Canada real estate: RBC Economics reports condo listings on the rise as investors look to sell


 

  • Listings of condo properties are reportedly “spiking” in Toronto, Montreal, and Vancouver.
 
  • Listings of condo properties are reportedly “spiking” in Toronto, Montreal, and Vancouver.EDB3_16/GETTY IMAGES

RBC Economics reported on October 15 that condo prices have “stagnated over the past six months”.

Previous to this, the bank’s economics section on September 30 predicted that condo prices could “weaken in larger markets next year”.

Another thing is happening as well with the condo market in Canada.

In its latest housing report, RBC Economics noted that the real-estate market is awashed with condo supply.

 

According to economist Robert Hogue, "condo investors are looking to sell”.

“As rents soften and vacancies rise, condo listings are spiking in Toronto, Montreal and Vancouver—albeit from low levels,” Hogue reported on Thursday (October 29).

 

In the City of Toronto, condo listings in September 2020 increased 133.9 percent compared to supply in the same month last year.

For the rest of the Greater Toronto area, condo listings last month posted year-over-year growth of 81.5 percent.

In the island of Montreal, listings rose 41.4 percent in September compared to the same month in 2019.

However, for the rest of the Greater Montreal area, listings declined 32.8 percent year-over-year.

In Greater Vancouver, listings of condo properties rose 20.9 percent in September 2020 compared to the same month last year.

In contrast, listings for detached homes in all Toronto, Montreal, and Vancouver metropolitan regions decreased year-over-year in September.

“New, stricter regulations in Toronto are adding to the impulse to sell – at a time when new condo completions are bringing more units to the Toronto and Vancouver markets,” Hogue noted in his October 29 report.

Hogue’s report covered in broad strokes how the COVID-19 pandemic is affecting the Canadian housing market.

“Rural and suburban areas that once lagged desirable city addresses are now roaring hot as homebuyers wearied by lockdowns seek bigger yards and larger living spaces,” Hogue wrote.

Meanwhile, “Tight downtown condo markets that previously commanded expensive rents are now thick with supply.”

Hogue also stated that “rent is now declining in Toronto, Montreal and Vancouver, especially in higher density, downtown locations”.

“Underlying the shift,” according to the bank economist is a “surge in rental supply as the short-term rental business dries up and new purpose-built rental and condo units are completed”.

As well, “Big-city living has lost some of its luster with social distancing measures severely restricting cultural life and socializing opportunities.”

“Meantime, affordability issues are driving many Canadians further afield into smaller towns and cottage country, where larger living spaces are available,” Hogue wrote.

 
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Vancouver real estate: buyer takes $7 million lot next to $13 million Shaughnessy mansion of Huawei’s Meng Wanzhou


 

  • Meng Wanzhou lives under house arrest at 1625 Matthews Avenue (right). The $7 million lot-only sale happened left where a white mansion is seen.
 
  • Meng Wanzhou lives under house arrest at 1625 Matthews Avenue (right). The $7 million lot-only sale happened left where a white mansion is seen.GOOGLE

A buyer has purchased a $7 million property next to the Vancouver mansion of Canada’s most famous detainee.

The lot-only sale happened at 1625 Matthews Avenue in the posh neighbourhood of Shaughnessy.

The property sits adjacent to 1603 Matthews Avenue, where Meng Wanzhou lives under house arrest.

Wanzhou, chief financial officer of Chinese telecom giant Huawei, faces possible extradition to the U.S.

 

Meng was arrested at the Vancouver International Airport on December 1, 2018 on a U.S. warrant.

Her arrest sparked an international row.

Meng is reportedly scheduled to be back in B.C. Supreme Court on Monday (October 26).

Meng has proclaimed innocence on fraud charges alleged by the U.S. in connection with American sanctions against Iran.

 

China has taken into custody a number of Canadian citizens following Meng’s arrest.

They include Michael Kovrig, a diplomat on leave, and Michael Spavor, a businessman.

The 2020 assessment of Meng’s luxury property at 1603 Matthews Avenue comes to $13,647,000 for both lot and home.

The home of the U.S. consul general is found on the same street.

Real estate sites fisherly.com and Zealty.ca tracked the October 19, 2020 sale of 1625 Matthews Avenue.

According to the listing by RE/MAX Masters Realty, the property was “priced (lot only) to sell”.

It comes with development and building permits approved by the City of Vancouver for the construction of a new luxury home.

RE/MAX Masters Realty listed the property on September 23 for $7,980,000.

Another agency, Royal Pacific Realty Corp., previously tried to market the lot.

The previous listings by Royal Pacific were as follows: August 21, 2020 for $8,880,000; June 9, 2020,

$10,998,000; April 30, 2019, $12,680,000; and April 29, 2019, $12,380,000

Vancouver journalist Bob Mackin wrote about the $12,380,000 listing for 1625 Matthews Avenue.

On May 9, 2019, Mackin reported that the “existing two-storey, five-bedroom white mansion with an indoor pool” on the lot “is boarded up”.

He also noted a car without licence plates “parked on the unkept lawn”.

“You could always pitch a tent for the time being or build a shelter from a pile of wood,” Mackin suggested.

At the time, the owner was waiting for the approval of a development permit for a new home construction.

“Since May 9, 2016, the example of mid-1970s faux Roman architecture has been in the name of self-described homemaker Jing Zhao,” Mackin wrote.

“A homemaker? Fancy that!” Mackin added.

A sales history compiled by Zealty.ca shows how the property changed hands over a number of years.

It sold for $4,520,000 on March 17, 2010.

The property sold again on February 6, 2016. The purchase price was $9,500,000.

According to B.C. Assessment, the lot of 1625 Matthews Avenue measures 73.5 feet by 223.18 feet.

The lot’s 2020 assessment as of July 1, 2019 totals $6,950,000.

The home on the lot has a value of $614,000.

According to fisherly.com, the home has five bedrooms, seven baths, and two kitchens.

 
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Vancouver home sellers turning to sales bonuses to attract buyers

The Alberni, a Westbank development, recently had a subpenthouse unit listed with a $500,000 bonus.

Westbank Development Corp.

The sale bonus is a relatively new phenomenon in Vancouver, but one that is showing up more frequently in today’s uncertain real estate market.

The bonus is generally offered on top of the usual commission paid to the buyer’s agent. It’s an incentive designed to sweeten the pie, to bring broader attention to that particular listing. But it can also mean that agents might be more motivated to steer clients towards that particular listing, and away from ones that don’t have bonuses, which is why it’s mandatory, according to the Real Estate Council of BC’s disclosure rules, that agents reveal the perks to clients who make offers.

But few buyers are aware of them. Adam Major, manager of Holywell properties, recently launched a real estate website that offers consumers a wealth of housing data, including information on sale bonuses. Such bonuses are not publicized on the Multiple Listing Service, but Mr. Major lists them on his Zealty.ca site, which earns money by connecting buyers with realtors.

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Among the surprises: A whopping $500,000 bonus on a subpenthouse unit in the upcoming Westbank development the Alberni at 1550 Alberni St. – on top of the commission already on offer. If Unit No. 3902 sells at the $13.9-million asking price, the commission alone would be around $150,000. [Commissions vary widely, but on this unit, it is structured as 3.22 per cent on the first $100,000 and 1.15 per cent on the balance.] With the added bonus, the buyer’s agent could walk away with as much as $650,000.

Mr. Major says bonuses are a growing trend.

“I’m looking at the British Properties, looking at homes from $3-million to $16-million, and there is a fairly significant percentage of high-end homes that offer these bonus commissions – maybe 10 to 20 per cent, would be my guess,” he said. “But, you know … there’s no way to track if these bonus commissions help sell these properties.”

Mr. Major points to a house at 1430 Bramwell Rd. in West Vancouver that’s listed for $18.8-million and offering a $200,000 bonus. The $15.8-million house at 815 King Georges Way also comes with a $200,000 bonus. A more modest house at 4558 Woodgreen Ct., listed for $4.7-million, offers a $50,000 bonus if completion occurs prior to Nov. 5.

In Vancouver, the mansion at 6255 Cedarhurst St. listed at about $15.9-million comes with a $100,000 bonus, as do several others in Shaughnessy. And in the Dunbar neighbourhood, at 4011 W 38th Ave., a $5.75-million house comes with a $30,000 bonus.

Not all bonuses are on high-end properties; many middle-market properties are offering them as well. In Langley, a condo at 103-5485 Brydon Cres., listed for $555,000, offers the buyer’s agent a $4,000 bonus. Another unit in the same building offers a $5,000 bonus.

