There are currently 478 single family homes for sale in West Vancouver ranging in price from $729,000 for a 3 bedroom home on Passage Island to $39,000,000 for an 11 bedroom, 29,770 square foot mansion on a 5.44 acre lot at 2190 Camelot Road.
There have been 325 sales since June 1st, with the average sale price during that time coming in at $2,344,259 and the median sale price being $1,930,000. The least expensive sale price so far this year was for a 3-bedroom west coast contemporary in Lions Bay for a little under $630,000 and the most expensive so far this year was for a 6-bedroom, 10,000 square foot beauty in Caulfeild with stunning views, for a little under $11,000,000.
With 478 West Vancouver homes currently for sale and taking into account 69 sales last month, there is currently a 7 month supply of homes, meaning the Absorption Rate is 7.0. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of West Vancouver overall and one would want to drill down a little deeper in individual neighbourhoods where one was interested in purchasing.
Number of Bedrooms in Current West Vancouver Homes For Sale:
There are 0 one (1) bedroom homes
There are 17 two (2) bedroom homes
There are 107 three (3) bedroom homes
There are 172 four (4) bedroom homes
There are 108 five (5) bedroom homes
There are 56 six (6) bedroom homes
There are 10 seven (7) bedroom homes
There are 2 eight (8) bedroom homes
There are 1 nine (9) bedroom homes
There are 0 ten (10) bedroom homes
There are 0 eleven (11) bedroom homes
There are currently 33 homes priced under $1 million in West Vancouver.
West Vancouver Homes For Sale By Community:
Altamont – 17 homes for sale
Ambleside – 49
Bayridge – 19
British Properties – 61
Canterbury – 9
Caulfeild – 34
Cedardale – 6
Chartwell – 14
Chelsea Park – 4
Cypress – 10
Cypress Park Estates – 14
Deer Ridge – 1
Dundarave – 27
Eagle Harbour – 27
Eagleridge – 6
Furry Creek – 16
Gleneagles – 11
Glenmore – 16
Horseshoe Bay – 7
Howe Sound – 12
Lions Bay – 33
Olde Caulfeild – 3
Panorama Village – 1
Park Royal – 4
Queens – 14
Rockridge – 4
Sandy Cove – 3
Sentinel Hill – 12
Upper Caulfeild – 2
West Bay – 11
Westhill – 6
Westmount – 16
Whitby Estates – 5
Whytecliff – 6
.
There are currently 127 condominium apartment homes for sale in West Vancouver ranging in price from $235,000 for a 459 square foot studio in Ambleside to $7,800,000 for a 4 bedroom, 4,811 square foot penthouse in Dundarave.
There have been 88 sales since May 1st, with the average sale price for a 1-bedroom during that time coming in at $536,659 and the median sale price at $575,000. For 2-bedrooms, the average sale price was $1,402,327 and the median sale price was $1,065,000. The least expensive sale price so far this year for a 1-bedroom was for a 431 square foot renovated suite with mountain views for under $235,000 and the most expensive so far this year was for an 1,100 square foot home with ocean views in a newer building in Dundarave for the mid 800’s. The least expensive sale price so far this year for a 2-bedroom was for a 728 square foot home in an older building in Ambleside for $360,000 and the most expensive so far this year was for a 2,400 square foot Dundarave home with sweeping ocean views and exquisite finishings for $5,000,000.
With 23 West Vancouver 1-bedroom condos currently for sale and taking into account 6 sales last month, there is currently a 4 month supply of homes, meaning the absorption rate is 4.0. With 73 West Vancouver 2-bedroom homes for sale and taking into account 15 sales last month, there is currently a 5 month supply of those homes, with an Absorption Rate of 5.0. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an Absorption Rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of condos in West Vancouver overall and one would want to drill down deeper in individual neighbourhoods where one was interested in purchasing.
Number of Bedrooms in Current West Vancouver Condominium Homes For Sale:
There are 4 studio homes
There are 23 one (1) bedroom homes
There are 73 two (2) bedroom homes
There are 21 three (3) bedroom homes
There is 6 four (4) bedroom homes
There are currently 24 two-bedroom homes priced under $750,000 in West Vancouver and 13 one-bedroom homes priced under $400,000.
West Vancouver Condominium Homes For Sale By Community:
Altamont – 1 home for sale
Ambleside – 40
Bayridge – 0
British Properties – 0
Canterbury – 0
Caulfeild – 0
Cedardale – 2
Chartwell – 0
Chelsea Park – 1
Cypress – 0
Cypress Park Estates – 9
Deer Ridge – 2
Dundarave – 21
Eagle Harbour –0
Eagleridge – 0
Furry Creek – 5
Gleneagles – 0
Glenmore – 0
Horseshoe Bay – 3
Howe Sound – 0
Lions Bay – 1
Olde Caulfeild – 0
Panorama Village – 8
Park Royal – 13
Queens – 0
Rockridge – 0
Sandy Cove – 0
Sentinel Hill – 0
Upper Caulfeild – 0
West Bay – 0
Westhill – 0
Westmount – 0
Whitby Estates – 5
Whytecliff – 0
There are currently 450 single family homes for sale in West Vancouver ranging in price from $729,000 for a 3 bedroom home on Passage Island to $39,000,000 for an 11 bedroom, 29,770 square foot mansion on a 5.44 acre lot at 2190 Camelot Road.
There have been 372 sales since May 1st, with the average sale price during that time coming in at $2,259,819 and the median sale price being $1,865,000. The least expensive sale price so far this year was for a 3-bedroom west coast contemporary in Lions Bay for a little under $630,000 and the most expensive so far this year was for a 6-bedroom, 10,000 square foot beauty in Caulfeild with stunning views, for a little under $11,000,000.
With 450 West Vancouver homes currently for sale and taking into account 92 sales last month, there is currently a 5 month supply of homes, meaning the Absorption Rate is 5.0. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of West Vancouver overall and one would want to drill down a little deeper in individual neighbourhoods where one was interested in purchasing.
Number of Bedrooms in Current West Vancouver Homes For Sale:
There are 0 one (1) bedroom homes
There are 15 two (2) bedroom homes
There are 106 three (3) bedroom homes
There are 147 four (4) bedroom homes
There are 99 five (5) bedroom homes
There are 60 six (6) bedroom homes
There are 14 seven (7) bedroom homes
There are 3 eight (8) bedroom homes
There are 2 nine (9) bedroom homes
There are 0 ten (10) bedroom homes
There are 0 eleven (11) bedroom homes
There are currently 29 homes priced under $1 million in West Vancouver.
West Vancouver Homes For Sale By Community:
Altamont – 15 homes for sale
Ambleside – 39
Bayridge – 14
British Properties – 52
Canterbury – 5
Caulfeild – 24
Cedardale – 7
Chartwell – 18
Chelsea Park – 5
Cypress – 9
Cypress Park Estates – 13
Deer Ridge – 1
Dundarave – 21
Eagle Harbour – 27
Eagleridge – 11
Furry Creek – 18
Gleneagles – 15
Glenmore – 18
Horseshoe Bay – 8
Howe Sound – 12
Lions Bay – 34
Olde Caulfeild – 3
Panorama Village – 1
Park Royal – 4
Queens – 9
Rockridge – 7
Sandy Cove – 6
Sentinel Hill – 10
Upper Caulfeild – 1
West Bay – 12
Westhill – 9
Westmount – 14
Whitby Estates – 5
Whytecliff – 6
On June 24, the federal government instituted rule changes related to new applications under the Federal Immigrant Investor Program (IIP), the Federal Skilled Worker Program (FSW) and the Federal Entrepreneur Program. The changes are as follows:
•Federal Entrepreneur Program: A temporary moratorium on new applications.
•Federal Immigrant Investor Program (IIP): A cap of 700 new IIP applications will be considered for processing each year.
•Federal Skilled Worker Program (FSW): A cap of 10,000 new FSW applications, without an offer of arranged employment, will be considered for processing each year. Within the 10,000 cap, a maximum of 500 new applications per occupation will be considered each year.
BC, and Vancouver in particular, has been one of the primary recipients of immigrants under the IIP, accounting for half of total Canadian investor class immigration. From 2005 to 2010, over 30,000 investor class immigrants have located in BC, an average of about 5,000 per year. This number relates to roughly 2,000 households per year.
Implications:
The Government’s stated reason for instituting the application cap is to reduce a backlog in applications and to shorten wait times. In 2010 there were 3,223 applications approved under the IIP and the government has indicated that it has received applications well in excess of that number in recent years, creating a large backlog of applications. It has not indicated that it wishes to lower the number of immigrants processed under the IIP, but simply to reduce the current backlog.
Therefore, as old applications are still being processed, the implementation of the new rules may not have an impact on the number of immigrants entering under the IIP and therefore may not have a material impact on BC housing markets.
There are currently 13 single family homes for sale in Sentinel Hill, ranging in price from $1,348,000 for a 3-bedroom home at 1004 Jefferson to $5,525,000. for a 5-bedroom, 7,500 square foot mansion at 888 Sentinel Hill.
There have been 13 sales since April 1st, with the average sale price during that time coming in at $1,208,153 and the median sale price being $1,170,000. The least expensive sale price so far this year was for a 3-bedroom rancher on Taylor Way for a little under $850,000 and the most expensive so far this year was for a 4-bedroom, 6,000 square foot beauty on Anderson with nice ocean views, for a little under $3.9 million.
With 13 Sentinel Hill homes currently for sale and taking into account an average of 4 sales per month over the last 3 months, there is currently a 3 month supply of homes, meaning the Absorption Rate is 3. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers.
Price Range of Current Sentinel Hill Homes For Sale: There are currently 4 homes priced under $1.5 million in Sentinel Hill.
$ 1 – 1.1 million – 0
$ 1.1 – 1.2 million – 0
$ 1.2 – 1.3 million – 0
$ 1.3 – 1.4 million – 2
$ 1.4 – 1.5 million – 2
$ 1.5 – 1.75 million – 4
$ 1.75 – 2.0 million – 1
$ 2.0 – 2.5 million – 2
$ 2.5 – 3.0 million – 1
$ 3.0 – 4.0 million – 0
$ 4.0 – 5.0 million – 0
$ 5.0 – 6.0 million – 1
$ 6.0 – 7.0 million – 0
$ 7.0 – 10.0 million – 0
> $10 million – 0
Sentinel Homes For Sale By Street:
Braeside St – 1 home for sale
Eden Pl – 1
Inglewood Ave – 2
Jefferson Ave – 4
Keith Rd – 1
Kings Ave – 1
Mathers Ave – 1
Sentinel Dr – 1
Selling your home is a complicated process. It is natural to feel overwhelmed by the magnitude of details involved, but the experience can be very manageable, and educational, when broken down into its component parts and plotted out into steps. Over the course of the next 7 weeks, I will be touching on 7 common pitfalls encountered during the home-selling process. Here is the 1st:
Faulty Pricing
It is essential you determine the asking price of your home based on its market value. Too many times home-sellers let emotions or needs influence their asking price, drawing from numbers based on the price paid for the house originally, or the amount of money they’ve invested in the home. This mistake may prove to be a costly one. If your home is priced significantly higher than what the market is bearing at the time, prospective buyers interested in your style of home will reject it for larger homes listed at the same price. And, those buyers who do see your house may have significantly higher expectations than what you have to offer. Ironically, over-pricing your home actually increases the chances that your home will sell for less than it is worth. Driving prospective buyers away will increase the amount of time your home stays on the market, which raises an additional red flag for buyers. They become wary of the reasons your home has not sold, thinking, “If no one else has bought it, there must be something wrong with it.” The bottom line: price it correctly, and they will come.
Be vigilant, too, of pricing your home too low: a lack of market value awareness could result in selling your home for much less than it’s worth.
WEST SIDE
On the West Side of Vancouver there are currently 1010 active two-bedroom properties for sale, ranging in price from $235,000. to $8,350,000., with the average asking price being $1,022,454. There have been 549 sales since April, with the average selling price being $764,507 and the average cost per square foot being $691. The median sale price during this period is $620,000. The least expensive sale price so far this year was for $287,500. in June and the most expensive was for $5,600,000. in April. With 1010 properties currently for sale and with 148 sales last month, there is currently a 7 months supply of homes, an absorption rate of 7. The absorption rate is the ability of the real estate market to absorb or sell all of the homes for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers.
KITSILANO
In Kitsilano there are currently 58 active two-bedroom properties for sale, ranging in price from $382,000. to $939,900., with the average asking price being $613,310. There have been 48 sales since April, with the average selling price being $567,651. and the average cost per square foot being $609. The median sale price during this period is $544,000. The least expensive sale price so far this year was for $355,000. in March and the most expensive was for $1,188,000. in April. With 58 properties currently for sale and with 17 sales last month, there is currently a 3 & 1/2 months supply of homes, an absorption rate of 3.5.
FAIRVIEW
In Fairview there are currently 72 active two-bedroom properties for sale, ranging in price from $330,000. to $1,499,000., with the average asking price being $703,611. There have been 62 sales since April, with the average selling price being $622,792. and the average cost per square foot being $603. The median sale price during this period is $599,500. The least expensive sale price so far this year was for $303,000. in February and the most expensive was for $2,725,000. in March. With 72 properties currently for sale and with 20 sales last month, there is currently a 3 & 1/2 months supply of homes, an absorption rate of 3.5.
WEST SIDE
On the West Side of Vancouver there are currently 704 active one-bedroom properties for sale, ranging in price from $169,000. to $1,298,000., with the average asking price being $435,143. There have been 537 sales since April, with the average selling price being $411,688 and the average cost per square foot being $624. The median sale price during this period is $401,750. The least expensive sale price so far this year was for $148,500. in June and the most expensive was for $1,500,000. in May. With 704 properties currently for sale and with 152 sales last month, there is currently a 4 & 1/2 month supply of homes, an absorption rate of 4.5. The absorption rate is the ability of the real estate market to absorb or sell all of the homes for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers.
KITSILANO
In Kitsilano there are currently 74 active one-bedroom properties for sale, ranging in price from $279,000. to $609,000., with the average asking price being $408,135. There have been 52 sales since April, with the average selling price being $402,770. and the average cost per square foot being $600. The median sale price during this period is $395,000. The least expensive sale price so far this year was for $275,000. in January and the most expensive was for $615,000. in February. With 74 properties currently for sale and with 18 sales last month, there is currently a 4 month supply of homes, an absorption rate of 4.
FAIRVIEW
In Fairview there are currently 56 active one-bedroom properties for sale, ranging in price from $225,000. to $688,000., with the average asking price being $387,021. There have been 65 sales since September, with the average selling price being $389,323. and the average cost per square foot being $569. The median sale price during this period is $385,500. The least expensive sale price so far this year was for $185,000. in January and the most expensive was for $539,000. in May. With 56 properties currently for sale and with 13 sales last month, there is currently a 4 month supply of homes, an absorption rate of 4.
There are currently 433 condominium apartment homes for sale in North Vancouver ranging in price from $156,500 for a 545 square foot studio in a Central Lonsdale co-op, to $2,498,000 for a 3 bedroom, 1,700 square foot view home in Lower Lonsdale.
