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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.

No related posts.

May 2009 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Sun, 07 Jun 2009 19:40:47 +0000

Light At the End of the Tunnel

With the end of May 2009 we can now look back and see that we’ve had four consecutive months of increasing sales in Vancouver. Both the Eastside and Westside have seen steady improvements in the number of sales since February 2009.

These steadily improving Sales numbers are now having an effect on the entire market. Listings are down and prices are starting to inch their way up. In fact, since the beginning of 2009 the benchmark price of Detached homes has risen 6.86% on the Westside and 3.52% on the Eastside.

The most significant difference this month is that the improvements we are seeing are no longer just month-to-month but also year-over-year. April saw some improvements year-over-year, but May saw this happen across the board (in everything but prices).

The official line

“The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region,” Scott Russell, REBGV president said. “MLS® data continues to show a trend toward a balanced market in the region.”

The numbers

Sales are up significantly (+22.75%) for yet another month (that’s four in a row) from 1011 in April 2009 to 1241 in May. Year-over-Year this month saw a big jump (+61.59%) over the 949 Sales in May 2008.

At the same time the number of new listings coming onto the market is holding steady. There were just 1475 New Listings in Vancouver in the month of May 2009. This was a slight rise month-to-month (+2.64%) but a big drop year-over-year (-29.29%). The Sell/List ratio rose for yet another month to 84.14% (it had been at 20% in January).

Active listings fell for the third straight month to 3673. This is down month-to-month (-8.63%) as well as year-over-year (-32.29%). Active Listings are at their lowest number in over a year.

While prices are still well below the levels they were a year ago, we are seeing them rise on a month-to-month basis. If Sales continue to rise, New Listings continue to retract and the available inventory remains limited, I expect we shall see prices continue to rise in the coming months.

Monthly Vancouver MLS Statistics - May 2009

The future

Is the bottom of the market behind us already? It’s possible. I’ve heard some calling the bottom already. Unfortunately, my own crystal ball is cloudy…only time will tell.

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 info on Vancouver real estate

Are you a first time home buyer? I have helped many first time buyers purchase their first home. If you are thinking of looking, I can help you take advantage of all the government programs and incentives, educate you on the process, and get you the best possible deal on the home that you want.

Contact Sebastian, Vancouver Realtor or send me a quick email.

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.

Kitsilano Vancouver Real Estate Statistics and Chart for July 2009

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.

The Hudson – Downtown Vancouver Condo – 610 Granville

Sebastian — Thu, 05 Feb 2009 21:26:27 +0000

The Hudson is a 32 storey condominium development in Downtown Vancouver that contains 432 suites. Completed in 2006 at 610 Granville it’s at the heart of Vancouver’s business district and so has Live/Work zoning allowing owners to run home businesses legally.

Aside from a fantastic Downtown Vancouver location, the Hudson has amenities that rival some of the finest buildings in Vancouver. 24-hour concierge service, fitness center and meeting rooms are all at your disposal. In addition, you can access the Steve Nash Fitness Club, the Skytrain and Pacific Center Mall all without going outside.

Condos for sale at The Hudson (610 Granville) 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.

Qube – Coal Harbour Condo – 1333 W. Georgia

Sebastian — Fri, 30 Jan 2009 22:04:56 +0000

The Qube is a 12 storey, 181 suite condo development in Coal Harbour, Vancouver. Originally built in the 1960s as an office tower, it was converted to condominiums in 2006. It’s one of the most recognizable structures in the City of Vancouver (built to be earthquake proof).

The fact that it was originally an office tower means that it was built to commercial building standards. Ceilings are extremely high at 9′6″ which makes even the smallest suites feel spacious. High-end finishings (including dark stained hardwood floors, thick granite counters and stainless steel appliances) as well as concierge service combine to make this an elegant building.

The coal harbour neighborhood is one of the most exclusive condominium areas in the city. Convenience and proximity to everything you need…shopping, restaurants and leisure activities. Living at the Qube, you’ll be able to walk to work and never drive a car again…if you don’t want to.

Condos for sale at Qube (1333 W. Georgia) can be found here. Alternatively, I have a website dedicated to the Qube condos right here. Should you wish, you can also learn more about the Coal Harbour 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.

