Vancouver West Side Condo Update (2-Br)

July 14, 2011

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.


Vancouver West Side Condo Update

July 14, 2011

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.


Happy Canada Day!

July 2, 2011

We’re so blessed to live here and for those of you who don’t, come and check it out sometime.

– note, although the above picture was taken by a Canadian, it’s actually located in France.


Vancouver is Tops Again

February 21, 2011

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.


Vancouver Real Estate Market Stable At Year-End

January 5, 2011

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.

– from REBGV


Happy New Year Vancouver!

January 2, 2011

Housing Market Recovers from Summer Doldrums

December 14, 2010

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.

– from BCREA