, here are a few rules:
1. Please tell the truth. If you’re a neighbour and you just want to see how your neighbour lives, that’s fine. If you are looking for renovation / decorating ideas for your own home, that’s fine too. If you are thinking of listing your home for sale (even with another realtor, perish the thought) and want to see how yours stacks up against this one, that’s fine. If your realtor has sent you to see this home, please don’t pretend that you are not working with a realtor and get my hopes up; it’s fine that you are looking at this Open House without your agent. My philosophy is that the more people that see my Open House, the better. It may not be right for you but perhaps it will come to mind when you are talking with a friend seeking to move. Please be truthful with me; you can count on me being truthful with you.
2. Please be pleasant. Enough said.
Two rules, that’s it. Follow these and I can almost guarantee that you will have a pleasant Open House experience.
Note: I do have one other rule that applies to agents and that is that they identify themselves as agents. The best way to do that is to hand me a business card when you come in the door. Please don’t pretend that your are a potential buyer in the hopes that I will be more forthcoming with information on the property. If you’re an agent and you are looking for market information on the area, I am more than happy to share what I know. Sowing seeds of cooperation with agents usually reaps me a harvest of the same down the road.
When buying a home in BC, the buyer automatically pays the provincial Property Transfer Tax (PTT). The tax is charged at a rate of 1% on the first $200,000 of the fair market value of the property, and 2% on the rest. Read more here.
You can receive up to $5,000 from the government just by making your home more energy efficient. You could save money on your electricity bill and receive a grant from the government at the same time. Read more here.
WEST END
In the West End there are currently 54 active two-bedroom properties for sale, ranging in price from $299,900. to $2,985,000., with the average asking price being $995,417. There have been 114 sales since May of this year, with the average selling price being $676,730. and the average cost per square foot being $594. The least expensive sale price so far this year was for $295,000. in April and the most expensive was for $2,950,000. in June. With 54 properties currently for sale and 23 sales in August, there is a 2 month supply of homes.
FALSE CREEK NORTH
In the False Creek North there are currently 76 active two-bedroom properties for sale, ranging in price from $549,000. to $3,999,900., with the average asking price being $1,121,205. There have been 98 sales since May of this year, with the average selling price being $789,695. and the average cost per square foot being $683. The least expensive sale price so far this year was for $360,000. in January and the most expensive was for $2,180,000. in August. With 76 properties currently for sale and 14 sales in August, there is a 5 & 1/2 month supply of homes.
COAL HARBOUR
In Coal Harbour there are currently 86 active two-bedroom properties for sale, ranging in price from $589,900. to $6,830,000., with the average asking price being $1,905,089. There have been 66 sales since May of this year, with the average selling price being $1,261,318. and the average cost per square foot being $872. The least expensive sale price so far this year was for $439,000. in February and the most expensive was for $5,400,000. in February as well. With 86 properties currently for sale and 14 sales in August, there is a 6 month supply of homes.
DOWNTOWN (East of Burrard, North of Pacific)
In the area defined as downtown, there are currently 206 active two-bedroom properties for sale, ranging in price from $259,900. to $4,190,000., with the average asking price being $762,585. There have been 218 sales since May of this year, with the average selling price being $556,492. and the average cost per square foot being $570. The least expensive sale price so far this year was for $318,000. in January and the most expensive was for $1,575,000. in March. With 206 properties currently for sale and 49 sales in August, there is a 4 month supply of homes.
WEST END
In the West End there are currently 73 active one-bedroom properties for sale, ranging in price from $189,000. to $1,049,000., with the average asking price being $380,462. There have been 164 sales since May of this year, with the average selling price being $341,423. and the average cost per square foot being $534. The least expensive sale price so far this year was for $158,000. in August and the most expensive was for $625,000. in January. With 73 properties currently for sale and 26 sales in August, there is a 4 month supply of homes.
FALSE CREEK NORTH
In False Creek North there are currently 18 active one-bedroom properties for sale, ranging in price from $379,000. to $585,000., with the average asking price being $484,770. There have been 53 sales since May of this year, with the average selling price being $461,381. and the average cost per square foot being $626. The least expensive sale price so far this year was for $280,000. in April and the most expensive was for $650,333. in May. With 18 properties currently for sale and 12 sales in August, there is a 1 & 1/2 month supply of homes.
COAL HARBOUR
In Coal Harbour there are currently 27 active one-bedroom properties for sale, ranging in price from $338,000. to $1,250,000., with the average asking price being $551,014. There have been 49 sales since May of this year, with the average selling price being $449,412. and the average cost per square foot being $661. The least expensive sale price so far this year was for $292,500. in July and the most expensive was for $1,200,000. in May. With 27 properties currently for sale and 13 sales in August, there is a 2 month supply of homes.