There have been 241 sales since April 1st, with the average sale price for a 1-bedroom during that time coming in at $316,565 and the median sale price coming in at $313,5000. For 2-bedroom homes, the average sale price was $454,103 and the median sale price was $429,900. The least expensive sale price so far this year for a 1-bedroom was for a 700 square foot home in a Central Lonsdale co-op for $155,000 and the most expensive so far this year was for a 1,200 square foot home with nice views of Capilano River Canyon for $620,000. The least expensive sale price so far this year for a 2-bedroom was for a 1,000 square foot home in Lynnmour’s Edgewater Estates for $193,500 and the most expensive so far this year was for a 1,300 square foot penthouse home in Central Lonsdale, with beautiful ocean views and a hot tub on the deck, for $1,255,000.
With 187 North Vancouver 1-bedroom condos currently for sale and taking into account 38 sales last month, there is currently a 5 month supply of homes, meaning the Absorption Rate is 5. With 215 North Vancouver 2-bedroom condos for sale and taking into account 48 sales last month, there is currently a 4 & ½ month supply of those homes as well, an Absorption Rate of 4.5. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an Absorption Rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of condos in North Vancouver overall and one would want to drill down deeper in individual neighbourhoods where one was interested in purchasing.
Number of Bedrooms in Current North Vancouver Condominium Homes For Sale:
There are 15 studio homes
There are 187 one (1) bedroom homes
There are 215 two (2) bedroom homes
There are 16 three (3) bedroom homes
There are 0 four (4) bedroom homes
There are currently 76 two-bedroom homes priced under $400,000 in North Vancouver and 85 one-bedroom homes priced under $300,000.
North Vancouver Condominium Homes For Sale By Community:
Blueridge – 3 homes for sale
Boulevard – 0
Braemar – 0
Calverhall – 0
Canyon Heights – 0
Capilano Highlands – 3
Capilano – 1
Central Lonsdale – 92
Deep Cove – 3
Delbrook – 1
Dollarton – 0
Forest Hills – 0
Grouse Woods – 0
Hamilton – 17
Hamilton Heights – 0
Indian Arm – 0
Indian River – 2
Lower Lonsdale – 167
Lynn Valley – 14
Lynnmour – 11
Norgate – 21
Northlands – 2
Pemberton Heights – 11
Pemberton – 31
Princess Park – 0
Queensbury – 0
Roche Point – 40
Seymour – 0
Tempe – 0
Upper Delbrook – 0
Upper Lonsdale – 10
Westlynn – 2
Westlynn Terrace – 0
Windsor Park – 2
Woodlands – Sunshine – Cascade – 0
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!
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
8) Perfectly Sized – almost 2300 square feet
9) Affordable – $379,000.
10) Just Over an Hour Away from Vancouver
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.”
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.”
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.”
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 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.
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.
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.
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.
There are currently 259 detached properties for sale in West Vancouver, ranging in price from $785,000. to $30,000,000., with the average asking price coming in at $2,713,671. There have been 168 sales since October 2009, with the average selling price being $1,694,036. The lowest sale price achieved last year was for $550,000. in March. The highest sale price achieved last year was for $10,650,000. in October. With 259 homes currently for sale and with an average of 58 homes selling per month last year, there is currently a 4 & 1/2 month supply of homes.
There are currently 29 detached properties for sale in Ambleside, ranging in price from $960,000. to $5,892,000., with the average asking price coming in at $1,871,543. There have been 28 sales since October 2009, with the average selling price being $1,325,656. The lowest sale price achieved last year was for $765,000. in March. The highest sale price achieved last year was for $3,950,000. in July. With 29 homes currently for sale and with an average 10 homes selling per month last year, there is currently a 3 month supply of homes.
There are currently 13 detached properties for sale in Dundarave, ranging in price from $1,135,000. to $10,980,000., with the average asking price coming in at $1,997,909. There have been 16 sales since October 2009, with the average selling price being $1,717,728. The lowest sale price achieved last year was for $850,000. in March. The highest sale price achieved last year was for $10,650,000. in June. With 13 homes currently for sale and with an average of 5 homes selling per month last year, there is currently a 2 & 1/2 month supply of homes.
If you own a home in BC, your 2009 property assessment is probably in the mail, but if you’d like to find out sooner where you stand, you can log on to http://www.bcassessment.bc.ca, click the hyperlink on the left that says evalue-BC-Compare Assessments Online, read the terms of agreement and then key in your address. Some things to note about assessments:
1. The figure is based on an estimated value as of July 1, 2009. The value of your home will most likely have fluctuated one way or the other since then.
2. Assessed value is not the same as market value. The assessed value is the valuation placed on a property by a public tax assessor for purposes of taxation. Fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
3. There is a relationship between assessed value and market value. Sometimes it is 1:1, but most often it is not.
4. If your home’s assessed value has gone up considerably, you will want to make sure that it is in line with similar properties in your neighbourhood.
I’m looking forward to checking out these new Vancouver hotel that are all opening this month.
Fairmont Pacific Rim Hotel – end of January
Coast Coal Harbour Hotel – January 15th
Pinnacle Hotel at the Pier (Lower Lonsdale) – January 15th
Looking forward to checking out all of these new hotels!
I have friends and clients who have recently bought homes at The Pier and now will finally be able to use the fitness facilities at the hotel. Yeah!!
If you are considering buying a home that was a former marijuana growing operation, proceed with caution. There may be a deal here, but you may have to address:
- surface damage to flooring
- mould
- electrical problems
- rotten wood
- compromised HVAC system
- foundation problems
- envriomental damage
- the fact that people may still think the home is a place to acquire pot
- and many more issues
One way to charge more is to deliver less. I don’t know if you look closely at yogurt containers but 750 g was the standard and now it’s 650 g. Did the price go down? Nope. The containers are virtually identical, there’s just less in there. So the yogurt companies are really charging more for yogurt than they were before, but they have been a little sneaky about it. Why not just keep the same container and charge more?
There are some who think realtors all deliver the same service and thus go with the cheapest one. Anyone who has been involved in a number of transactions with different realtors should know that there are varying levels of value brought to the table. Ask your realtor what value they offer and compare that to what others say. In the same way that I look closely at yogurt containers, I encourage you to look closely at what value your realtor is offering. Don’t get caught working with someone who is charging more by delivering less.
The post today doesn’t really have a real estate component to it but I’m writing it because I care about the people reading it, many of whom are clients with whom I do real estate. Being the New Year and all, there is lots of talk about making healthier food choices. I have been slow to get on the “Organic Train,” but I found this article in the January issue of Men’s Health and it got me thinking. The article makes reference to the Environmental Working Group which states that you can reduce your pesticide exposure by nearly 80 percent simply by choosing organic versions of the 12 fruits and vegetables shown in its tests to contain the highest pesticide load. It’s called the Dirty Dozen and in order of pesticide load, they are:
- peaches
- apples
- bell peppers
- celery
- nectarines
- strawberries
- cherries
- kale
- lettuce
- imported grapes
- carrots
- pears
I am making a list, putting it in my glove compartment and will be taking it with me when I go grocery shopping for now on.
In keeping with my previous post and referencing the same article, there is a group of conventionally grown fruits and vegetables with the least pesticide residue and here is the list:
- onions
- avocados
- sweet corn
- pineapples
- mangoes
- asparagus
- sweet peas
- kiwis
- cabbages
- eggplants
- papayas
- watermelons
- broccoli
- tomatoes
- sweet potatoes
This too will become a list for my glove compartment.
Vancouver, BC – January 12, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 132 per cent to 5,703 units in December compared to the same month last year. More homes were sold last month than in any December on record except 1989 when 6,014 units were sold.
WEST VANCOUVER
In West Vancouver there are currently 26 active one-bedroom properties for sale, ranging in price from $259,000. to $1,195,000., with the average asking price being $450,576. There have been 13 sales since October of last year, with the average selling price being $410,576. and the average cost per square foot being $560. The least expensive sale price last year was for $207,500. in October and the most expensive was for $747,500. in October as well. With 26 properties currently for sale and taking into account the average number of sales per month over the last 6 months, there is currently a 6 month supply of homes.
AMBLESIDE
In Ambleside there are currently 10 active one-bedroom properties for sale, ranging in price from $298,000. to $599,000., with the average asking price being $412,890. There have been 4 sales since October of last year, with the average selling price being $251,500. and the average cost per square foot being $368. The least expensive sale price last year was for $220,000. in October and the most expensive was for $615,000. in March. With 10 properties currently for sale and taking into account the average number of sales per month over the last 6 months, there is currently a 6 month supply of homes.
DUNDARAVE
In Dundarave there are currently 11 active one-bedroom properties for sale, ranging in price from $259,000. to $1,195,000., with the average asking price being $443,500. There have been 6 sales since October last year, with the average selling price being $450,000. and the average cost per square foot being $742. The least expensive sale price last year was for $332,000. in November and the most expensive was for $747,500. in October. With 9 properties currently for sale and taking into account the average number of sales per month over the last 6 months, there is currently an 8 month supply of homes.
Although many areas on the North Shore are favouring sellers, the one-bedroom condo market in West Vancouver is currently favouring buyers.
Vancouver finished fifth among Canadian cities for qualities that migrants look for when contemplating a move, according to a new report by the Conference Board of Canada.
The report, City Magnets: Benchmarking the Attractiveness of 50 Canadian cities, ranked 50 Canadian centres, from small cities (with a minimum population of 60,000) to big cities (population more than 450,000), using seven criteria to rate the city: society, health, economy, environment, education, innovation and housing.
Some highlights:
A-rating for attractiveness
Ranked 7th for society
Ranked 7th for environment
Ranked 3rd for education
I’ve been getting quite a bit of feedback on my beard this year, so decided to go to the internet and do a little bit of research. And I do mean little, as there are a lot more important things I need to be doing. So first of all, there are some nasty dudes who have sported beards over the course of time. Three that come to mind are Saddam Hussein, Fidel Castro and The Unibomber. But then there are some people I like that have sported beards at one time or another too: Brad Pitt, George Clooney, Socrates, the guys from ZZ Top. Two quotes stand out among the others in my research: “If you can’t trust Jesus and Santa, you have a problem.” The other one involved Abraham Lincoln. A rival once told him, “If I had a beard like yours, I’d shave.” To which Mr. Lincoln responded, “If I had a face like yours, I’d grow a beard.” Not the kindest words he ever uttered, but certainly amusing.
I have one question for you: If you wander into a store to buy a new TV or are meeting a realtor at a coffee shop do discuss your housing situation and the person standing across from you is sporting a beard, do you think any differently of him or trust him more or less, than you would otherwise?
WEST VANCOUVER
In West Vancouver there are currently 53 active two-bedroom properties for sale, ranging in price from $429,000. to $6,995,000., with the average asking price being $450,576. There have been 13 sales since October of last year, with the average selling price being $1,153,444. and the average cost per square foot being $669. The least expensive sale price last year was for $290,000. in August and the most expensive was for $2,572,500. in November. With 53 properties currently for sale and taking into account the average number of sales per month over the last 6 months, there is currently a 7 month supply of homes.
AMBLESIDE
In Ambleside there are currently 18 active two-bedroom properties for sale, ranging in price from $429,000. to $2,295,000., with the average asking price being $1,024,533. There have been 11 sales since October of last year, with the average selling price being $825,090. and the average cost per square foot being $630. The least expensive sale price last year was for $290,000. in August and the most expensive was for $1,417,000. in November. With 18 properties currently for sale and taking into account the average number of sales per month over the last 6 months, there is currently a 5 month supply of homes.
DUNDARAVE
In Dundarave there are currently 16 active two-bedroom properties for sale, ranging in price from $549,000. to $6,995,000., with the average asking price being $1,102,916. There have been 2 sales since October last year, with the average selling price being $1,175,000. and the average cost per square foot being $977. The least expensive sale price last year was for $416,000. in July and the most expensive was for $1,375,000. in April. With 16 properties currently for sale and taking into account the average number of sales per month over the last 6 months, there is currently an 14 month supply of homes.
Although many areas on the North Shore are favouring sellers, the two-bedroom condo market in West Vancouver is currently favouring buyers.
WEST END
In the West End there are currently 61 active two-bedroom properties for sale, ranging in price from $369,000. to $4,180,000., with the average asking price being $1,165,109. There have been 72 sales since October, with the average selling price being $745,336. and the average cost per square foot being $649. The least expensive sale price last year was for $295,000. in April and the most expensive was for $3,680,000. in October. With 61 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 2 & 1/2 month supply of homes.
FALSE CREEK NORTH
In the False Creek North there are currently 75 active two-bedroom properties for sale, ranging in price from $456,000. to $3,999,900., with the average asking price being $1,123,261. There have been 49 sales since October, with the average selling price being $925,187. and the average cost per square foot being $779. The least expensive sale price last year was for $360,000. in January and the most expensive was for $2,180,000. in August. With 75 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 5 month supply of homes.
COAL HARBOUR
In Coal Harbour there are currently 55 active two-bedroom properties for sale, ranging in price from $495,000. to $5,250,000., with the average asking price being $1,520,494. There have been 41 sales since October, with the average selling price being $1,623,109. and the average cost per square foot being $1020. The least expensive sale price last year was for $439,000. in February and the most expensive was for $5,400,000. in February as well. With 55 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 4 & 1/2 month supply of homes.
DOWNTOWN (East of Burrard, North of Pacific)
In the area defined as downtown, there are currently 255 active two-bedroom properties for sale, ranging in price from $299,800. to $4,190,000., with the average asking price being $775,372. There have been 190 sales since October, with the average selling price being $613,432. and the average cost per square foot being $606. The least expensive sale price last year was for $209,900. in October and the most expensive was for $3,125,000. in October. With 255 properties currently for sale and and taking into account the average number of sales per month over the last 3 months, there is currently a 4 month supply of homes.
WEST END
In the West End there are currently 59 active one-bedroom properties for sale, ranging in price from $209,000. to $1,088,000., with the average asking price being $419,421. There have been 79 sales since October, with the average selling price being $353,902. and the average cost per square foot being $565. The least expensive sale price last year was for $158,000. in August and the most expensive was for $780,000. in November. With 59 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is a 2 month supply of homes.
FALSE CREEK NORTH
In False Creek North there are currently 31 active one-bedroom properties for sale, ranging in price from $320,000. to $819,000., with the average asking price being $492,029. There have been 30 sales since October, with the average selling price being $477,877. and the average cost per square foot being $704. The least expensive sale price last year was for $280,000. in April and the most expensive was for $650,333. in May. With 31 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is a 3 month supply of homes.
COAL HARBOUR
In Coal Harbour there are currently 34 active one-bedroom properties for sale, ranging in price from $349,000. to $828,000., with the average asking price being $467,993. There have been 34 sales since October, 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 34 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is a 4 month supply of homes.
DOWNTOWN (East of Burrard, North of Pacific)
In the area defined as downtown, there are currently 221 active one-bedroom properties for sale, ranging in price from $258,000. to $1,375,000., with the average asking price being $438,678. There have been 236 sales since October, with the average selling price being $392,912. and the average cost per square foot being $624. The least expensive sale price last year was for $162,000. in May and the most expensive was for $940,000. in May. With 221 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is a 3 month supply of homes.
