The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others. For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

For updates and reports relating to more specific neighbourhoods contact Dean Wegman here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.

Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.

The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year. November activity helped put our market firmly in balanced territory.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.

Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960.

For updates and reports relating to more specific neighbourhoods contact Dean Wegman here.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions. Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.

For updates and reports relating to more specific neighbourhoods contact Dean Wegman here.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,246 in September, a 1.2 per cent increase compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10 years.

There's more competition amongst home sellers in today's market, providing more options for prospective buyers. Buyers now have more properties to choose from and more time to make decisions compared to the spring season.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1 per cent increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 per cent increase compared to the 4,685 new listings reported in August 2011.

The number of properties listed for sale on the Greater Vancouver MLS® system has increased each month since the beginning of the year. At 16,085, the total number of residential property listings on the MLS® increased 4.6 per cent in September compared to August 2011 and rose 4.4 per cent compared to this time last year.

Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.8 per cent to $627,994 in September 2011 from $577,174 in September 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 0.5 per cent.

Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866 detached sales recorded in September 2010, and a 32.8 per cent decrease from the 1,423 units sold in September 2009. The benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701.

Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 per cent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 per cent from September 2010 to $405,569.

Attached property sales in September 2011 totalled 367, a 4.2 per cent decrease compared to the 383 sales in September 2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 per cent between September 2010 and 2011 to $516,697.

For information on home prices and sales for more specific neighbourhoods contact Dean here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.

MLS® statistics continue to indicate that we’re in a balanced market.  However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years.

At 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010.

Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months. It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.

Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.

Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.

Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.

For information on home prices and sales for more specific neighbourhoods contact Dean here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.

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. It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.

At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year. The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.

Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.

Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.

Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.

For information on home prices and sales for more specific neighbourhoods contact Dean here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

MORE STATISTICS FOR FAIRVIEW CONDOS HERE

For more specific information, questions, or analysis on your home contact Fairview real estate expert Dean Wegman here. 

To receive your own free customizable Vancouver real estate market report click here.

Just reduced from $738,000 to $709,000

For more photographs and information click this link or contact Fairview condo specialist Dean Wegman here.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

Rarely on the market! From nice tree lined Street. to the rooftop deck with fantastic view of False Creek, city and North shore Mountain. Open floor layout. Vaulted ceiling. Laminated floor on the ground level. Superbly managed building rainscreened for peace of mind. Walking to nearby Broadway shopping. Enjoy all nearby Granville island has to offer. Includes one parking, one locker.

Just reduced from $410,000 to $399,900

For more photographs and information click this link or contact Fairview condo specialist Dean Wegman here.

201-2438 HEATHER ST

Earthquake, fire & sound resistance design with concrete walls partitioning suite. Still like new, spacious bright corner Fairview condo, 2 bed, 2 bath almost 1200 SF, plus open balcony with great view of downtown & mtns. Gas fireplace, lots of storage, insuite laundry & central vacuum rough in. Brand new flooring & stainless steel fridge. Maytag Commercial Technology Washer/Dryer. Fresh paint, 2 side-by-side secure parking stalls. Rentals allowed. Steps to skytrain, banks, restaurants, gym, Best Buy, London Drugs, Home Depot, Cdn Tire, Save On, Winners & bus to UBC. False Creek, seawall, Granville Island, D/T nearby. Bike room, recreation room & private garden. Storage locker. Security Camera system. Immediate possession.

Just reduced from $798,000 to $738,000

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To see previous Fairview real estate updates and Fairview price reduced properties click here.  

Immaculate, rarely available, S facing (QUIET side of the building overlooking tree lined street) bright & sunny 1 bedroom + den/flex Fairview condo with 9' ceilings. Owner occupied and newly reno. with new engin. H/W floors, silestone countertops, lighting, kitchen & bath fixtures, window covering & UV coating. All new app. incl. Bosh washer & dryer. Walk or bike to Granville St. & Island shops and restaurants, parks, seawall & downtown. Pets ok with restriction.

Just reduced from $438,000 to $423,000

For more photographs and information click this link or contact Fairview condo specialist Dean Wegman here.

10-1214 7TH AVE W

SWEEPING FALSE CREEK WATER, CITY & MOUNTAIN VIEWS FROM THIS STUNNING LARGE TOWNHOME OF 2235 SQ.FT! The Best Location at Marvista Courts offers H/W Flrs. Throughout, Vaulted Ceilings, Wonderful Outdoor Spaces With Spacious Rooms to Accommodate House Sized Furniture! CAPTIVATE your Guest with the TOP FLOOR VIEW Living Room & Walkout Entertainment Sized Balcony! Great Form & Functionality Provides Bedrooms on separate Level Plus Mst. Has its own PRIVACY PATIO! Courtyard Level Creates Endless Possibilities by providing Self-Contained Suite With Separate Entrance Ideal for Home Office, Guests/Older Children! Walk to Granville Island,Parks,Recreation, Sea Wall,Biking Trails,Eateries & Shopping! A PHENOMENAL LIFESTYLE LOCATION!

Just reduced from $925,000 to $848,000

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THE 777. Warm, cozy and immaculate one bedroom strata suite. Bright sunny southern exposure, huge patio, insuite laundry with lots of storage, plus one secure parking stall and storage locker. The building was fully rain screened about 8 years ago by Morrison Hershfield. Scope of work included all walls (redone in masonry), new balconies & structural steel, new patio doors & windows, new hot & cold water pipes, and new torch-on roof. The hot water tanks are new in the last 2 years. Rentals and pets are allowed (2 dogs, 2 cats or one of each). Unbeatable location, quiet yet handy to amenities: subway at Olympic Station or Cambie & Broadway, B-Line bus, Whole Foods, Save-On, Home Depot, VGH, it's all here.

Just reduced from $349,000 to $339,000

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Up market, stylish concrete building surrounded with large windows. Located in the most desirable sought after Fairview neighbourhood. Bright corner condo attached with large 272 sq ft south east exposure patio. Command great views of mountain, city & firework, high-end fixtures & appliances-Bosch & Fisher & Paykel. Marble counter, hardwood flooring, efficient layout. Steps to trendy boutiques, restaurant, Chapter, Granville Island, etc.

Just reduced from $818,000 to $799,999

For more photographs and information on this Fairview condo click this link.

212-1551 11TH AVE W

Here is your chance to own an architecturally renovated, fabulously bright and spacious south facing 1 bedroom apt. Feat. Incl new engineered hardwood flooring with acoustic underlay; gorgeous quartz countertops, Italian marble backsplash and new kitchen island, new kitchen cabinets with new stainless appliances, incl dishwasher & under-mount sink. Custom millwork & trim, architectural light fixtures & recessed lights, porcelain bathroom floor tile & rain shower head are just a few of the details. At the heart of S/Granv, this 2nd floor apt incl prking, covered balcony and is minutes to downtown and steps to transit, 5 star restaurants, shops and deli, art galleries & Granv. Isl seawall. This is a show suite. No pets or rentals.

Just reduced from $374,900 to $364,900

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Spectacular COMPLETE RENOVATION with great attention to detail & high end materials including hardwood floors & pot lighting throughout. Spacious kitchen offers chocolate maple cabinets, quartz counters, breakfast bar & full size stainless appliances. Large living room is hardwired for surround sound & flat screen & opens to private balcony. Stylish bath features heated floors & custom vanity. Insuite laundry & storage. Parking & additional storage locker included. Ideally located in South Granville minutes from Downtown & steps to the best shopping restaurants & cafes the area has to offer. Pets & rentals allowed. Must be seen to appreciate.

Just reduced from $379,000 to $369,900

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Rarely available 3 bedroom fairview condo with in-suite storage located next to VGH. Currently leased until May 31, 2011 at $2,200 per month. The excellent tenant would like to renew the lease but are willing to move out as well. The 3rd bedroom with a small closet (or den) is separated by a living room and away from other bedrooms (good floor plan!). High ceiling, Granite kitchen countertops and ample windows for brightness.

Just reduced from $720,000 to $699,000

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Modern Owner Occupied 2 bdrm, 2 full bathrooms + solarium (used as den) Fairview condo , corner unit,  by Polygon. Well appointed with high-end appliances, granite counters and 9' ceilings. Upgrades incl original hardwood floors and custom-built ensuite walk-in closet. Overlooks landscaped gardens and beautiful cherry blossoms. Steps to trendy South Granville Shops, restaurants and Stanley Theater. Solid Concrete building, bal of 5-10 yr warranty. Comes with 1 parking stall and large storage locker. BUY with confidence in this beautiful building in a great neighbourhood

Just reduced from $734,800 to $715,000

For more photographs and information on this Fairview condo click this link.

406-1690 8TH AVE W

Up market, stylish concrete building surrounded with large windows. Located in the most desirable sought after neighbourhood. Bright corner unit attached with large 272 sq ft south east exposure patio. Command great views of mountain, city & firework, high-end fixtures & appliances-Bosch & Fisher & Paykel. Marble counter, hardwood flooring, efficient layout. Steps to trendy boutiques, restaurant, Chapter, Granville Island, etc

Just reduced from $848,000 to $818,000

For more photographs and information on this Fairview condo click this link.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.

Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.

“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.

At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.

“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to-date market evaluation.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.

Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.

Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.

Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.

For information on home prices and sales for more specific neighbourhoods contact us here.

WINDGATE across from Choklit Park in popular Fairview Slopes. Completely renovated 1 bedroom in a RAINSCREENED building in the heart of Fairview. Step through the pristine landscaped gardens of the inner courtyard to your own front door. Your home has been completely renovated with gorgeous hardwood floors, stainless steel appliances, gorgeous counters, Thomasville cabinets, movable kitchen island & crown mouldings. You will be impressed by the layout, open concept, stunning arched windows, storage & denn area. Partial view of Choklit Park, False Creek & the city lights. Walking distance to transit, Granville Island, a short distance to downtown and Kits. Pets & Rentals Ok.

Just reduced from $449,900 to $438,000

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104-1551 11TH AVE W

This is a fantastic, bright, quiet corner Fairview condo with a huge patio and lush garden! The spacious floor plan allows for full size dining room and living room furniture, large master bedroom with W/I closet and semi-ensuite. Updated kitchen includes new stainless steel appliances. Great South Granville location for incredible shopping, cafes, theatres and restaurants. 1 parking and 1 storage locker. Enjoy this fantastic backyard for the Spring and Summer months.

Just reduced from $419,900 to $399,800

 For more photographs or information on this Fairview condo click this link.

1001-1690 8TH AVE W

This beautiful water & mountain view, lowest price and shows brand new Highrise unit in Van West. 2 bedrooms plus den (could be third bedroom) with 2 full baths. Facing south, east and west. Bright & spacious end unit with hardwood floor, air-condition, granite counter, Bosch appliances, roller blinds, insuite laundry and more. Seller lived in the unit for only several months, so the unit like brand new and kept very well. NO GST. Central location near all the amenities. Easy access to downtown and UBC. Easy to show. Motivated seller and quick completion possible. Try your offer.

Just reduced from $838,000 to $818,000

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308-889 7TH AVE W

REAL PENTHOUSE! Perched atop a fully rainscreened building with light pouring in through floor to ceiling windows from the north, east and west. Extra large penthouse apartment with a giant 460 sq ft rooftop deck right outside the massive living room and sunny charming den. So private and quiet... Townhouse style entry and two side-by-side secure parking spots adjacent to a huge private storage room are even more features that make this home extraordinary! What a great lifestyle with Granville Island at your doorstep, multitudes of super shops and eateries nearby and a short walk to the Canada Line Station. Great replumbed building with newer roof. Pet and rental friendly too!

Just reduced from $749,000 to $729,000

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212-1777 13TH AVE W

Lovely Renovated Large One Bedroom & Den Home in the "Mont Charles". Located in a Prime Location! Walk to the wonderful Shops & Eateries of South Granville - Yet Just Minutes Away From The City Centre! This Quiet Suite Has a Beautifully Updated Kitchen, Bathroom, Newer Carpets, Designer Paint,Light Fixtures, Newer Washer & Dryer with the Additional Feature of Insuite Laundry. Plus a Generous Sized Balcony Which Provides Ideal Outdoor Space! The Open Den is Perfect For your Home Office! Note This Suite also Includes One Parking and One Storage Locker! Just Move In and Enjoy This Stylish Suite In Such a Vibrant Neighbourhood!

Just reduced from $409,000 to $389,000

For more photographs and information on this Fairview condo click this link.

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108-777 7TH AVE W

THE 777. Warm, cozy and immaculate one bedroom strata suite. Bright sunny southern exposure, huge patio, insuite laundry with lots of storage, plus one secure parking stall and storage locker. The building has been fully rain screened and is very well maintained. Rentals and pets are allowed (2 dogs, 2 cats or one of each). Unbeatable location, quiet yet handy to amenities: subway at Olympic Station or Cambie & Broadway, B-Line bus, Whole Foods, Save-On, Home Depot, VGH, it's all here.

Just reduced from $359,000 to $349,000

 For more photographs or information on this Fairview condo click this link.

501-587 7TH AVE W

Looks, smells, feels brand new! Just move-in to this concrete, bright, airy 2 bdrm/2bath condo in the heart of Fairview, conveniently located just steps to Canada Line, Whole Foods and bus access to UBC! Only 3 yrs young, the spacious, functional layout includes stainless steel appliances, gas cooktop, electric fireplace, 2 balconies, insuite storage and a multi-purpose solarium. 1 parking included. Quick possession possible, no need to wait and buy into pre-sale developments!

Just reduced from $698,000 to $669,000

For more photographs and information on this Fairview condo click this link.

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315-1236 8TH AVE W

You've found it!! Welcome to the Slopes! This 1-bedroom suite has it all....a great layout, generous room sizes with a kitchen that has room for 2 enthusiastic cooks! Cozy up around the wood-burning fireplace on cold winter nights. Come summer you'll love the outdoor space...a spacious deck, northwest-facing that offers English Bay, Downtown & Northshore views. Enjoy a glass of wine & sit in the sun at the end of the day! Features include insuite laundry, maple engineered floors, secure parking & storage. Great building, fully rainscreened. 2 pets allowed and rentals OK. Act fast!

Just reduced from $399,000 to $389,000

 For more photographs and information on this Fairview condo click this link.

201-3133 CAMBIE ST

201 - 3133 Cambie St. Vancouver, BC V5Z 4N2 -1,939 s/f updated west facing concrete 2 level, 2 bed & den, 2.5 baths suite at Pacifica (near 16th). The suite is looking West into a lovely English Ctr court yard with fountain & rose gardens. Fully renovated with pot lighting throughout plus new kitch cabinets, tile, countertops & S/S appliances + designer paints. Entertainment size living room & open dining area with engineered hardwood wide plank floors & gas F/P. This suite also has large windows & lots of light plus BBQ balcony. Downstairs has new carpets with huge master & large 2nd bedroom both with updated baths. Big laundry rm & 2 store rms.

Just reduced from $799,000 to $779,000

For more photographs and information on this Fairview condo click this link.

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2247 OAK ST

Gorgeous 3 level, 1400+ sf., 2 bed & den, 2 bath renovated Fairview townhome w/ your own private entrance incorporating natural light & spaciousness. Don't let the address fool you, quiet, inside corner courtyard end unit. Features: oak floors, plush carpeting, slate floors, modern lighting, designer paint, stunning kitchen w/ granite counters, dble. undermount sink, shaker wood cabinets & breakfast bar, large formal din. area & X large master bdrm. w/ walk-in closets leading to a newly renovated 5 piece spa bathroom w/ heated floors. Beautiful upper living area w/ wood burning fireplace & large balcony w/ City & mtn. views. Outstanding location, steps to seawall, Granville Island, Canada Line, restaurants & shopping.

