| WHAT'S
NEW .... |
|  | #303
- 1484 Charles Street- List Price $294,999
East
Vancouver - Commercial Drive / Grandview Open
Saturday, August 28th 1:30 - 2:30pm | |
|  | #203
- 1718 Venables - List Price $395,000
East
Vancouver - Commercial Drive / Grandview Open
Sunday, August 28th 3:00 - 4:00pm
| |
|  | 2568
St. Catherines Street - List Price $619,000
East
Vancouver - Mount Pleasant | |
|  | #806
- 1238 Melville - List Price $449,000
East
Vancouver - Strathcona | |
| | Vancouver
Laneway Housing | March
2010 - City of Vancouver Update on Laneway housing:
Full report from the City of Vancouver -
33 laneway housing permits have been issued between the approval of laneway housing
in July 2009 and March 2010.
-
Many of these laneway houses are currently under construction.
-
Another 34 laneway housing applications are currently in process towards approval.
-
While take-up has been gradual as anticipated, it may increase with: recent and
on-going process improvements; the recent clarification of issues such as BC Hydro
costs; and as built precedents emerge.
July
28th, 2009 - City of Vancouver Council, approved unanimously, the plan to
allow laneway housing. This will affect almost 70,000 single-family properties
in Vancouver that are now potentially eligible to add a small house in their backyard.
This has been a much debated about possible solution Vancouver's extremely low
vacancy rate of .3%.
Concerns about livability, parking, density all come
to a forefront with this hot topic. Is this the solution to Vancouver's problem
of affordable housing? Read on.... Full
story from Vancouver Sun & Vancouver Province. |  | | Green
Real Estate | | For
information about Green Real Estate and how you can make educated environmentally
friendly decisions about your home, check out my new Green
Living Section for some great Green links. Find out about grants
for Green renovations. | | Specializing
in Commercial Drive / East Vancouver | Looking
for the perfect East Vancouver Home? I specialize in the Commercial Drive Real
Estate Market as well as many other East Vancouver Neighbourhood. Whether
you are looking for a house in Commercial Drive, Grandview,Mount Pleasant, Main
Street, Strathcona, Victoria, Fraser, Fraserview, Knight, Cedar Cottage, Renfrew,
Renfrew Heights, Hastings or Hastings Sunrise - just give me a call. |  | What's
In the News...
February
20, 2008 - First Time Home Buyers’ Program – Thresholds Effective
for registrations after February 20, 2007, the fair market value threshold for
eligible residential property under the First Time Home Buyers' Program is increased
and will apply throughout the province. The new threshold
will be $425,000 which is increased from $375,000 in all areas
of the province. A proportional exemption is provided for eligible residences
that have a fair market value of up to $25,000 above the new threshold. Also,
there is no longer a requirement for 70% financing. Click here for a guide to
the Property
Transfer Tax Exemption. For more information: Government
of BC | | Vancouver
Real Estate Market Update - July 2010 (Historical
Statistics for Real Estate Board) There
is often a lot of confusion, and misinformation about the real estate market in
Vancouver. The media likes to create "news", so often, real estate market
information is given a sensational "breaking news headline" - that perhaps
sometimes misconstrues the facts somewhat. My
attempt with this market update is to give you the facts about what has been happening
in the Vancouver market focusing on the Vancouver West Side and Vancouver East
Side. Remember, if you need an East Vancouver Realtor or someone equally familiar
with the West Side market don't hesitate to call, as I specialize in both Vancouver
West Side and East Vancouver Real Estate.
| Type
of Property | AREA |
Benchmark
Price* | 1
Year Change % | 3
Year Change % | 5
Year Change % | | | | | | | |
| DETACHED
|
East Vancouver Houses |
$722,571 |
9.2% | 11.6
% | 48.7% |
| | Vancouver
West Houses | $1,610,426 |
20.1% |
21.9 % |
74.6% |
|
| ATTACHED | East
Vancouver |
$506,410 |
1.5% | 4.4% |
46.5% |
| | Vancouver
West |
$743,480 |
6.3 % | 7.4
% |
44.1% | | APARTMENT | East
Vancouver |
$322,521 |
2.6 % | 5.9
7 % | 48.2% | | | Vancouver
West |
$496,486 |
5.7 % |
6.6% | 43.5% |
*BENCHMARK PRICE:
Estimated sale price of a benchmark property. Benchmarks represent a typical property
within each market. Click
on Graph for Full 30 Year Historic Trend. | Homebuyers
and sellers less active in July
VANCOUVER,
B.C. – August 4, 2010 – Home sales activity in Greater Vancouver
was quieter last month than most Julys over the past decade, with residential
sales, prices, and the number of homes listed for sale trending downward in recent
months.
The Real Estate Board of Greater Vancouver (REBGV) reports that
the number of residential property sales in Greater Vancouver totalled 2,255 in
July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July
2009, the highest selling July ever recorded, and a 24.1 per cent decline compared
to June 2010.
Looking back further, last month’s residential sales
represent a 3.7 per cent increase over the 2,174 residential sales in July 2008,
a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per
cent decline compared to July 2006’s 2,732 sales.
“With the pace
of home sales and listings easing off in our market, we’ve begun to see a
levelling of home prices from the record highs seen in the spring, creating greater
affordability,” Jake Moldowan, REBGV president said. “Activity in today’s
marketplace is clearly trending in favour of buyers.”
The number of
properties listed for sale on the market has been trending downward since spring,
with 4,138 new listings in July compared to April’s peak of 7,648. New listings
for detached, attached and apartment properties in Greater Vancouver on the Multiple
Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared to
July 2009, when 5,041 properties were listed for sale.
At 16,431, the total
number of property listings on the MLS® in July declined 6.5 per cent compared
to last month and increased 33 per cent compared to July 2009.
“It’s
currently taking home sellers who work with a REALTOR®, on average, 45 days
to sell their property, which is a historically healthy timeframe for people on
both sides of a transaction,” Moldowan said.
Since spring, housing
prices have decreased 2.8 per cent compared to the all-time high reached in April
when the residential benchmark price was $593,419. Over the last 12 months, the
MLSLink® Housing Price Index (HPI) benchmark price for all residential properties
in Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from $528,821
in July 2009.
Sales of detached properties in July 2010 reached 908, a
decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009
and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark
price for detached properties increased 11.5 per cent from July 2009 to $793,193.
Sales
of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared
to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the
966 sales in July 2008.The benchmark price of an apartment property increased
6.2 per cent from July 2009 to $387,879.
Attached property sales in July
2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July
2009 and a 3.4 per cent decline from the 381 attached properties sold in July
2008. The benchmark price of an attached unit increased 8.6 per cent between July
2009 and 2010 to $490,995.
The
Real Estate industry is a key economic driver in British Columbia. In 2009, 35,669
homes changed hands in the Board's area, generating $1.49 billion in spin-off
activity. The Real Estate Board of Greater Vancouver is an association representing
more than 9,800 REALTORS® and their companies. The Board provides a variety
of member services, including the Multiple Listing Service®. For more information
on real estate, statistics, and buying or selling a home, contact a local REALTOR®
or visit www.rebgv.org.
Information provided
with permission by the Real Estate Board of Greater Vancouver (REBGV) |
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