|Vancouver Market Updates for Unique Properties and Lofts|
VANCOUVER REAL ESTATE MARKET UPDATES
SO FAR IN 2012
Recent years data show that March typically has more activity for sales and listings than February, for Vancouver condominiums and lofts. In March 2012, we did see softer sale numbers than those seen in 2011. March also had 5.2% percent more inventory than February, which is slightly over the average monthly increase. We are currently seeing steady sales numbers, but over average increase in inventory of homes/condos coming up for sale. This could lead to flattening prices over the next coming months.
The overall Great Vancouver Real estate market has appreciated 5% in price gain over the past 12 months. I believe due to the positive gains in local real estate values, many sellers have now listed their homes at higher aggressive prices, but are now having to compete with many newly added listings and modest sales numbers. The key to selling in today's market is sharp pricing & effective exposure. When sellers are listing their homes for sale, they must consider recent sales figures and price thier property accordingly to competition against other listings on the market. It has turned into a buyers market recently where buyers are exposed to many options of homes to buy at competitive prices on the market. For people looking to buy in today's market, there has not been so many options of homes to buy at competitive prices on the market at once, for some time. The current extra supply of listings offers buyers a good opportunity to negotiate and not having to face dealing with multiple offers as frequently, as seen in prior months.
"Home sellers have been more active than buyers for the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace" Eugen Klien REBGV president.
PRE-SALE CONDO MARKET
There has been a strong demand for pre-sale condominiums in Vancouver and Burnaby so far this year. The Greater Vancouver market was subject to lowered supply of pre-sale entry level condos for over 1.5 years. This has built a local demand from both new home buyers and investors. Combined with attractively priced pre-sale condominium projects, there has been some great success with local developments, with many projects selling out quickly. This is a very positive aspect of our market, as many local buyers are very positive on the future of the Vancouver market. Typicality these developments are collecting 20% deposits from buyers, ensuring financial stability and buyers financial strength. This is a good security blanket for the pre-sale condominium market.
ALBRIGHTON REAL ESTATE
For Albrighton Real Estate, we still have seen multiple offers occur in 30% of our transactions, since January 1st 2012. I have also had some fortunate buyers achieve properties at very good prices, and of course some sellers sell their unique homes at higher than 2011 prices. The market for unique condos, lofts or modern homes is strong. Effective marketing, presentation and strategic pricing has lead our clients above the market average.
At this time we have a great selection of unique properties for sale, you can see our current portoflio on this link: http://www.albrighton.ca/featured_properties.html
Written by Paul Albrighton, April 2012.
MORTGAGE NEWS AND RATES
Most financial institutions have big push for ‘money out’ during the spring mortgage market - this year the rate battle intensified, as we saw the lowest rate in Canadian history for the stalwart 5 year fixed at 2.98%. As the bond yields have now raised, these rates have disappeared for the time being –but- we are still in the prime of the spring mortgage market and despite the warnings from the bank of Canada earlier this week, I suspect we will still see some of the rates to stay course during the important spring market. For the time being funds for the 5 year fixed are still under 3.5% (currently at 3.39%) These are still the lowest rates ever to be offered and a terrific opportunity to lock in or make an additional acquisition.
Written by David Hudson.
Posted: 23-04-2012 under Vancouver Market Updates for Lofts and Condos
|Market Update - News on the Vancouver Real Estate Market by Paul Albrighton|
MARKET UPDATE - INVENTORY INCREASES
CREATING BUYING OPPORTUNITIES
This past summer has been the result of a typical hot spring market, increased inventory at higher prices driving the recent sales numbers slightly down. The Vancouver Westside/Downtown real estate market for condominiums and townhouses has seen a 4.4% increase over the past 12 months. Much of this price gain was from late 2010 until mid April 2011. Inventory was low, interest rates were kept low, and the global market was very positive. This along with the amount of new foreign buyers across all markets in Vancouver drove prices a few percentages higher than those seen in 2010. After this short term price gain, the typical cycle continued. More people listed their places for sale at higher than recent pricing. More expensive overpriced listings being poured onto the market resulted in buyers slowing down on their purchasing decisions. Sales slightly slowed after April because of the increased inventory and the "higher than ever pricing". The only sellers who are succeeding into today's market are competitively pricing their homes for sale, and selecting good agents who can make a listing stand out from its competition. Promotion, adverting and presentation make a large impact and difference in today's market.