When you are going into multiple offers (a situation where more than one party is submitting an offer on a property that you like), you can offer the most money, the best terms, or even both. Money usually trumps everything in these situations but if you are unable or unwilling to go beyond a certain number, than make your terms as attractive as possible. Less is more here, so have less subject clauses on your contract if possible. If available, ask for all the documents (title search, property disclosure statement, meeting minutes, etc.) before submitting your offer. If everything checks out, one less subject clause. If you are going to do an inspection, have it done beforehand. There is a risk here of losing your money if you happen to be unsuccessful in your bid, but sometimes it is worth the risk. Offer early closing dates; sometimes having the funds sooner rather than later is very appealing to a seller. There are a number of other things you can do to increase your likelihood of success and I would be happy to discuss those with you another time. I would like to say too that even if you are unsuccessful, don’t lose hope. You never know what is going to happen and buyers are often unable to follow through on their commitments. You may just get a second kick at the can. Good luck!
North Vancouver
In North Vancouver there are currently 83 active one-bedroom properties for sale, ranging in price from $169,000. to $688,000., with the average asking price being $353,045. There have been 97 sales since October, with the average selling price being $326,719. and the average cost per square foot being $471. The least expensive sale price last year was for $149,000. in June and the most expensive was for $710,000. in July. With 83 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 3 month supply of homes.*
Lower Lonsdale
In Lower Lonsdale there are currently 26 active one-bedroom properties for sale, ranging in price from $219,900. to $688,000., with the average asking price being $353,822. There have been 56 sales since October, with the average selling price being $330,766. and the average cost per square foot being $481. The least expensive sale price last year was for $160,000. in June and the most expensive so far this year was for $480,000. in January. With 26 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 1 & 1/2 month supply of homes.
The Pier
In The Pier there are currently 6 active one-bedroom properties for sale, ranging in price from $335,000. to $688,000., with the average asking price being $446,813. There have been 6 sales since October, with the average selling price being $426,250. and the average cost per square foot being $637. 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 6 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 4 & 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.”
North Vancouver
In North Vancouver there are currently 173 active two-bedroom properties for sale, ranging in price from $245,000. to $1,789,000., with the average asking price being $558,136. There have been 157 sales since October, with the average selling price being $463,298. and the average cost per square foot being $476. The least expensive sale price last 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 taking into account the average number of sales per month over the last 3 months, there is currently a 3 & 1/2 month supply of homes*.
Lower Lonsdale
In Lower Lonsdale there are currently 51 active two-bedroom properties for sale, ranging in price from $279,000. to $1,789,000., with the average asking price being $573,556. There have been 48 sales since October, with the average selling price being $488,010. and the average cost per square foot being $512. The least expensive sale price last 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 taking into account the average number of sales per month over the last 3 months, there is currently a 3 & 1/2 month supply of homes.
The Pier
In The Pier there are currently 8 active two-bedroom properties for sale, ranging in price from $540,000. to $1,789,000., with the average asking price being $856,800. There have been 7 sales since October, with the average selling price being $640,685. and the average cost per square foot being $640. The least expensive sale price last year was for $470,000. in May and the most expensive was for $820,000. in April. With 8 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 3 & 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.”
Recently I thought I had found the perfect girl. I’m really only looking for two things: one, that she likes me and two, that she doesn’t want to spend any time with me. Not wanting to spend any (or very little) time with me was confirmed on the first date, but I have recently had to conclude that she doesn’t like me either. I admire her for choosing not to spend time with someone she does not like and feel there is a good lesson for business here too, particularly real estate. If you are working with a realtor whom you don’t like, work with someone else. Life is too short to be spending time with people we don’t like. Unless you are currently working with me…then you’re in it for the long haul :^) I hope you’re having a good weekend. I look forward to re-visiting this area of real estate and relationships soon.
I was in a multiple-offer situation this afternoon where 6 others realtors were representing clients who were also interested in the same property. As I was leaving the home, I heard laughter coming from the living room. Was it due to my entertaining presentation? Was it due to the offer not being exactly what they were looking for? Time will tell…
Came across a studio-townhouse while I was previewing homes this morning in North Vancouver. Around 460 square feet of living space, a nice patio and parking and storage locker as well. Two people were able to make this space work for awhile. Great way to get into the market. If you’re not in the market already, this is a good option.
This isn’t intended to be the final word on voice mail etiquette, but it is my take on it. I need to say as a bit of a preamble that I don’t think one has to answer the phone just because it is ringing. The timing may be right for the person calling, but not for the person being called.
So, here is how I operate and I welcome your feedback:
I call a friend and leave a message. It’s great if they can get back to me by the next day but there are no strings attached. I hope they feel the same way when they leave a message for me.
I call a friend asking for a favour. If they don’t call back, no problem. If a friend calls me asking for a favour and I don’t call back, it’s because I don’t to do you that favour. I would prefer that you don’t keep calling me but I would admire your persistence if you did. I don’t love helping friends move for instance and coincidentally those are the times I seem to have trouble with my voice mail.
In the area of business calls I would say to return a call as soon as possible or within 24 hours, depending on the urgency. I think it goes both ways here.
In the area of business favours, if I call you asking for a favour, it’s up to me to keep trying to reach you. It is not your responsibility to call me back; however if you do, that would be cool.
And finally, in relationships and from recent personal experience, if a girl doesn’t return your call after 10 days, she probably isn’t into you, or in this case, me.
It’s Sunday night in West Vancouver and we are under the lights at Ambleside Park watching my little brother play soccer. The score at time of viewing was 0-0, but his team would go on to lose 1-0. Two all-weather, lighted fields are just another example of the great amenities to be found in West Vancouver.
I practice real estate in a world-class city and am wearing red today because in a few days this world-class city will be hosting a world-class sporting event – The Olympics! Vancouver has always been the place to be, but over the next few weeks, it will really be THE PLACE TO BE! Go Canada!!
1. Skiing / Snowboarding – There are 3 mountains nearby, including Grouse, Cypress and Seymour. And of course a little further away you will find the world-renowned Whistler.
2. Sailing – some of the best sailing times happen during winter months because of the wind and because Vancouver’s mild weather makes sailing possible most of the year.
3. Golfing – Most of Vancouver’s golf clubs operate year round. It’s true that Vancouverites can ski in the morning and golf in the afternoon.
4. Tennis – On those occasions when winter weather produces a dry spell, Vancouver’s tennis courts get busy.
5. Swimming – The odd hardy person is known to venture into Vancouver’s outdoor swimming areas for a quick dip and on the January 1st Polar Bear Swim, thousands of people fearlessly wade into the Pacific.
6. Olympics – Number 6 on the list, but really it should be number 1 for this year as the Winter Olympics are being hosted by Vancouver. It’s going to be a fantastic February!
North Vancouver
In North Vancouver there are currently 169 active two-bedroom properties for sale, ranging in price from $279,000. to $1,699,000., with the average asking price being $602,145. There have been 112 sales since November, with the average selling price being $461,631. and the average cost per square foot being $470. The least expensive sale price last year was for $170,000. in January and the most expensive was for $1,465,000. in July. With 169 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 4 & 1/2 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 51 active two-bedroom properties for sale, ranging in price from $279,000. to $1,629,000., with the average asking price being $625,650. There have been 30 sales since November, with the average selling price being $476,643. and the average cost per square foot being $504. The least expensive sale price last year was for $198,000. in May and the most expensive was for $1,465,000. in July. With 51 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 5 month supply of homes.
The Pier
In The Pier there are currently 10 active two-bedroom properties for sale, ranging in price from $540,000. to $1,629,000., with the average asking price being $1,030,870. There have been 4 sales since November, with the average selling price being $652,450. and the average cost per square foot being $664. The least expensive sale price last year was for $470,000. in May and the most expensive was for $820,000. in April. With 10 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 7 & 1/2 month supply of homes.
Living in Vancouver puts you in a place to enjoy nearby activities like meandering through Seattle’s Pike Place Market. 2 & 1/2 hours aways by car from Vancouver and a great day trip…or better yet, a weekend get-away.
Living on the North Shore or anywhere else in the Lower Mainland for that matter, affords one the opportunity to take advantage of a plethora of dining options. The Cannery is just one of them.
There are currently 367 detached properties for sale in West Vancouver, ranging in price from $749,000. to $30,000,000., with the average asking price coming in at $2,675,956. There have been 143 sales since November 2009, with the average selling price being $1,585,248. The lowest sale price achieved last year was for $550,000. in March. The highest sale price achieved last year was for $10,650,000. in October. With 259 homes currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently an 8 month supply of homes.
There are currently 45 detached properties for sale in Ambleside, ranging in price from $960,000. to $5,892,000., with the average asking price coming in at $1,761,484. There have been 25 sales since November 2009, with the average selling price being $1,286,435. The lowest sale price achieved last year was for $765,000. in March. The highest sale price achieved last year was for $3,950,000. in July. With 45 homes currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 6 month supply of homes.
There are currently 21 detached properties for sale in Dundarave, ranging in price from $1,299,000. to $10,980,000., with the average asking price coming in at $2,071,105. There have been 11 sales since November 2009, with the average selling price being $1,726,154. The lowest sale price achieved last year was for $850,000. in March. The highest sale price achieved last year was for $10,650,000. in October. With 21 homes currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 7 month supply of homes.
This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. CAAMP was actively engaged in the discussions around these changes which are as follows:
1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one’s home;
3. Non-owner occupied properties will require a minimum down payment of 20%.
There were no changes to down payment requirements or length of amortizations for owner-occupied residences.
WEST VANCOUVER
In West Vancouver there are currently 69 active two-bedroom properties for sale, ranging in price from $519,000. to $6,250,000., with the average asking price being $1,210,621. There have been 19 sales since December of last year, with the average selling price being $802,852. and the average cost per square foot being $606. The least expensive sale price last year was for $290,000. in August and the most expensive was for $2,572,500. in November. With 69 properties currently for sale and with 5 sales last month, there is currently a large supply of homes.
AMBLESIDE
In Ambleside there are currently 23 active two-bedroom properties for sale, ranging in price from $519,000. to $2,295,000., with the average asking price being $1,000,278. There have been 7 sales since December of last year, with the average selling price being $543,200. and the average cost per square foot being $531. The least expensive sale price last year was for $290,000. in August and the most expensive was for $1,417,000. in November. With 23 properties currently for sale and with 3 sales last month, there is currently an 8 month supply of homes.
DUNDARAVE
In Dundarave there are currently 26 active two-bedroom properties for sale, ranging in price from $525,000. to $5,250,000., with the average asking price being $1,278,958. There have been 5 sales since December of last year, with the average selling price being $1,021,200. and the average cost per square foot being $831. The least expensive sale price last year was for $416,000. in July and the most expensive so far this year was for $1,995,000. in February. With 26 properties currently for sale and with 1 sale in February, there is currently large supply of homes.
North Vancouver
In North Vancouver there are currently 122 active one-bedroom properties for sale, ranging in price from $209,900. to $699,000., with the average asking price being $360,103. There have been 61 sales since December, with the average selling price being $330,580. and the average cost per square foot being $484. The least expensive sale price last year was for $149,000. in June and the most expensive was for $710,000. in July. With 122 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 6 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 50 active one-bedroom properties for sale, ranging in price from $209,900. to $688,000., with the average asking price being $368,095. There have been 24 sales since December, with the average selling price being $349,454. and the average cost per square foot being $532. The least expensive sale price last year was for $160,000. in June and the most expensive so far this year was for $480,000. in January. With 50 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 6 month supply of homes.
The Pier
In The Pier there are currently 12 active one-bedroom properties for sale, ranging in price from $349,000. to $688,000., with the average asking price being $444,033. There have been 5 sales since December, with the average selling price being $416,600. and the average cost per square foot being $635. The least expensive sale price last year was for $346,000. in May and the most expensive so far this year was for $480,000. in January. With 12 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 7 month supply of homes.
Vancouver, BC – March 11, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 63 per cent to 5,955 units in February compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 13 per cent compared to January 2010.
North Vancouver
In North Vancouver there are currently 193 active two-bedroom properties for sale, ranging in price from $249,500. to $1,749,900., with the average asking price being $575,401. There have been 99 sales since December, with the average selling price being $474,583. and the average cost per square foot being $478. The least expensive sale price last year was for $170,000. in January and the most expensive was for $1,465,000. in July. With 193 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 6 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 59 active two-bedroom properties for sale, ranging in price from $279,000. to $1,749,000., with the average asking price being $651,364. There have been 32 sales since December, with the average selling price being $510,756. and the average cost per square foot being $514. The least expensive sale price last year was for $198,000. in May and the most expensive was for $1,465,000. in July. With 59 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 5 month supply of homes.
The Pier
In The Pier there are currently 18 active two-bedroom properties for sale, ranging in price from $529,000. to $1,749,000., with the average asking price being $964,394. There have been 3 sales since December, with the average selling price being $597,633. and the average cost per square foot being $621. The least expensive sale price last year was for $470,000. in May and the most expensive was for $820,000. in April. With 18 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently an 18 month supply of homes.
Vancouver, BC – April 13, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 43 per cent to 7,110 units in March compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 6 per cent compared to February 2010. However, home sales in March were 20 per cent lower than December 2009 on a seasonally adjusted basis.
“Home sales have moderated since the beginning of the year,” said Cameron Muir, BCREA Chief Economist. Waning pent-up demand and eroding affordability were key factors in the market. “Despite an improving provincial economy, higher mortgage interest rates and tighter credit conditions for low-equity homebuyers and investors will squeeze some prospective buyers out of the market this spring,” added Muir.
The BC residential sales dollar volume increased 95 per cent to $9.22 billion in the first quarter of 2010 compared to the same period last year. Residential units sales rose 64 per cent to 18,284 units, while the average MLS® residential price climbed 19 per cent to $504,312 over the same period.
Spring is a season of renewal and as the days grow longer, there is more time for consumers – especially those motivated by current, historically low interest rates and attractive home prices – to shop for their dream home.
If you are considering selling your property this spring, now is a good time to complete some spring maintenance to make sure your home is in tip-top shape. Even if you are not planning to sell your home, you should still add these chores to your list to help preserve your home’s value and help avoid major repairs later on.
Walk Around the Outside
Check for any damage caused by winter’s cold weather. Look for those sagging or loose gutters, window frames or siding. Is your roof missing any shingles, or is there any water damage under the eaves? Promptly schedule repairs for those items you can’t do it yourself.
Over the fall and winter, leaves, mud and debris may have accumulated in your gutters. Check your gutters for clogging and damage and schedule an appointment for cleaning.
Walk around your yard as if you were a first-time visitor. What impression does your home make? Be sure to clear away fallen branches and leaves. Loosen the soil around perennials, plant annuals or a vegetable garden. Prune shrubs and trees.
If your water supply has been off for the winter, turn it back on. Test your automatic sprinkler system or connect your water hose and check for cracks and leaks. Replace old washers or sprinkler heads.
Don’t forget the backyard! Is it time to condition your deck? Be sure to hammer in any loose nails, or replace them with galvanized deck screws. Replace any broken boards or rails. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain. Then dust off that patio furniture you kept protected over the winter.
Repair any broken fence boards and paint or seal them as needed. Clean the pool if it has been covered all winter. Wash windows, screens and windowsills; repair any winter damage.
Take a Tour Inside
Start making a list of things to do in each room. Then go to work. Dust walls and ceilings to remove cobwebs and wash any grimy areas. Wash window curtains or remove drapes for dry cleaning. Deep clean rugs and carpets. Dust and polish wood or laminate floors.
