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.

vancouver real estate

3955 W 12th Ave, Vancouver (Sold)

Wonderful custom built VIEW house sold @ $2,900,000 – March, 2009

Custom built Point Grey view home on 47 X122 foot lot…The quality, the layout and the views are truly spectacular. The roof deck makes you feel like you are on top of the world… complete with hot tub and outdoor kitchen. Top floor features 3(or 4) spacious bedrooms with massive walk-in closet and spaensuite bathroom. Main floor has good flow and spacious principal rooms including a gourmet kitchen with family room. Lower lever included nanny quarters, guest bedroom plus a rec room ideal for kids.

vancouver real estate

October 1st Vancouver Real Estate Market Surge

Many home sellers believe that October surge will come to push the Vancouver real estate price up to a higher level. Since October 1st is one of the biggest public holidays in China, and it will last for 7 days, they believe many Chinese home buyers will come to Vancouver. Is it a reliable or just the rumours? Just listen to what Angel Wang has to say. (sorry only speak Chinese in the video.)

vancouver real estate

Greater Vancouver home sales more than double in August

Vancouver-area home sales more than doubled in August as buyers continued to take advantage of low interest rates and relatively attractive prices. Last month’s 3,400 sales represent an increase of 120 per cent from a year ago, according to the Real Estate Board of Greater Vancouver.

vancouver real estate

Fees Associated With Buying or Selling Real Estate in Vancouver

Especially to the real estate first time buyer, it is very important to get familiar with all the fees related to buy and/or sell real estate in Vancouver, BC. (sorry, I speak Chinese in this video.)

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