Vancouver Real Estate Blog - Vancouver Realtor » Vancouver Real Estate

What is a Vancouver Laneway House?

Sebastian — Mon, 06 Feb 2012 19:00:18 +0000

Vancouver Laneway House

These are second homes on a lot that traditionally was only allowed to have a single family structure (RS-1 zoned land). The term “laneway” is in reference to the location on the property where the structure must be built. These new dwellings must be at the back of the lot and on the lane (where you would traditionally find a garage).

There has been some confusion between laneway houses and carriage houses but they are not the same. A carriage house is a structure that the city has allowed to be built for many years on a much smaller number of properties in Vancouver. These carriage houses have separate title and can therefore be sold separate from the main house. A laneway house can not currently be sold. It does not have title separate from the main house and thus can only be used by the current owner or rented out.

Vancouver's First Laneway House

There are many requirements enforced by the city when designing/building a laneway house. Some of these include – the property must have at least one parking space at the rear of the property (whether an enclosed garage or ….), they cannot be larger than 1.5 storeys, they can be built on a minimum 33′ wide lot (although exceptions can be made by going through the Board of Variance). On a 33′ wide lot the structures will be approximately 550 sq ft (not including the parking) and one or two bedrooms. A laneway house can be built while keeping the existing house on the property (and the main house is allowed to have a secondary suite).

Laneway houses were officially sanctioned by the Vancouver council in late 2008 under the direction of Sam Sullivan and his Eco-Density initiative. The laneway house building code was set out in July 2009.

Find more information on Laneway houses on the city of Vancouver website.

(This is an update to a post I wrote about what is laneway housing back in 2008 before the first laneway house had been built)

More Info on Vancouver Real Estate

For more information on Vancouver real estate market go here.

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

Vancouver Market Update – January 2012

Sebastian — Sat, 21 Jan 2012 21:25:55 +0000

Everyone Was Busy Eating Turkey…

Vancouver Real Estate listing and sales statistics for the month of December experienced a typical holiday season lull last month. Active listings during the Christmas season reflected the usual holiday break for many busy families and professionals.

Vancouver Property Sales were down (-33.16%) to 516 from November (772). On the Vancouver West Side there were 355 sales in December, down (-17.63%) from the previous year. Overall, there were (-32.89%) less sales in December from the previous month of November. Naturally, people appear to prefer to spend their holiday time drinking egg nog with their families in lieu of holding open houses…

This December in Vancouver East, Sales totaled 161. This number is at-par (+1.90%) with sales figures from December 2010, but down from the previous month (-33.74%) as was to be expected.

The holidays flattened the previous modest increase in Vancouver Sales activity month-to-month while listing numbers predictably hit their lowest of the year. New Listings were down in both areas (-53.87% in Vancouver East to 143 and (-55.54% in Vancouver West to ) 333 for the month of December.

Despite sluggish sales, benchmark prices in the Vancouver West detached market were steady in December, dipping (-1.43% to $1,990,958). The benchmark prices for attached homes were up (+5.48 % at $833,361) from November. Vancouver East detached fared very similarly from month-to-month, down (-2.02% at $845,771), while attached properties practically stayed at-par, up (+0.03 % at $556,220) for December. The apartment market mirrored similar trends in Vancouver West and Vancouver East, rising (+1.58%) on the West Side and (+2.41%) in East Van.

The Board’s Official Line:

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

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Vancouver Market Update November 2011

Sebastian — Tue, 13 Dec 2011 17:40:15 +0000

November Listings Continue to Cool in Vancouver Real Estate Market

November Listings Cool in Vancouver: Vancouver Real Estate Stats

November listing and sales statistics for the Vancouver Real Estate Market continued to cool. The number of homes for sale has continued to decrease as we approach the 2011 Holiday Season.

Total sales in Vancouver for November 2011 were up (+5.61%) from October to 772 sales, which is down (-7.32%) from one year ago. In Vancouver West, there were 529 sales in November, up (+7.52%) from October 2011 ~ and down (-7.03%) from November 2010. in Vancouver East, November numbers were fairly consistent with those from October topping out at 243 sales, up (+1.67%). These numbers are down (-7.95%) from November 2010.

In general, we saw a modest increase in Vancouver Sales activity month-to-month while listing numbers continue to slow. New Listings were down in both areas (-25.48% in Vancouver East to 310 and -26.64% in Vancouver West to 749) for the month of November.

