Vancouver Real Estate Blog - Vancouver Realtor » Condos

Why Vancouver Condo Rental Restrictions Are Bad

Sebastian — Wed, 20 Jan 2010 18:04:11 +0000

Sebastian Albrecht, Vancouver realtor,discusses the impacts of implementing rental restrictions on Vancouver condos in this video blog. Rental restrictions are detrimental to a building because they restrict the freedom of the owner. If you choose to travel for three months, you will not be able to rent your home out at the last moment. 25% – 50% of buyers are investors in Vancouver. By limiting rentals you are removing this potential pool of buyers from the market. This results in lower values as well as less liquidity for your investment (fewer potential buyers means it will take longer to sell).

Please share your opinion on this, or any other Vancouver real estate topic by contacting Sebastian at sebastian@sebastianalbrecht.com. Sebastian Albrecht video blogs regularly about Vancouver real estate. You can find all of his Vancouver real estate video blogs here.

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The Olympics and Vancouver Real Estate – Beware of Closing Dates

Sebastian — Sat, 14 Nov 2009 20:54:07 +0000

Sebastian Albrecht, Vancouver realtor, video blogs about another way that the host city of the 2010 Winter Olympics will be affected. Downtown Vancouver’s roads will be shutdown to traffic from February 4th, 2010 through to March 1st, 2010. If you are buying or selling a downtown Vancouver condo you won’t be able to move during this time. Make sure your closing + possession dates are either before or after the month of February 2010!

This is the City of Vancouver map highlighting the road closures and restrictions for the 2010 Winter Olympics.

Copyright © 2009 Vancouver real estate in the Vancouver Real Estate Blog bySebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver ”The Olympics and Vancouver Real Estate – Beware of Closing Dates”

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Downtown Vancouver Real Estate Statistics and Chart for June 2009

Sebastian — Mon, 20 Jul 2009 20:04:57 +0000

June 2009 in Vancouver real estate was yet another strong month. In fact, it was the second strongest June on record. We saw inventory levels (active listings) continue to fall while demand (sales) strengthened.

Downtown Vancouver Homes for Sale (Downtown Vancouver Condos only) – 462

After three consecutive months of declining Active Listings we finally saw a rise in the month of June 2009. Downtown Vancouver condo listings rose from 425 to 462. This was just the second time in the last ten months that listings rose. At it’s height, there were 818 active listings in September 2008 in the Downtown Vancouver condo maret.

Downtown Vancouver Homes Sold (Downtown Vancouver Condos only) – 185

Yet again, Sales rose impressively in Downtown Vancouver in the month of June 2009. There were 157 Sales in May and this jumped up to 185 in June 2009. June was the sixth month in a row that Sales increased.

The Average Sale Price rose to $428,000 from $420,000. This was only the third month in the last five that the Average Sale Price rose. Of units sold, the Cumulative Days on Market fell sharply to 65 (from 94). Average Price Per Square Foot for downtown Vancouver condos rose to $586 from $572 in May 2009.

Downtown Vancouver Home Sale Prices (Downtown Vancouver Condos only)

There were 22 sales between $200,000 and $300,000, 79 sales between $300,000 and $400,000, 46 sales between $400,000 and $500,000, 22 sales between $500,000 and $600,000, 10 sales between $600,000 and $700,000, 2 sales between $700,000 and $800,000, 2 sales between $900,000 and $1,000,000, and 2 sales over $1,000,000.

The least expensive sale was a 23 year old 439 sq ft studio that sold for $220,000. The most expensive downtown Vancouver condo that sold in June was an 7 year old 1704 sq ft 2 bed, 3 bath condo for $1,350,000.

Downtown Vancouver Monthly MLS Statistics - June 2009

Please Donate

On June 22nd, 2009 I will be attempting to break the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).

Donate to the Royal LePage Shelter Foundation

More Information on Vancouver Real Estate

There is more information on Downtown Vancouver real estate on this page, or search Downtown Vancouver homes for sale right here. Should you want to learn more about the Vancouver real estate market generally you can check out this page.

You can check out the Downtown Vancouver MLS statistics for June, 2009 right here, or all of my blog postings on Downtown Vancouver real estate here.

If you are thinking of buying or selling, or just have questions, contact me here or send me a quick email.

