Russell Sharp North Vancouver Realtor

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.

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. 

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

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.
2. 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! 
3. 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:

1. 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. 

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!  

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.

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.

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. 

The most luxurious Vancouver Penthouse for sale ever!

 A cool $28,800,000 will buy you the most prestigious penthouse in Canada, and possibly the World. At the top of Vancouver’s tallest building the Fairmont Pacific Rim there is no comparison to this piece of Vancouver real estate. The views are to die for with patios and gardens. The finishings have been done by Vancouver’s premier interior decorator Robert Bailey. The interior is on two levels with 6,434 square feet of space.

 If you are a billionaire reading this and you are interested I would be happy to arrange an appointment to see it. Call Mr. Sharp Vancouver realtor on 604.437.4277 anytime.

It is turning into a buyer’s market as the number of listings has increased each month since the start of the year.

There has been an increase in the sales of attached houses and detached houses in greater Vancouver with a 14% increase compared to the July 2010. However, there was a fall in sales by 21.2% compared to last month.

There are less multiple offer situations compared to the last few months. The average time to sell a home in Vancouver is now 41 days. This has gone unchanged from June.

Number of listings has risen by 23.2 % compared to July of last year. However, there is 12% less listings in July this year compared to June this year. There has also been an 8% drop in listings compared to last month (June 2011).

Overall the houses prices have gone up with a 9.2% increase compared to a year ago.

Sales of detached houses in Vancouver Real Estate have increased by 21% since the same time last year. The benchmark price for detached houses in Vancouver Real Estate has increased by 13.3% since the same time last year.

Sales of apartments has increased by 17.4% compared to the same time last year. The benchmark price of an apartment increased 4.5% from the same time last year.

In North Vancouver we saw detached 294 houses for sale in total. The number of listings in North Vancouver has remained unchanged between June and July 2011. The number of sales in North Vancouver has reduced between June and July. In June there were 132 detached houses sold in North Vancouver whereas in July this was reduced to 91 detached houses sold. In West Vancouver real estate the number of houses sold went down from 120 to 94.

In simple terms Compared to last month.

Sales in Vancouver DOWN by 21.2%.

Number of listings DOWN by 12%

Average Price of all properties in Vancouver DOWN by 0.1%

Number of Sales of Detached Houses DOWN by 25.3%

Number of Sales of Apartments DOWN by 17.9%

Average price of Apartments DOWN by 0.4%

Average price of Detached house DOWN by 0.3%

North Vancouver Detached houses sales DOWN by 31%

West Vancouver Detached houses sales DOWN by 22%

North Vancouver may not seem an obvious choice for people when they are thinking of moving to Vancouver from another location. Even within Vancouver, North Vancouver is seen as ‘that place over the bridge’, and ‘that awful bridge is always jammed with traffic’, but I decided to give you ten great reasons to buy North Vancouver Real Estate.

1.     North Vancouver real estate is home to some excellent shopping. There are Malls like Park Royal, small intimate malls in Edgemont Village, Londsale Avenue.

2.     Post-secondary schools are plentiful and excellent. The University, Capilano, is nearby and you are a short distance from the downtown campuses of the University of British Columbia and Simon Fraser University, by the scenic seabus. Seriously, take the seabus just for fun, it is invigorating first thing in the morning

3.     The cost of Vancouver Real estate can be huge so for firs-time-buyers North Vancouver offers affordable first time homes, and you can stretch the dollars to get you larger sized places. Larger lots and some great views also make North Vancouver real estate attractive to foreign buyers.

4.     If you are a jetsetter, having a home in North Vancouver means easy access to the airport via the seabus and then onto the skytrain. YVR flies to over 150 destinations and the Canada Line is 20 minutes from down town.

5.     Being on the North Shore you are close to one of the best ski resorts in the World, Whistler and Blackcombe. You are also ten minutes away from Horseshoe Bay where you can get ferries across to Vancouver Island and the Sunshine Coast.

6.     North Vancouver real estate offers a great investment because the supply/demand ration  here means that property values tend to stay stable or rise. An excellent choice for having a second home and a great investment in the long run.

7.     If you have children North Vancouver is a great place to call home. There are some top-notch schools as well as private and alternative schools too. There is much more of a community feel to North Vancouver than there is in other parts of Vancouver. I have personally lived downtown and in West Vancouver and I find that the sense of community in North Vancouver surpasses both of these places. It is definitely a place for having children and there are many parks and recreational centres set up for the family days out.

8.     North Vancouver has the lowest immigration count of any area of Vancouver. This means that there is stability in the neighbourhoods and low crime rates. Unfortunately, areas with high immigrant counts also tend to have high crime rates. North Vancouver remains multicultural but stable in comparison to other areas of Vancouver.

9.     North Vancouver is a peaceful and quiet place. You are minutes away from the hustle and bustle of Downtown Vancouver either by one of the two bridges or by seabus.

10.  Houses for sale in North Vancouver are the best value for a detached house in the whole of Vancouver. Many people are moving to North Vancouver from other areas in Vancouver to take advantage of the large detached houses for still ‘affordable prices’ in comparison to other areas of Vancouver. 

A West Vancouver house had an estimated $100,000 of damage done by a rogue BBQ!  West Vancouver fire crews rushed to the house on the 3600 block of Marine Drive when someone called to report a fire that was creeping along the outside of the building. The firefighters arrived to find the smoke and flames making their way into the garage where the family car was parked. Luckily the family were outside the house still with their smokies in hand whilst they watched their house burn down.

West Vancouver firefighters respond to several incidents a year which have been sparked by barbeques. The cost of the damage can run into six figures.

$40,000,000 West Vancouver Houses for Sale! It has finally happened. The world has gone mad…more so the real estate world in Vancouver has gone very mad. There is a house for sale in West Vancouver for $39.9 Million! The hillside piece of real estate boasts stunning views of downtown Vancouver, the Burrard Inlet and of course for your small sum you get some privacy and seclusion. The West Vancouver house is six bedrooms, three waterfalls, a movie theatre, a wine cellar, your own gym, massage room and a meagre fifteen car garage. Situated on a six acre site the house is 20, 400 square feet, and if the main house does not offer you enough room there are two others to choose from, one being a 6700 square foot guest house and a 2500 square foot maids’ quarters. Oh, and if your children are lucky enough to live there with you there is a dolls house, a horse barn and tennis courts to play in.

If you are interested in buying this and have just won the lottery please call me on 604.43.SHARP to arrange your viewing. I will have my helicopter on standby for you.

The future looks promising to those looing for North Vancouver houses for sale. Harbourside in North Vancouver has been developed with light industrial and commercial real estate. The Auto Mall being a centerpiece of this development. Throughout the last fourteen years there have been several applications to develop this site as a residential hub of North Vancouver. Fourteen years ago, Greystone Properties (now Concert Properties) applied to have permission to build a 68-acre site known as Fullerton Fill. Whilst commercial and industrial buildings down was built there was no residential buildings proposed on the site. The City of North Vancouver owned four acres of this property and developers have been continually putting in applications to develop this part of North Vancouver which offers a beautiful view of downtown Vancouver. Yet again, developers have put in another application for residential real estate on this site. It is believed that if there is more community involvement in the application process, rather than purely developer-driven involvement then the site may have more chance of being a residential hub of North Vancouver real estate in the future.

Come back often to Mr. Sharp's blog for more news on houses for sale in North Vancouver!