Just reduced from $675,000 to $655,000

For more photographs and information on this Fairview townhome click this link.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

For more information on these Fairview condos and townhomes contact Dean Wegman here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

202-1126 11TH AVE W

Bright and open floor plan creates a great living space in this private corner unit. Large master bedroom and updated bath. Kitchen cabinets just refinished and looks fantastic. Great building and Strata on desirable 11th Ave. Exterior repainted a year ago and new cedar fencing make it a pleasure to come home. Very quiet neighbours. Close to Canada line, buses, shopping, hospital and much more.

Just reduced from $329,900 to $314,900

For more photographs and information on this Fairview condo click this link.

 205-1055 13TH AVE W

Bright, sunny and spacious one bedroom on quiet West 13th Ave. Southeast exposure floods the bedroom and living room with natural light, and the south-facing private balcony is great for a small urban garden. Generous room sizes allow multi-purpose use. Laminate flooring throughout; California shutters; wood-burning fireplace. Pride of ownership in this building of mostly owner-occupants. Great rooftop deck with views of the city and mountains. Plumbing replaced in December 2008. Enjoy a quiet, convenient lifestyle within an easy walk of cafes like Max's Deli, Elysian Coffee, great restaurants, South Granville shopping, Sunshine Market, Whole Foods, VGH and rapid transit.

Just reduced from $369,000 to $359,000

For more photographs and information on this Fairview condo click this link.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

For more information on these Fairview condos and townhomes contact Dean Wegman here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

1-780 15TH AVE W

Sought-after Garden Level (rare) 3-Bedroom at "16 Willows" in quiet Fairview location. All living of approximately 1,215 SqFt is on 1 level! This lovely fully renovated home offers granite, brand new paint, new Maple hardwood floors, stainless steel appliances, jacuzzi tub in master bath, and so much more. The floor plan is ideal with a large master bedroom and 2 good sized 2nd and 3rd bedrooms. Spacious private patio off living room offers great outdoor living & BBQ area. The complex is very well run with proactive strata. The location is ideal just steps to schools, Douglas Park and Cambie shoppig district. Includes 2 parking plus storage and bike room. Ideal for families or single professionals. Truly a lovely home!

Just reduced from $789,000 to $739,000

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302-1405 12TH AVE W

Exquisite Fairview corner suite in the Warrenton, South West exposure, beautifully decorated, hardwood floors, custom gas fireplace, 2 balconies in an excellent building. Steps to superb boutiques and restaurants of South Granville. A rare opportunity, just move in and enjoy a luxurious lifestyle.

Just reduced from $419,000 to $409,000

For more photographs and information on this Fairview condo click this link.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

For more information on these Fairview condos and townhomes contact Dean Wegman here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

Once in life opportunity. The Zone 16th top floor 1300 sf penthouse with 800 sf roof deck, panoramic 270 degree Stanley Park, Mountain, City and Ocean view! 2 bedroom plus den, 10' ceiling, high end finishing, 2 parking plus 1 locker. The best central location in Vancouver West Fairview. Bright, quiet and low mtnce fee. Move in Today!

Asking Price $1,438,000

For more photographs and information on this Fairview condo click this link.

To see more 2 bedroom Fairview condo's click here.

For more information on these Fairview condos and townhomes contact Dean Wegman here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

678 6TH AVE W

If you are looking for the best value for money in a QUALITY 2 bed+den/2 bath Fairview townhouse (w/your own priv entrance) in a prime False Creek loc, this is it! Only 4 yrs old & immaculate, hardly used condition. Many sought after features: Stunning gourmet kitchen boasting polished granite countertops, walnut shaker wood cabinets & over $20,000 worth of Viking Professional Series S/S appliances w/gas range. Brazilian cherry H/W floors + gas F/P in LR/DR. Large mbdrm w/enste & priv patio. Inste lndry + strge. Upgraded sec windows & gates thru out ste. Steps to False Creek seawall, Granville Island, Canada Line & popular Cambie & 6th & W Broadway shopping areas. Tremendous quality, value & loc. Fantastic Westside Neighbourhood.

Just reduced from $599,900 to $588,000

For more photographs and information on this Fairview condo click this link.

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311-1720 12TH AVE W

Step into a fully renovated & modern Fairview penthouse condo located just blocks from South Granville shopping & Broadway restaurants. This sprawling 1134 sf 2 bedroom, 2 bathroom apartment has been tastefully updated with dark H/W floors, kitchen block counters, S/S appliances, tile backsplash & new bathrooms. Spend your summer on the large patio & the winter next to your wood burning fireplace. Enjoy the convenience of 2 parking spots, 2 storage lockers & your own insuite laundry room. Monthly strata fees include heat & hot water. Roof replaced in 2010. No cats or dogs.

Just reduced from $575,000 to $550,000

For more photographs and information on this Fairview condo click this link.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

For more information on these Fairview properties contact Dean Wegman here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

205-1166 6TH AVE W

RENOVATED 2 BEDROOM AND DEN Fairview condo on QUIET side of courtyard in fabulous Fairview Slopes! Open floor plan & bright with windows on 3 sides. Pets and rentals allowed!

Just reduced from $399,900 to $389,000

For more photographs and information on this Fairview condo click this link.

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Completely renovated in 2010, this 2 bed, 2 full bath, ground level end unit condo is in an excellent location. New baths, new flooring, new kitchen, etc. Feels like a townhouse with street entry optional, and a private 380 sq. ft. deck off kitchen for summer BBQ's. Very bright and quiet location, yet near all shops, RAV line, and just mins to downtown. Concrete bldg. with very proactive strata. Great amenities, 2 parking, storage (5.5w x 6d x 10h), pool, bike room. Floorplan measures 1016 sq ft. Pets & Rentals OK.

Asking Price $558,000

For more photographs and information on this Fairview condo click this link.

To see more 2 bedroom Fairview condo's click here.

For more information on these Fairview properties contact Dean Wegman here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

205-937 14TH AVE W

Large, clean 1 bedroom Fairview condo with walk-in closet, big bay window, security alarm system, and heavy duty stainless steel washer & dryer. This is a totally updated building with new windows, water lines, roof, and the latest rainscreened exterior wall system in 2005. Excellent location, close to VGH, public transit, and shopping. All measurements are approximate.

Just reduced from $368,000 to $349,900

For more photographs and information on this Fairview condo click this link.

 D-733 16TH AVE W

Affordable 2 bedroom, 2 level Fairview townhouse in the popular Fairview Heights. Quietly nestled in a unique courtyard complex of 10 lovely family oriented townhouses. Well priced at $399,000 and ready for those decorating juices to flow through this amazing home. Come and bring your creative ideas to warm this hidden gem. At this price, this is truly an opportunity. Parking and loads of storage with very reasonable maintenance fees. Make that appointment for your opportunity now.

Just reduced from $399,000 to $389,900

For more photographs and information on this Fairview condo click this link.

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1103-2201 PINE ST

STUNNING 3 bedroom 2119 S.F. PENTHOUSE w/a 270 degree PANORAMIC UNOBSTRUCTED VIEWS OF CITY, WATER and MOUNTAINS in the prestigious Meridian Cove. The entire suite looks onto 1275 sf. wrap around EAST, SOUTH AND WEST PATIOS with automated watering system. This place is GORGEOUS!

Granite kitchen with heated flooring, Bosch and Sub Zero s/s appliances, plumbed in espresso machine and built in 280 bottle wine storage fridge. Ideal ENTERTAINING penthouse for the fireworks and luxury living! This is most superior and largest penthouse of all 3 units on the penthouse floor. Excellent solid building with recreational facilities including indoor pool, 2 parking, storage and more!View by aptmt only. Steps to Granville Island.

Just reduced from $2,100,000 to $1,999,990

 For more photographs and information on this Fairview condo click this link.

302-789 16TH AVE W

Sought after Sixteen Willows. Now available. One bedroom one bathroom totally renovated top to bottom w/large balcony ready for your summer BBQ's facing the court yard, away from the busy streets!! Problem free building, well run!!! Hurry on this one.

Just reduced from $428,888 to $419,888

For more photographs and information on this Fairview condo click this link.

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5-1038 7TH AVE W

A Nice Slice of Fairview. Enjoy this one bedroom unit with a downtown view. Feats. incl: skylight, llxl3 sundeck, and IS/L. Allows rentals, and one dog or one cat. Spacious and central.

Just reduced from $399,000 to $379,000

For more photographs and information on this Fairview condo click this link.

L03-788 8TH AVE W

Enjoy outstanding VIEWS of mountains/Downtown Skyline from your private ROOFTOP DECK in renovated 2-Bedroom/2-Bath 3-Storey Townhouse. Functionally designed with open floor plan, newer hardwood floors & stairs, newer kitchen cabinets, countertops, bathrooms, 2 underground parkings, insuite laundry, locker, street-level entrance, etc. Location is very handy, near Home Depot, Whole Foods, Best Buy, London Drugs, City Hall, Broadway-Cambie SkyTrain, Granville Island, BC Place/Costco, etc. PLEASURE to show unit!! All sizes, ages & dollar-amounts are approximate only, buyer to verify if important to buyer

Just reduced from $529,000 to $509,000

For more photographs and information on this Fairview condo click this link.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

For more information on these Fairview properties contact Dean Wegman here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

For more information on these Fairview properties contact Dean Wegman here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

“Consumer demand continues to normalize alongside overall economic conditions,” said Cameron Muir, BCREA Chief Economist. “However, the pace of growth in home sales experienced since last summer is likely to moderate in the coming months as tighter credit conditions and upward pressure on mortgage interest rates impacts affordability and purchasing power.”

The inventory of homes for sale remained below 47,000 units for the third consecutive month in January, down 14 per cent from the spring of last year. “While demand and supply conditions province-wide exhibited balance last month, regional differences are pronounced,” added Muir. “Housing markets in the Lower Mainland/South Coast exhibited stronger conditions than in the Kootenays and Okanagan, which remained in buyer’s market territory in January.”

107-1717 13TH AVE W

 Looking for peace & quiet? Look no further. Extremely tranqil setting looking out to West 13th from this superbly located one bedroom, 621 sqft suite in the South Granville/Kitsilano neighbourhood. Numerous updates throughout that need to be seem. Well cared for suite in a well cared for building; perfect place to call home!

Just reduced from $339,900 to $332,900

For more photographs and information on this Fairview condo click this link.

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Dover Pointe recently underwent an entire renovation including a new rainscreen and new roof. This beautiful complex boasts amazing street appeal and is situated on a gorgeous tree-lined street which enters into a landscaped interior courtyard. Conveniently located steps from the world-famous seawall, 2 Canada Line stops, Cambie Village and a selection of shops. The townhouse itself also underwent a complete renovation in 2008 including new kitchen, SS appliances, quartz counters, new cabinets, H/W floors in living areas, new carpet in bedrooms, custom cabinets in master closet and a brand new bathroom. You will love the luxurious 9' ceilings, 2 decks (one is rooftop with amazing city/mountain views) & complete security sys!

Asking Price $529,800

For more information on this Fairview condo click this link. To see more 2 bedroom condo's click here.

202-1318 6TH AVE W

Stunning City Views from this Gorgeous 2 bed and den, 2 bath, Gran Isle/Fairview Corner suite. Fabulous natural light helps to highlight the many features of this "Show Home" condo! Bamboo floors through entry and principle rooms - marblein kitchen. Polished Granite, S/S appliances Beautiful crown mouldings, roller blinds, closet organizers,rain shower head, jetted tub, separate shower - the list goes on!! Approx. 55k spent on first class Upgrades by Cobblestone Construction. This is not your typical renovation. Practical upgrades include Rain Screened Building with Newer roof. Live this ultra urban lifestyle just steps to False Creek, Marinas, Famous Granville Island and only a few blocks to Canada Line.

Just reduced from $567,200 to $549,000

For more photographs and information on this Fairview condo click this link.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January.

“There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). "We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.”

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.

“When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood,” Moldowan said

Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009.

From a historical perspective, January’s 1,819 homes sales slightly surpassed the 1,790 home sale average recorded in the region over the last ten years.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,801 in January 2011. This represents a 6.7 per cent decrease compared to January 2010 when 5,147 properties were listed, and a 182 per cent increase compared to December 2010 when 1,699 homes were added to the MLS® in Greater Vancouver.

At 10,438, the total number of residential property listings on the MLS® increased 5.8 per cent in January compared to last month and increased 2.2 per cent from this time last year.

Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 per cent from the 705 detached sales recorded in January 2010, and a 171.6 per cent increase from the 292 units sold in January 2009. The benchmark price for detached properties increased 2.7 per cent from January 2010 to $810,045.

Sales of apartment properties reached 713 in January 2011, a decline of 20.8 per cent compared to the 891 sales in January 2010, and an increase of 97.5 per cent compared to the 361 sales in January

1-780 15TH AVE W

Sought-after Garden Level (rare) 3-Bedroom at "16 Willows" in quiet Fairview location. All living of approximately 1,215 SqFt is on one level! No stairs to contend with! This lovely fully renovated home offers brand new paint, granite, maple-hardwood floors, stainless steel appliances and so much more. The floor plan is ideal with a large master bedroom and 2 good sized 2nd and 3rd bedrooms. Private patio off living room offers great outdoor living and BBQ area. The complex is very well run with pro-active strata. The location is ideal just steps to schools, Douglas Park and Cambie Shopping District. 2 secured parking too. Ideal for families or single professionals. Truly a lovely home!

Just reduced from $749,000 to $738,000

For more photographs and information on this Fairview condo click this link.

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302-2965 FIR ST

Great location in LOWER SHAUGHNESSY. The Suite - VERY PRIVATE ONLY 2 SUITES PER FLOOR. 2 bdrm & 2 full baths w/view to Tennis club & Shaughnessy Mansions, open kitchen w/GRANITE COUNTERTOPS, GAS FIREPLACE, AIR CONDITIONING & OPEN BALCONY. The building has balance of New Home Warranty, across from the Vancouver Lawn & Tennis Club & 1 block to the South Granville shopping district. 1 parking & 1 external locker included. Pets/rentals welcome.

Just reduced from $480,000 to $470,000

For more photographs and information on this Fairview condo click this link.

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405-1476 10TH AVE W

1 Bedroom, Top Floor, Completely Renovated: Granite Counter in Bath, New Stainless Steel Appliances, Cherry Faced Cabinets, Tiles w/ Chocolate Laminate Floors, South Facing, Balcony, Wood-Burning F/P, Insuite Laundry, U/G Parking, Storage Locker. Rainscreened Building w/ Warranty. The building owns ground floor parking lot which brings in over $14,400 per year in revenue. Close to Vancouver General Hospital, Granville Island & Public Library. Available immediately.

Just reduced from $354,000 to $349,900

For more information on this Fairview condo click this link.

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604-1355 BROADWAY W

Fully Renovated 1 Bedroom and Den, with spectacular city, mountain and water views. Very open floorplan, with new hardwood throughout. The bathroom was repainted, retiled, with new fixtures in 2009. The kitchen is very specious and features new granite counters, cherry cabinets, and stainless steel appls. There is a den off the living room and bedroom area, that has ample room for an office. From the deck, you have incredible 180 degree views of the Westside of Vancouver, and English Bay. This location doesn't get better, with Transit to UBC and Downtown, and many restaurants, shops, and cafes within a block. 1 Locker and Parking included. No Rentals & No Pets.

Just reduced from $489,000 to $469,900

For more information on this Fairview condo click this link

225-2628 LONG LIFE PL

Rarely available in quite area. 2 level T/H. Full ensuite, plus 1.5 baths, 7 appliances, insuite laundry, laminate floor, indoor pool, sauna, jacuzzi, exercise room. Near Canada Line, City Hall, shopping mall, grocery, fitness centre, pre-school, VGH walk to everything. Move in condition. All measurements approximately, buyer to verify. Fast possession.

Just reduced from $520,000 to $495,000

For more information on this Fairview condo click this link.

