Russell Sharp North Vancouver Realtor

The Real Estate Board of Greater Vancouver has just released the statistics for Vancouver Real Estate Sales in April 2012. Basically listings are up and sales are the lowest for the month of April since 2001 and 16.9% below the 10 year average. Generally I prefer to use te benchmark price as it is more realistic on the whole. Compared to a year ago the average for Greater Vancouver dropped 7.3%, Townhomes dropped 1% and condos 7.7%. Listings in Vancouver real estate were up compared to a year ago. Townhomes Listings in Vancouver were up 9.7% and condo listings wereup 12% compared to last year. 

So how was April for home sales? Vancouver house sales were down by 19.4%, 21.8% for townhomes and 0.8% for condos compared to a year ago. If we look at how long average listings stay on the market we see that there is a 30% rise in how long listings are sitting on the market compared to a year ago for houses, 19.8% for townhomes and 13.2% increase for condos.

Analysing the market, East Vancouver real estate prices have gone up higher than a year ago. Houses are up 13% which is as high as they have ever been in East Vancouver real estate. Conos in East Vancouver are up around 4.7%. Townhouses in East Vancouver are down by 3.1% which is lower than their peak in prices in Oct 2011. The number of listings are up for Townhouses in East Vancouver, Houses in East Vancouver and Houses in East Vancouver. The number of sales in East Vancouver real estate are down by 30%.  The average price for East Vancouver houses was in the range of 800 to 900,000. The average price for townhouses in  East Vancouver was 400 to 400,000 range. the average price for condos for sale in East Vancouver was between 300-400,000.

If you are interested in finding out more about East Vancouver real estate? Or are you wanting to know about the listings in EAst Vancovuer the please get in touch with me on            604 437 4277      

Vancouver is Canada's most expensive office market according to the Office Space Across the World 2012 report, released today by Cushman & Wakefield Commercial Real Estate (C&W). 

Though rents in Vancouver's central business district only increased modestly over the previous year, they remain the highest in the country, by far, at an average of $33.87 CAD/square foot/per year.

Hendrik Zessel, Senior Managing Director, C&W Vancouver says that the high rents in Vancouver are the result of demand that simply outpaces supply. "The downtown market is very tight right now," says Zessel. "With no new buildings coming to market until at least 2014, that isn't expected to change any time soon. The lack of available space is largely due to continued global economic uncertainty that stemmed from the 2008 recession, which had developers being very cautious. There have been some recent new development announcements, which will help to address demand in the next few years, but until then we expect our office market will remain the most competitive, and therefore most expensive in the country." 

As an MBA qualified Realtor in Vancouver I am able to help my clients find office space and commercial real estate in Vancouver perhaps in a more qualified way than most Vancouver Realtors! Please call me on 604 437 4277 anytime to discuss all things real estate in Vancouver.

Vancouver residents have been complaining for a while  that their city is expensive and Vancouver real estate is unaffordable. Now it is official, Vancouver real estate is the most expensive city in North America. Vancouver real estate has now nudged glamourous New York and pricey Los Angeles to claim the top spot for the continent the Economist Magazine reports. Many Vancouver residents are now going to New York City to save money! Last year Vancouver real estate was the 72nd most expensive in the world and now it has moved up to 37th most expensive city in the world. The average Vancouver house for sale rose 17 percent to $1.02 million in the third quarter compared to the same time last year. The price of a Vancouver condo has gone up by 5.3 per cent to $513,500.  The average home in Vancouver real estate is now 11.2 times the average family income a figure that many economists say is unsustainable. The cheapest city in the world is Karachi in Pakistan and the most expensive is Zurich and Tokyo. 

Vancouver real estate may be the most expensive city in North America but I have many Vancouver  houses for sale for under a million dollars in Vancouver real estate. Call me on 604.437.4277 

The figures from the Cencus have shown that Surrey, Burnaby and Port Moody population have grown whereas the popultation in Vancouver has languished. Surrey's population has ballooned by 18.6% more than four times Vancouver's 4.4% rate of increase. How does this affect Vancouver Real Estate? Because of density of populations in Vancouver real estate, the geographical lack of room to expand housing means that Vancouver drives people out and real estate prices up. Burnaby's population has expanded by 10.1% with the highest growth of all the above areas. Surrey, Burnaby and Port Moody all have space for building houses whereas Vancouver real estate does not. Development in Vancouver tends to be in the shape of small apartments rather than the larger houses that are built in Surrey. According to Christy Clark, the Premier of BC, ' The population in BC is growing because we are one of the soundest economies in Canada.' Growth has been mainly caused by immigration the census showed.