Clean fan blades using mild soapy water. Check the central air-conditioning unit for debris and obstructions; vacuum the main condenser coil on top of the unit. Check the operating condition of window air-conditioning units; remove and wash filters in mild soapy water.
Make sure all exhaust fans and vents are clean and clear. Don’t forget to remove the lint buildup from the clothes dryer vent.
One often-overlooked area is the fireplace. Be sure to sweep ashes carefully into your fireplace’s ash pit or into a dustpan. Clean and lightly oil fireplace tools. Remember it’s springtime, so you may want to decorate the fireplace or wood stove with a large silk flower arrangement.
Look around for clutter. Are there items you don’t use any longer? If you are planning on moving, what items will you not need? Consider having a garage sale and then either donate or trash the remaining items.
And lastly, don’t forget to replace batteries in smoke and carbon monoxide detectors. A good time to change them is when you change your clock for daylight savings.
Although performing these spring chores may be a dreaded task, they go a long way in maintaining and even enhancing the attractiveness and quality your home. With more buyers out and about, you must be sure your property is ready for its next new owner!
The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent compared to the 2,963 sales in April 2009; 9.1 per cent more than April 2008’s 3,218 sales; and 3.7 per cent more than April 2007’s 3,387 sales. April 2010 sales also represent a 12 per cent increase compared to last month.
“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).
At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 per cent to $593,419 from $499,021 in April 2009.
“It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan said.
Sales of detached properties in April 2010 reached 1,370, an increase of 15.1 per cent from the 1,190 detached sales recorded in April 2009 and a six per cent increase from the 1,293 units sold in April 2008. The benchmark price for detached properties increased 21.2 per cent from April 2009 to $818,403.
Sales of apartment properties reached 1,526 in April 2010, an increase of 29.4 per cent compared to the 1,179 sales in April 2009 and an increase of 15.9 per cent compared to the 1,317 sales in April 2008.The benchmark price of an apartment property increased 16.9 per cent from April 2009 to $397,779.
Attached property sales in April 2010 totalled 616, an increase of 3.7 per cent compared to the 594 sales in April 2009 and a 1.3 per cent increase from the 608 attached properties sold in April 2008. The benchmark price of an attached unit increased 16.4 per cent between April 2009 and 2010 to $502,399.
VANCOUVER, B.C. – May 4, 2010 –The Greater Vancouver housing market experienced increased activity in April
thanks to a steady balance of home buyers and sellers entering the marketplace.
North Vancouver
In North Vancouver there are currently 154 active one-bedroom properties for sale, ranging in price from $198,800. to $699,000., with the average asking price being $348,258. There have been 110 sales this year, with the average selling price being $324,397. and the average cost per square foot being $484. The least expensive sale price this year was for $156,000. in January and the most expensive was for $625,000. in January as well. With 154 properties currently for sale and 25 sales last month, there is currently a 6 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 69 active one-bedroom properties for sale, ranging in price from $219,000. to $598,000., with the average asking price being $353,757. There have been 57 sales this year, with the average selling price being $338,194. and the average cost per square foot being $516. The least expensive sale price this year was for $199,000. in April and the most expensive so far this year was for $480,000. in January. With 69 properties currently for sale and 18 sales last month, there is currently a 4 month supply of homes.
The Pier
In The Pier there are currently 12 active one-bedroom properties for sale, ranging in price from $385,000. to $468,800., with the average asking price being $433,787. There have been 9 sales this year, with the average selling price being $389,777. and the average cost per square foot being $641. The least expensive sale price this year was for $315,000. in March and the most expensive so far this year was for $480,000. in January. With 12 properties currently for sale and 3 sales last month, there is currently a 4 month supply of homes.
North Vancouver
In North Vancouver there are currently 242 active two-bedroom properties for sale, ranging in price from $249,500. to $2,600,000., with the average asking price being $563,463. There have been 171 sales this year, with the average selling price being $462,247. and the average cost per square foot being $491. The least expensive sale price this year was for $240,000. in March and the most expensive was for $1,120,000. in February. With 242 properties currently for sale and with 46 sales last month, there is currently a 5 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 90 active two-bedroom properties for sale, ranging in price from $279,000. to $2,600,000., with the average asking price being $631,066. There have been 53 sales this year, with the average selling price being $471,753. and the average cost per square foot being $491. The least expensive sale price so far this year was for $289,000. in January and the most expensive was for $830,000. in February. With 90 properties currently for sale and 15 sales last month, there is currently a 6 month supply of homes.
The Pier
In The Pier there are currently 24 active two-bedroom properties for sale, ranging in price from $507,800. to $2,600,000., with the average asking price being $880,433. There have been 2 sales this year, with the average selling price being $609,500. and the average cost per square foot being $566. The least expensive sale price last year was for $523,000. in January and the most expensive was for $696,000. in April. With 24 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a significant supply of homes.
There may be up to 3,000 secondary suites in West Vancouver, according to the District. To help ensure community safety, the District has made all of them legal as of March 1, 2010 and subject to the District Zoning Bylaw. REALTORS® listing and advertising a property in West Vancouver which contain a secondary suite should familiarize themselves with the new guidelines and regulations, located in Zoning Bylaw 2200, Section 31-109.
What is a secondary suite?
West Vancouver defines a secondary suite as a separate residential unit accessory to a single family or two-family dwelling. The suite must have two or more rooms and include at least one living room, one kitchen and one bathroom.
A property with a secondary suite must meet the following requirements:
* Only one secondary suite is permitted per lot.
* The secondary suite cannot be detached from the principal building.
* The secondary suite must occupy a minimum floor area of 215 sq. ft and a maximum of 968 sq. ft. or 40 % of the total floor area of the building excluding garage space, whichever is less.
* The registered owner(s) of the property must occupy either the principal dwelling unit or the secondary suite.
* A building containing a secondary suite cannot have lodgers, a personal care facility, a child care use, or a bed and breakfast.
* A secondary suite must have a separate exterior entrance from the principal dwelling unit.
* The secondary suite must have an additional off-street parking spot exclusively for the use of the secondary suite and at least two off-street parking spaces for the exclusive use of the principal dwelling unit.
* The secondary suite parking must be located so that any vehicle parked in any required vehicle parking space on the lot may exit without needing to manoeuvre other vehicles and must be provided in addition to parking spaces required for visitor parking.
* The secondary suite must not be subdivided from the principal dwelling unit under the Land Title Act or the Strata Property Act.
* Water and electrical service for the secondary suite must not be separately metered.
By September 30, 2010 property owners must:
* Apply for a business licence and pay a fee of $250. As ofOctober 1, 2010 this fee increases to $400. (Note: March 1, West Vancouver stopped accepting applications for in-law suites.)
* Submit a general plan for the site including the existing floor plan of the unit showing the suite and the location of parking spaces.
* Have the suite inspected.
* Meet any requirements as a result of the inspection, including a follow-up inspection.
* Sign an affidavit that the home owner will occupy either the principal dwelling or the secondary suite.
In-law suites
Previously, in-law suites were legal for family members only. New applications for in-law suites are no longer accepted and only existing in-law suites with valid permits can continue as legal, non-conforming uses.
Penalties
If a West Vancouver home owner does not comply, they could be found to be in violation of the Zoning Bylaw and could face fines of up to $300 a day.
Quarterly reports on secondary suites
West Vancouver staff now prepare a Secondary Suites Quarterly Report which includes:
* the number of new suites applied for and approved and their addresses;
* the number of existing suites legalized and approved and their addresses; and
* the number of files from various listing agencies advertising secondary suites for rent or existing in homes for sale in West Vancouver.
The Greater Vancouver housing market has enjoyed four consecutive months of balanced market conditions. This comes on the heels of a frenetic “seller’s” market period to close 2009, which saw inventory consumed at a near record pace.
Activity is strong in today’s market, but increases are occurring evenly between listings and sales, which has kept the market in a balanced state.
A housing market enters “balanced” territory when demand, represented by sales activity, reaches an equilibrium range with the supply of homes for sale. Most analysts believe the market reaches this equilibrium range when the sales-to-active listings ratio is between 18 and 22 per cent for a sustained period.
The Greater Vancouver market entered this range in January 2010 and has maintained this balance to present day.
“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, Board president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”
The strength of demand in the market since the economic downturn has resulted in rising home prices. In the last 12 months, increases in home values have eliminated the approximately 15 per cent decline seen during the recession and propelled home prices in the region to new heights.
The MLSLink® Housing Price Index (HPI) benchmark price for a residential property in Greater Vancouver today is $593,419, an increase of 4.4 per cent from the pre-recession peak of $568,411in May 2008.
Last month, the average price of a detached home in Greater Vancouver surpassed $1 million for the first time in the Board’s history. This created significant discussion about affordability in the region.
“While home values have now eclipsed the previous peaks, a diverse range of available properties and low interest rates continue to present opportunities for first-time and move-up buyers,” Moldowan said. “The product mix today is as varied as it has ever been in our market.”
The graph pictured here shows the distribution of recent home sales in the region by price point. Of all residential properties purchased in Greater Vancouver in the first quarter of 2010, 48 per cent sold for less than $500,000 and just 14 per cent exceeded the $1 million mark.
Today’s market, at all price points, is operating at a rapid pace. In April, it took members, on average, 31 days to sell a home in Greater Vancouver, which is one day less than the March 2010 average, but 29 days faster than the 60-day average in April 2009.
WEST VANCOUVER
In West Vancouver there are currently 46 active one-bedroom properties for sale, ranging in price from $259,900. to $995,000., with the average asking price being $492,003. There have been 18 sales this year, with the average selling price being $481,652. and the average cost per square foot being $594. The least expensive sale price so far this year was for $210,000. in February and the most expensive was for $775,000. in April. With 46 properties currently for sale and with 9 sales last month, there is currently a 5 month supply of homes.
AMBLESIDE
In Ambleside there are currently 20 active one-bedroom properties for sale, ranging in price from $294,900. to $995,000., with the average asking price being $458,180. There have been 5 sales this year, with the average selling price being $476,000. and the average cost per square foot being $522. The least expensive sale price so far this year was for $303,000. in March and the most expensive was for $775,000. in April. With 20 properties currently for sale and with 1 sale last month, there is currently a significant supply of homes.
DUNDARAVE
In Dundarave there are currently 15 active one-bedroom properties for sale, ranging in price from $259,000. to $878,000., with the average asking price being $527,986. There have been 11 sales this year, with the average selling price being $473,339. and the average cost per square foot being $636. The least expensive sale price so far this year was for $210,000. in February and the most expensive was for $765,000. in April. With 15 properties currently for sale and with 7 sales last month, there is currently a 2 month supply of homes.
The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.
In terms of number of property listings, last month marked the third consecutive month during which more than 7,000 homes were listed for sale on the Multiple Listing Service (MLS®) in Greater Vancouver.
New listings for detached, attached and apartment properties totalled 7,014 in May 2010, a 48.2 per cent increase compared to May 2009 when 4,733 new units were listed, and an 8.3 per cent decline compared to April 2010 when 7,648 properties were added to the MLS®.
At 17,492, the total number of property listings on the MLS® increased 10 per cent in May compared to last month, and is up 28.2 per cent compared to this time last year.
“Prospective home buyers in today’s market have a broad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.
Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7 per cent to $590,662 from $506,201 in May 2009.
“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.
Sales of detached properties in May 2010 reached 1,256, a decrease of 10.4 per cent from the 1,402 detached sales recorded in May 2009 and a 4.4 per cent increase from the 1,203 units sold in May 2008. The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.
Sales of apartment properties reached 1,354 in May 2010, a decline of 7.1 per cent compared to the 1,458 sales in May 2009 and an increase of 8.8 per cent compared to the 1,244 sales in May 2008.The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.
Attached property sales in May 2010 totalled 546, a decline of 17.8 per cent compared to the 664 sales in May 2009 and a 1.6 per cent decline from the 555 attached properties sold in May 2008. The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.
Vancouver, BC – June 7, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the second quarter of 2010 today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to ease back 3 per cent from 85,028 units in 2009 to 82,350 units this year, before increasing 4 per cent to 85,900 units in 2011.
“Eroding affordability will trim home sales by 3 per cent this year despite improving economic conditions and related employment growth,” said Cameron Muir, BCREA Chief Economist. “The push and pull of positive economic growth versus rising mortgage interest rates is expected to keep BC home sales near their 10-year average of 85,569 units both this year and next.”
The average MLS® residential price is forecast to climb 6 per cent to $494,600 this year and remain relatively unchanged in 2011, albeit increasing by 1 per cent to $499,700.
“Strong consumer demand in Vancouver, Victoria and the Fraser Valley was largely responsible for driving the average home price in the province higher over the last three quarters,” added Muir. “However, demand has moderated in those markets and a larger inventory of homes for sale has pulled market conditions into balanced territory, providing less upward pressure on home prices.”
I’m standing in front of the Ambleside Boat Launch, which received a stay of execution, as it were, a few days ago. Boaters in West Vancouver can continue to use the free boat launch along the Ambleside waterfront this summer after an about-face by district council. I have never used the boat launch myself but it certainly makes sense to me to have a boat launch here. We are a seaside community. Why wouldn’t we want to have an entry- point for boat owners to enjoy this area? There has been talk of having a waterfront seafood stand in this area and while it has been framed as an either/or dilemma, I hope it can become both/and. I for one would like to have both a boat launch and a waterfront seafood stand.
North Vancouver
In North Vancouver there are currently 157 active one-bedroom properties for sale, ranging in price from $198,800. to $699,000., with the average asking price being $344,856. There have been 172 sales this year, with the average selling price being $322,478. and the average cost per square foot being $484. The least expensive sale price this year was for $156,000. in January and the most expensive was for $629,900. earlier this month. With 157 properties currently for sale and 35 sales last month, there is currently a 4 & 1/2 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 70 active one-bedroom properties for sale, ranging in price from $219,000. to $698,000., with the average asking price being $358,687. There have been 85 sales this year, with the average selling price being $337,232. and the average cost per square foot being $512. The least expensive sale price this year was for $199,000. in April and the most expensive so far this year was for $629,900. earlier this month. With 70 properties currently for sale and 11 sales last month, there is currently a 6 month supply of homes.
The Pier
In The Pier there are currently 11 active one-bedroom properties for sale, ranging in price from $349,000. to $629,000., with the average asking price being $453,691. There have been 10 sales this year, with the average selling price being $413,790. and the average cost per square foot being $673. The least expensive sale price this year was for $315,000. in March and the most expensive so far this year was for $629,900. earlier this month. With 11 properties currently for sale and 0 sales last month, there is currently a significant supply of homes.
There are currently 561 detached properties for sale in West Vancouver, ranging in price from $749,000. to $29,900,000., with the average asking price coming in at $2,587,384. There have been 226 sales since March, with the average selling price being $1,881,004. The lowest sale price achieved so far this year was for $670,000. in February. The highest sale price achieved so far this year was for $7,200,000. in April. With 561 homes currently for sale and 61 sales last month, there is currently a 9 month supply of homes.
There are currently 52 detached properties for sale in Ambleside, ranging in price from $899,000. to $5,695,000., with the average asking price coming in at $1,892,460. There have been 36 sales since March, with the average selling price being $1,349,374. 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 $2,528,000. in May. With 52 homes currently for sale and 8 sales last month, there is currently a 6 & 1/2 month supply of homes.
