The London-based research firm Capital Economics Ltd. has added a new spark to Canada’s housing debate with its assessment that the country’s real estate market is a bubble that is about to pop.

The boom in Canadian real estate has “resulted in the largest rises in house prices ever seen in Canada,” the firm says. “And the trigger of an increase in the Bank of Canada’s trendsetting interest rates could result in a 25-per-cent drop in property values.”

The organization released the research earlier this year in a report for its subscribers, and it received new currency with Bank of Canada Governor Mark Carney’s statement earlier this week warning Canadians that they should expect real estate prices to moderate.

However, while Carney did not use the word bubble, Capital markets wasn’t shy about doing so.

“We think [a bubble] exists and we expect a major correction in Canada’s housing market of up to 25 per cent over the next three years,” Capital Economics wrote June 15 in its response to Carney’s remarks. “The decline in prices is likely to be most severe in Vancouver.”

Capital Economics’ report hasn’t generated a consensus, but it does add fuel to the discussion about what is likely to happen next, particularly in markets such as high-priced Metro Vancouver, which has well-known problems with real estate being unaffordable for many.

Affordability is the crux of Capital Economics’ argument.

It found that housing values rose seven per cent per year on average between 1999 and 2010, triple the rate of income growth over the same period.

By 2010, the average price for a two-storey home on a national basis hit $314,000, which was roughly five times the $58,347 average disposable income per person. That is well above the long-term historical average of prices equalling 3.5 times average disposable income.

The monthly cost of home ownership compared with rent payments for similar properties has also reached the highest level since the peak of Canada’s last housing boom.

With both measures so high, Capital Economics argues prices are “probably unsustainable,” and should lead to a period where housing inflation slows or turns negative.

“In theory, the house-price-to-income ratio could adjust through a long period of stagnant house prices coupled with continued income growth,” Paul Ashworth, a Capital Economics’ economist wrote in a note to The Sun.

“But when the ratio gets this out of whack, that’s not how it happens in practice.”

However, some other analysts do not concur that the imbalance of prices to income will necessarily lead to a sudden correction, particularly for a city like Metro Vancouver.

Housing markets can diverge from a balance between prices and incomes and remain out of balance for a long time, argues housing economist Tsur Somerville, director of the centre for urban economics and real estate in the Sauder School of Business at the University of B.C.

“The fact they’re out of balance, in an economic sense, doesn’t mean they’re going to get back into balance on anybody’s particular timeline,” Somerville said.

Somerville argues that for Metro Vancouver in particular, using the price for a two-storey house — which would be more than double the national average — isn’t indicative of the kinds of housing people are living in and the decisions they make about where they live.

And while Canada and Metro Vancouver continue to deal with problems of housing unaffordability, Helmut Pastrick, chief economist for Central 1 Credit Union, argues long-term demographic trends indicate those problems will continue to persist long into the future, and not just in Canada.

“The world population is seven billion, climbing to 10 billion, and the planet isn’t growing,” Pastrick said.

“Something has to give,” he added, which is the price of land.

Over the long run, Pastrick said he expects people will have to spend larger portions of their income for shelter in an increasingly crowded world.

Source: Derrick Penner, Vancouver Sun

The British Columbia Real Estate Association forecasts that the average residential price in the province will increase 13 per cent to $571,000 this year, before edging back 2.5 per cent to $557,000 in 2012.

In a news release issued today, the BCREA also predicted a moderate increase in housing this year and next.

“After declining 12 per cent in 2010, residential unit sales through the Multiple Listing Service in B.C. are forecast to rise by five per cent to 78,200 units in 2011 and a further three per cent to 80,700 units in 201,” the release said.

However, the BCREA also said that home sales will remain below their 10-year average of 87,600 units both this year and next.

“Home sales will post some modest gains over the next two years,” Cameron Muir, BCREA chief economist, said in the release. “However, positive housing fundamentals like job growth, rising wages and an expanding population base will be somewhat offset by higher borrowing costs over the next eighteen months.”

