The Average Price of a Home in Vancouver is now $1 Million

Potential homebuyers in Vancouver are going to have to dig a little deeper into their wallets if they want to own a home. According to the latest numbers from the Real Estate Board of Greater Vancouver (REBGV), the price of an average home in Vancouver now totals $1,019,400. It’s yet another testament to Vancouver’s extreme real estate market.

The new benchmark price is 8.7% higher than this time last year, and 2.1% from this June. The benchmark price collectively includes condos, single family detached homes, and townhomes. Breaking it down into the three separate categories, it paints both a somewhat more optimistic and dreary picture of the market. Townhomes and condos remain below that figure, selling typically for $763,700 and $616,600 respectively. However, single family detached homes are well above the combined average, with an average price of $1,612,400 – nearly $1 million more than a condo.

While this certainly is evidence a fiery real estate market, REBGV president Jill Oudil claims in a recent news release that housing demand is inconsistent across the region. She explains, “Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location.” In particular, she observed that it’s taking twice as long, on average, for detached homes to sell than condos and townhomes.

However, it’s expected that prices will continue to rise. Home prices rise when the sales-to active listings ratio is above 20% for several months—which it definitely has been. According to the REBGV, the rate at which properties of all types were selling for in July was 32.2%. Analysts typically agree that home prices drop when that ration dips below 12%, meaning we are still 20% above where we need to be if we want to see prices drop.

Home prices in Vancouver have reached a new height with the new $1+ million benchmark price. While there are some inconsistencies in the market, it looks like the high prices are here to stay for the foreseeable future.


Trendy Yaletown Loft

Do you wish you lived in a trendy downtown loft?

That dream can be a reality with this classy Yaletown apartment. The boutique building, known as “The New Yorker,” is an upgrade on traditional architecture and gives it a modern twist. And, being centrally located in the heart of Yaletown, it is just steps from restaurants, shops, and more.

Entering the apartment feels just like stepping into a trendy New York loft. The one bed, heritage conversion on the top floor features soaring 9’8 ceilings and exposed brick and wood accents, giving off an industrial atmosphere while remaining bright and open. Expansive windows allow plenty of natural light to seep in, and there is even a skylight to add even more sunlight.

The windows also frame a beautiful picture of the city. As a top floor suite, it offers some of the best views in the building, though that view is expanded on the common rooftop patio. Many summer nights will see dinner parties hosted there, and guests will always be amazed at the view.

The centerpiece for entertainment is, of course, the living room. Bright, open, and endlessly stylish, it features a cozy fireplace and more windows. Thanks to the open concept design, guests can easily flow to and from the kitchen for drinks or food.

Whether you’re entertaining guests or enjoying a night in by yourself, this versatile loft is perfect and endlessly stylish.

Listed with RE/MAX Crest Westside Realty




Exquisite Enclave Estate

An exquisite 14 foot brick wall keeps a wonder private. It sits just a short distance from Dundarave village, in one of West Vancouver’s most exclusive oceanfront enclaves. 100 year old cedars stand sentry. Ready to be opened are large formal gates to show off a European craftsman commissioned Estate.

This oceanfront estate was created in the early 1980s, taking four years to craft. The goal was to construct a home that could be a landmark for hundreds of years, like grand mansions of Europe. The estate is on .78 acres, with over 10,000 square-feet of living areas. Built to international standards with concrete and steel construction, this home has a great start for achieving its mission. There is a reason GREAT ESTATE INC calls this home a top estate in Greater Vancouver.

Boasting 150 feet of beachfront, this home has panoramic, south facing views of Stanley Park to Vancouver Island with being one of the largest level beachfront properties in West Vancouver.