Copyright © 2009 Downtown Vancouver Real Estate in the Vancouver Real Estate Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”Downtown Vancouver Real Estate Statistics and Chart for June 2009”

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Kitsilano Vancouver Real Estate Statistics and Chart for May 2009

Sebastian — Wed, 17 Jun 2009 22:33:37 +0000

Kitsilano MLS Real Estate Statistics - May 2009

May 2009 was the strongest month in the Vancouver real estate market that we’d seen in a while. In my regular series of updates, we now turn our attention to the Vancouver neighborhood of Kitsilano where the trend was no different. In fact, if anything the positive trend was stronger in Kitsilano than many other locations.

Kitsilano Homes for Sale (Kitsilano Condos only) – 177

With the passing of May 2009 we now have an annual low for Active Listings in Kitsilano. To find a similar number of Active Listings, you have to go back to March 2008 (before the Vancouver real estate market had turned south) where we had 168 Active Listings.

Kitsilano Homes Sold (Kitsilano Condos only) – 85

For the fifth month in a row, Sales of Kitsilano condos rose. There were 85Sales in May 2009 vs 64 in April 2009. There have been significant increases in the number of Sales in Kitsilano since the lows reached in October and November of 2008 (when there were just 16 Sales). This is the highest number of Sales seen in Kitsilano in more than a year and a half (long before the market saw a downturn).

The Average Sale Price of Kitsilano condos was up significantly for the second month in a row to $561,000 (from $538,000). The Average Per Square Foot Price was $563, up from $526. The Cumulative Days on Market of the homes that sold was 77, down from 100 the previous month.

Kitsilano Home Sale Prices (Kitsilano Condos only)

There were 8 sales between $200,000 and $300,000, 20 sales $300,000 and $400,000, 17 sales between $400,000 and $500,000, 14 sales between $500,000 and $600,000, 3 sales between $600,000 and $700,000, 6 sales between $700,000 and $800,000, 8 sale between $800,000 and $900,000, 3 sales between $900,000 and $1,000,000, 3 sales between $1,000,000 and $1,200,000, 2 sales between $1,200,000 and $1,400,000 and 1 sale above $2,000,000.

The least expensive listing sold for $245,000 which was a 472 sq ft 10 year old studio. The most expensive sale sold for $2,000,000 for a 10 year old 2 bed, 4 bath that is 2333 sq ft.

Please Donate

Donate to the Royal LePage Shelter Foundation

More Information on Vancouver Real Estate

There’s more information about Kitsilano real estate on this page, or search Kitsilano homes for sale right here. Should you want to learn more about the Vancouver real estate market generally you can check out this page.

If you are thinking of buying or selling, or just have questions, contact me here or send me a quick email.

Copyright © 2009 Kitsilano Real Estate in the Vancouver Realtor Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”Kitsilano Vancouver Real Estate Statistics and Chart for May 2009”

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Is the worst behind us? – Vancouver Real Estate

Sebastian — Tue, 09 Jun 2009 19:58:05 +0000

Balanced markets emerging

If you’ve been reading this blog lately, or just watching the For Sale signs on your street, you know that the Vancouver real estate market has come back to life. In a number of recent posts, I’ve pointed out that this resurgence began with the reappearance of the first-time home buyer into the Vancouver real estate market.

“The majority of the decline in home prices has already occurred,” Cameron Muir, the chief economist for the BCREA said in a press release. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these area.”

Affordability piqued in April

According to the BCREA housing affordability in BC piqued at a three-year high in April 2009 when a combination of low home prices and low interest rates resulted in carrying costs for an average home dropping 24% over the previous year.

Imagine that. In just one year, homes were on sale for a 25% discount. That’s a very, very significant savings and it’s absolutely no wonder that droves of first-time buyers (as well as investors) have come back into the market.

“A significant increase in affordability has brought many first-time buyers into the market,” added Muir. “First-time buyers were largely absent in the late fall and winter, making it more difficult for move-up buyers to sell their current homes. The chain of ownership is now being oiled.”

An anecdote with multiple offers

What kind of affect is this resurgence having in the market? Let me illustrate with a personal anecdote.

After a long day of work this past Sunday I went back to my downtown Vancouver Royal LePage office to write up an offer for a client that I’d met at my open house at King Edward Village. Usually, our real estate office is pretty quiet late on a Sunday evening.