DOWNTOWN (East of Burrard, North of Pacific)
In the area defined as downtown, there are currently 173 active one-bedroom properties for sale, ranging in price from $179,900. to $899,900., with the average asking price being $443,627. There have been 415 sales since May of this year, with the average selling price being $372,105. and the average cost per square foot being $608. The least expensive sale price so far this year was for $162,000. in May and the most expensive was for $940,000. in May as well. With 173 properties currently for sale and 95 sales in August, there is a 2 month supply of homes.
I had a situation today where the buyers of one of my listings were wanting the keys to their new home, on this day of their possession. Ordinarily this is not a problem, but unfortunately we were still without a registration number for this deal and no money had been delivered / transferred to my clients’ lawyer’s trust account. So, “no money, no talk,” as my esteemed colleague said this morning. Or, as Cuba Gooding’s character said in Jerry McGuire, “Show me the money!” If A is my client, B is the buyer of A’s property and C is the buyer of B’s property, the problem arose when C or C’s lawyer was late in giving the money to B and then B in turn was late in giving the money to A. The domino effect in action. Fortunately everything worked out in the end, although not in as timely a manner as I would have preferred. The lesson here is that if you are intending to take possession of a given property and the payment of funds hinges on the receiving of funds from another sale, make sure that everyone is aware of their respective deadlines.
As of September 10, 2009, there are currently 380 detached properties for sale in West Vancouver, ranging in price from $669,000. to $30,000,000., with the average asking price coming in at $2,551,065. There have been 295 sales since May, with the average selling price being $1,588,971. The lowest sale price achieved so far this year was for $550,000. in March. The highest sale price achieved so far this year was for $5,800,000. in August. With homes selling at a rate of 55 per month over the course of the year so far and with 380 currently active, this suggests a 7 month supply of homes.
As of September 10, 2009, there are currently 41 detached properties for sale in Ambleside, ranging in price from $949,000. to $3,495,000., with the average asking price coming in at $1,638,731. There have been 39 sales since May, with the average selling price being $1,371,785. The lowest sale price achieved so far this year was for $765,000. in March. The highest sale price achieved so far this year was for $3,950,000. in July. With homes selling at a rate of 8 per month over the course of the year so far and with 41 currently active, this suggests a 5 month supply of homes.
As of September 10, 2009, there are currently 21 detached properties for sale in Dundarave, ranging in price from $1,088,000. to $12,800,000., with the average asking price coming in at $2,179,735. There have been 20 sales since May, with the average selling price being $1,961,586. The lowest sale price achieved so far this year was for $850,000. in March. The highest sale price achieved so far this year was for $5,075,000. in June. With homes selling at a rate of 5 per month over the course of the year so far and with 21 currently active, this suggests a 4 month supply of homes.
In West Vancouver up to now there have been:
448 sales compared to 396 at this time last year.
13 sales over $4,000,000. compared to 20 at this time last year.
13 sales between $3,500,000. & $4,000,000. compared to 11 at this time last year.
9 sales between $3,000,000. & $3,500,000. compared to 19 at this time last year.
24 sales between $2,500,000. & $3,000,000. compared to 27 at this time last year.
34 sales between $2,000,000. & $2,500,000. compared to 42 at this time last year.
62 sales between $1,500,000. & $2,000,000. compared to 80 at this time last year.
177 sales between $1,000,000. & $1,500,000. compared to 164 at this time last year.
117 sales under $1,000,000. compared to 33 at this time last year.
The BC housing market has rebounded dramatically, with residential sales having climbed steady from an annualized rate of 43,000 units in January to more than 97,000 in July, seasonally adjusted. Read more here.
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 66 per cent to 8,565 units in August compared to the same month last year. The average MLS® residential sales price in the province climbed 12 per cent to $471,078 from $421,685 in August 2008. Read more here.
“Gentlemen’s agreements,” “my word is my bond” proclamations and handshakes are all good and everything but in a real estate transaction, the failure to record a verbal promise in writing almost always makes that promise unenforceable. Get it in writing!
WEST VANCOUVER
In West Vancouver there are currently 27 active one-bedroom properties for sale, ranging in price from $219,000. to $799,000., with the average asking price being $480,640. There have been 14 sales since May of this year, with the average selling price being $435,207. and the average cost per square foot being $543. The least expensive sale price so far this year was for $250,000. in January and the most expensive was for $620,000. in May. With 27 properties currently for sale and an average of 3 homes selling per month through August, there is currently a 9 month supply of homes.
AMBLESIDE
In Ambleside there are currently 10 active one-bedroom properties for sale, ranging in price from $239,900. to $599,000., with the average asking price being $367,760. There have been 5 sales since May of this year, with the average selling price being $345,180. and the average cost per square foot being $481. The least expensive sale price so far this year was for $250,000. in January and the most expensive was for $615,000. in March. With 10 properties currently for sale and an average of 1.5 homes selling per month through August, there is currently a 6 & 1/2 month supply of homes.
DUNDARAVE
In Dundarave there are currently 10 active one-bedroom properties for sale, ranging in price from $374,900. to $799,000., with the average asking price being $634,380. There have been 5 sales since May of this year, with the average selling price being $510,000. and the average cost per square foot being $647. The least expensive sale price so far this year was for $380,000. in February and the most expensive was for $620,000. in May. With 10 properties currently for sale and an average of 1.5 homes selling every 2 months through August, there is currently a 13 month supply of homes.
