Vancouver Sun September 18, 2010

BURNABY
9236 University Crescent

Type: 2-bedroom, 2-bathroom townhouse
Size: 970 sq. ft.
B.C. Assessment: $321,900
Listed for: $319,900
Sold for: $310,000
Sold on: June 29
Days on market: 22
Listing agent: Robert Crowe at RE/MAX Real Estate Services
Buyers agent: Keith Volz at Royal LePage — Coronation Park

The big sell: According to listing realtor Robert Crowe, this is a good example of how staging can help a property by optimizing the available space. Having previously been on the market for 351 days with another agent, this townhouse in the Novo 2 development was re-listed and the main floor staged, resulting in a sale in just 22 days. It is a two-level suite with a large private patio that provides space for container gardening and entertaining. There are two bedrooms and a bathroom upstairs, with another bathroom on the main floor. The complex is part of the residential development at Simon Fraser University and provides recreational facilities inside with a gym, billiards room and lounge, as well as outside with myriad walking, hiking and mountain bike trails around Burnaby Mountain.

Vancouver
4 — 1945 West 12th

Type: 2-bedroom, 2-bathroom townhouse
Size: 1,132 sq. ft.
B.C. Assessment, July 2010: $444,200
Listed for: $669,000
Sold for: $675,000
Sold on: July 6
Days on market: 6
Listing agent: Lailey Wallace at One Percent Realty Ltd.
Buyers agent: Patricia Lok at RE/MAX Select Properties

The big sell: This two-level townhouse had a complete renovation within a converted heritage-style building, resulting in a sale $6,000 over the asking price. It has soaring ceilings, a wood-burning fireplace, wooden banisters and an abundance of skylights, as well as stainless steel appliances, granite countertops, custom-made European cabinets, hardwood floors, and two spa-style bathrooms. A loft area overlooking the living room would be a perfect spot for an artist’s studio or guest bedroom, and an upper deck provides ample space for patio furniture and relaxing mountain views. The piece de resistance? A large 13-by-14-square-foot master bedroom housed in a turret.

Vancouver
4448 West Sixth

Type: 5-bedroom, 3-bathroom detached
Size: 2,931 sq. ft.
B.C. Assessment, July 2010: $1.318 million
Listed for: $1.689 million
Sold for: $1.65 million
Sold on: June 23
Days on market: 14
Listing agent: Sue Johnson and Sarah Thompson at Dexter Associates Realty
Buyers agent: Jennifer Sanderson at Century 21 In Town Realty

The big sell: On the market for just two weeks, this character family home is in a sought-after neighbourhood in one of Point Grey’s most coveted blocks, just steps from Trimble Park and Queen Mary school. Over the years, the property has received some upgrades, but still retains elements of its 1925 origins with solid oak flooring, walnut inlay, and leaded glass built-ins. The open-plan country kitchen has a centre island that overlooks the 20-by-11-square-foot family room and beyond to the south-facing rear garden accessed through french doors. The lower level has a bedroom, bathroom, 24-by-14-square-foot recreation room and laundry facilities, plus a separate entrance.

Read more: Real estate sales in Burnaby and Vancouver

Vancouver Sun September 11, 2010

WEST VANCOUVER
1390 Ottawa Ave

Type: 4-bedroom, 2-bathroom, detached
Size: 3,068 sq. ft.
B.C. Assessment: $1.356 million
Listed for: $1.798 million
Sold for: $1.73 million
Sold on: June 24
Days on market: 67
Listing agent: John Jennings at Prudential Sussex Realty
Buyers agent: Julie Miller at Prudential Sussex Realty

The big sell: Five offers were received for this West Vancouver home with attractions that included a remodelled interior and a substantial 80-by-297-square-foot lot. The property’s open-plan layout showcases hardwood floors, designer paint colours, crown mouldings, a new CaesarStone kitchen island, new bathrooms, a Lennox two-zone heating and air filtration system, and a media room with a built-in speaker system and surround sound. Complementing the features of the house is the south-facing back garden, which has been beautifully landscaped and contains sandblasted concrete stairs that lead to a level lawn complete with enviable practice facilities for the sports enthusiast: a putting green, a pitcher’s mound and a lighted sports court.