Designed by leading Japanese architect Kengo Kuma, the luxury 43-storey Alberni tower is in the early stages of construction. 

Westbank Development Corp.

“If you are buying, find out what the commission is," Mr. Major says, "and ask before you write an offer. Because some agents may negotiate, especially if there is a bonus commission.

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“If the seller is offering a $10,000 bonus on a modest apartment, you should wonder if that means they are more motivated to sell or essentially if they are agreeing to $10,000 less than the asking price.”

Realtor Ian Watt says he would advise clients to lower their offer on a property that comes with an agent bonus. Mr. Watt, who specializes in downtown listings, says the Alberni subpenthouse unit is priced higher than any property sold downtown this year. He knows of a condo that sold for around $3,000 a foot in the area. But the 3,030-square-foot Alberni property is priced higher; it isn’t waterfront and the unit shares the floor with another unit.

“If I were a buyer and I knew my client was making $650,000 in commission, I’d be thinking, ‘I am paying $650,000 too much for this,’ ” Mr. Watt says. “And it’s not even completed yet, so that price they are asking doesn’t include GST.”

The bonus for the $13.9-million Alberni suite is an unusually large one. Designed by leading Japanese architect Kengo Kuma, the luxury 43-storey tower in the West End is in the early stages of construction. There are currently 21 assignment sales in the building – which likely points to the speculative environment at the time the presales launched.

With the downtown condo market in a slump, many of those who made presale purchases appear to be unloading them. It’s unknown what they paid for the units because that information is not public, so it’s also not known whether the sellers are looking to break even or make a tidy profit. Either way, Mr. Major believes the bonus commissions indicate they are dealing with a market that has more listings than buyers.

“I’m sure lots of people have done very well selling those assignments of contracts before completion, but these bonus commissions may be a sign that the market is slowing down.”

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Realtor Malcolm Hasman is the selling agent for the $13.888-million Alberni unit.

Malcolm Hasman

Malcolm Hasman is the selling agent for the unit. Mr. Hasman is having a good year: He says he has sold more than $140-million in real estate in the past 110 days, and he is confident that the buyer of the Alberni subpenthouse will be an international buyer – which is why he offered the $500,000 bonus. The client bought the unit as a presale and has decided to assign the property because their plans changed, he explained. He occasionally offers bonuses, but this is a unique property and he wants to attract agents in other cities who are used to making bigger commissions, he said.

“The bonus is only really an incentive on an extremely unique and luxury subpenthouse residence to make certain that the property is exposed through all luxury real estate agents that may have a potential buyer for this truly extraordinary property,” Mr. Hasman says. "For example, it may be somebody in Toronto or somebody in the U.S., where the general commission structures are higher than in Vancouver. When you are dealing with successful high-end real estate agents out of New York, Chicago, Boston, Los Angeles and Toronto, they have much higher commission structures.

"A $500,00 reduction on a $13-million listing is like taking 25 cents off a $5 item. It doesn’t make a difference at all.

“And I can tell you, I’ve had one telephone call in the past week out of Toronto. So there you go. That’s where it’s coming from. It’s just part of sophisticated marketing strategy to attract and identify top luxury agents in major cities in North America that may have a potential buyer. And my client is fully prepared to offer that fee structure.”

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Please visit our Open House at 22815 125A AVE in Maple Ridge.
Open House on Saturday, October 31, 2020 2:00PM - 4:00PM
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement has 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Buyer to verify. Saturday/Sunday Open House 2-4 pm--masks required. :))
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Please visit our Open House at 22815 125A AVE in Maple Ridge.
Open House on Sunday, November 1, 2020 2:00PM - 4:00PM
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement has 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Buyer to verify. Saturday/Sunday Open House 2-4 pm--masks required. :))
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I have listed a new property at 2003 821 CAMBIE ST in Vancouver.
Raffles on Robson – Welcome home to your spacious home located where Yaletown me ets Robson St. Open layout, lots of storage, balcony, hardwood floors, gourmet kitchen with high-end appliances, custom cabinetry, and polished stone countertops. Enjoy the spa-like bathroom with a shower and soaker tub, convenient location being only footsteps away from restaurants, multiple skytrain stations, and Robson Street shopping including concierge, exercise centre, hot tub, garden terrace and bike lockers. Measurements are approx. Buyer to verify if important.
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5 Affordable Markets to Buy Real Estate Close to Vancouver

October 22nd, 2020

The British Columbia Real Estate Association (BCREA) recently published an shocking report about the province’s housing market in September. It found that home sales soared to $49.7 billion for the first nine months of 2020, up 25 per cent from the same period a year ago. Instead of enduring a COVID-19 pause, the province’s housing market was instead hyperactive over the course of 2020.

BCREA data also highlighted that homebuyers acquired more than 65,000 properties from January to September, a 12.5 per cent jump year-over-year. The average price year-to-date swelled 11.2 per cent to $764,298.

But how could this be happening? The association published a separate report, titled “The Unusual World of Pandemic Economics.” It assessed how the province’s real estate market is booming, citing higher savings rates, government income support, a tight housing supply, uneven job losses, and historically low interest rates.

“One thing we know for sure is that pandemic economics are very unusual and in these unprecedented times, history may not be as strong a guide,” the report stated.

Put simply, although the Canadian economy is in a recession, this economic downturn is anything but normal.

While the impressive resilience and recovery of the Vancouver real estate market has made national headlines, what about other cities that are in proximity to the nation’s third-largest city? While recovery within these municipalities has also been strong, prices have yet to swell to unattainable levels, making them viable destinations for homebuyers with sights set upon the Vancouver area. We have compiled a list of five the top 5 real estate markets that have managed to strike the balance between desirability and affordability a little better than neighboring Vancouver.

5 Affordable Markets to Buy Real Estate Close to Vancouver

#1 Kelowna

Okanagan Mainline Real Estate Board (OMREB) reported that 21.79 per cent more homes were sold in the Kelowna region in September compared to the same time last year. The numbers pointed to rising property valuations, with single-family homes, townhomes, and apartment condos booming. OMREB President Kim Heizmann noted that the COVID-19 public health crisis had forced homebuyers to assess things differently, including their living space. Kelowna sees some properties still reasonably priced as you could scoop up a condominium for as low as $244,400.

#2 Victoria

According to the Victoria Real Estate Board (VREB), 60.6 per cent more properties were sold in September 2020 than September 2019. It should be noted, however, that on a month-to-month basis, home sales were up just one per cent. The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core increased year-over-year by 3.5 per cent to $879,200. But the benchmark value for the same home slipped by 1.1 per cent in August.

What was the reason for the monthly decline? New supply entered the market, says Victoria Real Estate Board President Sandi-Jo Ayers.

“We had some much-needed new inventory enter the market over the course of September,” stated Ayers in a news release. ”But the supply has not been sufficient to outstrip the heightened demand. We continue to see multiple offers and pressure on pricing across many neighbourhoods. Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year. That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time.”

Local Victoria real estate agents are hopeful that prices (and some of the fierce competition) may ease in the coming months amid these new stocks arriving on the market.

#3 Kamloops

Kamloops is one of the most beautiful cities in Canada, so it’s not surprising that this riverside city is drawing homebuyers from the Vancouver Core as well as from across the country. Although demand is strengthening, the average residential price remains reasonable for new market entrants.

New data from the Kamloops and District Real Estate Association (KADREA) found that the average home price rose 15.3 per cent year-over-year in September to $493.597. Home sales advanced 23.8 per cent from the same time a year ago.

KADREA President Wendy Runge thinks it could be hard to forecast the short- or medium-term future of the Kamloops real estate market.

“Real estate sales numbers for last month have once again shown us that the impact of the pandemic on the market has been more positive than originally predicted,” Runge explained in a statement. “For the fourth month running, the number of units sold has been setting records that not many would have contemplated at the beginning of the pandemic. While sales usually dip in September and then pick up again during the fall months until winter, the trend we are seeing right now is unlike anything that we have seen before.”

#4 Surrey

Real estate agents are describing the housing situation in Surrey and the broader Fraser Valley region with one word: historic. For the fourth consecutive month, the housing market experienced robust growth as the Fraser Valley Real Estate Board recorded a 9.4 per cent increase in September from August.

The benchmark price for a single-family detached house rose 1.3 per cent month-over-month to $1.032 million. But how would this be affordable?