WEST VANCOUVER
In West Vancouver there are currently 49 active two-bedroom properties for sale, ranging in price from $449,000. to $7,950,000., with the average asking price being $1,065,095. There have been 50 sales since May of this year, with the average selling price being $683,633. and the average cost per square foot being $558. The least expensive sale price so far this year was for $290,000. in August and the most expensive was for $2,126,250. in April. With 49 properties currently for sale and 9 homes selling per month on average through August, there is currently a 5 & 1/2 month supply of homes.
AMBLESIDE
In Ambleside there are currently 18 active two-bedroom properties for sale, ranging in price from $449,000. to $2,295,000., with the average asking price being $836,375. There have been 23 sales since May of this year, with the average selling price being $623,304. and the average cost per square foot being $542. The least expensive sale price so far this year was for $290,000. in August and the most expensive was for $1,380,000. in February. With 18 properties currently for sale and 3.5 homes selling per month on average through August, there is currently a 5 month supply of homes.
DUNDARAVE
In Dundarave there are currently 14 active two-bedroom properties for sale, ranging in price from $549,000. to $7,950,000., with the average asking price being $1,028,000. There have been 14 sales since May of this year, with the average selling price being $710,100. and the average cost per square foot being $596. The least expensive sale price so far this year was for $416,000. in July and the most expensive was for $1,375,000. in May. With 14 properties currently for sale and 3 homes selling per month on average through August, there is currently a 4 & 1/2 month supply of homes.
North Vancouver
In North Vancouver there are currently 90 active one-bedroom properties for sale, ranging in price from $175,000. to $739,000., with the average asking price being $346,784. There have been 176 sales since May of this year, with the average selling price being $302,934. and the average cost per square foot being $437. The least expensive sale price so far this year was for $149,000. in June and the most expensive was for $710,000. in July. With 90 properties currently for sale and 31 sales in August, there is a 3 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 34 active one-bedroom properties for sale, ranging in price from $219,000. to $472,100., with the average asking price being $334,952. There have been 78 sales since May of this year, with the average selling price being $312,409. and the average cost per square foot being $461. The least expensive sale price so far this year was for $160,000. in June and the most expensive was for $462,500. in August. With 34 properties currently for sale and 11 sales in August, there is a 3 month supply of homes.
The Pier
In The Pier there are currently 5 active one-bedroom properties for sale, ranging in price from $429,000. to $472,100., with the average asking price being $443,220. There have been 9 sales since May of this year, with the average selling price being $417,544. and the average cost per square foot being $600. The least expensive sale price so far this year was for $346,000. in May and the most expensive was for $462,500 in August. With 5 properties currently for sale and 2 sales in August, there is a 2 & 1/2 month supply of homes.
North Vancouver
In North Vancouver there are currently 188 active two-bedroom properties for sale, ranging in price from $219,000. to $1,650,000., with the average asking price being $549,938. There have been 261 sales since May of this year, with the average selling price being $426,754. and the average cost per square foot being $428. The least expensive sale price so far this year was for $170,000. in January and the most expensive was for $1,465,000. in July. With 188 properties currently for sale and 54 sales in August, there is a 3 & 1/2 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 47 active two-bedroom properties for sale, ranging in price from $269,000. to $1,199,000., with the average asking price being $523,820. There have been 86 sales since May of this year, with the average selling price being $452,633. and the average cost per square foot being $464. The least expensive sale price so far this year was for $198,000. in May and the most expensive was for $1,465,000. in July. With 47 properties currently for sale and 13 sales in August, there is a 3 & 1/2 month supply of homes.
The Pier
In The Pier there are currently 9 active two-bedroom properties for sale, ranging in price from $465,162. to $899,900., with the average asking price being $662,195. There have been 9 sales since May of this year, with the average selling price being $563,211. and the average cost per square foot being $572. The least expensive sale price so far this year was for $470,000. in May and the most expensive was for $820,000. in April. With 9 properties currently for sale and 3 sales in August, there is a 3 month supply of homes.
Here are 5 things homeowners should do this fall season:
1. Put stuff away. Drain and hang your hoses, clean and dry your tools so they don’t rust over winter.
2. Prepare for the wet and cold. Close off exterior hose bibs so they don’t freeze. Clean your gutters and ensure your downpipes are flowing freely so water can’t pool and freeze. Inspect your roof and ensure you don’t have any holes or missing shingles.
3. Prepare to heat the house. Clean and replace furnace filters. Clean the damper in the chimney. Check the weatherstripping on doors and windows. Check and replace batteries in smoke and carbon monoxide detectors.
4. Think about energy efficiency. Cleaning your windows can increase the amount of sunlight and heat that gets into your house. Making sure your window and door frames are sealed with expandeding foam will reduce your heat loss and save you money.
