Blog

Slow Market Activity for the First Quarter of 2018

The first quarter of the year has seen slow sales activity from home buyers and sellers in Metro Vancouver. Statistics from the Real Estate Board of Greater Vancouver (REBGV) reveal that residential home sales in the region fell to 2,517, 14 percent fewer than February 2018 when 2,207 homes sold, and a whopping 29.7 percent decrease from last year’s 3,579. This number also puts this March’s sales 23 percent below the month’s 10-year average.

Additionally, the region saw its lowest first-quarter sales total since 2003. There were 6,542 home sales on Metro Vancouver’s Multiple Listing Service® (MLS®) in the first quarter of 2018, down 13.1 percent from the 7,527 sales recorded last year over the same period.

This decline in sales activity is not altogether surprising, considering that January and February of this year also saw sales slump, and sales are typically relatively slow during the first few months of the year anyway. But we’re seeing huge declines and 10 year lows this quarter. What’s causing this decline?

According to REBGV president Phil Moore, “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

There were about 12,469 homes listed for sale in Metro Vancouver during the first quarter of the year, a slight 0.8 percent decrease from the 12,568 listings over the same period last year. This represents the lowest first-quarter new listings total since 2013.

Will this alleviate some of the pressure on home prices?

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore continues. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

With busy season still ahead of us, it will be interesting to see how the effects of these statistics play out later in the year.

Source: https://www.rebgv.org/news-statistics/fewer-home-sales-and-listings-first-quarter-2018 

February Sales Slump as Market Prepares for Impact

Home sales in the Greater Vancouver area saw a slump in February, but big changes are in store for the market later on. With new residential taxes by the BC Government coming into effect, home sales in the Vancouver region last month saw a 9 percent decrease. Sales of detached houses, condos, and townhouses totalled 2,207, slightly down from the same month last year at 2,424 sales. That’s not to say prices have decreased – they remain high – but, experts are predicting that the full impact is yet to be felt.

In the NDP minority government’s first budget release, delivered February 20th, a variety of measures were announced in an effort to help reduce home prices. This includes what it calls a speculation tax, imposed on out-of-province residence. The foreign buyers tax was also expanded beyond Metro Vancouver, which was previously the only region to have the tax when the BC Liberal government imposed it last August.

Industry experts advise against putting too much thought into February’s statistics, suggesting that the true impact of these tax measures will become clearer in the months ahead as the market heads into spring – a traditionally busy time for real estate.

While the number of sales may have seen a dip, the average prices in residential real estate saw increases. According to the Real Estate Board of Greater Vancouver, the average price for condos sold in Metro Vancouver increased 24.2 percent from a year earlier, to a total of $750,052. The average price for condos increased 13.5 percent in the same time period, hitting a record $938,805 last month. Detached single family homes were the only market that saw a decrease compared to last year, by a slight 1.2 percent, to an average of $1,737,030.

It was this same type of dwelling that saw the biggest decline in sales volume, with a 16.6 percent decrease from last year to just 621 transactions. This is 39.4 percent lower than the 10-year average for the month of February. Condo sales saw a 7.1 percent decrease while townhome sales slipped just 0.7 percent.

Source: https://www.theglobeandmail.com/real-estate/vancouver/vancouver-housing-sales-slump-as-market-braces-for-tax-impact/article38195805/

The Best View in Kitsilano

The view is often one of the top selling features when purchasing a new home. After all, a beautiful home simply does not feel complete if the view does not match. Condos, unfortunately, often face this problem. All too often, the windows are restricted to one wall of the residence and there is just a small patio for fresh air. Not so with 502-1819 West Fifth Avenue! This penthouse grants a fantastic view that you get to keep all to yourself, thanks to the private 2,112 square foot rooftop patio. The panorama features views of the downtown skyscrapers, framed by the North Shore Mountains, as well as a beautiful view of the ocean. This view is simply irreplaceable.

Just imagine when summer finally arrives. You’re having your morning tea on the rooftop patio, enjoying your private view of the city as the rising sun warms you. It’s a quiet morning; the sky is just turning blue as the weather warms. It’s quickly shaping up to be the type of day that’s spent at the beach – and luckily, you are just a few steps away from Kit’s Beach. And once the day grows long and you’ve had your fill of the sun, take a stroll down nearby West Fourth Avenue, where some of Vancouver’s best restaurants are for an unforgettable dinner.

Of course, there will be days when you aren’t at the beach, and you won’t want to be on the patio – this is Vancouver after all, and rainy days are not uncommon! Luckily, this brand-new condo is just as beautiful inside as the area that surrounds it. With 1,994 square feet of living space, there is plenty of room to roam. The gleaming Caesarstone kitchen is picture-perfect, and ready for all of your culinary creations. And when you’re ready to retire for the night, the spacious master bedroom awaits you.

Whether you choose to relax at home on your private rooftop patio or go out and take advantage of all the nearby amenities, this penthouse is truly a special one. Your perfect life is waiting for you.

Listed for $3,888,000 with Oakwyn Realty Ltd.







Source: http://dailyhive.com/vancouver/502-1819-w-5th-avenue-vancouver-penthouse

An elegant mansion in the Shaughnessy

An elegant mansion in the Shaughnessy neighbourhood has just returned to the market for a reduced price. Chateau du Pine was previously listed for sale in 2016 at $39,000,000 after three years of construction, but is now available for $35,000,000. This statement home is perfectly suited for both intimate gatherings and large-scale entertaining, with 12,600 square feet of living space and every amenity you would expect from such a grand home.

Designed by Stefan Wiedemann of Wiedemann Architectural Design, the home is a masterpiece inside and out. The grand two-storey foyer gives way to an elegant, sweeping staircase. The commanding great room and formal dining room are wrought with fine details, such as impressive custom millwork and a grand chandelier. The paneled walls display a timeless elegance that is sure to impress for years to come. Top quality Calacatta Gold, Statutario, Bianca Carrara and Thassos marble as well as quarter-sawn oak flooring is found throughout the home.

Continue reading

Oilers Owner’s Penthouse for Sale

Hockey fans, take note! Daryl Katz, owner of the Edmonton Oilers, has just put his luxurious Vancouver penthouse up for sale. You can live your life just like a top hockey executive – if you can afford the $38 million price tag, that is. It’s certainly worth the price tag, however – sitting atop the Fairmont Pacific Rim Hotel, every inch of the home is immaculately beautiful and modern, and the views are simply irreplaceable. Simply put, it is one of the finest residences Vancouver has to offer.

The spacious two level residence encompases nearly 6700 square feet, with four bedrooms and four and a half bathrooms. There is also over 2900 feet of additional living space outdoors. You are sure to spend many a night in the private courtyard and terraces, gazing mesmerized at the sparkling city lights far below you. Or, when the weather is too cold to be outside, the expansive and plentiful windows offer an excellent alternative. Indeed, nearly every room in the penthouse has floor to ceiling windows – you don’t even need to leave your bed to gaze upon the beautiful Vancouver skyline! Continue reading

URBAN SKIING BC STYLE

Watch day dreams come to life as free skier legend Tom Wallisch tears the snowy city streets of Nelson and Rossland, BC. The challenge of bringing this eye-popping creative vision to life required monumental synergies over it’s three weeks of production in March. We’ve all been that kid sitting in the back seat of our family car, wishing we were somewhere else. Through the boredom, the driveway snow piles, sidewalk handrails and stairs one young skier’s imagination is set free.