Steady sales resulted in fairly even benchmark prices in the Vancouver West detached market in November, rising a modest half a percentage point (+0.56% at $2,019,926). The benchmark prices for attached homes readjusted, with prices down (-7.82 % at $790,046) from October. Vancouver East detached prices are up (+0.79% at $863,183) in addition to attached properties showing little change at (+ 0.17% at $556,380) for November. The apartment market mirrored inverse trends in Vancouver West and Vancouver East, dipping (-1.27%) on the West Side while rising (+1.80%) in East Van.

The Vancouver Real Estate Board’s official line

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

For more information on Vancouver Real Estate Statistics, check out my website here.

Vancouver’s Main Street Divides Million Dollar Homes

Sebastian — Tue, 13 Dec 2011 00:50:18 +0000

Vancouver Map Illustrates East and West Divide

I found this map absolutely fascinating, and hope that you find value in it as well. It fully illustrates the divide in property value in the City of Vancouver…which is clearly demarcated along the line of Main Street which runs north-south at the approximate geographic center of the city.

To the east of Main Street almost every single family residential zoned (RS) home is assessed below $1,000,000. There is a cluster of notable exception in the Killarney area of East Vancouver. To the west of that line, nearly ever single property is assessed above $1,000,000. Again, there are a few exceptions this time in the Marpole area.

The true dividing line between $1,000,000 homes in Vancouver is actually Ontario Street where the East and Westsides of Vancouver are divided…Main Street is two blocks to the east. Also of note is that there is not a single home in the City of Vancouver valued at less than $500,000.

Up to this point in Vancouver’s history, the Main Street divide has been a “social, cultural, and political dividing line of wealth, social status, and political affiliations”. As East Vancouver real estate continues to rise in value, these differences are continuing to blur. No longer is East Vancouver only a blue-collar, working-class neighborhood as the increasing number of million dollar homes attests.

Vancouver RS Zone Home Values

Bing Thom Architects recently published the map below on their blog. They used data from the City of Vancouver’s Open Data Catalogue to derive the map. For the purposes of creating the map, they defined single family residential lots as being RS zoned lots (this is the vast majority of zoning in the city with more than 10,000 lots in this category). The value was based upon the BC Assessment values (combined land and improvements) as of July 2011.

You can find the original blog post from BTA Works here.

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New Kid on the Block… in Riley Park

Sebastian — Mon, 24 Oct 2011 21:00:25 +0000

My new diggs

As I mentioned earlier, I recently moved to a new neighbourhood. After years of living right off of Commercial Drive, Riley Park (aka Little Mountain) is my new stomping grounds.

I am really enjoying this area and its features. As a dog owner I have to say that firstly, it’s extremely walkable. Being in a residential area is a definite plus because it gives you some shelter from traffic ~ Jake, my 9-year-old Whippet is definitely enjoying the freedom of quiet streets and friendly pedestrians. There are also quite a few dog owners around, often walking with their pals. I’ve gotten to know a few people up at the Queen Elizabeth Offleash Park near 36^th and Ontario.

Queen Elizabeth Park

Being so near to Queen E makes it both tempting and feasible to take a break from the day and enjoy a little nature walk. But I have to say that for me, an even closer option for beautiful vegetation and relaxing, contemplative strolls lay just over the hedge of Prince Edward St along the beautiful cemetery. Although I have not taken to strolling within the grounds themselves, the pathways and walk routes that border the fields are gorgeous, especially this time of year with all of the leaves turning. I often see others out for solitary walks and have enjoyed the apparent commonality of those little escapes.

Perhaps my favourite thing so far is the inherent sense of community I feel I’m picking up on. The sidewalks are well-kept and cosy, filled with young children exploring and spending time in their yards and gardens. I think I’m going to get along quite well here…

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Market Update September 2011

Sebastian — Thu, 13 Oct 2011 15:54:58 +0000

Home Listings Continue to Rise in Vancouver while Sales Slow

Vancouver Stats Sept 2011

With fall officially under way, Vancouver listing inventory has recovered from the summer vacation lull in September. That being said, sale activity was marginally lower in September for the fourth month in a row, having peaked for the year in June 2011. With a sales-to-listings ratio in the Greater Vancouver area sitting around 14%, the lower mainland is reflecting a healthy buyer’s market.

Total sales in Vancouver Proper for September 2011 were down (-4.71%) from August, and down (-3.32%) from one year ago. In Vancouver West, there were 473 sales in September, down (-9.73%) from August 2011 ~ and down (-8.33%) from September 2010. Things were decidedly different in Vancouver East, where the market showed more sales activity in September with 255 sales, up (+6.25%) from last month, and up (+7.59%) from September 2010.