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Rarely offered, 880SQFT 2 bed(split pln), 2 bath, 2 parking, beautifully renovated suite in sought after "Bentley Place" 2 blocks from the luxurious South Granville Shopping District & Skytrain in Fairview. Location scores high on the "Walk Score" for convenience to all the best restaurants and amenities-perfect quiet location for urban living. A tasteful renovation throughout awaits you accompanied by a large outdoor 8'X 12' balcony overlooking a private common garden area and green space. Over $50,000 in renovations including the saving of a wood burning fireplace! Very sleek, modern European appliances, hardware and cabinets throughout, using top quality products. Pet friendly & pro-active strata. Welcome Home!

Asking Price $478,000

For more information on this Fairview condo click this link. To see more 2 bedroom condo's click here.

For more information on these properties contact Dean here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

208 – 778 8^th AVE W

Rarely available 3 bdrm TOWNHOUSE approx 1,100 sf in the heart of Fairview. Fresh paint, new carpets, updated appliances, Views are West from Burrard Bridge & the water to North over the city & local mountains. Mn fl has 3 bdrms & 2 full baths, while the spacious 2nd level opens to a living/dining area featuring a corner fireplace, skylites, and a patio with a west outlook. A generous kitchen with SS appliances includes a new stove and new diswasher, also has room for a table. Adjacent to the ktichen is a handy stacking laundry. Then walk out through the enclosed third patio and up to the view roof deck. PLUS 2 parking & 1 locker. Fabulous location, walk to Granville Isl, Broadway shops, transit, etc.

Just reduced from $568,000 to $548,000

For more information on this Fairview condo click this link.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

303-1445 MARPOLE AVE

Bright south-facing suite at desirable Hycroft Towers - a Modernist landmark in South Granville. Private treed outlook, original oak floors, efficient layout w/ built-in storage & wall to wall windows offering abundant natural light. Incredible value for the neighbourhood with all amenities just steps away & minutes to Downtown, UBC & Granville Island. Hycroft features a strata-owned suite w/ live-in caretakers, an expansive common rooftop deck w/ amazing view & parking available by way of wait list. One cat OK; rentals & dogs declined. Don't miss this great opportunity!

Just reduced from $294,900 to $285,000

For more information on this Fairview condo click this link.

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1203-2628 ASH ST W

Spectacular Downtown view from this Fairview condo - Northeast Direction. Corner suite. Close proximity to City Square, Safeway & Canada Line Station. Must see, don't miss out! All sizes are approx buyer to verify.

Just reduced from $729,000 to $688,000

For more information on this Fairview condo click this link.

To see previous Fairview real estate updates and Fairview price reduced properties click here.  

204-1530 8TH AVE W

Pintura is one of South Granville's most prestigious addresses. Boutique building of only 59 suites developed by Intracorp and designed by Alda Pereira. Pintura is design-forward and features gourmet kitchens with abundant pantry cabinet storage, insuite storage, gas fireplace, granite counters, Euro plumbing fixtures and Bosch S/S appliances. This 2 bedroom, den + 2 bathroom home has an extra wide and open plan with a southwest exposure facing the large courtyard garden. With approximately 500 sq ft of patio space, this patio is perfect for those lazy afternoons or sunny cocktail parties. 2 secure parking spaces included. Pet and rental friendly building. Steps to the gallery district, Granville shops and Granville Island.

Just reduced from $769,900 to $749,900

For more information on this Fairview condo click this link. To see previous Fairview real estate updates and price reduced properties click here.  

Wonderful Fairview townhouse in a convenient location! Main floor has 2 bedrooms plus den/office & 2 full baths (one is ensuite) & in suite Whirlpool W/D. Second floor has an open layout. On one end is the kitchen with granite countertops & S/S Viking professional appliances: gas stove, D/W & LARGE fridge . . . and on the other, is the spacious dining & living area with a gas fireplace, Engineered hardwood floors throughout, carpet in bedrooms. Balance of 2/5/2010 warranty. Great location in Fairview: close to skytrain, seawall, Save On Foods, Best Buy, Can Tire & Broadway. BONUS: 2 parking spots!

Asking Price of $629,000

For more information on this Fairview townhome or to view this property click this link.

To see previous Fairview real estate updates click here.

For more information on these properties contact Dean here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

DETACHED HOUSE - This is a gorgeous property for privacy seekers. Loaded with light, vaulted ceilings, peek a boo view to mountains, back patio & deck off the living room. Beautifully updated kitchen & bath, see through gas fireplace from dining room to living room, tons of storage, great neighbours & in the prime block of Fairview Slopes. This property sold in 8 days last time because it's totally unique! It won't last - guaranteed. Lots of upgrades to building & it's not a leaky condo! Wood sided & overhangs!

Asking Price of $798,000

For more information or to view this property click this link

Great water and mountain views and an exceptional location with this Fairview condo. Built by Polygon this suite offers a superb layout, top line appliances and many built-ins in MBR and 2nd BR/den. Walk to everthing a perfect pied a terre.

Asking Price $728,000

For more information on this Fairview condo click this link. To see more 2 bedroom condo's click here.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.

“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”

Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred. 

More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of $593,419 in April 2010.

“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.

Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.

Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.

Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December 2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.

607-1068 BROADWAY W

Spectacular NW CORNER UNIT with sweeping WATER, CITY & MOUNTAIN VIEWS. Bright open 1 bedroom & den in solid CONCRETE building with large balcony perfect for BBQ. Kitchen offers gas range, granite counters, undermount sink & stainless appliances. Stylish bath w/soaker tub, marble counters & vessel sink. Worry free building w/ the balance of the 2-5-10 warranty. Pets/Rentals permitted. Great amenities: gym, meeting/party room & garden. 1 underground parking, storage Locker & secure bike storage. Nothing to do but move in & enjoy the view.

Just reduced from $395,000 to $389,900

For more information on this Fairview condo click this link. To see previous Fairview real estate updates and price reduced properties click here.  

Residential market values increased 13.03 per cent in West Vancouver, 12.17 per cent in Vancouver, 12.07 per cent in Burnaby, 9.22 per cent in Delta, 9.12 per cent in Coquitlam, 9.11 per cent in New Westminster, 8.84 per cent in North Vancouver District, 7.58 per cent in Surrey, and 6.55 per cent in Langley township.

A rise in a property's assessment does not always mean municipal taxes will increase. What typically makes the difference is if an assessment rises or falls beyond the average.

The Canada Line rapid transit route between Richmond and downtown Vancouver and Richmond's continuing popularity with buyers from Asia were factors in that community's substantial increase, suggested Re/ Max Westcoast realtor Anne Marie Kirkpatrick, a lifelong Richmond resident.

"That has made some difference -- the transportation," Kirkpatrick said in a phone interview.

"It seems that there is a lot of mainland China buyers and a lot of immigration from Asia, and Richmond seems to be one of their favourite spots. Other than that, it's great place to live. It's close to Vancouver, and the airport is here."

Kirkpatrick said she noticed a jump in demand for property that coincided with the opening of the Canada Line, known during construction as the Richmond-Airport-Vancouver (RAV) line.

Lower-priced "investment"-type condos in the Lansdowne mall area "were normally lower than similar condos more over in the Brighouse-Richmond Centre area. As soon as that line came in they increased [in price] instantly and it became the hot area.

Owners of the 1.9 million properties in B.C. can check online for the latest figures. Notices with expanded information were given to Canada Post on Dec. 31 and will be arriving in the mail this week.

Online users can go to www.bcassessment.bc.caand click on "e-valueBC" under "For Public" to see the new figure for their own and neighbouring properties. BC Assessment's web-site will also show the value of sales for the surrounding area in 2010.

For most properties, BC Assessment shows the assessed value as of July 1 of the previous year. Their actual value depends on the market at a particular time.

BC Assessment appraisers take into account criteria such as size, age, quality, condition and location of individual properties.

This year's deadline to appeal assessments is Jan. 31. BC Assessment encourages those who disagree with assessments to call or visit their office to try to resolve the matter.

The Crown corporation's office was closed Monday and reopens today.

While individual property values are online, further details on regional and provincial statistics and graphs will be coming out today. That information will include the total value of the provincial assessment roll, year-over-year changes in assessment values in municipalities and new construction.

Provincially, the assessment roll reached $969 billion in January 2010.

Read more: http://www.vancouversun.com/entertainment/Metro+property+values+surge+dramatically/4055540/story.html#ixzz1A6FCLz3p

ATTENTION INVESTORS! - Don't miss out on the BEST PRICED 4 year old high-rise CONCRETE building in Lower SHAUGHNESSY with ONLY 2 suites per floor. One bedroom with cheater ensuite, gas fireplace and entertainment size patio overlooking the garden. Conveniently located one block from South Granville shops, restaurants & transportation. Includes one parking & storage locker. Balance of New Home Warranty. RENTALS ALLOWED + pets are welcome 1 dog OR 1 cat.

Asking Price $319,900

For more information on this Fairview condo click this link. To see more 1 bedroom condo's click here.

FANTASTIC FAIRVIEW SLOPES. FULLY RAINSCREENED OUTSIDE, BEAUTIFULLY RENOVATED INSIDE. Gorgeous dark maple wood floors, new kitchen with granite countertops, new stainless steel appliances, remodeled bathroom, everything is done just move in. This townhome features a spacious open layout, a front patio looking north and a large 150 sq ft southerly courtyard patio ideal for evening relaxing and entertaining, front and rear doors, a large private storage room, underground parking space and plenty of street parking. PEPPER RIDGE is fabulously located, easy walk to Granville Island, the seawall, shops - a great place to call home.

Asking Price of $409,500

For more information or to view this property click this link

COMPLETELY RENOVATED one bedroom townhome with its own private entry. Ceasarstone counters, mosiac backsplash, basalt honed tile, crown mouldings, wainscoting, California Closet organizers, new flooring, new top of line LG stainless steel appliances, new full size front load washer & dryer and the list goes on..ABSOLUTELY GORGEOUS! Fantastic layout with big bedroom, open kitchen w/breakfast bar, separate dining area & gas fireplace. Sought after Fairview locale...walk to new Canada Line stn, Whole Foods, London Drugs, Home Depot, Best Buy, fantastic restaurants & cafes. Granville Island and Downtown just minutes away.

Asking Price $399,900

For more information on this Fairview condo click this link

Sincerely,

FANTASTIC FAIRVIEW SLOPES. FULLY RAINSCREENED OUTSIDE, BEAUTIFULLY RENOVATED INSIDE. Gorgeous dark maple wood floors, new kitchen with granite countertops, new stainless steel appliances, remodeled bathroom, everything is done just move in. This townhome features a spacious open layout, a front patio looking north and a large 150 sq ft southerly courtyard patio ideal for evening relaxing and entertaining, front and rear doors, a large private storage room, underground parking space and plenty of street parking. PEPPER RIDGE is fabulously located, easy walk to Granville Island, the seawall, shops - a great place to call home.

Asking Price of $409,500

For more information or to view this property click this link

111-2288 PINE ST

Concrete 2 level townhouse 1686 sf 3 bedrooms up w/private entrance. New laminate, tile floor, new granite counters, light fixtures, new paint, 2 parking stalls 1 locker, SW exposure.

Just reduced from $850,000 to $818,000

For more information on this Fairview condo click this link. To see previous Fairview real estate updates and price reduced properties click here.  

Sincerely,

Exceptionally renovated to the highest standard, this 2 bdrm, 1.5 bath corner suite with an expansive wrap-around garden patio is the perfect place to call home! The building is in excellent condition, proactive strata, rainscreened & situated in the heart of Fairview on a whisper quiet street;close to VGH, RAV Line & all the conveniences of both Cambie & Granville. S/S appliances including a Bosch D/W, granite countertops & new cabinetry make for a cook's dream kitchen. 6" hickory plank H/W floors & crown mouldings throughout, gas fireplace, plenty of storage, insuite W&D, functional floor plan are just a few of the great features in this home.

Asking Price $519,800

For more information on this Fairview condo click this link

There were no sales of Fairview condos or townhomes during the past week. 

 For more information on these properties contact Dean here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

There are no price reduced condos or townhomes in Fairview for December 20th, 2010.

To see previous Fairview real estate updates and price reduced properties click here.  

101-1775 10TH AVE W

Bright newly updated 1 bedroom unit. New laminate flooring, paint, mouldings. Spacious ground floor unit with doors off to large patio... perfect for bbq's! Approx 455 sq ft of private patio space. Insuite laundry with storage. Comes with 1 parking and storage locker. Terrific location close to Kits, shopping, Downtown and easy access to UBC! Well maintained building. Pets restricted to 1 cat.

Just reduced from $345,000 to $319,000

For more information on this Fairview condo click this link

To see previous Fairview real estate updates click this link.

202-1318 6TH AVE W

Stunning City Views from this Gorgeous 2 bed and den, 2 bath, Gran Isle/Fairview Corner suite. Fabulous natural light helps to highlight the many features of this "Show Home" condo! Bamboo floors through entry and principle rooms - marblein kitchen. Polished Granite, S/S appliances Beautiful crown mouldings, roller blinds, closet organizers,rain shower head, jetted tub, separate shower - the list goes on!! Approx. 55k spent on first class Upgrades by Cobblestone Construction. This is not your typical renovation. Practical upgrades include Rain Screened Building with Newer roof. Live this ultra urban lifestyle just steps to False Creek, Marinas, Famous Granville Island and only a few blocks to Canada Line.

Just increased from $550,000 to $567,200

For more information on this Fairview condo click this link

To see previous Fairview real estate updates click this link.

There are no price reduced condos or townhomes in Fairview for December 15th, 2010.

To see previous Fairview real estate updates and price reduced properties click here.  

3023 BIRCH ST

The Fountainbleau! Unique architectural details and classic Mansard roof on this French inspired twnhse in Lower Shaughnessy! The main floor is anchored by the beautiful gas F/P and solid oak floors throughout. Open Island kit with maple cabinets, thick granite counter tops, French Country sink, and Dacor gas S/S stove. The 2nd floor has 2 bedrooms and perfect nook in front of a large picture window. The entire 3rd floor is master suite with fitted W/I closet and a Spa inspired ensuite with dble sinks, heated floors, and lge tiled shower with B/I seat and both handheld & rainhead showers! Just steps to the finest boutiques & galleries of Granville Rise. French drs to patio, 2 parking and storage.

Just reduced from $1,228,000 to $1,124,900

For more information on this property click this link

For more information on these properties contact Dean here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

There are no price reduced condos or townhomes in Fairview for December 13th, 2010.

To see previous days of price reduced properties click here.  

There are no price reduced condos or townhomes in Fairview for December 10th, 2010.

To see previous days of price reduced properties click here.  

There are no price reduced condos or townhomes in Fairview for December 9th, 2010.

To see previous days of price reduced properties click here.  

There are no price reduced condos or townhomes in Fairview for December 8th, 2010.

To see previous days of price reduced properties click here.  

There are no price reduced condos or townhomes in Fairview for December 7th, 2010.

To see previous days of price reduced properties click here.  

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October 2010 and an 18.6 per cent decline from the 3,083 sales in November 2009.

Looking back further, last month’s residential sales represent a 187.1 per cent increase over the 874 residential sales in November 2008, a 13 per cent decline compared to November 2007’s 2,883 sales, and a 6.4 per cent increase compared to the 2,358 sales in November 2006.

“Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,” Jake Moldowan, REBGV president said.

Total active residential property listings in Greater Vancouver currently sit at 12,384, a 12.1 per cent decline from last month and a 12 per cent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 per cent to 3,030 in November 2010 compared to November 2009 when 3,653 new units were listed.

“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” Moldowan said. “It’s the homes priced accurately for today’s market that are receiving a lot of attention and selling right now.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.1 per cent to $580,080 in November 2010 from $557,384 in November 2009. This price has remained virtually unchanged since June of this year.

Sales of detached properties on the MLS® in November 2010 reached 1,050, a decrease of 9.8 per cent from the 1,164 detached sales recorded in November 2009, and a 226.1 per cent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 per cent from November 2009 to $799,312.

Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 per cent compared to the 1,396 sales in November 2009, and an increase of 156.6 per cent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 per cent from November 2009 to $389,168.

