History of Downtown Vancouver
July 4th, 2010 Categories: Real Estate
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Just over a century ago, Vancouver was a two-block collection of buildings called Granville (now known as Gastown). This location on Burrard Inlet was competing to be the west coast terminus of the Canadian Pacific Railway. By 1887, a year after the City of Vancouver was incorporated, the first passenger train arrived at the foot of Howe Street, and future growth was assured. In the next seven years, a building boom began to move the city centre from Water and Cordova Streets up to Georgia and Granville Streets.
Streetcar service was initiated in 1890, joining the waterfront to Granville, Pender and Cordova Streets. The next period of growth was sparked by the Klondike Gold Rush in 1898. The following decade confirmed Granville Street as the centre of Downtown, and a real estate boom spiraled land costs upwards. By 1912, a core office and shopping area was well developed, flanked by comfortable residential neighbourhoods. The period after World War I saw another economic leap forward and more Downtown development. The 1929 stock market crash halted it all, and began a thirty five year period of very little change in the area. Read the rest of this entry »
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Wordless Wednesdays
June 30th, 2010 Categories: Wordless Wednesdays
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Vancouver Real Estate Analysis for Shangri-la
June 28th, 2010 Categories: Shangri-la Condos
Vancouver’s Shangri-la condo building has two sections, the Estates at Shangri-la which is the 46th to 61st floor and the live/work suits at 1111 Alberni which run to the 46th floor
The Estates at Vancouver Shangri-la condo building now has an equal number of listings to November last year and a total of 8 sales for the year, vs 12 for 2009. The live/work condo sales this year are on par with 2009. Altogether a steady market for this luxury condo building which opened in November 2008. March was the busies for sales in both sections of the building and the market has slowed in June.
Currently there are 10 suites for sale in the Estates at Shangri-la, from $2.8M and 8 sales in 2010 including my lisitng on 53rd floor, which is a unique (one of only 3) double height 3 bedroom 4500 sqft, listed at $5,780,000 and the second most expensive resale to date. Read the rest of this entry »
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BCREA’s Projection for Vancouver Real Estate
June 28th, 2010 Categories: Market Data, Real Estate
I recently attended a presentation by BCREA’s chief economist Cameron Muir on the current conditions and future projections for Vancouver’s real estate market. It was very interesting.
Here are the highlights, as per my notes
-affordability is the largest challenge, rising rates and tighter credit
-international migration equals population growth which is good for real estate which always performs in cycles.
-Vancouver is a Gateway City and over the last 10 years the world’s gateway cities have performed the best. The Asia connection is positive. China is rising and our linkages to Asia – transportation, students, brain power, will continue for the next 20 years Read the rest of this entry »
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Canada’s Annual Inflation Rate Slides
June 24th, 2010 Categories: Real Estate
The consumer price report showed that the headline inflation index rose 0.3% in May, beating expectations for an increase of 0.2%. The year-over-year rate eased to 1.4% from 1.8% in April because this year’s monthly increase fell short of last May’s 0.7% jump. The unadjusted Bank of Canada’s core measure also rose 0.3% in May, which was in line with expectations. The year-over-year rate edged down to 1.8% after averaging 1.9% in the first four months of 2010. In the month of May, prices for electricity, passenger vehicle insurance premiums, traveller accommodation and homeowners’ replacement costs rose. These increases were partially offset by lower prices for women and men’s clothing, gasoline and fresh vegetables. The seasonally adjusted all-items index posted a 0.1% decline in May. Relative to a year earlier, the biggest gains were recorded in passenger vehicles prices, gasoline, vehicle insurance premiums and homeowners’ replacement costs. Natural gas and other fuel prices were also higher than in May 2009. Moderating the effect of these increases were lower mortgage interest costs, furniture prices and women’s clothing prices. Read the rest of this entry »
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Managing the Stresses of Buying and Selling a Home
June 21st, 2010 Categories: Real Estate
Guest Article by Stanley PopovichMany people deal with the anxieties of buying or selling a home. This process can be confusing to many people. As a result, here is a list of ways that a person can use to manage the anxiety of purchasing or selling a home. The first step is to determine your goals in purchasing or selling a home. Determine what you want to accomplish. It will save you a lot of time and money in the long run if you know what you are looking for. Sit down and think about the overall goal of what you are looking for and convey this to your real estate agent. Some people like to write down their goals on a piece of paper so they have something to go back to when they get stressed. Read the rest of this entry »
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Vancouver Downtown Real Estatate Analysis
June 17th, 2010 Categories: Downtown, Market Data, Real Estate
Vancouver’s Downtown real estate analysis in May saw listings up again and higher than any month since Jan 2008 and double what they were a year ago! Sales were less than in April but higher than May’09 and the second worst month of this year after February. The hottest price range was $300,000-$400,000 and the slowest was between $700k & $1M. A big jump in the listings over $1M. Average days on the market steady at 33, and average $psf down to $617 and the second lowest for the year, after February and equal to Sept’09 and Feb’08. Sale price to list price ratio steady at 98%. Supply up to 6.5 months and the highest since Jan’09. Now a good buyer’s market.
Listings Inventory - 866. 494 listings under $500,000 (including 51 under $300,000) 238 between $500K and $700k. 76 listings between $700K and $1M. 39 listed between $1M and $2M (up from 3 last month) and 19 listed over $2M. An increase in all categories except between $700k & $1M and over $2M. Read the rest of this entry »
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June 16th, 2010 Categories: Olympic Village, Wordless Wednesdays
The view from Vancouver’s Olympic Village condos
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BC Homebuyers Facing less Competition
June 15th, 2010 Categories: Market Data, Real Estate
from BCREA
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 4 per cent to 7,950 units in May compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 11 per cent in May from April 2010. The average MLS® residential price climbed 7 per cent to $498,294 in May compared to the same month last year. 
“A slower pace of home sales combined with an increase in the inventory of homes for sale has quelled upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. A total of 54,362 MLS® residential listings were recorded in May, up 26 per cent from January on a seasonally adjusted basis. “Moderating market conditions in Vancouver, the Fraser Valley and Victoria are reducing the number of multiple offers as a greater selection of homes for sale lessons competition amongst home buyers,” added Muir.
Year-to-date, BC residential sales dollar volume increased 50 per cent to $17.5 billion, compared to the same period last year. Residential unit sales rose 31 per cent to 34,619 year-to-date, while the average MLS® residential price climbed 14 per cent to $505,468 over the same period.
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contact Maggie when you’re ready to buy or sell vancouver real estate
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Wordless Wednesday
June 9th, 2010 Categories: Olympic Village, Wordless Wednesdays
Vancouver’s 2010 Olympic Village
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