The first factor is that interest rates are near zero; more homebuyers are taking advantage of these historically low rates, borrowing greater amounts to snatch up real estate that may have previously been out of reach. Plus, the Bank of Canada (BoC) has signaled that it is not raising rates for a few more years, meaning that homebuyers can lock in these extremely low rates.

The second aspect is that new supply is coming to market, which could alleviate the upward trend and allow newcomers to scoop up properties. In September, the number of new listings climbed 6.2 per cent from August.

“For many existing homeowners and first-time buyers, their buying power is greater than it’s been in a long time. Interest rates are very low, people have saved money over the last few months, and they’re choosing to invest it in their most important asset. Sellers are also recognizing that with lower than normal inventory, this is a smart time to list,” said Fraser Valley Real Estate Board President Chris Shields in a news release.

#5 Burnaby

Burnaby Now recently sported a headline that accurately summarized the city’s housing market: “COVID can’t stop Burnaby real estate as Metrotown project nearly sells out in 2 weeks.”

The Real Estate Board of Greater Vancouver (REBGV), which covers Burnaby, reported that residential home sales in the region surged 36.6 per cent in August 2020 from the previous year. But for people who are considering relocating to Burnaby, the numbers suggest that new supply is coming. There was a 55.1 per cent increase in newly listed properties – detached, attached, and condominiums – for sale in August. This was 34.8 per cent above the ten-year August new listings average.

Put simply, the demand is strong, but supply is beginning to keep up, which should slow down price growth.

Is Affordability Gone from British Columbia Real Estate?

For people who have been sitting on the sidelines and wanting to finally submit an offer on a property, the rising prices across the province and the rest of the country can seem rather intimidating. While the fleeting COVID-19 discount is unlikely to return, many cities near Vancouver do offer affordability if you know where to look. Remember, it might not seem like it, but 75 per cent of Canada’s regions are “undervalued,” and this includes some parts of B.C. Many B.C. cities are beginning to witness new inventory come to market, which could relieve some of the higher prices seen this year.

 
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Please visit our Open House at 22815 125A AVE in Maple Ridge.
Open House on Saturday, October 24, 2020 2:00PM - 4:00PM
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement has 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Buyer to verify. Saturday/Sunday Open House 2-4 pm--masks required.
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Please visit our Open House at 22815 125A AVE in Maple Ridge.
Open House on Sunday, October 25, 2020 2:00PM - 4:00PM
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement has 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Buyer to verify. Saturday/Sunday Open House 2-4 pm--masks required.
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I have sold a property at 304 47 AGNES ST in New Westminster.
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I have sold a property at 1908 13325 102A AVE in Surrey.
ULTRA concrete, high -rise in the best location. Bright and spacious layout. Full size kitchen with plenty of countertop and cabinet space. Good size dining room off kitchen adjacent to the spacious living room make your home fully functional. A nice place to call home and a smart choice for investor. Centrally located with short walk to SFU, shopping mall, T &T, Skytrain, library, recreation centre. Featuring hardwood laminate floor with full height kitchen cabinets, quartz countertops and a complete stainless steel appliance package, deep soaker tub and Grohe fixtures/faucets throughout. Gym, rec room, meeting room and playground. All measurements are approximate buyer or buyers agent to verify if deemed important. Rentals allowed.
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I have sold a property at 1803 13325 102A AVE in Surrey.
Ultra-affordable. Welcome to the "Ultra". Concrete Condo High Rise Masterpiece! Bright and spacious layout to make this unit feels bigger. Walk to Skytrain, Library, City Hall, SFU, Shopping Mall, T&T & Restaurants. Featuring hardwood laminate floor with full height kitchen cabinets, quartz countertops and a complete stainless steel appliance package, deep soaker tub and Grohe fixtures/faucets throughout. Gym, rec room, meeting room and playground. All measurements are approximate buyer or buyers agent to verify if deemed important. Rentals allowed.
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I have sold a property at 1006 13325 102A AVE in Surrey.
Ultra! Walking distance to major shopping stores such as T&T, Central City Mall, banks, SFU, Skytrain and restaurants. Includes access to a modern equipped gym and meeting room; 1 parking stall and 1 locker. Enjoy gorgeous Panoramic views of mountains and City in the ULTRA TOWER in the heart of Surrey. Located in a fast-growing residential area, this fabulous condo boasts floor to ceiling windows, quartz counter tops, hardwood laminate floors throughout living room and dining room and top of the line appliances. Featuring hardwood laminate floor with full height kitchen cabinets, deep soaker tub and Grohe fixtures/faucets throughout. Gym, rec room, meeting room and playground. All measurements are approximate buyer or buyers agent to verify if important. Rentals allowed!
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I have sold a property at 1112 13325 102A AVE in Surrey.
Ultra Urban Village desirable unit with fabulous mountain and city views. Short walk to SFU, Library, Fitness Centre, Shopping Mall, Walmart, and business centres. Social room, gym, meeting room and 1 underground parking/storage and Concierge Desk. Huge windows floor to ceiling providing natural light and stunning mountain and city views. Great layout with balcony, and panoramic views. Featuring hardwood laminate floor with full height kitchen cabinets, quartz countertops and a complete stainless steel appliance package, deep soaker tub and Grohe fixtures/faucets throughout. Gym, rec room, meeting room and playground. All measurements are approximate buyer or buyers agent to verify if deemed important. Rentals allowed.
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I have sold a property at 1509 13325 102A AVE in Surrey.
The ULTRA. Conveniently located in Surrey Central area. This building has secured underground parking, in suite laundry, quartz countertops and stainless steel appliances. 1 bedroom corner unit. 1 block from Skytrain, Simon Fraser University and plenty of shopping and amenities. Enjoy the amenities this building has to offer, including work out room, meeting room, and social room. Nice size kitchen and living room with great layout. Featuring hardwood laminate floor with full height kitchen cabinets, quartz countertops and a complete stainless steel appliance package, deep soaker tub and Grohe fixtures/faucets throughout. Gym, rec room, meeting room and playground. All measurements are approximate buyer or buyers agent to verify if deemed important. Rentals allowed.
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I have sold a property at 1705 111 GEORGIA ST W in Vancouver.
City views from this one-bedroom with very functional den/solarium + flex space at Spectrum by Concord! WALK SCORE 98! SKYTRAIN ACCESS ACROSS! Welcome to Spectrum by Concord Pacific. A spacious and bright 1 bedroom 1 bath with FLEX in one of the most desirable locations Downtown Vancouver. This home features an open concept living with no wasted space, west facing balcony to enjoy coffee/tea, laminate flooring, in-suite laundry and an open kitchen. The building offers great amenities: 24-hour concierge, pool, hot tub, party room, gym, and bike room. Steps to Skytrain, Costco, BC Place, Rogers Arena, T&T Market, the public library, Gastown, Yaletown, Seawall, restaurants, cafes, and shopping! Open House: Sat & Sun, Mar 18th & 19th, 2-4 PM.
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I have sold a property at 105 1333 HORNBY ST in Vancouver.
Welcome to Anchor Point! Quiet studio unit with gate, and private access. Like a townhouse! Great investment & central location in Vancouver City Centre next to Burrard & Davie Street steps the Aquabus & Yaletown Seawall. Walk to shops, restaurants & beaches. Freehold strata, concrete building. Great outdoor space & pet friendly. Close to everything, this great city apartment is priced to sell. Parking is available to rent for $50 per month form your own strata. Hot water heat included in maintenance fee. This brick building is centrally located in downtown Vancouver among several new high end developments only minutes to shopping, dining & transit.
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I have sold a property at 3307 1495 RICHARDS ST in Vancouver.
Highest 1 bedroom condo at Azura II below the penthouse floors. Great views, and a perfect location at George Wainborne Park in Yaletown. Steps away from the seawall, shops, Urban Fare, Choices, English Bay, Sunset Beach and many upscale restaurants. Azura II features 24-hour concierge, indoor pool, sauna, steam room, squash courts, library, full gym, offices, theatre and a guest suite. Very functional layout with in suite storage and wonderful views.
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I have sold a property at 1803 1255 SEYMOUR ST in Vancouver.
Enjoy Living in this 2 bed + 2 bath with great open views. Luxurious finishing, engineered hardwood flooring, quartz kitchen counters, full S/S appliances. Big in suite storage. The Building - Elan, completed early 2009 in unbeatablelocation steps to seawall & close to amenities w/excellent facilities. Balance of New Home Warranty. BONUS - 2 parking plus external locker. All this w/an assessed value of $677,000.
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I have sold a property at TH12 260 7TH AVE E in Vancouver.
Social is South Main's best location. This spacious 2-bedroom townhome is ideal for those looking for more space. This quiet walk-up home is accessible from the tree-lined 7th Avenue. Perfect for both indoor/outdoor entertaining with a terrace. The two bedrooms each with ensuite. Enclosed balcony are on the upper floor. This home features full size stainless steel appliances and a large composite stone kitchen island. 2 parking stalls included (or can be rented out) & large walk-in closet for your GUCCI shoe selection! Like at Social places you close to some of the most beloved shops and restaurants along Main/Cambie & BROADWAY! Come and live Za Dream in Vancouver/Manhattan!! And, don't forget to sell your car!!!
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I have sold a property at 1205 535 SMITHE ST in Vancouver.
NO HST. Brand new, never lived in, South facing 2 bedroom corner unit with den, 2 bathroom and a large balcony located on the 12th floor. Sprawling over 780sf of living space this unit features beautiful city view from every corner,hardwood flooring, high end stainless steel appliances, gas range, quartz countertops and quality finishings. Includes 1 parking stall and storage. Quick possession is available.
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I have sold a property at 1165 RUSSELL AVE in North Vancouver.
Delightful & charming home w/good view of ocean & mountains. Shows like a show home! H/W in living/dining rooms, 3 gas F/P. Absolutely move in condition. 4 bedrooms, 2 1/2 baths, 3 fireplaces, plus recreation room in basement. Quiet streetof fine homes on a cul-de-sac. Double garage, lots of storage throughout, 3 bedroom and 2 baths on the top level. Open kitchen to dining room, office, and living room. New top floor windows, attic insulation, and appliances!
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I have sold a property at 605 1383 MARINASIDE CRES in Vancouver.
A rare opportunity to own this magnificent 2 bedroom + 1 Den. Den can be 3rd bedroom. Home with two BIG PATIOS at one of Vancouver's most prestigious WATERFRONT addresses "COLUMBUS". A truly Waterfront living with SPACIOUS living, dining & master bedroom, situated at the forefront of the Peninsula in the Centre of False creek. This unbelievable luxury home offers unobstructed FOREVER panoramic view, one private garage, one parking stall, huge living room & master bedroom for your favorite house size furniture, concrete block wall in between every home which provides EXTRA QUIET. This is one of the best resort-style dwellings in the heart of the city with 24/7 concierge, pool, sauna, whirlpool & gym.
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I have sold a property at 503 528 BEATTY ST in Vancouver.
This restoration contains 38 lofts with a common roof-top deck for everyone to e njoy. This 1,279 sq ft suite offers 2 bedrooms, 2 baths & an open living space o n 2 levels featuring sandblasted timber beams & columns, brick & concrete walls & refinished wood floors. The kitchen offers a stainless steel appliance package & composite stone countertops. The bathrooms have stunning glass light walls. There are light & airy roller shades throughout, & insuite front loading washer and dryer. Every detail has been laid out in this true loft space. Centrally located, you are steps away from it all! 2-5-10 year warranty in place and the GST is paid.
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I have sold a property at 9C 139 DRAKE ST in Vancouver.
Tastefully completely renovated home with views over 10-acre David Lam Park to F alse Creek. No expense has been spared in this lovely condo with was finished by a professional interior designer. Open kitchen with all new appliances.Mbdrm with walk-closet, solarium and insuite storage. Both bathrooms were completely updated, and the mbdrm features large, walk-in shower. Built in entertainment centre with surround sound throughout the home. Concordia 2 is a boutique-style buildin g with only 82 units, a live-in caretaker, pool, hot tub, Japanese garden, party room with a large patio, and an exercise centre. Urban Fare, Roundhouse Community Center, schools - it's all here!
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Canada real estate: RBC Economics housing report notes condo prices stuck in a rut