Source: Vancouver Sun

Canada’s central bank may need to keep interest rates low as the economy faces “substantial headwinds,” Bank of Canada Governor Mark Carney said in an interview published on Friday.

“Monetary policy may still need to be stimulative in order to close the output gap and in order to get inflation back to target,” Carney is quoted as saying in an interview with the Wall Street Journal.

The bank has kept its key interest rate on hold at 1 percent since last September, after lifting the it from a rock-bottom 0.25%. Its next rate decision is July 19.

Most market players surveyed by Reuters on May 31 forecast the bank would resume rate increases in September, but some have since pushed their forecasts even further out.

Carney named the U.S. economic slowdown and the strong Canadian dollar as two major factors that could hinder Canada’s economic expansion.

“We see the headwinds both in our export performance and in the inflation data,” he said, referring to the currency.

The Canadian dollar is currently trading around $0.98 to the U.S. dollar, or US$1.02.

Carney said the bank may not need to raise rates to a “neutral” level just as the economy reaches its production capacity, and repeated the idea that the neutral rate, which he declined to specify, might be lower than it was before the global financial crisis.

Carney has raised concerns in recent comments about possible overheating in the Canadian housing market, where prices in some cities, such as Vancouver, have skyrocketed.

Higher short-term interest rates could be a tool to curb high housing prices, he said, but he added that regulatory action should be the first option.

Chinese investors are grabbing everything from US$68,000 foreclosed condominiums in Florida to US$2-million beachfront villas in Vietnam, a buying spree fueled by China’s surging wealth that mirrors the country’s expanding influence in markets for gold, oil and food. The search for overseas property accelerated in the past seven months as the governments in Hong Kong and Beijing imposed purchasing and financing limits, steps that are starting to cool off domestic markets.

Buyers from China have come to international property investing much later than their counterparts in Hong Kong, who are wealthier and have a more easily convertible currency.

“The purchase restrictions in China drove them overseas, while they look for investments to counter the inflation,” said Mo Tianquan, founder and chairman of Beijing-based SouFun Holdings Ltd., which runs China’s biggest real estate website and organizes buying excursions abroad. “Some of them will buy homes considering better education opportunities for their kids, while others look for immigration options.”

Full the full article, please see Chinese on global homebuying spree.

Vancouver was once considered a “European” city. Now it’s more accurate to call it “Eurasian.”

In less than two generations, Vancouver has transformed from a city dominated by people of British, German and Italian origin to one in which people of Asian heritage make up the majority.

The demographic changes in this city of more than half a million people are most readily seen in the hundreds of restaurants serving Chinese, Indian, Filipino, Japanese, Arabic, Afghan, Malaysian and Korean food. But the changes go much deeper.

Since the early 1970s -after Canadian immigration laws made the country more open to Asians and multicultural policies were instituted -the city has developed a whole new personality, one that’s attempting, in fits and starts, to fuse Atlantic and Pacific cultures.

Statistics compiled by Vancouver city hall tell the story of the new Asian wave.

In 1971, three out of four of the city’s 426,000 residents had English as their mother tongue.

Just six per cent of residents had Chinese as their mother tongue, while five per cent spoke German, three per cent grew up speaking Italian and three per cent were raised in French. In addition, people who were most familiar with a Scandinavian, South Asian, Greek or Spanish language accounted for about one per cent each of the population.

By 2006, the city’s European atmosphere had been dramatically adjusted by new Asian immigrants fluent in everything from Mandarin to Korean, Hindi to Farsi.

Only 49 per cent of the growing city’s 578,000 residents had English as a mother tongue, according to the 2006 census, which is the last year for which Statistics Canada census figures are available.