There are currently 44 detached properties for sale in Dundarave, ranging in price from $1,178,000. to $10,800,000., with the average asking price coming in at $2,071,105. There have been 26 sales since March, with the average selling price being $1,616,995. The lowest sale price achieved so far this year was for $1,000,000. in May. The highest sale price achieved so far this year was for $2,900,000. in May as well. With 44 homes currently for sale and 7 sales last month, there is currently a 6 month supply of homes.
Vancouver, BC – June 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 4 per cent to 7,950 units in May compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 11 per cent in May from April 2010. The average MLS® residential price climbed 7 per cent to $498,294 in May compared to the same month last year.
“A slower pace of home sales combined with an increase in the inventory of homes for sale has quelled upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. A total of 54,362 MLS® residential listings were recorded in May, up 26 per cent from January on a seasonally adjusted basis. “Moderating market conditions in Vancouver, the Fraser Valley and Victoria are reducing the number of multiple offers as a greater selection of homes for sale lessons competition amongst home buyers,” added Muir.
Year-to-date, BC residential sales dollar volume increased 50 per cent to $17.5 billion, compared to the same period last year. Residential unit sales rose 31 per cent to 34,619 year-to-date, while the average MLS® residential price climbed 14 per cent to $505,468 over the same period.
Only 7 teams have won the world cup:
Brazil – 5
Italy – 4
Germany – 3
Argentina – 2
Uruguay – 2
England – 1
France – 1
I cannot confirm this, but I have heard that all other realtors in the Vancouver are going to be busy for the next month with world cup related activities so if you are in need of real estate services, please feel free to give me a call :^)
North Vancouver
In North Vancouver there are currently 272 active two-bedroom properties for sale, ranging in price from $249,500. to $2,600,000., with the average asking price being $544,360. There have been 248 sales this year, with the average selling price being $457,741. and the average cost per square foot being $461. The least expensive sale price this year was for $240,000. in March and the most expensive was for $1,120,000. in February. With 272 properties currently for sale and with 48 sales last month, there is currently a 5 & 1/2 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 89 active two-bedroom properties for sale, ranging in price from $299,000. to $2,600,000., with the average asking price being $634,731. There have been 75 sales this year, with the average selling price being $475,379. and the average cost per square foot being $494. The least expensive sale price so far this year was for $267,000. in April and the most expensive was for $850,000. in May. With 89 properties currently for sale and 12 sales last month, there is currently a 7 & 1/2 month supply of homes.
The Pier
In The Pier there are currently 24 active two-bedroom properties for sale, ranging in price from $589,000. to $2,600,000., with the average asking price being $949,358. There have been 6 sales this year, with the average selling price being $617,333. and the average cost per square foot being $599. The least expensive sale price this year was for $510,000. in May and the most expensive was for $850,000. in May as well. With 24 properties currently for sale and 5 sales last month, there is currently a 5 month supply of homes.
WEST VANCOUVER
In West Vancouver there are currently 37 active one-bedroom properties for sale, ranging in price from $259,900. to $995,000., with the average asking price being $488,725. There have been 22 sales this year, with the average selling price being $487,056. and the average cost per square foot being $600. The least expensive sale price so far this year was for $210,000. in February and the most expensive was for $775,000. in April. With 37 properties currently for sale and with 3 sales last month, there is currently a significant month supply of homes.
AMBLESIDE
In Ambleside there are currently 16 active one-bedroom properties for sale, ranging in price from $269,000. to $995,000., with the average asking price being $462,406. There have been 6 sales this year, with the average selling price being $446,166. and the average cost per square foot being $505. The least expensive sale price so far this year was for $297,000. in May and the most expensive was for $775,000. in April. With 16 properties currently for sale and with 1 sale last month, there is currently a significant supply of homes.
DUNDARAVE
In Dundarave there are currently 11 active one-bedroom properties for sale, ranging in price from $259,000. to $878,000., with the average asking price being $490,436. There have been 11 sales this year, with the average selling price being $496,802. and the average cost per square foot being $649. The least expensive sale price so far this year was for $210,000. in February and the most expensive was for $765,000. in April. With 11 properties currently for sale and with 2 sales last month, there is currently a 5 & 1/2 month supply of homes.
BCREA Housing Forecast Update – Third Quarter 2010
Vancouver, BC – July 30, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the third quarter of 2010 today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 7 per cent from 85,028 units in 2009 to 79,500 units this year, before increasing 5 per cent to 83,400 units in 2011.
“The volatility in consumer demand characteristic of the past 24 months is expected to give way to more gradual improvement through 2011,” said Cameron Muir, BCREA Chief Economist. “Housing demand has fallen back to earth from its break-neck pace at the end of 2009 and is expected to more closely match overall economic performance over the next 18 months.”
“A larger inventory of homes for sale has created the most favourable conditions for home buyers in more than a year,” added Muir. “However, the buyers’ market is expected to be short-lived as total active listings peaked in May and are beginning to wane, with more balanced conditions set to emerge in the fall.”
The average MLS® residential price is forecast to climb 6 per cent to $492,800 this year and remain relatively unchanged in 2011, albeit declining by 1 per cent to $489,500.
Today I wanted to talk briefly about an opportunity in the Edgemont Village area of North Vancouver. The average sale price this year so far in Capilano Highlands is over 1.1 million dollars and there is an opportunity to get into this neighbourhood for significantly lower than this, in a location that is literally just steps from the village. Considering the next door neighbour’s home sold for $955K a couple of months ago and it was built around the same time and sits on virtually the same 70 x 115 lot as this one, I think the price of $895,000 for 2895 Edgemont Blvd is certainly something to think about. 5 bedrooms, 2 bathrooms 2400 sq ft and loads of potential to either renovate, build or rent out. I’m including a link to my web page that will give you the pertinent details. Please don’t hesitate to call or email me for more information.
Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010.
Looking back further, last month’s residential sales represent a 3.7 per cent increase over the 2,174 residential sales in July 2008, a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per cent decline compared to July 2006’s 2,732 sales.
“With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability,” Jake Moldowan, REBGV president said. “Activity in today’s marketplace is clearly trending in favour of buyers.”
The number of properties listed for sale on the market has been trending downward since spring, with 4,138 new listings in July compared to April’s peak of 7,648. New listings for detached, attached and apartment properties in Greater Vancouver on the Multiple Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared to July 2009, when 5,041 properties were listed for sale.
At 16,431, the total number of property listings on the MLS® in July declined 6.5 per cent compared to last month and increased 33 per cent compared to July 2009.
“It’s currently taking home sellers who work with a REALTOR®, on average, 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction,” Moldowan said.
Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from $528,821 in July 2009.
Sales of detached properties in July 2010 reached 908, a decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009 and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark price for detached properties increased 11.5 per cent from July 2009 to $793,193.
Sales of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the 966 sales in July 2008.The benchmark price of an apartment property increased 6.2 per cent from July 2009 to $387,879.
Attached property sales in July 2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July 2009 and a 3.4 per cent decline from the 381 attached properties sold in July 2008. The benchmark price of an attached unit increased 8.6 per cent between July 2009 and 2010 to $490,995.
Vancouver, BC – August 12, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 42 per cent to 5,784 units in July compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 19 per cent in July from June 2010. The average MLS® residential price climbed 6 per cent to $491,832 in July compared to the same month last year.
“A relatively large number of homes for sale have created the most favourable supply conditions for home buyers in more than a year,” said Cameron Muir, BCREA Chief Economist. MLS® active residential listings were 21 per cent higher in July than at the start of the year on a seasonally adjusted basis. However, with newly listed MLS® residential units now declining, tighter market conditions may emerge this fall.
Year-to-date, BC residential sales dollar volume increased 16 per cent to $24.2 billion, compared to the same period last year. Residential unit sales rose 4 per cent to 48,127 year-to-date, while the average MLS® residential price climbed 13 per cent to $504,281 over the same period.
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.
Canada Revenue Agency www.cra.gc.ca. Enter ‘Home Buyers’ Plan’ in the search box. 1.800.959.8287
2. GST Rebate on New Homes
New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.
Canada Revenue Agency www.cra-arc.gc.ca. Enter ‘RC4028’ in the search box. 1.800.959.8287
3. BC New Housing Rebate (HST)
Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7% of the 12% HST) paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.
4. BC New Rental Housing Rebate (HST)
Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.
5. Property Transfer Tax (PTT) First Time Home Buyers’ Program
Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000.
6. First-time Home Buyers Tax Credit (HBTC)
This is a non-refundable income tax credit for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. It’s calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the maximum credit was $750.
7. BC Home Owner Grant
Reduces school property taxes by up to $570 on properties with an assessed value up to $1,050,000. For 2010, the basic grant is reduced by $5 for each $1,000 of value over $1,050,000, and eliminated on homes assessed at $1,164,000+. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,050,000 and eliminated on homes assessed at $1,219,000+.
BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/hog or contact your municipal tax office.
8. BC Property Tax Deferment Programs
Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.
Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.
Property Tax Deferment Program for Families with Children. Qualifying low-income home owners who financially support children under age 18 may be eligible to defer property taxes.
BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.
9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants.
This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and for the creation of secondary and garden suites.
10. CMHC Mortgage Loan Insurance Premium Refund
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy savings renovations.
11. LiveSmart BC: Efficiency Incentive Program
Home owners improving the energy efficiency of their homes who hire a certified energy advisor may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC.
12. BC Residential Energy Credit
Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.
13. BC Hydro Appliance Rebates
Mail-in rebates of $25 – $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers between June 1, 2010 and March 31, 2011, or when funding for the program is exhausted.
14. BC Hydro Fridge Buy-Back Program (different from Appliance rebates)
This ongoing program rebates BC Hydro customers $30 to turn in spare fridges measuring 10 – 24 cubic feet in working condition.
16. BC Hydro Mail-in Rebates/Savings Coupons
To save energy, BC Hydro offers rebates including 10% off an ENERGY STAR cordless phone; 50% off an E2™dual-flush toilet; $15 off a clothes drying rack; and 50% off Earth Massage showerheads. Check for deadlines.
17. Terasen Gas Rebate program
A range of rebates for home owners include a $25 gift cards for furnace servicing; $50 rebates for upgrading a water heater; $150 rebate on an EnerChoice fireplace; $1,000 rebate for switching to natural gas and installing an ENERGY STAR heating system.
18. SolarBC Incentives
Contractors will provide home owners buying a solar hot water system with a $2,000 discount at the point of sale until December 31, 2010.
19. City of Vancouver Solar Homes Pilot
Offers $3,500 (about 50% of the cost) towards the cost of a solar hot water system for anyone building new homes in Vancouver. Offered by the City of Vancouver, SolarBC, Terasen Gas and Offsetters to 50 new homes on a first come, first served basis, January 2010 – March 2011, with building permits issued in 2010.
20. RBC Energy-Saver Mortgage
Home owners who have a home energy efficient audit within 90 days of receiving an RBC Energy Saver™ Mortgage may qualify for a $300 rebate credited to their RBC account.
21. Vancity Green Building Grant
In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies.
There are many reasons to choose Lower Lonsdale as your home and here are a few of them. I shot this video from the “biggest patio known to man,” which happens to be part of a new listing I have at 305-250 W 1st St in North Vancouver.
Do you remember striving to get good grades when you were in school? There’s a great site on the internet called walkscore.com. It rates the walkability of an address or neighbourhood. More walking means less driving and according to this site, your feet are “zero-pollution transportation machines.” Did you know that the average resident of a walkable neighbourhood weighs 7 pounds less than someone who lives in a sprawling neighbourhood? If you enter 305-250 W 1st St into the address field at walkscore.com, it comes up with an 88/100 score. That’s an “A” where I come from.
So, if you like getting good grades or at least the idea of getting good grades, if you care about the environment and you enjoy healthy and healthful living, you may want to consider this property at 305-250 W 1st St in Lower Lonsdale.
Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010.
From a wider perspective, last month’s residential sales represent a 40.4 per cent increase over the 1,568 residential sales in August 2008, a 34.9 per cent decline compared to August 2007’s 3,384 sales, and a 26.6 per cent decline compared to August 2006’s 2,998 sales.
New listings for detached, attached and apartment properties declined 17.5 per cent to 3,750 in August 2010 compared to August 2009 when 4,544 new units were listed. Total active listings in Greater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 per cent increase from August 2009.
“We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply in our marketplace, all variables that favour those looking to purchase a home,” Jake Moldowan, REBGV president said. “The last few months have also shown some stability when it comes to price fluctuations in the region, which is a welcome trend after reaching record highs in April.”
Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.9 per cent to $576,597 in August 2010 from $539,600 in August 2009.
“Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market,” Moldowan said.
Sales of detached properties in August 2010 reached 893, a decrease of 34.7 per cent from the 1,367 detached sales recorded in August 2009 and a 66.9 per cent increase from the 535 units sold in August 2008. The benchmark price for detached properties increased 8.5 per cent from August 2009 to $795,076.
Sales of apartment properties reached 935 in August 2010, a decline of 36.1 per cent compared to the 1,464 sales in August 2009 and an increase of 26.4 per cent compared to the 740 sales in August 2008.The benchmark price of an apartment property increased 4.5 per cent from August 2009 to $385,968.
Attached property sales in August 2010 totalled 374, a decline of 38.7 per cent compared to the 610 sales in August 2009 and a 27.6 per cent increase from the 293 attached properties sold in August 2008. The benchmark price of an attached unit increased 6.6 per cent between August 2009 and 2010 to $489,511.
WEST VANCOUVER
In West Vancouver there are currently 30 active one-bedroom properties for sale, ranging in price from $219,000. to $995,000., with the average asking price being $482,813. There have been 28 sales this year, with the average selling price being $488,326. and the average cost per square foot being $598. The least expensive sale price so far this year was for $210,000. in February and the most expensive was for $775,000. in April. With 30 properties currently for sale and with 3 sales last month, there is currently a significant month supply of homes.
AMBLESIDE
In Ambleside there are currently 14 active one-bedroom properties for sale, ranging in price from $219,000. to $995,000., with the average asking price being $442,935. There have been 6 sales this year, with the average selling price being $446,166. and the average cost per square foot being $505. The least expensive sale price so far this year was for $297,000. in May and the most expensive was for $775,000. in April. With 14 properties currently for sale and with no sales last month, there is currently a significant supply of homes.
DUNDARAVE
In Dundarave there are currently 8 active one-bedroom properties for sale, ranging in price from $279,000. to $828,000., with the average asking price being $549,414. There have been 19 sales this year, with the average selling price being $491,744. and the average cost per square foot being $639. The least expensive sale price so far this year was for $210,000. in February and the most expensive was for $765,000. in April. With 8 properties currently for sale and with 2 sales last month, there is currently a 4 month supply of homes.
North Vancouver
In North Vancouver there are currently 129 active one-bedroom properties for sale, ranging in price from $219,000. to $599,900., with the average asking price being $348,775. There have been 69 sales since June, with the average selling price being $302,904. and the average cost per square foot being $452. The least expensive sale price this year was for $156,000. in January and the most expensive was for $629,900. in June. With 129 properties currently for sale and 19 sales last month, there is currently a 7 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 56 active one-bedroom properties for sale, ranging in price from $219,000. to $599,000., with the average asking price being $353,767. There have been 33 sales since June, with the average selling price being $319,600. and the average cost per square foot being $489. The least expensive sale price this year was for $199,000. in April and the most expensive so far this year was for $629,900. in June. With 56 properties currently for sale and 8 sales last month, there is currently a 7 month supply of homes.
