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/

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.

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.

Strong sales during and after Olympics

During the Olympics the CAD 22.3 mil penthouse of Three Harbour Green in Coal Harbour sold and so did many other properties. The Vancouver real Estate Board reports that in February '10 compared to February '09
- the number of sales increased by 67.1%
- new listings increased by 17.6%
- total listings declined by 21%
- the benchmark price for all residential properties in the Greater Vancouver area increased 19.7%

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.

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!

Activity in the market

So much activity with sales, listings and launches of new developments that one almost forgets the bad months of end 2008 and early 2009. The monthly statistics of the Greater Vancouver Real Estate Board remain very positive about the number of sales and increase in values, well priced properties sell in a short time period and often in multiple offer situations and the first "after 2008" new development in the Downtown peninsula "The Mark" by Onni cnr Pacific/Seymour will be available for purchase on 28 November. Please contact me if you like to receive more information about "The Mark".

I have some great new listings:
- impressive 3,600 sq ft high floor NW condo with stunning water and mountain views in Aspec's flag ship building Two Harbour Green at 1139 W Cordova Street, Coal Harbour priced at CAD 6.6 mil
- beautiful 2 bed/2 bath condo with water and marina view, in Palladio at 1228 W Hastings, Coal Harbour. Well priced at CAD 619,500
- brand-new 2 bed/2 bath high floor condo with panoramic water/mountain/city views in well known Woodwards W43 at 128 W Cordova Street, Downtown priced at CAD 720,000 (GST paid)
- 5,250 sq ft beautiful view home in Lower Chartwell, West Vancouver. Close to good schools, easy access to shops and highway. Priced at CAD 2,198,000
- more new listings coming shortly
All very easy to show. Please contact me if you like to view these great condos.

Wesbrook at UBC, Vancouver

Impressive Wesbrook by ASPEC was relaunched on Wednesday 14 October and is now ready for move in. The building is near the intersection of Wesbrook Mall and 16th Ave which is close to the new shopping centre which is under construction and the planned community centre. The condos vary in size between 1,480 sq ft and 4,660 sq ft (the penthouse on the 17th and 18th floor) and have 2 to 4 bedrooms. The 3 bedroom townhomes are 2,400 sq ft. The luxury finishes include a gourmet Snaidero kitchen from Italy, Miele appliances, Kohler fittings and beautiful bathrooms.
The building has a guest suite, gym and billiard room. The unusual and welcome amenity is a car for use by residents.

ASPEC is the developer of many of the water front buildings in Coal Harbour: Avila, Bauhinia, Cascina, Denia, One Harbour Green and Two Harbour Green. Condos in Three Harbour Green are currently for sale.

The location of new condos in Vancouver can be seen on the map with new developments on my sites www.christinelouw.com or www.vancouver-condos.net