“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV President
Unique homes, condos, townhouse and lofts are still selling at a quick pace, but pricing is very important given the amount of inventory added on the market. We currently have over four months supply of average sales numbers on the market available, making it slightly more favourable for buyers. The challenge we've seen while working with buyer clients is seeing great listings for sale, but many of them are significantly overpriced as if the market has continued to increase all year. The reality from the statistics is that the market has cooled since April. Competitive pricing will get a property sold in today's market. Again, the work of a good Realtor who understands buildings, negotiation and analysis can help you achieve a great purchase price.
Sources: Real Estate Board of Greater Vancouver
Posted: 02-09-2011 under Vancouver Market Updates for Lofts and Condos
|Popular Condo and Loft Buildings for 2011|
POPULAR ALBRIGHTON LOFT/CONDO BUILDINGS
2011 has drawn attention to some key addresses. Often people want to know which buildings and suites are drawing the most attention. For 2011 we have seen a variety of building types requested from our buyers and activity from our sellers. The following buildings have either stirred up a lot of business for both sales and showing requests. You can read our summary of each 2011 popular building and also follow the corresponding links for more information and current listings for sale. Please don't hesitate to get in touch through our contact page for more direct information about buying or selling in these buildings.
1. Koret Lofts - 55 E Cordova St
This building is sought as it is amongst the most popular and arguably "the best" heritage conversion building with affordable units. Prices typically begin at $385,000 for units around 670 sq.ft. and go up to over $800,000 for stylish view penthouse with patios. These suites have character, good design, efficient open layouts, and the conversion was completed in 2006, so everything is brought up to modern standards, and relatively new. Units with included underground parkings stalls typically begin around $520,000 and up, other lower priced units have to rely on renting off-site parking. Read more and see suites for sale here.
2. Flatiron - 1277 Melville St
This newer boutique Coal Harbour tower offers cutting edge architecture located just across from the Marina/Seawall. Flatiron also offers big views of the Ocean and North Shore mountains. The interiors are regarded for their big living rooms and true commercial style "floor-to-ceiling glass" giving some people vertigo when walking up close. These suites have a big-city modern feel. Prices for view suites with over 1100 sq.ft. begin around $1.1M, high up suites with large water views and 1300sq.ft. inside range from $1.3M - $1.45M. Read more and see suites for sale here.
3. Qube - 1333 W Georgia St
This building is often mentioned on our blog and twitter feed. The Qube has been very popular amongst first and second time buyers. The Qube is in a fantastic near waterside location in Coal Harbour, which is also close to the Westend and Robson St. The Qube offers unique open concept plans ranging from 420 sq.ft. studios up to functional 2 bed/2 bath view condos. Prices currently range from $290,000 to $650,000. The Qube suites are open with high ceilings and the building is a classical architectural modern masterpiece. Read more and see suites for sale here.
4. Greenshields - 345 Water St.
Greenshields is highly regarded as a very detailed higher-end boutique style heritage conversion. It is located along Water Street just west of Cambie. Each suite is very open with linear style plans and sliding glass walls. Suite range from $430,000 - $630,000+. Keep in touch for inventory that comes up in this special 24 unit loft residence. Read more and see suites for sale here.
5. L'Hermitage - 788 Richards St
This building has become demanded amongst many buyer groups. There is a demand for both the spacious one-bedroom and modern smaller two bedroom plans as the value is very good. The interiors features Eggersman European Kitchens and appliances from Sub-Zero, Miele, and Bosch. Additionally all suites included air-conditioning. As you move up the tower some suites offer over 1000 sq.ft. and great city views, demanding prices over $800,000. This is a great luxury modern style development located along Robson and Richards near the Library. Read more and see suites for sale here.
6. Workshop Loft - 1220 E Pender St
This building has become ultra popular compared to two years ago. The large open warehouse style spaces matched with some people's unique make-overs has drawn the eyes of a variety of buyers. These suites range from 1100sq.ft. to around 2000 sq.ft. The building was first built for commercial use, and stands today as a live/work building. Read more and see suites for sale here.
Posted: 03-05-2011 under Vancouver Market Updates for Lofts and Condos
|APRIL 2011 - Market Conditions for condos and loft|
HOME BUYERS AND SELLERS ENTER HOUSING
MARKET AT NEAR RECORD PACE IN MARCH
APRIL 2011 MARKET UPDATE FOR VANCOUVER CONDOS AND LOFTS
"The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010"
Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.” - Real Board of Greater Vancouver
"MAKING IT A GOOD TIME TO BUY"
The residential detached (houses) market continues to out pace the peak levels in 2007 both for number of sales and prices. Prices for Downtown condos and lofts are generally near the peak 2007 levels, with few unique properties reaching their highest prices yet. Currently within the market of Albrighton Real Estate - Modern condos and unique lofts, inventory remains low, key listings are selling fast and for great prices. There have been a few reasons for this relatively "hot market". There was some extra demand for lower priced condos under $500,000 due to new more-strict lending policies implemented in March, along with remaining low interest rates with the continued threat of rising.