The Pier
In The Pier there are currently 10 active one-bedroom properties for sale, ranging in price from $352,900. to $599,000., with the average asking price being $455,129. There have been 4 sales since June, with the average selling price being $426,225. and the average cost per square foot being $679. The least expensive sale price this year was for $315,000. in March and the most expensive so far this year was for $629,900. in June. With 10 properties currently for sale and 2 sales last month, there is currently a 5 month supply of homes.
North Vancouver
In North Vancouver there are currently 204 active two-bedroom properties for sale, ranging in price from $194,900. to $2,588,000., with the average asking price being $533,391. There have been 106 sales since June, with the average selling price being $445,896. and the average cost per square foot being $455. The least expensive sale price this year was for $229,000. in July and the most expensive was for $1,120,000. in February. With 204 properties currently for sale and with 21 sales last month, there is currently a significant supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 66 active two-bedroom properties for sale, ranging in price from $279,900. to $2,588,000., with the average asking price being $646,572. There have been 36 sales since June, with the average selling price being $496,708. and the average cost per square foot being $510. The least expensive sale price so far this year was for $267,000. in April and the most expensive was for $1,000,000. in June. With 66 properties currently for sale and 11 sales last month, there is currently a 6 month supply of homes.
The Pier
In The Pier there are currently 16 active two-bedroom properties for sale, ranging in price from $579,900. to $2,588,000., with the average asking price being $888,791. There has been 1 sale since June and that was for $1,000,000., which worked out to $966 per square foot. The least expensive sale price this year was for $510,000. in May and the most expensive was for $1,000,000. in June. With 16 properties currently for sale and no sales last month, there is currently a significant supply of homes.
There are currently 498 detached properties for sale in West Vancouver, ranging in price from $749,000. to $24,800,000., with the average asking price coming in at $2,593,414. There have been 226 sales since June, with the average selling price being $1,972,495. The lowest sale price achieved so far this year was for $670,000. in February. The highest sale price achieved so far this year was for $7,500,000. in June. With 498 homes currently for sale and 33 sales last month, there is a significant supply of homes.
There are currently 44 detached properties for sale in Ambleside, ranging in price from $829,800. to $3,995,000., with the average asking price coming in at $1,817,509. There have been 23 sales since June, with the average selling price being $1,454,520. 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 $4,750,000. in June. With 44 homes currently for sale and 3 sales last month, there is a significant supply of homes.
There are currently 32 detached properties for sale in Dundarave, ranging in price from $999,000. to $10,800,000., with the average asking price coming in at $2,316,603. There have been 17 sales since June, with the average selling price being $1,550,166. The lowest sale price achieved so far this year was for $1,000,000. in May. The highest sale price achieved so far this year was for $3,250,000. in June. With 32 homes currently for sale and 4 sales last month, there is a significant supply of homes.
Vancouver, BC – September 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 35 per cent to 5,590 units in August compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 7 per cent in August from July 2010. The average MLS® residential price climbed 4 per cent to $487,804 in August compared to the same month last year.
“August home sales posted the first month-to-month increase since March of this year,” said Cameron Muir, BCREA Chief Economist. “Lower mortgage interest rates and an improving labour market are inducing additional consumer demand.”
“The number of new residential listings in the province has fallen 30 per cent since April,” added Muir. “With fewer new listings, total active listings are now on the decline, signaling that an end to the buyer’s market may be on the horizon.”
Year-to-date, BC residential sales dollar volume increased 8 per cent to $26.9 billion, compared to the same period last year. Residential unit sales rose 2 per cent to 53,717 year-to-date, while the average MLS® residential price climbed 10 per cent to $501,226 over the same period.
I interviewed a client recently about why she chose Lower Lonsdale as the neighbourhood where she wanted to live, why she chose the particular condo she did and some of her thoughts on North Vancouver living. Enjoy!
Mike: I’m sitting in the living room with the homeowner this afternoon and I have to say Bree, your home looks fabulous!
Bree: Thank you!
Mike: So let’s go back a few years. In 2007 you were coming to the Vancouver area on a contract and you chose North Vancouver as the place you wanted to call home. Why?
Bree: I wanted to be close to the mountains and trails, while still being able to access the city very quickly. The 15 minute drive to the ski resorts and hiking trails, or 15 minute Sea Bus into the city, answered all the needs for me. It’s a community feel in Lower Lonsdale, while still having direct access to the best city in the world!
Mike: Did you concentrate your search on Lower Lonsdale or were you open to other areas as well?
Bree: I was originally looking at Lonsdale as a whole, but then concentrated my search to a certain area of Lower Lonsdale. I wanted to be within a 5 minute walk to the Sea Bus terminal and the Lonsdale Quay. I didn’t want to have to use my car very often, so being close to shops and restaurants was a big selling feature for me.
Mike: Do you remember what some of your criteria were?
Bree: Of course. Walking distance to all amenities, close to public transportation, less than 5 minutes to the Sea Bus so I could be downtown Vancouver very quickly (quicker than driving) and a community feel. Also, having easy access to the outdoor activities that North Van is known for was essential. As far as the home went, it needed to have 2 bedrooms (one with ensuite), larger living space, in suite laundry, and outdoor living space was essential, preferably facing south or west.
Mike: Ok, this home fits most of those, but certainly not all of them. Let’s talk about where it misses first.
Bree: Fire away.
Mike: South or west facing. As you know, there is a language called agent-speak. In this situation we might say that your suite is on the quiet side of the building instead of saying that it is north-facing. Tell me about your experience with living in a north-facing home.
Bree: It’s been great, as the suite faces on to a small access road for the apartment building on the next street above and is surrounded by a fence and mature evergreens. So there is no traffic at all except for the odd car going to the parking garage in the apartment behind me. The apartment also stays nice and cool in the summer because it’s north facing.
Mike: In suite laundry. In agent-speak we might say that having shared laundry is a great opportunity to get to know your neighbours. I also know it can be very efficient. I recall you saying that there was only one time when you wanted to do laundry and could not. Please give me the straight goods on your experience with shared laundry.
Bree: Well, I was pretty nervous about not having in suite laundry, as I am not a student anymore and didn’t want to live like one. But in all honesty I have only ever waited once for a laundry machine. Being in close access to the elevator, there is a laundry room directly above and directly below the suite. So it’s really just a quick extension of the apartment. And it’s cheap! Only $1 per load. So it hasn’t been an inconvenience at all, which I was surprised by.
Mike: Any other misses?
Bree: To be honest, no. It checked all of my “boxes” in what I wanted from a home and I have been incredibly happy to live here.
Mike: What drew you to this home? I’m pretty sure about one obvious attribute, so tell me about that and any other draws.
Bree: The patio is the obvious one. It doubles the size of the living space and is great for BBQ and relaxing from spring through the fall. At about 1000 square feet it sold me on the apartment. That and the fact that the building is a well maintained older building, so it has larger rooms and more living space than the newer apartments. The fact that it was move-in ready, the floors had been recently done with new laminate, the updated kitchen and bathroom, and fresh paint, made it easy to move into and feel at home right away. Also, the extra storage room and shed on the patio has been great to store all my toys – skis, bikes, gardening equipment, etc.
Mike: What about outside your walls but within the walls of Chinook House? What has that been like?
Bree: The Chinook House residents are all pretty quiet and keep to themselves. The apartment is great, as really there is only one direct neighbour. There is laundry and storage below, laundry above, and an elevator to the one side, so having only one shared wall is great as it’s very quiet.
Mike: How does Lower Lonsdale stack up to some of the other areas where you have lived?
Bree: I’ve lived in many different communities all around the world and this has definitely been home for me. I love it!
Mike: How do you feel about leaving Lower Lonsdale and in particular, this home?
Bree: I’m actually very sad. I wouldn’t be leaving if it wasn’t for my job change. I would love to stay in this home if I could.
Mike: Any final thoughts?
Bree: I hope that whoever falls in love with this place will be as happy here as I have been. And gets the chance to enjoy the $5 steak nights across the street at the pub on Mondays!
Mike: Well, this has been great. You’ve certainly made my job a little easier by how you present your home. I think people who visit will be inspired rather than intimidated by your flair for decorating and design. This place really pops and I’m excited to introduce people to your home!
When you’re reading the remarks for a real estate listing, you will often come across the phrase, “situated on the quiet side of the building.” As realtors, we do our best to put a positive spin on things, so it is not very often you will see, “situated on the noisier side of the building.” It’s just like when you’re first dating someone. You put your best foot forward and try to bring attention to your positive attributes (I hear listening is an attractive quality), while minimizing the less than positive ones. Eventually, your less-appealing attributes will come out, but hopefully they will seem insignificant in light of all the positives. So to tie this back to real estate, the less-appealing features of a home will come out too, but in the light of the positive attributes. It’s your decision after that what you want to do with the information you have been given and with what you have been able to observe firsthand.
North Vancouver
In North Vancouver there are currently 208 active two-bedroom properties for sale, ranging in price from $220,000. to $2,588,000., with the average asking price being $503,907. There have been 100 sales since July, with the average selling price being $452,286. and the average cost per square foot being $453. The least expensive sale price this year was for $229,000. in July and the most expensive was for $1,120,000. in February. With 208 properties currently for sale and with 46 sales last month, there is currently a 4 & 1/2 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 63 active two-bedroom properties for sale, ranging in price from $292,000. to $2,588,000., with the average asking price being $572,719. There have been 34 sales since July, with the average selling price being $495,852. and the average cost per square foot being $501. The least expensive sale price so far this year was for $267,000. in April and the most expensive was for $1,000,000. in June. With 63 properties currently for sale and 13 sales last month, there is currently a 5 month supply of homes.
The Pier
In The Pier there are currently 12 active two-bedroom properties for sale, ranging in price from $599,000. to $2,588,000., with the average asking price being $831,100. There have not been any recorded sales since July, although I am told there have been a few that the developer did not put on realtor.ca. The least expensive sale price on record this year was for $510,000. in May and the most expensive was for $1,000,000. in June. With 12 properties currently for sale and one sale last month, there is currently a significant supply of homes.
Vancouver, BC – October 13, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,511 units in September compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in September from August 2010. The average MLS® residential price climbed 4 per cent to $493,846 in September compared to the same month last year.
“BC home sales increased for the second consecutive month in September,” said Cameron Muir, BCREA Chief Economist. “However, consumer demand is still noticeably lower than last fall’s frenetic pace.”
“Market conditions have improved, with the months of supply declining from 11.1 in June to 8.9 in September,” added Muir. A balanced market typically exhibits five to seven months of supply.
“The current downward pressure on mortgage rates is expected to bolster housing demand this fall as consumers take advantage of a second opportunity to secure near record low interest rates,” noted Muir.
Year-to-date, BC residential sales dollar volume increased 2 per cent to $29.6 billion, compared to the same period last year. Residential unit sales declined 7 per cent to 59,228 year-to-date, while the average MLS® residential price climbed 9 per cent to $500,539 over the same period.
North Vancouver
In North Vancouver there are currently 126 active one-bedroom properties for sale, ranging in price from $199,900. to $599,900., with the average asking price being $337,063. There have been 60 sales since July, with the average selling price being $309,875. and the average cost per square foot being $452. The least expensive sale price this year was for $156,000. in January and the most expensive was for $629,900. in June. With 126 properties currently for sale and 17 sales last month, there is currently a significant month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 55 active one-bedroom properties for sale, ranging in price from $199,900. to $585,000., with the average asking price being $337,525. There have been 33 sales since July, with the average selling price being $322,410. and the average cost per square foot being $484. The least expensive sale price this year was for $199,000. in April and the most expensive so far this year was for $629,900. in June. With 55 properties currently for sale and 9 sales last month, there is currently a significant supply of homes.
The Pier
In The Pier there are currently 5 active one-bedroom properties for sale, ranging in price from $352,900. to $585,000., with the average asking price being $432,979. There have been 5 sales since July, with the average selling price being $373,900. and the average cost per square foot being $566. The least expensive sale price this year was for $315,000. in March and the most expensive so far this year was for $629,900. in June. With 5 properties currently for sale and 1 sale last month, there is currently a 5 month supply of homes.
When you want to purchase a property, you have your realtor draw up a contract and you put in the contract terms that you find agreeable or at least what you think the seller will find agreeable. These are negotiable terms and include things such as price, amount of deposit, dates and subject clauses. You negotiate back and forth until eventually the buyer and seller sign off on everything and you have a binding contract. The buyers have promised to do everything in their power to fulfill their obligations and the sellers have agreed to do the same. I would encourage you if you are a buyer to make sure you get everything you have asked for in the binding contract. If the contract states that you are to receive an entire strata plan, then make sure that is what you receive instead of just one page. If the contract states that you are to receive any and all consultants’ or engineers’ reports, then that is what you should receive. It doesn’t matter if the listing realtor thinks it is unnecessary. If it’s in the contract and all parties have signed off, the time for negotiating is not now. Make sure the other party honours their side of things and ensure that you do too. If we all do what we are supposed to do, we’re that much closer to having a successful transaction.
Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.
According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.
“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.
Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.
More broadly, last month’s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in October 2008, a 22.8 per cent decline compared to October 2007’s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in October 2006.
“As we enter the final two months of the year, buyer demand is in closer alignment with supply than we’ve seen for most of 2010,” Moldowan said. “Those buying today recognize that they still have a chance to enter the market with near-record low interest rates, while gradual reductions in inventory have eased downward pressure on prices.”
Total active listings on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, an 8.6 per cent decline from last month and a 16.4 per cent increase from October 2009. New listings for detached, attached and apartment properties declined 25.7 per cent to 3,698 in October 2010 compared to October 2009 when 4,977 new units were listed.
Sales of detached properties in October 2010 reached 976, a decrease of 34.4 per cent from the 1,487 detached sales recorded in October 2009, and a 98 per cent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 per cent from October 2009 to $796,883.
Sales of apartment properties reached 984 in October 2010, a decline of 38.8 per cent compared to the 1,607 sales in October 2009, and an increase of 52.1 per cent compared to the 647 sales in October 2008.The benchmark price of an apartment property increased 2.4 per cent from October 2009 to $390,074.
Attached property sales in October 2010 totalled 377, a decline of 38.2 per cent compared to the 610 sales in October 2009, and a 68.3 per cent increase from the 224 attached properties sold in October 2008. The benchmark price of an attached unit increased 4 per cent between October 2009 and 2010 to $487,530.
Vancouver, BC – November 15, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,507 units in October compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in October from September 2010. The average MLS® residential price climbed 6 per cent to $521,859 in October compared to the same month last year.
“BC home sales have posted moderate gains since the summer months,” said Cameron Muir, BCREA Chief Economist. “Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power.”
“Total active residential listings in the province have declined 18 per cent since June,” added Muir. “However, the housing market remains tilted in favour of homebuyers.”
Year-to-date, BC residential sales dollar volume declined 2 per cent $32.5 billion, compared to the same period last year. Residential unit sales declined 10 per cent to 64,735 year-to-date, while the average MLS® residential price climbed 9 per cent to $502,353 over the same period.