 

  • Condo values face headwinds, according to a report by RBC economist Robert Hogue.
 
  • Condo values face headwinds, according to a report by RBC economist Robert Hogue.EDB3_16/GETTY IMAGES

A recent housing report by RBC Economics states that prices of condo properties haven’t been seeing much action.

“Condo prices, in fact, have already stagnated over the past six months both at the national level…,” bank economist Robert Hogue wrote.

According to Hogue, this is happening as well in “some of Canada’s largest markets (including Vancouver, Toronto and Hamilton)”.

 

“This contrasted with a solid 7.3% increase for single-detached homes nationwide over that period,” Hogue also noted.

Hogue’s observation about condo prices form part of his October 15, 2020 report about the performance of the real-estate market for September.

Hogue noted that the benchmark price of homes in Canada increased 10.3 percent year-over-year in September.

 

That was the “first time it’s been in double-digits in three years”.

“The strength was generally concentrated in single-detached homes,” Hogue wrote, adding that the benchmark price for this type of home rose 12 percent year-over-year last month.

“This was almost double the 6.2% rate for condo apartments,” the RBC economist wrote.

In some markets, the picture has not been good.

“Condo prices have flattened in Vancouver, Toronto and Hamilton relative to pre-pandemic levels,” Hogue wrote.

In a previous report on September 30, Hogue wrote that the “impact of COVID-19 on the housing market is complex”.

“The bottom line is we expect condo prices to weaken in larger markets next year…,” Hogue predicted.

In September 2020, the benchmark price of a condo property in areas covered by the Real Estate Board of Greater Vancouver was $683,500.

This represents a 4.5 percent increase from September 2019, and a 0.3 percent decrease compared to August 2020.

In areas under the Fraser Valley Real Estate Board, the benchmark price of a condo in September was $436,900.

The number represents a 0.1 percent per cent drop compared to August 2020, and an increase of 4.7 percent compared to September 2019.

In Victoria, the benchmark price of a condo in September 2019 was $512,500.

Last September, the value for the same condominium decreased by 0.4 percent to $510,600.

The figure also represents a 0.6 percent drop from the August 2020 value of $513,900.

 
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I have listed a new property at 703 QUADLING AVE in Coquitlam.
Coquitlam West RM-3 Multi-Storey medium density Development Opportunity / Land Assembly East of Lougheed Highway and North Road. The site falls within the core and shoulder area of Coquitlam’s Transit-Oriented Development Strategy. The properties are located along major transit nodes in the centre of Coquitlam, near the new Evergreen SkyTrain expansion. OCP allows for a Medium Density Development Site 7-8 Stories with an FSR of 2.45 or a 4-6 story development with an FSR of 2.3 Please go to Realtors web site for feature sheet and more info including Site Video
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I have listed a new property at 22815 125A AVE in Maple Ridge.
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Two master bedrooms on main. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement is a with 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Saturday/Sunday Open House 2-4 pm--masks required.
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Please visit our Open House at 22815 125A AVE in Maple Ridge.
Open House on Saturday, October 17, 2020 2:00PM - 4:00PM
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Two master bedrooms on main. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement is a with 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Saturday/Sunday Open House 2-4 pm--masks required.
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Please visit our Open House at 22815 125A AVE in Maple Ridge.
Open House on Sunday, October 18, 2020 2:00PM - 4:00PM
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Two master bedrooms on main. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement is a with 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Saturday/Sunday Open House 2-4 pm--masks required.
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I have sold a property at 805 4818 ELDORADO MEWS in Vancouver.
Spotless, and every-amenity-you-need condo, in a quiet, concrete building near Kingsway and Nanaimo. Modern chef's kitchen with gas range, granite countertops, and stainless steel appliances. Fully tiled European spa bathroom with soaker tub. Balcony with mountain views. Fantastic opportunity in the city! Extremely well laid out Jr 1 Bed. Solid well managed building with fitness center, lounge/games room, and a sunny rooftop terrace! Located in a PRIME LOCATION steps to Skytrain! Downtown Vancouver, Burnaby/Metrotown and Richmond for all your shopping, dining and entertainment needs within minutes! Live-in caretaker. 1 parking and 1 storage locker included.
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'An increasingly bad experience': Vancouver man cites rising crime as reason for selling condo

Allison Hurst

Allison HurstMulti-Skilled Journalist, CTV News Vancouver

@AllisonM_Hurst Contact

Published Saturday, October 10, 2020 12:26PM PDTLast Updated Saturday, October 10, 2020 4:00PM PDT
 
 
 
 
 
 
 
 
Volume 90%
 
 
 
 
 
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The real estate market is feeling the effects of homelessness in Vancouver, particularly near the Strathcona Park tent city.
 
 
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The City of Vancouver is moving ahead with a multi-million effort to house homeless residents.
 