Attached property sales in November 2010 totalled 407, a decline of 22.2 per cent compared to the 523 sales in November 2009, and a 186.6 per cent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 per cent between November 2009 and 2010 to $488,733.

For more information on these properties contact Dean here.

 Legend

LP = list price

SP = sale price

CDOM = days on market

BR = # of bedrooms

BTH = # of bahtrooms

SqFt = square feet

LKR = locker

PKG = # of parking spots

* Statistics taken from REBGV

L03-788 8TH AVE W

Enjoy outstanding views of the mountains, private rooftop deck. Recently renovated 2 bed, 2 bath townhome designed with open floor plan, newer hardwood floors and stairs, newer kitchen cabinets, countertops, 2 u/g parking, insuite laundry.Good size locker,5 min walk to skytrain station, Whole Foods, City Hall. Pleasure to show.

Just reduced from $535,000 to $499,000

For more information on this property click this link

307-1030 BROADWAY W

Investment opportunity close to VGH! La Colomba. Stunning, very large, 1 bedroom w/ den & storage. Fantastic, high end finishings including deluxe S/S appliances, floor to ceiling windows, marble, granite, hardwood floors etc. etc. Central location, yet very quiet suite. Located near shopping & transit. Shows like new. Huge, private patio (140 sq. ft.) connecting to a roof top patio. Lots of natural light. Dogs + cats + rentals OK. Parking too. All measurements are approximate. Buyer to verify

Just reduced from $469,000 to $459,000

For more information on this property click this link

302-633 16TH AVE W

Nicely renovated 1 bdrm top floor condo in popular 'Fairview', New laminate floors & freshly painted throughout. Living room features vaulted ceiling & gas F/P. Storage area can easily be converted to insuite laundry. South facing unit with secured parking & bike storage. Worry free totally rainscreened building with warranty. New roof, new boiler and new balconies. Centrally located close to City Square, Cambie Village and Canada Line. Rentals OK, sorry no pets.

Just reduced from $335,000 to $329,000

For more information on this property click this link

209-1551 11TH AVE W

Charming well maintained,oversized one bedroom unit with a large walk-in closet. Very spacious layout throughout; upgraded laminate flooring & windows. Fantastic location for fascinating eateries and shops on Granville. Just steps away fromtransit and convenience at its best. All measurements are approximate. Buyer to verify. PRICED TO SELL!!! An opportunity to live in prime South Granville location.

Just reduced from $389,900 to $369,000

For more information on this property click this link

There are no price reduced condos or townhomes in Fairview for November 26th, 2010.

To see previous days of price reduced properties click here.  

302-929 16TH AVE W

Gorgeous 1 bedroom unit in a central Westside location, between Cambie & Oak. 5 minutes to VGH, close to False Creek, Douglas Park, shopping, transit, restaurants and entertainment. This spacious and bright 550 sf unit features excellent living space, large bedroom and wonderful balcony. 1 secured underground parking space, insuite laundry and HUGE storage/closet space! Perfect for first time buyers or investors!

Just reduced from $339,000 to $329,000

For more information on this property click this link

1001-2668 ASH ST

"Cambridge Gardens" Open layout corner unit with wonderful views of False Creek and city/mountain views. 2 large bedrooms, oversize diningroom, nook off kitchen, stainless steel appliances. 2 full 4 piece baths.

Just reduced from $568,000 to $538,000

For more information on this property click this link

801-2628 ASH ST

Beautiful, corner unit @ the Cambridge Garden! This completely renovated, 2 bdrm, 2 bathroom suite home offers an open and flexible floor plan with S. W.N exposure and sweeping panoramic view of the city, mountain & ocean! This unit features a huge living room, spacious gourmet kitchen, generous master bdrm can house a king-sized bed. Over-sized windows in every room offers an abundance of natural lights. Quality upgrades include: H/W floor, quartz countertops, all new baths, designer colors, slate tile floor & plenty of cupboards. This well-maintained building has the unbeatable convenient location in the city-1 block to RAV Line, steps to VGH & walking distance to the city's best amenities.

Just reduced from $798,000 to $768,000

For more information on this property click this link

504-1428 6TH AVE W

Location, location! Siena of Portico by Bosa. You'll recognize quality at the front door. With a NE exposure, this 2 bdrm suite offers views to False Creek, Downtown & N Shore Mtns. Quality interior finishes include granite countertops in the kitchen, tiled backsplash, gas range, generous pantry storage. This suite offers one of the best floor plans in the building, both bedrooms are generous in size with spacious walk in closets! Steps from Granville St shopping & transit, Granville Island & False Creek Seawall. Live in the heart of the city! 2 sec parking & storage. Pets welcome. Rentals limited to 10. Call for your appt to view, you won't be disappointed.

Just reduced from $789,000 to $779,000

For more information on this property click this link

206-1235 15TH AVE W

Don't miss this rare opportunity to own a well appointed, beautifully updated and well kept apartment in the "Shaughnessy"! Approximately 800 sqft, this open, airy one bedroom comes with granite counters in the kitchen & bathroom and glowing cherry engineered floors. The kitchen appliances are stainless steel and include a built-in stainless microwave - the bath includes two glass sinks & avante garde fixtures. The outlook is a serene & leafy mountain view from a large balcony. You will love this space!

Just reduced from $389,000 to $377,000

For more information on this property click this link

There are no price reduced condos or townhomes in Fairview for November 23rd, 2010.

To see previous days of price reduced properties click here.  

There were no sales of condominiums and townhomes in Fairview during the past week.

For information on any past sales in Fairview contact Dean here.

806-1068 BROADWAY W

Brand new unit available in the 'Zone' building designed by Architect Gomberoff Beli Lyon. NO GST! View of English Bay, Mountains & Fireworks. Granite countertops, stainless steel appliances, insuite laundry, gym, & media room. 2-5-10 warranty! Shopping, Recreation, Restaurants, & Transit. This unit has so much to offer that you will just have to book a showing to experience the real value!

Just reduced from $369,900 to $354,900

For more information on this property click this link

101-1775 10TH AVE W

Bright newly updated 1 bedroom unit. New laminate flooring, paint, mouldings. Spacious ground floor unit with doors off to large patio... perfect for bbq's! Approx 455 sq ft of private patio space. Insuite laundry with storage. Comes with 1 parking and storage locker. Terrific location close to Kits, shopping, Downtown and easy access to UBC! Well maintained building.

Just reduced from $349,000 to $335,000

For more information on this property click this link

1167 8TH AVE W

SPACIOUS 1221 square foot 2 bedroom and den in unique loft-style townhome. WHISPER QUIET location in the heart of desirable Fairview Slopes. BRIGHT living room with 16' ceiling & cozy wood burning fireplace. Large balcony boasts fabulous PANORAMIC VIEWS all the way from English Bay to Burnaby mountain. 2 bedrooms upstairs plus large open den. Separate good-sized dining room features lovely HARDWOOD teak parquet floors. Newer S/S appliances including front-load washer/dryer. Tons of in-suite storage also 1 secured parking & big storage locker. Pets & rentals are allowed. SUPER LOW MAINTENANCE FEES are just $118 per month. HUGE POTENTIAL and in original condition-so bring your updating ideas to this SHARPLY PRICED ESTATE SALE!

Just reduced from $623,000 to $599,000

For more information on this property click this link

E2-1070 7TH AVE W

Beautifully UPDATED 2 bedroom, 2 level TOWNHOME on a lovely tree-lined street. Features include oak hardwood floors, wonderful kitchen which boasts custom built maple kitchen cabinets, stainless steel appliances, including a new built-in microwave, Corian countertop, large pantry and a separate eating / office nook. Take in the impressive city & mountain VIEWS from your front deck or relax in front of the wood-burning fireplace. This reverse plan has spacious bedrooms down, new wool Berber carpet and a newly RENOVATED bath. This home shows very well. Pets and rentals are allowed.

Just reduced from $469,900 to $449,900

For more information on this property click this link

301-1545 13TH AVE W

INVESTORS! CHARACTER LOVERS! Unique, beautifully renovated 1 bed + den/office space in PRIME GRANVILLE St location, just steps from all the best shops & galleries. Elegantly restored to its original Art Deco heritage with exceptional touches incl. Bianco Carrara marble countertops & floors, crystal door pulls & refinished Oak inlaid floors. Gorgeous rebuilt kitchen incl S/S appls & Washer/dryer. EXCELLENT rental opportunity in this rarely available location, ideally positioned fro easy access to Downtown, Granville Isl, VGH etc SOLID well run bldg, new roof, boiler, windows & more. One prkg & HUGE storage locker. Cats OK, sorry no dogs. FURNITURE can be included for turnkey executive rental.

Just reduced from $468,000 to $459,000

For more information on this property click this link

B-1215 7TH AVE W

The Portifino! Almost 1300 sq. ft. of fabulous urban living on a quiet tree lined street. Sweeping , Water, City, and Mountain Views from this 2 bedroom t/house in 7 unit boutique development. Terrific roof deck for late Fall sunsets.Featuring Skylights, and hardwood floors! All this just a few blocks from Granville Island, False Creek Seawall, Restaurants, Galleries, shopping and transit.

Just reduced from $649,900 to $599,900

For more information on this property click this link

212-975 13TH AVE W

Unique 1 bdrm & den steps to everything. Enter through its corridor hallway & into this large open concept designers remodel. New wide open kitchen gives endless cooking, eating & entertaining options. Exotic wood cabinets, stone counter tops, under mount sink, glass backsplash, S/S appls (tall fridge w/ btm frzr, glass cooktop stove, slim line hood fan, high-end D/W, Euro style faucet), pantry & lots of pot lights! Thick wood floors throughout while the dream BTHRM offers floor & wall tile, quartz counters, beautiful vanity & rain shower. BDRM offers a bay window to enjoy morning teas & gaze at the park. Yes, it also has a den & large patio. Rentals & Pets ok. Great building w/ everything done and paid for. Parking & locker.

Just reduced from $358,900 to $354,800

For more information on this property click this link

There are no price reduced condos or townhomes in Fairview for November 17th 2010.

To see previous days of price reduced properties click here.  

5-year yields closed up huge on Monday and discounted fixed rates should follow if yields don’t drop soon. A few non-bank lenders have already announced fixed-rate increases, effective today.

Regardless of your position on the fixed vs. variable debate, it can’t be overstressed how low fixed rates are right now. At 3.39% for a 30-day close, 5-year fixed mortgages are a whopping 166 basis points below the 10-year average of deep-discount rates (which we’ve based on a 160 bps discount off posted rates for discussion purposes). Locking in at 3.39% is like winning a small lottery, historically speaking.

So if you need a fixed rate for a new mortgage closing in the next 180 days, be prepared to act—especially if yields continue higher.

________________________________________

Disclaimer: As always, only higher powers from above can predict interest rates. It’s always possible that yields could tumble back down. On the other hand, mortgages are a probability game and most would argue that rate risk is biased over 50% to the upside.

Information provided by - Ivan Sobko AMP DULE  Riverside Mortgage Group Inc -  For more Interest rate updates visit www.sobko.ca

302-2851 HEATHER ST

TAPESTRY - designed by award-winning Concert Properties. Attention to detail & design is evident throughout this stunning 2-Bedroom Home. Open living and dining space with over-height ceilings, contemporary two-tone kitchen, wood flooring, Kitchen Aid stainless steel appliances and stone counters. A generous 21'x6' south and west-facing balcony overlooking a landscaped park, ample insuite storage room that could be a perfect office and generous-sized bedrooms & bathrooms. Tapestry is walking distance everywhere that you want to be - Granville Island, False Creek, the new Olympic Village and the revitalized Cambie Street corridor.

Just reduced from $599,900 to $565,000

For more information on this property click this link

1001-1690 8TH AVE W

One year new stylish South Granville Highrise 2 bdrm plus den (could be 3rd bdrm) w/2 full baths. Facing south, east & west. Bright & spacious end unit w/beautiful water/mountain view. Hardwood floor, air condition, granite counter, Bosch appliances, roller blinds, insuite laundry & more. Kept very well. No GST. Central location near all the amenities. Easy access to downtown & UBC. Quick completion is possible. Easy to show. Motivated seller - try your offer.

Just reduced from $868,000 to $838,000

For more information on this property click this link

1-780 15TH AVE W

Sought-after Garden Level (rare) 3-Bedroom at "16 Willows" in quiet Fairview location. All living of approximately 1,215 SqFt is on one level! No stairs to contend with! This lovely fully renovated home offers brand new paint, granite, maple-hardwood floors, stainless steel appliances and so much more. The floor plan is ideal with a large master bedroom and 2 good sized 2nd and 3rd bedrooms. Private patio off living room offers great outdoor living and BBQ area. The complex is very well run with pro-active strata. The location is ideal just steps to schools, Douglas Park and Cambie Shopping District. 2 secured parking too. Ideal for families or single professionals. Truly a lovely home!

Just reduced from $749,000 to $738,000

For more information on this property click this link

101-2965 FIR ST

ATTENTION INVESTORS! - Don't miss out on the BEST PRICED 4 year old high-rise CONCRETE building in Lower SHAUGHNESSY with ONLY 2 suites per floor. One bedroom with cheater ensuite, gas fireplace and entertainment size patio overlooking the garden. Conveniently located one block from South Granville shops, restaurants & transportation. Includes one parking & storage locker. Balance of New Home Warranty. RENTALS ALLOWED + pets are welcome 1 dog OR 1 cat. PRICED TO SELL!

Just reduced from $335,000 to $319,900

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For more information on these properties contact Dean here.

LP = list price

SP = Sale price

CDOM = Days on market

* Statistics taken from REBGV

 There are no price reductions of townhomes or condominiums for November 11th in Fairivew. To see previous days of price reductions click here. 

True gem in much sought after Fairview Slopes! Breathtaking cityscape views with beautiful backdrop of North Shore mountains. Perfectly situated minutes from Granville Island, downtown, Kits beach, South Granville shops. Walking distance to the NEW Olympic Village & Canada Line. Quiet 3-level Townhome, meticulously maintained with private secured entrance, 2 bed, 2 full baths, balcony, stainless appl, den, stunning Jatoba hardwood floors & fireplace. Open floor plan with lots of natural light. Quality crafstmanship throughout with granite counter tops & contemporary fixtures. Location, Luxury and Lifestyle!

Just reduced from $598,000 to $583,000

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405-1476 10TH AVE W

1 Bedroom, Top Floor, Completely Renovated: Granite Counter in Bath, New Stainless Steel Appliances, Cherry Faced Cabinets, Tiles w/ Chocolate Laminate Floors, South Facing, Balcony, Wood-Burning F/P, Insuite Laundry, U/G Parking, Storage Locker. Rainscreened Building w/ Warranty. The building owns ground floor parking lot which brings in over $14,400 per year in revenue. Close to Vancouver General Hospital, Granville Island & Public Library. Available immediately

Just reduced from $359,000 to $354,500

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607-1068 BROADWAY W

Spectacular NW CORNER UNIT with sweeping WATER, CITY & MOUNTAIN VIEWS. Bright open 1 bedroom & den in solid NEW CONCRETE building. Features include wide plank laminate flooring. floor to ceiling windows & large balcony. Kitchen offers gas range, granite counters, undermount sink & stainless appliances. Stylish bath w/soaker tub, marble counters & vessel sink. Worry free building just 1 year old: balance of the 2-5-10 warranty. Pets/Rentals welcome. Great amenities: gym, play area & garden. 1 underground parking & Storage Locker. Nothing to do but move in & enjoy the view.

Just reduced from $399,000 to $395,500

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408-3055 CAMBIE ST

Pacifica!! Excellent floor plan for this two Bedroom + Den (can be 3rd bedrm). Entertainment sized principal rooms overlooking quiet green spaces. Sundeck for outdoor entertainment. Rarely available in the main tower, and being sold by by the original owners. Only 4 units per floor. Excellent value.

