North Vancouver Condo Update

February 19, 2012

There are currently 377 condominium apartment homes for sale in North Vancouver ranging in price from $217,500 for a 855 square foot 2-bedroom home in a Central Lonsdale age-restricted building, to $2,600,000 for a 3 bedroom, 1,700 square foot view home in Lower Lonsdale.

There have been 148 sales in the last 90 days, with the average sale price for a 1-bedroom during that time coming in at $308,588 and the median sale price coming in at $297,750. For 2-bedroom homes, the average sale price was $451,111 and the median sale price was $425,900. The least expensive sale price so far this year for a 1-bedroom was for a 727 square foot home in Lynnmour for $151,000 in January and the most expensive so far this year was for a 781 square foot home (still under construction) in the Hamilton area for $469,000 in January. The least expensive sale price so far this year for a 2-bedroom was for a 871 square foot home in Central Lonsdale for $275,000 in February and the most expensive so far this year was for a 1,851 square foot home in the Capilano area, also in February, for $937,000.

With 151 North Vancouver 1-bedroom condos currently for sale and taking into account 22 sales last month, there is currently a 7 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


West Vancouver Single Family Home Update

September 26, 2011

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
.


West Vancouver Condo Update

August 20, 2011

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


West Vancouver Single Family Home Update

August 9, 2011

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


Changes To Canadian Immigration Rules

July 28, 2011

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.

To view Citizenship and Immigration Canada’s (CIC) press release, visit:
www.cic.gc.ca/english/department/media/releases/2011/2011-06-24a.asp.

For more information about the Federal Immigrant Investor Program, visit:
www.cic.gc.ca/english/immigrate/business/investors/index.asp.

For more information about the Federal Entrepreneur Program, visit:
www.cic.gc.ca/english/immigrate/business/entrepreneurs/index.asp.

For more information about the Skilled Worker Program, visit:
www.cic.gc.ca/english/immigrate/skilled/index.asp.

To view CIC’s Frequently Asked Questions, visit:
www.cic.gc.ca/english/information/faq/immigrate/business/index.asp.

This article was provided by the BC Real Estate Association.


West Vancouver’s Sentinel Hill Single Family Home Update

July 20, 2011

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


Greenest House On Earth?

July 17, 2011

Read the article from the Vancouver Sun here.