SURREY
14124 78th Avenue

Type: 5-bedroom, 3-bathroom, detached
Size: 2,310 sq. ft.
B.C. Assessment: $405,400
Listed for: $489,900
Sold for: $474,000
Sold on: June 21
Days on market: 7
Listing agent: Jerry Heed at Valley Pacific Realty Ltd.
Buyers agent: Sandeep Grewal and Sukh Sangha at Homelife Select Realty

The big sell: With the assistance of two open houses, this East Newton property sold the first weekend it was available. Built in 1977, it has undergone a series of updates including a new kitchen with new appliances, a hot water tank, laminate flooring, a new sundeck, easy care vinyl siding, and new garage doors. The generous-sized reception rooms on the upper main floor make for comfortable living and include an 18-by-15-square-foot living room and a 16-by-12-square-foot kitchen. A large, wraparound covered sundeck with mountain views ensures year-round enjoyment, as does the south-facing, newly-fenced back yard. In addition, there is a spacious 960-square-foot two-bedroom, above-ground mortgage-helper suite.

VANCOUVER
401 – 988 Richards

Type: 2-bedroom, 3-bathroom apartment
Size: 1,769 sq. ft.
B.C. Assessment: $934,000
Listed for: $1.085 million
Sold for: $1.08 million
Sold on: July 3
Days on market: 39
Listing agent: Lester Soo and Henry Fung of Sutton Group — West Coast Realty
Buyers agent: Su-Marie Baird at Dexter Associates Realty

The big sell: Yaletown’s Tribeca Lofts were built in 2006 and were inspired by Manhattan’s Chelsea neighbourhood loft designs. This unit boasts soaring 19-foot ceilings with expansive floor-to-ceiling windows, and two bedrooms with walk-in closets on the mezzanine level. The open design — a signature of most lofts — is a perfect vehicle to display the custom gourmet chef’s kitchen with appliances by Sub-Zero, Gaggenau and ASKO. It also includes a wine cooler, built-in coffee/cappuccino maker, steam and convection ovens, a nine-foot long kitchen island that seats seven people, and quartz stone countertops that are framed by sleek white glass cabinet fronts and a glass backsplash. Engineered exotic Brazilian lyptus hardwood floors flow through the entire loft.

TERRACE
4808 Straume

Type: 3-bedroom, 2-bathroom, detached
Size: 2,236 sq. ft.
B.C. Assessment: $159,100
Listed for: $179,900
Sold for: $175,000
Sold on: Aug 17
Days on market: 12
Listing agent: John Evans and Kelly Bulleid at RE/MAX of Terrace
Buyers agent: Dave Materi at RE/MAX of Terrace

The big sell: According to listing agent John Evans, the selling points for this Terrace home included its choice location near schools and downtown, a quick possession date, a competitive price, some recent renovations that included new flooring, a four-piece family bathroom, a new furnace and fresh paint. The property is in the heart of the Horseshoe area of town, with a lot that measures 65 by 132 square feet, providing the buyers the opportunity to construct a shop in the back yard. Evans says that house prices have stabilized since dropping approximately 10 per cent from last year’s prices, with the majority of interest for Terrace real estate coming from local buyers or those who have transferred to the area for job opportunities.

Read more: Real estate sales in West Vancouver, Surrey, Vancouver, Terrace

Vancouver Sun August 7, 2010

Sun Peaks
4120 Sundance Drive

Type: 4-bedroom, 4-bathroom detached
Size: 2,802 sq. ft.
B.C. Assessment, July 2010: $1.062 million
Listed for: $1.2 million
Sold for: $1.05 million
Sold on: July 19
Days on market: 431
Listing agent: Liz Forster at Sotheby’s International Realty Canada
Buyers agent: Liz Forster at Sotheby’s International Realty Canada

The big sell: Sun Peaks Resort enjoys one of those most sought-after amenities: a number of ski-in/ ski-out properties that mean you don’t have to haul your skis back home after the last run of the day. Located directly opposite the ski school, this log-and timber-accented property comes fully furnished with fir trim throughout. It has custom built-ins, a spacious ski equipment room, and a hot tub on the wraparound deck, which has expansive mountain views to Mount Morrisey. In addition, it has a great room with a tile-surround gas fireplace, hardwood flooring, granite countertops, a spacious master ensuite, double garage, an underground sprinkler system and a separate one-bedroom revenue suite. It’s within easy strolling distance to the village, making it a breeze to return home on the Carpet Lift.