The figures are in from the Real Estate Board of Greater Vancouver for the sales in January in Vancouver Real Estate. I think we all need to take a stiff drink before reading these as they do not make good reading. Brace yourself as here goes:

 

Overall the selection of property broadens and the demand eases off in the kick off for 2012 in the Vancouver real estate market. There were more home sellers than buyers in January. There was a 4.9% decrease in sales in Vancouver real estate compared to December 2011. There was a 13.3% decrease overall of sales in Vancouver real estate compared to January 2011 last year. There was an 18% decline in sales since January 2010 two years ago. Oh dear!

 

This has been the second lowest January for sales in 10 years. New listings have increased by 19.9% compared to a year ago and a 253% increase from December 2011! A 253% INCREASE IN LISTINGS since December 2011...I had to repeat that because I didn't believe that statistic myself!

 

Prices in Vancouver real estate continue to rise unabated. There was a 5.7% rise compared to a year ago and a 0.1% rise in prices since a month ago.

 

So if you are listing a property you have over double the competition up against you and if you are buying a property you have twice the volume to choose from.

 

If you would like a Realtor with an MBA to make sure you are making the best investment with your real estate dollars then please don't hesitate to contact me on 604.437.4277 anytime. At times like this you need a good Vancouver Real Estate Agent to keep you informed.

The city of Vancouver awaits an application for the conversion of 757 E Hastings to artist studio rental spaces. Why is this so important to the downtrodden strip of Hastings and Main in Vancouver? Well, Ted Harris Paints used to be located in this building for the last 91 year and now the owner Bob Harris has retired almost a year ago and sold the building to Kris Rennie who is the son of high profile project sales marketer and art collector, Bob Rennie. Now the Rennies have moved into this neighbourhood it is prediced that this could be the next big Vancouver real estate investment opportunity. You heard it here first. If you would like to know some more real estate investment tips or are looking to buy or sell your piece of Vancouver real estate then please don't hesitate to get in touch with me. Call Russell Sharp on 604.437.4277 anytime.

Following the lead of other provinces and many U.S. states, the B.C. government now requires all strata properties greater than five units to have a common property depreciation report completed generally by the end of 2013 (December 13, 2013, to be exact).

Although the legislation requires that a depreciation report be completed, unlike other provinces, the legislation does not require that the funding requirements identified in the report be implemented. Therefore the strata remains in charge of what the reserve fund contributions will be.

The strata may also defer a depreciation report by passing a resolution with a three-quarters majority vote to that effect. However, the resolution to exempt the strata from preparing a depreciation report has an 18-month time limit, so the resolution must be re-passed by three-quarters vote on a periodic basis in order to continue to defer the report.

The legislation also requires that a depreciation report be completed every three years.

The main purpose and benefit of the depreciation study is to provide a long-range common property maintenance and renewals plan which, if followed, will maintain the value of the property. Ideally, owners will be prepared for anticipated future common property component and system deterioration though proactive planning instead of reactive response. It is generally assumed in the facility management industry that reactive repairs costs two to five times more as the same job would cost in a planned and scheduled environment. 

(By Jeff Besant and Jeff Renwick)

If you would like me to value your Vancouver condo for sale I would be delighted. Please call  Vancouver Realtor ® Russell Sharp on 604 437 4277.

In the beautiful waterfront neighbourhood of Vancouver's West End what is happening with the prices? What is the average days on the market and what is the average sales price? How do prices compare to last year? Well, in December we saw listings flaten out and sales dropping by half. The Majority of condos were still under $500,000 which favoured the lower end selles. In general the sellers need to be priced no more than 4% above the market to stimulate the incoming offer process. Compared toa year ago Vancouver West end has gone down by 0.2% with a benchmark price of $497,213.  So what does it cost me to buy in the Vancouver West End? Well, 2 bed townhouses go from $550,000 and studio condos can go for as low as $200,000, one bedroom condos from $280,000 and 2 bedroom condos from $450,000. Most places will sell for under $500,000 with a third selling for between $500,000 and $750,000.  If you are looking to buy or sell your Vancouver waterfront real estate, or your Vancouver condo then please call 604.437.4277.

