While new data suggests that Asian foreign investment is not behind inflated home prices in Vancouver, a new report from CIBC World Markets Inc. Thursday argues that flaws in the numbers means foreign activity may actually be grossly underestimated.

Benjamin Tal, deputy chief economist with CIBC, obtained sales data from Landcor Data Corp. that showed only 10% of foreign transactions in Vancouver over the past five years were actually worth more than $1-million, and the average price was just under $600,000.

Mr. Tal said there are reasons why the data, which also shows only 2.6% of overall sales in Vancouver over the past five years involved foreign cash, does not actually match up with the Asian foreign investment theory.

“There are many reasons to believe that a significant portion of what is perceived to be buying by offshore investors is, in fact, driven by Chinese immigrants that are integrated into the community but still maintain strong links to Mainland China, with many residing and working in China while their family establishes roots in B.C.,” he said.

The key flaw in Landcor’s data is that it is based on where property tax assessments are mailed, which would exclude offshore buying on behalf of children or local proxies. This means what little data there is on foreign activity may be seriously underreported.

So there is some truth to the working theory that foreign investors, particularly those from Mainland China, are looking for places to park their cash and have settled on Vancouver, which boasts a sizeable Asian community and a stable economic climate.

“Many, including Bank of Canada Governor Mark Carney, point the finger at foreign — mainly Asian wealth — as the main driver here,” Mr. Tal said.

That said, the true reason for why Vancouver home prices jumped 25.7% year-over-year in May alone is likely more complex than any single theory.

The key then, is when the housing market will correct, and what that correction will look like.

“In Canada, a sharp and brisk tightening cycle is unlikely,” he said. This is because two triggers for a price crash, quick increases in interest rates and a high-risk mortgage market sensitive to changes, are not in play.

In particular, the weakest segment of the mortgage industry, households with both low equity positions and high debt-service ratios, accounts for only 4.6% of the total.

“Shock the system with a 300-basis point rate hike and that number would rise to a still-tempered 6.5%,” Mr. Tal said. “Historically, even in that group the default rate has been well below 1%. Short of a huge macro shock, there does not appear to be the risk of large scale forced selling that would typically be the trigger for a precipitous plunge in the national average house price.”

Source: Eric Lam, National Post

If there’s one word that describes Metro Vancouver and the Fraser Valley’s current housing market, it’s balanced.

“Right now we’re at 22 per cent [sales-to-listings ratio], which means 22 per cent of the homes for sale are selling,” Real Estate Board of Vancouver president Rosario Setticasi said in an interview Tuesday. “So, it’s balanced at the upper end and favours sellers, just barely.”

Setticasi noted that sales are below the 10-year average and home listings above what’s typical for June, and that means a closer alignment between supply and demand in the marketplace.

He said the sales-to-listings ratio is falling — and with it, upward pressure on prices.

“We were at 26 to 29 per cent when the market was really moving [and] last month it was at 24 per cent, so it’s dropped a bit. If it drops further it will be more to the buyers’ advantage because there’s more listings, and vendors are competing for buyers.”

Tsur Somerville, director, centre for urban economics and real estate, Sauder School of Business at the University of B.C., said in an interview that he senses a slight “step back” in sales following sharp increases earlier in the year.

As well, he said, sellers are responding to the higher prices through increased listings.

“If listings are growing faster than sales, it’s a lower sales-to-listings ratio, which is more favourable to buyers,” he added.

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

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

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.

Vancouver Sun April 30, 2011

4657 Victory Street, Burnaby

Type: 3-bedroom, 1-bathroom detached
Size: 1,021 sq. ft.
B.C. Assessment, 2011: $691,300
Listed for: $788,000
Sold for: $868,800
Sold on: March 8
Days on market: 6
Listing agent: Leslie Gray at Sutton Group – West Coast Realty
Buyers agent: Bonney Bao at Royal Pacific Realty (Kingsway)

The big sell: This 1935 bungalow has numerous pluses: the living space is on one level, the rooms are spacious and the property is in a central location with Metrotown, the SkyTrain, Crystal Mall and schools and parks within walking distance. Other attractions come in the form of the quiet neighbourhood, the treed outlook and the 60-by-106-foot south-facing flat lot that could provide future development possibilities. All this generated seven offers, with the winning bid coming in at more than $80,000 over the asking price. According to listing agent Leslie Gray, South Burnaby is fast becoming a serious contender for those buyers who have been priced out of nearby Richmond.