Just reduced from $618,000 to $588,000

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10A-1568 12TH AVE W

 Privacy, professional, prestigious. The elevator takes you up to your own private foyer of this professionally designed and renovated home in one of Vancouver's most prestigious neighbourhoods. This large 10th floor view apartment has been completely redesigned to create a contemporary masterpiece. The sophisticated open floor plan includes a custom designed kitchen with granite counters & quality appliances, a spacious living room with built-in bookshelves and electric fireplace.

Just reduced from $859,000 to $819,000

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101-1468 14TH AVE W

Private, gated urban oasis in the heart of vibrant South Granville! Enjoy the fabulous shops, services and restaurants as a resident of one of Vancouver's most exciting boutique buildings. Just steps away from the best in city living, you'll be enjoying your own two-bedroom plus den space with overheight ceilings, an amazing open floor plan and a wonderful green outlook. It comes with all the bells and whistles: granite counter tops, roller blinds, stainless appliances, marble master bath and walk in closet. The ultimate in elegant living!

Just reduced from $799,000 to $779,000

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909-1068 BROADWAY W

Really bright, well laid out & open concept 1 bedroom and den unit with views of city, False Creek & mountains. Featuring stainless steel appliances, built in microwave, well matched bright color cabinets & light brown floor, granite kitchen counters, gas range, large windows, stylish bath with soaker tub, big in-suite storage, etc. Comes with one underground parking stall & a storage locker. Close to VGH, shops, restaurants & public transit. Under 2-5-10 new home warranty

Just reduced from $394,900 to $385,000

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307-1030 BROADWAY W

La Colomba. Stunning, very large, 1 bedroom w/ den & storage. Fantastic, high end finishings including deluxe S/S appliances, floor to ceiling windows, marble, granite, hardwood floors etc. etc. Central location, yet very quiet suite. Located near shopping & transit. Shows like new. Huge, private patio (140 sq. ft.) connecting to a roof top patio. Lots of natural light. Dogs + cats + rentals OK. Parking too. All measurements are approximate. Buyer to verify.

Just reduced from $485,000 to $469,000

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6-1081 8TH AVE W

Popular "Tyndale Court" Centrally located to all amenities. This beautiful 2 storey lower level townhouse has many Updates from recent renovations. Featuring new Kitchen with granite counter top, gleaming engineered floors, crown moldings,new light fixtures and plumbing fixtures. Tile Entry and...much more to list. Open floor on main with a peek-a-boo view of downtown and the north shore mountains from the balcony. Enjoy the peace and serenity of the inner courtyard. RENTAL/PETS ALLOWED.

Just reduced from $533,800 to $529,500

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According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.

“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.

Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.

More broadly, last month’s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in October 2008, a 22.8 per cent decline compared to October 2007’s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in October 2006.

“As we enter the final two months of the year, buyer demand is in closer alignment with supply than we’ve seen for most of 2010,” Moldowan said. “Those buying today recognize that they still have a chance to enter the market with near-record low interest rates, while gradual reductions in inventory have eased downward pressure on prices.”

Total active listings on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, an 8.6 per cent decline from last month and a 16.4 per cent increase from October 2009. New listings for detached, attached and apartment properties declined 25.7 per cent to 3,698 in October 2010 compared to October 2009 when 4,977 new units were listed.

Sales of detached properties in October 2010 reached 976, a decrease of 34.4 per cent from the 1,487 detached sales recorded in October 2009, and a 98 per cent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 per cent from October 2009 to $796,883.

Sales of apartment properties reached 984 in October 2010, a decline of 38.8 per cent compared to the 1,607 sales in October 2009, and an increase of 52.1 per cent compared to the 647 sales in October 2008.The benchmark price of an apartment property increased 2.4 per cent from October 2009 to $390,074.

Attached property sales in October 2010 totalled 377, a decline of 38.2 per cent compared to the 610 sales in October 2009, and a 68.3 per cent increase from the 224 attached properties sold in October 2008. The benchmark price of an attached unit increased 4 per cent between October 2009 and 2010 to $487,530.

*Information and stats courtesy of the REBGV

For more information on these properties contact Dean here.

LP = list price

SP = Sale price

CDOM = Days on market

* Statistics taken from REBGV

Stunning RAINSCREENED ground level townhome with private entrance boasting an outstanding floor plan with windows on 3 sides. Located in prime Fairview slopes in the recently RAINSCREENED "Fountains" just steps to Cambie St (Whole Foods & Skytrain), this terrific, quiet, fully renovated show suite features an efficients floor plan, expansive living & dining area, gas fireplace, upgraded kitchen with new appliances, spacious bedroom with tons of storage, laminate floors & upgraded bathrooms. Owner spent $75,000 in rainscreening assessment & significant completion certificate now available. This well priced home comes with 1 parking & 1 storage locker & insuite laundry.

Just reduced from $399,900 to $388,000

For more information on this property click this link

103-1250 12TH AVE W

Attention all "garden lovers" this beautiful 1 bedroom unit has been tastefully updated & needs nothing! This 765 SF beauty opens up to a "huge garden oasis", waterfall, banana trees, fully fenced & very private! It is a gardener's "dream". Must be seen to fully appreciate! Call today for your private showing. Your clients will not be disappointed!!

Just reduced from $389,000 to $364,900

For more information on this property click this link

104-1775 11TH AVE W

On the border of Kits & Fairview. Recently rainscreened building with 10 yr. warranty. Spacious one bedroom suite with generous sized rooms. Newer appliances, renovated bathroom and freshly painted bedroom. Living room opens to private garden and patio area. Lots of in suite storage plus locker and parking. Early occupancy available. Maintenance fee includes heat, hotwater, and laundry. Rentals- not allowed/ Pets- 1 cat allowed. Ideal location close to shops & transit

Just reduced from $365,000 to $349,000

For more information on this property click this link

607-1068 BROADWAY W

Spectacular NW CORNER UNIT with sweeping WATER, CITY & MOUNTAIN VIEWS. Bright open 1 bedroom & den in solid NEW CONCRETE building. Features include wide plank laminate flooring. floor to ceiling windows & large balcony. Kitchen offers gas range, granite counters, undermount sink & stainless appliances. Stylish bath w/soaker tub, marble counters & vessel sink. Worry free building just 1 year old: balance of the 2-5-10 warranty. Pets/Rentals welcome. Great amenities: gym, play area & garden. 1 underground parking & Storage Locker. Nothing to do but move in & enjoy the view

Just reduced from $409,000 to $399,000

For more information on this property click this link

102-1775 11TH AVE W

SUNNY and BRIGHT, 2-bedroom South West corner suite with private, fenced garden and patio, solarium, INSUITE laundry room, two-piece ensuite, well-separated bedrooms for privacy, hardwood flooring, lovely fireplace, many updates throughout. This home is gorgeous! The building has a new 10-year rainscreen warranty, new elevator, new landscaping, new perimeter membrane. The unit comes with a generous-sized storage locker and TWO side-by-side parking. Hot water and heat included in maintenance. One cat welcome. Spacious rooms throughout, perfect for house-sized furniture

Just reduced from $549,000 to $534,900

For more information on this property click this link

1206-1030 BROADWAY W

Fabulous 2 bdrm with Panoramic City & Mtn views! The suite is move-in ready and shows well. Lots of natural light from the 15 ft ceilings in the living, dining and kitchen area. Nice sized balcony too. The location ideal close to Granville Island, V.G.H. and easy access to DT. Pets and rentals OK. The complex is 3 years young, balance of 2-5-10 yr warranty remains.

Just reduced from $579,000 to $519,000

For more information on this property click this link

101-1775 10TH AVE W

Bright newly updated 1 bedroom unit. New laminate flooring, paint, mouldings. Spacious ground floor unit with doors off to large patio... perfect for bbq's! Approx 455 sq ft of private patio space. Insuite laundry with storage. Comes with 1 parking and storage locker. Terrific location close to Kits, shopping, Downtown and easy access to UBC! Well maintained building.

Just reduced from $365,000 to $349,000

For more information on this property click this link

916 13TH AVE W

Extraordinary Westside Townhouse at The Brownstone. This 3-storey residence has it all - gourmet kitchen, gas stove, granite countertops, high end stainless steel appliances. Opens into the Dining & living rooms, perfect for entertaining. The master bedroom suite on the top floor has a vaulted ceiling, ensuite, large walk in closet, with a fantastic south facing sundeck. This 3 bedroom English style townhouse is truly top of the line. Walking distance to Vancouver General Hospital. Over 1500 square feet of living space on 3 levels. BONUS - 2 parking spaces with one attached to the back entrance for easy walk in & security. Very easy to show

Just reduced from $899,000 to $879,000

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106-633 16TH AVE W

Want a home with your own back yard and patio? Are you looking for a one bedroom in Fairview that is centrally located close to public transportation, includes parking and is in a worry free totally rainscreened building? You have found it!This one bedroom ground level unit is ready for you to move in and is priced sharply. Good lay out with laminate flooring, open galley kitchen, walk in closet, in suite storage and crawl space for additional storage. Private back yard is 25' X 18' on quiet side of the building. Central yet peaceful! OPEN SAT/SUN SEPT 4/5 3-5 PM. Rentals allowed. In suite Laundry allowed but not presently installed.

Just reduced from $329,000 to $319,000

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922 13TH AVE W

Bright, spacious and immaculate 3 bdrm townhouse. Three levels plus a finished basement; currently a gym. The light filled main floor is an open plan perfect for comfortable living & entertaining. The kitchen features quality SS appliances, a granite counter & island, functional layout; a chef's dream! Bedrooms are private from living space. Enjoy generous S facing decks and patios. Lots of well organized storage plus 1 enclosed parking & 1 stall. Quiet but central location. This space must be seen to be truly appreciated!

Just reduced from $895,000 to $875,000

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There were no condo and/or townhome real estate sales in Fairview from October 18th to October 25th.

301-1545 13TH AVE W

Inspired Elegance. From its charming original condition, this truly unique 1 bed + den has re-emerged as a sophisticated home that captures the essence of its Art Deco heritage, but with all the indulgences of contemporary living. Bianco Carrara marble countertops & floor tiles, crystal door pulls & refinished Oak inlaid floors are a few of the many details that honour the craftsmanship of the era. Upstyled with s/s appl., lush lighting, refined cabinetry, crisp white tiles and much more. A solid well run building w/new roof/hot water tank. Perfectly positioned to walk to Vancouver's best restaurants, shops & galleries, transit or downtown. Huge storage locker, one parking. Rentals & Cats Welcome

Just reduced from $489,000 to $475,000

For more information on this property click this link

1167 8TH AVE W

SPACIOUS 1221 square foot 2 bedroom and den in unique loft-style townhome. WHISPER QUIET location in the heart of desirable Fairview Slopes. BRIGHT living room with 16' ceiling & cozy wood burning fireplace. Large balcony boasts fabulous PANORAMIC VIEWS all the way from English Bay to Burnaby mountain. 2 bedrooms upstairs plus large open den. Separate good-sized dining room features lovely HARDWOOD teak parquet floors. Newer S/S appliances including front-load washer/dryer. Tons of in-suite storage also 1 secured parking & big storage locker. Pets & rentals are allowed. Super low maintenance fees are just $118 per month.

Just reduced from $648,000 to $623,000

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3113 MONTCALM ST

Come live in the turret in this fabulous top floor, 2 level, 2 B/R townhome oasis nestled amongst the trees tops, bright & airy with S,E,& N exposures. Great open plan main floor with hardwood floors, cozy gas fireplace, renovated kitchen with window & skylight all with a private treed outlook. Up has 2 good size bedrooms, full bath & laundry. Lots of insuite storage plus storage locker, 1 open parking, low maint. fees, pets & rentals allowed. This building was converted in 1982 to 5 strata suites & is self managed with a pro-active group of owners. Conveniently located on the corner of 15th between Alder & Spruce in upper Fairview within walking distance to South Granville, VGH & transit. Tremendous value!!

Just reduced from $569,000 to $559,000

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ARCHITECTURALLY DESIGNED, RAINSCREENED. This fabulous 2 bdrm Town home was extensively renovated 2 years ago & is exquisitely appointed. Custom open kitchen w/granite counters & eating bar, S/S backsplash, hood vent & elegant wood cabinets.

Just reduced from $524,800 to $518,800

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311-1720 12TH AVE W

Step into a fully renovated and modern penthouse apartment located just blocks from South Granville shopping and Broadway restaurants. This sprawling 1134sf 2 bedroom, 2 bathroom apartment has been tastefully updated with dark H/W floors, kitchen block counters, S/S appliances, tile backsplash and new bathrooms. Spend your summer on the large patio and the winter next to your wood burning fireplace. Enjoy the convenience of 2 parking spots, 2 storage lockers and your own insuite laundry room. Monthly strata fees include heat and hot water. Roof replaced in 2010.

Just reduced from $590,000 to $570,000

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This is good news for potential Fairview condo buyers and those refinancing as it should keep interest rates provided by lenders at currently low levels for at least a few more months. As of this week 5 year fixed rates can be found as low as 3.45 percent for those that qualify.   

Today’s MPR provides some additional details behind Canada's revised growth forecast looking at the quarterly pattern with slower growth rates forecasted across the board for 2010 and 2011, with the exception of the fourth quarter of next year. The updated forecasts show the economy growing at 1.6% in the third quarter, much slower than the July forecast of 2.8%. Fourth quarter growth is now expected at 2.6% from 3.2%. Similarly, the MPR indicates the central bank is now projecting the core inflation rate will be lower than it expected in July with the core rate forecasted at 1.6% in the second half of the year from 1.8% in the July forecast. This slower pace of increase is forecasted to persist throughout 2011 and 2012 with the rate hitting the 2% target in the final quarter of 2012. There were more minor changes to the forecast for headline inflation. The Bank deems that there is still considerable slack in the economy that will keep inflation contained going forward.

The details of the Bank's growth forecasts highlight a shift from consumer and government spending to business investment and net exports as supporting growth. The outlook for consumer spending is that it will grow at a pace that is closer to income growth. Additionally, spending will be dampened by "increasingly stretched" household balance sheets and the absence of support from rising housing prices going forward. The Bank also expects government spending will act as a mild negative for growth in 2011. On the upside, higher business investment and rising demand for Canadian exports should support the economy's expansion.   

The Bank of Canada provides updates on its outlook for potential growth once a year with the release of the October MPR. In the October 2009 MPR, the Bank projected potential growth of 1.5%, 1.9% and 1.9% for 2010 to 2012, respectively. This projection reflected an assumption of “trend” labour productivity growth of a measly 0.2% this year followed by gains of 0.9% and 1.2% in 2011 and 2012, respectively. In today’s MPR, the Bank revised its outlook for potential to 1.6% in 2010, 1.8% in 2011 and 2.0% in 2012. Potential is forecasted to rise to 2.1% in 2013. The revisions reflect an increase in labour productivity in 2010 to 0.6% and lower trend labour growth of 1.0% (from 1.3% in October last year). Labour productivity is forecasted to grind higher in 2011 until 2013 while labour input is expected to be more moderate than in 2010.

The report presents a weaker outlook for the global economy although the Bank expects that a modest recovery will continue. The forecast for the US was cut to 2.7% in 2010 (from 2.9%) and more substantially to 2.3% (from 3.0%) in 2011. Deleveraging by households, the persistently weak labour market and renewed weakening in the housing market are resulting in a more gradual recovery in domestic demand than the Bank assumed in July. The outlook for the world economy was upped in 2010 to 4.7% (from 4.6%) although this likely reflects strong growth in the first half of the year. 2011's global growth forecast was shaved to 3.5% from 3.8%. 2012 forecasts were lowered for all countries covered in the table, with the exception of China where the growth rate was boosted to 8.9% from 8.7%. Global growth in 2012 is now forecasted at 3.8%. The Bank highlights that for the global recovery to continue there needs to be a "greater rotation of demand" from public to private, which will be "supported by increased flexibility in exchange rates."

