vancouver real estate

The Housing Market Scenario At the Greater Vancouver Area In 2010

The housing price at the Greater Vancouver Area in Canada has significantly increased in the present times. As per industry exerts, the residential real estate market has roared back in 2010 with the housing prices at or above pre-recession levels.  One of an interesting feature is that the housing sales have also increased notably at the beginning of the second quarter in 2010.

As per the reports of REBGV (Real Estate Board of Greater Vancouver), about 3,512 residential properties have been sold in April 2010. It is about 18.5% increase in comparison to 2,693 sales during the same month a year back and 9.1% increase (with 3,218 sales) from that of April 2008. The housing sales figure of April 2010 also signifies that there has been about 12% increase in comparison to March 2010.

There have been about 7,648 new listings (in April 2010) for attached, detached and apartment properties in the Greater Vancouver Area that amounts to about 64.5% increase as compared to the similar period in 2009. In comparison to March 2010, there has been about 9.2% increase in property listings. The sales of detached, attached and apartment properties have also increased remarkably in the past 1 year.

The housing prices have also increased during the similar time period. In the past 12 months, the HPI (Housing Price Index) benchmark for all residential real estate properties has increased from $499,021 (in April 2009) to $593,419 (in April 2010). The benchmark for detached, attached and apartment properties in April 2010 has increased by 21.2%, 16.4% and 16.9% respectively as compared to April 2009.

One of the major reasons behind the increased price of Vancouver homes is that the demand has been a lot more than the supply for the past 1 year. According to the industry experts, the housing price will continue to be higher in 2010. So, this is the ideal time for the Vancouverites to own a property before the price rises more. Moreover, the low mortgage rates may soon disappear along with the addition of 12% HST (‘Harmonized Sales Tax’, the combined federal-provincial tax) to the price of homes from July 1, 2010.

Due to the housing mortgage meltdown in US, Canadian lenders have become cautious about offering home loans to the borrowers. They’re assessing the financial condition of the mortgage borrower before originating a home loan. So, make sure that your finances are in order so that you can qualify for taking out a mortgage loan if you want to own a property in the Greater Vancouver Area, Canada.

vancouver real estate

New Condos Are The Interests Of Property Investors From Mainland China

Many property investors from mainland China are not necessarily immigrants. They are investing in Vancouver’s real estate market since the new legislation of tourism between China and Canada by the end of year 2009. Details please contact Angel Wang.

vancouver real estate

About Buying Foreclosure Homes In Vancouver

What’s the procedure for buying foreclosure homes in Vancouver? How can you successfully bid for it on court? The difference from buying a regular home. What other issues you should know about before purchasing a foreclosure home? Please contact Angel Wang (Top Real Estate Agent In Vancouver West) for details.

vancouver real estate

Real Estate Market In Vancouver West Side Were Unbelievably Hot!

Since Winter 2009, until Vancouver 2010 Winter Olympics, real estate market in Vancouver west side was not even down a little bit. It was unbelievably even hotter comparing to Summer market in 2009. The biggest reason behind was that the demand was largely exceeding the supply for the past year. And that situation will still remain in 2010. Therefore anyone who dreams about buying homes in Vancouver west side really have to act quickly than ever, otherwise he could hardly get it. Please contact top Vancouver West real estate agent, Angel Wang for details.

vancouver real estate

Vancouver Real Estate News: Housing supply and demand reach closer alignment in January

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

The news was released lately in VANCOUVER, B.C. on February 2, 2010.

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

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

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

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

Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.
Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.

While everyone is wondering how the Olympics is going to effect on Vancouver’s real estate market in February and in the future, diverse selection and favorable interest rates continue to drive demand in the Greater Vancouver housing market.

Download the complete report with chart (PDF) here.

vancouver real estate

Build Your Dream Home In Vancouver

Everyone is dreaming of living in his dream home where everything will be customized according to his needs and wants. Well that won’t just be a dream any more. Now you could build your own dream house using the tips Angel Wang revealed in this video. (language used in this video: Mandarin)

For further inquires about how to select and build your own house, please contact Angel directly.

vancouver real estate

Which Oceanfront Property To Choose: West Vancouver Uphill or Downhill?

West Vancouver is becoming one of the hottest real estate investment market globally. More and more international investors are impressed by the gorgeous ocean view from those oceanfront properties. But there is always a concern for choosing uphill or downhill oceanfront homes. I compare the advantages and disadvantages (I speak Mandarin) in this video. Any inquiry regarding investing real estate in BC Canada, please contact me directly.

vancouver real estate

Investments in Vancouver Real Estate to Benefit from Strong Housing Demand in the Near Future

Residential real estate in Vancouver has shown remarkable resilience in the current downturn. While the market has recorded a 5 per cent decline in home values compared to the peak reached in 2008, home prices in Vancouver have risen, on average, 17 per cent each year since 1980. This has made Vancouver’s property market lucrative and attractive to real estate investors. The trend should persist as a slew of market indicators, economic fundamentals, and other factors suggest that demand for housing in Vancouver—and therefore the market prospects for strong investment performance—should remain strong.

