Archive for August, 2011

Recent real estate sales in West Vancouver, New Westminster and Vancouver

Friday, August 26th, 2011

Vancouver Sun August 19th, 2011

389 Moyne Drive, West Vancouver

Type: 4-bedroom, 4-bathroom detached
Size: 4,577 sq. ft.
B.C. Assessment, 2011: $2.479 million
Listed for: $3.25 million
Sold for: $3.15 million
Sold on: June 6
Days on market: 118
Listing agent: Mark Stephenson at Prudential Sussex Realty
Buyers agent: Jason Soprovich at Prudential Sussex Realty — Jason Soprovich

The big sell: This British Properties home has an indoor/outdoor design that combines a fine balance of architecture with functional living. The house is on a flat, 14,000-square-foot lot with a single-level, open-concept layout that provides both convenience for families and ease of entertaining for guests. Sure to impress is the 18-foot atrium with palm trees, the dining room with a climate-controlled glass wine room, the private master wing with direct access to the pool and spa, the media room and the nanny suite with private entrance. The latest in energy-efficient heating and air systems has been installed, as well as top-of-the-line appliances, custom cabinetry, designer lighting and meticulous finishings.

1105 — 1455 Howe Street, Vancouver

Type: 2-bedroom, 2-bathroom apartment
Size: 1,285 sq. ft.
B.C. Assessment, 2011: $854,000
Listed for: $928,000
Sold for: $925,000
Sold on: June 7
Days on market: 53
Listing agent: Adriaan Schipper at RE/MAX Crest Realty (Westside)
Buyers agent: Debra Porteous at RE/MAX Masters Realty

The big sell: The Pomaria represents one of the first “green” residential buildings in downtown Vancouver that achieved LEED (Leadership in Energy and Environmental Design) certification through its organic interior environments, sustainability and building efficiency. This southwest corner home fronts a park and offers views from the balcony. Floor-to-ceiling windows, meantime, permit outlooks to English Bay, the North Shore mountains, False Creek, Granville Island and Point Grey. The interior has a gourmet kitchen, nine-foot ceilings and spa-like bathrooms. The floor plan incorporates separate dining and living rooms, a pantry, and a large 16-by-13-foot master bedroom.

117 – 8 Renaissance Square, New Westminster

Type: 2-bedroom, 2-bathroom townhouse
Size: 1,214 sq. ft.
B.C. Assessment, 2011: $463,000
Listed for: $499,900
Sold for: $488,000
Sold on: June 6
Days on market: 33
Listing agent: Shawn (Rexx) D. Rector at RE/MAX Advantage Realty
Buyers agent: Kathy Plante at Sutton Group – West Coast Realty

The big sell: The Murano building was constructed in 2006 by Aragon in New Westminster’s rejuvenated Quay district, providing easy access along the boardwalk to restaurants and shops. As well, it is positioned to allow residents to enjoy far-reaching Fraser River views. The interior of this three-storey loft-style townhouse is contemporary, and includes a slate backsplash, double-nose granite countertops, Kohler fixtures, reclaimed fir solid-planked flooring, a brick feature wall in the living room and a gas fireplace. As well, there’s plenty of outdoor space — a patio, balcony and rooftop deck with more than 400 square feet — on which to relax or entertain. Rentals and pets are allowed with some restrictions and Douglas College and the SkyTrain are close by.

© Copyright (c) The Vancouver Sun

Apparently, Australia tops the list for Chinese overseas home buyers

Wednesday, August 24th, 2011

The Chinese property market saw USD $5 billion-worth of investment transactions take place in the second quarter of this year says the latest edition of Jones Lang LaSalle’s Asia Pacific Capital Markets Bulletin, with Australia coming out as the region’s favourite destination for cross-border residential buyers.

“Sound domestic demand for real estate by occupiers and investors, combined with relatively strong corporate/household sector and high savings rates is expected to drive continued short term real estate markets’ performance to the remainder of the year,” JLL told OPP this week.

“With domestic deals chalking up USD $11.2 billion alone” across the Asia Pacific region, says the report, “cross-border Asia money accounted for USD $4.5 billion while inter-regional funds made up the total at USD $3.3 billion.”

Stuart Crow, Head of Asia Pacific Capital Markets at Jones Lang LaSalle told OPP that “investors who are interested in diversification of their portfolios are likely to be attracted to real estate in the region, based on cash flow from rent with the potential to keep pace with inflation.”