Meanwhile, 21 per cent reported that one of the various forms of Chinese was their first language. Another two per cent of Vancouverites said they had Punjabi as a mother tongue, while almost two per cent spoke Vietnamese at home, almost two per cent spoke Tagalog (Filipino) and roughly one per cent each were most familiar with Korean or Japanese.

Given the tens of thousands of immigrants from Asia who have moved into the city of Vancouver since 2006, the East Asian and South Asian percentages of the population only will have risen since the last census.

How are Vancouver’s eclectic European and Asian-rooted residents getting along in this city, which has grown by more than 100,000 since the 1970s? Harmony is not entirely supreme among Vancouverites of different ethnicities.

To get around the problem of under-employment for foreigntrained medical workers, engineers, botanists and other specialists, the City of Vancouver has initiated the Mentorship Pilot Project. It aims to link newcomers to the city’s formal and informal employment networks.

If one had any doubt, consider that the non-English links on the City of Vancouver’s official website now receive more hits than almost anything else.

Source: Douglas Todd, Vancouver Sun

Vancouver Sun May 28, 2011

5918 Chancellor Blvd., Vancouver

Type: 5-bedroom, 3-bathroom detached
Size: 2,030 sq. ft.
B.C. Assessment, 2011: $1.457 million
Listed for: $1.569 million
Sold for: $1.569 million
Sold on: April 3
Days on market: 24
Listing agent: Lailey Wallace at One Percent Realty Ltd.
Buyers agent: Lailey Wallace at One Percent Realty Ltd.

The big sell: This Douglas Park home already has an impressive pedigree, having been featured in the Spectacular Homes of Western Canada publication. It was custom-built in 2007 for the owner of an award-winning design group, so standards are high and attention to detail paramount. The character exterior of the property is combined with a modern interior, which includes spa-inspired bathrooms, a “floating” glass staircase, a contemporary kitchen and clean lines throughout. The upper floor has a large office, and a master bedroom with a semi-open ensuite bathroom and walk-in closet. As well, there is plenty of built-in storage space throughout the home. The lower level has a two-bedroom secondary suite with its own access and laundry, while outside, there is a single garage and a south-facing rear garden.

880 West 23rd Avenue, Vancouver

Type: 5-bedroom, 3-bathroom detached
Size: 2,030 sq. ft.
B.C. Assessment, 2011: $1.457 million
Listed for: $1.569 million
Sold for: $1.569 million
Sold on: April 3
Days on market: 24
Listing agent: Lailey Wallace at One Percent Realty Ltd.
Buyers agent: Lailey Wallace at One Percent Realty Ltd.

The big sell: This Douglas Park home already has an impressive pedigree, having been featured in the Spectacular Homes of Western Canada publication. It was custom-built in 2007 for the owner of an award-winning design group, so standards are high and attention to detail paramount. The character exterior of the property is combined with a modern interior, which includes spa-inspired bathrooms, a “floating” glass staircase, a contemporary kitchen and clean lines throughout. The upper floor has a large office, and a master bedroom with a semi-open ensuite bathroom and walk-in closet. As well, there is plenty of built-in storage space throughout the home. The lower level has a two-bedroom secondary suite with its own access and laundry, while outside, there is a single garage and a south-facing rear garden

#212 8720 No. 1 Rd., Richmond

Type: 2-bedroom, 2-bathroom apartment
Size: 1,120 sq. ft.
B.C. Assessment, 2011: $245,600
Listed for: $269,000
Sold for: $252,000
Sold on: March 31
Days on market: 19
Listing agent: Ron Smith at HomeLife Benchmark Walnut Grove
Buyers agent: Harris First at Macdonald Realty Westmar

The big sell: The Apple Greene Park building has an advantageous location, close to the Seafair shopping centre, the West Richmond Community Centre, and transit, schools, golf and tennis facilities. Residents are also provided with indoor and outdoor swimming pools, a recreation centre, a Jacuzzi, and games and meeting rooms. This two-bedroom unit is on the second floor, and has a quiet, northern exposure. It has benefited from some updates in the form of new paintwork, tile flooring, carpeting, crown moulding, wood baseboards, fixtures and shelving. The kitchen has an eating area, pantry, updated countertops and cabinets, and a new sink and fridge. There is in-suite laundry, five closets and an enclosed, carpeted balcony that runs the length of the apartment.