5. Prepare for the storms. Make sure you have candles and batteries on hand in the event of a power outage and don’t wait until it snows to pick up snow shovels and salt or ice melt.
- adapted from an interview with Chris Galer in the NSN.
As many as 80% of thieves breaking into houses enter through a door, say experts at Weiser Lock. Here are some tips for making yours more secure:
1. Replace hollow doors.
2. Upgrade door strike plates.
3. Choose doors without a window.
4. On patio sliding doors use secondary blocking devices.
5. If you are hiding a key, be clever.
6. Change the locks after purchasing a house.
7. Consider a “keyless entry system.”
Here are some common blunders and suggestions on how you can remedy them:
1. Lawn ornament overkill. Too many ornaments in your yard take away from the natural beauty of the landscape. Less is more.
2. Improper plant locations. It is imperative to take into consideration the proper sunlight and exposure your plants will need. Read the tags on the plants when you buy them.
3. Scalping the lawn. Your lawn has different requirements throughout the year. In the cooler weather it’s ok to cut it shorter so that sunlight can penetrate the soil. In the summer keep it longer to maximize water retention and promote soil shade.
4. Picking the wrong plants. Plants should be picked not because they look good but because they are appropriate for your yard.
5. Pruning. Many plants do well when pruned but over-pruning or doing it at the wrong time can harm a plant. Visit a gardening centre or read a book on the right way to do it.
6. Too much colour. Choose a colour palette and stick with a few similar hues.
7. Too much of a good thing. Mixing and matching too many elements in your yard could look sloppy and not well thought out.
8. Poor maintenance. You should try to weed twice a month. If you don’t have time, hire someone.
9. Budget. Make a list of what you’re willing to spend and stick to it.
10. One-season landscape. Plan for plantings that bloom or offer colour all year round.
11. Have a plan, Stan. Plot it out on paper, make a list of your materials and costs, run the idea by all those in the household and then implement.
I was out looking at Open Houses yesterday morning and these are some of the views that I liked. The first 2 are from condos on Bellevue, the 3rd one is from a house in Ambleside, as is the 4th one and the 5th one is an artist’s rendering of a friend of mine.
North Vancouver
In North Vancouver there are currently 99 active one-bedroom properties for sale, ranging in price from $175,000. to $739,000., with the average asking price being $345.824. There have been 182 sales since May of this year, with the average selling price being $305,122. and the average cost per square foot being $441. The least expensive sale price so far this year was for $149,000. in June and the most expensive was for $710,000. in July. With 99 properties currently for sale and 32 sales in August, there is a 3 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 39 active one-bedroom properties for sale, ranging in price from $219,000. to $448,000., with the average asking price being $329,770. There have been 83 sales since May of this year, with the average selling price being $316,035. and the average cost per square foot being $466. The least expensive sale price so far this year was for $160,000. in June and the most expensive was for $462,500. in August. With 39 properties currently for sale and 12 sales in August, there is a 3 month supply of homes.
The Pier
In The Pier there are currently 4 active one-bedroom properties for sale, ranging in price from $429,000. to $448,000., with the average asking price being $436,000. There have been 10 sales since May of this year, with the average selling price being $421,290. and the average cost per square foot being $602. The least expensive sale price so far this year was for $346,000. in May and the most expensive was for $462,500 in August. With 4 properties currently for sale and 2 sales in August, there is a 2 month supply of homes.
North Vancouver
In North Vancouver there are currently 183 active two-bedroom properties for sale, ranging in price from $269,000. to $1,650,000., with the average asking price being $558,512. There have been 278 sales since May of this year, with the average selling price being $427,565. and the average cost per square foot being $430. The least expensive sale price so far this year was for $170,000. in January and the most expensive was for $1,465,000. in July. With 183 properties currently for sale and 56 sales in August, there is a 3 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 40 active two-bedroom properties for sale, ranging in price from $269,000. to $1,199,000., with the average asking price being $534,918. There have been 93 sales since May of this year, with the average selling price being $455,303. and the average cost per square foot being $466. The least expensive sale price so far this year was for $198,000. in May and the most expensive was for $1,465,000. in July. With 40 properties currently for sale and 14 sales in August, there is a 3 month supply of homes.
The Pier
In The Pier there are currently 9 active two-bedroom properties for sale, ranging in price from $465,162. to $899,900., with the average asking price being $662,106. There have been 10 sales since May of this year, with the average selling price being $567,690. and the average cost per square foot being $566. The least expensive sale price so far this year was for $470,000. in May and the most expensive was for $820,000. in April. With 10 properties currently for sale and 3 sales in August, there is a 3 month supply of homes.