16316 92nd Avenue, Surrey

Type: 8-bedroom, 7-bathrooms, detached
Size: 5,403 sq. ft.
B.C. Assessment, 2011: $936,000
Listed for: $970,000
Sold for: $948,000
Sold on: March 16
Days on market: 69
Listing agent: Dennis Fung at Homelife Benchmark Realty
Buyers agent: Suki Bahi at Sutton Group – West Coast Realty

The big sell: Everything about this property is large, from the 12,414-square-foot lot to the twostorey family room. In fact, this home features plenty of room to fill any family’s requirements. Built in 2006 in Surrey’s Fleetwood/Tynehead neighbourhood, the house boasts eight bedrooms and six full bathrooms over three levels. The result? A flexible floor plan that includes a guest suite on the main floor, a gourmet kitchen with butler’s pantry and spice kitchen, a master suite with private deck that showcases the mountain and valley views, two additional spacious bedrooms with ensuites, and a large den. As well, the fully finished basement comprises a games room, hobby room, further bedrooms and a 23-by-18-foot recreation room. There is parking for six vehicles and the southern-exposed back yard has a deck.

#1004 -1616 Bayshore Drive, Vancouver

Type: 2-bedroom, 2-bathroom apartment
Size: 1,257 sq. ft.
B.C. Assessment, 2011: $930,000
Listed for: $999,900
Sold for: $990,000
Sold on: March 12
Days on market: 2
Listing agent: Holly Wood at RE/MAX Masters Realty
Buyers agent: Thomas Spencer at Royal Pacific Realty Corp.

The big sell: The story of the sale of this Coal Harbour condo would be a compelling tale for those who believe fate plays a hand in the direction our lives take. The buyers happened to walk past listing realtor Holly Wood’s agents’ open house and found themselves looking at exactly the type of property that they had been searching for. The Bayshore Gardens waterfront home has oak hardwood flooring, crown moulding and floor-to-ceiling windows framing the spectacular westerly views of the marina, Stanley Park and the seawall. The kitchen features a Sub-Zero fridge and wine bar, Bosch gas cooktop and dishwasher, and two eating areas. The master ensuite has a double sink with marble countertop, a soaker tub and separate shower with Kohler fixtures and heated floors. The building has 24-hour concierge, a gym, sauna, and meeting room.

1142 3rd Avenue, Fernie

Type: 5-bedroom, 3-bathroom detached
Size: 3,886 sq. ft.
B.C. Assessment, 2011: $644,000
Listed for: $544,500
Sold for: $518,000
Sold on: March 20
Days on market: 279
Listing agent: Candace Grey at Royal LePage East Kootenay Realty
Buyers agent: Marilyn Brock at Century 21 Maximum Realty

The big sell: Central to amenities and schools, this five-bedroom property is in the north end of downtown Fernie.
The home was custom built in 1997 and has more than 2,000 square feet on the main level and 1,800 square feet on the lower. The primary floor features a sunroom with beautiful mountain views, striking dark hardwood floors and trim, a family room off the kitchen area, solid oak cabinetry, three bedrooms and two bathrooms, and a rarity in most homes: an elevator that connects both levels. The finished basement -it could double as an in-law or guest suite -has a large recreation room, further bedrooms, a kitchen, abundant storage space and radiant heat. The exterior comprises a single attached garage and the property sits on a 60-by-120-foot lot.

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

Vancouver Sun March 12, 2011

2028 Mahon Avenue
North Vancouver

Type: 4-bedroom, 4-bathroom detached
Size: 2,973 sq. ft.
B.C. Assessment, 2011: $1.195 million
Listed for: $1.088 million
Sold for: $1.088 million
Sold on: Jan. 22
Days on market: 2
Listing agent: Mark Ballard at RE/MAX Masters Realty
Buyers agent: Christopher Rivers and Fioretta Wilinofsky at Sutton Group – West Coast Realty

The big sell: A double bonus for the buyers of this Craftsman-style property in the Central Lonsdale district is that they get a one-year old house without the additional cost of the HST. Built by Noort Homes, it has an idyllic setting, backing on to Wagg Creek Park. The home has been beautifully finished with hardwood flooring, extensive moulding detail and a gourmet kitchen. It also has a fully finished basement, which has a recreation room and games room, as well as a fenced, landscaped yard. According to listing agent Mark Ballard, there were six scheduled showings before the first open house; it was at one of these that the buyers offered the asking price to avoid a potential multiple-offer situation.