Australia emerged as a top favourite for inter-regional investors, says JLL, not least because it is “one of two AAA-rated countries in Asia Pacific, with good fundamentals of transparent real estate markets and economic links to the rest of Asia.”

Jones Lang LaSalle has been based in the Asia Pacific property sector for more than 50 years and has 20,800 employees operating in 77 offices in 13 countries across the region.

Source: Overseas Property Professional

A strong housing market in Vancouver makes CREA adjust its sales forecast

Wednesday, August 17th, 2011

July proved to be a another strong month for Canadian home sales with the Canadian Real Estate Association now predicting 2011 will see an increase in sales as opposed to a previous forecast for a drop.

Actual sales last month were up 12.3% from a year ago while year-to-date sales are 1.6% lower than the same period for 2010.

Prices also continue to have some upward movement, albeit some of the increase year over year being attributed to the introduction of the HST in British Columbia and Ontario, and tighter mortgage regulations in 2010.

The national average price for homes sold in July 2011 was $361,181 — the lowest level since January — but represented a 9.3% increase from a year ago.

Greg Klump, chief economist at CREA, cautioned not to read too much into the average price statistics.

“Changes in the national average home price are open to being misinterpreted,” Mr. Klump said. “They often signify changes in the mix of sales activity across and within local markets, rather than a rising or falling price trend for typical homes in a specific market.”

However, the Ottawa-based group, which represents 100 boards across the country, says the scales have now tipped modestly in favour of 2011 outpacing 2010.

CREA is predicting 450,800 sales in 2011, just under a 1% increase from a year ago. The group had been forecasting a decline of 1%. Sales are expected to drop less than 1% in 2012.

Prices in Vancouver continues to affect the country as they helped pushed CREA’s forecast for the average sale price in 2011 to $363,500, a 7.2% increase from a year ago. This was also an increase from a previous forecast. Next year prices are expected to be flat.

The group noted long-talked-about increases in interest rates have failed to materialize in the market.

“While there had been some talk of potential interest-rate increases, that hasn’t happened,” said Gary Morse, president of CREA. “In fact, rates have actually come down, and are now expected to remain low for the remainder of this year and into 2012.”

Doug Porter, deputy chief economist at Bank of Montreal, said the housing market just seems to keep surprising everybody.

“In a world seemingly awash in negative economic surprises in 2011, one positive surprise has been the resiliency of Canada’s housing market,” said Mr. Porter, adding few analysts were predicting the kind of price increases the market has seen.

“Canadian housing remains surprisingly robust, thanks to still low interest rates and solid job growth. While the recent financial market turmoil may temporarily weigh on activity, sales should ultimately find support from continued exceptionally low borrowing costs.”

Phil Soper, chief executive of Royal LePage Real Estate Services, said his company’s recent forecast was for a 2% decline in sales and 3% increase in price for 2011. He doesn’t anticipate that changing.

“I think we’re going to start to see it’s not so much the strength of the market but the weakness last year. The market had run out of steam at this point last year,” Mr. Soper said. “I think we are seeing a more normal curve to the market, with the exception of the Vancouver market.”

Source: Garry Marr, Financial Post

Metro Vancouver housing starts rise 25% this year

Thursday, August 11th, 2011

Metro Vancouver’s housing starts were up 25 per cent for the first seven months of 2011 compared to the same period in 2010, according to Canada Mortgage and Housing Corp.

Statistics released Tuesday show that the number of starts increased to 10,010, up from 8,005 to the end of July.

Starts for the month of July totalled 1,538 in Metro Vancouver, a 37-per-cent increase from 1,124 in July 2010.

Most of the starts were in Richmond, Burnaby, Surrey and the city of Vancouver.

“The focus of new residential starts remains on multi-family construction, especially apartment condominiums,” CMHC senior market analyst Robyn Adamache said in a statement.

“In the first seven months of this year, 5,903 apartment starts were recorded, compared to 3,882 during the same period last year. A pickup in condominium sales as well as stable economic conditions gave developers the impetus to undertake such projects.”

CMHC also said that July’s seasonally adjusted annual rate of urban starts increased by 33 per cent in B.C. in July, well above the national average of 4.7 per cent and just below the Atlantic region’s 36.1 per cent.

Urban B.C. showed a 4.4-per-cent increase in the first seven months, from 13,274 to 13,852.

While Metro Vancouver showed a 25-per-cent increase over the seven-month period, Vernon and Chilliwack recorded sharp decreases in starts.