While the detached market seems to be surpassing all high price levels seen in the past, condos are trailing behind with more conservative gains, and more average selling rates, making it a good time to buy. I believe as we see more people in the short term downsizing from houses, they will be moving into the higher-end condo market, adding to the current demand.
Posted: 07-04-2011 under Vancouver Market Updates for Lofts and Condos
|Market Updates for Vancouver Condos and Lofts - February 2011|
VANCOUVER LOFT AND CONDO MARKET
UPDATE/NEWS FOR FEB 2011
"We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.” Jake Moldowan, president of Real Estate Board of Greater Vancouver.
In 2010, we saw plenty of activity and some price gains from the beginning of the year, right up until the February Olympics. Prices in some buildings and neighbourhoods had surpassed peak levels seen in late 2007. After the Olympics many owners in Vancouver decided to list their condos for sale, soon after the HST was implemented. These factors put downward pressure on prices. This did stunt the continuous price gains, some prices cooled off, and many units sold at lower levels during the summer months of 2010 than seen earlier the same year. As demand declined, many listings eventually came off the market, and the Fall of 2010 was left with very low inventory levels. The normal real estate cycle continued, buyers decided to get back into the market as positive news in the overall Canadian economy was announced. Subsequently buyers came back into the market, and again motivated by very low interest rates which were threatening to rise, people went to purchase properties. This again brought about an increase in demand, inventory was still low, and as a result prices were squeezed slightly upward again. This seems to be the same trend we are currently experiencing. There is still good demand, but inventory levels are remaining low. There has not yet been a swarm of new listings, and the current conditions are quite balanced, making for a good market.
Some neighbourhoods currently seem undervalued compared to the rest of the market, and there are some parts of the market that seem overpriced with no-other reason but short-term demand which has quickly driven up their prices. Ask Paul Albrighton about which neighbourhoods could offer the best investment.
Written by Paul Albrighton
Posted: 04-02-2011 under Vancouver Market Updates for Lofts and Condos
|Market Updates for Vancouver Condos and Lofts - October 2010|
CONDO AND LOFT PRICES FAVOUR BUYERS
Over the past three months the choice of inventory combined with the initial “HST” scare have left buyers with more choices and finally the opportunity to negotiate.
“Greater Vancouver totaled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009.
In comparison, last month’s residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007’s 2,776 sales, and an 11.9 per cent decline compared to September 2006’s 2,519 sales.
“We’ve seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices,” Jake Moldowan, REBGV president said."
The beginning of 2010 had plenty of pressure on prices rising, with very limited inventory, strong buyer demand, low interest rates, and the remaining hustle in the local economy from the 2010 Olympics. After March-April 2010, we saw plenty of new listings Downtown come to the market at very high pricing, slowing the remaining demand. Since June 2010, new listings must come out at reasonable prices in order to get any showings. Buyers are slightly less hot to act, as there are a few choices. Within the condo and loft market, some prices have cooled off about 3-5% since early 2010, but still unique properties have held their value well throughout the entire year. With average standard condos in Downtown we have seen some sales prices up to 10% off since early 2010/late 2009.
Remember, HST only affects brand new properties that have never been lived in, and real estate transaction fees. HST does not get applied to homes that have been lived in already.
For more information on what your property is worth, or what buying opportunities are available, feel free to contact me, Paul Albrighton 604 315 5574, firstname.lastname@example.org
Statistics from the Real Estate Board of Greater Vancouver, and Albrighton property sales.
Posted: 25-10-2010 under Vancouver Market Updates for Lofts and Condos
|Real Estate Market Updates for Vancouver|
MARKET UPDATES FROM MACDONALD REALTY
September Market Update
In March, 2009, in the midst of the Global Financial Crisis and the collapse of the Canadian housing market, we made a bold prediction: The Canadian housing market would rebound quickly and not suffer a US-style collapse.
Here is what we wrote:
"As many of you may know, the US housing market has been in a severe recession for the past several years. And while the Canadian housing market has recently seen a strong correction over the past 6 months, we will likely not see the same year-over-year pain as our neighbours to the south.
There are 3 main reasons for this.