Rainiest month: January, 139.1 mm
Least rainy month: August, 39.1 mm
Snowiest month: January, 16.6 mm
Month with greatest snow depth: January and February, average of 1 cm of snow
Windiest month: March, winds 12.9 km/h
Sunniest month: July, 294.5 hours of sunshine
Some nice homes on tour this morning. Some new, some old, some old made up to look like new. Two things caught my eye – a nice Aston Martin Vantage and a sweet upstairs patio area with a hot tub. On this cold and rainy October day, a hot tub looks very inviting. I was not invited in though…
WEST END
In the West End there are currently 70 active two-bedroom properties for sale, ranging in price from $299,900. to $4,180,000., with the average asking price being $890,840. There have been 99 sales since June of this year, with the average selling price being $722,986. and the average cost per square foot being $620. The least expensive sale price so far this year was for $295,000. in April and the most expensive was for $2,950,000. in June. With 70 properties currently for sale and 13 sales in September, there is a 5 & 1/2 month supply of homes.
FALSE CREEK NORTH
In the False Creek North there are currently 71 active two-bedroom properties for sale, ranging in price from $489,900. to $3,999,900., with the average asking price being $1,159,635. There have been 84 sales since June of this year, with the average selling price being $792,140. and the average cost per square foot being $700. The least expensive sale price so far this year was for $360,000. in January and the most expensive was for $2,180,000. in August. With 71 properties currently for sale and 20 sales in September, there is a 3 & 1/2 month supply of homes.
COAL HARBOUR
In Coal Harbour there are currently 72 active two-bedroom properties for sale, ranging in price from $473,000. to $6,830,000., with the average asking price being $1,655,107. There have been 73 sales since June of this year, with the average selling price being $1,312,815. and the average cost per square foot being $903. The least expensive sale price so far this year was for $439,000. in February and the most expensive was for $5,400,000. in February as well. With 72 properties currently for sale and 17 sales in September, there is a 4 month supply of homes.
DOWNTOWN (East of Burrard, North of Pacific)
In the area defined as downtown, there are currently 237 active two-bedroom properties for sale, ranging in price from $199,000. to $4,190,000., with the average asking price being $767,908. There have been 214 sales since June of this year, with the average selling price being $560,564. and the average cost per square foot being $576. The least expensive sale price so far this year was for $318,000. in January and the most expensive was for $1,575,000. in March. With 237 properties currently for sale and 38 sales in September, there is a 6 month supply of homes.
WEST END
In the West End there are currently 76 active one-bedroom properties for sale, ranging in price from $189,000. to $1,049,000., with the average asking price being $396,087. There have been 144 sales since June of this year, with the average selling price being $344,340. and the average cost per square foot being $541. The least expensive sale price so far this year was for $158,000. in August and the most expensive was for $625,000. in January. With 76 properties currently for sale and 30 sales in September, there is a 2 & 1/2 month supply of homes.
FALSE CREEK NORTH
In False Creek North there are currently 20 active one-bedroom properties for sale, ranging in price from $379,000. to $660,000., with the average asking price being $498,085. There have been 48 sales since June of this year, with the average selling price being $473,466. and the average cost per square foot being $666. The least expensive sale price so far this year was for $280,000. in April and the most expensive was for $650,333. in May. With 20 properties currently for sale and 14 sales in September, there is a 1 & 1/2 month supply of homes.
COAL HARBOUR
In Coal Harbour there are currently 24 active one-bedroom properties for sale, ranging in price from $338,000. to $1,250,000., with the average asking price being $551,670. There have been 46 sales since June of this year, with the average selling price being $446,691. and the average cost per square foot being $661. The least expensive sale price so far this year was for $292,500. in July and the most expensive was for $1,200,000. in May. With 24 properties currently for sale and 7 sales in September, there is a 3 & 1/2 month supply of homes.
DOWNTOWN (East of Burrard, North of Pacific)
In the area defined as downtown, there are currently 189 active one-bedroom properties for sale, ranging in price from $220,000. to $1,198,000., with the average asking price being $439,668. There have been 396 sales since June of this year, with the average selling price being $380,734. and the average cost per square foot being $617. The least expensive sale price so far this year was for $162,000. in May and the most expensive was for $940,000. in June. With 189 properties currently for sale and 57 sales in September, there is a 3 month supply of homes.
According to Bell Alliance, there is actually little variation in pricing from one firm to another, although sometimes there appears to be based on how the pricing is presented. When buying a home, legal fees and disbursements usually range between $900. & $1,100. When selling a home, legal fees and disbursements usually range between $600. & $750. Talk to your lawyer or notary public for more information.
There is a Property Transfer Tax payable based on 1% on the first $200,000 and 2% on the balance, unless the buyer qualifies for the first time buyer’s exemption. GST, and HST as of July 2010, is payable on new construction and substantially renovated properties. There is a partial rebate available for properties under $450,000.
The Harmonized Sales Tax, a.k.a. the new BC HST, is 12% tax applicable to most goods and services, including new homes, real estate, and property. It is the combination of the GST (5%) and PST (7%). Currently new homes are subject to GST in which first time home buyers can receive GST rebates. This GST will be replaced with the higher 12% HST, a 7% difference in taxes on the total purchase price of a new home or property. The government is promising to rebate the province’s share of the HST on new homes up to $400,000, with a flat $20,000. rebate on homes over that price. BC also charges a property transfer tax of 1% on the first $200,000. and 2% on the balance of the purchase price.