For the full story, please click on Real estate sales in Vancouver and Richmond.

For everyone who has ever teetered on the brink of downsizing from a house to a condo, take heart in this advice.

Our friends loved their new condo on the shore of Bedford Basin in Nova Scotia. They had sold their charming house a few miles away and, they thought, moved onward and upward. Their new home was a dream, with gleaming hardwood floors and vistas down the water toward Halifax. This was their retirement palace.

But three years later, they were gone. They bought a new house nearby, said good riddance to their erstwhile condo retirement palace and a very special good riddance to some of their neighbours in the building.

“I finally couldn’t stand having to deal with the idiots in the building,” our friend said. “It was like the lunatics were running the asylum. I even went on the condo board of directors. But it was no use. We had to leave to retain our sanity.”

Our friends’ experience is an extreme case of condophobia, where the dream turns into a nightmare. But I recalled their experience last week at the annual general meeting of our building in Toronto. These meetings are a rite of spring at condominiums across the country, a time when owners are brought up to date on the financial and physical conditions of their properties. And, yes. A time when grievances can be aired and vented.

Canada is displaying few signs of condophobia as the retired and the soon-to-be-so downsize — as our friends in Bedford did — and first-time buyers start their home-ownership lives with purchases of modest suites in downtown areas.

Thirty years ago, fewer than 4% of owner households were condo owners. By 2006, it had reached 11%. Today, the number is approaching 15%, meaning that well over one million Canadian households own a condominium. In the Greater Toronto Area this year, six in 10 new homes sold have been condos. And that trend is likely to continue.

My wife and I moved out of our house and into our modest condo almost 10 years ago and we are satisfied that it was the right move. We can lock up each winter and head to warmer climes for five months with few worries about the state of our home in what I call the “vertical village.” The building has been considerably updated in the past few years — at some extra expense, of course. We enjoy the indoor pool and little gym when we are here. And the location is unbeatable.

Yet, as our friends’ experience in Bedford underscores, condo life is not for everyone. Vertical villages can, like the non-vertical kind, have idiots. And sometimes it can seem as though they’re actually running the place.

Indeed, in a way it is a great leap of faith to commit yourself to entering an agreement whereby you are to be financial and social partners with a couple of hundred strangers for the foreseeable future. You will deal with them at the closest of quarters, trusting them to do the right thing so that your property and your well-being are secure.

Of course, you rely on neighbours when you occupy a stand-alone house, as we did for more than 30 years. But the shared ownership in a condo takes that reliance — that trust — to a far different level.

Some of the people reading this column will right now be considering selling their house and buying a condo. Here are some things to consider — beyond the usual real estate caveats — before buying and taking up residence in a vertical village:

* Those who have never lived in a condo/apartment may wish to rent out their house for a year and test-drive a condo rental unit for a year.

* Take a long, hard look at the condo building you’re thinking of buying in. You can ask for annual financial statements and the status of the reserved fund for study. (We were lucky in that a close friend had lived in our building for three years prior to our buying.)

* Take a special tour of the common elements of the building. You own a share of these places and you should know what you own. (An acquaintance in our building who has lived here for more than three years was recently surprised to learn we had a golf practice room.)

* Before committing to buying, you may want to sit in the lobby and read a newspaper or magazine while observing the comings and goings of the occupants and getting a sense of what the villagers are like.

* Likewise, you should walk (or drive) the neighbourhood for a good, long spell to get the lie of the land.

* If the building you are considering is older, there is a strong likelihood that special assessments will be coming to address the structural and decorative effects of aging. Also, some older buildings, like ours, do not have individual meters for hydro and water. So if you go away for the winter, you are in effect subsidizing your neighbours’ utility bills for months at a time. We’ve learned to live with it.