764 East 56th Avenue
Vancouver

Type: 6-bedroom, 5-bathroom detached
Size: 2,220 sq. ft.
B.C. Assessment, 2011: $846,000
Listed for: $974,800
Sold for: $972,000
Sold on: Jan. 23
Days on market: 6
isting agent: Charan Kamal Pannu at RS Westside Realty
Buyers agent: Andrew Ngai at Amex Broadway West Realty

The big sell: To say that the floor plan has been well utilized in this eightyear-old Fraser Street-area property is an understatement: the upper floor contains three bedrooms, a 20-by-11foot living room and a 17-by-11-foot kitchen. Because the property has a 37-foot frontage, there is also space for a family room and nook. The main floor has three bedrooms, a recreation room, two kitchens, and a living room that could double as a seventh bedroom -all of which equals opportunities for rental income. Other features include energy efficient windows -perfect for a budget-conscious owner -three skylights, a heated garage, views of Richmond from the covered patio, and a fully fenced, south-facing backyard. It sold in under a week, trouncing its B.C. Assessment value by more than $125,000.

3399 Puget Drive
Vancouver

Type: 6-bedroom, 5-bathroom detached
Size: 3,659 sq. ft.
B.C. Assessment, 2011: $2.064 million
Listed for: $2.699 million
Sold for: $2.699 million
Sold on: Jan. 19
Days on market: 7
Listing agent: Caroline Hong at RE/ MAX Select Properties
Buyers agent: Sue Johnson and Sarah Thompson at Dexter Associates Realty

The big sell: The Real Estate Board of Greater Vancouver reported that February saw the average benchmark price of Vancouver westside detached homes shoot up by $222,000 to $1.85 million. Surpassing that figure is this newly renovated 1993 property in the Arbutus/ Mackenzie Heights neighbourhood. Adding further attraction are the city and mountain views, an open floor plan with 10-foot ceilings, a doubleheight foyer, a family room with custom cabinetry, a kitchen with central island containing an additional sink and a master bedroom with gas fireplace and private balcony. There is also a basement with two bedrooms, a living room, laundry and sauna. Topping it off is the 50-by-122-foot lot -it’s a gardener’s dream, with a southwest-exposed rear garden and built-in sprinkler system -and the triple-car garage.

103 -47 Rivermount Place
Fernie

Type: 3-bedroom, 3-bathroom townhouse
Size: 2,322 sq. ft.
B.C. Assessment, 2011: $576,000
Listed for: $599,000
Sold for: $590,000
Sold on: Jan. 16
Days on market: 246
Listing agent: Marilyn Brock at Century 21 Maximum Realty
Buyers agent: Marilyn Brock at Century 21 Maximum Realty

The big sell: According to agent Marilyn Brock, this three-storey chalet is one of the largest and most luxurious of the properties currently for sale at Pinnacle Ridge Resort. The homes include an open-plan great room, slate radiant floor heating, a gourmet kitchen, granite countertops, cherry wood cabinetry and stainless steel appliances. Leading off the dining room is a deck with room for a hot tub from which to enjoy the views of Fernie’s mountains and ski runs. The master bedroom suite has a spa-like ensuite and jetted bathtub, and a loft/seating area complete with fireplace. The buyers of this property have the option to purchase a designer furniture, hot tub and household package.

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

Vancouver Sun February 26, 2011

Surrey
64 14655 32nd Avenue

Type: townhouse
Size: 2,727 sq. ft., 4 bed, 4 bath
BC Assessment,: $661,000
Listed for: $789,900
Sold for: $779,000
Sold on: Jan. 8
Days on market: 10
Listing agent: Brian Dopson at Homelife Benchmark Realty Walnut Grove
Buyers agent: Jim Titus at Homelife Benchmark Titus Realty

The big sell: One of the advantages of buying a home during the construction phase is the ability to customize the property. This is exactly what the original owners of this 2006 townhouse did by adding an additional $85,000 in upgrades. The result? A house complete with hardwood and slate flooring, top-of-the-line Viking appliances including a built-in fridge, gas stove and warming drawer, a two-level kitchen island, a custom buffet in the dining room, a media room with a theatre-style 92-inch screen and overhead projection, a built-in credenza, a bar area with wine fridge, a seven-zone NuVo sound system, and a stamped concrete parking area. This unit is in the gated community of Elgin Pointe which includes a clubhouse and has walking trails, shops, services and golf courses close by.

