Vancouver Real Estate News
Vancouver Commercial Real Estate the most expensive in Canada
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 now the most expensive city in North America - Vancouver real estate news
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
I have sold a property at 6858 PATTERSON AVE in Burnaby
Vancouver Real Estate and how Population Growth has an Impact
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.
Big Decline in Vancouver Houses for sale
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.
January 2012 Sales in Vancouver Real Estate Market
BC still a buyers' market - Vancouver Houses for Sale Report
• Take Advantage of the Buyers' Market
Falling interest rates, available financing and a wide inventory of homes make for the ideal buyers' market. But what does that mean for the seller? A buyers' market can be good news for the seller too, if he or she knows how to respond to the competition for buyers. Most sellers will discover that with careful planning and attention to details, they will find themselves in as attractive a position as the buyer.
• Sellers wanting to attract serious buyers must begin by pricing their home in the right ball park. An overpriced house will discourage buyers from even looking at your home. And if they don't look, there's no opportunity to even discuss negotiating the price.
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FAIR MARKET PRICE
To determine a fair market price, meet with a real estate professional. A REALTOR can show you listings of comparable houses in the area that have sold in recent months. This will help you define a price range from which you can determine an initial asking price (probably high in the range) and a bottom line price (the least amount you're willing to accept). Remember, however, that the lower the house is priced, the more traffic you'll have to contend with. In a buyers' market, you will need to weigh the pros and cons of a higher price against more potential buyers. A REALTOR can assist you in reaching a conclusion that works best for you.
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SPRUCE-UP BEFORE SELLING
• Once you have decided on a listing price, make your house attractive to prospective buyers. A few cosmetic touch-ups, such as interior painting, can go a long way towards attracting buyers. Plant flowers in the front yard, clean out closets and fix those little things you've been meaning to do all year.
• Have a REALTOR walk through your home with you to suggest changes and improvements. A stranger's eye is going to notice things that you're likely to overlook. Focus on the kitchen and bathrooms -- these are important to most buyers.
• Once the house is listed, make an effort to keep it clean and tidy at all times. Buyers expect, and generally enjoy, decorating a home to their taste, But buyers don't want to have to do heavy cleaning.
• Make the house readily available to potential buyers. Some REALTORS recommend putting an electronic keybox on the front door which allows them to enter when you're not at home. Most sellers find it impossible to restrict their lifestyle to ensure that someone is always available to let the REALTOR in to show a home. Also, most potential buyers are more comfortable viewing a home when the vendors are not present.
• Once offers start rolling in, the negotiations start. It's critical that you have a real estate professional assisting you at this stage. After all, only a REALTOR is qualified to handle the most important financial transaction of your life.
I have sold a property at 333 E KEITH RD in North Vancouver
I have sold a property at 201 1251 71ST AVE W in Vancouver
Vancouver Mortgages now the lowest in history! - Homes for Sale in Vancouver