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VANCOUVER -- Ari Newman has called Vancouver’s Strathcona neighbourhood home for the last three years, but that’s about to change.

“It’s been an increasingly bad experience living in Strathcona,” he told CTV News. “I’m seeing an escalation of violent crime, I’m seeing an escalation of violent assault.”

He himself has been assaulted twice while living in the neighbourhood.

“It was out of the blue,” he said of the first time it happened, recalling being blindsided by someone looking for money.

The second time, just a few months ago, he was assaulted by someone riding a bike, again over money.

“I was stopped and, you know, kind of shaken down for money,” he said.

Newman’s negative experiences in the neighbourhood started before the tent city went up in Strathcona Park, but he says the situation has gotten worse in recent months. He listed his condo in the spring, and has spent months calling local and federal politicians trying to get action taken in his neighbourhood.

“There really hasn’t been any action,” he said.

Newman is far from the only Strathcona resident frustrated by a rise in crime in the neighbourhood and calling for an end to the homeless camp. In late September, concerned residents held a rally calling on politicians to find homes for camp residents and dismantle the camp. 

While residents like Newman look to sell their homes, real estate agents are seeing interest slow in areas such as Strathcona, Yaletown and Gastown.

“I personally have listings in like the Science World area and Gastown area, so areas close to Strathcona, and we are seeing the spillover effect into those neighbourhoods too, where people aren’t as drawn to come and see those properties and the listings are sitting longer,” said Gary Serra, a real estate agent with Remax.

Since the pandemic started, with so many people working from home, Serra said he has noticed interest in condos dying down.

“The detached market is very high at almost 25 per cent. Townhomes are the highest at almost 31 per cent. And condos are sitting at around 21 per cent,” he said.

While anything over 20 per cent is considered a seller’s market, he said he’s seeing a large downturn on condos that’s resulting in an almost “balanced” market.

In neighbourhoods like Yaletown, which have typically been highly sought after, he’s says found buyers “steering away.”

“People like the character, they like that it’s right in the city core and the grit,” said Serra. “It’s gone beyond that now and people feel unsafe.”

Like Strathcona residents, some who live in Yaletown have expressed frustration with a rise in crime and violence they say started when homeless people who had been living in a tent city in Oppenheimer Park were moved into the Howard Johnson hotel on Granville Street.

In early July, Vancouver police said they had received “an overwhelming number of messages” from Yaletown residents and promised more patrols and new safety measures in the community in response. 

Serra said the real estate market has largely stayed strong despite the COVID-19 crisis, and this latest “bump,” but action on homelessness in the city needs to happen soon.

“Maybe after couple of months, if there’s really a concerted effort on the city’s part that is really doing something positive, then, you know, people’s perception will start to change,” he said.

The City of Vancouver has voted in favour of spending $30 million on housing tent city residents and other homeless people during the pandemic. Mayor Kennedy Stewart told reporters Friday the city expects to move forward on the plan “within weeks.” 

For Newman, he’s ready to move even if he has to take a loss in the sale.

“I don’t think I’ll get what I want just given what’s happening in the community,” he said. “I’ll get way below my assessed value.”

But it comes down to wanting to live somewhere and feel safe, he said.

“It’s one of those things were you just have to understand all the variables that are involved in it and then make your decision,” he said. 

RELATED IMAGES
 
  • Strathcona homeless camp
  • Strathcona neighbourhood

    Ari Newman has called Vancouver’s Strathcona neighbourhood home for the last three years, but that’s about to change. (CTV)

  • Strathcona Park
  • Strathcona homeless camp
  • Strathcona neighbourhood

    Ari Newman has called Vancouver’s Strathcona neighbourhood home for the last three years, but that’s about to change. (CTV)

 
 

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When should you break your mortgage for a better rate?

Pattie Lovett-Reid

Patricia Lovett-ReidChief Financial Commentator, CTV News

@PattieCTV Contact

Published Monday, September 28, 2020 7:00AM EDT
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TORONTO -- If you’ve found yourself enticed by a better mortgage rate or another lender offering something more competitive, there’s something you should ask yourself.

Does it make sense to break my current mortgage and lock it in at a lower rate?

Some families are also looking to free up cash due to layoffs associated with COVID-19 and may need to refinance their mortgage, while others might just decide to sell their home.

Regardless of the reason you might have to break your current mortgage, you will likely have to pay a penalty.

A pre-payment penalty protects your lender who was counting on interest payments from you for a specified period. When you pay your mortgage off quickly, no matter how you do it, your lender is getting less than they anticipated in interest payments and you have to pay a price for changing or opting out of the contract.

If you have a variable rate mortgage, you will have to pay a three-month interest penalty. However, if you have a fixed rate mortgage you will have to calculate three months of interest and the interest rate differential (the rate you have compared to the rate you will get) and pay the greater of the two options.

Let's break it down in a back of the envelop calculation: Assume you have a $200,000 variable rate mortgage at 3 per cent. You would have to pay a three-month interest penalty of $1,500.

If, however, you had a fixed rate mortgage at 4.29 per cent with 23 months remaining in your term and wanted a new rate of 2.39 per cent, you would have to calculate the interest rate differential or three months of interest and pay whichever is higher.

A rough calculation suggests the three-month differential of $7,283 is the amount, excluding fees, you would have to pay as it is greater than the three months of interest amount of $2,145.

The actual calculations are a little more complex, but this gives you an idea of what to look for.

To get a more accurate picture you could ask your financial institution to run and compare the numbers or go on a site like Ratehub.ca and enter in the variables that apply to you.

Before you break your mortgage, here’s what to remember:

  •  Know there will be a penalty.
  •  Have your financial institution break down the numbers for you.
  •  Understand there will be fees and that every bank is a little different.
  •  The penalty you pay has to be less than the gain you will achieve or it simply isn't worth it.

Knowing your numbers makes this an easy decision.

 

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BC Place to see new 17-storey office tower and entertainment pavilion (PHOTOS)

Vancouver City council unanimously approved rezoning to make way for the redevelopment Tuesday night
720-Beatty-Street-Vancouver-Creative-Energy-Westbank-January-2019-2
A new office tower and entertainment pavilion will be built next to BC Place. Rendering: Westbank Corporation

A Vancouver City council decision Tuesday night means BC Place stadium is about to get cozy with 17 new storeys of office space, and another six for arts and entertainment.

That’s because outside stadium gates A and B, facing Georgia Street, Westbank Corporation is proposing a major redevelopment of the Creative Energy Steam plant and an adjacent industrial site.

The municipality received an updated rezoning application for 720 Beatty St. and 701 Expo Blvd. in March.

Atop both redevelopments, there will be a terrace with greenspace, with enough room for a running track on top of the upgraded steam plant building – which itself delivers hot water and heating to more than 200 buildings in the downtown peninsula.

WestbankThe new 17-storey office tower proposed for 720 Beatty Street. Rendering: Westbank Corporation

Westbank first acquired the natural-gas steam plant in 2013.

The ground floor of the new office tower will be bolstered with a five-metre passageway to provide pedestrians, cyclists, and motorists a connection to four new levels of underground parking and a connection to Expo Boulevard and Beatty Street.

The adjacent entertainment pavilion will provide 30,236 square feet of commercial space with a karaoke spot, virtual reality sports hub, sports bar, and brewery already in the plans.

720-Beatty-Street-Vancouver-Creative-Energy-Westbank-January-2019-33The proposed underneath of the 720 Betty Street office tower. Rendering: Westbank Corporation

Nearby homeowner Helene Perndl expressed her support for the new infrastructure.

“The current building on this block is a big eyesore and I think this will be a huge improvement,” she submitted to council in favour of Westbank's proposal.

“I'm happy to see that big investment in office buildings like this are still going ahead even during the pandemic.”

EntertainThe six-storey entertainment pavilion will make space for restaurants, a brewery, karaoke spot, and sports bar. Rendering: Westbank Corporation

The project will bolster the southwestern corner of BC Place ticket holders of concerts and sports games with more entertainment and dining options in the downtown area.

Initial construction of the now-approved project – which is estimated to generate approximately 2,000 off-site and on-site jobs – is being financed by Allied Properties Real Investment Trust for $185 million.

CreateRendering: Westbank Corporation

“The project will not only contribute to increasing job space and to advancing the city’s economic development objectives but also help to achieve the regional entertainment district envisioned under the Northeast False Creek Plan,” detailed city staff in a report to council.

The rezoning will generate nearly $13 million in development cost levies, $4.7-million in community amenities, and more than $1 million in public art for the municipality.