Although the market healthy, we seem to be arriving at the top end of a buyer’s market. This will especially hold true if inventory continues to rise and sales continue to slow in Vancouver. While Vancouver East and Vancouver West showed different trends in sales activity this month, the amount of New Listings is up in both areas (+17.87% in Vancouver East to 587 and +28.94% in Vancouver West to 1301) for the month of September. In the Greater Vancouver Market at large, September listing numbers increased another 4.6 % from August to September.

Even with slower sales activity, detached benchmark prices in Vancouver proper rose again in the month of September. In Vancouver West, benchmark prices rebounded from the summer sales slump (+3.43% at $2,030,720) for detached homes and up (5.5 % at $841,990) for attached properties. Vancouver East has fared similarly, with detached prices up (+2.13% at $841,509), up (+0.79% at $558,693) for attached properties. While the apartment market in Vancouver West remained steady, up (+0.30%) it fell slightly in Vancouver East (-0.15%).

The Vancouver Real Estate Board’s official line

“There’s more competition amongst home sellers in today’s market, providing more options for prospective buyers,” Rosario Setticasi, REBGV president said.”Buyers now have more properties to choose from and more time to make decisions compared to the spring season.”

“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said.

Vancouver Real Estate Hot Tub Time Machine

Sebastian — Wed, 28 Sep 2011 21:40:04 +0000

Royal LePage Conventions and Me

Every year there is a convention involving Royal LePage realtors at the beginning of September. It alternates from one year to the next between a large national convention and a smaller, regional one. In the last few years we’ve had national conferences in St. John’s, Newfoundland and Montreal. The regional conferences have been in places like Whistler and Penticton.

I just got back from our regional conference (called Headstart) in Harrison Hot Springs. It was so much fun, that I can hardly believe it. The picture that I’ve posted here actually shows how most of us did our networking/socializing…in the hot pools at the Harrison Hot Springs Resort. I highly recommend it!

One of the best parts of going to these conferences is the relationships that you develop. We are colleagues to begin with, but over the years you become friends…and these conferences become an excuse to relax and unwind with old friends. Of course, there are many other benefits. There is an educational component to every conference and we do a lot of career development. There is always a slightly different slant, but the idea is that we constantly learn how to our job better….from motivational speakers, to better presentation skills to social media training.

Another big advantage is that in developing these relationships with agents across the country, I have developed a network of realtors I trust. When I have clients or friends that are moving, or needing to sell property somewhere else in Canada I am able to recommend someone that I not only know personally, but I know how good they are at what they do. That personal connection can go a long way in helping you achieve your goals.

Next year the national conference is finally coming to Vancouver. I was originally a little bit disappointed. I like being able to travel and experience other parts of the country. However, I’m now really looking forward to being able to show off my city to my friends and colleagues. Next year can’t come soon enough!

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Vancouver RE Identity Crisis?

Sebastian — Thu, 22 Sep 2011 19:02:58 +0000

The affordability of Vancouver housing prices continues to be buzz-worthy topic for anyone interested in investing (or holding) property the market. In Van City, I think the affordability issue rates high on people’s general conversational radar ~ so much so, that the question “where do you live” seems to go hand in hand with “what do you do?” in a first-time introduction. Now granted, I’m in the Real Estate Business; but I notice more and more that this topic comes up in every day conversation *outside* of what I would consider my work sphere. It seems to me that property talk ranks as high as general comments about the current weather ~ which ultimately, speaks to the high level of saturation we’re exposed to via media the about state of the market here.

We live in a hot city for Real Estate. It’s just the truth ~ and people in the industry would be happy to tell you how fortunate buyers, sellers and professionals are to live here and participate in market conditions like these. But I’ve always noticed that Real Estate talk here in Vancouver appears to be driven by fear ~ even in what is lauded as one of the best markets in North America. As a general comment on the media, it seems to me that the only time people aren’t worried about a looming drop in home values or a predicted bubble burst is when the Market is actually in a significant downturn or correction (like we saw in 2009). You can look at articles published every day between 2009 and now; the same concerns have been raised time and time again.

So why are we so afraid? One year ago, I wasn’t thinking that housing prices on the West side would be up 20% in a year. I don’t think anyone really predicted that type of average price increase, which is really the zenith of the conundrum to an extent I guess. The truth is that even the most astute economists can’t predict with total accuracy what will happen in the market. The very nature of free enterprise disables accurate market forecasting. We can’t be completely sure what will happen any more than we can predict the weather for 6 months from now. So the idea of timing the market is in itself a fallacy; the choice becomes much more about how to get the current market to work *for* you and your circumstances, whatever they may be.

