West Vancouver Condo/Apartment Property Statistics (1-Br)

May 27, 2010

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.


Balanced Increases Create Stable Marketplace

May 20, 2010

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.

– from REBGV


West Vancouver Legalizes Secondary Suites

May 20, 2010

Suites must be licensed by September 30, 2010.

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.

Read this for more information.

– from REBGV


North Vancouver Condo/Apartment Property Statistics (2-Br)

May 10, 2010

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.


North Vancouver Condo/Apartment Property Statistics (1-Br)

May 6, 2010

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.


Home Buyer and Seller Market Increases in Busy Spring Market

May 6, 2010

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.

Read the rest of the story here.


Home Buyer and Seller Activity Increases in Busy Spring Market

May 5, 2010

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.

– from REBGV