Metro Vancouver home sales in November were down compared to a year ago, but up slightly from October, according to a report released by the Real Estate Board of Greater Vancouver Friday.

“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,” REBGV president Rosario Setticasi said in a statement. “November activity helped put our market firmly in balanced territory.”

According to the report, sales totalled 2,360 in November, 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 in October 2011.

Last month’s total is also 5.8 per cent below the 10-year average for November sales.

The total number of properties currently listed for sale currently sits at 14,090, a drop of nine per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

As well, the benchmark price for all residential properties increased 7.2 per cent to $622,087 in November from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the price has declined 1.4 per cent.

Meanwhile, November sales in the Fraser Valley are up slightly compared to the same month last year and didn’t experience the usual month-over-month seasonal decline.

The Fraser Valley Real Estate Board reported that it processed 1,120 sales in November, an increase of three per cent compared to the 1,084 sales during the same month last year and a decrease of two per cent compared to 1,139 sales in October.

In the last decade, sales decreased on average nine per cent from October to November.

In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.

Source: Brian Morton, Vancouver Sun

Vancouver Sun November 12th, 2011

403 – 2475 York Ave., Vancouver

Type: 2-bedroom, 2-bathroom apartment
Size: 1,087 sq. ft.
B.C. Assessment, 2011: $768,000
Listed for: $799,900
Sold for: $950,000
Sold on: Sept. 20
Days on market: 13
Listing agent: Spice Lucks at RE/MAX Real Estate Services
Buyers agent: Jane Donnelly at Macdonald Realty Kerrisdale

The big sell: The latest report from the Greater Vancouver Real Estate Board depicts a more balanced housing market compared to October 2010: the number of properties listed has increased, but sales have declined. However, the benchmark price for the past 12 months has risen by 7.5 per cent on the back of sales such as this Kitsilano condo, which fetched $150,000 over the asking price. The reasons behind this particular price hike? A picture-perfect Kitsilano vantage point with an exposure that showcases ocean, city and mountain views from a top-floor, corner unit that has two private patios, including one that is 700 square feet. The interior has generously proportioned rooms — making it ideal for “up-sizers” or “downsizers” — as well as hardwood floors, a natural gas fireplace and in-suite laundry. The home comes with two parking spots, a storage locker and a prime location close to West Fourth Avenue and the beach.

732 Sydney Ave., Coquitlam

Type: 5-bedroom, 4-bathroom, detached
Size: 3,796 sq. ft.
B.C. Assessment, 2011: $726,000
Listed for: $1.438 million
Sold for: $1.435 million
Sold on: Sept. 15
Days on market: 32
Listing agent: Marla Murati at Sutton Group — West Coast Realty
Buyers agent: Hedy Ting at RE/MAX City Realty

The big sell: This house in the Coquitlam neighbourhood of the Vancouver Golf Course was built in 1960 on a 10,000-square-foot lot. However, a complete redesign of the property was undertaken this year: the home was taken back to the studs and foundation, rebuilt and extended. This capitalized on the solid bones of the structure, but enabled modern high-end finishing to be carried out to current building codes. In this case, that saw a new roof, insulation, drywall, plumbing, heating, electrical and air conditioning installed. The interior has clean lines and contemporary touches with hardwood flooring throughout, sliding glass doors that open to a covered patio, and a kitchen with a grand island, solid wood cabinets, CaesarStone countertops and commercial grade stainless steel Thermador appliances. The bathrooms has floor-to-ceiling Italian marble and glass tiles. The garden is well-manicured, and there is an attached double garage.

9233 Ferndale Rd., Richmond

Type: 3-bedroom, 2-bathroom apartment

Size: 1,046 sq. ft.

B.C. Assessment, 2011: $445,000

Listed for: $450,000

Sold for: $450,000

Sold on: Sept. 15

Days on market: 1

Listing agent: Harris First at Macdonald Realty Westmar

Buyers agent: Eric Kong at Royal Pacific Realty Corp.

The big sell: According to listing agent Harris First, this three-bedroom condo in Richmond’s Red 2 development sold within hours, with the buyer making an offer sight unseen. To ensure the best price for their home, the sellers had been diligent in preparing the property: The carpets had been shampooed, the bathroom vents and some of the kitchen appliances had been replaced. The interior had also been repainted and the sellers had vacated the property, thereby presenting a home in move-in condition with immediate possession. This penthouse unit has North Shore Mountain views, a south-facing master bedroom, cathedral ceilings in the living room and two parking stalls. Adding to the appeal is the fact that Red 2 allows rentals. Kwantlen Polytechnic University, shopping malls, restaurants and transit are within walking distance.

