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


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.


North Vancouver Condo Update

July 12, 2011

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


North Vancouver Single Family Home Update

July 9, 2011

There are currently 312 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 $14,900,000 for a 7 bedroom, 13,000 square foot waterfront home on Panorama.

There have been 423 sales since April 1st, with the average sale price during that time coming in at $1,070,284 and the median sale price being $950,000. 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 312 North Vancouver homes currently for sale and taking into account 117 sales last month, there is currently a 2 & 1/2 month supply of homes, meaning the Absorption Rate is 2.5. 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 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 Homes For Sale:
There are 2 one (1) bedroom homes
There are 21 two (2) bedroom homes
There are 62 three (3) bedroom homes
There are 103 four (4) bedroom homes
There are 72 five (5) bedroom homes
There are 28 six (6) bedroom homes
There are 17 seven (7) bedroom homes
There are 3 eight (8) bedroom homes
There are 0 nine (9) bedroom homes
There are 0 ten (10) bedroom homes
There is 0 eleven (11) bedroom homes

(There are currently 36 homes priced under $750,000 in North Vancouver)

North Vancouver Homes For Sale By Community:
Blueridge – 10
Boulevard – 8
Braemar – 4
Calverhall – 10
Canyon Heights – 28
Capilano Highlands – 15
Capilano – 5
Central Lonsdale – 10
Deep Cove – 24
Delbrook – 3
Dollarton – 6
Forest Hills – 5
Grouse Woods – 8
Hamilton – 6
Hamilton Heights – 0
Indian Arm – 8
Indian River – 4
Lower Lonsdale – 10
Lynn Valley – 33
Lynnmour – 5
Norgate – 4
Northlands – 2
Pemberton Heights – 7
Pemberton – 6
Princess Park – 10
Queensbury – 5
Roche Point – 1
Seymour – 12
Tempe – 3
Upper Delbrook – 5
Upper Lonsdale – 34
Westlynn – 10
Westlynn Terrace – 1
Windsor Park – 6
Woodlands – Sunshine – Cascade – 8


North Vancouver Single Family Home Update

June 28, 2011

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


North Vancouver 1-Bedroom Condo Apartment Property Statistics

June 23, 2011

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.


Going Green?

February 8, 2011

Go here to find out about the range of available grants, incentives and rebates. And feel good about helping to save the environment :^)