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Greater Vancouver Detached Real Estate Prices Rise, While Condos Slip Lower

Greater Vancouver real estate had a huge month for sales, but condos are showing weakness. Real Estate Board of Greater Vancouver (REBGV) data shows composite prices grew in September. Breaking down the price trend by segment, we see two different markets. Detached prices are higher than the month before, with the annual rate of growth rising. Condo apartments are lower than the month before, with price growth stalling. Both segments remain below their all-time highs.

Greater Vancouver Detached Homes Rise, While Condos Lose Steam

Greater Vancouver real estate prices are picking up some steam. The price of a typical home across REBGV reached $1,041,300 in September, up 5.8% from the same month last year. In the City, it was a little more dependent on which part you were in. Vancouver East saw the price of a typical home hit $1,105,800, up 7.5% from last year. In Vancouver West, the price reached $1,271,900, up 4.0% from last year. In all regions, the price increases are largely due to detached prices rising, and are still below the all-time highs. 

Greater Vancouver Composite Benchmark Price

The price of a typical home across Greater Vancouver, in Canadian dollars.

CompositeDetachedCondo ApartmentJan 2005Jul 2005Jan 2006Jul 2006Jan 2007Jul 2007Jan 2008Jul 2008Jan 2009Jul 2009Jan 2010Jul 2010Jan 2011Jul 2011Jan 2012Jul 2012Jan 2013Jul 2013Jan 2014Jul 2014Jan 2015Jul 2015Jan 2016Jul 2016Jan 2017Jul 2017Jan 2018Jul 2018Jan 2019Jul 2019Jan 2020Jul 2020$0$200,000$400,000$600,000$800,000$1,000,000$1,200,000$1,400,000$1,600,000$1,800,000Canadian Dollars
MonthCompositeDetachedCondo Apartment
Jan 2005 384,400 545,100 250,100
Feb 2005 387,100 547,800 252,400
Mar 2005 389,400 550,000 254,600
Apr 2005 392,100 552,800 256,600
May 2005 397,500 559,300 261,100
Jun 2005 403,600 565,800 266,400
Jul 2005 409,000 573,500 270,400
Aug 2005 414,000 581,100 273,100
Sep 2005 420,500 588,700 278,900
Oct 2005 423,200 592,500 280,400
Nov 2005 426,300 596,900 282,600
Dec 2005 429,800 601,300 285,400
Jan 2006 437,800 613,300 290,400
Feb 2006 447,100 625,300 297,100
Mar 2006 455,500 637,800 302,400
Apr 2006 465,100 649,800 309,900
May 2006 474,700 662,300 316,900
Jun 2006 482,800 674,900 321,100
Jul 2006 486,700 678,700 324,400
Aug 2006 490,900 683,000 327,900
Sep 2006 494,300 686,900 330,600
Oct 2006 494,300 686,900 329,900
Nov 2006 494,700 687,400 329,600
Dec 2006 494,000 687,400 327,400
Jan 2007 500,900 696,100 333,400
Feb 2007 506,600 705,400 337,100
Mar 2007 512,000 714,100 340,600
Apr 2007 519,700 726,100 345,900
May 2007 527,000 737,600 350,600
Jun 2007 534,300 749,500 354,900
Jul 2007 538,900 755,000 358,400
Aug 2007 543,900 760,400 362,900
Sep 2007 548,200 765,400 365,700
Oct 2007 550,800 768,100 368,200
Nov 2007 553,500 770,300 370,700
Dec 2007 555,500 773,000 372,200
Jan 2008 560,500 781,700 374,700
Feb 2008 566,600 791,000 378,400
Mar 2008 572,400 800,200 381,200
Apr 2008 574,300 803,000 382,400
May 2008 575,400 805,700 382,700
Jun 2008 577,400 808,400 383,400
Jul 2008 567,400 795,300 375,900
Aug 2008 560,800 782,300 372,700
Sep 2008 553,500 769,700 368,400
Oct 2008 538,200 748,500 357,400
Nov 2008 522,800 728,300 346,100
Dec 2008 507,800 708,100 334,900
Jan 2009 504,700 702,700 333,400
Feb 2009 500,500 697,200 330,400
Mar 2009 497,000 692,300 328,400
Apr 2009 503,900 701,600 333,900
May 2009 511,300 710,800 339,900
Jun 2009 518,900 720,700 346,100
Jul 2009 527,800 734,800 351,900
Aug 2009 536,600 749,000 357,100
Sep 2009 546,600 764,300 363,900
Oct 2009 551,600 774,100 365,700
Nov 2009 558,500 784,400 370,400
Dec 2009 565,100 794,800 374,200
Jan 2010 570,800 807,300 375,700
Feb 2010 577,800 819,900 378,900
Mar 2010 584,300 835,700 380,400
Apr 2010 588,900 843,300 382,900
May 2010 588,100 845,500 380,700
Jun 2010 584,700 841,700 377,700
Jul 2010 578,500 835,700 371,900
Aug 2010 575,400 830,200 370,900
Sep 2010 573,900 827,500 370,200
Oct 2010 573,100 825,900 369,900
Nov 2010 574,700 830,800 370,700
Dec 2010 574,700 829,700 369,900
Jan 2011 580,400 847,700 371,200
Feb 2011 586,200 860,800 372,400
Mar 2011 597,000 880,900 378,900
Apr 2011 609,700 913,100 381,900
May 2011 616,200 928,900 384,700
Jun 2011 620,400 938,200 386,200
Jul 2011 622,000 945,200 385,400
Aug 2011 622,300 946,300 384,200
Sep 2011 620,800 945,800 382,200
Oct 2011 619,300 945,800 379,400
Nov 2011 617,700 942,500 379,900
Dec 2011 614,700 935,400 379,400
Jan 2012 615,000 935,400 380,900
Feb 2012 621,600 949,100 383,200
Mar 2012 628,500 961,100 385,900
Apr 2012 633,100 970,900 387,700
May 2012 635,800 973,600 390,700
Jun 2012 630,400 965,400 387,200
Jul 2012 625,000 954,500 385,400
Aug 2012 618,900 946,300 380,400
Sep 2012 615,800 940,900 378,900
Oct 2012 613,100 933,800 378,400
Nov 2012 607,400 920,200 376,700
Dec 2012 600,800 908,700 372,400
Jan 2013 599,300 906,000 371,400
Feb 2013 602,000 907,100 372,400
Mar 2013 604,700 912,000 376,400
Apr 2013 608,900 918,000 380,400
May 2013 609,700 921,300 379,700
Jun 2013 613,100 924,500 383,700
Jul 2013 613,100 925,600 382,700
Aug 2013 612,700 928,900 380,200
Sep 2013 613,900 927,800 383,200
Oct 2013 613,100 928,300 380,900
Nov 2013 615,000 930,000 382,700
Dec 2013 615,000 932,700 381,700
Jan 2014 618,100 936,000 384,900
Feb 2014 623,100 942,500 388,700
Mar 2014 629,300 954,500 390,900
Apr 2014 633,100 964,300 391,700
May 2014 638,100 973,600 393,700
Jun 2014 641,900 984,500 394,200
Jul 2014 641,900 988,300 392,700
Aug 2014 644,300 989,900 395,400
Sep 2014 646,200 995,900 394,900
Oct 2014 649,600 1,002,500 396,200
Nov 2014 650,800 1,005,800 395,200
Dec 2014 652,300 1,009,600 397,200
Jan 2015 655,800 1,018,300 396,900
Feb 2015 663,500 1,035,200 399,900
Mar 2015 676,200 1,061,400 405,200
Apr 2015 687,300 1,085,300 410,200
May 2015 699,200 1,112,600 412,900
Jun 2015 708,800 1,132,800 416,700
Jul 2015 715,400 1,152,400 416,900
Aug 2015 724,200 1,170,900 420,700
Sep 2015 736,900 1,190,600 430,200
Oct 2015 748,800 1,207,400 439,200
Nov 2015 765,300 1,236,900 448,200
Dec 2015 773,800 1,258,100 449,700
Jan 2016 789,600 1,284,900 458,900
Feb 2016 813,400 1,321,900 473,400
Mar 2016 834,500 1,361,200 482,200
Apr 2016 864,100 1,419,500 495,200
May 2016 907,200 1,523,100 506,500
Jun 2016 934,900 1,568,900 523,200
Jul 2016 947,500 1,585,200 533,000
Aug 2016 949,900 1,581,900 538,200
Sep 2016 945,200 1,575,400 536,500
Oct 2016 936,000 1,550,300 535,700
Nov 2016 927,600 1,519,300 536,700
Dec 2016 915,600 1,488,700 534,200
Jan 2017 914,100 1,479,500 536,000
Feb 2017 926,400 1,480,600 552,200
Mar 2017 943,300 1,499,100 566,000
Apr 2017 966,400 1,530,700 582,700
May 2017 992,500 1,572,100 600,200
Jun 2017 1,011,000 1,590,700 616,800
Jul 2017 1,031,000 1,613,000 632,800
Aug 2017 1,040,200 1,614,700 642,300
Sep 2017 1,046,700 1,616,300 650,300
Oct 2017 1,051,700 1,609,800 658,300
Nov 2017 1,057,100 1,606,500 666,000
Dec 2017 1,060,900 1,604,800 672,300
Jan 2018 1,069,000 1,603,200 682,800
Feb 2018 1,084,400 1,606,500 700,300
Mar 2018 1,097,100 1,611,900 711,800
Apr 2018 1,103,200 1,607,600 718,300
May 2018 1,104,400 1,608,100 719,000
Jun 2018 1,104,400 1,599,400 721,300
Jul 2018 1,098,600 1,585,800 718,500
Aug 2018 1,083,200 1,560,700 708,300
Sep 2018 1,068,600 1,541,100 698,500
Oct 2018 1,061,300 1,528,500 695,000
Nov 2018 1,041,700 1,506,700 679,300
Dec 2018 1,033,300 1,486,000 676,500
Jan 2019 1,021,000 1,458,800 672,300
Feb 2019 1,017,900 1,448,400 673,800
Mar 2019 1,012,500 1,445,100 670,300
Apr 2019 1,010,200 1,433,700 670,500
May 2019 1,006,400 1,426,600 666,800
Jun 2019 998,700 1,423,500 657,300
Jul 2019 995,200 1,417,000 655,300
Aug 2019 993,300 1,406,700 656,300
Sep 2019 990,600 1,406,200 654,000
Oct 2019 992,900 1,415,400 654,800
Nov 2019 993,700 1,415,400 654,000
Dec 2019 1,001,000 1,423,500 659,500
Jan 2020 1,008,700 1,431,200 666,000
Feb 2020 1,020,600 1,433,900 680,300
Mar 2020 1,033,700 1,450,700 690,000
Apr 2020 1,036,000 1,462,100 688,800
May 2020 1,028,400 1,456,700 686,500
Jun 2020 1,025,300 1,464,200 680,800
Jul 2020 1,031,400 1,477,800 682,500
Aug 2020 1,038,700 1,491,300 685,800
Sep 2020 1,041,300 1,507,500 683,500
 
