Stu Bell Real Estate

Vancouver's High End Real Estate is Red Hot with Multiple Offers

2011-02-11T09:51:00.000-08:00

Chinese Investors continue to write way Over Asking in Multiple Offer Scenarios

Chinese Buyers continue to bid up price wars in Vancouver, primarily on high end residential detached homes. In the past 2 days, 47 sales over $1 million were recorded, 16 of which sold for over asking, some as much as $550,000, or 33% over asking price, often $500-$600,000 over tax/assessed values.

The hottest region is Vancouver West but savvy Buyers are coming over to the Northshore quickly, where comparable product is selling for half the price.

If you are in the market for a house in this price range or market, be prepared with a great Realtor who is on top of the market and willing to go the extra mile for ie door knocking or mailouts, and get your financing approved and bring an inspector to first showings as cash offers are now the norm. If you can, you may want to wait until this cools off, or look at a slower market such as West Vancouver or North Vancouver before they heat up.

The Apartment market in Vancouver and The Northshore is very strong with good product selling within a week as the supply is very low. We are not seeing the multiple offers as much, but in a busy market like this is critical to stay on top of daily new listings.

As a Seller, make sure your Realtor is on top of this surge, because if you price on last years comps, you could sell for $500,000 less than todays market is willing to pay.

If you have any questions about Vancouver Real Estate please write or call me and it would be my pleasure to help.

604.562.0532
stu@stubell.com

January 2011 Greater Vancouver Real Estate Stats

2011-02-02T19:33:00.000-08:00

Vancouver Real Estate January Stats

Stability and regional ‘hot spots’ characterize January housing market

The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region’s largest communities.

The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January.

“There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). "We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.”

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.

“When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood,” Moldowan said

Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009.

From a historical perspective, January’s 1,819 homes sales slightly surpassed the 1,790 home sale average recorded in the region over the last ten years.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,801 in January 2011. This represents a 6.7 per cent decrease compared to January 2010 when 5,147 properties were listed, and a 182 per cent increase compared to December 2010 when 1,699 homes were added to the MLS® in Greater Vancouver.

At 10,438, the total number of residential property listings on the MLS® increased 5.8 per cent in January compared to last month and increased 2.2 per cent from this time last year.

Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 per cent from the 705 detached sales recorded in January 2010, and a 171.6 per cent increase from the 292 units sold in January 2009. The benchmark price for detached properties increased 2.7 per cent from January 2010 to $810,045.

Sales of apartment properties reached 713 in January 2011, a decline of 20.8 per cent compared to the 891 sales in January 2010, and an increase of 97.5 per cent compared to the 361 sales in January 2009.The benchmark price of an apartment property increased 1.4 per cent from January 2010 to $390,935.

Attached property sales in January 2011 totalled 313, a decline of 4.3 per cent compared to the 327 sales in January 2010, and a 187.2 per cent increase from the 109 attached properties sold in January 2009. The benchmark price of an attached unit increased 2.6 per cent between January 2010 and 2011 to $495,140.

If you have any questions about buying or selling Real Estate in Vancouver contact Stu Bell anytime.

HST REBATE BREAKDOWN in BC

2011-02-01T21:59:00.000-08:00

HARMONIZED SALES TAX & HOW IT APPLIES TO RESIDENTIAL REAL ESTATE by Stu Bell

Goods and Services Tax (“G.S.T.”) for a single sales tax rate of 12%.On July 23, 2009, British Columbia announced it implemented Harmonized Sales Tax (“H.S.T.”) for B.C. effective July 1, 2010. The H.S.T. is a combination of the 7% Provincial Sales Tax (“P.S.T.”) with the 5% federal.

For consumers, goods and services (with some exceptions) is subject to the H.S.T. in the same manner as they are currently subject to GST. This applies to real estate as well.

For both used and new homes, there are some extra costs for buyers or sellers but these are for the services required to buy or sell, not on the price of the home.

Buyers of used residential real estate can expect to pay H.S.T. on items such as home inspectors, appraisals and other such services. Lawyer fees will not change as they have been forced to charge P.S.T. for years.

Sellers of used residential real estate can expect to pay H.S.T. on realtor commissions, and any other services they may use.

H.S.T. has different implications for used residential real estate and new residential real estate. There are also different rules for commercial properties, mobile homes and other types of real estate. Below is an explanation ofeach situation.

USED RESIDENTIAL REAL ESTATE

There is no H.S.T. on the price of used residential real estate, much like the current rules regarding G.S.T. There are

no extra closing costs on the purchase or sale of a used residential house, subject to the comments above.

NEW HOUSING

H.S.T. will be payable on the sale of new or substantially renovated homes, where the Contract of Purchase and

Sale was entered into after November 18, 2009 and both ownership and possession of the home is transferred after

June, 2010. H.S.T. will not be payable on sales of newly constructed or substantially renovated homes where

ownership or possession of the home is transferred before July 2010, or where the Contract of Purchase and Sale is

dated prior to November 18, 2009.

New Housing Rebate

The Provincial Government is proposing a New Housing Rebate (“the Rebate”) to ensure that purchasers of homes

priced up to $525,000 would pay no more tax, on average, than under the current P.S.T.

The Rebate is 71.43% of the provincial component of the H.S.T. paid, up to a maximum of $26,250.00.

To illustrate this, let’s assume a purchaser is purchasing a new home for $500,000.00.

The old GST tax would be $25,000, now with the 12% HST and the appropriate HST rebate the total tax is $35,000.

Note that in the above example the purchaser is paying about $10,000 more with the H.S.T.

Note also that the maximum rebate is $26,250.00 and all purchase prices will get the $26,500 HST rebate back. However, the extra tax will increase dramatically for homes over $525,000.00. Consider the following example for a home priced at $900,000.00. Total taxes with HST = $81,750 vs $45,000 before with GST.

2% more than under the current G.S.T.

The government states that while sales of new homes in B.C. are not directly subject to the P.S.T., building materials used in the construction of homes are subject to the 7% P.S.T. The total amount of P.S.T., on average, embedded in the selling price of a new home is estimated to be equal to two percent. As a result, the government claims that purchasers of homes priced up to $525,000 would pay no more tax, on average, than under the current P.S.T. This of course assumes that the price of homes drop 2% due to the elimination of P.S.T. on building supplies.

The new housing rebates would be federally administered in a manner similar to the G.S.T. rebates for new housing.Using the above example, the purchaser of a new home priced at $900,000 will pay an additional $36,750.00 with H.S.T.

Individuals would be able to file an application for the rebate directly with the Canada Revenue Agency. However, in the case of homes sold by the builder, similar to the G.S.T. new housing rebates, the builder would have the option of paying or crediting the new housing rebate to the purchaser at the time of purchase.

More clarification for you on the HST rebate. There is also a federal rebate for GST but it is only available to a maximum of 450k.

Resale homes are exempt from the 5% GST.
New homes are subject to the 5% GST. New home buyers can apply for a rebate of the 5% GST applicable to the purchase price to a maximum of $8,750 for homes costing less than $350,000 before GST.
For new homes priced between $350,000 and $450,000 before GST, the GST rebate would be reduced proportionately.
New homes priced at $450,000 or higher (before GST) would not receive a rebate.

To calculate the total taxes on a purchase you are considering open this link:

http://www.rodfriesen.com/hst-rebate-calculator.html?fmv=265000&newhome=Yes&firstbuyer=No

If you have any questions about Vancouver Real Estate please feel free to contact me anytime at 604.562.0532 or write stu@stubell.com.

Vancouver 2011 Real Estate Market starts with Mupltiple Offers

2011-01-25T13:31:00.001-08:00

Vancouver Real Estate Market starts 2011 with Bidding Wars

Kris Cyganiak

– January 25, 2011

While some parts of Canada have seen their real estate markets continue to feel a winter chill as they started 2011, things appear to be heating up in Vancouver, BC.
After ringing in the New Year, January has surprised even many long time industry professionals with a raft of multiple offer scenarios in many parts of the city. You do not have to look hard to find some of these sales.
Vancouver realtor Stu Bell said that on January 19, 2011 there were, “84 New Listings and 46 Sales in Vancouver West, West Vancouver and North Vancouver. Seven homes sold for over asking. One sold for $220,000 over the asking price.”
This means that almost 15% of the homes sold on that day were all above the asking price in those areas.
On January 21, 2011 News 1130 reported, “One house near 20th and Laurel has just sold for over $500,000 the asking price,” on Vancouver’s Westside.

Listing agent Nick Calageros says the response to the listing was a little surprising, especially since the house is a tear-down. “About 200 people came through the open house. I mean there was a lineup down the stairs, down the walkway, onto the sidewalk and around the corner.’
He says the owners got thirty offers the next day and the house sold for $1,611,000.

The original asking price for the 20th and Laurel property in South Cambie was $1,088,000. That sale represented almost a 50% markup from the asking price.
Global TV reported that the following week another home across the street sold for $1,350,000. Again there were multiple offers and again it sold for above asking price. In this case $262,000 or 24% above the asking price.
So what could be driving this?
The Globe and Mail previously reported:

It might be unbelievable to Vancouverites who’ve long been priced out of the high-end market, but to newly wealthy Chinese, Vancouver is still relatively cheap.
“Many wealthy Chinese believe property is the safest way for investment, and the properties in Vancouver are not particularly expensive compared to the price in major cities in China, such as Shanghai or Beijing,” said Mr. Vincent Chen of Visas Consulting Group, one of the largest immigration consulting firms in China.
Chen says more than 3,000 Chinese families migrate to Canada under the business category every year.

The Chinese influence on Vancouver real estate has been a huge factor in the substantial home values increases since the turn of the new millennium. However, in the past 6-8 months the number of Chinese home buyers coming from mainland China and Hong Kong has intensified and boosted some home prices by up to 50% in the past 2 years, with their focus being on Richmond, Vancouver’s Westside, and now West Vancouver.
The average detached home price in Vancouver’s West Side is $1,698,925, up 46% in two years from the January 2009 figure of $1,165,007. There have been many cases of homes in communities such as Point Grey, Kitsilano, Dunbar, and Shaughnessy listing and selling within days for $300,000 or 25% over asking price in some multiple offer scenarios.

Stu Bell named 2010 Top Producer at Prudential Sussex Realty!

2011-01-24T10:55:00.000-08:00

I would like to thank my clients for making 2010 an unforgettable one, and for helping me reach my goal of Top Producer in The Prudential Sussex Realty West Vancouver Office, the #1 Office in Canada.

I am looking forward to 2011 and climbing further up the list of Top Producers. I am proud to work in an industry leading office with the best realtors and staff in the business.

Thank You.

New Mortgage Rules Now Official

2011-01-17T09:24:00.000-08:00

Tougher Lending in Canada

Effective March 18, 2011, it will become harder to buy a new home or consolidate debt into your mortgage.
That's due to three new changes announced today by Finance Minister Jim Flaherty:

A 30-year maximum amortization on insured mortgages over 80% LTV
An 85% LTV limit on insured refinances
Elimination of government insurance on secured lines of credit (aka., HELOCs)

Flaherty says these regulations are meant to "(encourage) hard-working Canadian families to save by investing in their homes and future."

Here is the full press release:http://www.fin.gc.ca/n11/11-003-eng.asp

How will this affect the market and you?

It should stabilize prices and further prevent an over lending disaster like in the US. It will keep more highly leveraged speculators out of the market. It should keep rates lower because if rates increase and 30 year amortizations are all Buyers are allowed with less than 20% down, affordability for Canadians will become an issue.

Personally I am in favor of tougher lending laws as it protects home owners against a price crash and it protects Buyers from prices soaring beyond reason.

I believe strongly in the appreciation of the Vancouver Real Estate Market and fear Vancouverites will get priced out of the armlet as investors prey on lucrative rent/vacancy rates. I think lower monthly payments can be beneficial to first timers and locals, so I would encourage Buyers to make their move before the new law so they at least have the option of a 35 year amortization. Any Accepted and Firm offer dated before March 18th 2011 will still be eligible for 35 years amortizations.

The Canadian Real Estate Market is already very leverage today, hence the all time high prices, so slightly less leveraged prices should be good for the overall economics of the Real Estate Market.

Write stu@stubell.com with all questions, or call me anytime at 604.562.0532.

2011 BC Assessments Have Been Released

2011-01-15T15:17:00.000-08:00

This January 2011, homeowners across the Lower Mainland and BC received their 2011 Property Assessment Notice.

In General, Assessment Values increased and the total assessed value increased 8%. In West Vancouver the increase was 13.03%, slightly ahead of 12.71% in Vancouver, 8.84% in the District of North Vancouver and 8.05% in the City of North Vancouver.

The largest increase in the Lower Mainland was Richmond at 17.04%.

The assessments are based on a market value approach with a valuation date of July 1, 2010. The figures are based on sales in a property owner’s area from January 1, 2010 to October 31, 2010.

The highest increase was in Mackenzie, BC at 21.25% and the largest decline was in Gold River at -8%.

Recreational Property of particular interest was a 2% decline in Whistler and no change in Kelowna.

Homeowners must remember that an increase in assessed value does not necessarily mean an increase in Taxes, you have to check to see if the Tax rate in your municipality has changed or if it is the same as 2010, the BC Assessment Authority has nothing to do with tax rates.

For the first time in British Columbia’s history, the value of all real estate on the annual provincial assessment roll has surpassed $1.0 trillion.

The actual (total) value of the 2011 assessment roll is $1,043,127,129,141 a increase of eight per cent over the 2010 roll total value of $970 billion.

BC Assessment is sending 2,066,261 assessment notices to British Columbia property owners, an increase of 5.5 per cent from last year’s total of 1,957,440. (Note: Several properties have multiple owners who may each receive an assessment notice.)

If you disagree with your property assessment you can dispute and get a re-assessment http://www.cd.gov.bc.ca/parp.

If you have any questions please feel free to contact Stu Bell anytime at 604.562.0532 or write me a stu@stubell.com.

December 2010 Greater Vancouver Real Estate Stats

2011-01-06T10:50:00.000-08:00

January 5, 2011

December Stats

Real estate market stable at year-end

The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.
“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”
Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred.
More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of $593,419 in April 2010.
“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.
Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.
Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.
Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December 2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.

Download the complete stats package by clicking here.

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Chinese Home Buyers Driving Vancouver Real Estate Market

2011-01-05T12:50:00.001-08:00

Chinese Home Buyers in Vancouver, British Columbia

Vancouver BC has seen a decade of Real Estate Price appreciation and new Development. The price of Multi-million dollar estates, state-of-the-art Downtown Luxury Penthouses, and Waterfront Dream Homes have risen dramatically in the past 10 years. Some people call it a Real Estate Bubble, I like to call it Sustainable Demand for arguably the Best City in the World.

The Buzz for Vancouver must be experienced first hand to truly appreciate. In the winter gorgeous snow-capped mountains tower over the Northshore, and in the summer the beaches and the marinas are flooded with activity. A global selection of fine restaurants, excellent shopping, World-Class outdoor activities such as golf, skiing, and boating, and a thriving City Center filled with entertainment keeps Vancouverites alive and active.

The Chinese influence on Real Estate has been a factor in the increase in Vancouver Home Values since the turn of the new millennium, but in the past 6-8 months the number of Chinese Home Buyers coming from Mainland China and Hong Kong has intensified and boosted Home Prices by up to 50% in the past 2 years, with their focus being on Richmond, Vancouver's West Side, and now West Vancouver.

Vancouver West Side is a very prestigious part of Vancouver with excellent schools and safe neighborhoods. It has also been the hottest Real Estate in Vancouver and driven by offshore Chinese Buyers and Investors. Since August 2009, Chinese Real Estate Companies have been arranging tours of Chinese Buyers coming to Vancouver for a few days and often buying multiple properties with cash offers. The average detached Home Price in Vancouver's West Side is $1,698,925, up 46% from January 2009 of $1,165,007. There have been many cases of homes in communities such as Point Grey, Kitsilano, Dunbar, and Shaughnessy listing and selling within days for $300,000 or 25% over asking when a multiple offer scenario arises.

Richmond, BC is also a very popular suburb for Chinese immigrants and investors. Richmond has the finest Chinese Restaurants, Grocery Stores, and amenities, as well as a close proximity to YVR Airport with non-stop flights to China daily. Since January 2009 detached home prices have risen 33% to $920,410. The New Canad Line has made Richmond very accessible to and from Downtown Vancouver by Subway/Sky-train. The negatives are the flat landscape as it is built on deposits from the Fraser River and could be susceptible to flooding, and then the proximity to Vancouver.

West Vancouver is a luxurious, family-orientated community on The Northshore of Vancouver accessible by the Lions Gate Bridge and the Second Narrows Bridge. Home to some of Canada's most spectacular Real Estate. A sliver of paradise nestled between ocean and mountains boasting beaches, spectacular southern views, and first-class schools, parks, and amenities. Home values here took a big hit after the 2007 recession, and have recovered the slowest, presenting an excellent investment opportunity as demand, quality, and prestige remain high. The average detached home in West Vancouver is now $1,420,220, a 21.5% increase from January 2008 but still lower than the September 2007 average of $1,463,554. With the opening of a new T&T Chinese Supermarket at Park Royal in West Vancouver and the realization of how much more Real Estate Home Buyers can get for their Dollar in West Vancouver, Chinese Buyers are beginning to focus on West Vancouver.

While Richmond, Vancouver West, and West Vancouver are all safe Real Estate Investments, in 2011 I think the Detached Home market in West Vancouver is the Best investment. West Vancouver has not seen the steep increase that The Vancouver West Side has and could be due for another hot market as all signs indicate and new Chinese Buyers are exploring the communities of West Vancouver. Canada's stable banking system makes a US type over-lending disaster impossible, our rich natural resources are increasing wealth and interest in British Columbia, Canada's safe and desirable multi-cultural lifestyle, the superb educational system from Elementary to University, and the fresh and mild climate make Vancouver one of the most sought after and highly demanded Global Cities Worldwide. Continually ranked and voted #1 Livable City in the World, and still relatively inexpensive compared to other global cities, the future is bright for Vancouver.

Merry Christmas! Buyers get Agressive, Sellers be Patient!

2010-12-29T11:35:00.000-08:00

Merry Christmas & Happy Holidays from mine to yours! The Christmas Holidays is an excellent time to spend with family, exchange gifts with loved ones, feast on turkey with all the fixings, and head up to Whistler to shred the slopes, but what about Real Estate?

I have received a few inquiries from clients interested in listing this December, and I have told them all the same thing, wait until the 1st or second week of January 2011. I strongly believe the first week of a listing is a critical period. In the first week all Buyers who have been searching and waiting for a property like yours with come to your open houses and request showings to view the property. If you are listed at the right price and your home is staged and shows well, then often in this first week you will receive a very good offer or ideally, multiple offers and sell for over asking. Therefor, December, when Buyers focus on their Christmas lists and entertaining guests, is not a good time to list as your critical first few weeks are compromised and when January comes around Buyers tend to jump on the New Listings while yours may appear as a dead listing with people skipping or driving by it with the assumption it hasn't sold for a reason.

As for listings that haven't sold, I would say it is personal preference to take off the market for Christmas or not. There is a benefit to canceling and re-lisintg in January as it will appear like a fresh listing and catch more eyes, but you also risk missing out on a motivated Buyer over the Holiday Season. I would cancel on Christmas Eve and re-list on the first Monday of 2011.

The other side of the game is the Buyers. There are a couple of reasons why I believe December to be a great time to write offers. Often Sellers who are listed at this time are motivated for a variety of reasons, and the thought of getting the sale over with before Christmas and New Years is very attractive. Often Sellers may need to close before year end for financial reasons. Another factor is uncertainty of the market in the New Year as December is often slow and Sellers can feel pressured to sell fearing a downturn or a slowstart to 2011. The final reason is the less likelihood for competing offers. A Buyer has a lot of power in a negotiation until another Buyer enters into the picture. Buyers, like Sellers, are busy during the Holidays and often wait until January when their lives ate less hectic and when product will undoubtedly come on the market. If you are a qualified Buyer who sees something you like then December may be the time to get an extra discount in a non-competitive situation. If you don't see the right place, then by all means wait until January and in the meantime meet with your mortgage broker to get pre-approved so you can win you dream home if a multiple offer scenario unfolds.

For all you Vancouver Real Estate inquiries please contact me anytime at 604.562.0532 or write me at stu@stubell.com.

Happy New Year Vancouver! Lets make 2011 unforgettable!

Trip to Seattle for Zags Basketball & to Study Local Real Estate Market

2010-12-06T10:38:00.000-08:00

This past weekend I drove down to Seattle, Washington to watch my Cinderella Zags Basketabll team take on the fighting Illini. I spent the first 2 years of my University life in Spokane, playing golf for the Zags. Gonzaga is a Jesuit University with just 5000 students, an excellent academic and sports tradition, and a sister school located in Bologne, Italy. My love for Vancouver and desire to work in Real Estate brought me back to UBC to graduate from the Urban Land Economics program under Tsur Sommerville and the Commerce department. I feel blessed to have experienced 2 totally different and prestigious Universities.

Seattle is an interesting city as it is very similar to Vancouver with major ports and a very livable city center with state-of-the-art sports facilities and architectural pleasing high rises mixed with charming historical districts. I wanted to see how prices compare to Vancouver, especially after going to Arizona and Nevada where there are thousands of foreclosures and prices have plummeted.

In the attached high end, a 6000 sq ft Penthouse at the new TEN12First hotel in downtown Seattle is asking $15,600,000. In Vancouver the 41st floor of the Shaw Tower is for sale for $12,880,000. Not bad for 7500 sq ft of single level living with 8 parking stalls and jaw-dropping panoramic views!

On the attached low end, a 3 bedroom, 2 bath town-home with private garage, 1200 sq ft short sale (foreclosure) is asking $94,000. Comparatively, a 3 bed 2 bath town-home of the same age in Vancouver would go for $550,000.

For $28,800,000 you can own 14000 sq ft of Mercer Island Waterfront on a 70,000 sq ft property. In West Vancouver a 7000 sq ft Waterfront Home on a 30,000 sq ft Lot if asking $19,800,000.

Needless to say the US recession and housing crisis has affected Seattle, but not to the extremes of Arizona or Nevada. I feel there are great investment opportunities in Seattle, but would probably look to invest in California first, where comparable prices get you sea side homes in desirable communities such as San Diego.

I stayed with my good friend BJ who recently purchase a 5 bedroom, 3 bathroom home in Seattle for $550,000. It is a heritage home that was completely renovated and he picked it up as a foreclosure. He now lives with 4 friends, all GU allumni, and his mortgage is comfortably covered by the house mates. This is very smart money management for a young adult, and the same opportunity exists in Vancouver because our rents are so much higher. If you are in your 20's and have the money for a down-payment, consider this option over a condo or apartment. With the income from housemates, you can afford a house with a yard, a mailbox, a garage, and probably a much better capital gain as the appreciation will be more substantial and you will be paying your principle down faster. A comparable house to BJ's in North Vancouver would be about $700-$800,000.

If you have any questions about Vancouver Real Estate or US Real Estate Investment please feel free to contact me by phone at 604.562.0532 or by email at stu@stubell.com.

November 2010 GVRD Real Estate Stats

2010-12-06T09:53:00.000-08:00

December 2, 2010

November Stats
MLS® stats show more sales, fewer property listings in November
Greater Vancouver residential home sales improved in November compared to the previous four months, with the number of sales posted on the Multiple Listing Service® (MLS®) coming in slightly higher than the 10-year average for that month.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October 2010 and an 18.6 per cent decline from the 3,083 sales in November 2009.

Looking back further, last month’s residential sales represent a 187.1 per cent increase over the 874 residential sales in November 2008, a 13 per cent decline compared to November 2007’s 2,883 sales, and a 6.4 per cent increase compared to the 2,358 sales in November 2006.

“Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,” Jake Moldowan, REBGV president said.

Total active residential property listings in Greater Vancouver currently sit at 12,384, a 12.1 per cent decline from last month and a 12 per cent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 per cent to 3,030 in November 2010 compared to November 2009 when 3,653 new units were listed.
“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” Moldowan said. “It’s the homes priced accurately for today’s market that are receiving a lot of attention and selling right now.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.1 per cent to $580,080 in November 2010 from $557,384 in November 2009. This price has remained virtually unchanged since June of this year.

Sales of detached properties on the MLS® in November 2010 reached 1,050, a decrease of 9.8 per cent from the 1,164 detached sales recorded in November 2009, and a 226.1 per cent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 per cent from November 2009 to $799,312.

Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 per cent compared to the 1,396 sales in November 2009, and an increase of 156.6 per cent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 per cent from November 2009 to $389,168.

Attached property sales in November 2010 totalled 407, a decline of 22.2 per cent compared to the 523 sales in November 2009, and a 186.6 per cent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 per cent between November 2009 and 2010 to $488,733.

The Market is stable as a whole, but one particular sub market has been red hot, detached properties in Vancouver's West Side. Driven by Chinese Buyers investing in second homes abroad as the Chinese government gives incentives to do this and the Canadian government has recently relaxed immigration laws allowing a flood of Chinese Home Buyers into the market.

Thus far, they have focused on Richmond (proximity to Airport and rich chinese culture) and Vancouver West Side (Proximity and reputation as Vancouver's wealthy and historic suburb). Prices in the West Side are up 20-30% with the average home vale in the $1.8's. Comparatively, West Vancouver has been seeing slower activity and the average detached home price is in the $1.5's.

If you have any questions regarding Vancouver, North Vancouver, or West Vancouver Real Estate please call me at 604.562.0532 or write me at stu@stubell.com.

Download the complete stats package by clicking here.

Tsur Somerville on Current Vancouver Market Conditions

2010-11-30T10:05:00.001-08:00

My Former Professor Tsur Somerville from UBC Real Estate Program says affordability is improving in BC as interest rates drop, prices flatten, and incomes improve.

http://www.vancouversun.com/business/Dream+home+ownership+gets+easier+report+says/3903920/story.html

The 2010 Vancouver Real Estate Market Recovery

2010-11-26T16:21:00.000-08:00

2010 Greater Vancouver Real Estate Sales Graph.

We see a sharp decrease in values in 2008 due to global recession (worst in our trading partner to the south the US) and drop in consumer confidence, and then we see a sharp recovery. The recovery was the result of pent up demand, increased consumer confidence, Buyers rushing to Beat HST, all time low interest rates, and pre-Olympic hype and publicity.

Everyone lately has been asking me what will happen next. With high demand, high prices, and high rent rates, investors and residents are asking will anything give? Since I believe Demand will continue to grow steadily, led by new immigration and foreign direct investment, and our supply is geographically limited, the best person to ask this question to may be your banker or your local politician!

This is because I believe interest rates to be the determinable factor in what happens next in Vancouver Real Estate. If they stay low or rise slowly as most experts predict than I am very confident real estate will continue to be the best tangible investment one could make. Especially as their principle residence as home owners build equity and add value to their property through home improvements.

I bet on low interest rates as record foreclosure rates in the US and devastating recessions in big global markets across Europe and Asia suggests a booming economy is not in our near foreseeable future, and the government won't drastically raise rates until our economy indicates strong recovery.

Vancouver, BC has the worlds best banking system, one of the best education systems, its safe, clean, temperate, we are rich in natural resources, and we are positioned to be a major player in Trade and Travel for decades to come.

If you have any questions regarding Vancouver Real Estate please do not hesitate to call 604.562.0532 or write Stu@StuBell.com.

New Listing at Edgewater Estates! A Real Estate Investors Dream!

2010-11-23T17:29:00.000-08:00

I am proud to present a 2 bedroom top floor apartment at Edgewater Estates! This suite is totally renovated with designer style, a bright south facing corner unit, tiled entry and kitchen, and rich granite counters and window sills. North Vancouver's best value at 952 sq ft for $258,880! Currently tenanted to great tenants at $1400/month, a superb investment!

Edgewater Estates is a proposed development site with a high potential of a buy out from a big Developer such as Polygon. With a brand new development just completed by Polygon down the street, The Wedgewood, and an adjacent site across Premier St ready for redevelopment, it is simply a matter of time before this sprawling 15 acre site gets acquired for demolition and redevelopment. When this occurs, a determined majority vote must occur, and homeowners are often persuaded by above market buy-out prices because the highest and best use is now a townhouse or multi-unit low rise development with much more value than one hundred 42 year old wood frame apartments. Ideally located near parks and recreation, Capilano University, Transit, Shopping, and easy freeway access on a massive 15 acre property.

Whether you are looking for a bright and peaceful place to raise your kids, relax with pets and friends, or BBQ on your patio; or an intelligent investment property with positive cash flows and a Buy Out scenario in the near future, this solid unit in a great complex is a must see!

HST Calcualtor & HST Exemptions in Vancouver, British Columbia!

2010-11-23T12:42:00.000-08:00

If you are thinking of Buying a New Apartment in Vancouver or anywhere in British Columbia you have to know what the HST exemptions are!

Follow this link to calculate the amount of HST you will owe on a New Home Purchase, and if you are a home buyer purchasing property below $425,000, then calculate how much HST you will save when you purchase your first home for use as a primary residence.

http://www.bcrealestatelawyers.com/pricing/hstcalculator.html

Buying a vacation property you will not be eligible for a rebate but unlike GST, investors purchasing to rent are eligible for HST rebates if within the threshold the BC government is allowing.

First time Home Buyers don't forget the savings available to you on Property Purchase Tax and HST when purchasing your first property under $350,000.

If you have any questions regarding HST and Vancouver Real Estate please contact Stu Bell at 604.562.0532 or stu@stubell.com.

1295 Ottawa Ave New Price & New Floorplans Added!

2010-11-12T12:23:00.000-08:00

1295 Ottawa Avenue is the perfect family home nestled at the end of Quite and Prestigious Ottawa Avenue in sought after Upper Ambleside, West Vancouver! Featuring 6 bedrooms and 4 bathrooms in a 4500 sq ft Post & Beam home on a sprawling 16,200 sq ft Property! Stunning views can be enjoyed from all principle rooms and a spacious wrap around balcony. Just minutes from Ridgeview Elementary and West Van Secondary in a friendly and safe family orientated community.

I am proud to offer this home for sale for $1,468,000!

An ideal investment opportunity as this home has a self enclosed legal suite for inlaws, nannys, or mortgage helpers. Rent the whole house as is for $4000 or renovate and add substantial value to the solid bones of this rare offering. Build your dream house up to 9000 sq ft amongst multi million dollar mansions.

Please call Stu Bell at 604.562.0532 for your private showing.

Visit www.StuBell.com for pictures, Lot Plan, and Floor Plans.

Trip to Arizona in Search of Foreclosures and Real Estate Deals

2010-11-03T12:26:00.000-07:00

I just returned from a fascinating trip to Phoenix/Scottsdale/Tempe Arizona to dig my teeth into the current distressed real estate market. I lived in Arizona a few years ago, playing professional golf on The Gateway Tour and various other mini-tours. At the time, the buzz words were foreclosure and Obama, and I saw real opportunity to pick up real estate at 50% of its pre-sale value but I didn't have the resources to capitalize.

On this past trip, I was surprised to see prices have dropped further, and the problem was worse, with over 800 foreclosures per day in the Phoenix area. Some people were foreclosing on 1 property while buying another, because they couldn't afford the payments and the home had crashed in value from when they bought it so they were better off just walking away and losing their down payments and equity in the property.

The primary cause of these foreclosures is over-lending, unethical lending/mortgage brokers, and misinformed Buyers who simply did not understand the structure of a lot of these $o down, 1% mortgages. Lenders weren't regulating their practices, mortgage brokers were lending to unqualified Buyers to make a buck, and Buyers were not aware that their 1% mortgages would jump to 7% in 2 years.

In Arizona, land is plentiful and construction costs are less expensive so home prices consists mostly of the pure cost of materials and labor to construct them. With the amount of foreclosures today, Buyers are picking up properties for 50% of the replacement costs.

I met up with a friend from West Vancouver who now lives and works for a Real Estate Investment Company in Scottsdale. We toured a few properties and I was amazed. A 3 bedroom house for $60,000 flipped and SOLD for $150,000. A luxury 800 sq ft condo for $60,000 that rents fro $700. A luxury 3 bedroom townhouse for $150,000 that sold pre-sale 4 years ago for $600,000. A 35 unit apartment complex with an annual rent roll of $225,000 for $560,000!

Needless to say there are amazing deals in the Desert. When the US economy turns, and the financial sector straightens out their lending practices, these houses and apartments with undoubtedly return to original replacement value and above. The trick is that is requires all cash to get the best deals and Buyers have to be willing to take on the risk of dilapidated properties as theft and damage are common place.

I hope to Buy a condo down there this winter, and if anyone reading this is interested please contact me and I can help you get in touch with the right people.

While a 1 bedroom condo in Vancouver is about $400,000 these days, and an average house is over $1,000,000, I still have faith in our financial system, our provinces rich supply of natural resources, and the strong International Demand in our city to sustain current home values.

If you have any questions regarding Vancouver or Arizona Real Estate please do not hesitate to contact me anytime.

Chinese Buyers Flock to Vancouver, BC

2010-11-03T11:15:00.000-07:00

China's immense interest in Vancouver properties was first reported this past summer, now 3 months later, we see that the buyers were serious.

Housing prices in Vancouver's West Side are up 30%+ this past year, and the average home value is now over $1,800,000. A 6000 sq ft Lot with an old 2500 sq ft home, no view, are selling quickly for $1,600,000 and up. West Vancouver, average home value about $1,500,000 and home of some of Canada's finest Real Estate, is starting to see an influx in property sales, primarily driven by Chinese oversees Buyers. Recent sales include $8,000,000 on Hillside and $9,000,0000 in Altamont, neither property even close to the Waterfront. At this point a Buyers dollar goes a lot further on The Northshore, but Buyers are still skeptical about the Lions Gate Bridge access to the city center.

China-based Internet sales company SouFun started to organize trips to Vancouver for real estate-hungry groups of wealthy investors. The first two groups from Shanghai and Beijing, consisting of around twenty potential buyers, have been visiting Vancouver and Toronto since August. Needless to say, their interest have focused on million-dollar listings.

As reported by Canada-based Ming Pao Daily News, these buyers are especially interested in neighborhoods with ocean-views and neighborhoods with high-class educational institutions. Until now, Chinese bargain hunters mostly used conferences and business meetings as an opportunity to look around local listings. This is the first time the home-hunt is the sole purpose of visit.

Chinese Buyers are also very sensitive to traditional Feng Shui which include major deal breakers such as irregular lots, houses built at on a cul-de-sac or at a T-junction, houses built lower than the neighbors, front doors where guest can see right through the house upon entrance, having trees directly outside the front door, and having a straight driveway leading up the house. While most Canadians do not consider these things (in fact they can be positives) it is important to know them as it can greatly effect the value of your home when it comes time to re-sell because millions of Chinese hold these values sacred.

Why are they so attracted to come and live in Vancouver? Believe it or not, it is caused by the price level. Despite being at the top among Canadian markets when it comes to average price, Vancouver properties are cheaper compared to similar ones in Beijing or Shanghai. Canada boasts with high-quality education system, health care, safety and overall quality of life; therefore, it is one of the most favored destinations for rich immigrants, especially from Asia.

Despite accounting for around 80% of showings in some parts of Vancouver, Asian buyers will probably not turn on a shopping spree immediately. Most of them just needs to explore potential future home, only then will proceed with immigration. Still, many of them will become our neighbors in the near future and will fuel the property market, often Buying now and holding until their children can come and study in Vancouver.

Is the future a Chinese owned Real Estate sector with local Vancouverites as tenants? Many experts can see this unfolding but we will have to wait and see if the $1.3 Billion Chinese people continue pouring their money and relocating their families to Canada. Perhaps local government needs to tighten regulations to prevent a housing bubble creating widespread affordability concerns in what is already one of the most expensive cities in the World.

October 2010 Greater Vancouver Sales Stats

2010-11-02T14:00:00.000-07:00

Home sales remain steady in Greater Vancouver
Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.

According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.

“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.

Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.

More broadly, last month’s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in October 2008, a 22.8 per cent decline compared to October 2007’s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in October 2006.

“As we enter the final two months of the year, buyer demand is in closer alignment with supply than we’ve seen for most of 2010,” Moldowan said. “Those buying today recognize that they still have a chance to enter the market with near-record low interest rates, while gradual reductions in inventory have eased downward pressure on prices.”

Total active listings on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, an 8.6 per cent decline from last month and a 16.4 per cent increase from October 2009. New listings for detached, attached and apartment properties declined 25.7 per cent to 3,698 in October 2010 compared to October 2009 when 4,977 new units were listed.

Sales of detached properties in October 2010 reached 976, a decrease of 34.4 per cent from the 1,487 detached sales recorded in October 2009, and a 98 per cent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 per cent from October 2009 to $796,883.

Sales of apartment properties reached 984 in October 2010, a decline of 38.8 per cent compared to the 1,607 sales in October 2009, and an increase of 52.1 per cent compared to the 647 sales in October 2008.The benchmark price of an apartment property increased 2.4 per cent from October 2009 to $390,074.

Attached property sales in October 2010 totalled 377, a decline of 38.2 per cent compared to the 610 sales in October 2009, and a 68.3 per cent increase from the 224 attached properties sold in October 2008. The benchmark price of an attached unit increased 4 per cent between October 2009 and 2010 to $487,530.

New Coal Harbour Development - The Jewels in Vancouver's Crown

2010-10-26T16:19:00.000-07:00

Coal Harbour, Vancouver, British Columbia has quickly become the most prestigious neighborhood in Downtown Vancouver and home to the finest Real Estate in Canada.

Quite streets lined with state-of-the-art high rises border calm ocean waters filled with marinas and float planes. The bustling seawall and brilliantly designed waterfront parks connect the Vancouver Convention Center to Stanley Park.

The Convention Center was recently awarded the ‘Leadership in Energy and Environmental Design Platinum’ for 2010. It boasts a six acre living roof, seawater heating and cooling, on-site water treatment and fish habitat built into the foundation of the West Building, all of which make it one of the “greenest” buildings in the world. The meetings and convention business is Canada’s economic giant – silently generating more than $4 billion per year in diversified economic impacts and over two-hundred thousand annual delegates.
Check out the Vancouver Convention Centre’s video about their fantastic facilities here: (http://www.vancouverconventioncentre.com/video-gallery/).

Stanley Park is the largest park in Vancouver, over 1000 acres, 10% larger than New Yorks Central Park, and attracting over 8 million guests per year!

Coal Harbour lays between these two Vancouver Icons and boasts some of the finest and most prestigious Real Estate in The World. In 2011, four new High Rises will change the skyline forever: West Pender Place, Jameson House, The Private Residences at Hotel Georgia, and Three Harbour Green. In the near future Vancouver's Twin Tower will be constructed adjacent to the Shangri-La; The Ritz Carlton at over 60 stories!

West Pender Place (http://westpenderplace.com/)

An architectual masterpiece. Two Towers and a central ammenities building making up half a city block with transform the entrance to Coal Harbour on West Pender. Located just steps from fine dining such as Carderos and Lift, shopping on Robson, Stanley Park, and the Community Center. West Pender Place is proudly developed by Reliance Properties Ltd, designed by IB/HB architects and Alda Pereira Design Inc, and built by Intertech Construction.

The Private Residences at Hotel Georgia (http://www.residencesatgeorgia.com/)

Distinctively designed quality that denotes luxury and comfort at the edge of Coal Harbour and in the Heart of beautiful Vancouver. Another Luxury World Class Resort with exclusive and stately residences above with access to the finest 5 star amenities. The Development by globally acclaimed Delta Group is designed by IBI/HB architects and built with Scott Construction with interiors by award winning Mitchell Friedland. The original landmark Rosewood Hotel Georgia, the heart of Vancouver's social scene for 80 years, will be restored by Endall Elliot Architect to become yet again an iconic part of the 21st Century Vancouver cityscape.

Jameson House (http://www.jamesonfoster.com/)

Bosa's latest Downtown Development featuring state of the art Leed Certified Construction and a bold design by internationally acclaimed Foster and Partners Architecture. Just on the outskirts of Coal Harbour in Vancouver's historic Financial District, this elegant and iconic tower will include a heritage restoration component in one of the densest and oldest parts of Vancouver.

Three Harbour Green (http://www.harbourgreenplace.com/virtualtour.html)

Proclaimed the "The Last Jewell in The Crown" of Vancouver's Golden Mile! The final of a trio of World Class Waterfront Residential high Rises by Aspac. One and Two Harbour Green have been widely acclaimed as the finest Residences in Vancouver, boasting stunning Ocean and Northshore Mountain Views, extravagant amenities, 5 Star Quality Lobbies, and the finest finishings from around the world in lofted apartments, sought after waterfront townhouses, and jaw-droppping penthouses. Three Harbour Green will sit aside the highly sought after Shaw Tower and the new Fairmont Pacific Rim at the entrance to The Convention Center.

The Ritz-Carlton

Holburn Developments looks to break new ground on Georgia across the street from the impressive Shangri La at the Southern Point of the Coal Harbour region. Facing hurdles in preparation for construction, this project appears to be ready to re-market after rumours a Marriot would come up. Just like the Shangri-La, the Ritz-Carlton will be a mix of commercial street space, hotel accommodation, and stratafied Private Residences, creating Vancouver's own Twin Towers.

These forward thinking developments will change the Coal Harbour skyline forever, and with a limited number of buildable sites remaining, the Supply in Coal Harbour will be much tighter than areas such as Yaletown where Concord Pacific alone has a couple dozen more buildings in their plans or North Vancouver where the Official Community Plan encourages redevelopment of older Real Estate.

West Pender Place, Jameson House, The Private Residences at Hotel Georgia, Three Harbour Green, and The Ritz Carlton will be distinctive additions to some of Vancouver's finest Buildings such as Cielo, Denia, The Melville, Carina, Flat Iron, The Bayshore Buildings, Escala, Callisto, Bauhinia, and Cascina. The Lifestyle is enviable, the Architecture is inspiring, and the location connecting Downtown Vancouver with Stanley Park and the Northshore is arguable one of the Best in the World.

To learn more about Coal Harbour Real Estate please feel free to contact me as I am always excited to discuss any questions you may have.

Spectacular Vancouver 2010 Time Lapse Videos

2010-10-21T23:37:00.001-07:00

More New Developments in North Vancouver Real Estate!

2010-10-08T14:22:00.000-07:00

A few weeks ago I blogged about the North Vancouver Building Boom, today I am excited to announce a few more exciting new Developments in the City and the District of North Vancouver! Two Boutique high end residences with an emphasis on space and luxury and a high rise with anchor commercial tenants. Villa St Georges is the revitalization to the site of a tragic apartment fire two years ago, 700 is a transformation of a commerical block into a mix-use luxury residential/ vibrant retail hub, and 13th and Lonsdale is the site of the old Shell station.

1) 700 - 700 Marine Drive, North Vancouver

700 is transforming the corner of Marine Drive, Bewicke, and 3rd. The true gateway to the revitalized Marine Drive.

This intelligent, human-scale building includes 26 generous air conditioned concrete homes, inspiring office spaces, and shops, services, and landscaped spaces at street level. 700 boasts easier access to both bridges, Upper and Lower Lonsdale, the Upper Levels Highway, and the trails and rivers of the coastal mountains. Meanwhile, everything you need for smarter living is just downstairs. This is a whole new design for urban life – and everything you love about North Van.

2) Villa St Georges - 1033 St Georges Ave, North Vancouver

Eight high end 2 bedroom, 2 full bath penthouse units in brand new Villa St. George. These homes will be spacious 1,150+ sq ft units with high end finishings, great outdoor deckspace and spectacular mountain and some city views. Prime central location neart all amenities and the vibrant Lonsdale corridor. Ready for occupancy Spring 2011.

With even more projects in the pipeline, look forward further evolution of the Lonsdale corridor skyline and watch for significant commercial and residential upgrades to the Marine Drive corridor from Capilano Road to Lonsdale.

If you are thinking of moving to North Vancouver or investing in a North vancouver Home, contact me today for on top of the market information.

3) 13th and Lonsdale - North Vancouver

The intent of the proposed development is to create a mixed-use development featuring a new Lonsdale branch and head office for North Shore Credit Union. The proposed floor area for the North Shore Credit Union facility is approximately 60,000 square feet. Through the creation of permanent employment opportunities on site and the provision of multi-family housing in proximity to jobs and services, the proposed development will contribute to a vibrant, diverse and highly livable community. The proposed maximum height for the building is 120 feet, consistent with the height limit specified in the OCP for the Central Lonsdale corridor.

September 2010 Greater Vancouver Real Estate Stats

2010-10-04T13:57:00.000-07:00

October 4, 2010

September Stats

Housing market factors indicate stability in recent months

September home sales in Greater Vancouver were consistent with activity experienced in the preceding two months across most categories.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009.
In comparison, last month’s residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007’s 2,776 sales, and an 11.9 per cent decline compared to September 2006’s 2,519 sales.
“We’ve seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices,” Jake Moldowan, REBGV president said.
Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April when the MLSLink® Housing Price Index (HPI) residential benchmark price was $593,419. The overall benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5 per cent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 per cent between August and September 2010.
Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 15,401, basically unchanged compared to last month and a 22 per cent increase from September 2009. Over the last three months, active listings in the region have declined12.3 per cent.
New residential property listings posted in September declined 17.6 per cent to 4,731 compared to September 2009 when 5,746 new units were listed.
“We saw signs of more stability in our marketplace last month than we have seen since spring based on a variety of indicators that we look at each month,” Moldowan said. “At 56 days, it took, on average, three days less to sell a home in our region compared to August. This is the first month-over-month decline we’ve seen in this category since April.”
Sales of detached properties in September 2010 reached 866, a decrease of 39.1 per cent from the 1,423 detached sales recorded in September 2009, and a 58.6 per cent increase from the 546 units sold in September 2008. The benchmark price for detached properties increased 6.7 per cent from September 2009 to $790,992.
Sales of apartment properties reached 971 in September 2010, a decline of 34.7 per cent compared to the 1,489 sales in September 2009, and an increase of 27.1 per cent compared to the 764 sales in September 2008.The benchmark price of an apartment property increased 3.7 per cent from September 2009 to $388,373.
Attached property sales in September 2010 totalled 383, a decline of 40.1 per cent compared to the 647 sales in September 2009, and a 39.3 per cent increase from the 275 attached properties sold in September 2008. The benchmark price of an attached unit increased 5.2 per cent between September 2009 and 2010 to $490,385.

Download the complete stats package by clicking here.

Lonsdale Building Boom in North Vancouver!

2010-09-18T10:28:00.000-07:00

Watch for the North Vancouver skyline to change, and here's how to get in on it!

Today marks the beginning of sales for Polygons new development, Anderson Walk at 22nd and Lonsdale. Westcoast Architecture featuring underground parking, gym facilities, guest suites and high end finishing. This complex will have over 100 units on an entire City Block. 2 bedrooms start from $399,900. An excellent opportunity as Polygons 2 recent projects, Branches and Wedgewood both Sold Out with excellent praise. Get more information here: http://www.polyhomes.com/new_community.php?community_id=565

Today also marks the re-launch of Phase 2 for the Kimpton at 13th and Chesterfield in North Vancouver. Phase 1 Sold Out quickly. This high end concrete boutique low rise is in the heart of Lonsdale and boasts Leed Certified Engineering, high end finishing, and expansive outdoor space with jaw-dropping views. Learn more here: http://www.northvanapartments.com/TheKimpton.ubr

This Fall, sales will begin for Anthem Properties newest project, Local in central Lonsdale. 20 stories of high end finishing boasting large patios, amazing views, and a 1 acre Green Roof. Get more information here: http://www.localonlonsdale.com/

Sales are underway for Onni's newest project, The Drive, one of the first new developments along the Marine Dr corridor from Lions Gate Bridge to Lonsdale where city planners are strategically re-zoning for a Kitsilano feel with vibrant storefronts and a denser, more livable neighborhood. Touchstone was the first and now The Drive, http://www.northvanapartments.com/TheDrive.ubr and The District Crossing by Qualex-Landmark, http://www.districtcrossing.com/, are storming ahead and quickly transforming the feel and look of the Marine Drive corridor.

The Pier by Pinnacle is also set to develop 3 New High End Waterfront Buildings. The Safeway at 13th and Lonsdale has been rezoned for 2 new high rises. Sales have also began for Vicinity near Deep Cove by Brody Development, the newest, lease-hold property available on The North Shore.

Also look out for new townhomes and duplexes being developed along The Lonsdale Corridor.

There has also been a lot of high end apartment buildings completing in North Vancouver in the past few years: The Pier, Mira on The Park, Alina, and Vista Place.