Vancouver
6718 Gladstone Street

Type: detached
Size: 2,400 sq. ft., 5 bed, 2 bath
BC Assessment: $711,600
Listed for: $808,000
Sold for: $852,800
Sold on: Jan 9
Days on market: 13
Listing agent: Alan Mah at Park Georgia Realty Ltd.
Buyers agent: Craig Newsholme at Sutton Group – West Coast Realty

The big sell: Once derided for the esthetics of their design, Vancouver Specials have recently seen a resurgence in popularity mainly due to their generous-sized rooms and the ability to easily install a secondary suite on the lower floor. This particular property was built in 1967 and has a large living area with separate dining room, a kitchen with additional eating area, a 19-by-11-square-foot recreation room, and hardwood floors in excellent condition. It attracted more than 70 prospective purchasers in the first hour of the open house. Seven offers ensued who, according to listing agent Mah, were attracted by the choice location near Victoria Street and the potential to update the home from its original condition.

Vancouver
2 – 3838 Cypress Street

Type: half duplex
Size: 7,530 sq. ft., 5 bed, 7 bath
BC Assessment: $ 6.344 million
Listed for: $7.588 million
Sold for: $7.138 million
Sold on: Jan 7
Days on market: 24
Listing agent: Julia Lau at Sutton Group – West Coast Realty
Buyers agent: Amy Lau at Multiple Realty Ltd.

The big sell: This property forms one half of Greencroft, the home of a former lieutenant-governor, Eric Hamber (1879 – 1960). Its history is rich: photographs depict Hamber with the Queen, President Roosevelt and other dignitaries. In 2009, the home was completely restored and while the infrastructure is new, the property is resplendent with period features that include oak flooring, antique stained glass windows, five fireplaces, original plasterwork, and intricately carved walnut panelling. The luxurious property occupies more than 7,500 square feet and consists of formal reception rooms, two wine cellars, an oak panelled elevator and an art deco parkade. The attention to detail continues outside with landscaped grounds, a fountain and Corinthian columns.

Quesnel
2009 Eberg Road

Type: detached
Size: 1,890 sq. ft., 4 bed, 2 bath
BC Assessment: $206,500
Listed for: $249,900
Sold for: $235,000
Sold on: Jan 6
Days on market: 59
Listing agent: Leslie Johnson at RE/MAX Quesnel Realty
Buyers agent: Leslie Johnson at RE/MAX Quesnel Realty

The big sell: Country life beckons for the buyers of this Cariboo family home. The property sits on almost seven acres and is located south of the town of Quesnel in the Red Bluff community. It is all set up for horses with a barn, stalls and watering system specifically for the animals. The house itself has four spacious bedrooms, a four-piece bathroom on each floor, a cosy country kitchen complete with dining area, a new roof, a reverse osmosis water system and a sundeck. The property offers privacy and acreage and comes with covered parking.

Read more: Recent property sales in Surrey, Vancouver, and Quesnel

Vancouver Sun February 19, 2011

Vancouver
3903 West 22nd Avenue

Type: detached
Size: 2,400 sq. ft, 4 bed, 1 bath
BC Assessment, 2011: $1.4436 million
Listed for: $1.86 million
Sold for: $1.85 million
Sold on: Dec 8
Days on market: 0
Listing agent: Walter Wells at Sutton Group -West Coast Realty
Buyers’ agent: Juliana Qu at Sutton Group -West Coast Realty

The big sell: How does a home sell on the day that it is listed with no sign and no showings? When it is being sold for land value only, that’s how. (The 49 ½-foot-wide, 122-foot-deep lot is big enough for a 4,000-square-foot residence.) According to listing agent Wells, this address reaped the benefit from its location in the desirable school catchment of Lord Kitchener – one of the highest rated schools in the city for which buyers are prepared to pay a premium – and current low levels of inventory. This particular home was built in 1927 and has had the same owner for the past 50 years who retained its original features. It is situated on a corner lot, close to UBC and Pacific Spirit Park.

Surrey
18993 68B Avenue

Type: detached
Size: 3,625 sq. ft, 7 bed, 4 bath
BC Assessment, 2011: $592,000
Listed for: $609,700
Sold for: $602,500
Sold on: Dec 20
Days on market: 119
Listing agent: Ben Gauer at Royal LePage Ben Gauer & Associates
Buyers agent: Ralph Janzen at Homelife Benchmark Realty Walnut Grove

The big sell: Corner lots are popular as they provide extra parking and, for the most part, additional light. This two-storey home with a basement is no exception -all occupants of the seven bedrooms, if necessary, could have space for their vehicles. This home is situated in Clayton Village and features high ceilings, upgraded appliances, quality laminate flooring, built-in speakers, maple wood stairs, three fireplaces, and a large 22-by-14-squarefoot master bedroom with sitting area and a five-piece ensuite. On the lower level there are more bedrooms, a den, a large kitchen island and roughed-in plumbing for a second laundry facility Adding to the convenience factor, all shopping, schools and parks are within a three-block radius.

