Vancouver real estate market statistics for January 2011

According to the Real Estate Board of Greater Vancouver in January 2011 compared to January 2010

• the number of sales decreased by 5.4%
• new listings decreased by 6.7%
• the total number of listings increased by 2.2%
• the benchmark price of condos increased by 1.4%, of detached homes by 2.7% and of townhomes by 2.6%
  However both Richmond and Vancouver West saw a strong seller's market - the price of detached homes in Richmond increased by 22.6% and in Vancouver West by 12.2%.

The stronger market in Richmond and Vancouver West must be due to the obvious increase of Asian buyers in Vancouver who predominantly prefer and buy detached homes in these two areas.

For the full statistical report of the GVREB visit http://www.vancouver-condos.net/ and go to market trends.

Condos and views near Park Royal Mall in West Vancouver

Across the road from the West Vancouver mall are great condos located ranging in price mostly between $700K and $3 mil.

http://www.vancouver-condos.net/mls_west-vancouver-condos_park-royal.html

Beautiful spacious condos. Very convenient location, no car required; shops and transit on your doorstep. And for those who buy into the building at 605 Clyde Ave there is also access to the facilities of the retirement development by Amici.

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Proposed development surge in BC Place vicinity.

Proposals are before Vancouver Municipality which would see several new developments in the area near BC Place, Flagship, Mariner and Cooper's Lookout and Pointe.
- the largest casino in western Canada with two hotel towers
- four high rise towers with almost 900 condos

Later this year two more developers are expected to bring forward proposals for additional residential units in the area.

These proposals are very positive as they signal a high level of confidence in the local economy and the prospect of substantial job creation.

http://www.christinelouw.com/
http://www.falsecreeknorthcondos.com/
http://www.vancouver-condos.net/

Important mortgage rule changes

Finance minister Jim Flaherty has made changes to the rules governing mortgage financing which will be effective from 18 March 2011 onwards:
- the maximum amortization period for high ratio mortgages (in excess of 80% of the property value) has been reduced from 35 to 30 years
- maximum loan to value (LTV) of refinances has been reduced from 90 to 85%
- maximum financing on HELOC (line of credit products) reduced to 80% LTV
There is still some time to buy your new property and complete by 17 March to take advantage of the present mortgage rules.
http://www.christinelouw.com/

THALIA - another stunning development by James Schouw of "Grace"

In 2013 another architectural masterpiece by James Schouw will complete at the cnr of Cambie and Smithe in downtown Vancouver.
THALIA will have twenty eight residential condos on the 5th to 17th floor
- mostly priced between CAD 1.1 and 1.6 mil
- ranging from 1,275 to 3,200 sq ft (2 bedrooms+den and 3 bedrooms+den)
- with 12 foot ceilings, 8 foot doors
- geo thermal heating and cooling
- and top of the line finishes
- exclusive features like a bio metric finger print security system, fully automated parking system (no ramps), a Home Automation System and the use of a Rolls Royce Phantom Sedan as well as bikes.

If you like "Grace" (cnr Richards and Drake) you will love "THALIA" located close to Yaletown restaurants, the Queen Elizabeth theatre and a short walk from the seawall.
Pre-sales have started. Please contact me if you are interested in purchasing a condo in impresive THALIA or like to receive additional information. 604 926 3936, christinelouw@shaw.ca http://www.vancouver-condos.net/

West Pender Place in Coal Harbour, Vancouver - completing March 2011

West Pender Place consists of a 36 floor high rise, a 10 floor mid rise and a 5 floor podium and is located at 1409, 1477 and 1499 W Pender Street, Coal Harbour. Completion is scheduled to be end March 2011.
All condos have 9 foot ceilings, air conditioning, extra high end finishes (DADA kitchen with German Gaggenau appliances), wide plank hardwood flooring as well as parking, storage, bike storage and video entry phone. The development will have concierges, pool, gym with 13 ft ceiling, guest suite, roof top deck and garden.

The developer's representative informed us that assignments will soon be allowed. If you are interested in buying into this great new development contact me and I will keep you updated and assist you in finding the property that meets your requirements best.

