Blog › July 2015

Recently Sold Listing # 18 2986 COAST MERIDIAN RD, Port Coquitlam, British Columbia


V1134792 - # 18 2986 COAST MERIDIAN RD, Port Coquitlam, British Columbia, CANADAI have just recently sold this listing at # 18 2986 COAST MERIDIAN RD, Port Coquitlam.

Recently Sold Listing 2826 W 33rd Ave, Vancouver, British Columbia


V1134839 - 2826 W 33rd Ave, Vancouver, British Columbia, CANADAI have just recently sold this listing at 2826 W 33rd Ave, Vancouver.

Sunshine Coast Luxury Waterfront Homes: Cheaper than a West Side Bungalow


Prices on the Sunshine Coast have barely budged in eight years and lots on Gulf Islands – even entire islands – are still at relatively low prices

This two-storey, four-bedroom home in Roberts Creek on the Sunshine Coast sits on a 15,960-square-foot oceanfront lot with level access to a sandy beach and stunning south-western ocean views. It is listed for $1.59 million.

For the average price of a Vancouver West Side bungalow – $1.5 million – buyers could purchase a luxury waterfront home just a short ferry ride to the city, according to a survey by REW.ca's sister publication Western Investor.

And for the price of a large luxury house on Vancouver’s West Side or West Vancouver, entire Gulf Islands are within reach.

While average detached house prices for areas served by the Real Estate Board of Greater Vancouver have risen 64% since the 2008 financial crisis – and more than doubled in Vancouver proper – they have barely budged in the rest of the province. Coastal real estate prices outside of the Lower Mainland are now the same or, in many cases, lower than seven years ago, according to the BC Real Estate Association and local realtors.

Western Investor’s survey turned up some waterfront listings that may tempt homeowners to cash out of Vancouver.

Roberts Creek, Sunshine Coast:  Considered one of the prime neighbourhoods in this resort community a 35-minute BC Ferries ride from West Vancouver, Roberts Creeks offers relatively low-priced waterfront easily accessible from the city. An example is a two-storey, four-bedroom waterfront house on Beach Avenue. The Westcoast-style home sits on a 15,960-square-foot oceanfront lot with level access to a sandy beach and southwest views to Vancouver Island. The asking price is $1.59 million, listed by Brynelsen O'Reilly Group of Sechelt.

Powell River: Located on the northern Sunshine Coast and accessible by ferry from both Vancouver and Vancouver Island, the forestry town has both oceanfront and lakefront properties. Western Investor’s pick here is a two-bedroom house of 1,466 square feet on 0.75-acres of landscaped, level oceanfront. The listed price is $499,900, through Powell River realtor Warren Behan.

Gulf Islands: Prices have come down from the peak of eight years ago, said Janet Moore, a Royal LePage agent in Nanaimo. Moore, a specialist in waterfront property, provided two examples from ferry-accessible Thetis Island: a 2.7-acre, west-facing waterfront parcel with a 1,100-square foot house listed at $675,000; and a 1.6-acre level waterfront property with a high-end, 1,800-square-foot house for $1.25 million.

On Sidney Island, at the southern end of Vancouver Island, 1.8-acre oceanfront lots are available from as low as $179,000, according to agent Richard Osborne of LandQuest Realty Corp. There is also a newer house on nearly six acres of Sidney Island oceanfront for $605,000.

For less than $5 million, there are entire islands for sale in the Gulf, listed by Jones Lang Lasalle Specialized Assets of Vancouver. An example is 66-acre South Secretary Island in the southern Gulf Islands. It has been preserved in its natural state by the long-time owners and includes several sandy beaches and a number of areas to construct a dock. It is priced at $4.95 million.

- See more at: http://www.rew.ca/news/sunshine-coast-luxury-waterfront-homes-cheaper-than-a-west-side-bungalow-1.2009309#sthash.OwTfHGRP.dpuf



Vancouver House Prices to Rise by 9.4% in 2015


First half of 2015 was red hot across all housing types and market shows no sign of cooling, despite economic uncertainty, says report

home for sale - sold

Despite the clouds hanging on the economic horizon across Canada, Vancouver’s red hot market is showing no sign  of cooling off over the rest of the year, according to the Royal LePage House Price and Market Survey released July 14.

The report is forecasting that house prices in the city will rise by 9.4 per cent in 2015 compared with 2014.

Looking back at 2015’s second quarter, the average price for a detached two-storey home in Vancouver was $1,368,125, a rise of 13.6 per cent compared with the same period last year, said the report.

Royal LePage observed that there is a diminishing supply of single-family homes, which is the property type in the highest demand.

“There is a finite supply of detached homes and they continue to be one of the most desired property types by a wide range of buyers,”  said Chris Simmons, manager of Royal LePage Westside in Vancouver.

Detached bungalow prices rose 12.6 per cent to an average $1,247,125 in Q2 2015, whereas condos increased a more modest 6 per cent to $521,425, compared with the Q2 2014.

“Average prices for homes in Vancouver continued their sharp ascent in the second quarter as a result of high demand and tight supply,” said Bill Binnie, broker at Royal LePage Northshore.

“Vancouver is a highly sought-after destination for homebuyers with a very limited supply of properties, which puts the market firmly in the hands of sellers.”