All in all the future looks very bright for North Vancouver. With a serious lack of affordable new product in West Vancouver (The Evelyn, Park Marine, Dundarave Village Point, Edgewater, The Properties, ect all sell for well over $1000/sq ft) anyone looking to live on the Northshore, downsizers, young families, first time home buyers, ect, will have a lot of really nice product to choose from, and anyone living here currently, will enjoy an overall increase in their quality of life with new shops, restaurants, and neighbors.

If you have any questions about The City of North Vancouver or North Vancouver Real Estate please do not hesitate to call anytime, 604-562-0532 or write stu@stubell.com.

Come see what The Shore is all about!

Rent or Buy in Vancouver?

2010-09-15T13:37:00.000-07:00

Rent or Buy in Vancouver?

I had a recent facebook debate with my peers who were dead set to Rent-For-Life, and that at today's prices it would be foolish to Buy Real Estate in Vancouver. While I own Real Estate and I deal with the sale and purchase of Real Estate daily, I was motivated to do some research and make certain conclusions.

As a Realtor, I have expertise in the Vancouver Real Estate Market. Through education, training, and experience. I also know that Vancouverites have very passionate opinions about our real estate market, and I believe this is due to the simple fact that every person needs a place to live, and whether you rent or buy, it is really expensive in Vancouver.

The following is my review of when a person should rent and when they should buy, and if they have the option, why Buying is better.

The benefits of renting are clear: no commitments, fixed costs, no large lump payment, easy mobility, more affordable, and no exposure to potential market downturns. For these reasons, I think renting is the only way to go for people who get up and move a lot, for people new to a neighborhood, for people who find it financially overbearing to come up with a large enough downpayment, for those wanting to live in a lavish lifestyle at less cost than owning, for those who prefer other investment vehicles such as Stocks or Bonds, and for those who inherently believe dooms day is coming and a mansion in West Vancouver is going to depreciate like those lining the fairways of Private Country Clubs in Scottsdale, Palm Springs, and several other depressed markets in the US.

(Note lending practices in the US are far less stringent than Canada, and the fact that it is very difficult to obtain a mortgage in Vancouver, is a testament to our responsible lending systems and re-assurance a Foreclosure deceased market like in the US will never destroy Canadian Real Estate)

The first several reasons to rent apply to the majority of the population in Vancouver, hence our extremely low vacancy rates and high rent rates (which are forecasted to grow), that attract the large amount of Investors seeking returns who view Real Estate as an investment vehicle, also affectionately referred to as "speculators" by disgruntled tenants.

Those who fear a doomsday collapse in our market could be right, there is no crystal ball, but in my professional opinion Vancouver Real Estate is the most Rock Solid investment around. Simple Market Fundamentals are all strong: low interest Rates, Growing Population, rising incomes/ increasing minimum wage, limited Supply, increasing Global demand, and a growing job market with low unemployment rates.

It all looks good barring a 1980's like interest rate spike where many Vancouverites were paying 20-22% interest rates on their mortgage! (Today a $500,000 loan = payments of $1,650 per month, whereas in 1980 the same $500,000 loan = $9,171.12 per month)

Check out the chart below (VancouverCrash.com) and see how interest rate spikes in 1982, 1993, 1996, and 2003 correspond with dips in the average home prices in Vancouver in the second chart. Also note that the trend, due to lending improvements, technologies, globalization, and pro-active governing is downwards, suggesting while interest rates will continue to vary, they may dip deeper and will likely never spike to what we saw 30 years ago.

In the Graph Below (Real Estate Board of Greater Vancouver), we see how prices in Vancouver have rose since 1977. Note how drops in prices and the general lag through the eighties and nineties correlates with high interest rates.

The other critical perspective is across Canada, lets look at the inflation adjusted average Canadian home prices chart (VancouverCrash.com). You will see that Vancouver has historically been the most expensive place to live in Canada and compared to Toronto, Montreal, and Calgary the increase since 2000 is nationwide and Vancouver is on par with the rest of Canada and relatively affordable compared to 1980. The chart below (VancouverCrash.com) suggests that Calgary and Greater Vancouver are overpriced.

Lets compare prices to incomes with a look at inflation-adjusted median after-tax income for non-elderly families (2+ people) (VancouverCrash.com). Today's lending options make higher prices more affordable, increased density makes limited supply more demanded, and the "increase of households with dual incomes makes average household income quite a bit higher than per-capita income."

Finally let's look at percentage of after-tax income needed to make payments on a mortgage with an amortization of 25 years with a 20% down-payment (VancouverCrash.com). You will see that Vancouver is the most unaffordable, but keep in mind Vancouver is also the most sought after by foreign direct investment which does not account for income, that Vancouver is the most dense, and that the historical norm for the past 35 years displays Vancouver as always being the most unaffordable. Vancouver is more unaffordable than 99-2005 but less affordable than 1981, and 1991-1997.

In conclusion, the historic driver for our Real Estate Prices is an inverse relationship with interest rates, and the 2 trends are moving in opposite directions. Evidence suggests Vancouver is not a bubble city, as it is in line with the rest of Canada based on statistical analysis from Royal Lepage Statistics, Statistics Canada, and The Greater Vancouver Real Estate Board over the past 40 years.

As a lifelong resident of Vancouver, I believe the reason we are at historic highs, and the reason we have always been the most unaffordable city in Canada, is because Vancouver has the "It" factor. A city center envied by city planners across the world, a natural scenery attracting Tourists and Immigrants by the masses, a global position with amazing transportation, a temperate climate, excellent school system, and a safe, intellectual, community driven way of life. It appears the demand for Vancouver is infinite, and while many young Canadian families may have to move to a great Canadian Suburb such as Kelowna, Victoria, or Langley, where house prices drop significantly, even in an economic downturn tens of throusands of people are willing to pay todays prices to get their hands on a piece of Vancouver Pie to enjoy Robson St, Stanley Park, Kits Beach, GM Place, Fine Dining, World Class Resorts, the Northshore mountains and on and on.

While no one has a crystal ball and Real Estate has been through periods of downturn, for me there is no question Vancouver Real Estate will continue to climb in the long run, so if you have the option too Buy, here's why you should:

Great Investment (Pay down your mortgage, not your landlords or have tenants paying yours), Build Equity (Get financed, grow your business), Pride of Ownership (add value, grow roots in the community), a Mortgage is the best Savings Account, retire Land Rich because with todays costs of living your bank account may not be, and sleep well knowing that your hard earned money is invested in an asset you can touch, an asset you can rent, and an asset you can enjoy!

For all your Real Estate Needs or Inquiries please write stu@stubell.com or call 604.562.0532.

Follow me @StuBellRealtor and Find me on www.Facebook.com/StuBellRealEstate

Top 5 Places to Live / Invest on The Northshore & Downtown Vancouver

2010-09-14T17:27:00.000-07:00

1)Ambleside, West Vancouver
2)Lower Lonsdale, North Vancouver
3)Coal Harbour, Vancouver
4)Edgemont Village, North Vancouver
5)Caulfield, West Vancouver

1) Ambleside, West Vancouver

While West Vancouver is one of the most sought-after municipalities in British Columbia, and often labelled the most expensive place to live in Canada, it is on average about $300,000 less than Vancouver West where $1,800,000 gets you the "average" detached home.

In Ambleside, a building lot with no view runs about $925,000, the average detached home is $1,500,000 and at the moment a 16,000 sq ft lot with 4600 sq ft home and big city and ocean views is offered for $1,588,800.

Ambleside is an excellent school catchment, with Ridgeview and Saint Anthony's Elementary within walking distance, as well as West Vancouver Secondary(IB Program/Top Ranked Public School) and Collingwood Private School. Ambleside is close to Downtown Vancouver and the Highway with excellent amenities such as Ambleside Beach, Park Royal Village, dog parks, sports fields, The Sea Wall, and Hollyburn Country Club and Capilano Golf Club.

The OCP (Official Community Plan) for Ambleside is to redevelop Marine Dr to be more pedestrian friendly and have trees/planters, wider sidewalks, and more appealing store fronts like Dundarave (currently West Vancouver's hottest Real Estate located five minutes West of Ambleside).

Ambleside features great views, amazing schools, family-orientated neighborhoods, and an extremely convenient location.

2) Lower Lonsdale, North Vancouver

In the last 5 years Lower Lonsdale has transformed into an amazing urban community with the redevelopment of old shipyards and manufacturing plants into trendy condos, lofts, heritage conversions, shops, and amenities(Remember Yaletown!). Residents can easily get downtown on The Seabus, a smooth 15 minute boat trip from Lower Lonsdale to Waterfront station near Gastown, another emerging part of Vancouver, but the Drugs/Homeless/Mental Illness Issues in Gastown make Lower Lonsdale a safer, more affordable and desirable place to invest & live.

There have been several excellent new buildings added to the Lower Lonsdale Cityscape in the past few years, my favorite are 1) Mira on The Park 2) The Pier 3) Time 4)One Park Lane 5)Vista Place. Visit www.NorthVanApartments.com for a complete Building Directory.

There is also a bit of a building boom on the horizon for North Vancouver. The Drive by Onni, Anderson Walk by Polygon, The Kimpton, District Crossing, 2 New Buildings at The Pier, and 2-3 more sites being re-zoned for high-rise development. There will be a lot of Supply coming on the market in about 18-24 months, which may present a great opportunity to Buy and invest/live in this emerging market.

3) Coal Harbour, Vancouver

Coal Harbour is one of the most expensive places to live in Vancouver, and it it isn't going to change anytime soon! Originally an industrial port for Coal Miners in Vancouver, Gordon Campbell had the vision to form a World-Class neighhbourhood that thrives today. Vancouver's finest restaurants, waterfront parks, marinas, and buildings can be found in Coal Harbour.

From The Bayshore Buildings to 1,2, and now 3 Harbour Green on The Golden Mile, the quality and design of high rises in Coal Harbour is the finest in Vancouver. With a very limited supply just steps to Stanley Park, Robson St, and The Vancouver Convention Center, exclusive Coal Harbour remains a quite and livable part of the Downtown core.

My favourite Buildings include, Harbour Green, Cielo (Rooftop gym), Carina & Callisto, the Melville (Rooftop Pool), Flat Iron, Shaw Tower, Escala, Denia, Cascina, and the towering Shangri La. Look for West Pender Place to complete early in 2011 and construction to begin on the Ritz-Carlton, across the street from Shangri-La and reaching 1 floor taller!

Visit www.VanApartments.com for a complete list of Real Estate for Sale in Coal Harbour Today.

4) Edgemont Village, North Vancouver

Edgemont Village is the most desirable neighborhood in North Vancouver. Ideally located near Capilano River and Grouse Mountain with easy access to Highway 1 and Downtown Vancouver. A tremendous feel of community and family unites this community with Edgemont Village as a focal point for shops, lunches, and all life's amenities.

With Handsworth High School, a powerhouse in Northshore Sports and Academics, and an abundance of parks and recreation, Edgemont is a serene place to live and one of the safest communities in Canada.

A splendid mix of High End Homes, Contemporary Classics, and New Townhomes and Apartments make Edgemont a highly sought after community for young families, empty nesters, young adults, and new immigrants to The Northshore.

For Builders, there is excellent opportunity to Buy a Lot or weathered Home and build or redevelop as the demand for Fresh Finished Product is high.

5) Caufield, West Vancouver

They say the weather is better in Caulfield, a newer community on rocky bluffs boasting new infrastructure (No Power Lines!), an excellent School Program (Rockridge High School & West Bay Elementary(IB Program)), and gorgeous newer homes with spectacular Howe Sound and City views.

If you don't mind the 15 minute cruise from Lions Gate on The Highway, Caulfield is an amazing place to live. The Community is connected by Caulfield Village, and great amenities such as BC Ferries (Sunshine Coast and Vancouver Island access), The New Sea to Sky Highway (Whistler), Beaches, Hiking Trails, Glen Eagles Golf Club, and more!

You can buy a Big House in Caulfield with all the fixings for less than the average home in North Vancouver, at about $1,150,000 and well below the averages of West Vancouver or Vancouver West. Recent bylaw amendments in West Vancouver also allow the registration of legal suites, meaning young couples, investors, and downsizers have the option of renting out a suite for additional income vs buying an expensive condo with high maintenance fees.

I hope you enjoyed my Top 5 places to Live & Invest on The Northsore & Downtown Vancouver.

Other emerging and highly sought-after areas of the Northshore & Downtown worthy of mention are Deep Cove, Canyon Heights, Seymour Estates, West Bay, British Properties, Dundarave, Lynn Valley, Fairview Slopes, Yaletown, and Crosstown.

If you have any questions please feel free to write me at stu@stubell.com or call 604.562.0532.

Follow me @StuBellRealtor and find me at www.Facebook.com/StuBellRealEstate.

Now Get out and Enjoy the Great Outdoors we are privileged to have!

Happy Home Hunting:)

Open House 1295 Ottawa 2-4pm West Vancouver!

2010-09-12T15:32:00.000-07:00

4600 sq ft Post and Beam Home on a massive 16,000 sq ft estate size property. Boasting stunning ocean, cityscape, and Lion's gate Bridge views, this home is an excellent value at $1,588,800.

For more information please visit http://www.StuBell.com or call me at 604.562.0532.

Vancouver Real Estate Market Snapshot 9-10-10

2010-09-10T14:32:00.000-07:00

A Look at The Numbers in Vancouver

So far in 2010, The Vancouver Real Estate has been very active, with 3546 detached (houses, land) sales (1691 under one million) and 5896 attached (condos, apartments, townhomes, duplexes, ect.)

There have been 485 detached sales in West Vancouver, 674 in North Vancouver, 595 in East Vancouver and 1202 sales in Vancouver West(Downtown Vancouver, Kitsilano, Point Grey, ect).

Comparatively, there are 500 detached listings in West Vancouver, 356 in North Vancouver, 595 in Vancouver East, and 654 in Vancouver West.

Of the 5896 attached sales so far this year, 3378 of them were under $500,000.

There have been 165 sales in West Vancouver, 863 in North Vancouver, 1171 in East Vancouver, and 3702 in Vancouver West.

Comparatively, there are 172 actives in West Vancouver, 499 in North Vancouver, 635 in Vancouver East, and 2320 in Vancouver West.

As expected the most Actives and most sales are occurring in Vancouver West. Currently, there is a very healthy balance between current listings and sales in Vancouver.

Good Listings priced well are selling quickly while tired, improperly marketed properties are expiring.

If you have any questions about the Vancouver Real Estate Market call me anytime at 604.562.0532 or write to stu@stubell.com.

Follow me on Twitter @StuBellRealtor and Find me on Facebook : Stu Bell Real Estate

Bank of Canade Raises Rates 1/4%

2010-09-10T12:06:00.000-07:00

The Bank of Canada announced yesterday that it is raising its target for the overnight rate by one-quarter of one percentage point to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic recovery is proceeding but remains uneven, balancing strong activity in emerging market economies with weak growth in some advanced economies. In the United States, the recovery in private demand is being held back by high unemployment and recent indicators suggest a more muted recovery in the near term.

Economic activity in Canada was slightly softer in the second quarter than the Bank had expected, although consumption and investment have evolved largely as anticipated. Going forward, consumption growth is expected to remain solid and business investment to rise strongly. Both are being supported by accommodative credit conditions, which have eased in recent weeks mainly owing to sharp declines in global bond yields.

The Bank now expects the economic recovery in Canada to be slightly more gradual than it had projected in its July Monetary Policy Report (MPR), largely reflecting a weaker profile for U.S. activity. Inflation in Canada has been broadly in line with the Bank’s expectations and its dynamics are essentially unchanged.

Against this backdrop, the Bank decided to increase its target for the overnight rate to 1 per cent. As a result of monetary policy measures taken since April, financial conditions in Canada have tightened modestly but remain exceptionally stimulative. This is consistent with achieving the 2 per cent inflation target in an environment of significant excess supply in Canada.

This was a fairly unexpected Rate increase and if you have a variable or line of credit mortgage, your rate just went up .25%. There are currently fantastic fixed rates available and many people who believe the rates could keep climbing.

I also see Global recessions and problems in the US, London, and abroad that could well keep rates near all time lows. We had the same scare in the early Spring which resulted in a Bull market for April, May, June, and July. Much of this could have been the Olympic Glow / Benefits of The Olympic Infrastructure and Global Advertising, especially with so many Gold Medal & Crosby's Golden Goal! I correctly predeicted a hot market during and after the Olympics when many Realtors felt it would be quite.

Now I wonder if pent up demand from the summer months, fantastic fixed rates like 2.59% 3 year fixed and 3.59% 5 year fixed, and another scare that rates may climb will drive a busy Fall market that many would traditionally expect, when kids are back in school and adults are back to work.

Please follow me on Twitter for More http://www.twitter.com/StuBellRealtor

Find me on Facebook http://www.facebook.com/StuBellRealEstate

Call me at 604.562.0532 and write to stu@stubell.com.

Have a great day enjoying this Beautiful City!

Stu Bell
Prudential Sussex Realty

Mortgage Rates Drop Again to New Lows!

2010-09-07T15:12:00.000-07:00

Despite the spring rush to lock in interest rates when everyone was certain they would climb to 5% or even 10%, we now enter the fall and rates have just dropped lower than they were in the Spring of this year.

The Prime Rate today is 2.75%; and the lenders I work with are now offering an unprecedented 3.45% 5 year fixed mortgage and a 3 year fixed of 2.59%! The Best Available Variable rate is 2.05%.

Depending on your investment strategy, monthly budget, down payment, and price point, the term of your mortgage is very important and a mortgage broker will be able to fit you with the right mortgage that is best for you.

With recessionary problems in the US and abroad, and the Canadian Rock Solid Banking System, it appears our lending system is in excellent shape and Buyers should be very optimistic about our mortgage rates in the years to come.

With increased supply, slower demand, and historic low interest rates, the Fall appears to be a very smart time to enter the Vancouver Real Estate Market.

If you have any questions about Vancouver Real Estate please contact me at 604.562.0532 or email stu@stubell.com.

August 2010 Real Estate Stats for Greater Vancouver

2010-09-02T15:20:00.000-07:00

Buyers Market as Stable Conditions Continue

September 2, 2010

Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010.

From a wider perspective, last month’s residential sales represent a 40.4 per cent increase over the 1,568 residential sales in August 2008, a 34.9 per cent decline compared to August 2007’s 3,384 sales, and a 26.6 per cent decline compared to August 2006’s 2,998 sales.

New listings for detached, attached and apartment properties declined 17.5 per cent to 3,750 in August 2010 compared to August 2009 when 4,544 new units were listed. Total active listings in Greater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 per cent increase from August 2009.

“We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply in our marketplace, all variables that favour those looking to purchase a home,” Jake Moldowan, REBGV president said. “The last few months have also shown some stability when it comes to price fluctuations in the region, which is a welcome trend after reaching record highs in April.”

Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.9 per cent to $576,597 in August 2010 from $539,600 in August 2009.

“Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market,” Moldowan said.

Sales of detached properties in August 2010 reached 893, a decrease of 34.7 per cent from the 1,367 detached sales recorded in August 2009 and a 66.9 per cent increase from the 535 units sold in August 2008. The benchmark price for detached properties increased 8.5 per cent from August 2009 to $795,076.

Sales of apartment properties reached 935 in August 2010, a decline of 36.1 per cent compared to the 1,464 sales in August 2009 and an increase of 26.4 per cent compared to the 740 sales in August 2008.The benchmark price of an apartment property increased 4.5 per cent from August 2009 to $385,968.

Attached property sales in August 2010 totaled 374, a decline of 38.7 per cent compared to the 610 sales in August 2009 and a 27.6 per cent increase from the 293 attached properties sold in August 2008. The benchmark price of an attached unit increased 6.6 per cent between August 2009 and 2010 to $489,511.

Prices are slightly down and sales are down, but there is a lot of activity in the market and multiple offers and quick sales close to full asking are happening every day.

For the timid Buyer, I can reassure now is an excellent time to Buy, interest rates are low and are forecasted to stay low for the next 2-3 years, supply is up (unlike the spring when Demand sucked up all the good product) and good deals are out there to be had as motivated sellers are out there.

Buyers can wait a year but then what? Higher interest rates, tighter supply, and the average price may be 5% higher or lower?

I encourage people to get pre-qualified, if you have the money to invest, invest it. If you need a place to live, buy a home. For everyone waiting for the Vancouver market to crash you are going to be waiting for a long time. The only way I see the market crashing is if interest rates go way up, and if they do, guess what, your cost of borrowing is way up and you won't be able to Buy despite a depreciation in the average home price (unless you have cash).

Find a home you love, then get a tenacious Realtor like myself to get you a smoking deal, a deal reflective of a downturn in the market so over time as the market appreciates, you will have a rock solid asset you use and love and you build equity for your retirement or to upgrade to your next piece of Real Esate.

If you have any questions about the Vancouver Real Estate Market and Investing in Vancouver Real Estate please do not hesitate to contact me at 604.562.0532.

Best Regards,

Stu Bell

West and North Vancouver Open Houses this Weekend: August 28-29th!

2010-08-28T11:40:00.000-07:00

I am pleased to be holding 3 Open Houses this weekend:

> Open Saturday August 28th, 33-884 Premier St, North Vancouver, 2-4pm!

2 Bed, 952 sq ft, Top Floor - $268,000.

Fully renovated with new laminate, granite countertops and window trim, large south facing BB friendly patio, Acres of trails and parks surround you, easy access to Second Narrows Bridge, No restrictions, utilities includes taxes and hot water/heat.

The Best 2 Bedroom Value on The Northshore for $268,000 = $281/sq ft!!

> Open Sunday August 29th, 1295 Ottawa Avenue, West Vancouver, 2-4pm!

11,500 sq ft LOT, 6 bedroom, 4,600 sq ft home! NEW PRICE! NOW $1,595,000!

Upper Ambleside Contemporary Post & Beam Home with stunning views of Lions Gate Bridge, Downtown Vancouver, and the ocean. Large, sun drenched property on a family friendly Lot with 145 ft frontage, fenced Pool, wrap around driveway, and and In-Law suited currently tenanted for $1100.

The Best Value in West Vancouver!

> Open Sunday August 29th 2-4pm, 801-1427 Duchess Avenue. $1,178,000!

Ambleside Penthouse stapes from the Beach with Stunning Panoramic Ocean, Lions Gate Bridge, Stanley Park, and Mounain Views! Ideal for Professionals or Empty Nesters!

1350 sq ft, 14 ft ceilings, 2 BR with guest suite on main floor, and a 600 sq ft rooftop patio with Hot Tub!

Pricing Strategies To Sell Your Home!

2010-08-20T10:40:00.001-07:00

Be Sharp & List for Less to Sell for More!

In today's market, I believe the key factor in selling your home within the Real Estate Boards average sale period of 45 days, is to be priced sharp.

Other things help too, such as Home Staging, Manicured Landscaping, Open Houses, Professional Photography & Video, and the ability to show on short notice to motivated Buyers.

But if your price is too high, Realtors and the educated public will "drive-by" or "click-past" your listing. The tricky reality is that homeowners have emotional attachments to their home and value it higher than the market value.

An over-priced listing becomes a dead listing that ends up being reduced multiple times and ultimately selling for less than if it were priced sharp.

In many parts of Europe, real estate is sold in an Auction, with a bidding process. A property is listed, the open house is advertised, and the highest bid come Sunday buys the property.

The Seller still has right to refuse offers, and while this may be unsuccessful in a down market, it is smart in stable or hot markets.

In Vancouver, we see some Realtors and Sellers implement this strategy by pricing well below appraised value and holding all offers until Sunday evening or Monday after Opens on sat & sun, and it often works very well as a lot of people inevitably turn up for the showings.

A house in North Van just listed for $699,000 when the tax value was $760,000....4 days later the house received multiple offers and sold to a no subjects offer of $825,000.

For Sellers who need to sell fast, this an excellent strategy and interestingly enough in Real Estate a lower asking price can equate to a higher Sale Price!

If you have any questions please call me at 604.562.0532!

Thank You and Happy Home Hunting:)

SB

Just SOLD by Stu! 627 Duchess

2010-08-12T08:00:00.001-07:00

I just Sold this gorgeous and meticulously redeveloped Cape Cod Character by Cragg Built Construction for $1,295,000!

July 2010 Greater Vancouver Real Estate Statistic

2010-08-04T11:08:00.001-07:00

August 4, 2010

REBGV Stats

Homebuyers and sellers less active in July

Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010.

