NEW LISTINGS: The Ventana by Henderson!

I am proud to present two spectacular assignments fro sale in the Esapana by Henderson in the heart of Downtown Vancouver! Unit #2707 and Unit #2607. These two bedroom, 2 bathroom, 837 sq ft condominiums feature grand, unobstructed views of False Creek over GM Place. An open floorplan including an amazing kitchen featuring European style cabinets, granite countertops, stainless steel appliances and a built-in wine cooler. The bedrooms are spacious with generous mirrored closet space and the spa like bathrooms feature porcelain tile flooring and dual flush low profile toilets. Relax in the cozy living room in front of your fireplace after a long day at work. In-suite Laundry and parking included. Close to Tinseltown, GM Place, Gastown, Yaletown, Skytrain, Pacific Center, and parks. Scheduled for completion in Summer 2009. Building features include sauna, 25 meter pool, hot tub, cards room, fitness center, Library, party room, and lush courtyard! Contact Stu for more information!

December 2008 Statistics

2008 brought improved housing affordability to Greater Vancouver

VANCOUVER, B.C. – January 5, 2009 – The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed.

“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, adeparture from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt.

“It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411.

“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.

In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007.

New listings for detached, attached and apartment properties declined 8.6 per cent to 1,550 in December 2008 compared to December 2007 when 1,695 new units were listed. Total listings in December declined 17.2 per cent to 15,193 from the 18,348 total active listings in Greater Vancouver in November 2008.
Sales of detached properties in December 2008 declined 48.7 per cent to 348 from the 679 units sold during the same period in 2007. The benchmark price for detached properties declined 11.2 per cent from $730,399 in December 2007 to $648,421 in December 2008. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 15.9 per cent.
Sales of apartment properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007. The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent.
Attached property sales in December 2008 decreased 49.8 per cent to 159, compared with the 317 sales in December 2007. The benchmark price of an attached unit declined 7.4 per cent from $456,941 in December 2007 to $423,338 in December 2008. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11.6 per cent.

West Vancouver & North Vancouver Sales & Listings Graphs

These graphs display how New Listings have been decreasing in recent weeks- likely due to the Holiday Season, as well as the resistance for Homeowners to list their homes in a slower market. Sales, while slower than 2007, continue to occur as Real Estate economics dictate home dwellers necessity for housing and desire to live on The Northshore. Recent sales, however, are occurring at extremely discounted sale prices when sellers are motivated and buyers are utilizing low interest rates to capitalize on pricing more in par with 2006 averages. For all your Vancouver Real Estate needs and questions contact Stuart Bell at 604.562.0532.

Vancouver Real Estate Statistics - November 2008

FOR IMMEDIATE RELEASE:

Slow home sales create window of opportunity

VANCOUVER, B.C. – December 2, 2008 – November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market.

In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007.

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.

“Times of turmoil, from which we always emerge, offer excellent opportunities to buy quality real estate,” says REBGV president, Dave Watt.“For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years.

“The local real estate market is not immune to the current economic challenges globally; however, Canada’s disciplined lending structure has kept the mortgage landscape steady in these uncertain times.”

New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed. Active listings in November declined 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008.

Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to $666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent.

Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent.

Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent.

Weekend Open's Nov 21-23

Friday November 21st- The Properties By Quigg - 2225 Twin Creek Road

The most exclusive residences in West Vancouver are at The Properties by Quigg in Whitby Estates. Enjoy panoramic views from Mt Baker to Vancouver Island from every room, highlighted by floor to ceiling windows and expansive patios. These terraced homes feature high quality finishing, private elevators, terraced design for privacy and sustainability, and only the finest Miele appliances. Must be seen to be appreciated!

Open Friday Nov 21st from 2-4pm!

Saturday Nov 22nd - 1355 Sinclair St- Ambelside Contemporary

Come enjoy this gorgeous home in the heart of West Vancouver, on a secluded cul-de-sac. Completely renovated by Cragg Built Construction, this family home features new oak hardwood floors, heating bathroom tiles, new designer kitchen, new carpets and paint, a grand recreation room, a stunning master with private sundeck overlooking the sparkling pool, and exquisite new bathrooms and fire lit family room and formal dining room. Designed by Kafta, featuring a grand pool with slate tiles patio, don't miss this home!

Sunday Nov 23rd- 6840 Copper Cove- White Cliff Park


Absolutely gorgeous, completely renovated throughout, 3 bedroom, 2 ½ bathroom family home just steps to the beach and Whytecliff Park. This home features the absolute best in finishes including hand scraped white oak floors, fabulous coordinated kitchen with Brazilian granite, wood shutters throughout, solid core doors and wonderful decorating. The gardens are beautifully designed with new spacious decks and a lovely waterfall. Gorgeous ocean views to Howe Sound make this home a wonderful opportunity.

Open 2-4 Sunday Nov 23rd!