 Binnie added, “The market is firing on all cylinders. The low interest rate environment is encouraging many buyers to make their purchase now while the rates remain attractive. There is little indication that demand will taper off in the short term.”

According to Simmons, activity in the condominium market is picking up as buyers are priced out of the single-family home market. “With a diminishing supply of detached homes, buyers are starting to gravitate towards condominiums. If there is an uptick in sales activity and decrease in inventory, it would not be surprising to see price appreciation quicken in this category.”

Nationally, Canada’s real estate market performed strongly in the second quarter of 2015, with solid national average price appreciation across housing segments. However, Vancouver and Toronto markets are carrying the weight of this strong performance.

The report added, “Furthermore, the combination of high sales volumes and vigorous price appreciation in Canada’s largest cities has put the national residential real estate market on track for a record year in terms of total sales.”

Phil Soper, president and chief executive officer of Royal LePage, said, “Looking to Canada as a whole, 2015 is shaping up to be a record year for housing, despite the cloud of economic uncertainty caused by low oil prices and twitchy global economies.”

However, the report pointed out that a further interest rate cut this month “could over-stimulate markets such as Greater Toronto and Vancouver.”

- See more at: http://www.rew.ca/news/vancouver-house-prices-to-rise-by-9-4-in-2015-royal-lepage-forecast-1.1999825#sthash.ZMBKVEYr.dpuf



New Listing 2828 W 33rd Ave, Vancouver, British Columbia


V1134591 - 2828 W 33rd Ave, Vancouver, British Columbia, CANADAView my new listing for sale SOLD at 2828 W 33rd Ave, Vancouver and currently listed at $2,588,000.SOLD

Stunning Brand New Mackenzie Heights home - impeccable quality. This home is perfect for family living w/ an open plan concept layout, 9 ft ceilings, chefs kitchen w/ Sub Zero fridge, Wolf 5 burner gas cooktop, wine fridge, custom cabintry, south facing backyard. 3 bedrooms w/ spa-like master ensuite up, high vaulted ceilings, Classic cedar shingle/stucco,contemporary finishings, Kohler and Duravit bath fixtures, cast stone Valor gas f/p,custom glass railings, HW 6 zone radiant heat, A/C all levels, HRV, Basement feats media/ rec room plus 1 bedroom Legal suite / nannys quarters. 2/5/10 yr warranty, GST Included! Open Houses Saturday, August 1, 11:30 - 1:00pm , Sunday, August 2, 2-4pm + Monday Aug 3, from 2-4pm

New Listing 2826 W 33rd Ave, Vancouver, British Columbia


V1134839 - 2826 W 33rd Ave, Vancouver, British Columbia, CANADAView my new listing for sale SOLD at 2826 W 33rd Ave, Vancouver and currently listed at $2,588,000.SOLD

Brand New, Traditional Mackenzie Heights - impeccable quality. This home is perfect for family living w/ an open plan concept layout, 9 ft ceilings, chefs kitchen w/ Sub Zero fridge, Wolf 5 burner gas cooktop, wine fridge, custom cabintry , south facing backyard. 3 bedrooms w/ spa-like master ensuite up, high vaulted ceilings, Classic cedar shingle/stucco,contemporary finishings, Kohler and Duravit bath fixtures, cast stone Valor gas f/p,custom glass railings, HW 6 zone radiant heat, A/C all levels, HRV, Basement feats media/ rec room plus 1 bedroom Legal suite / nanny's quarters. 2/5/10 yr warranty. Open Houses Sat 11:30 - 1pm June 26th, Sun 2-4pm, June 27th.

Infographic: Greater Vancouver Real Estate, June 2015


Greater Vancouver home sales and prices were up yet again in the hottest June on record. Our monthly infographic breaks down the key real estate statistics

Greater Vancouver home sale prices are up 10.3 per cent year over year according to Real Estate Board of Vancouver (REBGV) figures released July 3, and real estate sales numbers continue to climb. In fact, the 4,375 homes sold last month were 29.1 per cent above the 10-year average for June.

Below is our useful infographic that highlights the key stats and breaks down the figures, area by area. To read the full story and analysis, click here.

REBGV-6

- See more at: http://www.rew.ca/news/infographic-greater-vancouver-real-estate-june-2015-1.1989505#sthash.BFyh6yhe.dpuf



Metro Vancouver home sales set record pace in June


Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).

The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

Last month’s sales were 29.1 per cent above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.

“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014.

“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors.

"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 per cent increase compared to the 5,339 new listings reported in June 2014.

"We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.

The total number of properties currently listed for sale on the region’s MLS® is 12,181, a 23.9 per cent decline compared to June 2014 and a 1.3 per cent decline compared to May 2015. This is the lowest active listing total for June since 2006. 

The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. 

“The competition in today’s market means that buyers have less time to make decisions,” McLeod said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”

Sales of detached properties in June 2015 reached 1,920, an increase of 31.3 per cent from the 1,462 detached sales recorded in June 2014, and a 74.2 per cent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.

Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014, and an increase of 66.1 per cent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 per cent from June 2014 to $400,200.

Attached property sales in June 2015 totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014, and a 44.3 per cent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 per cent between June 2014 and 2015 to $506,900.

*Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

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