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Vancouver’s Most Expensive Home

Local billionaire philanthropist Joe Segal has just put his Point Grey home up for sale, and it’s the most expensive home ever to hit the market in Vancouver. Listed for a whopping $63 million, the mansion is the second most expensive home currently for sale in Canada, second only to Ontario’s Chestler Hall. Set on Belmont Avenue—known as the home to some of the most expensive real estate in the country—it is certainly an address to be envied. Ninety-two year old Segal sums it up quite aptly: “…the best in the world. No traffic, quiet, view of the mountains and water.”

The mansion is, in a word, extraordinary. With five bedrooms, twelve bathrooms, an elevator, pool, sauna, and six car garage, it is obvious that this home far from mundane. Custom commissioned and designed, every inch of the home is beautifully crafted. Every room is a picture of classical design: It’s all delicate chandeliers and regal crown moulding. Truly a grand residence befitting of royalty.

It is so much more than a hillside palace, though. As the home of many a charity fundraiser, it has a lot of heart in its history. Owners Joe and Rosalie Segal have raised millions of dollars from various private concerts and events in the two main gallery halls over the years.

Perhaps one of the most compelling features, however, is the three-tier garden. Inspired by the gardens of Versailles, the magnificent gardens cover much of the 1.28 acre property and overlooks English Bay and the North Shore Mountains.

Though the mansion is relatively young – the Segals purchased it as an empty lot back in 2009—it has quickly become one of the most iconic residences in Vancouver. Segal hopes that “the buyer of this home will have a passion for art, history, luxurious landscapes and timeless design.” If that sounds like you, and you have $63 million to spare, this might just be the home for you.

Listed with Sotheby’s International Realty Canada.





Third-highest Selling May On Record

May has started a spring fever of home sales in Metro Vancouver with the third-highest selling May on record. According to the Real Estate Board of Greater Vancouver (REBGV), total home sales in Metro Vancouver raised 22.8% from April to May, making for a total of 4,364 sold properties in the region. For the 10-year sales average for May, the total sales are an impressive 24% higher.

Even with those strong numbers, the same period last year showed 8.5% more home sales with an impressive 4769 homes sold. With those numbers, there was a 3.9% decrease in detached, attached and apartment properties for Metro Vancouver since last year, but a hearty 23.3% rise since April.

What has been going up since last year is the benchmark price for residential properties in Metro Vancouver. Coming up at $967,500 it has seen an 8.8% increase over May of last year, and a 2.8% from April. The detached properties have seen a greater rise at 3.1%, benchmark price being $1,561,000, and a month-over-month increase in new listings of 27%. However, the actual sales of those homes are still lower, 17% less than last May.

As for apartment properties, there has been an even greater decrease than that of detached homes, with a 5.8% sales drop this May compared to last year. Like that of the detached properties, the benchmark price for attached properties rose, but quite a bit more with 17.8% ($571,300) since last May.

Attached properties have increases both in sales and benchmark price May 2017 versus May 2016, with 4.9% and 13.7% respectively, benchmark price being $715,400.

Driving the current market is “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing” and “Demand for condominiums and townhomes” said Jill Oudil, REBGV president.

Looking from last year to this year, “it’s clear that townhomes and condominiums are leading the way” and though sales are “inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes,” said Oudil.

May of last year may have seen some higher numbers in sales, but this year is still showing a rise, and is the third-highest selling May on record. We will wait and see if we are indeed in for more record-breaking pace like we saw last year in Metro Vancouver.


Pyramid Build Mystery Solved

Construction project manager Chris Massey gives a fascinating alternative theory of how the ancient Egyptians could have used a natural resource to their advantage to make pyramid building much easier.

On a vacation trip to Egypt he realized that there were problems with the percieved wisdom on how the pyramids, temples and tombs of the pharoahs were built. Where was the evidence of the huge ramp used to drag limestone blocks to the top? The same blocks, weighing tonnes, that were on wooden rollers and mud bricks manually transported across the searing hot desert sand? Watch now to find out his very possible solution of this very old mystery.