North Vancouver
In North Vancouver there are currently 93 active one-bedroom properties for sale, ranging in price from $224,500. to $677,000., with the average asking price being $341,670. There have been 127 sales since July of this year, with the average selling price being $323,928. and the average cost per square foot being $472. The least expensive sale price so far this year was for $149,000. in June and the most expensive was for $710,000. in July. With 93 properties currently for sale and 47 sales in September, there is a 2 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 35 active one-bedroom properties for sale, ranging in price from $225,000. to $454,000., with the average asking price being $324,400. There have been 59 sales since July of this year, with the average selling price being $346,155. and the average cost per square foot being $510. The least expensive sale price so far this year was for $160,000. in June and the most expensive was for $462,500. in August. With 35 properties currently for sale and 28 sales in September, there is a 1 month supply of homes.
The Pier
In The Pier there are currently 3 active one-bedroom properties for sale, ranging in price from $438,000. to $454,000., with the average asking price being $443,333. There have been 10 sales since July of this year, with the average selling price being $433,290. and the average cost per square foot being $619. The least expensive sale price so far this year was for $346,000. in May and the most expensive was for $462,500 in August. With 3 properties currently for sale and 6 sales in September, there is a 1/2 month supply of homes.
North Vancouver
In North Vancouver there are currently 196 active two-bedroom properties for sale, ranging in price from $250,000. to $1,650,000., with the average asking price being $544,826. There have been 157 sales since July of this year, with the average selling price being $444,949. and the average cost per square foot being $444. The least expensive sale price so far this year was for $170,000. in January and the most expensive was for $1,465,000. in July. With 196 properties currently for sale and 42 sales in September, there is a 4 & 1/2 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 47 active two-bedroom properties for sale, ranging in price from $250,000. to $899,000., with the average asking price being $492,921. There have been 49 sales since July of this year, with the average selling price being $491,052. and the average cost per square foot being $466. The least expensive sale price so far this year was for $198,000. in May and the most expensive was for $1,465,000. in July. With 47 properties currently for sale and 14 sales in September, there is a 3 & 1/2 month supply of homes.
The Pier
In The Pier there are currently 9 active two-bedroom properties for sale, ranging in price from $515,000. to $899,000., with the average asking price being $691,866. There have been 7 sales since July of this year, with the average selling price being $581,700. and the average cost per square foot being $570. The least expensive sale price so far this year was for $470,000. in May and the most expensive was for $820,000. in April. With 9 properties currently for sale and 3 sales in September, there is a 3 month supply of homes.
WEST VANCOUVER
In West Vancouver there are currently 52 active two-bedroom properties for sale, ranging in price from $448,500. to $7,950,000., with the average asking price being $983,114. There have been 39 sales since June of this year, with the average selling price being $704,237. and the average cost per square foot being $566. The least expensive sale price so far this year was for $290,000. in August and the most expensive was for $2,126,250. in April. With 52 properties currently for sale and 14 homes selling per month on average through September, there is currently a 3 & 1/2 month supply of homes.
AMBLESIDE
In Ambleside there are currently 24 active two-bedroom properties for sale, ranging in price from $448,500. to $2,250,000., with the average asking price being $847,095. There have been 19 sales since June of this year, with the average selling price being $641,000. and the average cost per square foot being $537. The least expensive sale price so far this year was for $290,000. in August and the most expensive was for $1,380,000. in February. With 24 properties currently for sale and 3.5 homes selling per month on average through August, there is currently a 7 month supply of homes.
DUNDARAVE
In Dundarave there are currently 12 active two-bedroom properties for sale, ranging in price from $549,000. to $7,950,000., with the average asking price being $990,125. There have been 10 sales since June of this year, with the average selling price being $675,700. and the average cost per square foot being $605. The least expensive sale price so far this year was for $416,000. in July and the most expensive was for $1,375,000. in April. With 12 properties currently for sale and 3 homes selling per month on average through August, there is currently a 4 month supply of homes.
Vancouver, BC – October 15, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 68 per cent to 8,576 units in September compared to the same month last year. The average MLS® residential sales price in the province climbed 15 per cent to $474,169 from $412,149 in September 2008.
Whenever a natural disaster is broadcast on the news—whether a tropical storm in the East or wildfires in the West – it serves as a reminder of how hazardous water, wind, fire and earth movement can be to your home, perhaps your most cherished and largest investment. But there are immediate actions you can take to protect your property and prevent major damage should one of these elements strike in the future. Depending on the age of your home and the building codes in your area, some of these improvements may already be in place. Some things you can do include sealing cracks in your foundation, installing a spark arrestor in your chimney, securing hanging items to permanent structures, etc. Read my latest newsletter here.
There are currently 278 detached properties for sale in North Vancouver, ranging in price from $510,000. to $6,500,000., with the average asking price coming in at $1,127,387. There have been 320 sales since July, with the average selling price being $937,476. The lowest sale price achieved so far this year was for $370,000. in March. The highest sale price achieved so far this year was for $4,325,000. in September. With 278 homes currently for sale and 112 sales in September, there is a 2 & 1/2 month supply of homes.