© Copyright (c) The Vancouver Sun

Should we be dampening the foreign demand for residential real estate in Vancouver? That’s a question that everyone in the city is asking – except people running for office.

“We need to make housing more affordable” is a sentence that will be spoken by every candidate. They will talk about increasing supply, expediting approvals, streamlining burdensome regulations, increasing density around transit hubs and other vital measures. These all matter.

But what if there’s an insatiable demand for Vancouver real-estate investment from outside our country? What if new supply is mostly scooped up by cash-flush buyers who have no intention of living here, or working here? The new places sit empty, or maybe they’re available for temporary rentals.

As a homeowner who loves the increasing value of my home, I appreciate how this offshore demand enriches so many of us – including, notably, the real-estate businesses that write the biggest cheques for municipal election campaigns.

But at some point we have to ask out loud: Is the harm from virtually unlimited offshore investment in real estate greater than its benefits? What is the price we pay for Vancouver being the thirdmost-unaffordable housing market in the world, where home ownership is out of reach for our next generation, skilled immigrants, teachers, nurses, police officers and health-care workers who are so vital for a livable city?

Vancouver’s chief planner, Brent Toderian, says suck it up and learn to enjoy renting.

But our cultural traditions – not to mention our financial security and historical wealth generation – are still built around home ownership. People want to own their own homes. If they can’t afford to own here, they move away. And that costs us.

It breaks up families and it hurts the local economy.

In 2007, the Vancouver Economic Development Commission asked business and community leaders to name the biggest barriers to job creation in Vancouver.

At the top of the list were high commercial and industrial land prices, and unaffordable housing that makes the city unattractive to workers and managers alike.

That’s job destruction, not job creation.

People say we can’t restrict foreign investors in real estate because that would scare off other foreign investment. Do offshore real-estate investors follow up with commercial investments? Are the majority of foreign buyers only here for a “secure” investment or do they intend on making a commitment to this community? We should know the answers, but we don’t.

Lots of other jurisdictions have restrictions on who can own real estate – Alberta, Manitoba, Saskatchewan, Prince Edward Island, Switzerland, Austria, Japan, Indonesia, Laos, Thailand, China and Australia among them.

We wouldn’t think of allowing unlimited foreign access to our schools and universities, because we’ve determined that local students should take priority.

This is a conversation that has to come out into the open.

It’s the biggest issue in our city today and no one is addressing it.

Source: Peter Ladner, former city councillor and author of The Urban Food Revolution: Changing the Way We Feed Cities, published by www.newsociety.com.

Vancouver Sun November 5th, 2011

1263 Fulton Avenue, West Vancouver

Type: 3-bedroom, 4-bathroom detached
Size: 3,827 sq. ft.
B.C. Assessment, 2011: $1.755 million
Listed for: $2.95 million
Sold for: $2.65 million
Sold on: Sept. 15
Days on market: 59
Listing agent: Paul Rickman at RE/MAX Masters Realty
Buyers agent: Eric Christiansen at Angell Hasman & Associates Realty

The big sell: According to listing agent Paul Rickman, the appeal of this Ambleside home was multi-faceted. First was the fact that the home is made of concrete; that’s relatively unique, and despite the additional cost, it offers a longevity and strength not always found with a wood-framed house. Other attractions highlight the extensive use of West Coast materials, including cedar in the vaulted ceilings and soffits, the custom millwork, and the floor-to-ceiling windows and expansive skylights that allow natural light into the home. And the view? Vistas of the water, Stanley Park and downtown Vancouver are showcased from the upper floor, where the kitchen, reception rooms and two offices are located. Double-entry doors open to the ground level, where a spacious foyer leads to the bedrooms, each with its own patio and access to the garden and hot tub.