The real estate commission discussion

Should we have buyer's contracts for every buyer as well as the current seller's listing contracts for every seller? And should each contract set out the respective party's commission payment obligation?
Followed a lengthy blog discussion about the premise that sellers should not have to pay to make up for the time Realtors spend without remuneration on "real estate tourists" and "for ever window shoppers". It is up to Realtors to try and recognize this type of buyer before too much time is spent on them but it cannot be totally avoided. Would it not be fair that sellers and buyers each pay for the time spent by Realtors on their behalf? Is it fair that a seller has to pay the commission for someone whose obligation it is not to act in the seller's interest?

Vancouver real estate statistics Jan 2011

The Real Estate Board of Greater Vancouver released its statistics for December 2010.

For the year of 2010

- the number of sales were down 14.2% compared to 2009 and 24.2% up compared to 2008
- the number of properties listed for sale increased by 9.7% compared to 2009 and decreased by 7.3% compared to 2008

- the 12 month price increase was 2.7%

Stunning Coal Harbour condo with close-in marina and mountain view

402-588 Broughton Street, Coal Harbour
Vancouver

Very well priced at CAD 699,900

Virtual tour MLS listing

Impressive newly remodelled 942 sq ft condo with top of the line finishes and wonderful views of marina, mountains and Stanley Park.
Steps from the seawall, Urban Fare and Stanley park. Pool, large gym and ample visitor parking in the building. Common areas have recently been remodelled as well. No rental restrictions. Early possession possible. Contact me for information or your private showing. Click for contact details.

Vancouver prices and number of sales keep increasing

The Real Estate Board of Greater Vancouver reports that in March 10 compared to March 09
- the benchmark price of a residential properties is 20.3% higher and 2.8% above the previous high point of May 2008.
- the number of listings is 7.6% lower but 19% higher than in February 2010 (my comment: this was very much influenced by the Olympics)
- the number of sales was 38.5% higher but only 4.7% higher than in March 08 and 12.4% lower than in March 07.

HST and new homes

HST is set to be implemented on 1 July 2010 and would increase the price of new homes by 7% minus a maximum of $26,250. It would also increase the tax on many other items by the same percentage: second hand cars, all services, restaurant meals, hairdressers, gym memberships, etc. This evening the anti HST campaign of Bill vander Zalm was officially launched in Kitsilano, the riding of Premier Gordon Campbell who introduced the HST.

Increased interest rates for fixed rate mortgages

TD, RBC and Laurentian bank have increased their rates for fixed rate mortgages by up to .8% and the other financial institutions will without a doubt follow. The increase of the bond yield is quoted as justification. The entry level market will be effected by this increase, higher priced homes will most likely continue to sell without change.
Variable rate mortgage rates are unchanged.

Stunning brand-new view home in West Vancouver

Just sold the most wonderful home in Chippendale Road, West Vancouver to the most wonderful Buyers. The view is unbelievable, the floor plan fantastic and the finishes and workmanship exceptional. The Seller and builder did an outstanding job and were a pleasure to work with. Compliments to all involved.
The recovery has definitely reached the higher price ranges - properties in all price ranges are selling well. If you are looking to buy a brand-new home, now is the time before the introduction of the new tax HST on 1 July 2010. The Seller of the beautiful home in Chippendale Road has another brand-new home for sale and I know of several other great homes in the area that are not listed on MLS. Contact me if you like further information - tel 604 926 3936 or christinelouw@shaw.ca, http://www.christinelouw.com/

The unpredictability of the real estate market

Many Vancouver Realtors are on holiday in the expectation that sales will be slow during the Olympics. Others stayed in the hope that Olympic visitors will on the spur of the moment decide to buy a holiday home in the beautiful place they just got to know. Both expectations turned out to be incorrect.
Sales are fast and it is very easy to show properties in the downtown core as long as you do not get too close to BC Place. Translink has calculated that there is 30% less traffic on the city roads but it feels like more - driving is such a pleasure now.
So far I have not heard of any impulsive real estate purchase by an Olympic visitor but maybe that is still to come. Or maybe this will only happen in the months to come.
This is such a wonderful time: happy people everywhere, an excited holiday atmosphere with lots of free entertainment and galloping sales.

The Erickson in False Creek North, Vancouver

False Creek North's star building "The Ericksen" has finally completed on the last waterfront site in the area and the first owners are moving in. When designing this building Arthur Erickson was in the phase when he designed "twisting" buildings - like the Ritz Carlton on W Georgia and the buidlings he designed for the Olympic Village. This makes "The Erickson" very attractive looking and a welcome variation from the surrounding straight up and down steel and glass towers.
The lobby is luxurious and welcoming and the reception staff is excellent.
Some properties at "The Erickson" are for sale. Contact me for information or to arrange a showing.