Source: REBGV, Better Dwelling.

Generally speaking, the rate of growth is accelerating – but two distinct markets are emerging. Detached homes are seeing a higher annual rate of price growth, but condo apartments are stalling. Detached home prices are at a high for the year, but remain 6.7% below the all-time high. Condo apartment prices are lower than the previous month, and are 5.24% below the all-time high.  

Greater Vancouver Composite Benchmark Price Change

The annual percent change of a typical home across Greater Vancouver.

CompositeDetachedCondo ApartmentJan 2006Jun 2006Nov 2006Apr 2007Sep 2007Feb 2008Jul 2008Dec 2008May 2009Oct 2009Mar 2010Aug 2010Jan 2011Jun 2011Nov 2011Apr 2012Sep 2012Feb 2013Jul 2013Dec 2013May 2014Oct 2014Mar 2015Aug 2015Jan 2016Jun 2016Nov 2016Apr 2017Sep 2017Feb 2018Jul 2018Dec 2018May 2019Oct 2019Mar 2020Aug 2020-20-10010203040Percent Change
MonthCompositeDetachedCondo Apartment
Jan 2006 13.89 12.51 16.11
Feb 2006 15.5 14.15 17.71
Mar 2006 16.97 15.96 18.77
Apr 2006 18.62 17.55 20.77
May 2006 19.42 18.42 21.37
Jun 2006 19.62 19.28 20.53
Jul 2006 19 18.34 19.97
Aug 2006 18.57 17.54 20.07
Sep 2006 17.55 16.68 18.54
Oct 2006 16.8 15.93 17.65
Nov 2006 16.05 15.16 16.63
Dec 2006 14.94 14.32 14.72
Jan 2007 14.41 13.5 14.81
Feb 2007 13.31 12.81 13.46
Mar 2007 12.4 11.96 12.63
Apr 2007 11.74 11.74 11.62
May 2007 11.02 11.37 10.63
Jun 2007 10.67 11.05 10.53
Jul 2007 10.73 11.24 10.48
Aug 2007 10.8 11.33 10.67
Sep 2007 10.9 11.43 10.62
Oct 2007 11.43 11.82 11.61
Nov 2007 11.89 12.06 12.47
Dec 2007 12.45 12.45 13.68
Jan 2008 11.9 12.3 12.39
Feb 2008 11.84 12.13 12.25
Mar 2008 11.8 12.06 11.92
Apr 2008 10.51 10.59 10.55
May 2008 9.18 9.23 9.16
Jun 2008 8.07 7.86 8.03
Jul 2008 5.29 5.34 4.88
Aug 2008 3.11 2.88 2.7
Sep 2008 0.97 0.56 0.74
Oct 2008 -2.29 -2.55 -2.93
Nov 2008 -5.55 -5.45 -6.64
Dec 2008 -8.59 -8.4 -10.02
Jan 2009 -9.96 -10.11 -11.02
Feb 2009 -11.67 -11.86 -12.68
Mar 2009 -13.17 -13.48 -13.85
Apr 2009 -12.26 -12.63 -12.68
May 2009 -11.14 -11.78 -11.18
Jun 2009 -10.13 -10.85 -9.73
Jul 2009 -6.98 -7.61 -6.38
Aug 2009 -4.32 -4.26 -4.19
Sep 2009 -1.25 -0.7 -1.22
Oct 2009 2.49 3.42 2.32
Nov 2009 6.83 7.7 7.02
Dec 2009 11.28 12.24 11.73
Jan 2010 13.1 14.89 12.69
Feb 2010 15.44 17.6 14.68
Mar 2010 17.57 20.71 15.83
Apr 2010 16.87 20.2 14.68
May 2010 15.02 18.95 12
Jun 2010 12.68 16.79 9.13
Jul 2010 9.61 13.73 5.68
Aug 2010 7.23 10.84 3.86
Sep 2010 4.99 8.27 1.73
Oct 2010 3.9 6.69 1.15
Nov 2010 2.9 5.92 0.08
Dec 2010 1.7 4.39 -1.15
Jan 2011 1.68 5 -1.2
Feb 2011 1.45 4.99 -1.72
Mar 2011 2.17 5.41 -0.39
Apr 2011 3.53 8.28 -0.26
May 2011 4.78 9.86 1.05
Jun 2011 6.11 11.46 2.25
Jul 2011 7.52 13.1 3.63
Aug 2011 8.15 13.98 3.59
Sep 2011 8.17 14.3 3.24
Oct 2011 8.06 14.52 2.57
Nov 2011 7.48 13.44 2.48
Dec 2011 6.96 12.74 2.57
Jan 2012 5.96 10.35 2.61
Feb 2012 6.04 10.26 2.9
Mar 2012 5.28 9.1 1.85
Apr 2012 3.84 6.33 1.52
May 2012 3.18 4.81 1.56
Jun 2012 1.61 2.9 0.26
Jul 2012 0.48 0.98 0
Aug 2012 -0.55 0 -0.99
Sep 2012 -0.81 -0.52 -0.86
Oct 2012 -1 -1.27 -0.26
Nov 2012 -1.67 -2.37 -0.84
Dec 2012 -2.26 -2.85 -1.85
Jan 2013 -2.55 -3.14 -2.49
Feb 2013 -3.15 -4.43 -2.82
Mar 2013 -3.79 -5.11 -2.46
Apr 2013 -3.82 -5.45 -1.88
May 2013 -4.11 -5.37 -2.82
Jun 2013 -2.74 -4.24 -0.9
Jul 2013 -1.9 -3.03 -0.7
Aug 2013 -1 -1.84 -0.05
Sep 2013 -0.31 -1.39 1.13
Oct 2013 0 -0.59 0.66
Nov 2013 1.25 1.06 1.59
Dec 2013 2.36 2.64 2.5
Jan 2014 3.14 3.31 3.63
Feb 2014 3.5 3.9 4.38
Mar 2014 4.07 4.66 3.85
Apr 2014 3.97 5.04 2.97
May 2014 4.66 5.68 3.69
Jun 2014 4.7 6.49 2.74
Jul 2014 4.7 6.77 2.61
Aug 2014 5.16 6.57 4
Sep 2014 5.26 7.34 3.05
Oct 2014 5.95 7.99 4.02
Nov 2014 5.82 8.15 3.27
Dec 2014 6.07 8.24 4.06
Jan 2015 6.1 8.79 3.12
Feb 2015 6.48 9.84 2.88
Mar 2015 7.45 11.2 3.66
Apr 2015 8.56 12.55 4.72
May 2015 9.58 14.28 4.88
Jun 2015 10.42 15.06 5.71
Jul 2015 11.45 16.6 6.16
Aug 2015 12.4 18.28 6.4
Sep 2015 14.04 19.55 8.94
Oct 2015 15.27 20.44 10.85
Nov 2015 17.59 22.98 13.41
Dec 2015 18.63 24.61 13.22
Jan 2016 20.4 26.18 15.62
Feb 2016 22.59 27.7 18.38
Mar 2016 23.41 28.25 19
Apr 2016 25.72 30.79 20.72
May 2016 29.75 36.9 22.67
Jun 2016 31.9 38.5 25.56
Jul 2016 32.44 37.56 27.85
Aug 2016 31.17 35.1 27.93
Sep 2016 28.27 32.32 24.71
Oct 2016 25 28.4 21.97
Nov 2016 21.21 22.83 19.75
Dec 2016 18.33 18.33 18.79
Jan 2017 15.77 15.15 16.8
Feb 2017 13.89 12.01 16.65
Mar 2017 13.04 10.13 17.38
Apr 2017 11.84 7.83 17.67
May 2017 9.4 3.22 18.5
Jun 2017 8.14 1.39 17.89
Jul 2017 8.81 1.75 18.72
Aug 2017 9.51 2.07 19.34
Sep 2017 10.74 2.6 21.21
Oct 2017 12.36 3.84 22.89
Nov 2017 13.96 5.74 24.09
Dec 2017 15.87 7.8 25.85
Jan 2018 16.95 8.36 27.39
Feb 2018 17.06 8.5 26.82
Mar 2018 16.3 7.52 25.76
Apr 2018 14.16 5.02 23.27
May 2018 11.27 2.29 19.79
Jun 2018 9.24 0.55 16.94
Jul 2018 6.56 -1.69 13.54
Aug 2018 4.13 -3.34 10.28
Sep 2018 2.09 -4.65 7.41
Oct 2018 0.91 -5.05 5.57
Nov 2018 -1.46 -6.21 2
Dec 2018 -2.6 -7.4 0.62
Jan 2019 -4.49 -9.01 -1.54
Feb 2019 -6.13 -9.84 -3.78
Mar 2019 -7.71 -10.35 -5.83
Apr 2019 -8.43 -10.82 -6.65
May 2019 -8.87 -11.29 -7.26
Jun 2019 -9.57 -10.9 -8.87
Jul 2019 -9.41 -10.5 -8.8
Aug 2019 -8.3 -9.8 -7.34
Sep 2019 -7.3 -8.6 -6.37
Oct 2019 -6.4 -7.5 -5.78
Nov 2019 -4.6 -5.8 -3.72
Dec 2019 -3.1 -4 -2.51
Jan 2020 -1.2 -1.7 -0.94
Feb 2020 0.3 -0.7 0.96
Mar 2020 2.1 0.7 2.94
Apr 2020 2.5 2.3 2.73
May 2020 2.9 2.9 2.95
Jun 2020 3.5 3.6 3.58
Jul 2020 4.5 5 4.2
Aug 2020 5.3 6.6 4.5
Sep 2020 5.8 7.8 4.5
 