Powell River
4885 Saskatchewan Avenue

Type: 3-bedroom, 2-bathroom detached
Size: 1,500 sq. ft.
B.C. Assessment, July 2010: $210,600
Listed for: $244,900 Sold for: $233,500
Sold on: June 30
Days on market: 18
Listing agent: Paige Anderson at Coast Realty Group (Powell River) Ltd.
Buyers agent: Dawn Adaszynski at Coast Realty Group (Powell River) Ltd.

The big sell: This split-level home has profited from quality finishing in the form of new hardwood and tile flooring throughout, fresh drywall, custom-made banisters, updated bathrooms, a master bedroom with ensuite and two walk-in closets, and sliding glass doors leading on to a large cedar deck that overlooks the private, fully fenced mature garden with its ample play area. The value added? A double shop with a nine-foot door, power and heating provided by an oil furnace. This is a centrally located property within walking distance to Powell River’s amenities. The town, situated on the Sunshine Coast, benefits from a strong community with recreation facilities, hospital, schools, an airport, ferry accessibility to Vancouver Island and daily flights to Vancouver’s South Terminal.

Read more: vancouversun.com/business/Sun+Peaks+Resort+property

Metro Vancouver’s real estate market saw fewer sales in June – down 30 per cent – than the same month last year, according to the Real Estate Board of Greater Vancouver (REBGV). However, the Fraser Valley housing market had a better time of it with increased June sales – up 23 per cent from May but down just eight per cent compared to June 2009.

The full REBGV report can be read here, Metro Vancouver real estate market report for June 2010, which contains interesting stats and benchmark prices for different property types and areas.

Two years of global recession have made villas and apartments in some of the world’s most desirable locations dramatically more affordable – but still way higher than Vancouver’s comparable sales – according to figures researched by UK estate agency, Savills, and published in the Daily Telegraph.

[To provide a comparison with Vancouver, I have converted all sterling figures into CAD and changed the price per square metre (the preferred calculation in Europe) to a price per square foot. According to the May 2010 figures from the Real Estate Board of Greater Vancouver (REBGV), the average apartment price in Vancouver Westside is $510,885. If the average apartment size is approximately 600 square feet, that equates to $851 per square foot.]

The results of Savills’ survey shows Marrakesh as the best-value location with riads and apartments in prime parts of the Moroccan city costing $588 per square foot thanks to the city’s low land and construction costs. In central Europe, Montenegro offers beautiful countryside and some of the world’s most unspoilt coastlines and costs $1,507 per square foot with recent improvements to its air links with Britain and its own transport infrastructure.

Likewise in the Middle East, the Sultanate of Oman, which has avoided the blingy excesses of Dubai and is regarded as an elegant low-rise location, costs $776 per square foot. Also good value is the Seychelles, where prime property is $993 per square foot.

The league table also shows which locations have held their values well, despite the recession. Italy, the Balearics and parts of France stand out in this regard. “Majorca has a large gene pool of buyers. This gives it a very resilient market,” says Charles Weston-Baker, director of Savills’ international department, who adds that purchasers come from Britain, northern Europe and the USA. He contrasts that with mainland Spain, which is these days almost wholly reliant on British buyers, who are now stepping back. The country also has a serious oversupply of new homes.

The data also shows that some of the world’s most expensive international hot spots have been relatively recession-proof. “It’s not a surprise that key financial hubs such as Paris, Moscow, Hong Kong or Shanghai generate high values. But it’s clear that traditional world-renowned ‘lifestyle’ destinations such as Cannes and Courchevel continue to attract high-spenders, as does Monaco,” says Savills’s researcher Rebecca Gill, the author of the survey.