 The Bank said that the risks to the outlook are "roughly balanced" pointing to the prospect of higher than forecasted commodity prices, stronger than expected housing and labour market developments in the US, or stronger than expected household borrowing and spending in Canada. The downside risks could arise from higher currency or slackening productivity performance that dampens the outlook for Canadian exports, intensification of global deflationary pressures or a sudden weakening in Canada's housing market. The Bank assumes that that Canadian dollar will average $0.98 against the U.S. dollar, energy prices will move along with futures pricing (oil prices were upped across the forecast compared to July) and global credit conditions will remain supportive.  

Given this forecast update, we maintain our call that the Bank of Canada will keep the overnight rate at 1% in the near term. Our baseline forecast that the economic recoveries in both the US and Canada will be solidly in place and that worries about sustainability will ease sufficiently by the March policy meeting, however, sets up for the Bank to resume gradually increasing the policy rate. With inflation quiescent, we look for a cumulative increase in the overnight rate of 125 basis points in 2011 to 2.25%.

Dawn Desjardins, Assistant Chief Economist, RBC Economics

To view the economic data calendars with trend charts, go to:  

http://www.rbc.com/economics/html_calendars/ca/calendar.html(Canada)

LP = list price

SP = Sale price

CDOM = Days on market

* Statistics taken from REBGV

The financial problems with the Olympic village project have not all been caused by the developers, Peter and Shahram Malek, who seem to be taking all the heat from both the media and current Vancouver councillors.

These criticisms are being levelled by people who are either unfamiliar with, or wish to ignore, all the facts surrounding the development on False Creek.

When Mayor Gregor Robertson asked me and several others to review the affairs of the Olympic village last year, I took my investigations seriously and a number of things came to light that are important to put on the table to provide some measure of historical context and balance to the discussion.

1. After the city committed to building the athletes' village for the 2010 Olympics two administrations ago, municipal staff waited too long to get the project underway. These delays created a host of costly problems, which were ultimately dealt with by the developers' company, Millennium Development Corp., to get the project completed on time.

These delays and the resulting costs were not the developers' fault, yet the city assumed they would bear the costs which were then supposed to be magically passed on to buyers.

2. The city delivered the development site with contaminated soil. Though the city would normally be responsible for cleaning up the soil on its own property, the developer was forced to pay more than $20 million to remove the contaminants. That process caused a further delay in construction of at least three months, which in turn led to higher costs because of overtime for workers.

3. The project's late start created a situation in which the development was being built at the same time as it was being designed. The city also imposed the highest possible "LEED Gold" environmental standards of design after the developer had been enticed into the deal based on the lower "LEED Silver" standard.

The rushed construction and the scope of environmental changes imposed by the city resulted in massive cost overruns that would have been impossible for any developer to control.

4. The project's late start and Olympic-related complications contributed to a transaction structure that made the project almost impossible to finance on normal lending terms. As a result, the developer had to seek out financing that bore a high interest rate that added probably another $50 million to the development. Normally, a project would be fully designed and costed out, then pre-sold to the public and financed at normal bank rates of interest, which are now about three per cent. The city threw standard development procedures out the window and the developers had to bear the extra costs.

5. With all the additional costs foisted on the developers, the project's basic hard construction cost ballooned to about $450 per square foot compared with other large-scale developments that were being built at the same time in the normal marketplace at about $300 per square foot.

The environmental and construction acceleration costs (picture men and women working 24 hours a day, seven days a week, incurring massive overtime charges) caused at least $125 million in extra costs. When one adds the additional interest that was paid because of the deal structure, the additional financial burden on the developers approaches $175 million.

6. Once the city took over the project financing, it in turn borrowed the money at an interest rate of about 2.5 per cent. Even though the city was substantially responsible for many of the project's cost overruns due to timing and environmental delays, it would not pass all the interest savings on to the developer. When I suggested to the city that this would be a fair thing to do, I was summarily rebuked.

It is worthwhile to also note that when the city now says that the developer owes more than $560 million in debt including accrued interest, you have to remember that what the city owes to its own lenders is probably $30 million less than that, because the city's incurred rate of interest is much less than the developer is being forced to pay the city.

7. The developer had to endure a host of issues associated with the Winter Games, which affected more than just the costs. For instance, the sales program had to be essentially halted for security reasons just when a world of customers had come to visit. And, of course, during that time the city's interest clock kept ticking.

8. Some people at city hall have been saying things about the development that have substantially damaged the project's salability and brand reputation -- something that no sensible lender would do.

Peter and Shahram Malek did an incredible job getting this project delivered on time for the Olympics after facing every possible obstacle. To wholly blame them for the project's financial difficulties is neither right nor fair.

So what is the real financial condition of this project? The value of the market condos after paying sales commissions, marketing costs and further interest charges is about $500 million. In addition, the extra residential rental tower and the commercial space in the project are together worth about $70 million, so the total net asset value is about $570 million.

The city now owes about $530 million on its debt, so the surplus of about $40 million could be applied to the remaining purchase price for the land on which the developer purportedly still owes the city $170 million.

If the city works with the developer and does no further harm to the project, now called Millennium Water, the city will pay off its debt and receive another $40 million attributable toward the land sale, which would be a positive outcome. Though the city would receive about $130 million less than the original land sales price, it will get about what it deserves, given its costly conduct.

Unfortunately, the developer is facing a loss of all its equity investment of about $60 million, and though the city now wants the Maleks to kick in more money, that would be plainly foolish.

If the city thinks it can sue the developer for the balance of the land price originally owed, then the biggest construction litigation case in British Columbia's history would probably ensue. That would only enrich the lawyers, damage the project further and dredge up so much toxic mud that city hall would be shaken right off its murky foundations.

Of course, the mayor realizes that this all could become politically explosive and he is understandably trying to distance himself and his political colleagues from any culpability. However, if a major legal battle ensues then it will be impossible to avoid all the flying mud, particularly when city officials have said things that have damaged the project's reputation and sales.

City staff and council should take the advice of experienced real estate professionals, such as the very capable Bob Rennie, and get all inexperienced hands off the tiller. The litigation lawyers should be kept away from the deal.

Millennium Water is one of the finest environmentally conscious projects ever built. It is located in a beautiful spot in one of the world's greatest cities. It will prove to be tremendous success in the long-run. All it needs is experienced calm hands to guide it through the selling stage. Peter and Shahram Malek are decent, award-winning developers. They deserve to be treated with respect and handed a silver medal for delivering the project on time for the Olympics despite all the difficulties they faced.

Rob Macdonald is president of Macdonald Development Corp. and a director of the Urban Development Institute.

Story from - http://www.vancouversun.com/story_print.html?id=3682427&sponsor

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 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.

Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April when the MLSLink® Housing Price Index (HPI) residential benchmark price was $593,419. The overall benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5 per cent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 per cent between August and September 2010.

Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 15,401, basically unchanged compared to last month and a 22 per cent increase from September 2009. Over the last three months, active listings in the region have declined12.3 per cent.

New residential property listings posted in September declined 17.6 per cent to 4,731 compared to September 2009 when 5,746 new units were listed.

“We saw signs of more stability in our marketplace last month than we have seen since spring based on a variety of indicators that we look at each month,” Moldowan said. “At 56 days, it took, on average, three days less to sell a home in our region compared to August. This is the first month-over-month decline we’ve seen in this category since April.”

Sales of detached properties in September 2010 reached 866, a decrease of 39.1 per cent from the 1,423 detached sales recorded in September 2009, and a 58.6 per cent increase from the 546 units sold in September 2008. The benchmark price for detached properties increased 6.7 per cent from September 2009 to $790,992.

Sales of apartment properties reached 971 in September 2010, a decline of 34.7 per cent compared to the 1,489 sales in September 2009, and an increase of 27.1 per cent compared to the 764 sales in September 2008.The benchmark price of an apartment property increased 3.7 per cent from September 2009 to $388,373.

Attached property sales in September 2010 totalled 383, a decline of 40.1 per cent compared to the 647 sales in September 2009, and a 39.3 per cent increase from the 275 attached properties sold in September 2008. The benchmark price of an attached unit increased 5.2 per cent between September 2009 and 2010 to $490,385.

The new agreement if accepted by the members of CREA on October 24^th would allow home seller’s a broader range of services when using a Realtor in the sale of their home.   For example some home owners may choose only to pay their Realtor for the services of having their home listed on MLS, and will deal with the other facets of the sale  - viewings, offer negotiation, transactional details etc themselves.

Will this change BC’s real estate industry?  Hard to accurately predict these things, but I think any effect it may have will not be dramatic as some believe.  Discount brokerages offering limited services have existed in BC for some time but still remain a very small part of the overall market share. Why is that?

Services currently provided by most Realtors include - qualifying home buyer’s, advising a client of a home’s true market value based on current market conditions, arranging viewing tours of appropriate homes, reviewing building documents for potential risks, negotiating and overseeing contractual details, arranging inspections, conveyancing ... - the list is long and services complex with the Realtor’s goal aimed at ensuring a wise investment and creating a positive experience.   All these elements if taken on by a person unskilled in their details can be extremely stressful, overpowering, and add huge risks to what is often one the largest investments they will make. 

Broader options available to consumers will always maintain a healthy free market system but the Competition Bureau’s bulldog effort to apply new rules to CREA may in the end in have accomplished very little in BC.  A more co-operative approach and deeper consultation with the Realtors could have achieved more. Unless people become more willing to take time out of their often already busy lives to study the detailed elements involved in a real estate transaction, many people will most will likley continue to choose the more comprehensive Realtor service packages that already exist.

For more information visit –

 http://www.cbc.ca/consumer/story/2010/10/01/consumer-crea-mls-competition-bureau-agreement.html

http://www.torontosun.com/money/2010/10/01/15544556.html

http://www.winnipegfreepress.com/business/breakingnews/competition-watchdog-real-estate-association-reach-agreement-on-flexibility-104112434.html

When comparing the number of active listings of July and August this year for Vancouver West we see they have decreased 23.7 percent for attached homes, 11.3 percent for detached homes, but increased 5.5 percent for apartments.   When reviewing this trend for the months previous to July, and what has happened thus far in September, the number of active listings on the market is steadily being reduced.

With fewer new listings, total active listings are on the decline signalling that a possible end to the buyer’s market may be on the horizon.

* Statistics provided by REBGV August report

• The sharp decline in housing resale activity since the beginning of the year has ignited fears that the Canadian market has started to crash.
• In large part, such concerns are based on the belief that the spectacular run-up in prices in the past several years reflected bubble-like conditions, which will inevitably end up in a gut-wrenching correction.
• While we agree that housing prices are currently historically elevated, we do not believe that any major slump will necessarily ensue.
• Housing affordability – the best indicator of underlying market tensions, in our view – has deteriorated in recent quarters but remains much better than it was in the late 1980s and early 1990s when bubbles clearly caused the Canadian market to meltdown in the years that followed.
• The further expected modest erosion of affordability in the period ahead is seen to cool housing demand not deep-freeze it.
• Home prices, overall, are generally expected to stay above water in Canada, although there are some local markets, such as such as Vancouver and, possibly, Montreal, where very poor affordability could well lead to declines to correct these imbalances.

Details

The 30% drop in seasonally-adjusted monthly housing re-sales in the first seven months of this year has raised fears that a full-blown slump is in the works for Canada. Last year’s spectacular rally, which not only contrasted sharply to the moribund state of housing in most other parts of the developed world but also heated up conditions to even greater levels than those which prevailed in 2007, are perceived by some as evidence of a bubble threatening to burst anytime.

Such fears are rooted in the significant price gains since 2001 that far exceeded household income growth in Canada. Home prices nearly doubled nationally during that period, while disposable income grew by less than 50%. The ease with which the Canadian market recovered the losses incurred during the (short-lived) downturn of the latter part of 2008 and early 2009 and with which prices surpassed previous record highs during the rally only feed the notion that the Canadian market is being driven by irrational behaviour.

However, we find little compelling evidence of irrationality or bubbles in the overall Canadian market relative to historical patterns.

The best measure of underlying stress – housing affordability – does not flag any major misalignment with respect to prices. At most, it points to a moderate degree of overstretching on the part of Canadian households – something that can be righted in time without causing a significant disruption in the market.

A natural benchmark to gauge the market’s vulnerability to a severe downturn is the level of affordability that prevailed in the late 1980s and up to early 1990, the last time that the Canadian housing market was widely viewed as being in a ‘bubble’, which was a period during which speculative activity was a prominent phenomenon and prices skyrocketed to irrational highs. The bursting of the bubble in late 1990 and its aftermath weighed of the Canadian market for the better part of the 1990s.

While housing affordability has been on a deteriorating trend again since the middle of last year – after improving significantly in 2008 and early 2009 – levels still remain much better than those in 1990. In the first quarter of this year, RBC’s affordability measure for a typical bungalow in Canada was 41.1% compared with 54.2% in the second quarter of 1990 (the higher it is, the less affordable homeownership is); nonetheless, this was modestly above the long-term average of 38.9%, suggesting some greater than usual underlying tension at present.

Exceptionally low mortgage rates are a key factor that have kept homeownership costs from spiralling out of households’ reach.

These low rates are also a key reason why affordability metrics cause much less alarm than valuation measures such as the price-to-income ratio or the price-to-rent ratio, both at or near record levels presently. Home prices are indeed elevated, but the monthly mortgage payments (i.e., the cash flows associated with those prices) are still well below dangerous levels.

The risk, then, is that as interest rates rise, affordability will deteriorate further. We have looked into the issue and simulated where affordability measures would be under more ‘normal’ mortgage rates – defined as the long-term real rate plus an inflation premium of 2 percentage points. We found that affordability in Canada would currently be about as poor as it was in early 2008 (more than 46% for the typical bungalow) but still significantly better than at the worse point in 1990. (The normal rate used in the simulation is approximately 150-basis points higher than the mortgage rates prevailing at present.)

Since the monetary policy renormalization is expected to take place during the next 12 to 18 months, the effect of rising interest rates on affordability will be gradual and, therefore, will not constitute a sudden shock to the housing market. Meanwhile, an expanding economy will spur household income growth, which will provide some offset. Consequently, underlying pressure is unlikely to erupt and devastate the Canadian housing market. In our view, the expected path of affordability will work to continue to cool demand for housing in Canada from its recent red hot pace. We do not believe demand will go into a deep freeze.

The implications for home prices are that, overall, they are generally expected to stay above water because supply will adjust in response to weakening demand.

It must be noted that this assessment focused on the overall market in Canada. Naturally, there are regional differences. Affordability measures flag more intense pressures then evident nationally in areas such as Vancouver where homeownership costs are still near record-high levels and far above anywhere else in the country. Montreal also has seen a notable erosion in recent years although affordability remains attractive relative to Canada’s other major cities. In the case of Toronto, measures point to modestly worse than average affordability (historically), but the situation continues to be significantly healthier than it was in the late 1980s and early 1990s.

Bottom line

Affordability measures suggest that housing market fundamentals are comparatively stronger than those that prevailed in 1990, thereby minimizing the risk that a 1990s-style crash will occur.

Nonetheless, because the cost of homeownership is likely to remain higher than average, a slower pace of housing market activity and more subdued pricing environment than we have experienced from 2002 to 2008 and again during the second half of last year should be expected.

Written by Robert Hogue - Senior Economist RBC

The most obvious reason is our geography.  According to a recent Sun article approximately 70 percent of the land around Vancouver isn’t developable. It is mountains, water, or the United States.  Toronto, Winnipeg, and most other major Canadian cities do not face these same geographical issues and suburban “sprawl” dominates development practices.  Anyone who’s had a window seat on an airplane flying into or out of these cities has witnessed how massive suburban sprawl can be - rows upon rows of identical houses as far as the eye can see. That mass development style without our geographical boundaries means more home inventory can be built when demand exists.  A much larger supply makes prices in these cities much more affordable.