Nationally, housing starts rose in July due to an increase in multiple starts in all regions except Quebec, said Mathieu Laberge, deputy chief economist at Canada Mortgage and Housing Corp.’s market analysis centre. “The multiples sector showed continued strength in Ontario and a significant increase in British Columbia and in the Atlantic region,” he added.

According to CMHC, the seasonally adjusted annual rate of all starts nationally was 205,100 units in July, up from 196,600 units in June 2011.

The 4.3-per-cent rise was unexpected, setting the third quarter off to a strong start in new home construction and maintaining its role as a key support to the economy.

That is up from a downwardly revised 196,600 units in June, which were originally reported at 197,400 units.

The number of starts in July was above the average forecast of analysts who had called for 196,000 starts.

“Today’s report and the recent resilience of both permits and sales suggest housing continues to be one of the economy’s strongest sectors, although sentiment among purchasers obviously remains vulnerable to recent market turmoil.”

The housing sector has long been a source of support for the Canadian economy, helping draw it out of the recession, while other global economies have suffered at the hands of a weak housing market, particularly in the U.S.

Source: Brian Morton, Vancouver Sun

Recent real estate sales in Burnaby, Vancouver and Surrey

Monday, August 8th, 2011

Vancouver Sun August 6th, 2011

7383 Charlford Ave., Burnaby

Type: 3-bedroom, 1-bathroom detached
Size: 2,371 sq. ft.
B.C. Assessment, 2011: $717,700
Listed for: $849,000
Sold for: $1.01 million
Sold on: May 30
Days on market: 11
Listing agent: Brian Vidas at Sutton Centre Realty
Buyers’ agent: Charles Jiang at Royal Pacific Realty (Kingsway)

The big sell: There are some things that cannot be manufactured when it comes to selling homes — namely, lot size and location. When these are favourable, buyers tend to line up. Such was the case with this 1954 home in the Metrotown area of Burnaby that received nine offers and resulted in a sale price of more than $150,000 over the asking price. Those plus points? A 7,040-square-foot corner lot at the end of a block next to David Gray Park and a west-facing garden. According to listing agent Brian Vidas, the two-level house was solidly constructed with original hardwood floors under the carpet, a wine room, two wood-burning fireplaces, double-glazed windows, a new roof, updated electrical system, furnace, paintwork and drapes. An attached, 324-square-foot single-car garage provides plenty of room for additional storage.

4773 Ross St., Vancouver

Type: 4-bedroom, 3-bathroom detached
Size: 2,025 sq. ft.
B.C. Assessment, 2011: $560,700
Listed for: $899,000
Sold for: $978,000
Sold on: June 14
Days on market: Eight
Listing agent: Laurie MacDonell atRE/MAX Select Properties
Buyers’ agent: Robert Zwick atRE/MAX Crest Realty Westside

The big sell: This heritage home is on a quiet, tree-lined street between Fraser and Knight in the catchment area for Sir Richard McBride and Sir Charles Tupper schools. It had been carefully reconstructed inside and out with a list of meticulous updates that reads like a Mike Holmes’ renovation manual: New bamboo hardwood floors, a custom-built kitchen with a glass mosaic backsplash, CaesarStone countertops and stainless-steel appliances and modernized bathrooms on both floors finished with contemporary tiles and fixtures. As well, there have been numerous closets installed, as well as a new roof, a 97-per-cent high-efficiency furnace, windows, skylights, insulation and electrical system. There is a deck off the kitchen, a west-facing back yard and garage, and a mortgage-helping suite on the ground floor. It also came with a certificate showing that an oil tank had been removed.

3299 137A St., Surrey

Type: 6-bedroom, 5-bathroom detached
Size: 7,371 sq. ft.
B.C. Assessment, 2011: $1.538 million
Listed for: $1.998 million
Sold for: $1.928 million
Sold on: May 30
Days on market: Nine
Listing agent: Glenn Dennis at RE/MAX Colonial Pacific Realty
Buyers agent: Esther He at Sutton Group – Seafair Realty

The big sell: This Bayview Estates home was built in 1990 and has more than 7,000 square feet of quality construction. It sits on a private 46,875-square-foot lot that backs on to green space and contains a triple garage. Family and friends will be torn between watching movies in the media room, relaxing beside the heated outdoor swimming pool, lounging in the games and recreation rooms, working out in the gym or helping the chef in the open-plan gourmet kitchen. There have been extensive renovations carried out to provide modern touches with new bathrooms installed, and updates to the flooring, paintwork and lighting fixtures. The property is in the Chantrell Creek and Elgin Park school catchment areas.

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

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