North Vancouver
In North Vancouver there are currently 146 active one-bedroom properties for sale, ranging in price from $164,900. to $549,900., with the average asking price being $331,778. There have been 70 sales since August, with the average selling price being $302,112. and the average cost per square foot being $443. The least expensive sale price this year was for $156,000. in January and the most expensive was for $629,900. in June. With 146 properties currently for sale and 26 sales last month, there is currently a 5 & 1/2 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 56 active one-bedroom properties for sale, ranging in price from $199,900. to $549,000., with the average asking price being $339,263. There have been 35 sales since August, with the average selling price being $305,628. and the average cost per square foot being $462. The least expensive sale price this year was for $199,000. in April and the most expensive so far this year was for $629,900. in June. With 56 properties currently for sale and 11 sales last month, there is currently a 5 month supply of homes.
The Pier
In The Pier there are currently 6 active one-bedroom properties for sale, ranging in price from $347,000. to $549,000., with the average asking price being $430,633. There have been 4 sales since August, with the average selling price being $372,625. and the average cost per square foot being $568. The least expensive sale price this year was for $315,000. in March and the most expensive so far this year was for $629,900. in June. With 6 properties currently for sale and an average of 1 sale per month over the last 3 months, there is currently a 6 month supply of homes.
Greater Vancouver residential home sales improved in November compared to the previous four months, with the number of sales posted on the Multiple Listing Service® (MLS®) coming in slightly higher than the 10-year average for that month.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October 2010 and an 18.6 per cent decline from the 3,083 sales in November 2009.
Looking back further, last month’s residential sales represent a 187.1 per cent increase over the 874 residential sales in November 2008, a 13 per cent decline compared to November 2007’s 2,883 sales, and a 6.4 per cent increase compared to the 2,358 sales in November 2006.
“Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,” Jake Moldowan, REBGV president said.
Total active residential property listings in Greater Vancouver currently sit at 12,384, a 12.1 per cent decline from last month and a 12 per cent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 per cent to 3,030 in November 2010 compared to November 2009 when 3,653 new units were listed.
“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” Moldowan said. “It’s the homes priced accurately for today’s market that are receiving a lot of attention and selling right now.”
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.1 per cent to $580,080 in November 2010 from $557,384 in November 2009. This price has remained virtually unchanged since June of this year.
Sales of detached properties on the MLS® in November 2010 reached 1,050, a decrease of 9.8 per cent from the 1,164 detached sales recorded in November 2009, and a 226.1 per cent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 per cent from November 2009 to $799,312.
Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 per cent compared to the 1,396 sales in November 2009, and an increase of 156.6 per cent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 per cent from November 2009 to $389,168.
Attached property sales in November 2010 totalled 407, a decline of 22.2 per cent compared to the 523 sales in November 2009, and a 186.6 per cent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 per cent between November 2009 and 2010 to $488,733.
There are currently 330 detached properties for sale in West Vancouver, ranging in price from $675,000. to $39,900., with the average asking price coming in at $2,809,248. There have been 192 sales since September, with the average selling price being $1,990,845. The lowest sale price achieved so far this year was for $620,000. in October. The highest sale price achieved so far this year was for $10,000,000. in May. With 330 homes currently for sale and 73 sales last month, there is a 4 & 1/2 month supply of homes.
There are currently 19 detached properties for sale in Ambleside, ranging in price from $899,000. to $4,250,000., with the average asking price coming in at $1,944,252. There have been 19 sales since September, with the average selling price being $1,528,964. The lowest sale price achieved so far this year was for $825,008. in September. The highest sale price achieved so far this year was for $4,750,000. in June. With 19 homes currently for sale and 9 sales last month, there is a 2 month supply of homes.
There are currently 20 detached properties for sale in Dundarave, ranging in price from $1,149,000. to $9,980,000., with the average asking price coming in at $2,441,500. There have been 16 sales since September, with the average selling price being $1,983,625. The lowest sale price achieved so far this year was for $989,000. in October. The highest sale price achieved so far this year was for $3,250,000. in June. With 20 homes currently for sale and 4 sales last month, there is a 5 month supply of homes.
North Vancouver
In North Vancouver there are currently 192 active one-bedroom properties for sale, ranging in price from $169,900. to $649,900., with the average asking price being $343,558. There have been 144 sales this year, with the average selling price being $314,991. and the average cost per square foot being $458. The least expensive sale price this year was for $155,000. in April and the most expensive was for $495,900. in March. With 192 properties currently for sale and 27 sales last month, there is currently a 7 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 80 active one-bedroom properties for sale, ranging in price from $219,900. to $599,900., with the average asking price being $340,384. There have been 66 sales this year, with the average selling price being $318,497. and the average cost per square foot being $473. The least expensive sale price this year was for $195,000. in April and the most expensive so far this year was for $495,000. in March. With 80 properties currently for sale and11 sales last month, there is currently a 7 month supply of homes.
The Pier
In The Pier there are currently 9 active one-bedroom properties for sale, ranging in price from $349,000. to $599,900., with the average asking price being $481,744. There have been 3 sales this year, with the average selling price being $406,666. and the average cost per square foot being $589. The least expensive sale price this year was for $390,000. in April and the most expensive so far this year was for $440,000. in April. With 9 properties currently for sale and 2 sale last month, there is currently a 4 & 1/2 month supply of homes.
North Vancouver
In North Vancouver there are currently 178 active two-bedroom properties for sale, ranging in price from $215,000. to $2,588,000., with the average asking price being $515,342. There have been 116 sales since September, with the average selling price being $447,336. and the average cost per square foot being $445. The least expensive sale price this year was for $190,000. in September and the most expensive was for $1,120,000. in February. With 178 properties currently for sale and with 22 sales last month, there is currently an 8 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 53 active two-bedroom properties for sale, ranging in price from $285,000. to $2,588,000., with the average asking price being $728,265. There have been 31 sales since September, with the average selling price being $494,416. and the average cost per square foot being $497. The least expensive sale price so far this year was for $260,000. in September and the most expensive was for $1,000,000. in June. With 53 properties currently for sale and 7 sales last month, there is currently a 7 & 1/2 month supply of homes.
The Pier
In The Pier there are currently 15 active two-bedroom properties for sale, ranging in price from $535,800. to $2,588,000., with the average asking price being $728,265. There have been 5 sales since September, with the average selling price being $537,500. and the average cost per square foot being $550. The least expensive sale price on record this year was for $510,000. in May and the most expensive was for $1,000,000. in June. With 15 properties currently for sale and no sales last month, there is currently a significant supply of homes.
Vancouver, BC – December 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 20 per cent in November from October 2010, on a seasonally adjusted basis. Compared to November of last year, MLS® residential unit sales were down 21 per cent to 5,647 units. The average MLS® residential price rose 9 per cent to $523,394 in November compared to the same month last year.
“Improved economic conditions and low mortgage interest rates have contributed to a 46 per cent increase in home sales since July,” said Cameron Muir, BCREA Chief Economist. Employment in BC eclipsed the July 2008 record by 2,600 jobs last month, while the unemployment rate dipped to 6.9 per cent, the lowest recorded since January 2009.
“The inventory of homes for sale has trended lower since last spring, improving market conditions in many areas of the province,” added Muir. Vancouver and Victoria climbed back into balanced market conditions in last month.
Year-to-date, BC residential sales dollar volume declined 4 per cent $35.5 billion, compared to the same period last year. Residential unit sales declined 11 per cent to 70,382 year-to-date, while the average MLS® residential price climbed 9 per cent to $504,042 over the same period.
Occasionally in life there are those moments of unutterable fulfillment which cannot be completely explained by those symbols called words. Their meanings can only be articulated by the inaudible language of the heart.
A more detailed analysis of what’s happening / what happened in the Lower Lonsdale market will follow, but for now here are a few pictures of homes that sold in 2010.
The most expensive to sell was this offering:
$1,000,000. would have gotten you a little over 1000 square feet, water and city views and a brand new building.
The least expensive to sell was this offering:
For under $265,000., you would have gotten a two-bedroom, 2-bathroom, 924 square foot home in a 34 year old building. No view here but you’re close enough to the water that you can see it when you step outside.
Right in the middle of all the sales we have this one:
For under $475,000. you would now be living in a 19 year old building, offering 980 square feet of living space, a couple of bedrooms and bathrooms and a pretty good view of the city and water.
The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.
“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”
Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred.
More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of $593,419 in April 2010.
“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.
Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.
Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.
Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December 2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.
A more detailed analysis of what’s happening / what happened in the Lower Lonsdale market will follow, but for now here are a few pictures of homes that sold in 2010.
The most expensive to sell was this offering:
A little under $630,000. would have gotten you around 650 square feet of air-conditioned living space, stainless steel appliances, a pretty good view and a building only about a year old.
The least expensive to sell was this offering:
A little under $200,000. would have gotten you 604 sqare feet of living space in a corner unit with peek-a-boo downtown views, in a 30-year old building.
Right in the middle of all the sales we have this one:
For a little under $320,000. you would now be living in a suite in a 3-year old building, offering 512 square feet of air conditioned living space, stainless steel appliances, hardwood floors and an eastern exposure.
A more detailed analysis of what’s happening / what happened in the West Vancouver market will follow, but for now here are a few pictures of homes that sold in 2010.
The most expensive to sell was this offering:
For under $11,000,000. you would have gotten over 5000 square feet of indoor living space on almost 1/3 acre of oceanside property on truly one of the nicest streets in West Vancouver.
The least expensive to sell was this offering:
Less than $625,000. would have gotten you this view. House was in need of some work, but did I mention the view?
Right in the middle of all the sales we have this one:
Actually there were 5 to choose from at this price point (just under $1.5 mil, the median sale price for West Vancouver homes last year) If you had pulled the trigger on this one, you would now be living in a 27 year old home in Caulfeild; over 3400 square feet of indoor living space on almost 1/3 of an acre lot. Tastefully renovated about 10 years ago, there is also a pretty good view to enjoy.
A more detailed analysis of what’s happening / what happened in the West Vancouver market will follow, but for now here are a few pictures of homes that sold in 2010. There were 42 sales in total.
The most expensive to sell was this offering:
For a little under $1.5 million, you would have gotten this 1400 square foot condo on the water with some spetacular views. Home had not been updated in a while, but the view was very today!
The least expensive to sell was this offering:
For under $215,000. you could have been living in a 645 square foot home with a view of the mountains. Ambleside for this price? Probably one of the best deals last year.
Right in the middle of all the sales we have this one:
Nicely renovated home with ocean views in a well-maintained building over 40 years old. Seawall is just steps away.
A more detailed analysis of what’s happening / what happened in the West Vancouver condo market will follow, but for now here are a few pictures of homes that sold in 2010. There were 109 sales in total.
The most expensive to sell was this offering:
For a little under $2 million, you would have gotten over 1400 square feet of luxurious, penthouse living space, some pretty good views and a location literally just steps from restaurants and shops.
The least expensive to sell was this offering:
For under $355,000. you could have been living in a 741 square foot, renovated home in Dundarave.
Right in the middle of all the sales we have this one:
Under $730,000. would have bought you over 1200 square feet of living area, some ocean view and a building under 12 years old.
Here is my January 2011 newsletter, which you can also find here.
It’s a good idea for home sellers to be on their toes to give their homes maximum appeal. Not only should sellers complete the home repairs they know must be made, they can also hire a certified home inspector to thoroughly and impartially evaluate their properties.
If this inspection results in a fix-it list, review the list with your real estate professional to establish necessities and priorities. Depending on your budget and objectives, you may want to repair only items that could cause significant deterioration to your property, such as a leaky roof. Ideally, the closer you can get your home to “move-in-ready” status, the more likely you are to attract today’s cautious and discerning buyers.
Among the most common repairs and enhancements yielding immediate buyer appeal include:
Paint inside and outside in neutral colors
Steam clean or replace carpets
Polish or replace hardwood floors
Clean or re-grout kitchen and bathrooms
Replace light fixtures
Change light bulbs throughout and replace wall-switch covers
Repair dripping faucets
Fix sticking doors
Repair broken fencing
Home sellers wanting to do more may want to consider the findings of Remodeling Magazine’s 2010-’11 Cost vs. Value Report, released in December 2010. The survey used input from REALTORS in 80 cities to rank home remodeling projects according to those that bring the greatest cost recovered at sale.
Many of the top projects focus on exterior replacements, as replacements are generally less expensive than other types of projects and they add all-important curb appeal – essential for today’s competitive market or any other.
The Top Five projects in the Cost vs. Value Report include:
No. 1 – Entry door replacement (steel)
No. 2 – Garage door replacement (four-section door, reuse existing motorized opener)
No. 3 – Siding replacement (fibre-cement siding)
No. 4 – Kitchen remodel (minor: new cabinet doors, drawers and hardware, plus new energy-efficient appliances, flooring, counters, sink and faucet)
No. 5 – Deck addition (wood)
When the dust clears and projects are complete, be sure that you and your real estate professional document your repairs and enhancements, and share the report with prospective buyers. Walk prospects through the enhancements and include their costs.
A home in good condition demonstrates pride of ownership. Taking the time to make enhancements helps ensure your home is presented in its best-possible light, primed for sale.
Mike Giesbrecht can be reached at 604-787-9197. Prudential Sussex Realty is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc., a Prudential company.
Vancouver has retained its ranking as the #1 most livable city in the world, according to a survey conducted by The Economist Intelligence Unit. Read the Vancouver Sun article here.
Thought it was worth posting this article from the Vancouver Sun again.
Some highlights include the Home Buyers’ Plan (withdrawing money from RRSP’s for down payment), First Time Home Buyers’ Program, low interest renovation loans and the LimeSmart BC: Efficiency Incentive Program. There are 25 grants and rebates in total so check them out here.
When people enter your home they usually look down before up, so that first step is vital for attracting a homebuyer and making a great first impression. This is one reason why more people are installing hardwood floors in their homes.
Hardwood flooring enhances the look of any room and can create a classic ambiance that will beautify the interior design of your home. Residential real estate agents agree that homes with wood floors hold their value better, sell faster and fetch higher prices.
Last year, 99 percent of real estate agents responding to a national survey conducted by the National Wood Flooring Association agreed that homes with hardwood floors are easier to sell. The survey also found that 82 percent believe that homes with hardwood floors sell faster and 90 percent said they would sell for more money. Restoring hardwood flooring in the home is one of the best long-term investments to be made.
“Hardwood floors are environmentally friendly, forever fashionable, and will last for generations,” said Pembroke Jacobs, president of the Hardwood Manufacturers Association. “Plus, with an expected life span of up to 100 years for certain premium hardwood flooring, you can be assured that that the hardwood really is a one-time investment with a very long-term payoff.”
Real estate agents also agree that carpeting does not usually impress potential buyers, but hardwood floors are always a draw. Engineered wood floors impart warmth, depth and richness to a home’s decor that cannot be matched by carpeting, tile or vinyl flooring.
Despite the existence of modern architectural trends in flooring, hardwood can still compete with floor tiles and other artificial materials. It comes in a variety of colours and grains; light, medium, or dark shades; and a variety of sizes, styles, finishes and species. Maple, mahogany and oak are the most popular woods, but some homeowners are investing in exotics such as Brazilian cherry and purpleheart.
Indoor air quality is one of the top health threats and wood floors can help contribute to a healthy living environment. In fact, a recent study found that pesticides used in gardens and homes accumulate on floors and other surfaces in the home, but that wood floors greatly reduce the accumulation of such toxins. Hardwood floors also do not trap or harbour dust mites or molds.