Looking back further, last month’s residential sales represent a 3.7 per cent increase over the 2,174 residential sales in July 2008, a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per cent decline compared to July 2006’s 2,732 sales.

“With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability,” Jake Moldowan, REBGV president said. “Activity in today’s marketplace is clearly trending in favour of buyers.”

The number of properties listed for sale on the market has been trending downward since spring, with 4,138 new listings in July compared to April’s peak of 7,648. New listings for detached, attached and apartment properties in Greater Vancouver on the Multiple Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared to July 2009, when 5,041 properties were listed for sale.

At 16,431, the total number of property listings on the MLS® in July declined 6.5 per cent compared to last month and increased 33 per cent compared to July 2009.

“It’s currently taking home sellers who work with a REALTOR®, on average, 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction,” Moldowan said.

Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from $528,821 in July 2009.

Sales of detached properties in July 2010 reached 908, a decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009 and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark price for detached properties increased 11.5 per cent from July 2009 to $793,193.

Sales of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the 966 sales in July 2008.The benchmark price of an apartment property increased 6.2 per cent from July 2009 to $387,879.

Attached property sales in July 2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July 2009 and a 3.4 per cent decline from the 381 attached properties sold in July 2008. The benchmark price of an attached unit increased 8.6 per cent between July 2009 and 2010 to $490,995.

So it appears the traditional summer lull took its course in July, slowing down all markets on both the buy and sell side. Todays market is a Buyers market, with increased supply, motivated sellers, and low interest rates. Skepticism is low and generally consumer confidence is strong but excellent summer weather and family vacations mixed with HST and a global economic recovery has slowed down the number of real estate transactions.

The Fall, typically a very active market, should bring increased activity so Buyers may be better to act in August while sellers may be better off waiting to list in September.

We will all have to wait and see what happens, in the meantime, enjoy our beautiful weather and our gorgeous city; Happy House Hunting:)

SB

Stu's Breakdown on HST and Real Estate in Vancouver

2010-07-17T11:34:00.001-07:00

Stu's Breakdown on HST and Vancouver Real Estate

With the billeting and the protest proving futile, British Columbians now live life with HST, a 7% hike on the 5% GST to a 12% harmonized sales tax, no more PST. This TAX is like the old GST tax and ONLY APPLIES TO NEW REAL ESTATE, a common misconception is that all home sales are subject to HST. There is also a generous new HST REBATE equal to 71.43% of the HST Payable for new homes under $525,000 up to $26,250; while homes over that price may apply for a flat $26,250 rebate.

The majority of Real Estate will not greatly be affected by the HST, but it will lower the asking prices of new construction: good news for Home Sellers and Buyers looking for Brand New Property, bad news for Developers.

The Bad News for Home Sellers (and Buyers) is that they will have to pay a 7% increase on Real Estate Commissions and Lawyer fees. A $500,000 condo where fees may be $19,000 the sellers pays an extra $1330 in taxes.

A Left Wing approach to governing with the goal to increase business growth and jobs, as well as incomes and employment rates across various sectors. In the long run, this will be good for BC and the Economists (who don't account for Foreign Investment & Tax Sheltered income) may stop rating Vancouver as an unaffordable city to live as the gap between average incomes and average home prices tightens.

In the short run, I find it impressive that British Columbia, and Ontario, are able to implement a tax increase in the midst of an American and Global Recession. I fear the restaurant, retail, and entertainment sectors will slow down as purchasing power decreases, but Real Estate in Vancouver will not be slowing down in the next 5-10 years and our Beautiful Province will benefit from Tax Revenue and Business Growth.

I am confident in our Real Estate Market because of BC's rock solid lending practices and regulations, banking sector, our influx of new immigrants and foreign direct investment, our forward progressing city planning with improvements such as The Canada Line, The Convention Center, The New Sea to Sky Highway, Vancouver International Airport, the new BC Place, and new world class Hotels and Developments as Vancouver has quickly progressed to become a Global City with Worldwide Recognition, Appeal, Admiration, and Respect equating to a very healthy Demand for our limited Supply of Real Estate.

I believe BC's new HST Tax will shrink developers profits as the Market (Buyers and Sellers) determines Real Estate Values, and with a large supply of resale product they will have to be creative with their pricing and packaging to stay profitable. Supply may not expand as previous predictions have calculated as new home starts become less attractive for developers and home builders.

There has been 259 Detached Home Sales and 282 Attached Home Sales in The Lower Mainland in the first 2 and half weeks of July 2010, since the HST was implemented on July 1st, so it appears The Market will continue to roll. While in a traditional July and August summer lull, when many act in May or Move Away, I suspect September and the fall market will bring increased consumer confidence and activity in the market as HST is accepted and continued Record Low Interest and Mortgage Rates propel first-time home buyers, investors (driven by high rent rates), as well as downsizes and upsizers across the Vancouver Real Estate Market.

If you have any questions about HST and Vancouver Real Estate please feel free to call me at 604.562.0532 or email me at stu@stubell.com.

Best Regards and Happy House Hunting:)

June 2010 GVRD Real Estate Stats

2010-07-06T09:47:00.000-07:00

July 5, 2010
REBGV Stats June 2010
Activity steady to start the summer season

The Greater Vancouver housing market experienced steady activity to begin the summer season.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.

“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.

Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals.

“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”

New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS®.

At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year.

“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.

Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025.

Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment property increased 9.7 per cent from June 2009 to $391,528.

Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861.

Vancouver Real Estate Market Cooling?

2010-06-08T17:04:00.000-07:00

Real Estate Market Cooling?

47 Sales in Vancouver today & 33 yesterday including West Van waterfront for $10,000,000; West Van Estate for $22,000,000; West Van Building Lot for $3,300,000; and Shangri la Condo for $3,100,000 on the high end. The low end remains busy starting with a studio sale in The Max Downtown for $290,000, and units at Vista Place are finally selling as a 2 bedroom sold for $600,000!

Conclusion: Be careful what you read in The Vancouver Sun;)

Listings traditionally pile up in the spring and the summer is typically slower as Westerners enjoy the Weather and Vacation Time. I would look for a bump in activity later this month as Buyers with fixed rates fear losing them after the 90 day hold period, then a few months of a Buyers market where low ball offers have their best chance, then the Fall Market will bring more activity and increased consumer confidence as HST is adjusted for and interest rates still remain low.

While there are some question marks that warrant our concern, such as the economy, job market, & interest rates; a key factor is our positive stream of foreign migration & investment. With our Open Border policy and our top rated banking system people and money will continue coming to Vancouver and People need houses and in the long run real estate out performs stocks and mutual funds with a fraction of the risk! So like my first year Economic Professor at Gonzaga or my graduate professor Tsur Sommerville at UBC preached for months, "Supply and Demand drives every economy." Well here we are in the Most beautiful city in The Word, surrounded by a border, mountains, and the ocean; fair enough to say supply is fairly limited, so as Demand undoubtedly continues to grow, fundamentally so will our prices.

Real Estate Acquisition, whether for occupancy or for investment, enables the Buyer to take advantage of LEVERAGE. Unlike any other form of investing, real estate only requires 5-10% down to become an Owner. So if you put $25K down on a $500K purchase that doubles in 10 years, that's $500K profit off of a $25K initial investment (not to mention paying down principle on your mortgage monthly!)

So in conclusion, I predict the market plateaus for a few months, good real estate will sell, bad will not, motivated sellers may lose money, others will wait, in the end Vancouver Real Estate will inflate and now, being a superb time to get in the market with cheap borrowing costs, no HST, and lots of supply, may be the time we look back on saying I wish I had bought then:)

If you have any questions, call, text, tweet (StuBellRealtor), facebook, or message me at 604.562.0632!

Best Regards,

Stu Bell

The Effects of HST on BC Real Estate?

2010-06-05T11:23:00.000-07:00

I get asked a lot these days what HST (harmonized sales tax of 12% vs 5% GST) is going to do to Real Estate Sales and Values in Greater Vancouver.

The general consensus is that is is going to be very bad, and everyone should rush to buy Real Estate before July 1st 2010.

The Fact is that HST is only going to apply to BRAND NEW Real Estate or completely renovated Real Estate.

So if you are planning on Buying a brand new custom home or a new condo do it before July 1st! (ie a $2 million dollar home will cost you $140,000 more in taxes or a $650,000 apartment will cost you $45,500 more!)

Also keep in mind there will be a HST exemption for property under $525,000 for up to $26,250, so if your budget is under $525,000, don't sweat the HST, especially if you are a first time home buyer as you can claim full exemption on HST & PPT (1% of 1st $200K & 2% of the remainder) for purchases under $425,000.

We all have to now pay HST on services such as legal fees and Realtor commissions, but this change will be nominal.

If you are buying resale property, which makes up almost all of the 3,500 or so sales a month in Vancouver, you have no need to worry or rush in fact you may want to wait until after July 1st when developers will be adjusting their sale prices down which may have a domino effect and bring market prices down by 2-5%. But don't wait too long, especially if you have a good interest rate locked in or you find a property you love because it will probably be gone and with today's market conditions you can negotiate a purchase price of 5-10% off asking price, essentially hedging you against any market corrections later in the summer.

Overall, I believe the effects will be minimal to consumers, prices will rise slowly this year with inflation, and developers will be forced to lose profits and come up with creative marketing and financing ideas to remain competitive with the resale market after HST is applied on July 1st, 2010.

If you have any questions regarding this topic or any Real Estate inquiries, please do not hesitate to call, text, tweet, message, or email me, and I'd love to chat about it.

May 2010 GVREB Statistics

2010-06-05T10:56:00.000-07:00

June 4, 2010

REBGV Stats

May market offers buyers greater selection

The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.

In terms of number of property listings, last month marked the third consecutive month during which more than 7,000 homes were listed for sale on the Multiple Listing Service (MLS®) in Greater Vancouver.

New listings for detached, attached and apartment properties totalled 7,014 in May 2010, a 48.2 per cent increase compared to May 2009 when 4,733 new units were listed, and an 8.3 per cent decline compared to April 2010 when 7,648 properties were added to the MLS®.

At 17,492, the total number of property listings on the MLS® increased 10 per cent in May compared to last month, and is up 28.2 per cent compared to this time last year.

“Prospective home buyers in today’s market have a broad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7 per cent to $590,662 from $506,201 in May 2009.

“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.

Sales of detached properties in May 2010 reached 1,256, a decrease of 10.4 per cent from the 1,402 detached sales recorded in May 2009 and a 4.4 per cent increase from the 1,203 units sold in May 2008. The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.

Sales of apartment properties reached 1,354 in May 2010, a decline of 7.1 per cent compared to the 1,458 sales in May 2009 and an increase of 8.8 per cent compared to the 1,244 sales in May 2008.The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.

Attached property sales in May 2010 totalled 546, a decline of 17.8 per cent compared to the 664 sales in May 2009 and a 1.6 per cent decline from the 555 attached properties sold in May 2008. The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.

REBGV Apil 2010 Vancouver Real Estate Stats

2010-05-21T11:51:00.000-07:00

May 4, 2010
REBGV Stats
Home buyer and seller activity increases in busy spring market

The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent compared to the 2,963 sales in April 2009; 9.1 per cent more than April 2008’s 3,218 sales; and 3.7 per cent more than April 2007’s 3,387 sales. April 2010 sales also represent a 12 per cent increase compared to last month.

“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).

At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 per cent to $593,419 from $499,021 in April 2009.

“It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan said.

Sales of detached properties in April 2010 reached 1,370, an increase of 15.1 per cent from the 1,190 detached sales recorded in April 2009 and a six per cent increase from the 1,293 units sold in April 2008. The benchmark price for detached properties increased 21.2 per cent from April 2009 to $818,403.

Sales of apartment properties reached 1,526 in April 2010, an increase of 29.4 per cent compared to the 1,179 sales in April 2009 and an increase of 15.9 per cent compared to the 1,317 sales in April 2008.The benchmark price of an apartment property increased 16.9 per cent from April 2009 to $397,779.

Attached property sales in April 2010 totalled 616, an increase of 3.7 per cent compared to the 594 sales in April 2009 and a 1.3 per cent increase from the 608 attached properties sold in April 2008. The benchmark price of an attached unit increased 16.4 per cent between April 2009 and 2010 to $502,399.

Just SOLD by Stu! 504-160 W 3rd The Envy!

2010-04-28T09:35:00.001-07:00

The Envy on 3rd & Chesterfield in Up and Coming Lower Lonsdale is one of the finest constructed Boutique Concrete constructed mid-rise developments in The World. Featuring state of the art Silver Leed Certification this environmentally friendly building is energy efficient with state of the art radiant heating and cooling systems and maximizes in sustainability from the materials used to the design and construction techniques implemented. I am proud to present this forward thinking opportunity for savvy Real Estate Investors that is a glimpse of future development standards in a time when few developers are willing to spend the premium construction budget to create a premium product. With seven stories and only 50 exclusive units the floorplans and finishing in The Envy will satisfy the most discerning of Buyers. Clean, open, top of the line finishings and fixtures, New Home Warranty, gorgeous Mountain Views, and steps from all amenities. Quality, design, and innovation integrate flawlessly at the Award Winning Envy in North Vancouver.

Just SOLD by Stu! 805- 168 E Esplande The Pier

2010-04-28T01:50:00.000-07:00

This Waterfront address at The Trendy and Impressive Pier Development by Pinnacle brings a Bright and Open 1 bedroom luxury apartment with an efficient floorplan and exquisite finishing. 9 ft cielings, insuite laundry, granite countertops, walk through closet, oversized patio with Water, Mountain, and City views, perfect for the BBQ and a tranquil retreat to unwind, as well as hardwood floors, garberator, A/C, stainless steel appliances, large storage locker, and parking stall. Enjoy exclusive access to the 5 Star Resort Amenities at The Pinnacle Hotel including restaurant and bar, world class gym, yoga and spin class studio, 80 ft lap pool, jacuzzi with a panoramic view of Downtown Vancouver, large patio with stunning view, steam, sauna, and entertainment room. Steps to thriving Lower Lonsdale including IGA Marketplace, BCL, Banks, Starbucks and Blenz, Tim Hortons, The Seabus, The Bus Loop, Restaurants, Parks, and more! Enjoy your lifestyle and invest in a transforming waterfront community on The Picturesque Landscape of Vancouver's World Renowned North Shore, where Mountains meet Water, and Kitsilano meets Yaletown for a unique and attractive place to call home.

Just Sold by Stu! 1608 1238 Richards St Vancouver BC

2010-04-28T01:46:00.000-07:00

Posh Yaletown living in the exclusive and very well constructed Metropolis at 1238 Richards. This open, contemporary, and architecturally significant 850 sq ft Loft is unlike any typical 1 level Vancouver condo. This elegant Lifestyle choice boasts an outdoor patio for the BBQ, 20 ft ceilings with grand Floor to Ceiling Windows, stunning panoramic views overlooking trendy Yaletown and serene False Creek, and an ideal location at Richards and Davie above Choices Market, across from Parks, steps to fine dining and Yaletown's nightlife, hot coffee spots, and the New Yaletown Canada Line! This rare Loft has it all. 1 bedroom with 2nd Bedroom or Office, 1 bath, hardwood flooring, 1 big parking stall, secure storage locker, updated Grand Lobby, World Class gym, and relaxing spa with yoga studio and swirlpool.

Proudly Sold for $495,000.

Just SOLD by Stu! 1103- 788 Hamilton Vancouver BC

2010-04-28T01:45:00.001-07:00

This Open and Spacious 2 bedroom, corner unit home in the New TV Towers by Concord Pacific is located in the heart of Downtown Vancouver at Hamilton and Robson. Steps to Yaletown, Robson, Crosstown, and Gastown shopping, dining, and entertainment! This 874 sq ft, bright South West exposure suite features floor to ceiling windows throughout and a large open plan living room, dining, and kitchen area. Professionally upgraded after completion with Brazilian Cherry Hardwood floors and granite counter tops, this suite is in move in condition. The two bedrooms are completely separate for privacy and there is a large den/flex space/storage room. The large balcony has a south western exposure and is perfect for BBQing. Architecturally significant curved windows around the statement concrete pillar in the living room add style and character to this one-of-a-kind find. Resort Style Amenities, theater, games room, meeting room, and Full Time Concierge complete this package and await you to Live the Elegant and Convenient Lifestyle you desire.

Proudly Sold for $525,000.

March Real Estate Statistics for Greater Vancouver

2010-04-06T13:52:00.000-07:00

April 6, 2010

REBGV Stats

Home listings rise to start the spring season

A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.

The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).

At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 per cent in March compared to last month, but remains 7.6 per cent below this time last year.

“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said.

Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010.

“With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

Sales of detached properties in March 2010 reached 1,336, an increase of 49 per cent from the 897 detached sales recorded in March 2009 and a 19.7 per cent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 per cent from March 2009 to $800,341, but declined 0.6 per cent compared to last month when the benchmark price was $800,796.

Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 per cent from March 2009 to $395,507 and is up 1.2 per cent compared to last month when the benchmark price was $390,899.

Attached property sales in March 2010 totaled 549, an increase of 40.1 per cent compared to the 392 sales in March 2009 and a 7.4 per cent increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3 per cent between March 2009 and 2010 to $493,263, but declined 0.5 per cent compared to last month when the benchmark price was $495,496.

After months of multiple offers and limited supply, seller's are finally putting their properties on the market. Buyers are able to negotiate without competition and find AAA properties and solid deals in today's market.

With fixed rates rising and variable rates decreasing to prime -.5, I expect a flood of sales over the next few months. There is also only 2 weeks left before new legislation pushes the minimum down-payment for investors from 5% - 20%.

If you have any questions at all regarding Vancouver Real Estate please contact me, Stu Bell, at 604.562.0532 or email me at stu@stubell.com.

Thank You and Happy House Hunting!

Ten Tips for First Time Home Buyers

2010-03-15T17:41:00.000-07:00

Ten Tips for First Time Home Buyers

Soaring property prices have made it difficult for first-time buyers to get onto the property ladder. But a slower market could provide new opportunities: find out how to make the most of your money.

1. First-time buyers are in a very strong position right now. Low interest Rates and heavily reduced prices need to be taken advantage of sooner rather than later.

2. Think long-term. Be prepared to hold on to your property for a few years. Think of it as an investment that will make you money down the road versus inthe short term.

3. Know your market. Pick the areas you would like to live in and do some thorough research as trends can vary dramatically from area to area.

4. Sort out your finances. You will be in an even stronger bargaining position if you have your deposit and mortgage ready. Speaking to a lender first will also give you an idea of how much you have to spend. Stick to your budget.

5. Remember the extras. As well as a deposit, you will need to pay for the legal costs, a home inspection and a property transfer tax if your spending over $425000. Then there are the moving costs to consider and new furniture to buy.

6. The asking price is not the sale price! It is rare for properties to sell for their full asking price unless it is a screaming deal.

7. Look out for a distressed seller or someone who needs to move fast. Death, divorce and growing families are the main reasons why home owners might be keen to sell quickly. But in the current climate you may also find struggling buy-to-let investors who want out.

8. Consider new build. The sluggish property market is not kind to developers either. Many are having a tough time selling two bedroom flats in overbuilt locations. You may get a good price for a home or at least persuade the builder to include a bunch of extras.

9. Be Flexible and understand that "the perfect property" rarely exists. If you can find something that you love that is 85% of what you are looking for and in your budget, don't wait.

10. Get Help. Two People you should meet with before you ever look at a home:

1. A Real Estate Professional. When we meet for the first time we go over your list of wants and needs, talk about neighbourhoods, schools, and economic factors that affect the market today and could affect the market in the future.

2. A Mortgage Broker. Being pre-qualified for a mortgage serves a couple of purposes, first of all it assures you that the bank is willing to finance your purchase of a new home and secondly it gives us an idea of the maximum you can afford. For some great local Mortgage Brokers pls email me at stu@stubell.com for contact information.

The Athletes Village by Millenium Market Update March 2010

2010-03-15T17:20:00.000-07:00

In the aftermath of the Olympic Games come to a close I am hearing more and more inquiries about the Olympic Village and what its future holds? Is it for sale now? Is it going for sale soon? And if so, for how much??

I am in the process of answering all of these questions and am currently in regular contact with Millenium Developments and the Sales Team releasing these units in May... I will update you with details as I get them... but are these units going to be a steal of a deal or worth waiting for? I'm not so sure.. As described in the article below, unless the developers take a major loss on every single unit the properties are going to be overpriced at $1000 plus/square foot and that is huge money for the area...

~ The man responsible for salvaging any profit from Vancouver's financially troubled Olympic athletes village – and saving local taxpayers from potential losses – is euphoric these days.

“Those opening ceremonies – that should add $25 a square foot to what I can get at the village,” Bob Rennie says gleefully over lunch on the third day of the Games, as the street below the restaurant ran thick with thousands of 2010 Olympic Games tourists. Mr. Rennie, officially known as the city's best-known condo marketer but unofficially as one of the city's major power brokers, is kidding, as he often does. Well, sort of.

The reality is that many are hoping there's an element of truth in Mr. Rennie's humour.

Among them are brothers Peter and Shahram Malek who run Millennium Developments and who pledged $70-million of their assets to keep the athletes village project going when their financing started to collapse at the beginning of the recession. Another group is the City of Vancouver, which is owed almost $200-million for the land and was forced to loan the Maleks $800-million for their construction refinancing.

Both are depending on a healthy real-estate market to recoup the village's $1-billion cost. It would be a relief if the reflected glory from the Olympics would make a difference once the athletes go home.

Certainly the village, after a year of rocky news coverage, has been basking in the Olympic glow. A recent New York Times Magazine essay on the Games by Liberal Leader Michael Ignatieff was accompanied by a picture worthy of an architecture magazine. The site looked like a modernist marvel on the water. Television shots frequently highlight it. Media outlets report that athletes love it.

And, amid the frenzy of the Games, the village, as part of the city's Southeast False Creek district, received LEED Platinum certification, making it the greenest neighbourhood in North America.

The question is: Will that make a difference? And will it be enough given the circumstances of the village's finances and the current state of the market?

Many are dubious.

“The problem with Millennium is their costs,” says Cameron McNeill, another major development marketer who points out that the village was built at the peak of prices for labour and materials. “Will the market bear the $1,100 a square foot they need? I think that's stretching it. I think it's going to be extremely difficult for them to recoup their costs.”

Mr. McNeill, the head of MAC Marketing Solutions, is selling a building across the street from the village, the James. He's pricing it in the $700-a-square-foot range. That's the average price Mr. Rennie got for the first 250 village condos before the crash.

It means the remaining 500 condos have to sell for much more on average for the project to break even. Although Mr. McNeill believes in the long-term benefit of the Games and agrees the city made the right move by taking over the village's finances to make sure it was completed, he can't see how the remaining condos will fetch those prices.

Development consultant Michael Geller, who recently oversaw the planning of Simon Fraser University's UniverCity project, said the athletes village project will likely sell at prices high enough to recover the $800-million in construction costs. “But I am worried about the city recovering the $193-million it was supposed to get for its land.”

University of British Columbia business professor Tsur Somerville said that extensive research has provided zero evidence that Games cities experience real-estate booms after the tourists go home.

“I don't deny that there are going to be some purchasers who like the Olympics and say, ‘I want to buy something in Vancouver.' That exists but it's not enough to move the whole market,” Mr. Somerville says. Like many, he doubts the developers will do any better than break even on the project.

Now the city, which reverted back to a centre-left council in 2008 under Mayor Gregor Robertson, finds itself in the same position as any caught-by-the-crash speculator, hoping that market prices will rise enough to make the real-estate bet pay off.

City politicians are also hoping that both the Olympics and Mr. Rennie can work some magic. “Go, Bob, go,” Mr. Robertson urged as he presided over the turnover of the first village building to the Vancouver Organizing Committee last fall.

Mr. Rennie says there won't be any real magic to it. He believes what will ultimately work in the village's favour are the fundamentals of real estate: supply and demand.

(Although the developers will have to add some financial sweeteners to make the math work over all. They're expected to sell off the retail spaces that occupy the lower parts of some buildings, rather than continuing to lease them out. And they'll also likely have to sell another 110 rental apartments, on top of the 750 condos.)

Realistically, Mr. Rennie doesn't expect demand to shoot up because of the Olympics. But he does expect it to be strong for the same reasons it always has been in Vancouver. People do want to move here. And, among those already living here, the market is back to giving them good prices if they want to sell their high-end houses and downsize to waterfront condos.