Savona – Kitsilano Condo – 2175 Salal Drive

Sebastian — Fri, 23 Jan 2009 13:09:48 +0000

The Savona is a 4 storey, 103 unit condo development in the Kitsilano area of Vancouver. It was built in 2000 as part of the Arbutus Walk development by Concert Properties. Originally an old brewery, the community is now one of the most desirable condominium developments outside of downtown Vancouver.

As far as location, the building is within walking distance of schools, shopping and even beaches. While the Arbutus Walk community has a well-earned reputation as an idealic setting, the Savona stands out as one of the highest quality buildings in the area. The majority of suites are either 1 or 2 bedrooms, but there are about one dozen 3 bedroom units as well.

Amenities include a common room, bike lockers and a live-in caretaker. Those looking for other amenities need to look little further than across the street at the local park, or the recently upgraded community center with full athletic facilities.

Condos for sale at Savona (2175 Salal 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.

Kitsilano Vancouver Real Estate Statistics and Chart for July 2009

Condo Mania Returns and Finding Great Deals in Vancouver Real Estate

Sebastian — Fri, 23 Jan 2009 04:44:17 +0000

It’s no secret. The Vancouver real estate market has slowed considerably.

Anyone who has picked up a newspaper lately has seen nothing but bad news for owner’s of Vancouver condos or those of us that have Vancouver homes for sale. For the Vancouver real estate bear’s it’s been an affirmation, a victory and money in the pocket of patient, young first-time buyer’s.

But then…this…

Condo Mania

In this climate where we’ve had dust settling on the floor of presentation centers, new developments being shuttered and plans put on hold all of a sudden big lineups for new condos. What’s happening?

For one, it’s great marketing. In a market where buyer’s smell blood and are hungry for a deal it has been served on a silver platter. Prices are offered at 20% – 40% off…and you have to pre-register and line-up to get the deals.

There’s no doubt about it, the deals that are being offered by Onni through Mac Marketing are attractive. There are some bargains to be had, but those bargains are to be found all over the real estate market right now. There are some incredible deals all over the Lower Mainland.

Of course, if you don’t want to wait in line you can just find yourself an excellent Vancouver realtor and ask them to help you dig up the deals. You can also get started right here by searching Vancouver homes for sale, or register to be notified of Vancouver estate sales, or Vancouver foreclosures.

Are you thinking of buying or selling, or just have questions then you can contact me here or send me a quick email.

No related posts.

Domus – Downtown Vancouver Condo – 1055 Homer

Sebastian — Mon, 05 Jan 2009 02:19:00 +0000

Domus is a 27 storey, 135 unit condo development in downtown Vancouver that was built in 2003. Most units in the building are 1 or 2 bedrooms and range from about 700 sq ft – 1000 sq ft (although there are larger). Domus has a reputation as a solid building with some very nice, high-end finishings (such as stainless steel Bosch appliances and Grohl fixtures).

This is another building with an exceptional location. The central location is an amenity in itself, but other amenities include guest suite, gym, yoga room, steam room, sauna, garden and party room. Domus is a fine example of quality downtown Vancouver real estate.

Condos for sale at Domus (1055 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, Vancouver Realtor or send me a quick email.

Max II – Vancouver Condo – 939 Expo Boulevard

Sebastian — Fri, 02 Jan 2009 18:48:34 +0000

The Max is a condo development in downtown Vancouver that was completed in 2005. Built in two phases, the Max I and Max II, Max II is 26 storeys high and contains 225 residential condos. Amongst Vancouver realtors and Vancouver real estate enthusiasts the development is known for it’s incredible views, high-end amenities and extremely convenient location.

Just on the edge of Yaletown in downtown Vancouver, the Max’s location is extremely convenient for those interested in the downtown lifestyle. The shops, restaurants and nightlife of Yaletown and downtown are just steps away, as is the sports entertainment of BC Place and GM Place. As for amenities, the Max I and II share an enormous 65′ lap pool, 24 hr concierge, sauna, hot tub, gym, party room, entertainment room and garden.

All the listings and units for sale for Max II (939 Expo Blvd) are 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, Vancouver Realtor or send me a quick email.