There were three of us this night and all of us were writing offers for eager buyers. Every one of us were also writing offers for properties that were in multiple offer situations (where more than one interested party had written an offer on the listed property). One listing had 15 offers, one had 9 and the other had 2…at a time where most people think we are in a buyer’s market.

Demand is rising while supply is falling

This goes to illustrate the fact that there are a lot of ready buyers in the Vancouver real estate market right now. While people are willing to buy, there is very little in the way of quality properties that are appropriate for first-time buyers and investors. In fact, we have the lowest number of active listings on the market right now in well over a year.

Many are competing for the few, and this has halted the downward pressure on prices. In fact, we may be seeing the beginnings of upward pressure.

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Kitsilano Vancouver Real Estate MLS Statistics and Chart – February 2009

Sebastian — Mon, 16 Mar 2009 20:39:32 +0000

Here are the Kitsilano real estate market statistics for February, 2009.

Kitsilano Homes for Sale (Kitsilano Condos only) – 191

After Active Listings dropped for four straight months in the Kitsilano real estate market, we saw a slight uptick in February 2009. Active listings rose to 191 (from 189 in January, 2009).

Kitsilano Homes Sold (Kitsilano Condos only) – 39

For the second straight month we saw Sales of Kitsilano condos rise significantly. There were 39 Sales in February, 2009 vs only 23 in Janaury, 2009. These are meaningful increases over the low of 16 that we saw back in October and November of 2008.

The Average Sale Price was $480,000. This is a rise from $460,000 in January, 2009. The Average Per Square Foot Price was $529, up from $505. The Cumulative Days on Market of the homes that sold was 104, way up from the 67 the previous month.

Kitsilano Home Sale Prices (Kitsilano Condos only)

There were 4 sales between $200,000 and $300,000, 13 sales $300,000 and $400,000, 11 sales between $400,000 and $500,000, 3 sales between $500,000 and $600,000, 3 sales between $600,000 and $700,000, 1 sale between $700,000 and $800,000, 2 sales between $800,000 and $900,000 and 2 sales between $1,000,000 and $1,100,000.

The least expensive listing sold for $231,400 which was a 440 sq ft 10 year old studio. The most expensive sale sold for $1,035,000 for a 22 year old 3 bed, 3 bath that is 1900 sq ft.

Kitsilano Vancouver MLS Statistics - February 2009

More Info on Vancouver Real Estate

If you are thinking of buying or selling, or just have questions, contact me here or send me a quick email.

Copyright © 2009 Kitsilano Real Estate in the Vancouver Real Estate Blog by Sebastian Albrecht, Kitsilano Realtor with Royal LePage Westside ”Kitsilano Real Estate MLS Statistics and Chart for February 2009”

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Grandview Vancouver Real Estate MLS Statistics and Chart for January 2009

Sebastian — Sat, 28 Feb 2009 21:16:37 +0000

Grandview Vancouver MLS Stats - January 2009

This update is for the Grandview area of Vancouver (aka Commercial Drive) in January 2009.

Grandview Vancouver Homes for Sale (Grandview Vancouver Condos only)

- 41

In January 2009 the Grandview area of Vancouver had 41 Active Listings. This is the third month in a row that we`ve seen listings drop. We’ve seen a steady, and consistent decline in the number of listings since the high of 74 in October 2008.

Grandview Vancouver Homes Sold (Grandview Vancouver Condos only)

- 4

After two flat months (at 7), Sales fell to the lowly number of just 4 for Grandview in January. This number of Sales matches the low set back in August 2008.

Average Sale Price dropped back down to the same level as November 2008 at $394,000 (from $450,000 in December). The Average Days on Market rose significantly, meanwhile, up to 112 (from 67). The Average Per Square Foot Price was $397 (down from $415) for Grandview (Commercial Drive) Vancouver condos in January 2009.

Grandview Vancouver Home Sale Prices (Grandview Vancouver Condos only)

With a total of just four sales in the month, I think that I’ll just list them here for you. The following is the sale price for each of the four sales: $249,000, $325,000, $450,000 and $550,000.

The least expensive sale was a 790 sq ft, 17 year old 2 bedroom for $249,000. The most expensive sale was a 1463 sq ft, 16 year old 2 bedroom for $550,000.

Looking for More Information on Vancouver Real Estate?

You can find every home for sale in Grandview Vancouver (Commercial Drive) right here. Before making any decisions, you might want to learn more about the Vancouver real estate market generally.