The supply-side picture is strong, too. “Any oversupply from the hype of the Games is gone. Thousands of developments went on hold or were shelved,” he says.

Although developers are now starting to put themselves in gear again, the village has one advantage. In a city where buyers are often forced to buy units by looking only at plans and model suites, which often don't match reality, the village is built.

“We haven't seen ‘build it and they will come' for a long time,” Mr. Rennie says.

As for the Olympic glow? Will it help him sell the unit where gold-medal snowboarder Alexandre Bilodeau once slept?

“We are a brand society and Vancouver doesn't have a lot of legendary addresses,” Mr. Rennie says. “It doesn't necessarily add value, but it makes choosing between here and down the block easier.”

Portions of this blog courtesy of Frances Bula, The Globe and Mail.

For all your Vancouver Apartment and Real Estate needs visit StuBell.com and VanApartments.com!

Is Now the Right Time to Buy Real Estate in Greater Vancouver?

2010-03-04T11:53:00.000-08:00

Is now a good time to Buy Real Estate in BC?

My answer is a definite Yes.

The main fundamental driving today’s strong real estate economy is Demand, which is exceeding Supply. Demand derived from low interest rates, pent up demand from a recovering recession, and general desire to live in BC: climate, beauty, location, opportunity, beliefs, ect. The supply is very limited, especially in Geographically constrained areas like The Northshore, Downtown, and the West Side. As 2010 goes by and 2011 and 2012 quickly come, I believe Demand will continue to grow, especially after billions of people were exposed to BC’s beauty, charm, and excellence during the extremely successful Winter Olympics including Canada taking down 14 Gold Medals, an Olympic Record.

Canada has tolerant immigration laws and the flow of new citizens coming from Asia, Europe, The Middle East, South America, Africa, Australia, and New Zealand is growing steadily. The Canadian Banking system is a winner, widely touted as the best in the World, providing buyers with security and peace of mind that a collapse like we have seen in The United States will not occur.

Real Estate as a primary residence is an amazing purchase because it produces rewarding pride in ownership, it creates a rock solid investment rather than paying your landlords mortgage, and a valuable asset to draw funds from for other ventures.

Real Estate as an investment is very intelligent as it capitalizes on Leverage. With mortgages and the ability to put as little as 5% down, $20,000 on a $400,000 purchase, then have a tenant provide positive cash flow, the future return on investment is often 100-300% or $40,000 - $80,000 when you sell your investment property. Many people will hold a solid investment property for decades, enjoying the positive cash flows and paying down the mortgage creating a massive savings account to draw upon or let grow. The Province has passed a new law that investors must put a minimum 20% down after mid April, so if you are like me, the next 6 weeks presents a great opportunity to pick up an investment property. Brand New Luxury 1200 sq ft 2 bedroom condos in New West, Port Moody, and Port Coquitlam can be bought for $300,000 with $1500/month tenants in place.

Interest Rates are projected in increase in 2010, but I do not foresee a large spike in interest rates as most of Canada and all of the US is still in a recessionary period that the Federal Reserve monetarily monitors by keeping interest rates low. 5 year fixed mortgages can be had right now for 3.69% and 3 year variables can be had for 1.95%, unbelievable all time lows, making Real Estate as affordable as ever to high debt ratio purchases, compared to past times when prices were much lower but lenders were strict.

So if you are an investor and wondering about RRSP’s, stock market, or Real Estate I would suggest do all three, but start with real estate because the sooner you get in, the more your going to make and the most use you will get out of your investment. The solid brick, concrete, and lumber of real estate that you can touch, live in, and improve through renovation, will surely be a cherished and valuable asset.

If you have any questions about Vancouver and BC Real Estate, please feel free to call me at 604.562.0532 or email me at stu@stubell.com.

February 2010 Greater Vancouver Real Estate Stats

2010-03-04T11:50:00.000-08:00

March 2, 2010
REBGV Stats
Home sales activity strong through Olympic period

The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.

More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said.

“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect,” Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.

At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.

“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.

Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.

Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009. The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.

Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.

Click here to download the complete stats package.

Click here to listen to REBGV President Scott Russell's podcast.

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:

Stu Bell
Prudential Sussex Realty
West Vancouver
604.562.0532

copyright© real estate board of greater vancouver. all rights reserved.

January 2010 Greater Vancouver Real Estate Stats

2010-03-04T11:47:00.000-08:00

February 2, 2010
REBGV Stats

Housing supply and demand reach closer alignment in January

Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.

In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

“Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today,” Jake Moldowan, REBGV president-elect said.

“There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales-to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.

“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.

In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.

Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.

Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.

Click here to download complete stats package.

Listen to REBGV President-Elect Jake Moldowan's Market Update.

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:
Craig Munn, Assistant Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146
cmunn@rebgv.org

copyright© real estate board of greater vancouver. all rights reserved.

News Release on New Mortgage Rules from Finance Minister

2010-02-17T23:25:00.001-08:00

Flaherty moves to toughen mortgage rules
Last Updated: Tuesday, February 16, 2010 | 10:07 AM ET
CBC News

Finance Minister Jim Flaherty announced new rules Tuesday aimed at preventing homebuyers from getting into financial difficulty when mortgage rates rise.

After consulting with major Canadian lenders, Flaherty outlined the latest weapons at Ottawa's disposal aimed at removing some of the speculative froth in the housing market.

"There is no evidence of a housing bubble, but we're taking prudent steps today to prevent one," he said at a news conference in Ottawa. "If some lenders aren't willing to act themselves, we will act."

Broadly speaking, the plan unveiled has three components.

First, Ottawa will require that all borrowers meet the standards for a five-year fixed-rate mortgage, even if they choose a variable mortgage with a lower rate or a shorter term.

"This will guard against higher rates in the future," Flaherty said.

Second, the rules would lower the maximum Canadians can withdraw when refinancing their mortgages to 90 per cent of the value of their home, from 95 per cent.

And finally, Ottawa will now require a minimum 20 per cent down payment to qualify for CMHC insurance for non-owner-occupied properties purchased as an investment.

The last rule is aimed at reining in would-be real estate speculators who own multiple properties beyond their primary residence.

"We want to discourage the tendency some people have to use a home as an ATM, or buy three or four condos on speculation," Flaherty said.
Minimum down payment unchanged

There had been speculation the Department of Finance might implement legislation raising the minimum down payment from five to 10 per cent of a home's value, or reduce the maximum amortization period from 35 years to 30 years.

Those measures were not part of Flaherty's announcement Tuesday, but all options are still on the table should circumstances change, Flaherty said.

The adjustments to the mortgage insurance guarantee framework, to be implemented as of April 19, 2010, are not likely to revolutionize the industry. Indeed, a number of large Canadian lenders already practise the first peg of Flaherty's plan. After Tuesday's announcement, Bank of Montreal noted that it requires its high-ratio borrowers to be able to qualify using the five-year rate.

"While we do not believe that Canada faces a housing bubble, we fully support the minister's actions," the bank said in a release. "Given the prospect of higher interest rates and the recent run-up in housing prices in some markets across Canada, the measures announced today are prudent."

"This is a little bit late in telling Canadians we need to be more cautious in taking out a mortgage," Royal Bank chief economist Patricia Croft said in reaction to Flaherty's announcement.

Though she stopped short of calling Canadian real estate in bubble territory already, she said the April 19 date for implementation is actually likely to cause more short-term stimulation of the market, as people scramble to get in under the deadline.

"If you wanted to buy a house, wouldn't you now do it before April?" Croft asked. "It's even more evidence that house prices are going to cool down later this year."

FREE EVENTS to attend during the 2010 Winter Olympics in Vancouver

2010-01-20T19:28:00.000-08:00

LiveCity Yaletown (Vancouver: David Lam Park)

This site will offer Vancouver residents and visitors the complete Olympic Winter Games experience: the best in Vancouver and Canadian live arts and entertainment as well as Olympic sponsor pavilions, Vancouver House, refreshments and sport highlights on giant screens. LiveCity Yaletown is the place to be for free, fun, family Games-time memories. The site will be open and programmed throughout the Olympic period commencing the day after the Opening Ceremony and concluding right before the Closing Ceremony (February 13-February 28). It is anticipated that the Site will be open daily from 11am through to 11pm. Several well-known corporate sponsors will have their public pavilions onsite including Coca Cola, Samsung, Acer and Panasonic.

LiveCity Downtown (Vancouver: Georgia and Beatty)

This site will open during both the Olympic and Paralympic Games and will be Vancouver’s version of a downtown “piazza” with a large outdoor screen, daytime interactive school programming, engaging street entertainment, and late-night entertainment. Additional partners and governmental agencies will bring programs and pavilions to complement the site. The site will be open and programmed throughout the Olympic period commencing the day after the Opening Ceremony and concluding right before the Closing Ceremony (February 13-February 28). During that period it is anticipated that LiveCity Downtown will be open daily from 11am through to midnight. The site will reopen during the Paralympic period (March 12 through March 21) with a mix of on-screen programming, demonstration sport events and entertainment. Both the Canada and Manitoba pavilions will be on-site.

Ozone (Richmond: Canada Line Brighouse Station)

17 days and nights. Exhilarating. Amazing. Once in a lifetime. The O Zone is where you can be part of a real Olympic Games experience, with thousands of your closest friends, cheering on Canada’s athletes, exploring cool stuff, and rocking to some of the hottest young bands in Canada. The O Zone is also the biggest celebration of the 2010 Olympic Winter Games, amassed over 60 acres in the heart of Richmond City Centre, just minutes from the new Canada Line, from Richmond City Hall into Minoru Park.
You’ve never seen Richmond like this: mammoth ice art, massive high-definition screen, outdoor skating on real ice, entertainment from around the region and around the world, art, athletes, exhibits, virtual reality (bobsleigh ride anyone?), food and fireworks. Bands like Our lady Peace, Hawksley Workman, Bedouin Soundclash, Toyko Police Club and Wintersleep headline. Theme nights saluting Canada’s diverse cultures and regions from World Beat rhythms and South Asian dance and music to Pan Northern sounds from above the Arctic Circle. There’s something for everyone, and for all ages. Did we mention it’s free?
The site is located just a few kilometres south of downtown Vancouver and a short hop on the Canada Line, starting Friday, February 12 through Sunday, February 28, 2010. Every day. Every night. Check back closer to the dates for a complete line-up of what’s happening and who’s on stage.

Canada Pavilion (Vancouver: LiveCity Downtown)

Centrally located at Vancouver's LiveCity Downtown Celebration Site, the Canada Pavilion will demonstrate Canada's commitment to creative excellence, sustainable development and fostering diversity with informative and innovative content that is sure to make Canadian's proud. The 2010 Games will inspire Canada's young people to get active in sports and live a healthy lifestyle. The Pavilion will provide an opportunity to learn more about Olympic and Paralympic sports and help them to choose the activity that's right for them.

"Streets to Watch"

There will basically be four main thoroughfares in the downtown core which will have festive programming on a daily basis. These include Robson Street, Hamilton, Street, Mainland Street and Granville Street. With the exception of Robson Street (which will be closed east of Jarvis street only) all the streets will be closed to vehicular traffic. Expect tens of thousands of people to be walking up and down here every night enjoying the atmosphere.

Granville Island “French Quarter” (Vancouver)

Located just south of the downtown, this popular tourist attraction will become the place to celebrate Canada’s French heritage. There will be two pavilions, a French bistro and pub, as well as a stage for concerts. They also intend on creating an "artists' alley" like Rue Sainte-Anne in Quebec City. You can get there by taking the free streetcar from the Olympic Canada Line Station to Granville Island. Vancouver's famous False Creek water taxis will also provide transportation across the water during the Games. Expect this site to be extremely popular so get there early and take transit if you can.

Bombardier Street Car (Vancouver)

This is a demonstration project between Granville Island "French Quarter" and the Olympic Village Canada Line station. A modern and "high-end" European streetcar will shuttle passengers by rail between the Canada Line and the “French Quarter” at Granville Island. It is free to ride, but they are expecting over 500,000 people will take the trip over the two month period when it will be in operation. The train is scheduled to start running in mid-January through the Olympics and Paralympics.

Heineken House (Richmond)

The highlight of the Holland Heineken House experience is the main hall, which can host thousands of people every night, and features celebratory medal ceremonies for successful Dutch athletes as well as nightly performances by renowned Dutch artists and DJ’s. The uniquely close relationship that Dutch sport fans have with their heroes - coupled with their penchant for the national colour of orange - makes for a vibrant and unforgettable atmosphere during celebrations and performances. More than 100,000 people visited the Holland Heineken House during Winter Games in Turin and 95,000 at the Beijing Olympics. At the last Summer Games, supporters were able to celebrate a total of 16 medals for the Dutch Olympic Team. There are plans for HH to serve beer to 4,000 people nightly at its Medal Ceremony Hall and stay open from 9 a.m. to 2 a.m. The Heineken House will be located at Minoru Arenas (MA) 7551 Minoru Gate in Richmond.

Alberta House (Vancouver: corner of Robson & Beatty)

Located on the corner of world famous Robson and Beatty Streets immediately west of BC Place, Alberta House and Alberta Plaza are a central location for Canadian and international guests to meet, gather, and learn about Alberta as a place to invest, work, live and visit. An architectural expression of Alberta’s identity, they combine function, sustainability and innovative design - offering a genuine Albertan experience in the heart of Vancouver with street level programming and multi-function space.
Alberta Plaza – open to the public, the plaza will highlight Alberta tourism and industry sectors during the day and showcase Alberta artists for national and international visitors in the evening. 60,000 Olympic guests, Vancouver locals and visiting Albertans will be enticed to stop and experience dynamic presentations, and Alberta’s new brand message: Freedom to Create, Spirit to Achieve. See more info here.

Saskatchewan Pavilion (Concord Pacific Property North East False Creek)

Located in between BC Place Stadium and Sochi House (Science World), this free pavilion will consist of two structures. One will house a business centre, the other an entertainment venue featuring Saskatchewan entertainment and food. There will also be a pavilion at Whistler during the Paralympics. Through these venues, people from Canada, and around the world, will be able to learn about Saskatchewan business opportunities, vacation destinations, immigration and quality of life.
See this promotional video for more information.

Ontario Pavilion (Concord Pacific Property North East False Creek)

Located in between BC Place Stadium and Sochi House (Science World), the Ontario Pavilion plans to set a new standard in creativity and innovation. It will be striking in its design; feature exciting and original exhibits, events and performances; showcase made-in-Ontario products and services; and be technologically state-of-the-art while being supported using environmentally sustainable systems and technologies. The Ontario Pavilion will offer visitors a unique, one-of-a-kind, inspirational experience that will live on in their memories for years to come and reinforce Ontario’s Olympic brand message — “There’s No Place Like This…”

Atlantic Canada House (Vancouver: Granville Island)

Atlantic Canada's best will hit the world stage during the Vancouver 2010 Olympic Winter Games. Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador along with the Atlantic Canada Opportunities Agency present Atlantic Canada House in Vancouver from February 13 to 28, 2010.
For two weeks, Canada's east coast will come alive on one of Vancouver's most historic sites, Granville Island. A popular local venue, Granville Island is expecting over 35,000 visitors daily. It is easily accessible by water taxis, bus, bicycle, street tram and foot. It is highly recommended you leave your car at home as there will be limited parking available.
Once at Atlantic Canada House, guests will find an authentic and inspiring setting. It's here you'll be treated to East Coast culinary delights, discover the region's culture and spirit, and share in Atlantic Canadian hospitality.Within the pavilion space, you'll find the Granville Island Stage, the Revue Stage and the Backstage Lounge. Atlantic Canadian artists will be featured nightly, and daily performances on the Revue Stage will celebrate the region and welcome guests to the Atlantic Canadian way of life.

Laser Waterworks Shows (Vancouver: LiveCity Downtown -David Lam Park)

Bring the family along to see the nightly laser light shows which will take place at the LiveCity Yaletown location. A large pipe in False Creek will stream water high into the air providing the backdrop for what will become a must see event. Across False Creek you will be able to see the Olympic Athlete’s Village. Details of the laser light show are still unknown, so tune back here to get more details once they become available.

Nightly Medal Award Ceremonies (BC Place Stadium)

This is the most inexpensive way to participate in an official Olympic event. Tickets costs as little as $22 dollars per person and this provides you access to some of North America’s best entertainers as well as the medal winning athletes. Some of the confirmed bands include Barenaked Ladies, INXS, Nelly Furtado, Headley, Theory of a Dead Man and many more. The warm confines of the newly renovated BC Place Stadium will play home to this nightly event which is sure to be a crowd pleaser. If you are taking the Expo Line SkyTrain, get off at the "Stadium" station. You will have to walk about 5 minutes to get there. A note for out-of-town visitors, BC Place will undergo a massive renovation after the Games and will have a brand new retractable roof installed (see illustration).

Vectorial Elevation Light Display (English Bay)

More than two million people are expected toview the installation in person in Metro Vancouver, as well as internationally. The event runs regardless of the weather until February 28, 2010. Visitors to this website can design how the lights will move, their angles and how they are clustered in timed sequences to create their own patterns for the world to see. A personalized webpage will be automatically created for each participant to document their design. Organizers estimate 130,000 different patterns will be created in the 24 days the project operates from dusk to dawn. Why not design your own light show in the sky today!

Robson Square/GE Plaza (Vancouver Robson and Hornby)

This is the official site for the International Media Centre during the Games. It is also home to the new GE outdoor skating rink. Thanks to the generous contribution of the Province of BC and General Electric, the skating is free, but skate rentals are $3 a pair. The rink is open daily from 12:00 pm to 9:00 pm. This will be an extremely popular attraction. If you'd like to see a few photos and video of GE Plaza and Robson Square, please click here.

Vancouver Art Gallery (Corner of Georgia and Howe)

This historic site was once home to the British Columbia courthouse. During the Games it will transform into the BC/Canada Pavilion (located on the 4th floor). You can expect to see a number of interactive displays that will highlight the rich cultural fabric of both British Columbia and Canada.
A series of displays highlighting BC industry will also be onsite. Visitors will get complete access to the Art Gallery for free during the Games and the venue is anticipated to be open between 9:00 am – 9:00 pm daily. Word is there will also be a special Leonardo DiVinci exhibit available for public viewing. Located in the heart of downtown across from the largest Canadian flag in the world and right beside the GE outdoor skating rink, this will become a popular gathering place. The north lawn is also home to the official Omega Olympic and Paralympic Countdown Clock.

Bell Ice Cube (Vancouver: corner of Robson & Beatty)

The Bell Ice Cube will be a 3,000 square-foot temporary building located at Robson & Beatty street in downtown Vancouver and will open to the public on February 11th. It will be open February 11th to 28th from 11am to 11pm and will feature entertainment, Olympic ticket giveaways and interactive product demonstrations. The unique high-tech design of Bell Ice Cube will provide visitors an opportunity to view ceremonies and competitions on multiple plasma screens in high definition Bell TV. During the Opening and Closing Ceremonies and during major sporting events, visitors will be able to watch the magic on a large projection screen.
Every day at 3 pm, there will be a live show called Ice Talk, where Olympians will be interviewed by five-time Olympian and Bell Champion Charmaine Crooks. Athletes will share their own Olympic stories and sign autographs for Games fans. Bell Ice Cube will also feature guest performances by internationally acclaimed vocal play group, Naturally 7. In addition to brilliant harmonies, every instrument sound is created by the human voice. From musical styles that range from pop to R&B, Naturally 7 has charmed fans around the world.

Four Host Nations Pavilion (Vancouver: Georgia and Hamilton)

Located on the plaza of the Queen Elizabeth Theatre in downtown Vancouver, within easy walking distance of BC Place (venue for opening ceremonies) and GM Place (venue for men's ice hockey), the 8,000 square-foot2010 Aboriginal Pavilion will be right in the heart of Olympic activity, with Vancouver’s Celebration Site located immediately across Cambie Street. The pavilion features a high-tech 3,000 square-foot sphere, surrounded by a Coast Salish Longhouse. The Longhouse, which features a 1,500 square-foot Trading Post, will be relocated after the Games as a permanent legacy. As well, the adjacent 2,000 square-foot QE restaurant will be converted into a reception hall, featuring an Aboriginal showcase and cuisine. Special “theme” days will showcase Aboriginal groups from all regions of Canada. Live events will include Inuit throat singing, Métis jigging, hoop dancing, as well as spotlighting contemporary Aboriginal performances and other fields of achievement. Check out this photo of the building under construction.

Sochi House at Science World (Vancouver)

The Russians are known for putting on a real show when it comes to their pavilions. They did so in Torino, and you can expect their pavilion at Science World will knock everyone’s socks off. There are no details yet regarding either their official plans or how much public access there will be, but you can expect the pavilion will be spectacular.

Vancouver City Hall (453 W.12th)

You can expect that Vancouver City Hall will become a hub of activity during the 2010 Games. A parade of dignitaries will be making their way in and out of the Mayor’s office. This is also the site of the 1952 Oslo Flag which is encased in glass on the main floor of the building just as you enter. Once the Games are over, the flag will be placed back in its special case and delivered to the Mayor of Sochi, Russia, host of the 2014 Winter Games. There will also be nightly light shows on the outside of City Hall which should prove to be quite interesting.

Surrey 2010 Celebration Zone (Surrey: Holland Park)

This celebration zone is promising two fun filled weeks of excitement and activity for the whole family! The Sliding Zone, Skating Rink and Curling Zone will be a great way to take in some classic Olympic sports and winter activities. Step into the future with Simon Fraser University’s cutting edge Interactive Digital Media display, explore your creativity in their Kids World craft tent or cozy up in the Storytelling tent brought to you by Surrey Libraries. The RCMP Musical Ride will be performing shows daily, as well as other classic Canadian entertainment. The activities are abundant so bring your energy and enthusiasm to the Festival Activity Zone and prepare for an experience of Olympic proportions!

Olympic Torch Relay

On February 7th the Olympic Torch will make its way back to Metro Vancouver on its final leg toward the opening ceremonies. The Torch will be making multiple stops in communities such as New Westminster, Langley, Pitt Meadows, Surrey, White Rock, Richmond and West Vancouver to name but a few locations. Along the way the torch bearers will run or walk through the community and help to boost the Olympic spirit along the route. You can expect there will be thousands of people lining the streets and the torch winds its way through Metro Vancouver. A complete listing of locations and dates can be found here.

West Vancouver Spirit Square (West Vancouver)

Over the course of the 17 days of the Olympics West Vancouver, a venue city, will activate their Spirit Square. Discover your inner explorer and soar into the cosmos with the Canadian Space Agency. This rare experience provides a fun and interactive learning experience for everyone. Enjoy your self–guided tour of a scale model of the International Space Station and gain a sense of what it’s like to live, work and play sports in space. Models of Canadarm2 and Dextre will be there for all ages to enjoy. Evenings will come alive with an array of national and local talent, from rock to pop to classical performances in the Atrium. Celebrations at West Vancouver’s Spirit Square will showcase the unique character of the West Vancouver community featuring live performances, visual artistry, traditional and contemporary music. There will be a lot to see so check here for more programming details.

Quebec Pavilion/Maison Quebec (Vancouver: Concord Pacific Site)

Located at the Concord Pacific site between Sochi House (Science World) and BC Place, this is anticipated to be one ultra cool venue. Check out this site to see what it will look like. Expect it to become a centre piece of Quebec culture and food over the course of the Games. The fact it is situated next to Hockey House and the Ontario Pavilion will help to make it a premiere destination. What follows is a blurb (en Francais) for our French readers. Ce lieu démontrera aux milliers de visiteurs étrangers sur place le caractère distinctif du Québec soit par notre culture, notre savoir-faire et nos attraits touristiques. La Maison permettra également d'accueillir les athlètes, avec leurs familles, et leur apporter notre soutien. Plusieurs artistes s'y produiront et auront ainsi l'occasion de rayonner sur le plan international. Un bistrot offrira des produits agroalimentaires du Québec.