The Olympic cauldron next to the Three Harbour Green site in Coal Harbour

The Olympic cauldron at the Convention Centre in Coal Harbour is huge and impressive. See how small the people below the cauldron are!

The cauldron is a gathering place for happy people enjoying the atmosphere of the Olympics. When reflecting on what is involved in the organization one can only admire what has been accomplished by VANOC and all others involved. Congratulations on a job so well done!

The construction workers at the Three Harbour Green site next door to the cauldron continue to work seemingly oblivious of the crowds passing by. Three Harbour Green will be re-launched on Thursday 18 February. Prices start at CAD 1.98 mil while the price of the 8,010 sq ft penthouse is "somewhat more". Great floor plans and finishes. This is the last Coal Harbour water front site!

New price - great condo in The Ritz *********** 1211 Melville Street, Coal Harbour Vancouver. Now only CAD 489,000

NOW SOLD - 20 Febr 10

602-1211 Melville Street, Coal Harbour - large 680 sq ft condo with 1 bedroom, 1 bathroom and den. 9 ft ceilings, air conditioning, open balcony, parking, large storage. Only lived in for 6 months, completed 2008.
This is a fantastic condo and has several features that are unusual for a one bedroom plus den condo in this price range: high 9 ft ceilings, air conditioning and located on the SE corner of the building (corner positions are usually reserved for 2 and 3 bedroom condos). The condo has quality finishes and comes with parking and a huge storage locker. Add to this the great amenities in the building - concierge, gym, pool, sauna, steam room, social room, pool table room and large outside area - and the fantastic location in prestigious Coal Harbour - close to Robson Street, seawall, Urban Fare, other shops and restaurants - and you have a winning combination. Contact Christine Louw at 604 926 3936 to make an appointment to view this wonderful condo.

The taxes you pay when buying a new home in Vancouver

A few days ago Harvey Enchin analyzed in an article in the Vancouver Sun the taxes paid by a Vancouver new home Buyer. He concluded that when buying a new detached home for $564,933 the total amount of taxes paid for the house from the purchase of the lot to and including completion by the Buyer is $76,724 - this includes property transfer tax and HST and the rebate of $26,250 for the Buyer of a primary residence.

13.58% of the amount the new home Buyer pays for his/her home is tax! Since the maximum HST rebate is $26,250 the tax percentage increases as the purchase price of the house increases.

January 2010 - Huge increase in new housing starts

According to the CMHC (Canada Mortgage and Housing Corporation) 917 new housing units broke ground in January 2010 in the Vancouver Census Metropolitan area which is 50% more than in January 2009. Surrey led with 295 new housing starts, followed by Vancouver with 234 starts. Of the 400 condos started in the Vancouver CMA, 85 are rental designated.

The CMHC spokesperson added that the strong new home construction in January 10 is a continuation of the trend in the latter part of 2009 and is expected to continue in the near future.

Coal Harbour condos, Vancouver condos

Are you visiting Vancouver for the Olympics and have you decided to join the many other international part-time residents who have a holiday home here already? Then consider the following great homes and phone (604 926 3936) or email (christinelouw@shaw.ca) me for a showing.
*** in Coal Harbour:
- The Ritz; 602-1211 Melville Street - 1 bedroom plus den, 680 sq ft. High ceilings, air conditioning, corner unit. CAD 495,000.
- Orca Place; 2605-1166 Melville Street - 1,014 sq ft 2 bed, 2 bath condo with high ceilings and air conditioning. CAD 639,000
- West Pender Place; 405-1477 W Pender Street - assignment, completion early 2011. 816 sq ft One bedroom and den with high ceilings and airconditioning. Live/work zoning, luxurious finishes. CAD 645,000.
- Two Harbour Green; 1139 W Cordova - 3,600sq ft high floor condo with 3 bedrooms, 4 bathrooms and the most fantastic NW view. The ultimate in luxury. CAD 6.6 mil.
*** and in Downtown Vancouver
- The Hudson; 626-610 Granville Street - 962 sq ft loft near Pacific Centre Shopping Mall and skytrain. So conveniently located! CAD 499,000.

Enjoy your stay in Vancouver and thank you for visiting us!