The agency sold an apartment in Hong Kong for $29,763 per square foot late last year, about 20 per cent above the top-price London property it sold, while Monaco and Manhattan have seen sales at or above $24,650 per square foot. Paris, the Cote d’Azur and Sydney had one-off top-dollar sales that were close behind.

What costs what, where – Prime apartment property, price per square foot

* Monaco $20,649
* Cannes $10,325
* Courchevel, France $8,262
* Moscow $7,534
* Hong Kong $6,003
* Sydney $5,348
* Paris $4,649
* Manhattan $4,521
* Shanghai $4,470
* Singapore $4,219
* Milan, Italy $4,128
* Sardinia $3,714
* Majorca $3,300
* Geneva $3,195
* Auckland $2,928
* Cape Town $2,528
* Nice $2,478
* Lisbon $2,064
* Warsaw $1,883
* Dubrovnik, Croatia $1,859
* Istanbul $1,813
* Zell am See, Austria $1,650
* Ho Chi Minh City, Vietnam $1,580
* Budva, Montenegro $1,507
* Dubai $1,390
* Algarve, Portugal $1,239
* Sotogrande, Spain $1,239
* Nevis, Caribbean $1,197
* Sarasota, Florida $1,148
* St Lucia, Caribbean $1,083
* Seychelles $1,105
* Hanoi, Vietnam $904
** Vancouver Westside $851
* Muscat, Oman $776
* Cairo $604
* Marrakesh $588

The Real Estate Board of Greater Vancouver (REBGV) published its May figures showing what a lot of people have realised that the market has reverted in favour of buyers with listings up and sales down.

Full details of the report continue here:

The 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.

by Brian Morton, Vancouver Sun

If you’re a young adult looking for a condo, it might be best to approach your parents and just ask for one.

That’s one of the findings of TD Canada Trust’s Condo Poll, which shows Vancouverites not only see condos as a source of long-term income, but that 13 per cent — tied with Montreal for the highest in the country — would consider buying one for their adult children either to own or use.

“The number-one point [in this survey] is that Vancouverites believe condos provide good, affordable accommodation,” said Barry Rathburn, B.C. mobile mortgage specialist for TD Canada Trust, in an interview Wednesday. “It’s also interesting that 47 per cent of Vancouverites would invest in a condo, [mainly] for rental income. That’s the highest in the country.”

The high number of Vancouverites who would buy a condo for their children speaks to the fact that a lot of people in Vancouver have an urban lifestyle “that includes condo living,” Rathburn said.

A large number of parents now help their kids buy their first homes, perhaps with a down payment, so he said he wasn’t surprised by the survey findings.

“A certain segment would buy a condo in a major city so [their children] can attend a university. Afterwards, they could rent it out or sell it.”

According to the poll, Vancouverites continue to see the value in buying a condo, either for their own home or for their children.

The most common reason Vancouverites gave for buying a condo is affordability, with 45 per cent of residents citing that reason, compared to 24 per cent nationwide.

The two other top reasons were less maintenance (21 per cent) and wanting to downsize from a house (15 per cent).

However, respondents in Vancouver were also the most likely in the country to say that if they had more money, they would buy a house over a condo (53 per cent).

As well, Vancouverites are the most likely to consider raising a family in a condo (42 per cent versus 36 per cent nationally).

Rathburn said he’s seeing an increasing number of so-called snowbirds and other travellers who buy a condo for the summer and spend winter elsewhere.

The survey found that 66 per cent of Vancouverites would spend no more than $400,000 for a two-bedroom condo, although Vancouverites are also the most willing to pay more than $400,000 (31 per cent versus 15 per cent nationally). However, just eight per cent of Vancouver residents would pay more than $400 a month in condo fees.

The condo poll was conducted from April 14-20 in five large Canadian urban centres, with about 200 interviews in each centre.