Five Steps to a More Luxurious Home

They say, “A man’s home is his castle”. Wouldn’t it be nice to actually live in a castle! We all daydream from time to time about living in a big, luxury mansion. It’s fun to think about living a life full of glitz and glamour. While we can’t all afford a mansion, there are ways that you can make your home look and feel more luxurious. Read on to find out how.

  1. De-clutter. The most luxurious homes these days usually adopt a minimalist aesthetic. You can adopt this style yourself by clearing off your countertops, windowsills, tabletops, and anything else that is flat and horizontal. Doing so opens up the sight lines throughout the house, making the layout and design the focal point rather than the clutter.
  2. Paint it white. Another simple way to bring this look to your home is to paint the walls white. While colourful walls add visual interest, it’s very difficult to do them well. Off-whites are to be avoided as well, as theyyou’re your home appear dimmer. True white instantly gives high-end feel, making your home feel as prestigious as a gallery.
  3. Dress up the windows. Window coverings can make or break a room. Mismatched blinds and outdated curtains can instantly drag the whole mood of the room down, making it appear old and cheap. Each room should have clean, matching window treatments, even if it’s simply made-to-measure blinds from the hardware store. Unity is the key to success. It’s also vital that the windows are clean; nothing brightens the mood of a room than natural light through crystal-clear windows.
  4. Cover the floor. From sleek New York penthouses to sprawling English manors, the most luxurious residences usually have a Persian kilim rug. They are a timeless way to add class to every type of home. Faux fur rugs are another trendy way to give your home a luxurious feel.
  5. Add texture. Make use of luxurious materials such as velvet, cashmere, and faux fur. It’s not necessary to replace or even re-upholster all of your furniture; throw pillows and blankets will suffice. A faux-fur blanket draped strategically on the edge of a well-worn couch can create a lovely, cozy feel.

With these five tips in mind, your home will become a luxurious retreat in no time.


Panoramic Penthouse in Fairview

In a city as beautiful as Vancouver, you want a home that maximizes the amazing view. Imagine getting to see the mountain-lined horizon with all the sparkling downtown skyscrapers in the foreground, all as you sip your morning coffee on the generous balcony. This is exactly what you get in the stylish, sunny penthouse at 977 West 8th Avenue.

Located on the top floor of a boutique building in the beautiful Fairview neighbourhood, the penthouse was designed by acclaimed architect Arthur Erickson. Erickson cleverly used floor-to-ceiling windows in place of a wall in the main living area to fully embrace the view.

You won’t want to keep a view like this to yourself. Fortunately, entertaining is made easy with the open concept floor plan. The professional kitchen, featuring Bosch appliances and high quality finishes, flows seamlessly into the dining area. The balcony is also easily accessible from both the kitchen and living area, perfect for parties on warm summer evenings where guests can dine while taking in the enviable cityscape panorama.

On less carefree days, the separate office offers a sanctuary for getting important work done. It is conveniently sized for holding small meetings with colleagues, and the entertainer’s flavour of the home makes it simple to hold such meetings.

When it’s time to retire for the day, the skyline panorama follows you to the master bedroom. With another floor-to-ceiling window situated right next to the bed, you can watch the twinkling lights of the downtown skyscrapers as you drift off to sleep.

This is a true modern residence, perfect for those who value comfort and convenience. It features two bedrooms, two bathrooms, geothermal heating and air conditioning, two parking stalls, and a security system.

This penthouse is beautiful on the inside with huge, sun-filled windows and a stylish open concept. Surrounded by both nature and urban landscapes, it’s impossible for it to not be beautiful on the outside as well. With a full panorama of the North Shore mountains and the skyscrapers of downtown, this is the perfect home for anyone who appreciates true beauty.

Listed by: Engel & Völkers Vancouver.


Seven Ways to Freshen Up Your Home

If you’re thinking of selling your home, now is a great time. Prices remain high throughout the Greater Vancouver area and now that the stagnant winter months are behind us, many people are out and about looking for a new home. Here are some easy tips to freshen up your home for these prospective buyers.