Various indicators paint a rosy picture of the property market activity in Vancouver. Housing sales in the January-August period are about 14 per cent higher than in the same period last year. Yet, this compares to an expected decline in housing sales of nearly 15 per cent in the country as a whole. In fact, the home sales rebound in Canada, forecast for next year, will be driven primarily by a robust recovery in sales in British Columbia and Alberta, with the Vancouver area leading the way. Increased housing demand, especially given limited inventory levels, will put an upward pressure on prices, making investments in real estate in Vancouver highly desirable.

In fact, inventory levels in Vancouver have already fallen as many home buyers have taken the advantage of low mortgage rates and well-priced properties in desirable locations. New listings are down approximately 23 per cent from last year. According to RE/MAX Canada, residential real estate market in Vancouver is currently considered balanced, with purchasers and vendors on the same page for the first time in years. This has exerted pressures on prices, which bodes well for those expecting to earn capital returns on their investment properties.

On the other hand, although the unemployment rate in British Columbia has increased by 3.5 percentage points in a year to 7.7 per cent in the second quarter of 2009, wages in the region have actually increased by 2.2 per cent. At the same time, consumer confidence has rebounded and most Canadians now believe that the market is expected to turn around, making this the right time to buy. Considering the impending economic recovery, British Columbia, including Vancouver, should see employment and wages rebound. As the region is expected to lead the rebound in the housing activity in Canada next year, Vancouver real estate investments should benefit from the current and emerging economic trends.

In fact, Canadian real estate market—and especially that of Vancouver—should prove attractive to international real estate investors for several reasons. Canada’s economic growth next year will be at least double that expected in the United States and more than quadruple that of Europe. Moreover, the Canadian banking sector, which is ranked by the World Economic Forum as the soundest banking system in the world, has created a sound financial environment in Canada that ensures the security of real estate investments in an otherwise highly volatile global investment environment. Besides, the advent of the 2010 Olympics and the opportunity to showcase Vancouver globally should bode well for residential real estate in the coming year. Therefore, investing in Vancouver’s real estate could be a sound investment strategy for international investors.

In general, prospects for a strong demand for real estate in Vancouver look optimistic. The expected rebound in housing activity, along with an economic recovery, strong financial sector, and the coming 2010 Olympics all bode well for investments in Vancouver’s real estate. Investing in Vancouver properties has proven lucrative so far and will likely continue to be a choice for many local and international investors.

vancouver real estate

Why BC Luxury Real Estate Appeals To Investors (Part Two)

Yet, despite the small share in total residential sales, the luxury real estate market boasts properties with the highest price tag in the country. The high price of the luxury real estate in British Columbia is usually associated with a particular lifestyle or recreational appeal. In this sense, British Columbia boasts many natural beauties and the vast oceanfront access to the Pacific. This has made the province highly attractive to homebuyers and property investors seeking lifestyle-associated leisure properties. Most demanded have been oceanfront or lakefront properties and condominiums with a view and access to the waterfront. Kelowna, which is located on the Okanagan Lake, has been attractive for its recreational and tourism appeal.

In the Greater Vancouver area, the most exclusive locations include Point Grey, UBC, Point Grey Road, Shaughnessy, West Vancouver’s Altamont, Dundarave, and British Properties (with upscale panoramic ocean and city views), and the waterfront. The most prestigious neighbourhoods in White Rock-South Surrey include Morgan Creek and Elgin/Chantrell. In Victoria, buyers seeking retirement or lifestyle properties are attracted to Esquimalt, Victoria West or Victoria Proper, where many properties offer a mix of exclusive, upscale waterfront units. Also popular are Oak Bay, Cordova Bay, Fairfield and Ten Mile Point. In Kelowna, lakefront properties carry the highest price tag. The most popular upscale neighbourhoods include Upper Mission, Lower Mission, Lakeview Heights, and Carr’s Landing.

vancouver real estate

Compare Vancouver Real Estate Market 2008 and 2009

Vancouver real estate market continues growing in 2009. Although the average price for single family home is 5% lower than which of last year, the real estate buying and selling transactions and volume is growing by over 100%.

In this video I review Vancouver real estate market and its stats. Sorry I only speak Chinese in this video.

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