Finance Minister, Jim Flaherty, today announced that new mortgage restrictions would be implemented aimed at preventing housing speculators and ensuring that house buyers can handle their debt when interest rates inevitably rise.

Rob Carrick of the Globe and Mail explains further:

Olympics aside, the current favourite Canadian diversion is debating whether there is a bubble in the housing market. Those worried about the market plunging have urged Mr. Flaherty to raise the minimum down payment for a home and reduce the maximum payback period.

But the 35-year amortization, favourite of first-time buyers across this land, remains. So does the 5-per-cent down payment, which is heavily relied upon in high-cost cities like Vancouver, Calgary and Toronto.

All the measures announced by Mr. Flaherty affect mortgages covered by government-backed mortgage insurance, where the buyer puts less than 20 per cent down. The key change for typical home buyers is that, regardless of what term or type of mortgage they choose, they’ll have to be able to afford the five-year rate.

This is a sensible way of building some slack into the system as we look ahead to a cycle of rising interest rates. If someone chooses a variable-rate mortgage, where the interest rate can be as low as 2 to 2.25 per cent today, they’ll have to be able to handle the payment at the current five-year rate. Right now, the posted rate at the big banks is 5.39 per cent.

You won’t have to actually make the higher payments required by the five-year mortgage. You’ll just have to theoretically be able to carry them and still remain within the limitations lenders set out on how much of your gross income can be consumed by debt (it’s 42 to 44 per cent, just so you know).

Another reason why the changes won’t be jarring is that a huge number of homebuyers are actually choosing five-year mortgages these days. A study issued by the Canadian Association of Accredited Mortgage Professionals last month showed that fixed-rate mortgages accounted for 86 per cent of mortgages in set up in 2009 and, of those, 70 per cent were for a five-year term.

People who borrow to buy investment properties to either flip for a quick profit or to generate income are also affected by Today’s announcement. If you buy a property you’re not going to live in, then you’ll have to put down a minimum 20 per cent to qualify for mortgage insurance. That’s up from 5 per cent.

But not all lenders even require clients to have mortgage insurance if they put 20 per cent down. Stiff mortgage insurance premiums already discourage people from putting 5 per cent down on an investment property.

The final mortgage change restricts the ability of existing homeowners to refinance their mortgages to take on more debt. The new ceiling is 90 per cent of the value of your home, compared to the current 95 per cent

Though housing markets are on the upswing and presales back in force, the assignment trade is starting to stage a comeback – but with nowhere near the strength it had in 2006, according to an article in this week’s Business in Vancouver publication, written by Peter Mitham.

“For those that persevered and bought on the basis of a floor plan and show suite, the investment rewards were sweet, with news of presale units appreciating in the range of 50% to 100%,” said Nicola Way, manager of the online listings site AssignmentsCanada.ca.

But inquiries from realtors looking to list assignments have increased in the past quarter in tandem with the uptick in markets. They’re up 30%, according to Way, with listings on AssignmentsCanada.ca rising 20% over the same period.

“Assignments become more attractive as price points increase,” she said. “With the BCREA posting the highest level of sales in six years for the month of October, and the average Metro Vancouver house price up 15% compared to October 2008, all of this spells good news for assignment listings as they can be more competitively pitched against rising prices.”

On April 15th, the British Columbia Real Estate Association (BCREA) reported residential sales dollar volume on the Multiple Listing Service (MLS) in BC declined 35% to $2.3 billion in March, compared to the same month last year. Residential unit sales declined 25% to 5,464 units during the same period. The average MLS residential price in the province was $424,122 in March, down 12% from March 2008.

However, Cameron Muir, BCREA Chief Economist, noted “While fewer MLS® residential sales were recorded last month compared to March 2008, home sales actually climbed 24% from February to March on a seasonally adjusted basis, the second consecutive month of gains.”

A significant increase in affordability helped fuel demand for BC housing last month. “Reduced mortgage interest rates have effectively doubled the impact of lower home prices on affordability,” added Muir. While the average sales price in BC declined 12% from a year ago, the monthly payment on the average priced home was 24% lower. “Housing is now more affordable than at any time in the last three years,” noted Muir.