CentrePlace Manitoba (Vancouver: LiveCity Downtown)

CentrePlace Manitoba is a 2,560 sq ft, pre-fabricated, sustainable building featuring Manitoba products and technology. Multi-media exhibits, developed in Manitoba, will showcase tourism, business, immigration and sport and highlight our province’s prosperity, opportunity and potential. The Canadian Museum for Human Rights will be a partner and have a feature exhibit in the pavilion.
CentrePlace Manitoba will be located at the LiveCity Vancouver – Downtown site (on Georgia Street at Cambie)

Keep the Dream Alive (New Westminster: Queensborough Community Centre)

Historic New Westminster (Western Canada's oldest incorporated city) is hosting something they are calling Keep the Dream Alive. Join the excitement of the Olympics! Watch Canada bring home the gold at the Queensborough Community Centre. Learn about local Olympic athletes that will be competing in the 2010 Winter Olympics. Catch the Olympic spirit in New Westminster. For more information on hours of operation, call 604-525-7388.

Abbotsford Live Site (Abbotsford)

Abbotsford Recreation Centre will transform into an Olympic Hub February 12-28, 2010. The Live Sites program was created to help residents share in the Spirit of 2010 as well as to help B.C. communities, in all regions of the Province, find a way to develop a lasting legacy from the 2010 Winter Games. Abbotsford residents will have a place to go to share the Olympic spirit. Olympic themed public skates, swims, and programs will welcome Abbotsford residents. There will also be a free night market and inflatable fun zone Thursdays & Fridays 5:00pm – 9:00pm, Saturdays 9:00am – 9:00pm and Sundays 12:00pm – 9:00pm. The Russian figure skaters will be practicing as well. Check here to get the latest information. Lots going on at ARC during Feb 12 -28! Go Canada Go!

Canada Line Ride to YVR (Vancouver/Richmond)

For about the price of a cappuccino coffee, you can jump aboard the new Canada Line Skytrain and head from the downtown waterfront location to the Vancouver International Airport. Along the way, you will cross the mighty Fraser River and have the opportunity to stop at trendy Oakridge Mall and Cambie Village. When you arrive at the airport, take the kids to one of the most beautiful airport observatories found anywhere on the planet. A number of interactive displays are available for the kids, not to mention all the jumbo 747s that provide "live" entertainment.

BC Hydro Power Smart Village (Vancouver)

This winter during the 2010 Games, BC Hydrowill be opening the doors to the BC Hydro Power Smart Village, another free attraction. Visitors are welcomed to come celebrate the spirit of the games in a theme of conservation and sustainability. Members of your entire family will enjoy a wide range of activities like dancing on a sustainable dance floor, creating an inspirational message on the digital expression wall or even taking a break from cheering on athletes to check out First Nation carvings or our "the future is now" home exhibit. You'll even have a chance to win Olympic tickets by taking part in one of their many events. The venue is about one-block from the LiveCity Downtown site and the Canada Pavilion.

This is just a start in terms of all the community activities and venues that will be active prior to and during the Games. We're also aware that CTV News (official Olympic broadcast network) will be broadcasting their newscasts every day from Robson Square. Hosts Bill Good and Pamela Martin will be on-hand nightly. In addition, Global TV will be broadcasting their newscasts from the rooftop of the Concord Pacific presentation centre.

Fixed or Variable Mortgage Rates in BC?

2010-01-19T17:00:00.000-08:00

Fixed or floating mortgage rates?
Bank of Canada sticks to low interest rates - http://bit.ly/5UVLAQ
My advice: go with Variable rates on your primary residence & save $$ today, stick with fixed rates for your investment property and sleep easy:)
If the market/economy booms rates will go up, if it doesn't rates will stay the same, hedge your bets with a floating rate, or even split your mortgage 50/50: half fixed. half variable. It'll be nice one day to tell your kids when you bought a place with 2% mortgage rates!
As for your investment: any CEO will tell you fixing costs is optimal for making $$, so fix your costs, be your own CEO, find a property with a positive cash flow, sit back, and watch your equity grow!
Contact Stu Bell at stu@stubell.com or 604.562.0532 and get it straight.

December 2009 REBGV Statistics

2010-01-18T18:47:00.000-08:00

5 January 2010

REBGV Stats
Slow start, strong finish for housing market in 2009

After beginning the year at near record low sales levels, buyers' confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

"Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009," Scott Russell, REBGV president said. "Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month's home sales rank as the third highest selling December in the 90-year history of our organization."

Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.

"The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from," Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (see graph on page two for more detail).

Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.
Download complete stats package by clicking here.
Listen to Scott Russell's December 2009 Market Summary by clicking here

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR®

copyright© real estate board of greater vancouver. all rights reserved.

Buying Tips for West Vancouver Real Estate

2010-01-09T11:54:00.000-08:00

You have decided West Vancouver is the community you want to live in and raise your family. West Van is safe, beautiful, and has excellent schools, recreation facilities, and amenities. Now you need to decide what area of West Van to live in. Dundarave, Ambleside, Caulfield, West Bay, Horseshoe Bay, Park Royal, or Lions Bay? Some key factors to your decision should be your utility for proximity to work, amenities, and schools, and your utility for easy access to the freeway, beaches, Lions Gate Bridge, BC Ferries, Sea to Sky Highway, and Marinas. Buyers must also consider the school they want their children to attend as some schools offer different programs such as French Immersion, Super Achievers for exceptional athletes to train more, and IB for advanced studies. Lastly, buyers should consider their tolerance to snowfall and what type of view they want as vertical proximity in West Van greatly affects your views and lifestyle as the snow fall typically hits a lot harder above Highway 1. In 2009 the hottest regions in West Van were Dundarave and Ambleside largely due to the community feeling of these quaint communities and the easy proximity to Marine Drive, transit, schools, and amenities. Also very popular sub-communities in West Van are The British Properties and Altamont for the Estate-size lots and panoramic Southern City and Ocean views, as well as Caulfield for new development, stunning views, and often lighter, brighter weather. West Vancouver Waterfront continues to be the landmark property in West Van with privacy, tranquility, recreation, and priceless views in very limited supply. There is a lot of choice in West Van, every sub-community has special charm and character, and I would strongly advise chatting with friends, researching on the internet, or consulting your real estate professional to guide you into the right location for you and your family. If you have any questions regarding West Vancouver real estate please feel free to call Stu at 604.562.0532 or email me at Stu@StuBell.com

Just SOLD! Mira on The Park, North Vancouver

2010-01-08T10:39:00.000-08:00

#106-683 W Victoria park, North Vancouver for $579,900.

See pictures and details at http://www.StuBell.com!

Vancouver 2009 Real Estate Market Review and 2010 Economic Outlook for Canada and Vancouver

2010-01-08T10:30:00.001-08:00

National consumer confidence ended the year 2009 on a stronger footing compared to pre-recession levels, despite having edged down slightly the fourth quarter compared to the third quarter. According to the Conference Board of Canada’s index of consumer confidence, confidence eased slightly in the fourth quarter for the first time in three quarterly periods. The decrease in confidence reflects weakening sentiment about making major purchases.

The balance of sentiment about making major purchases, such as a home or a car, dipped slightly into negative territory in the fourth quarter. It had turned positive in the third quarter for the first time since the first quarter of 2008.

A negative balance of sentiment means more survey respondents said it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This indicator is an important factor underlying the housing market.

The balance of sentiment about job growth prospects continued improving in the fourth quarter of 2008, staying positive for the second consecutive quarter. More survey respondents expect employment to pick up over the next six months, and fewer expect more layoffs.

The balance of sentiment about households’ budgetary outlook softened marginally in the fourth quarter, but remains upbeat. A positive balance of opinion means more households said they expect their household budget to improve in the next six months than said they think it will worsen.

British Columbia
Consumer confidence in British Columbia eased slightly in the fourth quarter of 2009, according to the Conference Board of Canada’s index of consumer confidence. Moderating confidence in the fourth quarter reflects softening sentiment about households’ budgetary outlooks, job prospects, and major purchases.

The balance of sentiment about making a major purchase, such as a home or a car, fell sharply and again turned negative in the fourth quarter. It had turned positive in the third quarter for the first time in two years.

A negative balance of opinion means more survey respondents said that it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This indicator is an important factor underlying the housing market.

Sentiment about job growth prospects deteriorated in the fourth quarter. Although the balance of sentiment about near term job growth remained negative for the seventh consecutive quarter, it remained significantly less negative compared to where it stood at the height of the economic recession.

The balance of sentiment about households’ budgetary outlook stayed upbeat for the third consecutive quarter.

Prairie region
Consumer sentiment in the Prairie region improved for the third consecutive quarter in the fourth quarter of 2009, returning to the pre-recession level recorded in the second quarter of 2008.

Sentiment about making major purchases, such as a home or a car, improved for the fourth consecutive quarter. The balance of sentiment about making major purchases has stayed positive for two consecutive quarters, returning to levels on par with the third quarter of 2007.

A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.

Sentiment about job growth prospects continued improving, building on significant increases recorded in the previous two quarters. The balance of opinion about job growth has stayed positive for three consecutive quarters, and is also back on par with pre-recession levels.

The balance of sentiment about the outlook for household budgets edged down only marginally in the fourth quarter on 2009 compared to the previous quarter.

Ontario
Consumer confidence in Ontario dipped slightly in the fourth quarter of 2009 after having risen in each of the three previous quarters, according to the Conference Board of Canada’s index of consumer confidence. The slight decline in confidence reflects weakened sentiment about households’ budgetary outlooks and about making major purchases.

The balance of sentiment about making major purchases, such as a home or a car, turned negative in the fourth quarter. In the third quarter, it had turned positive for the first time since the fourth quarter of 2007.

A negative balance of opinion means more households said it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This is an important factor underlying the housing market.

The balance of sentiment about job growth prospects improved compared to the previous quarter, turning positive for the first time since the second quarter of 2006.

The balance of sentiment about the outlook for household budgets stayed positive for the third consecutive quarter in the fourth quarter of 2009, despite having softened slightly.

Quebec
Consumer confidence in Quebec eased in the fourth quarter of 2009 but remains well above levels recorded at the height of the economic recession, according to the Conference Board of Canada’s index of consumer confidence. The decrease in confidence reflects weaker sentiment about household budgets and about making major purchases.

Despite having softened compared to the previous quarter, the balance of sentiment about making major purchases, such as a home or a car, remained positive in the fourth quarter. This represents the third consecutive quarter in which the balance of sentiment about making major purchases stayed positive.

A positive balance of opinion means more households said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.

The balance of sentiment about job growth prospects turned positive for the first time since the beginning of 2008.

The balance of sentiment about the outlook for household budgets for the next six months eased in the fourth quarter, but nevertheless remained positive.

Atlantic region
Consumer sentiment improved significantly in the fourth quarter of 2009, continuing its rise above pre-recession levels according to the Conference Board of Canada’s index of consumer confidence for the region. This marked the fourth consecutive increase in confidence.

Sentiment about making major purchases, such as a home or a car, held steady. The balance of sentiment about big-ticket purchases remained positive for the second consecutive quarter.

A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.

After improving for a fourth consecutive quarter, the balance of sentiment about job growth became positive in the fourth quarter of 2009. This is its first positive reading since the second quarter of 2008.

The balance of sentiment about the outlook for household budgets over the next six months also improved in the fourth quarter. This marks the fourth consecutive quarter in which the balance of sentiment about the outlook for household budgets stayed upbeat.

(CREA 11/22/09)

Existing home sales activity remains strong in November
According to statistics released by The Canadian Real Estate Association, existing home sales activity remained upbeat in November 2009. The current strength of housing demand stands in sharp contrast to weak activity recorded one year ago.

A total of 36,383 residential properties traded hands via the Multiple Listing Service® (MLS®) of Canadian real estate boards in November 2009. Up 73 per cent from year-ago levels, activity was down just four tenths of a per cent from the highest level of activity for the month posted in November 2007. Home sales set new records for the month of November in Ontario and Quebec.

“National home sales activity last month shows how strongly the housing market has rebounded since the beginning of the year,’ said CREA President Dale Ripplinger. “As we predicted last April, the rebound in resale housing activity led the overall Canadian economy out of recession.”

The unprecedented year-over-year gain in activity underscores the extent to which demand has recovered from one year ago, when news of the global financial crisis hammered consumer confidence. Year-over-year gains were biggest in British Columbia (165 per cent) and Ontario (77 per cent).

Since the beginning of 2009, some 437,507 homes have been sold through Canadian MLS® Systems. This is up five per cent from activity in the first 11 months of 2008, but below levels for the period in each of the previous three years.

The national residential average price was $337,231 in November, a gain of 19 per cent compared to one year ago. For the year-to-date, the average price is up 4.4 per cent compared to the same period last year. The year-over-year increase in November continues to reflect the high degree to which the average was skewed downward last year by plummeting activity in Canada’s priciest markets, and then upward by rebounding activity. Average price in November edged back from the peak reached in October.

The price trend is similar but less dramatic for the national MLS® weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted average price climbed 13 per cent on a year-over-year basis in November. This is a smaller increase compared to the year-over-year gain of 14 per cent recorded the previous month.

The residential average price in Canada’s major markets was up 20 per cent year-over-year to $368,665. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price which rose 11 per cent from last November.

The return of strong demand and headline average price gains is beginning to draw more sellers back to the market. Seasonally adjusted new listings coming onto Boards’ MLS® Systems across Canada rose five per cent on a month-over-month basis in November to 69,110 units. This is the biggest monthly increase since January 2008.

Despite the uptick in new listings, the sharp rise in resale housing demand continues to draw down inventories. There were 183,710 homes listed for sale on Boards’ MLS® Systems in Canada at the end of November 2009. This is down 23 per cent from levels reported one year ago, and the seventh month in a row in which inventories have declined from year-ago levels.

Nationally, there were four months of inventory in November 2009 on a seasonally adjusted basis, the lowest level in more than two years. The actual (not seasonally adjusted) number of months of inventory in November 2009 stood at five months, up slightly from the previous month (4.6 months). An increase is normal at this time of year, since demand tends to ease relative to supply over autumn and winter months. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

“The latest batch of seasonally adjusted statistics may reflect distortions in the seasonal adjustment procedure due to an extraordinarily weak housing market one year ago,” said CREA Chief Economist Gregory Klump. “Deteriorating housing affordability will reign in sales activity as the overall economy further improves and the pool of buyers who qualify for financing shrinks.”

http://www.crea.ca/public/news_stats/pdfs/Nov09_e.pdf

(CREA 11/15/09)

Bank of Canada maintains interest rates

Reiterates commitment to hold until end of second quarter of 2010
As was widely expected, the Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on December 8th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent.

The Bank acknowledged that global economic developments have been slightly more positive, and that the global outlook had improved modestly since its October announcement, but noted “significant fragilities remain.”

As the Bank predicted in October, recent growth in Canada has been coming more from the domestic side and less from exports, the result of the persistent strength in the Canadian dollar. On balance, this shift resulted in weaker than expected growth in the third quarter.

The Bank noted that the risks to the inflation outlook remain unchanged from those outlined in the October Monetary Policy Report. Inflation could climb faster if global and domestic demand ends up being stronger than currently expected. By contrast, inflationary pressures would be held in check by a more protracted global recovery and persistent strength in the Canadian dollar.

While the Bank said it judged these risks to be roughly balanced, it noted that, since it cannot lower rates any further, the overall risk to the projection are tilted slightly to the downside.

The Bank said that the profile for the recovery in Canada was still consistent with its October Monetary Policy Report, saying inflation would return to the 2 per cent target by the second half of 2011. However, in its October announcement, the Bank had said inflation was projected to get back to 2 per cent by the third quarter of 2011.

This subtle change hints at the possibility that the Bank could leave rates unchanged even longer than expected, and may be intended to quiet speculation that the Bank would hike rates before its repeated pledge of July 2010 at the earliest. The Bank’s commitment to keep interest rates on hold until the second half of next year is conditional on the outlook for inflation.

“Repeating its concern voiced in October, the Bank reiterated the risk that the strong Canadian dollar poses to economic growth,” said CREA Chief Economist Gregory Klump. “They also opened the door to keeping interest rates on hold longer than expected. Low interest rates are likely to continue to fuel home price increases.”

As of December 8th, the advertised five-year conventional mortgage rate stood at 5.59 per cent. This is down 1.36 per cent from one year earlier, and stands 0.25 per cent below where it stood when the Bank made its previous interest rate announcement on October 20th.

Improving credit market conditions have enabled lenders to reintroduce discounts off posted mortgage interest rates. Discounts of up to a percentage point can be negotiated, depending on lender-client relationship.

http://http://creastats.crea.ca/natl/interest_rate_trends.htm

2009 Year in Review

2009-12-28T18:19:00.001-08:00

2009 Year In Review

Apartment/Attached Market

West Van Apartments

214 SOLD

Lowest Sale was $181,500 Median Sale was $665,000 Highest Sale was $5,000,000 on the 11th floor in The Edgewater.

-New Project Releases were The Evelyn by Arthur Erickson and Millenium.
-Newly completed projevts were The Argyle by British Properties, Dundarave Village Point, and Parkview Place by Linda Burger & Associates.

North Van Apartments

1442 SOLD

Lowest Sale price was $120,000 Median Sale was $414,000 and The Highest Sale was $1,465,000 for The Penthouse at The Observatory.

-Newly completed Projects were Vista Place, The Brook, The Addisson, Branches in Lynn Valley by Polygon and The Gateway.
-In 2010 look forward to the completion of The Pier in Lower Lonsdale and Pinnacle Hotel, as well as the beginning of new high rise projects in central Lonsdale and Vicinity in Lynn Valley.

Van Apartments

In Downtown Vancouver there were 3481 Attached Sales in 2009. The lowest sale was $130,000 for a share in The Marriott Hotel and the highest sale on MLS was $6.5 million for 4000 sq ft in The Shaw Tower.

-Newly completed projects included Concord Pacific's TV Towers, The Shangri La hotel and Residences, The Landmark Woodwards Towers in Gastown striving to redefine the Vancouver East side and restore its glory from the mid 20th Century as well as the Espana towers by Henderson Development. Raffles on Robson, The Hudson and L'Aria feature exquisite affordable living in prime downtown locations, and the long anticipated completion of The Grace on Richards St in Yaletown brings European elegance to a very modern and trendy neighborhood. The completion of Crossroads and new Commercial big block retailers Best Buy, Canadian Tire, and The Brick, as well as the New Canada Line has transformed Camby and Broadway into a new urban oasis.

-In 2010 look forward to the completion of 3 Harbor Green, Hotel Georgia, The Erickson in Yaletown and the beginning of The Ritz-Carlton in Coal Harbour, The Mark, V6A, and Social by Onni, and new projects in up and coming False Creek East including Pinnacle and Maynards Block by Aquilini.

The Apartment Market outlook for 2010 looks very optimistic with a lot of first time home buyers itching to enter the market, investors still keen on putting money into the bust-proof bubble that is Vancouver Real Estate, immigration numbers steadily rising, job-growth in many of BC's sectors, and real estate fundamentals such as low interest rates projected to remain favorable into 2011.

Home/ Detached Market

West Vancouver

690 Homes SOLD, the lowest sale was $592,000, the Median Sale was $1,365,000, and the Highest sale was $10,650,000 for a waterfront masterpiece.

In 2010, look for new home development in The British Properties as the 1200 sq ft building elevation maximum spreads Westward into the base of Cypress Mountain towards Caulfield, as well as a lot of redevelopment and renovation in West Vancouver's most desired areas of 2009, Dundarave, Ambleside, and Caulfield.

North Vancouver

1100 Homes SOLD. The lowest sale was $370,000 for 875 sq ft Lynnmour, the Median sale was $830,000 and the highest sale was $4,325,000 for a mansion in Dollarton.

Vancouver

1761 Homes Sold. The lowest sale price was $320,000 for a leasehold property, the Median was $1,749,000, and the highest Sales were $15,200,000 and $14,800,000 in Point Grey.

Summary:

After a dismal 2008 that saw a financial collapse in The US, complete loss of consumer confidence Worldwide, and a Real Estate collapse in many parts of The World including almost no activity in Vancouver and a 15% decline in Vancouver home prices leaving consumers wondering if it would ever recover, it already has!

Activity in Vancouver reached all time highs in July, August, and September and the red-hot Real Estate market has continued to be busy into the Winter. Prices have fully recovered and now sit where they stood in 2007 and at all time highs. This leaves the pessimist to doubt if we can go any higher. I forsee a stable market moving forward in 2010. The Olympics and interest rates are question marks as to how the world and Vancouverites will react and do as affordability, real estate fundamentals, consumer confidence, and supply and demand will undoubtedly unfold the story for us in 2010.

For all you Vancouver Real Estate inquiries please contact Stu Bell at stu@stubell.com or call at 604.562.0532. Thank You to my clients, friends, and business associates in 2009, it was amazing and unforgettable year at Prudential Sussex Realty! Thank You, here's to a healthy, prosperous, and fulfilling 2010!

Copyright 2009 Stu Bell Real Estate Systems

2009 Year in Review

2009-12-28T18:19:00.000-08:00

Park Marine West Vancouver

2009-12-15T11:40:00.000-08:00

Dirving in Downtown Vancouver

2009-12-11T14:11:00.000-08:00

December 2009 in Vancouver BC, from Stanley Park to Coal Harbour.

Brody Development Begins Sales for Vicinity in Lynn Valley

2009-12-10T14:34:00.000-08:00

Vicinity at Lynn Valley North Vancouver Townhomes for Sale - The Vicinity Townhouses Are Located in the Lynn Valley Real Estate Neighbourhood

November 2009 Update - 5 Homes Sold - 9 Vicinity North Vancouver Lynn Valley Townhomes remain at presale pricing (HST included!)

New Lynn Valley Homes for Sale at the Vicinity North Vancouver Townhomes

Sales launch for the North Vancouver Vicinity Townhomes at Lynn Valley real estate market place are taking place this weekend.A Brody Development features lifestyle living in the heart of Lynn Valley North Vancouver real estate market. Marketed as Vicinity at Lynn Valley homes for sale, these new townhouses are located in one of the most sought after neighbourhoods that has been going through a major transformation and revitalization over the past decade. Living in close proximity to nature trails, shopping and urban services are what the new North Vancouver Vicinity Townhomes in Lynn Valley real estate market can offer potential homebuyers. In addition to all the great outdoor recreation options and pursuits in and around Lynn Valley North Shore, the Vicinity townhomes also over a very peaceful and quiet neighbourhood with tree lined streets and pedestrian friendly walkways. Located right at Lynn Valley Road and Mountain Highway, these new Norh Vancouver homes for sale at Vicinity Townhouses are also family friendly, allowing many Lynn Valley residents to stay in a community in which they grew up in and know very well. Fromme Mountain and tonnes of parks, hiking/biking trails in addition to Lynn Canyon Park are just a stone throw away from the new Vicinity North Vancouver Lynn Valley homes for sale. In addition, these presale North Shore townhouses will also be within a short drive to the popular Karen Magnussen Recreation Centre where you will find a skating rink, swimming pool, wave pool, fitness gym and many other aerobic and community group activities. The new Town Centre with its brand new library in addition to the Lynn Valley Mall are also very close to the new North Vancouver Vicinity Townhomes in Lynn Valley real estate market, making life, work, and play very convenient for residents at this new Brody Development. Offering a very rare opportunity for a truly urban lifestyle within a quiet neighbourhood on the North Shore, these new Lynn Valley homes for sale at Vicinity North Vancouver are now previewing for sales.

NEWS FLASH: Tim has set up a presentation gallery (trailer) on-site with all the floorplans and pricing. For advanced previewing of the Vicinity Lynn Valley homes for sale in North Vancouver, please contact Tim today for all the details. Currently accepting offers and already in the presales phase, these new North Vancouver Vicinity townhomes in Lynn Valley will be sold out very soon.

Brody Development Launches Vicinity Lynn Valley Homes for Sale

Marketing by Tim of RE/MAX, one of the best and most established agents on the North Shore, Brody Developments has launched the boutique Vicinity Lynn Valley homes in North Vancouver real esate market. Vicinity Lynn Valley townhouses is a rare opportunity that offers residents and home buyers an extraordinary lifestyle, a home surrounded by the natural beauty of North Vancouver, together with the amenities and conveniences of Lynn Valley City Centre. With more than thirty years of building experience, Brody Developments is best known for their quality construction, superior finishing and attention to detail in the building of distinctive, sustainable real estate developments that complement the beauty of their natural surroundings. The interiors of the Brody Development Vicinity Lynn Valley homes for sale in North Vancouver is by award winning architect Integra Architecture Inc. The Vicinity North Vancouver townhomes definitely have a distinct West Coast craftsman architecture with Forma Design Inc in charge of the landscaping. With trees and greenery native to the area and showcases of stonework by local artisans, the exterior architecture and landscaping at the North Vancouver Vicinity Lynn Valley homes for sale are absolutely stunning from looking at their renderings. All floor plans at the Lynn Valley Vicinity homes are either three or four bedroom homes and the finishing palettes are designed by Janet Marx Interior Design. Nine foot ceilings, imported slate/tile floors in the kitchens, bathrooms, entryways in addition to fireplaces with custom surrounds and Energy Star appliances in the spacious kitchens are just some great interior design features and finishes here at the North Vancouver Vicinity Lynn Valley homes for sale. Add in separate enclosed showers from soaker tubs, designer styled cabinetry, large bedrooms and heated floors, and you have a luxurious residence in the heart of the Lynn Valley real estate market. Sustainability and environmental sensitivity have always been priorities for Brody Development. Vicinity Lynn Valley homes was constructed with durable, sustainable materials and present appliances and other household features which promote energy efficiency and resource conservation.