Vancouver
2676 West Fifth Ave

Type: half duplex
Size: 2,142 sq. ft, 4 bed, 4 bath
BC Assessment, 2011: $1.359 million
Listed for: $1.395 million
Sold for: $1.37 million
Sold on: Dec 21
Days on market: 25
Listing agent: Tom Gradecak at Westside Tom Gradecak Realty
Buyers agent: Allyson Brooke at Macdonald Realty Ltd.

The big sell: Sometimes half duplexes present the opportunity to purchase a property in a sought-after location that is the same size as many detached family houses, but for a more affordable price. This four-year-old Kitsilano home offers more than 2,000 square feet with a main floor that features a living space that incorporates a kitchen, dining and eating area, and a family room that opens on to a south-facing deck and yard. The top floor has three bedrooms and two full bathrooms including the master ensuite, and the lower level contains a recreation room, a guest bedroom, a laundry room and another full bathroom. This property offers proximity to Fourth Avenue’s shops and restaurants.

Fernie
192 4A Avenue

Type: detached
Size: 3,068 sq. ft, 4 bed, 2 bath
BC Assessment, 2011: $608,000
Listed for: $599,900
Sold for: $590,000
Sold on: Jan 4
Days on market: 57
Listing agent: Todd Fyfe at Fernie Real Estate Company
Buyers agent: Sharon Taylor at RE/MAX Elk Valley Realty

The big sell: As one of the few properties that survived the fire that swept through the town more than 100 years ago, this property was touted as a piece of historic Fernie. The large family home is situated on a corner lot with views of the Elk River, Mount Fernie, Lizard Range and Three Sisters from two covered porches and a private lush back garden. The interior boasts compelling original features such as softwood flooring, a claw foot bathtub, cast iron radiators, bay windows, wood panelling in the dining room. Rooms are spacious, with a 10-foot-by-25-foot living room and a nine-by-19 kitchen.

Read more: Recent property sales in Vancouver, Surrey and Fernie

Canadian house prices will continue a “moderate and steady climb” in 2011, helped along by an improving economy and low interest rates, according to a report released Thursday.

Real estate services firm Royal LePage said the average price of a home in Canada will rise three per cent to $348,600, even as the number of transactions falls two per cent.

For house prices in Vancouver, the average price of a two-storey home is now more than $1 million, Royal LePage said, up 9.8 per cent over the last year. The report predicts an increase of 3.7 per cent for Vancouver house prices in 2011. The report says inventory is expected to grow 8 per cent, while interest rates will continue to be the most important factor, followed by employment levels.

It said that after a “lacklustre” third quarter in 2010, home prices were up between 3.9 and 4.6 per cent, year over year, in the year’s fourth quarter. This marked a return to growth more typical of trends since the end of the recession, Royal LePage said.

The report said, similar to last year, sales will be more robust in the first half of the year as homebuyers take advantage of low interest rates that could be on the rise in the near future.

“Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels,” said Phil Soper, CEO of Royal LePage Real Estate Services. “We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs.”

The report said the strongest price gains will happen in mid-sized cities where homes are priced below the national average. It noted places like Winnipeg, St. John’s and Fredericton, where single two-storey homes are still widely available for less than $300,000.

Alberta’s housing market is also expected to be strong in the coming year, as the energy sector helps fuel a strong hiring climate.

However, cities such as Calgary and Edmonton were among the few major centres showing price declines, year to year, as of the end of last year. Edmonton now has lower-priced homes than Saskatoon, according to the Royal LePage report. The average price for a two-storey home in Edmonton was $334,286 in last year’s fourth quarter, down 2.3 per cent from a year earlier. It was $359,250 in Saskatoon, up 6.1 per cent.

Average prices for two-story homes as of Q4 2010 (change from year earlier):

Halifax $291,000 (9.7%)

St. John’s $327,627 (9.6%)

Montreal $375,222 (8.7%)

Ottawa $354,083 (6.7%)

Toronto $594,231 (5.6%)

Winnipeg $296,750 (6.4%)

Regina $282,500 (9.1%)

Saskatoon $359,250 (6.1%)

Calgary $404,622 (-5.3%)

Edmonton $334,286 (-2.3%)

Vancouver $1 million (9.8%)

Victoria $480,000 (6.9%)

Source: Royal LePage
© The Financial Post
Derek Abma

http://www.vancouversun.com/business/Average+Vancouver+house+price+hits+million+expected+rise+further+Report/4068694/story.html