There are currently 47 detached properties for sale in the Edgemont Village Area (Canyon Heights, Forest Hills & Capilano Highlands), ranging in price from $629,000. to $2,489,000., with the average asking price coming in at $1,289,676. There have been 45 sales since July, with the average selling price being $1,139,495. The lowest sale price achieved so far this year was for $580,000. in March. The highest sale price achieved so far this year was for $2,825,000. in September. With 47 homes currently for sale and 18 sales in September, there is a 2 & 1/2 month supply of homes.
There are currently 15 detached properties for sale in Capilano Highlands , ranging in price from $775,000. to $2,489,000., with the average asking price coming in at $1,215,660. There have been 15 sales since July, with the average selling price being $1,215,679. The lowest sale price achieved so far this year was for $651,500. in January. The highest sale price achieved so far this year was for $2,825,000. in September. With 15 homes currently for sale and 9 sales in September, there is a 1 & 1/2 month supply of homes.
WEST VANCOUVER
In West Vancouver there are currently 27 active one-bedroom properties for sale, ranging in price from $219,000. to $799,000., with the average asking price being $418,761. There have been 13 sales since June of this year, with the average selling price being $418,761. and the average cost per square foot being $507. The least expensive sale price so far this year was for $250,000. in January and the most expensive was for $620,000. in May. With 27 properties currently for sale and an average of 3 homes selling per month through September, there is currently a 9 month supply of homes.
AMBLESIDE
In Ambleside there are currently 7 active one-bedroom properties for sale, ranging in price from $239,900. to $499,000., with the average asking price being $371,316. There have been 6 sales since June of this year, with the average selling price being $371,316. and the average cost per square foot being $481. The least expensive sale price so far this year was for $250,000. in January and the most expensive was for $615,000. in March. With 7 properties currently for sale and an average of 3 homes selling every 2 months through September, there is currently a 4 month supply of homes.
DUNDARAVE
In Dundarave there are currently 14 active one-bedroom properties for sale, ranging in price from $259,000. to $799,000., with the average asking price being $556,092. There have been 4 sales since June of this year, with the average selling price being $450,000. and the average cost per square foot being $565. The least expensive sale price so far this year was for $380,000. in February and the most expensive was for $620,000. in May. With 10 properties currently for sale and an average of 3 homes selling every 4 months through September, there is currently an 18 month supply of homes.
There are currently 422 detached properties for sale in West Vancouver, ranging in price from $669,000. to $30,000,000., with the average asking price coming in at $2,535,862. There have been 235 sales since July, with the average selling price being $1,751,042. The lowest sale price achieved so far this year was for $550,000. in March. The highest sale price achieved so far this year was for $5,800,000. in August. With 422 homes currently for sale and 74 sales in September, there is a 6 month supply right now.
There are currently 49 detached properties for sale in Ambleside, ranging in price from $868,126. to $3,895,000., with the average asking price coming in at $1,623,483. There have been 42 sales since July, with the average selling price being $1,481,996. The lowest sale price achieved so far this year was for $765,000. in March. The highest sale price achieved so far this year was for $3,950,000. in July. With 49 homes currently for sale and 22 sales in September, there is a 2 month supply of homes right now.
There are currently 26 detached properties for sale in Dundarave, ranging in price from $1,088,000. to $10,980,000., with the average asking price coming in at $2,506,907. There have been 17 sales since July, with the average selling price being $2,065,126. The lowest sale price achieved so far this year was for $850,000. in March. The highest sale price achieved so far this year was for $5,075,000. in June. With 26 homes currently for sale and 8 sales in September, there is a 3 month supply of homes.
There will be some adjustments between the buyer and seller when a property is purchased. For instance, the seller will most likely have already paid their property taxes for the year. The buyer only has to pay from the time of possession until the end of the year and the seller will get back what has already been paid in advance, from possession date until the end of the year. It is the same with strata maintenance fees, but these are on a monthly basis. Once again, each is only responsible for the time he or she is in possession.
West Vancouver is getting a private ferry service which will take passengers from the 14th St Pier to the foot of Bute Street in downtown Vancouver. Six sailings are expected to run Monday to Friday, split between two rush-hour shifts, with a total one-way trip time of approximately 15 minutes. The morning sailings are tentatively scheduled for 7:30, 8 and 8:30 a.m. and the afternoon sailings for 4:30, 5 and 5:30 p.m. The cost for the ferry ride would be $5 one-way and $9 round trip. A special introductory fee of $4 one-way and $7 round trip would be in effect for the first month of operation. I’m excited!
Preliminary approval has been granted for a fish and chips stand at Ambleside Landing, which you will find at the foot of 14th St in West Vancouver. I’ve heard rumours that it will be something like the fish shack you can find at Granville Island and may even be run by the same people. This is another step forward in the revitalization of the Ambleside area. If you live out of area, a great date would be to leave Coal Harbour on the last commuter ferry of the day, land at the 14th St Pier, have some fish and chips, peruse the latest offerings at the art gallery and then take a nice stroll on the sea wall. Beautiful!