The second reason actually has to do with the first.  Our mountains, rivers, and oceans consistently rank BC as one of the top places in the world for quality of living.  British Columbians are some of the most active healthy people you will find.  This has been proven as studies on life expectancy in major cities in the world put BC alongside Japan for the longest average life expectancy.  This quality of life and healthy living provided by our environment leads to consistently strong population growth – 1.3 to 1.5 percent per year.  This means over 30,000 people a year move to Vancouver every year from outside and within the country.   

The result?  The bigger the population a city has the higher the condo and home prices. More popular areas like Kitsilano, Fairview, and downtown will always have some of Vancouver’s most expensive home prices.  Tsur Sommerville, of the UBC  Center for Urban Economics and Real Estate puts it into an interesting perspective:

“if we lose 70 percent of the land, our metropolitan area of two million will have the same house prices as a seven million metropolitan area.  Because people have to commute the same distance”

When talking to people about home prices and how they feel about the real estate market in Vancouver almost unanimously people will say it’s too expensive. Yet when asked if they would prefer to live somewhere else I often get responses similar to ...  

“Like where ... Toronto?  Winnipeg?...  are you kidding!”

“A relatively large number of homes for sale have created the most favourable supply conditions for home buyers in more than a year,” said Cameron Muir, BCREA Chief Economist.

MLS® active residential listings were 21 per cent higher in July than at the start of the year on a seasonally adjusted basis. However, with newly listed MLS® residential units now declining, tighter market conditions may emerge this fall in popular Vancouver west neighbourhoods like Kitsilano, Fairview, and downtown.

Year-to-date, BC residential sales dollar volume increased 16 per cent to $24.2 billion, compared to the same period last year. Residential unit sales rose 4 per cent to 48,127 year-to-date, while the average MLS® residential price climbed 13 per cent to $504,281 over the same period.

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.

This decrease and then increase next year in sales in expected to reflect the overall economic performance of the province, following its rapid recovery and fast pace after the recession. 

A larger inventory of homes for sales has currently turned popular Vancouver neighbourhoods like Kitsilano, Fairview, and downtown into conditions more favourable to buyers. Buyers at this time have more room to negotiate than Seller’s do to set prices.

Some experts believe this will however be short lived as the number of new listings peaked in May and are beginning to wane.  If continued this would put the Vancouver real estate market in a more “balanced” conditions come fall.

Sales in Vancouver and Fairview were “front loaded” into the first half of the year,  pushing benchmark prices to new records. Though a price correction may occur Royal LePage anticipates home prices to remain approximately 10 percent higher than they were by the end of 2009.

Fairview real estate experienced a frenzy of activity in the fall of 2009 and early 2010 like most Canadian housing markets. Though 2009 was unusual in its pattern due to the recession, 2010 seems to be following a more typical seasonal pattern of having sales and prices peak in the second quarter.

An increase in the supply of homes and moderated demand can be seen as a positive to home buyers as it creates stabilization in prices and more healthy sustainable market conditions.     

This move follows changes already made by bigger banks such as Royal Bank of Canada, Bank of Montreal, and the Toronto Dominion Bank.

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“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.

Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals.

“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “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.”

New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS®.

At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year.

“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.

Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025.

Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment property increased 9.7 per cent from June 2009 to $391,528.

Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861.

The inflation report shows that gains in cost of living eased in May to 1.4 percent from 1.8 percent April, and core inflation also edged lower from 1.9 percent to 1.8 percent. These numbers however are still higher than expectations set by the BOC and have analysts expecting the second increase in two months.

Canada became the first country in the G7 to increase borrowing costs from the emergency low levels and adopt a rate tightening agenda.  Most analysts expect a 25 basis point increase over the next three meetings.

According to the vacancies increased to 2.2 percent in the spring, which is line with most markets in BC and Canada which also saw higher apartment availability. An increase of first time home ownerships and an increase in unemployment which caused some to move home or move in with friends both contributed to take renters out of the market.

In recent past Vancouver’s vacancy rate has hovered at least than 1 percent so the increase can be seen as healthy. There are some options out there for tenants, and landlords that price their apartments reasonably will be able to rent out there units in minimal time.

According to Cameron Muir, BCREA chief economist, home sales this year and in 2010 should reach their 10 year average.  Muir goes on to say that prices are expected to have risen by 10.7 percent in Greater Vancouver by the end of 2010 and remain relatively flat (0.4percent) in 2011.

Price growth has occurred in the  Fairview real estate market over the last three quarters but if demand continues to wane and supply increases we will see less upwards pressure on prices and enter into more balanced conditions.     

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.

In terms of number of property listings, last month marked the third consecutive month during which more than 7,000 homes were listed for sale on the Multiple Listing Service (MLS®) in Greater Vancouver.

New listings for detached, attached and apartment properties totalled 7,014 in May 2010, a 48.2 per cent increase compared to May 2009 when 4,733 new units were listed, and an 8.3 per cent decline compared to April 2010 when 7,648 properties were added to the MLS®.

At 17,492, the total number of property listings on the MLS® increased 10 per cent in May compared to last month, and is up 28.2 per cent compared to this time last year.

“Prospective home buyers in today’s market have a broad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7 per cent to $590,662 from $506,201 in May 2009.

“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.

Sales of detached properties in May 2010 reached 1,256, a decrease of 10.4 per cent from the 1,402 detached sales recorded in May 2009 and a 4.4 per cent increase from the 1,203 units sold in May 2008. The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.

Sales of apartment properties reached 1,354 in May 2010, a decline of 7.1 per cent compared to the 1,458 sales in May 2009 and an increase of 8.8 per cent compared to the 1,244 sales in May 2008.The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.

Attached property sales in May 2010 totalled 546, a decline of 17.8 per cent compared to the 664 sales in May 2009 and a 1.6 per cent decline from the 555 attached properties sold in May 2008. The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.

The rate increase was expected as the Bank of Canada made it clear they were under pressure months ago to do so due to a strengthening economy and subsequent rising inflation.   When the federal governments announced its new mortgage regulations in February many anticipated a slowdown in the later part of 2010 and prices to flatten after an active spring. This seems to have happened earlier than anticipated.

Recent Real Estate Board of Greater Vancouver (REBGV) statistics show that the federal government‘s announcement may have triggered Vancouver home buyers to push their buying time table forward to avoid these new regulations and expected rate increases.

To receive regular updates on the Fairview Vancouver real estate market click here

It is expected that other Canadian Banks will make similar announcements.

Know why you are buying

Having a long term strategy is essential as it will determine what type of property to buy to achieve your desired outcome.  Will you buy, renovate, and sell ... or hold for the long term?  Are you buying for capital growth or cash flow?  These are just a few questions you must first consider and discuss with your Realtor.

Have more than minimum deposit

With the new Canada Mortgage and Housing Corporation (CMHC) rules a 20 percent deposit is now mandatory if any other real estate is already owned.  Having 2o percent or more for deposit also prevents you from paying the CMHC insurance, provides a buffer if interest rates rise sharply, and will give you access to better loans as it shows the bank you are a safe bet.

Get your finances ready early

Get pre-approved right away so you don’t waste valuable time searching for a property you may not be able to afford. Shop around for the best rates and terms, and make sure there are no hidden surprises like huge penalty clauses if you pay out the loan early or decide to re-finance. Also make sure the term matches your investment strategy – you don’t want a 5 year mortgage term if you plan on renovating and selling the property in two years time.

Location, Location, Location

We’ve all heard the expression but for good reason.  Not all properties will give you the same return, neither will all locations.  If using a long term investment strategy what will happen to the area down the road?  Will there be any major infrastructure developments, introduction of social housing, or efforts to implement zoning changes? You will need to speak to local municipal councils, and government to find out what may be happening down the road.

Location is also key in ensuring you will be able to rent for good value in any market conditions. If four new high rises are being built nearby you may want to consider somewhere with less of an oversupply.

Who will your tenants be?

Fortunately for investors Vancouver’s vacancy rate has been extremely low in past years so tenants can’t be as picky as they may want to be.  However with the 2008 global recession and market downturn we saw that properties that sat on the market and were unable to sell were suddenly looking for tenants and the rental market shifted quickly even here.

It is smart to make sure an investment property appeals to a wide range of prospective tenants.  A studio in downtown Vancouver may seem like a great idea if only targeting single professionals or students, but perhaps a 1 bedroom and den in East Vancouver for the same price would serve you better. You would be able to attract the same demographic, as well as older couples, retirees, or young families.

Don’t buy without seeing it first

Wide angle lens and digital camera’s can make places look great ... unrealistically great.  The information given with the listing and on MLS is a good starting point, but needs to be verified and often inspected by you and your Realtor.  The marketing information also may not disclose important details. What’s next door or down the street? Can people on the skytrain see you in your living room? Take some time and visit the property and neighbourhood. A good Realtor should do this for you beforehand. 

Have an inspection done by a professional

You may have spoken to the neighbour or know someone in the building that says “everything is fine!” ... but be sure to do your due diligence. For approximately four hundred dollars you can greatly minimize your risk of buying a “lemon” or “leaker” and properly evaluate the quality of the property. As is often the case in Vancouver where many people live in condominiums, you as a homeowner are responsible for the maintenance of not just your unit, but have shared responsibility for the whole complex.  Roof, windows, boilers, garage, etc.  Don’t take the words of others as they may not know, have an inspection done before you remove the conditions of your offer.

Research the comparable properties

Knocking off 10 or 20 percent may seem like a reasonable idea but in reality may be unrealistic and cause you to let that great property slip through your grasp.   You need to have solid understanding of current values and know whether something is overpriced, underpriced, or asking a reasonable amount. 

Buying an investment property should be based on facts, not emotions. If the numbers don’t add up you have to be able to walk away. To know when to walk away you need to know what the property is worth and that is done by researching comparable sales.  The more similar the property and more recent the sale the better but a Realtor can show you how to find the best comparables and what strategy is best based on the situation.

Negotiate with your brain ... not your heart.

As you’re looking at the property as an investment and not a home be sure to leave you emotions behind when negotiating. As long as it meets your investment plan, is attractive to the rental market, and can give you the return you are looking to achieve it may be worth an offer.  Research the comparables to determine market value, and get your Realtor to advise a smart offer strategy. If you can’t reach a reasonable agreement walk away and try again on something else.

Work with professionals

Get expert advice from those that know the industry.  Speak to your accountant, lawyer, and a local Realtor.  You may not have the time of expertise to make all these decisions by yourself and do not want to make the mistake of overpaying or buying the wrong type of property.

To learn more about buying investment properties in Vancouver and making smart investment decisions contact Dean Wegman of Sutton West Coast Realty by clicking here.

Balanced conditions are emerging as sales have stabilized off the frenzied pace seen in late 2009; and inventory of unsold homes has come closer to demand which keep pressure off home prices.

Cameron Muir, the BC Real Estate Associations chief economist, anticipates prices to remain fairly flat due to the fact that the improving economy and job growth will be offset by affordability. Muir believes that buyer’s reduced ability to pay for real estate will be “the single biggest constraint in the market over the next few years.”

A balanced real estate market and “flattening” of home prices creates better opportunities for any Vancouver homebuyer’s.

To learn more about buying a home in Vancouver in today’s market click here

Previously buildings undergoing envelope repairs could apply for PST rebate once the work was completed saving thousands of dollars.  As of June 30^th this program will be terminated and HST enacted. 

A study put together two years ago by consultants McClanaghan & Associates estimated that approximately 44 to 55 percent of the 160,000 condominiums built in BC during 1992 -1999 experienced “premature envelope failure”. The report when on further and estimated that between 45 and 68 percent of the leaky units had not yet been repaired; and that by 2010 up to a third of them would need to be repaired.

Due diligence by the homebuyer, working with a Realtor experienced in the area, and using a licensed home inspector are the best ways to avoid purchasing in a building that may experience envelope failure.

A few other interesting highlights regarding Vancouverites from the poll:

• 47 percent would invest in a condo mainly for rental income - the highest amount in the country.
• 45 percent cited affordability as the most common reason in buying a condo (24 percent nationwide), with less maintenance at 21 percent, and downsizing from a house at 15 percent as the two other top reasons
• 53 percent would buy a house over a condo if they had more money - highest nationwide
• 42 percent would most likely consider raising a family in a condo - 36 percent nationwide
• 31 percent would be willing to spend more than $400K for a 2 bedroom condo – 15 percent nationwide
• 8 percent would pay more than $400 a month in condo fees

The TD poll interviewed 200 people in each of the five major urban centers of Canada mid April this year.

Part of this can be attributed to the fact that a majority of the buyers that decided to take advantage of the improved affordability and low interest rates following the recession have now purchased their homes. New mortgage regulations and increasing interest rates are also making it more difficult for some home buyers to enter the housing market.

This will lead to less demand in the real estate market and with the occurring, expected, increase in seasonal inventory; take Vancouver from what has been a predominantly seller’s market into a more balanced market.

In more balanced market conditions there is less upwards pressure on home prices for several reasons. Fewer buyers’ mean that homes on average will spend more days on the market before being sold, they will sell at a price closer to what current market value dictates, and will sell less frequently in competing offer scenarios reducing inflated sales prices which new listings use to price their homes.  

It is expected that benchmark prices in Vancouver West will see incremental increases and decreases depending on the area and property type as the market stabilizes. Hot spots such as Kitsilano, Fairview, False creek, and downtown tend to be less susceptible to these fluctuations unless experienced over a prolonged period of time. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent compared to the 2,963 sales in April 2009; 9.1 per cent more than April 2008’s 3,218 sales; and 3.7 per cent more than April 2007’s 3,387 sales. April 2010 sales also represent a 12 per cent increase compared to last month.

“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).

At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 per cent to $593,419 from $499,021 in April 2009.

“It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan said.

Sales of detached properties in April 2010 reached 1,370, an increase of 15.1 per cent from the 1,190 detached sales recorded in April 2009 and a six per cent increase from the 1,293 units sold in April 2008. The benchmark price for detached properties increased 21.2 per cent from April 2009 to $818,403.

Sales of apartment properties reached 1,526 in April 2010, an increase of 29.4 per cent compared to the 1,179 sales in April 2009 and an increase of 15.9 per cent compared to the 1,317 sales in April 2008.The benchmark price of an apartment property increased 16.9 per cent from April 2009 to $397,779.

Attached property sales in April 2010 totalled 616, an increase of 3.7 per cent compared to the 594 sales in April 2009 and a 1.3 per cent increase from the 608 attached properties sold in April 2008. The benchmark price of an attached unit increased 16.4 per cent between April 2009 and 2010 to $502,399

Homebuyer’s

First time Home Buyer’s Property Transfer Tax Exemption

People buying a home in Vancouver or anywhere in BC are responsible for paying a property transfer tax (PTT). The amount is 1 percent on the first $200K, and 2 percent on the balance of the purchase price. This is by far the biggest expense typically in any re-sale home purchase.

First time buyers however may be eligible to qualify to buy tax free. Eligibility requirements include having never been “on title” or owning a previous home anywhere in the world, a maximum price of $425,000 for the full exemption, and the down payment cannot exceed 3 percent.

To learn more visit http://www.sbr.gov.bc.ca/individuals/property_taxes/property_transfer_tax/first_time_home_buyer.htm

Homeowners correcting a conveyancing error no longer pay the PTT on land transfers.  Transfers required to amend a strata plan are exempt, except where owners receive an increased interest. Then the PTT becomes payable on the interest.

First Time Buyer’s Tax Credit

Qualifying home buyer’s can claim up to $750 under this federal program

Home Buyer’s Plan

RRSP’s

Qualifying home buyers can withdraw up to $25,000 for their down payment from their RRSP’s under this federal government program. Couples can withdraw $50,000.

Buying a NEW home

If a homebuyer purchased a NEW home before July 1, 2010:

• They can apply for a rebate of 5 percent GST applicable to the purchase price of $8750 for homes costing up to $350,000
• There is a proportional GST rebate for new homes costing between $350,000 and $450,000
• Newly constructed homes or substantially renovated homes completed by July 1, 2010 have the PST embedded in the cost of construction. Home buyers may qualify for a PST transitional rebate for specific types of non-grand parented residential properties.