We all know that interest rates are at a historical low...don't we? If you are buying a home in Vancouver you would be mad not to take out a mortgage now as the interest rates are shockingly low in the history of Vancouver Real Estate! So what are the factors to look out for in a mortgage?

Prepayment:

1. With a prepayment privilage you can make your payments towards the principle portion of the loan over and above your monthly payments.

1. Closed Mortgages have a different type of pre-payment option. The amount you can pre-pay becomes important if you get bonus payments (like we Realtors dget with what is left over that your real estate brokerage has not taken off you), an inheritance, or a windfall like winning the lottery! 
2. An open mortgage means you can pay off the entire pricipal sum without notice. This is a great option if you are self employed or get regular bonus payments...like bankers used to get!

Portability:

Can  you transfer the balanace of your current mortgage to your new home? 

Expandability:

1. Can you increase the prinipal amount in the future? Say you want to buy another larger home...?
2. If so, what will happen to your interest rate?

There are two rate structures to choose from:

1. A fixed rate mortgage : this will remain the same rate for the length of time you have negotiated, your term. You can choose an open or closed mortgage but this depends on the term.
2. A variable rate mortgage: this fluctuates with the current market rates. Your monthly payments will usually remain constant (usually for a year or a couple of years) but the amount allocated to your principal will vary. If the interest rates go down then this may be a good option. If the interest rates go up then you may want to convert your mortgage to a fixed rate mortgage.

Choose from Three Payment Types:

1. Payment option 1: Open Mortgage offers a huge amount of flexibility, as it can be repaid in part of full at any time without penalty.
2. Payment option 2: the closed Mortgage where interest rates are fixed for the full term of the mortgage and you will have to pay a penalty to break or change the agreement conditions.
3. Payment option 3: The convertible mortgage has the flexibility to convert to a longer closed mortgage at any time without payment.

There you go, these are the other considerations when getting a mortgage. If you need a Realtor to find you a Vancouver house or a condo in Vancouver then I would be delighted to help you. Please call Russell Sharp on 604 437 4277 at any time. 

Housing experts say the ship may have sailed for affordable housing in Vancouver proper, or on the North Shore, where there are only eight two-bedroom suites under $300,000 listed with MLS, but numbers increase marginally elsewhere, with 70 such properties in Burnaby, 77 in Richmond and 42 in New Westminster.

Vancouver needs “more housing created in the low-to middle-income range,” Robertson said. Gregor Roberston has appointed a task force on housing affordability, which includes social housing for the homeless, and he said he expects an initial report this spring. The experts will look at solutions based on zoning, density and different ownership models that work elsewhere, he said. Whilst it is not the place of the city to become a developer or interfere with the mechanisms of the free market, Mayor Gregor Robertson said there is  “a limited ability to affect the market.” But he said the city does have some tools and incentives to encourage higher density and mixed-income developments.

Happy New Year to my Chinese Clients. It is the Year of the Dragon! Vancouver Real Estate has been seen by some to be a 'micro market' favoured by Chinese investors. Julia Lau, Chinese real-estate specialist at Sotheby's International Realty believes sales are set to spike in Vancouver real estate due to the three week holiday associated with Chinese New Year. This she believes will happen in only a few neighbourhoods. Lau's clients are wealthy Chinese businessmen who set their families up in Vancouver and Vancouver West that offer multi million dollar real estate homes next to the top schools in Vancouver. Many of these investors will buy their properties remotely from China whilst sending their families over to Canada to occupy the luxury homes they have just purchased. In the first few months of 2011 there were stunning growths in sales in Vancouver real estate particularly in Vancouver West and West Vancouver and Richmond. These gains have started to wane though according to the Canadian Real Estate Association with sales slowing in December and Vancouver's average price dropping two percent to $734,766. So, keep an eye on the market after Chinese New Year!  As a Vancouver Realtor ® I have many affordable condos for sale in Vancouver. Please contact Russell Sharp on 604.437.4277. If you are from China and are looking to invest in Vancouver Real Estate I have a Mandarin and Cantonese translator and Chinese people in my team who will be delighted to assist you with all your Vancouver real estate needs.