Source: REBGV, Better Dwelling.

Greater Vancouver Real Estate Sales Reach A September Record

Greater Vancouver real estate sales reached a new record for the month. REBGV reported 3,643 sales in September, up 19.6% from the month before. This represents an increase of 56.2% compared to the same month last year. It was actually so busy, it was 44.8% above the 10-year average for September.  

Greater Vancouver Composite Sales Vs. Listings

The number of homes sold vs total inventory in Greater Vancouver.

SalesListingsJan 2015Mar 2015May 2015Jul 2015Sep 2015Nov 2015Jan 2016Mar 2016May 2016Jul 2016Sep 2016Nov 2016Jan 2017Mar 2017May 2017Jul 2017Sep 2017Nov 2017Jan 2018Mar 2018May 2018Jul 2018Sep 2018Nov 2018Jan 2019Mar 2019May 2019Jul 2019Sep 2019Nov 2019Jan 2020Mar 2020May 2020Jul 2020Sep 202002,0004,0006,0008,00010,00012,00014,00016,000Homes
MonthSalesListings
Jan 2015 1,913 10,811
Feb 2015 3,061 11,898
Mar 2015 4,060 12,376
Apr 2015 4,179 12,436
May 2015 4,056 12,336
Jun 2015 4,375 12,181
Jul 2015 3,978 11,505
Aug 2015 3,362 10,897
Sep 2015 3,345 10,805
Oct 2015 3,646 9,569
Nov 2015 3,524 8,096
Dec 2015 2,827 6,024
Jan 2016 2,519 6,635
Feb 2016 4,172 7,299
Mar 2016 5,173 7,358
Apr 2016 4,781 7,550
May 2016 4,769 7,726
Jun 2016 4,400 7,812
Jul 2016 3,226 8,351
Aug 2016 2,489 8,506
Sep 2016 2,253 9,354
Oct 2016 2,233 9,143
Nov 2016 2,214 8,385
Dec 2016 1,714 6,345
Jan 2017 1,523 7,238
Feb 2017 2,425 7,594
Mar 2017 3,579 7,586
Apr 2017 3,553 7,813
May 2017 4,364 8,168
Jun 2017 3,893 8,515
Jul 2017 2,960 9,194
Aug 2017 3,043 8,807
Sep 2017 2,821 9,466
Oct 2017 3,022 9,137
Nov 2017 2,795 8,747
Dec 2017 2,016 6,958
Jan 2018 1,818 6,947
Feb 2018 2,207 7,822
Mar 2018 2,517 8,380
Apr 2018 2,579 9,822
May 2018 2,833 11,292
Jun 2018 2,425 11,947
Jul 2018 2,070 12,137
Aug 2018 1,929 11,824
Sep 2018 1,595 13,084
Oct 2018 1,966 12,984
Nov 2018 1,608 12,307
Dec 2018 1,072 10,275
Jan 2019 1,103 10,808
Feb 2019 1,484 11,590
Mar 2019 1,727 12,774
Apr 2019 1,829 14,357
May 2019 2,638 14,685
Jun 2019 2,077 14,968
Jul 2019 2,557 14,240
Aug 2019 2,231 13,396
Sep 2019 2,333 13,084
Oct 2019 2,858 12,236
Nov 2019 2,498 10,770
Dec 2019 2,016 8,603
Jan 2020 1,571 8,617
Feb 2020 2,150 9,195
Mar 2020 2,524 9,606
Apr 2020 1,109 9,389
May 2020 1,485 9,927
Jun 2020 2,443 11,424
Jul 2020 3,128 12,083
Aug 2020 3,047 12,803
Sep 2020 3,643 13,096
 
Source: REBGV, Better Dwelling.

New Sellers Of Greater Vancouver Real Estate Rise Over 31%

Greater Vancouver real estate is seeing an uptick in the number of sellers hitting the market as well. REBGV reported 6,402 new listings in September, up 10.1% from the month before. This represents an increase of 31.6% compared to the same month last year. The increase is substantial, but if you recall – not quite as much as the sales increase. This left total inventory tighter than last year at this time. 

Greater Vancouver’s total real estate inventory grew, but not by much. REBGV reported 13,096 new listings in September, up 2.3% from the month before. This works out to an increase of 2.6% when compared to the same month last year. When measured by total inventory, this would appear to be a tight market. However, due to the large uptick in new listings, inventory is still in the balanced range.

Generally speaking, Greater Vancouver real estate sales are very strong. Breaking it down, the picture isn’t quite as clear and straightforward. Total inventory looks tight, but the sales to new listings ratio is balanced. When looking at segments, we see detached prices are responsible for more gains. Meanwhile, condo apartment prices are cheaper than they were a month before. This isn’t just a Vancouver trend though, it’s also similar to what Toronto is seeing as well.


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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.