Property tax help

BC Home Owner Grant

Home owners in BC can reduce property taxes up to $570 for homes assessed up to $950,000 under this provincial program. The grant is reduced on a sliding scale for homes assessed up to $1,064,000.

Seniors, veterans and disabled home owners can claim an additional $275 to a maximum of $845 for homes up to $950,000. The grant is reduced on a sliding scale for homes assessed up to $1,064,000.

Land Tax Deferment

Home owners with children under the age of 18 may be eligible to defer their property taxes if they have at least 15 percent equity in their home. Deferred taxes are charged interest at the prime rate and are repayable when the home has sold.

Seniors and owners facing financial hardship may also be eligible to defer property taxes. Deferred taxes are charged interest at the prime rate and are repayable when the home has sold.

According to industry and tax experts the homebuyer and seller will still pay more costs as the tax will apply to items like real estate fees, home inspections, appraisals and the cost of clearing title. Other increases will come in renovations, maintenance, upgrades, and moving expenses. It can add up, but is nowhere near the cost of what the HST would be.

For example with the purchase of a $450,000 resale home, there will be approximately $16,500 in closing costs for such things as appraisals, inspections, survey fees, and realtors fees. With the HST a buyer will pay approximately $1,100 more due to the new tax.   

Fortunately some of the services associated with the purchase of a re-sale property will not be affected.  Bank fees   - which are not subject to the GST and will not be subject to HST – and notary publics and lawyer’s fees which are already subject to GST and provincial sales tax which equal the same cost as the HST.

Will the HST have a significant effect on Vancouver’s resale real estate market? No, but it will have a little bite.

CIBC now will charge 5.24 per cent for a five-year closed mortgage and 7.20 per cent for a 10-year mortgage. New homebuyers at the Desjardins Group, which operates credit unions in Ontario and Quebec, will pay 6.25 per cent to borrow money for five years and 7.20 per cent for a 10-year mortgage.

Canada's banks are reacting to rising costs of borrowing money for five to 10 years.  Lenders have to raise their rates because it is starting to cost more to raise capital to fund mortgages within Canada's bond markets.

Overall the economy in BC is showing signs of growth. This should underpin demand for housing, which will likely be offset by rising interest rates. This expected to cool off Vancouver’s hot real estate market

•All borrowers must meet the standards for a five-year, fixed-rate mortgage, even if they choose a variable mortgage with a lower rate or a shorter term.

•The maximum Canadians can withdraw when refinancing their mortgages drops to 90 per cent of the value of their home, from 95 per cent.

•Buyers must make now a minimum 20 per cent down payment — up from five per cent — to qualify for Canada Mortgage and Housing Corp. insurance for non-owner-occupied properties purchased as an investment.

Vancouver’s real estate market has rebounded sharply over the last 12 months with prices just recently surpassing past benchmark‘s set in the spring of 2008. The new rules should slow things down come mid July once people’s pre-qualified mortgage periods start running out.    

Higher mortgage rates will squeeze some low equity buyer’s out of the real estate market. Big banks like the Royal Bank of Canada and Bank of Nova Scotia have already raised their fixed mortgage rates in anticipation of the new CMHC rules and regulations come into effect this month.  

 Though interest rates are the biggest threat to Vancouver’s real estate market rebound, they should only keep increasing if the economy keeps growing. As long as we keep experiencing economic growth people will continue to have jobs, incomes will be rising, and people will be able to afford higher interest rates.

A return to more balanced conditions would be welcomed by potential Vancouver home buyers after experiencing such a strong seller’s market during the last 10 months. A more balanced market will reduce the number of competing offer situations and allow buyer’s more negotiating room during the offer process.

The first time home buyers plan which makes getting into the real estate market more affordable can be a large benefit for those that qualify. Under the program buyers are allowed to use as much as $25,000 from there RRSP account toward a down payment on a qualifying home which is repaid over time.

 There is also the first time home buyer’s tax credit worth up to $750 in 2009 and subsequent years.  At tax time you can direct any rebate toward your purchase.

The survey showed that 74 percent of Canadians that are looking to purchase their first home are considering an amortization of 25 years or less – much lower than the 35 year maximum.  Paying of a mortgage faster has become a priority for many Vancouverites.

Is the new federal new mortgage rule having much effect at all? Yes it is. Under it anybody qualifying must do so on the five year fixed rate ensuring that as rates increase they are in a better position to make their payments. The effect it is having is to slow down market sales by keeping some buyer’s out

Buyer’s trying to time the market in expectation of another dip may be waiting some time. Recent CMHC analysis and BC economists are anticipating the market to move towards more balanced conditions as supply and demand level off.  Price appreciation is expected to continue into 2011 but at a modest pace, not anywhere near the double digit levels seen during 2005-2008.

There were 3,198 new home construction projects recorded during the first quarter of 2010, a 76 percent increase from the same time last year.

The increase can be attributed to a strong re-sale market, improving economic conditions, and still relatively low interest rates. In Vancouver single detached construction rebounded with the most strength.  

Typical hot spots in Vancouver’s real estate market like Kitsilano, Fairview, and Vancouver’s east side detached market have rebounded the fastest.

During the first quarter of this year the average price of a Vancouver east side condominium gained 29 percent, and the average detached bungalow 25 percent when compared to the first quarter of 2009.

An average Vancouver west side bungalow, which went as low as $950,000 in the first quarter of 2009, has risen back to an average of $1.15 million, a 21 percent gain, in the first quarter of this year.                          

With such sharp increases in prices broader economic growth becomes important.  Though price increases remain forecasted for the second quarter, higher mortgage interest rates and tighter qualifying rules should cool things down to more sustainable levels later this year.                 

Price increases in all markets across Canada are expected to ease in mid to late 2010.

The ecoENERGY Retrofit program was introduced by the Tories three years ago, providing grants to Canadians who signed up for inspections of their homes, installed new eco-friendly materials and then had a post-retrofit inspection. The grants are worth up to $5,000.

All pre- and post-retrofit inspections are completed by employees of local service organizations that are licensed by Natural Resources Canada.

But on Wednesday, the government announced it "is no longer accepting bookings for pre-retrofit evaluations," meaning those who haven't signed up for the program yet, won't be able to at all.

The program technically continues through to March 31, 2011, which will allow previously signed-up parties to have their evaluations completed and claim the lucrative grants. But they will also have to make sure their post-retrofit evaluations are completed by the deadline.

A year ago, Labour Minister Lisa Raitt, then the Natural Resources minister, announced that the government would increase the available ecoENERGY Retrofit grants by 25 per cent.

But she cautioned that the grants would not be available forever.

"This is a great chance for Canadians to save money on home renovations that will cut their energy bills for years to come -- but I do encourage homeowners to act quickly," Raitt said in a statement released by the government on March 30, 2009.

"This special increase in grants is for a maximum of two years only, putting money back in Canadians' pockets when they need it most."

**Information from CTV news

Scotia Economics senior economist Adrienne Warren expects mortgage rates to remain relatively low and that as long as the economic recovery continues; Canada will not experience the conditions that would spark a correction of real estate prices. 

A “normal adjustment period” in which prices in prices remain relatively flat for a significant period while other aspects of the economy improve is most probable.

Now, a consumer will be able to pay an agent a flat fee – zero is not an option – to list on the MLS, where about 90 per cent of all home sales are done. Agents must now pass along a seller's home phone number, if the seller chooses, directly to an interested buyer if asked.

“Through the proactive clarifications of the existing rules, CREA believes the concerns raised by the Competition Bureau are fully addressed,” the organization said in a news release. “At the same time, these amendments ensure the continued integrity of MLS systems and the accuracy of information on board MLS systems that Canadians have come to trust.”

The vote was seen as a way for Canada's real estate sales industry to satisfy concerns raised by the Competition Bureau, which has filed charges with the Competition Tribunal alleging the real estate association makes it impossible for any of its members to offer consumers fee-based services for particular portions of a transaction, such as listing on the MLS or negotiating a sale price.

The MLS has operated for more than 50 years and only registered agents are allowed to list homes on the service. The MLS trademark is owned by CREA, and each real estate board operates the service in its region. While anyone can sell their home on their own, having a listing on the service is seen as an integral part of achieving the best sales price.

A CREA spokesperson said the changes would be implemented “as soon as it is reasonable at each local board.”

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Asking Price: $368,800

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Features:  two private entrances, a nicely updated kitchen and bathroom, wood burning fireplace, and west facing balcony looking onto a private courtyard this unit shows well.    

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There were 600 fewer homes sold in Vancouver in February than January, a figure that was likely a reflection of a slowdown in activity due to the Winter Olympics.  This slowdown can be attributed to the fact that Vancouver neighbourhoods like Downtown, False Creek, and parts of Fairview were either inaccessible or difficult to park in. This made it very difficult for Realtor’s to show homes to potential buyers and many people took a temporary hiatus from their home search.

Though sales have declined, prices are still rising and multiple offers on well priced properties are common. The trend of declining sales experienced in January and February is not expected to last as homebuyer’s affected by recent changes in mortgage rules attempt to purchase before the April deadline.

After April market conditions should move into more balanced territory as higher mortgage rates, prices, and the introduction of the HST begin to reduce demand.

The report also determined that BC residents were planning to put down the largest average down payment in the country -- $92,676. Respondents between 18 – 24 years of age were most enthusiastic saying the y were very likely to buy, doubling got 15 percent from 8 percent in 2009.Those surveyed cited low interest rates and good prices as there motivators.

Recent sales and price movement in the Vancouver real estate market support the conditions outlined in the survey. However any report that poses hypothetical question such as these can’t be read too far into.  If market conditions were to change - e.g the Bank of Canada raises interest rates - public sentiment could change dramatically.    

The poll conducted by Ipsos Reid covered 2,047 Canadian adults and is considered accurate within 2.2 percent 19 out of 20 times.

This equates to about 22,050 homes being started this year, and a forecast of 26,200 housing starts next year. If correct it will be an increase of 16,077 over 2009, but will still be below the 10 year average.

New home construction will benefit from an improved economy and labour market, and lower interest rates. The lack of new homes on Vancouver’s real estate market has also pushed up demand and led to these increased forecasts by the CMHC.

Last Tuesday the Bank of Canada pledged to keep their benchmark lending rate at 0.25 percent at least until July if inflation remains below 2 percent.  A little optimistic I’d say as our economic growth repeatedly continues to exceed forecasts and expectations over these past few months.  If this trend continues a rate increase before July becomes very likely.

What does this mean for the Vancouver real estate market? Higher interest rates means fewer first time home buyers will be able to afford a home and will have to delay entering into the real estate market until the market dips again or their personal economic situation improves.  For those that already own homes the cost of servicing or refinancing their mortgage will increase so they will be paying more interest and less principle on the loan.   

As a large portion of the sales activity that has occurred in the last 12 months is due to first time home buyers capitalizing on low rates we can expect sales volume to decrease as rates increase. As long as the reduction isn’t dramatic this could be beneficial to the overall health of the Vancouver real estate market as we will enter into more “balanced” sustainable conditions.

Rest assured the BOC is well aware of what could happen if interest rates were increased too quickly. We can expect slight to moderate increases over the next few years to keep inflation in check and consumers spending but even with these increases rate would still be at historically low levels.   

The owner must have lived in the province for at least one year before applying and must have fire insurance on the home. Simple interest is at the bank prime rate is charged on the deferred taxes.   

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.

More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

 “We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said.

“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect,” Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.

At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.

“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.

Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.

Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009. The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.

Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.

Despite the outward public support Vancouver’s mayor Gregor Robertson has shown for laneway housing, builders are still finding the approval process very challenging and the costs extremely high.

Jake Fry of Smallworks, a laneway home building construction company, breaks down the numbers like this.  Permit fees are currently running at $18,000 per laneway house. Sewer and water hook-ups cost $13,000 to run new lines (the city will not connect them to old lines), and the BC hydro fees cost from $1500 to $2700 for a hook-up.  Typically hook up fees cost about $400. Simply, the people who need these homes the most cannot afford them.

With the fees being so high, and so much red tape hindering the approval process the potential for laneway housing will continue to be unrealized by most homeowner’s until something is done to resolve these problems.     

British Columbia and Ontario are expected to lead the growth in Canada fuelled by low interest rates and buyer’s motivated to avoid the harmonized sales tax that will come into effect in July.

CREA expects the national average home price to increase 5.4 percent in 2010, and the ease off in 2011 to 1.5 percent growth as interest rates increase.

With many builders planning multiple releases of new projects, and projects that had been previously delayed now coming back on the market an increase in jobs for trades’ workers is expected. However all is not rosy yet.  The introduction of the harmonized sales tax (HST) in Vancouver later this year, and eventual increase rate increases still pose potential risks to the anticipated recovery.  

 Though prices are close to their May 2008 peak, first time home buyers and move up buyers still remain a significant part of the market activity and investors are returning in bigger numbers. With the Bank of Canada's recent announcement to keep the prime lending rate at 0.25% until at least June or July, the cost of servicing a mortgage has rarely been better.

 It's tough to know what exactly the Olympic effect will be on our market during the games, but many expect it to be a quieter period for home buyers and sellers.  For this reason it will be a good time for motivated buyers to search for properties as the possibility of competing offers is greatly reduced.  

 A recent UBC study supports other international studies in that residential real estate markets would be largely unaffected by Olympic activity either before or after the games.  The UBC study concludes that the hosting of an Olympic Games does not prompt an increase in local house prices, and that prices do not crash after the event is over.

 We can however expect a few changes by the second half of 2010. Interest rates will likely rise slightly by the second or third quarter due to anticipated economic growth and inflation. Following this we can expect supply and demand to become more aligned, price appreciation to moderate,  and a period of more "balanced" conditions in the real estate market.

In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

 “Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today,” Jake Moldowan, REBGV president-elect said.

“There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales-to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.

“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.

In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.

Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.

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BBQ Beef, Chicken and Spicy Pork

Sashimi (all you can eat)

Coffee Jello

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The program was initially developed by the NDP government in 1998 as a 10 year, $250 million dollar effort to help owners repair leaky buildings built before 1999. Since then it has provided almost $670 million to the owners of 16,000 condos, mostly on the south coast.

A recent report by consulting McClanaghan & Associates estimated 44 to 55 percent of the 160,000 strata-owned units built in BC during the leaky condo period had suffered "premature building envelope failure." The report's author's estimate between 45 to 68 percent of the leaky units had not yet been repaired, and that by 2012, up to one third of them would still need fixing.

For more information on Vancouver's real estate market visit Dean Wegman of Sutton Realty at www.deanwegman.com.

Strong demand and high sales in Vancouver's real estate market continue to put upwards pressure on home prices as we enter into November.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 percent to $553,702 from $518,668 in October 2008. Though we have seen home prices rising in 2009 we still have not reached the peak levels experienced in early 2008.

When comparing the statistics for September 2009 and October 2009 for Vancouver West we get the following results.

New listings have decreased 23.2 percent for detached properties, decreased 30.9 percent for attached (town home) properties, and increased 4.4 percent for apartments (condos) properties.

Sales have increased 14.3 percent for detached homes, decreased 3.7 percent for attached homes, and increased 10.9 percent for apartments.

Strong housing demand and high sales currently exist in Vancouver for several reasons. Confidence from local buyers remains high, interest rates remain historically very low, and foreign investors are returning to the market. Many of the first time home buyer's motivated by lower prices and low interest rates have now bought homes.

As we enter the last months of the year we can expect sales to moderate and market conditions become more balanced. The months of November and December typically experience a slowdown due to the holiday season.

Looking into 2010 the Canadian Mortgage and Housing Corporation (CMHC) is forecasting Metro Vancouver sales to remain relatively robust as long as interest rates remain relatively low.

As the economy improves we can expect interest rates to increase, but most banks are forecasting only a slight rise next year. The rapid rebound of Vancouver's real estate market suggests that the economic recession in the region was not as severe as in other regions. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.

“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.

“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.

Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.
Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.

Source:  REBGV Website