Lonsdale Building Boom in North Vancouver!

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?

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

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!

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

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%

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!

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

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