1. Government Tax Policies
2. Loan Qualification Policies
3. Bank Lending Policies
Government Tax Policies
The US Government has long had a policy of encouraging home-ownership. Government-sponsored entities Fanny Mae and Freddy Mac have been getting most of the headlines recently for agreeing to purchase mortgage loans that encouraged unsound lending. However, the US Government's tax policy of allowing homeowners to deduct mortgage interest payments may be more significant, as it has encouraged Americans to maximize their debt-loads in order to minimize their tax burdens.
Canada, of course, has no mortgage tax break for homeowners, with interest payment deductions only applying to investment properties.
Loan Qualification Policies
The secondary mortgage market in the US allowed the originators of mortgages to pass on the mortgage notes to investors throughout the world. Because of this, lenders became incentivized to originate as many mortgages as possible, with little-to-no regard for risk. These perverse incentives led to 'liar loans' - where individuals would simply lie to their mortgage broker about their income or employment knowing that there would be no incentive to conduct a background check - and 'NINJA loans' - where mortgage brokers offered mortgages to individuals with No Income, No Job or Assets.
In Canada, the originators of loans (typically the Big Banks) tend to hold on to them. Because of this, the correct incentives are in place to ensure that only individuals who can afford the mortgage receive them.
Bank Lending Policies
Another unintended consequence of the secondary mortgage market in the US has been the creation of extensive Adjustable-Rate Mortgage products with attractive 'teaser' rates. These products allowed mortgage-holders to pay an unrealistically low rate for a period of time before 'resetting' to a much higher, unaffordable, rate.
In addition to this, loans in the US tend to be 'non-recourse' meaning that the only collateral that a lender would have on a mortgage is the house itself. In Canada, mortgages tend to be 'full-recourse', with many banks demanding personal guarantees. This difference has resulted in people walking away from their homes in the US at a much higher rate than in Canada.
In the end, the result of all of these policy differences means that Canada is fairly well-insulated from the carnage that is occurring south of the border. Interestingly, our conservative, low-competition banking environment may have saved our housing market from an even more painful downturn."
Once again, two competing views have emerged in the wake of higher Canadian real estate prices. Last Week the Canadian Centre for Policy Alternatives wrote we are primed for a correction while the CD Howe Institute wrote that the headwinds facing the US housing market are completely different from the ones we are facing in Canada.
The CCPA report ignores all of the issues that we presented over a year ago while the CD Howe report covers them in length.
That said, for the foreseeable future, the huge real estate run-ups that we have experienced over the past decade are most likely over. There will always be ups and downs in the real estate market. However, real estate in Canada will remain, relative to most other investment vehicles, one of the more stable financial instruments moving forward.
Remember, real estate trends remain decidedly local. If you would like to find out more about your market, please feel free to contact me at the email address or phone number above.
*This communication is not intended to cause or induce breach of an existing agency agreement.
*Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission to prior sale or lease, change in price or terms, and withdrawal without notice.
Posted: 10-09-2010 under Vancouver Market Updates for Lofts and Condos
|Vancouver condos and lofts market updates|
The Vancouver Real Estate Markets Begins to Balance
In early 2010, we saw significant price increases as inventory continued to sell fast and buyer demand only grew greater. The number of listings were not being replenished in time for the next wave of buyers putting upward pressure on prices. As prices increased, more sellers decided to list their properties at higher prices. Subsequently, in May 2010 a total of 7014 properties were added to MLS which was 20% greater than the amount of listings added this past month, June 2010.
The amount of added inventory and no extra buyer demand has left Vancouver attached properties (Apartments/Lofts/Townhouses/Duplexes) in a buyer's market. Demand remains consistent with strong sales numbers in June 2010 (1258 units) and the inventory to supply this demand is currently well.
What does this all mean? Buyers have more choices and many properties are selling below list prices and below some of the peak prices seen between December 2009 - February 2010. Within the Vancouver condo and loft market our clients in the past two months (Late May until early July 2010) have been either discounting their listings or purchasing approximately 2-4% less than prices seen earlier this year.
“We didn’t experience any record-breaking activity in June, but we did see a stable summer market. The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.” Jake Moldowan, REBGV President.
As always, the demand for unique properties remains strong and certain buildings are still increasing in value. For example, sales at Shangri-la Vancouver have remained strong and the average price per square foot has gone up slightly every month of 2010. You can visit www.shangri-la-condos.com for more information and current listings.
Written by Paul Albrighton - Reference from the Real Estate Board of Greater Vancouver Stats Package July 5 2010.
Posted: 10-07-2010 under Vancouver Market Updates for Lofts and Condos
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