Here is what the fish shack looks like at Granville Island.
Today I had the opportunity to interview West Vancouver’s Assistant Fire Chief Martin Ernst, who took the time to share some tips for everyone to have a safe and enjoyable Halloween. Enjoy!
VANCOUVER, B.C. – November 3, 2009 – Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year.
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.
“High confidence and low mortgage rates are continuing to drive the activity we’re seeing in the housing market today,” Russell said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,977 in October 2009. This represents a 2.3 per cent increase compared to October 2008 when 4,867 new units were listed, and a 13.4 per cent decline compared to September 2009 when 5,764 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 12,084, the total number of property listings on the MLS® decreased 4.1 per cent in October compared to last month and declined 37 per cent from this time last year.
Sales of detached properties increased 201.6 per cent to 1,487 from the 493 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 7.7 per cent from October 2008 to $749,808.
Sales of apartment properties in October 2009 increased 148.4 per cent to 1,607, compared to 647sales in October 2008. The benchmark price of an apartment property increased 6.3 per cent from October 2008 to $380,975.
Attached property sales in October 2009 are up 172.3 per cent to 610, compared with the 224 sales in October 2008. The benchmark price of an attached unit increased 4.6 per cent between Octobers 2008 and 2009 to $468,798.
New York City 10,194
Toronto 3,939 Vancouver 735.6
British Columbia 4.4
Canada 3.5
Source: Greater Vancouver Regional Development
The Dixie Chicks sing of “wide open spaces” and it certainly is that over here. New York City is almost 14 times as crowded as Vancouver. I love it here!
Strong demand has led to a steady rise in Greater Vancouver home
prices compared to last year. 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. Read the full article and get the latest statistics here.
North Vancouver
In North Vancouver there are currently 83 active one-bedroom properties for sale, ranging in price from $224,500. to $677,000., with the average asking price being $340,350. There have been 115 sales since August of this year, with the average selling price being $329,903. and the average cost per square foot being $480. The least expensive sale price so far this year was for $149,000. in June and the most expensive was for $710,000. in July. With 83 properties currently for sale and 33 sales in October, there is a 2 & 1/2 month supply of homes.*
Lower Lonsdale
In Lower Lonsdale there are currently 31 active one-bedroom properties for sale, ranging in price from $239,500. to $454,000., with the average asking price being $342,010. There have been 64 sales since August of this year, with the average selling price being $339,846. and the average cost per square foot being $500. The least expensive sale price so far this year was for $160,000. in June and the most expensive was for $462,500. in August. With 31 properties currently for sale and 23 sales in October, there is a 1 & 1/4 month supply of homes.
The Pier
In The Pier there are currently 4 active one-bedroom properties for sale, ranging in price from $380,000. to $454,000., with the average asking price being $427,975. There have been 9 sales since August of this year, with the average selling price being $431,555. and the average cost per square foot being $619. The least expensive sale price so far this year was for $346,000. in May and the most expensive was for $462,500 in August. With 4 properties currently for sale and 1 sale in October, there is a 4 month supply of homes.
*Absorption Rate: A supply of under 3 months represents a “Seller’s Market.” A supply of over 6 months represents a “Buyer’s Market.”
WEST VANCOUVER
In West Vancouver there are currently 47 active two-bedroom properties for sale, ranging in price from $429,000. to $7,950,000., with the average asking price being $1,061,302. There have been 31 sales since August of this year, with the average selling price being $797,927. and the average cost per square foot being $579. The least expensive sale price so far this year was for $290,000. in August and the most expensive was for $2,126,250. in April. With 47 properties currently for sale and 9.4 homes selling per month on average through October, there is currently a 5 month supply of homes.
AMBLESIDE
In Ambleside there are currently 21 active two-bedroom properties for sale, ranging in price from $429,000. to $2,250,000., with the average asking price being $852,690. There have been 15 sales since August of this year, with the average selling price being $679,200. and the average cost per square foot being $555. The least expensive sale price so far this year was for $290,000. in August and the most expensive was for $1,380,000. in February. With 21 properties currently for sale and 3.8 homes selling per month on average through October, there is currently a 5 & 1/2 month supply of homes.
DUNDARAVE
In Dundarave there are currently 14 active two-bedroom properties for sale, ranging in price from $549,000. to $7,950,000., with the average asking price being $1,140,000. There have been 3 sales since August of this year, with the average selling price being $651,166. and the average cost per square foot being $629. The least expensive sale price so far this year was for $416,000. in July and the most expensive was for $1,375,000. in April. With 14 properties currently for sale and 2.7 homes selling per month on average through October, there is currently a 5 month supply of homes.
Perfectly Sized – almost 2300 square feet
Posted by mikegiesbrecht 
Posted by mikegiesbrecht 
Posted by mikegiesbrecht 