* If you opt to buy in a condo under development, be warned that these projects are rarely, if ever, finished on time. Expect delays and more delays.

This last point also underscores the need for patience in the world of the vertical village. As one friend described his condo, “It’s a funny little place with funny little people doing funny little things.”

Source: William Hanley, Financial Post

Surging real estate prices in Vancouver are pushing ownership costs into uncharted territory, putting it in the top ranks of the world’s most expensive cities and triggering fears the market is poised for a fall.

Housing costs for the average two-storey home in Vancouver today eat up the equivalent of 80 per cent of a typical family’s annual pretax income, according to new research, putting ownership out of reach for most.

The last time housing accounted for such a high percentage of household income in the city was in 2008, just before prices tumbled in a recessionary swoon. The city’s real estate market has since recovered and gone on to set new records, but the recent climb has market watchers worried that the gains are unsustainable.

Across the country, homeowners are putting a larger portion of their earnings toward their homes, and interest-rate increases are likely to put further pressure on homeowners in the coming months, the Royal Bank of Canada said in its quarterly affordability index.

The problem is especially pronounced in Vancouver, where the bank estimated families must now dedicate 72 per cent of their household income to pay the mortgage, property taxes and utilities on a bungalow. In Toronto, it would take 47.5 per cent.

With so much income tied to housing costs and some homeowners forced to take out home equity to cover living expenses or utilize other forms of credit, Royal Bank of Canada warned the Vancouver market is “becoming increasingly disconnected from local demand conditions and vulnerable to a painful correction.”

“What’s happened this year in British Columbia is puzzling,” said Robert Hogue, an economist at the RBC. “The increases we are seeing just aren’t justified by market fundamentals. I feel like this is something we have to flag.”

The average home price in the Vancouver area was $622,991 in April. That’s 5-per-cent higher than April, 2010, as the sale of multimillion-dollar homes boosted the average.

The city now has the third-highest housing costs in English-speaking cities worldwide, according to the Frontier Centre for Public Policy, with only Hong Kong and Sydney more expensive. That means people in Vancouver direct more of their money to housing costs than people in cities such as London or New York.

“This is money that households do not have for purchasing other goods and services, the result of which can be to diminish job creation and growth in commercial sectors, such as retailing,” said Joel Kotkin, who authored the study for the organization.

But even as economists worry, houses continue to sell briskly in the Vancouver area.

When Terry Vato listed a two-storey house in Burnaby late last month, he knew the sticker price would attract hundreds of prospective buyers.

At just under a million dollars, the 87-year-old, four-bedroom home was a bargain compared to houses 20 minutes away in Vancouver, the ReMax Central agent said. He was right. A week and one open house later, the property sold for $1.5-million – 50-per-cent more than the owners were asking.

“Some people hear this and say ‘Wow, what a crazy price,’” he said. “But I think the new buyers will do very well in coming years. This area has been undervalued.”

The bank’s affordability index shows the proportion of median pre-tax household income required to pay the principal and interest on a mortgage, property taxes and utilities. The figures assume a 25-per-cent down payment and a 25-year loan at a five-year fixed rate.

Affordability had been improving in the previous two surveys, but prices posted strong gains at the start of the year. There are signs that things are cooling off, however.

Sales decreased 14 per cent across the country in April, as new mortgage rules that eliminated 35-year amortizations as a financing option left buyers with the prospect of bigger payments. But the Canadian Real Estate Association said prices managed to eke out a small 0.3-per-cent gain compared to March, driving the national average resale price to a record $372,544.

Source: Steve Ladurantaye, Globe and Mail

Demand for luxury homes across Canada – especially in Metro Vancouver – is rising, with the improved financial standing of wealthy Canadians the main factor, according to a report released Wednesday by Re/Max.