115 — 13468 King George Blvd., Surrey

Type: 1-bedroom, 1-bathroom apartment
Size: 591 sq. ft.
B.C. Assessment, 2011: $N/A
Listed for: $174,900
Sold for: $174,900
Sold on: Aug. 22
Days on market: 15
Listing agent: Michael Sikich at The Agency Real Estate Marketing, TRG Downtown Realty
Buyers agent: Stanley Ng at Sutton Centre Realty

The big sell: The Brookland is a new condo development in Surrey that is set to complete toward the end of November. The four-level project will feature 91 one- and two-bedroom homes ranging from 441 to 914 square feet. This ground-floor unit has fully optimized the space available and includes a master bedroom with a walk-in closet and an ensuite bathroom that can be accessed from the main living space. As well, the home has a kitchen with double sinks, stainless-steel appliances, polished granite countertops, natural maple shaker-style cabinetry, a breakfast bar, in-suite washer and dryer facilities, and a balcony off the living room. The complex, which has a fully equipped fitness centre and lounge area housed in a separate building, is within proximity to Central City Mall, SFU’s campus, the Gateway SkyTrain station, numerous parks and the Surrey Arts Centre.

15552 Columbia Avenue, White Rock

Type: 5-bedroom, 4-bathroom, detached
Size: 4,610 sq. ft.
B.C. Assessment, 2011: $1.023 million
Listed for: $1.299 million
Sold for: $1.27 million
Sold on: Aug. 25
Days on market: 86
Listing agent: Kelly Wood at Hugh & McKinnon Realty
Buyers agent: Jeanette Leith at HomeLife Benchmark Realty

The big sell: This four-level residence sounds like it would be more at home in a California setting, thanks to 180-degree ocean views and an East Beach address in the South Surrey/White Rock neighbourhood. The contemporary-style home was built into the hillside in 1991 and features large decks on every floor to capitalize on the views. The upper two levels combine to create a spacious 2,610 square feet that accommodate the bedrooms and open-concept reception rooms. Below, there is a 1,300-square-foot, two-bedroom suite with 10-foot-high ceilings, a five-car garage, a workshop and a cold storage room. The property has a high-efficiency natural gas hot water boiler with in-floor heating on all levels, two gas fireplaces, and an HRV air-circulation system. The lively shops and restaurants of White Rock’s Marine Drive are just down the road.

© Copyright (c) The Vancouver Sun

Six months after Vancouver City Council approved a plan to transform the Cambie Street corridor, homes in the area have nearly tripled in value and some residents fear development will ruin the neighbourhood.

Last May the council passed a plan to bring 15,000 more people into the Cambie Street corridor through mid-rise development.

Then last month a block of 10 homes along Cambie Street near 41st Avenue sold for $3.4 million each — nearly three times their previously assessed value.

Neighbours say they’re growing tired of being pressured to sell by developers and real estate agents.

Janice Douglas says she expects a six-storey building will soon be overlooking her single family home.

“We’ve got people looking in our back yard, looking in our bedroom, and we will never see the trees again — nor will we have any more sunshine,” Douglas told CBC News.

Many residents don’t want to move and feel ignored by the city as developers move in, looking to tear down the single family homes, she says.

“People come here for the beauty. Well the beauty is rapidly disappearing,” said Douglas.
Canada Line driving changes

City planner Brent Toderian says he appreciates the concerns and the city is trying to cool down land speculation in the neighbourhood.

Toderian says the city has been meeting with developers and realtors to discuss land transactions after getting wind of some very high deals negotiated in the months after the Cambie corridor plan was approved.

He says the final prices didn’t appear to have factored in community amenity contributions the city negotiates with developers in order to pay for infrastructure and services associated with increased density

“People were overpaying for land — thus we sent messages out into the marketplace to say you’re going to have to adhere to the expectation of the plan if you wish to succeed in development.”

But he says having a new rapid transit line running through the neighbourhood means changes are coming and the city’s plan has the community’s support.

“Canada Line is a change maker and so yes — there will be some folks, and to my ear they are the minority — but there are going to be some folks that are unhappy about that,” he said.

“But most people recognize the logic and inevitability of transformation once you’ve put in a piece of infrastructure like Canada Line. The vast majority of people we heard from were very positive about the plan.”

Toderian expects construction along the corridor to begin in late 2012.

The Cambie corridor plan allows buildings up to 12 storeys in height, and leaves room for them to go even higher around the Oakridge Mall near 41st Avenue and at the southern end of Cambie Street near Marine Drive.

Preliminary plans for the 825,000-square-foot Marine Gateway Project next to the Marine Drive Canada Line station have already received city approval. It will include two residential towers with more than 400 units as well as a cinema, food and drug stores.

Source: Vancouver Sun