Blog › September 2014

Recently Sold Listing 1150 COMOX ST, Vancouver, British Columbia

V1080681 - 1150 COMOX ST, Vancouver, British Columbia, CANADAI have just recently sold this listing at 1150 COMOX ST, Vancouver.

August Home Sales Hit Five-Year High

Greater Vancouver MLS® home sales in August rose 10.3 per cent compared with August 2013, the British Columbia Real Estate Association (BCREA) reported September 12.

There were 2,820 residential units sold compared with 2,557 a year ago – the highest level of residential resales in August since 2009, said the BCREA.

The average price for a residential property rose 2.3 per cent to $802,763 in August 2014, compared with $784,567 a year previously – a slower rate of increase than has recently been seen.

August’s total sales dollar volume increased by 12.8 per cent to $2.26 billion compared with $2.0 billion in August 2013.

Across the province, the number of resales was up seven per cent to 7,341 units. Total sales dollar volume was up12.4 per cent to $4.1 billion.

The average MLS residential price in the province rose to $560,318, up 5 per cent from the same month last year.

Kootenay and the Okanagan were the regions that saw the highest year-over-year sales increase, at 24.2 per cent and 22.3 per cent respectively.

Prices in the Okanagan also increased the most, year over year, rising 11.2 per cent to an average of $421,387.

New Listing 205 - 2635 Prince Edward Street, Vancouver, British Columbia

V1084231 - 205 - 2635 Prince Edward Street, Vancouver, British Columbia, CANADAView my new listing for sale SOLD at 205 - 2635 Prince Edward Street, Vancouver and currently listed at $389,000.SOLD

SOMA LOFTS: Main Street area 1 Bed & Den/Office with Floor to Ceiling Windows over 10ft High. S/W Exposure, Large Deck off the Living Space, Thick Granite Counters, Stainless Appliances, Exposed Concrete Walls & Polished Floors. Plenty of Storage Space, Over- Height Kitchen Cabinets, Walk-in Closet, and an Extra Room can be used as an Office. In-Suite Laundry, Several Bike Rooms, common rooftop deck, and a large parking spot. Experience Loft Living at it's Finest. Solid Concrete Construction. Pet friendly. Close to transit and downtown. The last 2 sales were 405K and 409K for the same sq footage!

New Listing 3 - 138 W 13th Ave, Vancouver, British Columbia

V1084789 - 3 - 138 W 13th Ave, Vancouver, British Columbia, CANADAView my new listing for sale SOLD at 3 - 138 W 13th Ave, Vancouver and currently listed at $589,000.SOLD

Vandwell Living Signature property - Magnolia at City Hall!! Brand new garden level, townhome 2 bed/1 bath with 1 open parking. North facing exposure. Contemporary interior design, open plan living/dining chefs kitchen w/Fisher Paykel range , electric f/p, s/s appliances. good size deck, gar cooktop, engineered H/W flooring, clean lines, 'Kohler' plumbing fixtures, 9 ft ceilings, radiant heat, rainscreened exterior with 2/5/10 yr warranty. Prime City Hall area!! Tree-lined street close to Sky train, City Hall, VGH and shopping. Schools - Simon Fraser/Eric Hamber. Last unit left!

Vancouver Affordability Better in Q2 – But Not For Long


Vancouver Yaletown condos

Despite house price increases, Vancouver housing affordability actually improved in 2014’s second quarter because of low mortgage rates, according to RBC’s latest Housing Trends and Affordability report.

The banks said that across the country and even in cities such as Vancouver, Toronto and Calgary, where there were significant house price increases, owning a home became more affordable in Q2. This was because, in that period, fixed mortgage rates fell more than they have done in almost four years.

Across Canada, RBC’s affordability measures fell for all housing types (a decrease represents an improvement in affordability). The measures dropped by 0.9 percentage points from the first quarter of 2014 to 48.0 per cent for two-storey homes, by 0.6 percentage points to 42.5 per cent for detached bungalows, and by 0.4 percentage points to 27.4 per cent for condos.

In Vancouver, RBC’s measures fell from 0.3 percentage points in Q1 2014 to 1.3 percentage points in Q2. The bank reported that this modest improvement in affordability may have been among the factors contributing to a rise in home resales in the second quarter; however, it added that the effect was limited given that affordability levels remains poor in the area, with all RBC measures still well above historical averages.

Across BC, the RBC measure dropped fairly significantly for two-storey homes (2.0 percentage points). The other measures declined by 1.3 percentage points for detached bungalows and by 0.9 percentage points for condos.

However, RBC warned that the current low interest rates are not likely to last and that any improvements in affordability are expected to be short-lived.

The bank said: “We believe that the current historically low levels of interest rates in Canada are not sustainable and that longer-term rates will begin to rise later this year in anticipation of a return to tightening mode by the Bank of Canada in 2015. While continued growth in household income will provide some offset, we expect rising rates to erode housing affordability across Canada and weigh on homebuyer demand. The effect will be gradual and unlikely to unhinge either overall affordability or the market, thereby leading to a cooling of activity as opposed to a US-style crash.”

To read the report, click here.