Though wood floors will probably need to be refinished at some point, when properly taken care of they are much easier to maintain than other floor surfaces. It is recommended to regularly sweep hardwood floors with a soft-bristle broom or dust mop to remove surface dirt and debris. If your floor contains beveled edges, it is recommended to use a vacuum with a soft bristle brush attachment to remove dirt and debris from between the floorboards.
Having hardwood floors could be the difference between selling your home or watching a potential buyer walk out the door on a less-appealing type of flooring.
There are currently 429 houses for sale in West Vancouver, ranging in price from $629,900. to $39,900,000., with the average asking price coming in at $2,943,937. There have been 544 sales this year, with the average selling price being $2,049,615. The lowest sale price achieved so far this year was for $628,500. in February. The highest sale price achieved so far this year was for $10,800,000. in April. With 429 homes currently for sale and 150 sales last month, there is about a 3 month supply of homes.
There are currently 36 detached properties for sale in Ambleside, ranging in price from $1,238,000. to $5,195,000., with the average asking price coming in at $2,017,314. There have been 81 sales this year, with the average selling price being $1,649,249. The lowest sale price achieved so far this year was for $885,000. in January. The highest sale price achieved so far this year was for $3,390,000. in May. With 36 homes currently for sale and 19 sales last month, there is about a 2 month supply of homes.
There are currently 23 detached properties for sale in Dundarave, ranging in price from $1,588,000. to $14,800,000., with the average asking price coming in at $2,481,842. There have been 49 sales this year, with the average selling price being $2,165,540. The lowest sale price achieved so far this year was for $1,072,500. in March. The highest sale price achieved so far this year was for $3,995,000. in April. With 23 homes currently for sale and 14 sales last month, there is about a 2 month supply of homes.
You don’t have to take a plane from downtown Vancouver to West Vancouver, but it would be fun :^)
North Vancouver
In North Vancouver there are currently 192 active one-bedroom properties for sale, ranging in price from $159,900. to $599,900., with the average asking price being $342,433. There have been 103 sales since March, with the average selling price being $311,058. and the average cost per square foot being $448. The least expensive sale price this year was for $155,000. in April and the most expensive was for $620,000. in June. With 192 properties currently for sale and 20 sales last month, there is currently a 9 & 1/2 month supply of homes.
Lower Lonsdale
In Lower Lonsdale there are currently 79 active one-bedroom properties for sale, ranging in price from $209,900. to $599,900., with the average asking price being $336,536. There have been 46 sales since March, with the average selling price being $308,973. and the average cost per square foot being $465. The least expensive sale price this year was for $195,000. in April and the most expensive so far this year was for $495,000. in March. With 79 properties currently for sale and 13 sales last month, there is currently a 6 month supply of homes.
The Pier
In The Pier there are currently 10 active one-bedroom properties for sale, ranging in price from $349,000. to $599,900., with the average asking price being $461,940. There have been 3 sales since March, with the average selling price being $406,666. and the average cost per square foot being $589. The least expensive sale price this year was for $390,000. in April and the most expensive so far this year was for $440,000. in April. With 10 properties currently for sale and taking into acccount the average number of sales per month up to this point, there is currently a 6 month supply of homes.
There are currently 482 single family homes for sale in West Vancouver ranging in price from $675,000 for a 2 bedroom rancher in Lions Bay to $39,000,000 for an 11 bedroom, 29,770 square foot mansion on a 5.44 acre lot at 2190 Camelot Road.
There have been 516 sales since March 1st, with the average sale price during that time coming in at $2,205,649. The least expensive sale price so far was for a 3-bedroom west coast contemporary in Lions Bay for a little under $630,000 and the most expensive so far was for a 6-bedroom, 10,000 square foot beauty in Caulfeild with stunning views, for a little under $11,000,000.
With 482 West Vancouver homes currently for sale and taking into account 161 sales last month, there is currently a 3 month supply of homes, meaning the Absorption Rate is 3. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of West Vancouver overall and one would want to drill down in individual neighbourhoods where one was interested in purchasing.
Number of Bedrooms in Current West Vancouver Homes For Sale:
There are 0 one (1) bedroom homes
There are 21 two (2) bedroom homes
There are 102 three (3) bedroom homes
There are 156 four (4) bedroom homes
There are 114 five (5) bedroom homes
There are 58 six (6) bedroom homes
There are 13 seven (7) bedroom homes
There are 4 eight (8) bedroom homes
There are 2 nine (9) bedroom homes
There are 0 ten (10) bedroom homes
There is 1 eleven (11) bedroom home
West Vancouver Homes For Sale By Community:
Altamont – 16 homes for sale
Ambleside – 36
Bayridge – 14
British Properties – 58
Canterbury – 10
Caulfeild – 34
Cedardale – 7
Chartwell – 21
Chelsea Park – 6
Cypress – 11
Cypress Park Estates – 12
Dundarave – 27
Eagle Harbour – 29
Eagleridge – 11
Furry Creek – 17
Gleneagles – 9
Glenmore – 15
Horseshoe Bay – 12
Howe Sound – 11
Lions Bay – 33
Olde Caulfeild – 6
Panorama Village – 1
Park Royal – 3
Queens – 8
Rockridge – 7
Sandy Cove – 5
Sentinel Hill – 16
Upper Caulfeild – 3
West Bay – 12
Westhill – 3
Westmount – 14
Whitby Estates – 7
Whytecliff – 8
There are currently 108 condominium apartment homes for sale in West Vancouver ranging in price from $235,000 for a 459 square foot studio in Ambleside to $7,800,000 for a 4 bedroom, 4,811 square foot penthouse in Dundarave.
There have been 80 sales since March 1st, with the average sale price for a 1-bedroom during that time coming in at $487,051 and for a 2-bedroom coming in at $1,318,298. The least expensive sale price so far this year for a 1-bedroom was for a 431 square foot renovated suite with mountain views for under $235,000 and the most expensive so far this year was for an 1,100 square foot home with ocean views in a newer building in Dundarave for the mid 800’s. The least expensive sale price so far this year for a 2-bedroom was for a 728 square foot home in an older building in Ambleside for $360,000 and the most expensive so far this year was for a 2,400 square foot Dundarave home with sweeping ocean views and exquisite finishings for $5,000,000.
With 27 West Vancouver 1-bedroom condos currently for sale and taking into account 8 sales last month, there is currently a 3 and 1/2 month supply of homes, meaning the Absorption Rate is 3.5. With 67 West Vancouver 2-bedrooms for sale and taking into account 20 sales last month, there is currently a 3 & ½ month supply of those homes as well, with the same absorption rate of 3.5. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of condos in West Vancouver overall and one would want to drill down in individual neighbourhoods where one was interested in purchasing.
Number of Bedrooms in Current West Vancouver Condominium Homes For Sale:
There are 4 studio homes
There are 27 one (1) bedroom homes
There are 67 two (2) bedroom homes
There are 9 three (3) bedroom homes
There is 1 four (4) bedroom home
There are currently 24 two-bedroom homes priced under $750,000 in West Vancouver.
West Vancouver Condominium Homes For Sale By Community:
Altamont – 0 homes for sale
Ambleside – 45
Bayridge – 0
British Properties – 0
Canterbury – 0
Caulfeild – 0
Cedardale – 3
Chartwell – 0
Chelsea Park – 0
Cypress – 0
Cypress Park Estates – 6
Deer Ridge – 2
Dundarave – 20
Eagle Harbour –0
Eagleridge – 0
Furry Creek – 0
Gleneagles – 0
Glenmore – 0
Horseshoe Bay – 3
Howe Sound – 0
Lions Bay – 1
Olde Caulfeild – 0
Panorama Village – 11
Park Royal – 10
Queens – 0
Rockridge – 0
Sandy Cove – 0
Sentinel Hill – 0
Upper Caulfeild – 0
West Bay – 0
Westhill – 0
Westmount – 0
Whitby Estates – 7
Whytecliff – 0
There are currently 332 single family homes for sale in North Vancouver ranging in price from $549,900 for a 2 bedroom 1,500 square foot house in Westlynn to $15,000,000 for a 10 bedroom, 13,000 square foot waterfront home on Beachview.
There have been 505 sales since March 1st, with the average sale price during that time coming in at $1,056,118. The least expensive sale price so far this year was for a 5-bedroom, 2,500 square foot Vancouver Special in the Seymour area for $495,000 and the most expensive so far this year was for a 4-bedroom, 6,500 square foot waterfront home in Dollarton for $6,200,000.
With 332 North Vancouver homes currently for sale and taking into account 152 sales last month, there is currently a 2 month supply of homes, meaning the Absorption Rate is 2. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an Absorption Rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of North Vancouver overall and one would want to drill down in individual neighbourhoods where one was interested in purchasing.
Number of Bedrooms in Current North Vancouver Homes For Sale:
There are 7 one (1) bedroom homes
There are 23 two (2) bedroom homes
There are 76 three (3) bedroom homes
There are 98 four (4) bedroom homes
There are 82 five (5) bedroom homes
There are 33 six (6) bedroom homes
There are 13 seven (7) bedroom homes
There are 4 eight (8) bedroom homes
There are 9 nine (9) bedroom homes
There are 1 ten (10) bedroom homes
There is 0 eleven (11) bedroom homes
There are currently 37 homes priced under $750,000 in North Vancouver
North Vancouver Homes For Sale By Community:
Blueridge – 9
Boulevard – 9
Braemar – 3
Calverhall – 9
Canyon Heights – 29
Capilano Highlands – 15
Capilano – 4
Central Lonsdale – 15
Deep Cove – 26
Delbrook – 3
Dollarton – 6
Forest Hills – 7
Grouse Woods – 7
Hamilton – 8
Hamilton Heights – 0
Indian Arm – 7
Indian River – 6
Lower Lonsdale – 7
Lynn Valley – 34
Lynnmour – 7
Norgate – 4
Northlands – 2
Pemberton Heights – 8
Pemberton – 8
Princess Park – 6
Queensbury – 6
Roche Point – 1
Seymour – 11
Tempe – 4
Upper Delbrook – 8
Upper Lonsdale – 33
Westlynn – 10
Westlynn Terrace – 1
Windsor Park – 9
Woodlands – Sunshine – Cascade – 10
There are currently 468 single family homes for sale in West Vancouver ranging in price from $675,000 for a 2 bedroom rancher in Lions Bay to $39,000,000 for an 11 bedroom, 29,770 square foot mansion on a 5.44 acre lot at 2190 Camelot Road.
There have been 413 sales since April 1st, with the average sale price during that time coming in at $2,2247,676. The least expensive sale price so far this year was for a 3-bedroom west coast contemporary in Lions Bay for a little under $630,000 and the most expensive so far this year was for a 6-bedroom, 10,000 square foot beauty in Caulfeild with stunning views, for a little under $11,000,000.
With 468 West Vancouver homes currently for sale and taking into account 100 sales last month, there is currently a 4 & 1/2 month supply of homes, meaning the Absorption Rate is 4.5. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of West Vancouver overall and one would want to drill down a little deeper in individual neighbourhoods where one was interested in purchasing.
Number of Bedrooms in Current West Vancouver Homes For Sale:
There are 0 one (1) bedroom homes
There are 18 two (2) bedroom homes
There are 106 three (3) bedroom homes
There are 151 four (4) bedroom homes
There are 109 five (5) bedroom homes
There are 57 six (6) bedroom homes
There are 16 seven (7) bedroom homes
There are 4 eight (8) bedroom homes
There are 2 nine (9) bedroom homes
There are 0 ten (10) bedroom homes
There is 1 eleven (11) bedroom home
There are currently 34 homes priced under $1 million in West Vancouver.
West Vancouver Homes For Sale By Community:
Altamont – 15 homes for sale
Ambleside – 39
Bayridge – 15
British Properties – 51
Canterbury – 8
Caulfeild – 31
Cedardale – 8
Chartwell – 22
Chelsea Park – 6
Cypress – 11
Cypress Park Estates – 12
Dundarave – 26
Eagle Harbour – 29
Eagleridge – 10
Furry Creek – 17
Gleneagles – 9
Glenmore – 17
Horseshoe Bay – 12
Howe Sound – 10
Lions Bay – 32
Olde Caulfeild – 6
Panorama Village – 1
Park Royal – 6
Queens – 6
Rockridge – 8
Sandy Cove – 6
Sentinel Hill – 15
Upper Caulfeild – 0
West Bay – 10
Westhill – 3
Westmount – 14
Whitby Estates – 7
Whytecliff – 8
There are currently 107 condominium apartment homes for sale in West Vancouver ranging in price from $269,000 for a 470 square foot studio in Ambleside to $7,800,000 for a 4 bedroom, 4,811 square foot penthouse in Dundarave.
There have been 69 sales since April 1st, with the average sale price for a 1-bedroom during that time coming in at $518,728 and the median sale price at $557,800. For 2-bedrooms, the average sale price was $1,376,351 and the median sale price was $1,097,000. The least expensive sale price so far this year for a 1-bedroom was for a 431 square foot renovated suite with mountain views for under $235,000 and the most expensive so far this year was for an 1,100 square foot home with ocean views in a newer building in Dundarave for the mid 800’s. The least expensive sale price so far this year for a 2-bedroom was for a 728 square foot home in an older building in Ambleside for $360,000 and the most expensive so far this year was for a 2,400 square foot Dundarave home with sweeping ocean views and exquisite finishings for $5,000,000.
With 28 West Vancouver 1-bedroom condos currently for sale and taking into account an average of 5 sales per month over the last 3 months, there is currently a 5 & ½ month supply of homes, meaning the absorption rate is 5.5. With 68 West Vancouver 2-bedroom homes for sale and taking into account an average of 17 sales per month over the last 3 months, there is currently a 4 month supply of those homes, with an Absorption Rate of 4. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an Absorption Rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of condos in West Vancouver overall and one would want to drill down deeper in individual neighbourhoods where one was interested in purchasing.
Number of Bedrooms in Current West Vancouver Condominium Homes For Sale:
There are 3 studio homes
There are 28 one (1) bedroom homes
There are 68 two (2) bedroom homes
There are 7 three (3) bedroom homes
There is 1 four (4) bedroom home
There are currently 26 two-bedroom homes priced under $750,000 in West Vancouver and 15 one-bedroom homes priced under $400,000.
West Vancouver Condominium Homes For Sale By Community:
Altamont – 1 home for sale
Ambleside – 44
Bayridge – 0
British Properties – 0
Canterbury – 0
Caulfeild – 0
Cedardale – 3
Chartwell – 0
Chelsea Park – 0
Cypress – 0
Cypress Park Estates – 5
Deer Ridge – 1
Dundarave – 20
Eagle Harbour –0
Eagleridge – 0
Furry Creek – 0
Gleneagles – 0
Glenmore – 0
Horseshoe Bay – 5
Howe Sound – 0
Lions Bay – 1
Olde Caulfeild – 0
Panorama Village – 9
Park Royal – 13
Queens – 0
Rockridge – 0
Sandy Cove – 0
Sentinel Hill – 0
Upper Caulfeild – 0
West Bay – 0
Westhill – 0
Westmount – 0
Whitby Estates – 6
Whytecliff – 0
Posted by mikegiesbrecht 