Vicinity Lynn Valley Homes Open House This Weekend!
Prospective Vicinity Residents; Thank you for your interest in our newest North Vancouver Lynn Valley real estate project. Like the ones before it, Vicinity promises to be a premier Lynn Valley address in the neighborhood. We will begin marketing the Viciniy at Lynn Valley homes for sale this weekend. Our North Vancouver Vicinity Sales Office is located on site at 3015 Baird Street and open from 12 - 4 pm both Saturday and Sunday. If for some reason you cannot make those times feel free to call me and we will make an appointment that is convenient for you to view the new Lynn Valley Vicinity Homes in North Vancouver. I hope to see you over the weekend. Thanks, Tim at Re/Max Crest Realty. 604.889.9447.

The Interiors and Other Features at Vicinity at Lynn Valley Homes

The West Coast craftsman townhomes for sale at the Lynn Valley Vicinity family townhomes and are designed by Janet Marx.The interiors of these fabulous new North Vancouver townhomes for sale are designed to maximize comfort, style and room and are by Janet Marx interior design group. Homebuyers will have the ability to choose between two beautiful finishing palettes, both of which are sophisticated and elegant, and won’t go out of style the minute you move in. The new North Vancouver townhomes at Vicinity at Lynn Valley homes will incorporate luxury features and finishes throughout the residences that include wood baseboards and molding, panelleled doors with distinct hardware, nine foot ceilings on the main living level and fireplaces with custom built and designed mantles. In addition, the kitchens, bathrooms and entry way at the Lynn Valley Vicinity townhomes for sale will feature imported tile/slate floors and the sumptuous bathrooms will have in floor radiant heating technology to keep you warm. Every detail has been taken care of by Brody Development at the North Shore Vicinity Townhomes at Lynn Valley homes for sale including closet organizers in the bedrooms, in suite washer and dryer (stackable to save room), mini blinds on most of the windows in your home, IAQ labelled high-end carpeting in the bedrooms as well as designer light fixtures with Decora rocker light switches throughout. The kitchens at the new Lynn Valley Vicinity Homes in North Vancouver property market are also very well finished and equipped with designer cabinets, granite countertops in addition to Energy Star appliance set including microwave, double bowl sink, garburator, freezer/fridge combo, self cleaning gas range. Your North Shore home purchase will also include a natural gas barbeque oulet on the patio, recess and pendant halogen lighting, vegetable sprayer and chrome facuet in addition to built in recycling bin, roll out pot drawers for convenience, a handy spice drawer and lazy susan setup to maximize your storage capabilities. In terms of the bathrooms at the new North Vancouver Vicinity Townhomes in Lynn Valley, you can expect spacious master ensuites with heated in floor tiling, acrylic soaker tubs, separate enclosed walk-in shower with tiled surround, designer cabinetry, chrome faucets and granite/laminate counters.

More Amenities at the Lynn Valley Vicinity North Shore Townhouses

located in the revitalized North Vancouver property district of Lynn Valley North Shore, the Vicinity Homes are by Integra Architects.Vicinity at Lynn Valley real estate development provides superior craftsmanship and thoughtful details that are unmatched by any other North Vancouer condo offering. The architecture is designed by Integra Architecture Inc, and is a true West Coast Craftsman style. In addition, all new North Vancouver Lynn Valley Vicinity floor plans will have three bedroom layouts with double car garages, two parking stalls per home and lots of storage area. There are also two units at the Vicinity at Lynn Valley North Shore Townhouses that offer four bedrooms, which are ideal for growing families. Construction is 2”x6” and the exterior of the townhouses will have sustainable siding material that is low maintenance and very durable. In addition, there is forced air heating, natural gas fired hot water, Energy Star rated double glazed windows throughout and wood trim, molding and fascia. Party Wall soundproofing has been incorporated to reduce sound transfer and the new presale North Vancouver townhomes at Vicinity Living will provie sprinkler systems and the 2-5-10 year home warranty on all new purchases. The exterior landscaping for the Lynn Valley Vicinity townhouse community will be designed by Forma Design Inc and the exteriors will have stonework by local artisans, lots of greenery and two decks or patios per floor plan. The gardens are fully irrigated for low maintenance living and there are also privacy partitions between each new Vicinity North Vancouver home in Lynn Valley real estate market. There is enclosed parking for each townhome in addition to smoke/CO2 detectors hard wired, and deadbolt security entry locks, remote control overhead door openers and sprinkler systems for your safey and security here at the Vicinity at Lynn Valley homes for sale. Sustainability is a key success for the Vicinity North Vancouver townhome development and each homeowner will receive a Silver Rating/Built GREEN checklist. There are four optional upgrades that include: electric range, appliance package upgrade, hardwood flooring and vacuum canister.

The New North Vancouver Vicinity at Lynn Valley Townhouses for Sale

Coming Soon! The Vicinity North Vancouver Lynn Valley townhouse development is coming soon to the North Shore’s most popular and sought after neighbourhood! North Vancouver lifestyle with an urban edge is available. 14 distincitve well appointed North Vancouver townhomes at Vicinity Lynn Valley real estate market surrounded by the beauty and tranquility of Nature, but with shopping, urban amenities and outdoor recreation just steps away from home. For more information about the new North Vancouver Townhomes at Vicinity Lynn Valley townhouses for sale, please visit www.vicinityliving.com today. Real estate marketing for the Vicinity North Vancouver townhomes for sale is by Tim at 604.990.0003, RE/MAX. The luxury North Van townhomes at Vicinity at Lynn Valley are brought to you by Brody Development Group. There are five floor plans featured at Vicinity North Shore that includes Peak Plan A that is 1424 to 1431 sq ft, Park Plan B which is 1412 to 1418 sq ft, Canyon Plan C which is 1553 – 1568 sf, Library Plan D which is 1385 square feet, and Town floorplan E which is 1491 square feet in size.

See images and get more info here: http://www.vancouver-real-estate-direct.com/blog/labels/North%20Vancouver%20Real%20Estate.html

Various Forms of Real Estate Ownership

2009-12-08T12:20:00.001-08:00

(1) Joint Tenancy: property owned by two or more people at the same time in equal shares; typically referred to as the four unities (unity of time, title, interest and possession vesting in each joint tenant). Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one joint tenant dies, his/her interest automatically vests in the surviving joint tenant(s) by operation of law. Words in the deed such as "John and Mary, as joint tenants with right of survivorship and not as tenants in common" establishes title in joint tenancy. Not all the states allow this form of property ownership.

(2) Tenancy in the Entirety: some states have a special form of joint tenancy when the joint tenants are husband and wife -- with each owning one-half. Neither spouse can sell the property without the consent of the other. Words in the deed such as "John and Mary, husband and wife as tenancy in the entirety" establishes title in tenancy by the entireties.

(3) Sole Ownership: owned entirely by one person. Words in the deed such as "John, a single man" establishes title as sole ownership.

(4) Tenants in Common: property owned by two or more persons at the same time. The proportionate interests and right to possess and enjoy the property between the tenants in common do not have to be equal. Upon death, the decedent' s interest passes to his/her heirs named in the will who then become new tenants in common with the surviving tenants in common. Words in the deed such as "Peter, Paul, John and Mary as tenants in common" establishes tenancy in common.

(5) Community Property: only in states that recognize community property, a special form of joint tenancy between husband and wife, each owning one-half. Upon death, the decedent's interest passes in a manner similar to tenants in common. Words in the deed such as "John and Mary, husband and wife as community property" establishes community property ownership.

Different Forms of Real Estate Title

2009-12-08T11:57:00.000-08:00

Freehold

The complete and unrestricted title to land.

Undivided Interest

An ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property. For example, ten investors form a Tenancy in Common and purchase a 100-acre tract of land. Each cotenant obtains an undivided interest in the property. All decisions as to the use and disposition of the land are made collectively by all cotenants. No one cotenant may unilaterally mortgage, develop, or sell a portion of the tract. A partnership tax return is filed. Each co-owner also includes a share of the income, loss, gain, etc., in his/her own personal income tax return.

Shares in a CO-Operative

Cooperative members do not own real estate but have shares in the Cooperative Corporation.

Shareholders have the right to occupy individual units in a building, reflecting their share in the Coop Corporation which owns the property.

Cooperatives operate for the benefit of their members, on a non-profit basis, in order to provide them with housing and community services at the lowest cost.

Cooperatives and Condominiums operate in similar ways. Co-op members set the rules and elect between themselves a Board of Directors, which runs the Corporation.

Daily operations of the Cooperative are usually taken care of by a professional management company hired by the Board of Directors. However, unlike condo unit owners, members of the Cooperative are expected to participate more in the community.

Lions Gate Bridge: Downtown Vancouver to the Northshore

2009-12-05T19:13:00.001-08:00

West Vancouver by Sunset

2009-12-05T13:34:00.000-08:00

West Vancouver Apartments @ Sunset

2009-12-04T11:34:00.000-08:00

Sunset Panoramics from Ambelside Beach, Dundarave, and Whitby Estates/British Properties West Vancouver.

For all your West Vancouver Apartment needs please visit WestVanApartments.com or email Stu@StuBell.com, or call Stu at 604.562.0532.

November 2009 Real Estate Statistics

2009-12-02T20:33:00.000-08:00

December 2, 2009

November Stats

Strong demand carries into late fall

Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.

“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before."

The REBGV reports that residential property sales in November were the third highest volume ever recorded in Greater Vancouver for that month. Sales in the region totalled 3,083 in November 2009, an increase of 252.7 per cent compared to November 2008 when 874 sales were recorded and a 16.8 per cent decrease compared to the 3,704 sales recorded in October 2009.

“We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction in the number of homes listed for sale, which is normal as we head into the holiday season,” Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,653 in November 2009. This represents a 21.3 per cent increase compared to November 2008 when 3,012 new units were listed, and a 26.6 per cent decline compared to October 2009 when 4,977 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 11,039, the total number of property listings on the MLS® decreased 8.6 per cent in November compared to last month and declined 39 per cent from this time last year.

In contrast to this year, note that November 2008 was the lowest selling November in Greater Vancouver in 27 years.

Sales of detached properties increased 261.5 per cent to 1,164 from the 322 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 13.6 per cent from November 2008 to $757,209.

Sales of apartment properties in November 2009 increased 240.5 per cent to 1,396 compared to 410 sales in November 2008. The benchmark price of an apartment property increased 11.6 per cent from November 2008 to $381,945.

Attached property sales in November 2009 are up 268.3 per cent to 523, compared with the 142 sales in November 2008. The benchmark price of an attached unit increased 10.2 per cent between Novembers 2008 and 2009 to $469,686.
Download the complete stats package by clicking here.
Listen to Scott Russell's November 2009 Market Summary by clicking here.

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:
Stu Bell
Prudential Sussex Realty
Phone: 605.562.0532
Email: stu@stubell.com
Website: www.StuBell.com

copyright© real estate board of greater vancouver. all rights reserved.

OPEN HOUSE Sunday November 15th 2-4PM

2009-11-14T22:41:00.000-08:00

Lovely 3 bedroom, 1/2 duplex; perfect for first time buyers or retired couples. Situated in Central Lonsdale for easy access to all of the amenities. Enjoy one level living with a lovely patio and fenced yard. Call Stu Bell for more details at 604.562.0532.

September GVRD Real Estate Statistics

2009-10-24T10:38:00.001-07:00

REBGV September Stats
Buyer demand remains strong while home listings increase

More supply and continued demand means stabilized prices as inventory increases creating more competition for sellers and more selection for buyers.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.

Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.

“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.

“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.

Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.

Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.

Get the Complete Stats PAckage with Graphs Here: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package_September%202009.pdf

If you have any questions please feel free to contact Stu Bell at anytime at 604.562.0532 or stu@stubell.com.

RIP Jack Poole

2009-10-24T10:21:00.000-07:00

Rest In Peace Jack Poole (4/4/1933 - 10/23/2009). You are an inspiration, congratulations on an epic Life, and Thank You for making Vancouver what it is today. A Visionary, A Businessman, A Sportsman, A Great Canadian.

http://www.vancouversun.com/sports/2010wintergames/great+Canadian+great+westerner+great/2140502/story.html#

SAT & SUN OPEN HOUSE Mira on The Park 2-4pm

2009-10-22T15:52:00.000-07:00

Join me this Weekend from 2-4pm on Saturday and Sunday for a first look at The Mira on The Park in Booming Lower Lonsdale. This 1266 sq ft Sub Penthouse sits high above Victoria Park and features stunning Mountain, Park, and Ocean views, fitness facilities, hardwood, granite, marble, 100 sq ft patio and more! Mira on the Park is a Boutique concrete highrise with equisite finishings and exclusive living.

901-683 Victoria Park West North Vancouver

Visit http://www.NorthVanApartments.com for more information.

New Ferry connecting Coal Harbour and Ambelside!

2009-10-22T15:26:00.000-07:00

WV approves downtown ferry link

Pilot project for foot passengers will run from 14th Street pier

Sarah Ripplinger, North Shore News

Published: Wednesday, October 21, 2009

It's anchors away for a privately operated ferry service after District of West Vancouver council agreed Monday to a proposal to transport passengers between the 14th Street pier and the Bute Street dock in downtown Vancouver.

The 70-passenger ferry service is set to launch in November as a six-month trial project. The service will be an extension of the Bowen Island to Bute Street Dock service that was set up by Coastal Link Ferries in October, 2008.

Six sailings are expected to run Monday to Friday, split between two rush-hour shifts, with a total one-way trip time of approximately 15 minutes. The morning sailings are tentatively scheduled for 7:30, 8 and 8:30 a.m. and the afternoon sailings for 4:30, 5 and 5:30 p.m. The cost for the ferry ride would be $5 one-way and $9 round trip. A special introductory fee of $4 one-way and $7 round trip would be in effect for the first month of operation according to Coastal Link's Ihab Shaker.
COASTAL Link's Bowen Island to downtown Vancouver ferry will be adding West Vancouver as a port of call come November for a six-month trial period.View Larger Image View Larger Image
COASTAL Link's Bowen Island to downtown Vancouver ferry will be adding West Vancouver as a port of call come November for a six-month trial period.
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"I think this is a really exciting opportunity, especially for the merchants of Ambleside and commuters going downtown," said Coun. Shannon Walker.

Walker said the ferry service could provide commuters coming to and leaving West Vancouver with a useful transportation alternative. "It's another exciting option for people to have to get home," she said.

At present, the ferry is a wholly privately operated service, but a majority of council members voted to approach TransLink for additional funding.

"We're getting shaken down by TransLink at every turn," said Coun. Michael Smith. "It's a rape of our taxpayer." Smith later apologized for the comment.

Smith proposed asking TransLink to cover a portion of the fare of each passenger travelling on the ferry. "It's ridiculous what we pay in property taxes, gas taxes and everything else to TransLink and we never get anything back, so we have to be constantly in their face saying, look we want something back for our tax dollars."

Walker opposed the motion, stating that she felt it should remain solely in the hands of a private operator.

Council discussed the possibility of expanding the dock so that people could park their boats and visit the restaurants and other commercial establishments in Ambleside. That proposal, as well as the ferry service, fits into the official community plan and Ambleside community plan, which call for the revitalization of the area.

Parking could become an issue, however, if the number of visitors to Ambleside increases substantially, Coun. Trish Panz noted.

Some all-day parking is available at Ambleside Park, said Mark Chan, manager of corporate initiatives with the district, but John Lawson Park offers only three hour parking and the others only one- to two-hour parking spaces.

As such, Chan said, the ferry service is currently being targeted towards pedestrians and cyclists.

Stephen Jenkins, manager of sustainability, said that there could also be an option for more parking near the pier.

Up to five bicycle parking spaces will be available on the ferry, according to Shaker.

Open House 3475 Mathers, West Vancouver Oct 18th 2009

2009-10-18T11:10:00.000-07:00

Lovely family home in a prime West Bay location. Gorgeous city and harbour views, extensively updated with great taste and style. Four bedrooms and three bathrooms, large principal rooms including a great kitchen with eating area. Meticulously maintained from top to bottom. In the sought after West Bay Elementary catchment, home of The Provinces finest IB program. Low maintenance, meticulous landscaping on a very private lot backed up against a stunning rockface. Priced at assesed value, an amazing package for the discerning buyer!

Open 2-4pm Sunday October 18th, 2009.

Weekend Opens for October 3-4

2009-10-02T17:16:00.000-07:00

Saturday October 3rd 2009 2111 Ottawa Ave, West Vancouver, British Columbia from 2-4pm!

Well updated revenue property in Upper Dundarave. Main level living provides a bright, spacious living area with an attached solarium and large deck from which to enjoy the view to the water and Downtown. The completely renovated kitchen is new in the last 2 years and with 3 bedrooms up you have lots of space. Below is a renovated self-contained 2 bedroom in-law suite with brand new carpets, paint and appliances. This house maximizes windows & is bright year-round and offers parking for up to 5 cars!

Sunday October 4th I will be at 3475 Mathers Ave, West Vancouver from 2-4pm!

Lovely family home in a prime West Bay location. Gorgeous city and harbour views, extensively updated with great taste and style. Four bedrooms and three bathrooms, large principal rooms including a great kitchen with eating area. Meticulously maintained from top to bottom. A pleasure to show!

REBGV September Stats

2009-10-02T15:15:00.000-07:00

October 2, 2009

September statistics suggest Buyers confidence and demand is still very high, while increased inventory means more selection for Buyers and more competition for sellers.

Get complete Stats Package for Greater Vancouver at http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package_September%202009.pdf

Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.

“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.

“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.

Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.

Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.
Download complete stats package by clicking here.

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

Open House Sunday Sept 20th- 2111 Ottawa, West Vancouver!

2009-09-20T12:38:00.000-07:00

Well updated revenue property in Upper Dundarave. Main level living provides a bright, spacious living area with an attached solarium and large deck from which to enjoy the view to the water and Downtown. The completely renovated kitchen is new in the last 2 years and with 3 bedrooms up you have lots of space. Below is a renovated self-contained 2 bedroom in-law suite with brand new carpets, paint and appliances. This house maximizes windows & is bright year-round and offers parking for up to 5 cars! For more information call Stu Bell at 604-562-0532~

West Vancouver Evelyn Real Estate Development Launching Previews Saturday Septmeber 19th!

2009-09-17T16:54:00.000-07:00

The much anticipated launch of the West Vancouver Park Royal real estate project by Millennium Development Corporation is now here! Previews for these spectacular new West Vancouver condos and townhomes just north of Park Royal shopping centre will be opening at the Evelyn Presentation Centre this weekend. Check out the Evelyn offerings, floor plans, amenities and much more. From their email blast: Thank you for your interest in the luxury Evelyn West Vancouver condos for sale. As the vision of Evelyn Park Royal residences becomes a reality, we are excited to be building fine architecture, which is the inspiration of the late Arthur Erickson, one of the most respected and award winning architects of the 21st century. The presales West Vancouver Evelyn condos is on a gently sloped garden property of approximately 20 acres, ideally situated above Park Royal Village in the most sought after West Vancouver real estate market. The luxury West Van homes and condominiums are close to Ambleside and Stanley Park, with beautiful views overlooking the waterfront, Lions Gate Bridge and the downtown skyline. Public transit is steps from the Evelyn West Vancouver condos for sale with convenient automobile, bicycle and pedestrian access to downtown Vancouver via Lion's Gate Bridge. As an West Vancouver Evelyn Condominium VIP registrant we are pleased to inform you that our initial phase will be available for first previews in the weeks to come. Our Evelyn West Vancouver condo sales team will be in contact with you very soon to set up a private viewing of our fabulous new Evelyn Park Royal presentation centre located on site at Taylor Way and Keith Road. In the mean time, please click here to verify your interest in Evelyn real estate development and that you wish to be contacted. This will ensure you are placed at the top of our priority list for presales purchases at the luxury West Vancouver condominiums for sale. As a FIRST sneak peek for you - go here to view a Evelyn Condo master planned site plan illustrating the first phase of this amazing community at Evelyn West Vancouver.

Vancouver home resales up 117 per cent in August compared to one year ago

2009-09-15T14:38:00.000-07:00

Vancouver led the nation with a whopping 117 per cent increase in home resales in August compared to August a year ago.

According to statistics released Tuesday by The Canadian Real Estate Association, Canada's resale housing market continues to rally, with 42,483 homes trading hands in August, an 18.5 per cent gain from year-ago levels.

Economists warned however that the market's outperformance in recent months is not likely to be repeated as home prices rise and the market consolidates gains.

On a month-to-month basis, in fact, homes sales dipped slightly to 42,426 units in August from 42,666 in July.

"Canada's housing market has taken its cue more from the Great Houdini than the bear (economist Noriel) Roubini, fully escaping from the clutches of a potentially lengthy, harsh downturn," said BMO Capital Markets deputy chief economist Doug Porter.

"Record-low borrowing costs combined with the growing realization that the economic storm is passing have fuelled the remarkable turnaround. However, the gaudy sales growth will be tough to maintain now that prices are moving higher again."

Resale activity rose from year-ago levels in about three quarters of local markets. Year-over-year gains of 117 per cent in Vancouver, 27 per cent in Toronto, 17 per cent in Calgary, and nine per cent in Montreal contributed most to the national increase in activity.

August marks the third consecutive month in which year-over-year sales rose by more than 15 per cent, CREA said.

Prices also rose, although they were skewed higher by growing demand in Canada's more expensive housing markets. The national average price rose 11.3 per cent from a year ago to $324,779 in August, CREA said.

A market weighted average shows a more modest 5.3 per cent year-over-year rise in average prices

"On balance, given the recent unbelievable strength in the Canadian housing market, the modest (month-to-month) down-shift in sales in August should not be seen as anything other that a brief respite in what has been a remarkable recovery in the sector," said TD Securities economics strategist Millan Mulraine.

"Even so, we believe that Canadian housing market activity in the coming months will be relatively tepid as the sector consolidates the gains made since January."

Table One

August

City / Unit sales / Change (year over year)

Calgary 2,324 +16.8%

Edmonton 1,673 +8.6%

Montreal (CMA) 2,870 +9.3%

Ottawa 1,227 +2%

Toronto 8,042 +27.3%

Greater Vancouver 3,496 +117%

Victoria 723 +47.6%

Note: CMA census metropolitan area. Figures for Toronto include data for Mississauga, Brampton, Durham, Orangeville and York. Source: The Canadian Real Estate Association.

Table Two

August

City / Average price / Change (year over year)

Calgary $388,725 -0.4%

Edmonton $318,321 -3.3%

Montreal (CMA) $276,243 +5%

Ottawa $315,176 +11.5%

Toronto $387,899 +6.3%

Greater Vancouver $608,032 +9.1%

Victoria $481,279 +6.4%

Ritz Carlton Back on Track!

2009-09-15T14:28:00.000-07:00

http://www.vancouversun.com/travel/sign+times+Ritz+Carlton+back+track/1993809/story.html

The ultra luxury hotel/residential skyscraper The Ritz Carlton is set to continue development in Coal Harbour, Downtown Vancouver!

The massive structure will be an architectural statement climbing 60 stories into the Vancouver Skyline, mirroring it's neighbour across Georgia St, the much sought after and highly acclaimed Shangri La! The deisgn was master planned by the late and infamous Arthur Erickson. Construction is set to continue in March 2010 post 2010 Vancouver Winter Olympics.

For more information on The new Ritz Carlton contact Stu Bell today!

August Vancouver Real Estate Stats!