You may have seen the multiple for sale signs as you drive down Granville Street south towards Richmond?  You may have also noticed that there are entire blocks for sale with the same Vancouver Realtor ® listing the whole block? Well, Vancouver Real Estate speculation has another street in sight, Granville Street. Granville Street does not have any rezoning planned thought money is pouring into buying up entire blocks of it. Perhaps Granville Street is trying to emulate the changes in Cambie street in Vancouver? Cambie has increased its density and some believe that Granville Street is next on the map. One block in Granville Street south where formerly there were single family homes on small lots, was bought up in its entirity. The residents of those houses sold for three times the tax assessment value of the house and some doubled their money if they bought in 2011! This block of eight lots is for sale for $30,000,000. It is expected that a developer will pick up these blocks of lots and develop (once the city changes the development plans for Granville South that is!). So, you heard it here first on MrSharp.com Granville Street is next on the Vancouver real estate speculative investors' horizon. And, whoever sold thier house for double its 2011 purchase value is the luckiest or wisest real estate investors of all. For more stories like this and if you simply want some more real estate information, please go to MrSharp.com or contact me directly on 604.43.Sharp, 604-437-4277.

Property values have increased in B.C. during the last year says the aurthority for assessing home prices in the Province, BC Assessment. Vancouver Real Estate prices have increased by six percent over 2011. There are winners and losers in this scenario though.In Whistler and Pemberton 19,000 property owners are facing decreases in property values by as much as 15 percent. Some houses in Creekside have gone down by as much as $90,000 on an average of $919,000. Winners include Vancouver West Side which have seen prices go up from 10 to 25 percent. In Richmond property prices have changed from plus five to plus 30 percent.

Biggest winners and losers :These lists show the percentage change in value of residential properties over the past year (between July 2010 and July 2011, according to B.C. Assessment. - Biggest winners in Metro Vancouver.

1 - Richmond - 16.5%

2 - Vancouver - 16.4%

3 - West Vancouver - 15.9%

4 - Burnaby - 12.2%

5 - Surrey - 7.9%

For more information on this Vancouver Real Estate News update please contact Vancouver Realtor ® Russell Sharp on 604 437 4277.

December 2011 sales in Vancouver Real Estate showed a marked delcine compared to November 2011. There was a decrease of  29.7% from sales reported in Vancouver real estate in Novermber 2011. This is also a 12.7% decline in overall sales compared to December 2010 a year before. December 2011 showed a decrease of 34.1% compared to December 2009. 

Is this drop in sales serious for Vancouver real estate. Well, overall last year showed a 'balanced' market where the number of listings and buyers equalled itself out. Overall sales in 2011 were 5.9% up on 2010. Though it was a 9.2% decrease from 2009. In other words overall things are getting better in the Vancouver real estate market though there is a marked drop in sales in December. If this shows to be a trend then we could have problems in the market. Comparing last year's sales to the 10 year average we see a 6.3% (below the ten year average). Supply of real estate was up last year with a 2.7% increase in listings in 2011. More listings trend and less buyers (it is predicted there to be 15% less buyers in the Vancouver real estate market in 2012 then 2011) simple economics dictates that the prices are set to drop in 2012.

The perfect family home! Totally renovated and updated in show-home condition, this is one of West Vancouver's most sophisticated family homes. Situated in a very safe and secure private cul-de-sac, in desirable Olde Caulfield, 4880 The Dale has been finished to the highest standards. The present owners left no expense spared with their renovations. Features include a Redl Kitchen, Kohler Bathrooms, solid walnut hardwood floors, Traut Line slate floors with under-floor heating, media room with whole house multimedia wiring, spa-bathrub, new boiler and hot water tank, electric garage door, and an ADT security system. Close to schools, 24/7 corner store and a fire station, this cozy home is ideal for families

In BC we are very aware that Surrey is a huge success story in the Vancouver real estate market. Surrey is currently the second largest city in BC and has totally transformed its image from a suburb to one of the fastest growing cities in the whole of Canada! If the future it is predicted that Surrey real estate will overtake Vancouver real estate as the largest city in the Province. It is an excellent investment centre because it has two border crossing to the U.S. and infrastructure that includes five major highways, four railways, sea docks and a strong rental market.