  1. Open your windows. This is the absolute easiest way to add freshness to your home. Letting in some fresh air will go a long way in carrying away odours and stale air. You should also be sure to clean your windows – you will be amazed how much of a difference it makes. Make your own DIY window spray by combining equal parts white vinegar and distilled water in a spray bottle.
  2. Dust. Another easy way to freshen up is by dusting. Removing that dirty film from furniture, ceiling fans, and door trim will really make your home shine. Try using a clean microfiber cloth with a drop or two of lemon essential oil. The essential oil will leave a pleasant, fresh citrus scent!
  3. Avoid strong odours. Nothing will turn off potential buyers faster than a smelly home! Avoid cooking foods such as onion, garlic, bacon or fish the day before a showing. They can linger in the air and make your home smell like a fast food restaurant, instead of the classy, top-dollar dwelling it is.
  4. Pleasant scents. Trade cooking those smelly foods for a bit of baking. Popping a batch of cookies in the oven before a showing will create a pleasant aroma that will emanate throughout your home and create a cozy, homey atmosphere for viewers.
  5. Add plants. Plants are a wonderful accessory for any home. They purify air naturally and add a lot of visual appeal. Boston ferns or peace lilies are good options.
  6. Paint. If your walls are free of chips and thumbtack holes, feel free to skip this step. But if your walls need a little pick-me-up, adding a fresh coat of paint will instantly revive any space. Just make sure to use a non-toxic paint that uses food-grade ingredients and is VOC-free.
  7. Fresh fruity fragrance. If you’re out of time and out of air freshening spray, you can make your own DIY version. Grab a bottle of vodka and soak citrus rinds in it overnight. In the morning, fill a spray bottle half with the vodka mixture and half with water, and spray it liberally around the house. You will be amazed how well this works!

A fresh and open atmosphere goes a long way in making your home more appealing to buyers. With these tips, your home will sell in no time.


French-Inspired Chateau in First Shaughnessy

Pristine, manicured gardens surround this French inspired villa in First Shaughnessy. Walk up a regal limestone way and staircase with classic sturdy railings to a solid Sapele front door. This home looks like a porcelain model with light exterior walls, French blue wooden windows, a light blue roof, and a round regal accent window at the peak. With its sturdy angular structure accented with curves, the home still looks gentle.

Adjacent is a putting green and lush grass lined in picture perfect foliage. Two smaller sets of stairs welcome to either side of the home to enjoy the over 1600ft of outdoor living. On the one side is a grand 35ft water feature. Follow to the back, and you’ll find a rose and hydrangea garden and a basalt BBQ area. Throughout the landscaping are bright periodic tiles, accenting the grass and foliage.  Along the other side is an elegant pergola, finishing off the fairytale ambience in this outdoor space.

Once inside the home, you are welcomed by an oval entry with a ceiling fresco. With French inspired accents in this light coloured home, and darker accents from the doors and railing, the home is airy but still grounded. Further into the home is the grand hall that is adorned with limestone patterned flooring and a picturesque staircase.

Italian handcrafted olive wood millwork brings the kitchen alive along with the marbled countertops and backsplashes. The island is massive with hidden appliances. Intricate light fixtures that hang above the island look like they are adorned with strands of jewels.

Brazilian hardwood floors are installed across the living room, formal dining room and library floors, richening the rooms with a warm red-toned wood. Swarovski crystal chandeliers and French empire lighting is the icing of the home.

The lower level is ready to entertain, with an onyx bar, media room and a handcrafted cellar. It also has a nanny suite. And that is not all for this fairytale home; it has top-of-the-line La Scala system for every room in the home that can be controlled by both a smartphone and the security system.

3688 East Boulevard is a fairytale home with quality accents, breathtaking landscaping that welcomes the cheer of spring, and asks you to sit and enjoy it.

Listed by Macdonald Realty.
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