“The strength of the upper-end segment continues to defy expectations,” Elton Ash, regional executive vice-president, Re/Max of Western Canada, said in a statement.

“That demand remains largely domestic speaks to the solid underpinnings of the market, while underscoring the appeal of Canadian real estate on an international stage. Western Canada, in particular, will continue to see the upside benefit of investment from abroad.”

According to the report, the improved financial standing among high net worth people is the major factor driving strong sales activity at the top end of Canada’s housing markets.

Re/Max examined 12 major centres and found that luxury sales have surged in close to two-thirds of housing markets between January 1 and April 30 of this year, compared to the same period in 2010.

In terms of percentage increases over the four-month period, Metro Vancouver – where foreign investment has also played a major role – lead the way with a 118-per-cent increase, from 343 $2 million-plus homes sold in 2010 to 747 $2 million-plus homes sold in 2011.

That was followed by Ottawa (59 per cent), Calgary (51 per cent), Halifax-Dartmouth (27 per cent), Winnipeg (24 per cent), Hamilton-Burlington (13 per cent) and Greater Toronto (nine per cent).

Six of the seven major cities – except Calgary – are poised to set new records in top-end activity by year-end.

Price points were lower in the other markets, with a luxury home in Winnipeg, for example, considered anything over $500,000.

“Greater Vancouver’s luxury market continues to show unprecedented strength, with the number of sales over $2 million more than doubling in the first four months of 2011,” the report said.

Despite the robust activity, housing values in the top end of the market have climbed a nominal two per cent, rising from $2,955,168 to $3,025,947 year-over-year. Days on market have fallen to 48 from 54 one year ago, although some properties are moving within days in coveted neighbourhoods. Purchasers from the Greater Vancouver Area and Mainland China are driving sales in the top-end, with demand strongest for properties in Vancouver’s Westside (447 sales), followed by West Vancouver (160), and Richmond (41).

“Detached properties remain the most popular type of housing [in Metro Vancouver], comprising the vast majority of luxury sales at 673 units. Condominiums are a very small percentage of the market, with 58 sales occurring over $2 million.”

The report said that while foreign investment has augmented sales activity in several Canadian markets, its influence was only significant in MetroVancouver. Most regions reported that locals were the primary drivers of demand for luxury homes.

The report suggested that there are several factors that position Canada as an attractive option for buying luxury homes, including that its real estate remains a bargain by international standards, given its ranking for quality of life, political and economic stability and the strength of its property laws.

“Three key factors – serious equity gains, stock market recovery, and improved economic performance – have been behind the push for luxury housing product across the country,” Michael Polzler, executive vice-president, Re/Max Ontario-Atlantic Canada, said in a statement. “The combination also continues to bolster the bottom line of high net worth individuals both nationally and globally. The impact of that wealth is being seen in the demand for all things luxury—from homes to cars, collectibles and fine wines.”

Re/Max noted that the number of millionaires is rising in Canada, and will continue to do so, and that residential holdings have increased among the wealthy.

Source: Brian Morton, Vancouver Sun

Vancouver Sun May 14, 2011

3605 EAST 27TH AVE, VANCOUVER

Type: 4-bedroom, 3-bathroom detached
Size: 2,231 sq. ft.
B.C. Assessment, 2011: $679,000
Listed for: $799,800
Sold for: $851,000
Sold on: March 27
Days on market: 12
Listing agent: Richard Morrison at RE/ MAX City Realty
Buyers agent: Steven Lee at Royal Pacific Realty Corp.

The big sell: Listing agent Richard Morrison is seeing strong pressure from buyers’ demand spilling over from Richmond and Vancouver’s West Side into the detached housing market in East Vancouver. This 1977 Vancouver Special is in Renfrew Heights on a 33-by-110-square-foot lot and attracted so much interest that a bidding war resulted, with the winning offer coming in at $52,000 over the list price. The home has three bedrooms on the main floor and a one-bedroom suite below with a separate entry. As well, it has a mix of hardwood and carpet, a fireplace on each floor, a master ensuite with a walk-in closet, central air conditioning, a sundeck with views of mountains and downtown and a striking Japanesestyle garden. As with most Vancouver Specials, the rooms are spacious.