2009-09-02T15:25:00.000-07:00

September 2, 2009

http://www.STUBELL.com

Vancouver Real Estate continues strong momentum as typically slow month of August yields high sales numbers as we push toward the fall, a busy time in Vancouver Real Estate, and the 2010 Vancouver Olympics this New Year.

August stats:

Market momentum carries into August
The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007.

New listings for detached, attached and apartment properties increased 4.9 per cent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 per cent from August 2008.

“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4 per cent to $539,600 from $484,211. However, home prices compared to August 2008 levels are down 1.1 per cent.

Sales of detached properties in August 2009 increased 155.5 per cent to 1,367 from the 535 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 0.7 per cent from August 2008 to $732,656.

Sales of apartment properties increased 97.8 per cent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 per cent from August 2008 to $369,263.

Attached property sales in August 2009 increased 108.2 per cent to 610, compared with the 293 sales during the same month in 2008. The benchmark price of an attached unit declined 0.9 per cent between August 2008 and 2009 to $459,159.

Download the complete stats package by clicking here.
The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

Low Interest Rates for Next Several Years!

2009-08-29T08:29:00.001-07:00

Central banks signal low rates here to stay
Published in the Financial Post

OTTAWA -- Despite growing confidence that economic growth is in the offing, monetary policy around the world is likely to remain "ultra-accommodative," perhaps until 2011, as doubt remains as to whether or not the growth expected this quarter is sustainable, analysts say.

That is the view emerging following the weekend gathering of the world's leading central bankers in Jackson Hole, Wyo., highlighted by remarks from Ben Bernanke, U.S. Federal Reserve chairman, who warned of the uncertainties ahead, and Jean-Claude Trichet, president of the European Central Bank, who suggested he is in no rush to reverse emergency stimulus measures.

"The key message from Jackson Hole was ... that monetary policy is likely to remain ultra-accommodative for the foreseeable future - at least for the next several years," said Julian Jessop, chief international economist at Capital Economics of London.

"It seems more likely that there will be no increases in interest rates in any of the major economies over the next 12 to 18 months."

Strategists at RBC Capital Markets concurred, adding in a note released Monday: "We continue to believe the economic backdrop will warrant a significant additional period of low rates. Indeed, even at the Jackson Hole conference, there was not even a suggestion that we should be braced for anything other than that outcome."

This outlook applies to Canada as well. Banc of America Securities-Merrill Lynch, as part of global report on monetary policy, said it does not expect the Bank of Canada to begin raising rates until 2011 - well past its pledge to keep the key policy rate, at 0.25%, until June 2010.

Canada has a significant output gap - the difference between potential and real gross domestic product - and the rate at which money is deployed in the economy, or money velocity, has shrunk 15% since late last year even though the central bank has taken its target rate to its lowest possible level, the BofA-Merrill Lynch analysis indicates.

"To compensate, we think the Bank of Canada will probably need to keep rates lower ... to ensure that money creation remains in the double-digit [growth] territory needed to reinflate the economy and close the output gap," the report says.

This outlook is similar to what economists at Laurentian Bank Securities suggested last week. They said a lack of pricing power for firms, a sizeable amount of excess supply and virtually non-existent upward pressure from labour costs means the bulk of policy tightening would not materialize until 2011.

The Bank of Canada signalled in its last economic outlook that it expected economic growth to resume this quarter, marking, technically, the end of a deep but relatively short recession.
It expects growth this quarter of 1.3%, 3% in the final three months of 2009, and the latter again in 2010.

Further boosting the recovery story was data from Japan, Germany and France that indicated economic growth in the second quarter. But there are growing concerns about the sustainability of this emerging recovery. In a note published last week, Olivier Blanchard, chief economist of the International Monetary Fund, warned of a difficult recovery that would take years to unfold as elements of the financial system remain dysfunctional.

Of particular concern in his outlook was the source of demand once governments phased out fiscal stimuli. The worry is that U.S. business investment and household spending would remain weak, and Asian economies would fail to pick up the slack. Still, some leading central bankers warn about leaving interest rates too low too long.

Masaaki Shirakawa, governor at Bank of Japan, told his peers at Jackson Hole that policymakers must avoid economic bubbles fostered by expectations that interest rates will remain low.
"Shirakawa's point about the need to prevent future bubbles is weighing more on minds of central bankers, so maybe they do have to be a little more careful," said David Cohen, director of Asian economic forecasting at Action Economics in Singapore.

More than 80,000 take a free ride on Vancouver's new Canada Line

2009-08-17T23:12:00.000-07:00

By Kelly Sinoski , Vancouver Sun August 17, 2009 10:32 PMComments (121)
StoryPhotos ( 11 )Video ( 1 )

More Images » Grady Stanyer, 10, joined thousands of patrons who tried out the Canada Line train that officially opened Aug. 17, 2009.Photograph by: Jenelle Schneider, Vancouver SunMETRO VANCOUVER — Tens of thousands of Metro Vancouver residents waited more than two hours Monday for a free ride on the new $2-billion Canada Line, backing up several stations and clogging pockets of Vancouver’s downtown core.

The lineups started forming hours before the new rapid transit line opened at 1 p.m. and by early afternoon, the crowds snaked around Vancouver’s Waterfront Station, filled up Granville Square and spilled over onto Hastings Street in the downtown, and into the departure lounge at the airport.

By 3 p.m., TransLink was urging passengers to get off at Waterfront, YVR and Richmond-Brighouse stations and wait in line for the return trip to let others have a chance to ride the train.

Five extra trains were added during the evening rush hour — bringing the total to 19 — to help ease the crush, while 11 extra buses were brought in to help reduce the overflow crowds waiting for the 98 B-Line between Vancouver and Richmond as well as the No. 41 and No. 99 B-Line along Broadway.

“We had just about every bus pushed into service,” TransLink spokesman Drew Snider said.

The lines were capped at certain stations at 7 p.m. although TransLink said no passengers would be left stranded.

“It’s a good test for the system in terms of carrying this many people,” TransLink spokesman Ken Hardie said. “The crowds have been big, but they’ve been patient.”

Close to 10,000 people an hour were riding the line and TransLink had counted 80,000 passengers by the time the service stopped at 9 p.m.

The service was free on opening day to celebrate the opening of the transit line linking Vancouver, Richmond and the airport.

Premier Gordon Campbell and Stockwell Day, the federal minister of international trade, cut a ribbon this morning at Vancouver International Airport to officially open the new line. Then they joined other dignitaries and media for a ride into downtown Vancouver.

The opening day drew everyone from seniors to families and disabled people. At least half a dozen wheelchairs and a man with a seeing-eye dog were among those on the first train.

At Waterfront, passengers were unfazed by the long wait for the train and remained in line despite warnings they would have to get off at the airport and wait another two hours to get back on again.

It was the same at Vancouver City Centre, where some trains were terminated to ease the crush at Waterfront. At the airport, crowds stretched from the platform, down the stairs to Level 3 and out onto the departures level.

“We don’t mind waiting,” said Vancouver resident Loro Cadman, as she stood in line at Granville Square. “We’re retired and it’s an historic thing.”

Cadman said the new rapid transit line should reduce the time it takes to make her frequent trips to Steveston. Now, rather than take a bus to Richmond Centre, she can hop on the train.

Several travellers, including Shea Ferguson of Fernie, were among the first to use the new line from the airport to downtown, while Niels Goverse got to the airport using the new line.

“It’s amazing,” Goverse said. “Otherwise I would have to use the 98 B-Line and it’s really packed so this is really good. It’s definitely a better system.”

Shauna Stanyer and her two children travelled from Port Coquitlam for “an adventure” on the new line. The trio had to wait two hours at Waterfront, but Stanyer said the trip was worth it and the family would definitely take the line to the airport whenever they travelled.

Hardie said that overall, the day went fairly smoothly. There were a few glitches, including things falling on the guideway, a cranky elevator and a few problems with the doors.

Several passengers inadvertently hit the emergency stop buttons, which forced the trains to halt on the bridge over the Fraser River or at stations, and required emergency personnel to rush to the scene.

The Canada Line, which is touted as the equivalent of a 10-lane highway, is expected to take 200,000 one-way automobile trips off the road when it reaches its forecast ridership. It will start up again Tuesday with the first train leaving Waterfront at 4:50 a.m. Fares are $3.75 one way.

Hardie expects the passenger load to be lighter Tuesday, which will help TransLink ramp up slowly toward Sept. 7 and the Labour Day rush when several express buses, including those from White Rock and Delta, will no longer go downtown but will be rerouted to Bridgeport Station. The 98 B-Line will also stop running at that time, in an attempt to funnel more people onto the new line.

JULY Stats: Strong spring market carries into summer months

2009-08-05T11:49:00.001-07:00

August 5, 2009

VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.

“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.

“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.

July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.

Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.

Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.

Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.

Bright spots in Greater Vancouver in July 2009 compared to July 2008:
DETACHED:

Burnaby up 121.7 per cent (153 units sold from 69)

North Vancouver up 53.3 per cent (115 units sold from 75)

Maple Ridge/Pitt Meadows up 60 per cent (160 units sold from 100)

Richmond up 140.2 per cent (221 units sold from 92)

Vancouver East up 66.4 per cent (208 units sold from 125)

Port Coquitlam up 236.4 per cent (74 units sold from 22)

Vancouver West up 104.5 per cent (180 units sold from 88)

South Delta up 203.1 per cent (97 units sold from 32)

West Vancouver up 108.1 per cent (77 units sold from 37)

Sunshine Coast up 60.5 per cent (69 units sold from 43)

ATTACHED:

Burnaby up 123.3 per cent (134 units sold from 60)

Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)

North Vancouver up 70 per cent (51 units sold from 30)

Vancouver West up 110 per cent (105 units sold from 50)

Richmond up 152.1 per cent (179 units sold from 71)

Vancouver East up 195.8 per cent (71 units sold from 24)

Port Coquitlam up 117.6 per cent (37 units sold from 17)

Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)

Coquitlam up 88.2 per cent (64 units sold from 34)

APARTMENTS:

Burnaby up 72.8 per cent (235 units sold from 136)

North Vancouver up 47.9 per cent (105 units sold from 71)

Richmond up 85.5 per cent (230 units sold from 124)

Vancouver East up 64.2 per cent (179 units sold from 109)

Vancouver West up 94 per cent (584 units sold from 301)

New Westminster up 70.6 per cent (116 units sold from 68)

Coquitlam up 62.3 per cent (86 units sold from 53)

Port Moody/Belcarra up 138.1 per cent (50 units sold from 21)

The Properties by Quigg Open House July 26th!

2009-07-22T18:01:00.000-07:00

The 3000 sq ft Terrace and 4800 sq ft Penthouse at The Properties by Quigg will be Open from 2-4pm at 2225 Twin Creek Place on July 26th, 2009.

Come join me and enjoy the finest attached housing project in West Vancouver, featuring West Coast Contemporary design with stunning panoramic views, high end finishings, grand outdoor space, private elevators, concrete construction, and a serene, park-like setting at the top of West Vancouver in Prestigious Whitby Estates!

Only 2 units left, PRICED TO SELL!

Springfield Village- JUST SOLD!

2009-07-22T17:59:00.000-07:00

This Brand New 1585 sq ft Townhouse in Springfield by CSM Link III Developments features ganite countertops, high end finishings throughout, stainless steel appliances, and ideal location in North Surrey. Close to schools, amenities, and transit, situated in the quite corner of the highly acclaimed Springfield Village Community, this spacious 3 storey Townhouse has everything you desire. 3 large Bedrooms up, 3 bathrooms, walk-in closets, in-suite laundry, 2 parking stalls, fireplace, and security in a Green Development complete with 2-5-10 year New Home Warranty!

June Sales 2nd Highest in Vancouver History!

2009-07-03T11:45:00.000-07:00

VANCOUVER, B.C. – July 3, 2009 – The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.

New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.

“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said.

“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” Russell said. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”

Residential benchmark prices, as calculated by the MLSLink® Housing Price Index, declined 8.2 per cent to $518,855 in June 2009 compared to June 2008.

The number of sales of detached properties increased 81.6 per cent to 1,667 from the 918 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 8.4 per cent to $701,384 in June 2009 compared to June 2008.

The number of sales of apartment properties in June 2009 increased 69.3 per cent to 1,790, compared to 1,057 sales in June 2008. The benchmark price of an apartment property declined 8.2 per cent from June 2008 to $356,880.

The number of attached property sales in June 2009 increased 78.2 per cent to 802, compared with the 450 sales in June 2008. The benchmark price of an attached unit declined 7.3 per cent between June 2009 and 2008 to $441,620.

Bright spots in Greater Vancouver in June 2009 compared to June 2008:
Detached:

Burnaby up 109.7 per cent (151 units sold from 72)

Coquitlam up 122.2 per cent (160 units sold from 72)

Delta - South up 107.7 per cent (56 units sold from 27)

Maple Ridge/Pitt Meadows up 54.3 per cent (162 units sold from 105)

New Westminster up 104.8 per cent (43 units sold from 21)

North Vancouver up 96.2 per cent (153 units sold from 78)

Port Moody/ Belcarra up 120 per cent (33 units sold from 15)

Richmond up 77.4 per cent (204 units sold from 115)

Squamish up 107.7 per cent (27 units sold from 13)

Sunshine Coast up 33.9 per cent (75 units sold from 56)

Vancouver East up 71.2 per cent (238 units sold from 139)

Vancouver West up 85.2 per cent (200 units sold from 108)

West Vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)

Attached:

Burnaby up 81.8 per cent (140 units sold from 77)

Coquitlam up 80 per cent (54 units sold from 30)

Maple Ridge/Pitt Meadows up 48.6 per cent (55 units sold from 37)

North Vancouver up 121.2 per cent (73 units sold from 33)

Port Coquitlam up 82.6 per cent (42 units sold from 23)

Port Moody/ Belcarra up 77.3 per cent (39 units sold from 22)

Richmond up 84.5 per cent (155 units sold from 84)

Vancouver East up 118.5 per cent (59 units sold from 27)

Vancouver West up 121.8 per cent (122 units sold from 55)

Apartments:

Burnaby up 60.4 per cent (239 units sold from 149)

Coquitlam up 93.9 per cent (95 units sold from 49)

New Westminster up 57.1 per cent (121 units sold from 77)

North Vancouver up 71.4 per cent (120 units sold from 70)

Port Coquitlam up 58.1 per cent (49 units sold from 31)

Port Moody/Belcarra up 128.6 per cent (48 units sold from 21)

Richmond up 54.1 per cent (225 units sold from 146)

Vancouver East up 58.7 per cent (165 units sold from 104)

Vancouver West up 87.2 per cent (627 units sold from 335)

West Vancouver/Howe Sound up 155.6 per cent (23 units sold from 9)

OPEN HOUSES June 26-28

2009-06-26T09:35:00.000-07:00

Friday June 25 from 10-12am I am pleased to host my first agents open at 188 Keefer St, Suite #2707 at The Brand New Espana by Henderson!
Saturday, June 27th I will be hosting the first Public Open from 1-4pm. Offered proudly for %578,000! Please call Stu Bell at 604.562.0532 to arrange an appointment.

Sunday, June 28 I am please to present a true masterpiece by Linda Burger at 4769 The Highway in Olde Caulfield from 2-4pm. A must see if you love real estate! Offered proudly for $4,495,000!

JUST SOLD! The Taylor

2009-06-23T09:52:00.000-07:00

This finely appointed residence is a GEM, one of the best layouts in The Taylor by Pinnacle! Bright, 2 separate bed, 2 full bath south-west corner residence with solarium and den perched high on the 23rd floor. Stunning 270 degree unobstructed views that stretch from False Creek, Science World, and the Olympic Village to the South, all the way around the West past the city to Canada Place, Lonsdale, and the Northshore Mountains over historic Gastown! In the summer BBQ on your top level Patio and watch the cruise ships departing from Coal Harbour or the Yachts sailing in False Creek. In the winter wake up to snow capped mountains and a time lapse outlook of historic brick buildings to the North West, brand new glass high-rises to the South-West, and Fairview Slopes to the South over Andy Livingston Park. Real Cherry Hardwood floors in the living area, carpeted bedrooms, tiled kitchen and baths, designer paint, granite counter-tops, and in-suite laundry complete this home. 3 Year New building with building security, high end work out facility, and undergound parking. All this with Yaletown, Gastown, Coal Harbour, Tinseltown, T&T Market, the Skytrain, GM Place, and Vancouver's Financial District at your doorstep.

JUST SOLD! Electric Avenue

2009-06-23T09:50:00.000-07:00

Convenient luxurious living at Hornby & Smithe in the heart of thriving Downtown Vancouver! Award winning Electric Avenue by Bosa Construction! Just one block to Robson Street. Steps to Starbucks, Paramount theatre, Earls, Vancouver's Financial District, trendy Yaletown shopping, the new Canada Line & much more. Recently renovated with brand new Laminate hardwood floors, new paint. It is a 2 bed 2 bath 2 walk in closets. Enjoy the HUGE patio of over 150sqft facing Hornby Street. Great amenities includes gym, party room with pool table, and Media room located on same floor & access to two stunning roof top Gardens.

JUST SOLD! The Mandalay

2009-06-23T09:47:00.000-07:00

This exquisitely appointed low-rise concrete residence at The Mandalay by Cressey sits peacefully in the heart of Richmond, minutes from shopping, dining, the new Canada Line, amenities, and the Vancouver International Airport. This bright, South facing top floor 1 bedroom boasts rich hardwood floors, an oversized, private balcony, thick granite countertops, your personal fireplace, walk-in closet, state of the art stainless steel appliances, in-suite laundry, miele fixtures, and secured underground parking.

JUST SOLD! Edgewater Estates

2009-06-23T09:44:00.000-07:00

Completely renovated, top floor, 940 sq ft, south facing 2 bedroom at Edgewater Estates. This gorgeous apartment features spacious rooms, bright south-facing windows, large top floor patio with views, meticulously updated kitchen and bathroom, fresh paint, in-suite laundry, and a peaceful, park-like setting. Steps away from Capilano University, new parks, shopping and dining, schools, Park & Tilford entertainment, and all the outdoor recreational activity the Northshore has to offer. Ideal for first time home buyers, small families, and investors. Rents easily for $1400. An incredible offer for the finest 2 bedroom suite at Edgewater Estates, and the best Value today on the Northshore!

National Post: "Metro Vancouver Home Sales Jump!"

2009-06-16T19:29:00.000-07:00

"Sales acitivity is now closer to the pre-recession peak than it is to the recent low point reached last January."

"Strengthening consumer confidence, low interest rates, and improved affordability are drawung buyers to the housing markets across Canada."

Sales are up 43% from January while new construction and listings are down 50%. This means the market is stabilizing nicely and new listings, when priced well, are selling fast with multiple offers.

Last night I was involved in a 26 offer bidding war for a $415,000 apartment at 670 W6th. It sold for $495,000!

Also, the National Post reports that according to RBC the worst of the recession has likely past and 2.9% growth is predicted in BC for next year!

June 14th Open House

2009-06-14T14:27:00.000-07:00

1355 Sinclair St Open from 2-4pm!

What an incredible location for this completely, tastefully renovated contemporary Ambleside home. Architecturally designed by Kafka and meticulously renovated by Cragg Built Construction, this home has a wonderful floor plan and offers total privacy. Four bedrooms, two and one-half bathrooms, a great family/recreation room and an outstanding, sun drenched patio and swimming pool. Short walk to schools, Hay Park and the new recreation centre! Proudly offered for $1,425,000!

View Pictures and Virtual Tour at http://www.StuBell.com

May GVRD Real Estate Statistics Signaling Rebound

2009-06-04T01:53:00.000-07:00

REBGV May Statistics
Increased demand steadies housing market in Greater Vancouver

A continued increase in buyer activity over the last four months has resulted in increased home sales and lessened the downward pressure on housing prices in Greater Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 4.5 per cent to $506,201 from $484,211. However, home prices compared to May 2008 levels are down 10.9 per cent.

“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.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 36 per cent to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. At 13,641, the total number of property listings on the Multiple Listing Service® (MLS®) declined 4.7 per cent compared to last month and 16 per cent compared to May 2008.

Sales of detached properties increased 16.5 per cent to 1,402 from the 1,203 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 11.8 per cent from May 2008 to $680,320.

Sales of apartment properties in May 2009 increased 17.2 per cent to 1,458, compared to 1,244 sales in May 2008. The benchmark price of an apartment property declined 10.2 per cent from May 2008 to $349,987.

Attached property sales in May 2009 are up 19.6 per cent to 664, compared with the 555 sales in May 2008. The benchmark price of an attached unit decreased 9 per cent between May 2008 and 2009 to $435,848.
Bright spots in Greater Vancouver in May 2009 compared to May 2008:

Detached:
Burnaby up 48.9 % (140 units sold from 94)

Maple Ridge/Pitt Meadows up 13.4 % (144 units sold from 127)

North Vancouver up 31.4 % (134 units sold from 102)

Port Moody/Belcarra up 52.6 % (29 units sold from 19)

Richmond up 14.0 $ (170 units sold from 142)

Vancouver East up 11.1 per cent (180 units sold from 162)

Vancouver West up 59.5 per cent (193 units sold from 121)

Attached:

Burnaby up 31.5 % (96 units sold from 73)

Maple Ridge/Pitt Meadows up 43.8 % (46 units sold from 32)

North Vancouver up 31.8 % (58 units sold from 44)

Vancouver West up 54.5 % (102 units sold from 66)

Apartments:

Burnaby up 32.6 % (187 units sold from 141)

North Vancouver up 22.6 % (103 units sold from 84)

Richmond up 27.4 % (200 units sold from 157)

Vancouver East up 28.7 % (139 units sold from 108)

Vancouver West up 25.4 % (529 units sold from 422)

Market Rebound

2009-05-27T23:56:00.000-07:00

The Fraser Valley real estate market continued to show signs of rebalancing in April with the number of sales increasing for the third month in a row while the volume of available properties stayed constant. Benchmark prices for detached homes and condominiums also showed increases over the last three months.
There were 1,293 sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in April, reflecting a 28 per cent decrease compared to the 1,787 sales in April of last year, however, a 29 per cent increase over March sales. At the same time, the Board received 44 per cent fewer new listings compared to one year ago, 2,477 in contrast to 4,458 in April 2008, helping to stabilize the number of active listings in the Fraser Valley at 9,855.

Paul Penner, President of the Board, says current conditions have created one of the best buying opportunities in years. “REALTORS® have successfully communicated to their sellers to be more realistic with their prices, which is why we’ve seen a 29 per cent increase in sales from March to April.”

Penner also attributes the increase to all-time historically low interest rates and still relatively high inventory for Fraser Valley, although it is dropping rapidly.
“In April, REALTORS® received 44 per cent fewer new listings compared to a year ago and 18 per cent less than we received in March. When supply and demand start to balance out, the effect is that prices begin to firm up and that’s exactly what we’re seeing.” Similar to detached homes, the benchmark price for apartments has increased by 4.4 per cent over the last three months.

Weekend Opens May 23-24

2009-05-22T13:25:00.000-07:00

This Saturday May 23rd I will be holding an Open House at 6786 Marine Dr, West Vancouver near Whyteclyff Park. Beautiful private home located in Whyteclyff. This home was fully renovated 6 years ago, updates include new kitchen, cedar siding throughout the exterior of the home, and iced maple laminate floors. This is a perfect family home with massive sun drenched decks, your own private garden oasis, and generous sized bedrooms. A stones throw away from the beach and Gleneagles Golf Course and walking distance to Gleneagles Elementary. Priced to sell at $1,120,000!

Sunday I will be hosting an Open House at The Properties by Quigg. West Vancouver's most refined address in Whitby Estates featuring world class panoramic views, meticulous finishing, Mitchell Friedland interiors, and a pure, tranquil, and inspiring design in this distinctively West-Coast home. Don't miss out on clearance pricing as only 1 Terrace and 2 Penthouses remain!

TOTAL SALES for 2009 so far...

2009-05-19T11:26:00.000-07:00

Total SOLD attached units in 2009 as of May 19th, 2009

West Van 168
Noth Van 303
Vancouver West 1602
Vancouver East 515

Total SOLD detached units in 2009 as of May 19th, 2009

West Van 168
North Van 303
Vancouver West 607
Vancouver East 515

Stu Bell Real Estate

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My Former Professor Tsur Somerville from UBC Real Estate Program says affordability is improving in BC as interest rates drop, prices flatten, and incomes improve.

http://www.vancouversun.com/business/Dream+home+ownership+gets+easier+report+says/3903920/story.html