Should you be thinking of buying or selling, or just have questions, contact me here or send me a quick email.

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New Yorker – Kitsilano Condo – 2655 Cranberry Drive

Sebastian — Fri, 27 Feb 2009 07:55:21 +0000

The New Yorker is a seven storey 84 unit concrete tower built in 2001. It’s located in the very popular Kitsilano neighborhood of Arbutus Walk. The Arbutus Walk neighborhood was originally an old brewery, but was converted into a very desirable neighborhood of condominiums in the late 1990s.

The New Yorker is located within walking distance of schools, public transportation, shopping and even Kitsilano beach. The majority of suites are two bedroom units, but there are a large number of one bedrooms, as well as a handful of three bedrooms (which are rare for newer buildings in the Vancouver real estate market).

With low maintenance fees, the New Yorker is not known for it’s amenities. However, if you are wanting amenities you don’t have to look any further than across the street at the local park, or the recently upgraded community center with full athletic facilities.

Condos for sale at New Yorker (2655 Cranberry Dr) can be found here. Should you wish, you can also learn more about the Kitsilano real estate market.

Perhaps you still have questions, or you are interested in buying or selling then you can contact Sebastian Albrecht, Vancouver Realtor or send me a quick email.

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Coal Harbour Real Estate MLS Statistics and Chart for January 2009

Sebastian — Fri, 20 Feb 2009 18:08:00 +0000

Here are the Coal Harbour real estate market statistics for January, 2009.

Coal Harbour Homes for Sale (Coal Harbour Condos only) – 23

The total Active Listings in the Coal Harbour real estate market fell once more to 233. This is the third month in a row that we`ve seen a decrease and we are now on par with the number of listings seen at the beginning of July, 2008.

Coal Harbour Homes Sold (Coal Harbour Condos only) – 9

After a string of 6 months of lower Sales in the Coal Harbour real estate market, we saw an uptick in the month of January. From the low of 6 in December, 2008 this is a rise of 50%.

Of the sales that took place, the average price was $898,000. This was a drop from the $983,000 seen in December, 2008. Average Days on Market fell sharply to 99 from the peak of 141 in December, 2008.

The Average Per Square Foot Price for sales in January 2009 was $751 which was well down from the $930 seen in December.

Coal Harbour Home Sale Prices (Coal Harbour Condos only)

There were 2 sales between $400,000 and $500,000, 3 sales between $600,000 and $700,000, 1 sale between $700,000 and $800,000, 1 sale between $1,000,000 and $1,100,000 and 2 sales between $1,600,000 and $1,800,000.

The least expensive sale was $425,000 for a 1 year old 688 sq ft one bedroom. The most expensive sale was $1,800,000 for a 1 year old, 2178 sq ft, 2 bedroom.

Coal Harbour Real Estate Stats - January 2009

More Information on Vancouver Real Estate

You can search Coal Harbour Vancouver homes for sale right here. For more information on Downtown Vancouver real estate go here. Or, if you’d like to learn more about the Vancouver real estate market generally you can check out this page.

If you are thinking of buying or selling, or just have questions, contact me here or send me a quick email.

Copyright © 2009 Coal Harbour Real Estate in the Vancouver Realtor Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”Coal Harbour Real Estate MLS Statistics and Chart for January 2009”

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Pinnacle – Downtown Vancouver Condo – 939 Homer (Current Listings)

Sebastian — Thu, 12 Feb 2009 09:33:37 +0000

The Pinnacle is a 36 storey condominium development in the Yaletown district of Downtown Vancouver. Built in 1997 it contains 300 suites. The Pinnacle is a fantastic building for first-time buyers or investors looking for high returns on their investment.

Demand for affordable rental accomodations in Yaletown is high. Their is a high level of amenities in the building including a pool, hot tub, sauna, resident caretaker and gym. The building is well-managed and well taken care of. It`s clear that owners and residents are proactive in maintaining their building. As of February, 2009 there are no restrictions on either pets or rentals.

Condos for sale at The Pinnacle (939 Homer) can be found here. Should you wish, you can also learn more about the Downtown Vancouver real estate market.

Perhaps you still have questions, or you are interested in buying or selling then you can contact Sebastian Albrecht, Downtown Vancouver Realtor or send me a quick email.

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