UPGRADES AND ACCESSIBILITY SELL FLEETWOOD HOME

15777 95A Avenue, Surrey
Type: 3-bedroom, 2-bathroom detached
Size: 1,939 sq. ft.
B.C. Assessment, 2011: $426,900
Listed for: $474,900
Sold for: $460,000
Sold on: March 21
Days on market: 7
Listing agent: Jayson Sidhu and Manny Chehil at Sutton Group -West Coast Realty
Buyers agent: Bill W. Kwan at Homeland Realty

The big sell: This centrally located residence was built in 1981 and benefits from the newly expanded 96 Avenue, which improves accessibility into the region. According to listing agent Jayson Sidhu, the home had pride of ownership throughout and had undergone many recent upgrades to the paint, carpet, appliances and hot water tank. The driveway had been repaved and widened to accommodate double parking and there is an additional parking pad that can easily fit an RV. A large deck overlooks the rear garden, which is enclosed by a custombuilt wood cedar fence. The basement is unfinished and at 800 square feet provides a blank canvas for the buyers. Fleetwood is eponymously named after Lance Corporal Arthur Thomas (Tom) Fleetwood – a resident of the area who died in the First World War in 1917.

HOME WITH MANY NEW FEATURES SNAPPED UP IN THREE DAYS

9 -1350 West 6th Avenue, Vancouver
Type: 1-bedroom, 1-bathroom apartment
Size: 804 sq. ft.
B.C. Assessment, 2011: $350,000
Listed for: $449,900
Sold for: $449,000
Sold on: March 20
Days on market: 3
Listing agent: Maria Senajova at RE/MAX Crest Realty Westside
Buyers agent: Minna Seppanen at RE/MAX Crest Realty Westside

The big sell: Selling a home in three days is no mean feat, but this onebedroom-plus-den apartment in Fairview Slope’s Pepper Ridge complex had been redesigned. The entire building, constructed in 1987, was fully rainscreened in 2008. The private entry leads upstairs to a unit where everything is new – the kitchen and all the appliances, the bathroom with double sinks, cabinetry, refinished hardwood floors, a re-faced wood-burning fireplace, wiring, plumbing, hot water tank and washer/dryer. Providing further appeal were the 47-inch HD television and office furniture included in the sale. A covered balcony provides views of the city and mountains. The home is on a quiet section of West 6 Avenue close to South Granville shops.

LUXURY WHISTLER HOME OFFERS PLENTY OF SPACE TO ENTERTAIN

3426 Blueberry Drive, Whistler
Type: 4-bedroom, 6-bathroom detached
Size: 3,493 sq. ft.
B.C. Assessment, 2011: $3.176 million
Listed for: $3.5 million
Sold for: $2.6 million
Sold on: March 31
Days on market: 243
Listing agent: Marshall Viner at Sutton Group – West Coast Realty
Buyers agent: Ursula Morel at Sea to Sky Premier Properties

The big sell: You know a house is special when the master ensuite bathroom includes a steam shower, Jacuzzi tub and fireplace. This luxurious three-level home in the exclusive Blueberry Hill neighbourhood is a quintessential Whistler property, sheltered amid tall pine trees with an exterior that consists of a mix of wood and stone. It has breathtaking panoramic views that encompass both Whistler and Blackcomb mountains, a large deck off the living room, vaulted ceilings, dark wood floors, a media room, spacious chef’s kitchen, hot tub, family room and a two-car garage to house all those toys. This is a property that offers lots of room for entertaining and relaxing with family and friends.

For the full story, please click on Real estate sales in Vancouver, Surrey and Whistler.