What I do know is this: Real Estate Prices in Vancouver have increased every year. The variables upon which fluxes are often repudiated to be dependent haven’t affected the market as much as we feared ~ be it immigration, the economy or a looming bubble pop. The truth is simply that Vancouver continues to be one of the most popular places to live in Canada; and the space here is limited. Unless a major economic catastrophe hits, you can safely assume that as a general trend, prices will steadily continue to increase, just as they have in other international, high-demand markets such as San Fran, New York, London, etc.

I have found myself wondering if Vancouver is simply behind the trends of global Real Estate. We as Canadians have had the luxury of unlimited space for centuries ~ Canadian writers like J.R Saul say that it’s part of what truly defines our Canadian identity. I think cities like Toronto and Vancouver have had to grow into an awareness of being international markets, and are now wrestling with the pros and cons that go with such a title.

Sometimes, I think being truly Canadian is to have an identity that is allowed the generosity of flux. Perhaps the market is simply mirroring this value back to us… and soon, we may just have it figured out.

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July 2011 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Thu, 04 Aug 2011 20:53:47 +0000

Vancouver Real Estate Statistics for July 2011

Monthly Vancouver Real Estate Statistics - July 2011

Vancouver Market Remains in Equilibrium Through Summer

Market conditions remained balanced for July 2011, with home sale levels in Greater Vancouver Area below the 10 year average for July.

In Vancouver proper, (1613) New Listings came on to the Market in July 2011. Down (-9.03%) from 1773 listings in June, we might be seeing the effects of typical holiday and travel months for families. However, compared to levels of inventory we saw last year in July (1318), listings are up twenty-two percent (+22.38%). The benchmark price of a detached home in Vancouver in July 2011 was $1449,174, up (+24.23%) from this time last year.

On both the East and West sides, the amount of new listings for sale were fewer in July than June (274 and 1096); a month to month decrease of (-15.43% and 13.43%) respectively. Interestingly, the benchmark price of Apartments on the West side was up from June to July (+8.11%), reaching $518,396. We also saw a slight increase in the benchmark prices of detached homes on the East side, up (+2.28%) to $854,004.

Sales in July in Vancouver reached 816, demonstrating an ease-off in the level of sales activity (-14.47%) as the city embraces the summer sunshine, down from (954) sales in June. However, the number of homes sold this past month is nearly identical to the actual sales numbers of July 2010 (818, up +.024% Y-Y), even though the amount of inventory was much higher one year ago.
Market activity is consistent in comparison to last month with (3668) active listings in July 2011. These numbers are up (+2.69%) from June 2011 (3572). Active listings on the market this year are still under (-24.23%) those record-high levels of properties for sale at this time last year (4695).

The Vancouver Real Estate Board’s official line

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.

More Vancouver Real Estate Statistics

If you want to stay on top of the Vancouver real estate market, then you’ll want to keep an eye on my Vancouver real estate statistics. You can find detailed numbers on what’s happening broken down by month, week and even by day. In addition, you can see an overview for a variety of different communities in the city.

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

New Listing – 716 – 4078 Knight St (King Edward Village)

Sebastian — Wed, 03 Aug 2011 23:56:56 +0000

716 4078 Knight St (King Edward Village)

Overview

Bathed in light and surrounded by some of the best North Shore Mountain views on the East Side, this fully refreshed 2 bedroom 2 bathroom condo simply sparkles.

Details

This suite sits on the top floor and overlooks an inner courtyard. As a corner unit with only one shared wall, you will enjoy sunlight from two sides and an unparalleled level of privacy in the building. You might even forget this unit is a condo.

At nearly 900 square feet, the suite is freshly painted with new laminate flooring and is currently vacant. It’s primed and ready for you to move in right away.

Enjoy quality amenities such as a gym, party room, garden area and bike storage for a low monthly maintenance fee. A great building with the balance of a 2/5/10 warranty remaining.

Great East Side location with easy access routes close by to Burnaby, Downtown and Richmond. This is a solid, well run complex with the balance of the 2/5/10-warranty remaining. Parking and storage are included.

PETS + RENTALS are welcome! Two dogs or cats allowed, and rentals are welcome without restrictions.

More Information

You can find more information on 756 – 1483 E. King Edward here. I shall be doing an Open House Saturday, August 6th and Sunday, August 7th from 2pm – 4pm. If you are unable to make the open house, I would be happy to arrange a private viewing for you.

King Edward Village

King Edward Village is a new high-rise development in the Knight area of Vancouver. Built by the Aquilini Group’s Tri-Power Developments, it has raised the bar for quality and style for condominiums outside of the downtown core.

You can feel secure investing in King Edward Village with it’s quality, concrete construction and the balance of 2-5-10 warranty remaining. The Village offers amazing convenience with Price Smart Foods, a VPL library and TD Bank located at your doorstep plus easy access to transportation + schools.

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