January 2012 REBGV Stats Package

Selection broadens and demand eases to kick off 2012 in the Greater Vancouver housing market

VANCOUVER, B.C. – February 6, 2012 – Greater Vancouver home sellers were more active
than buyers in January and overall home prices, according to the new MLS® Home Price Index
(MLS® HPI), continued to experience more stability and less fluctuation compared to the
beginning of 2011.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012.
This represents a 4.9 per cent decrease compared to the 1,658 sales recorded in December 2011,
a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18 per cent
decline from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest January total in the region since
2002, though only 146 sales below the 10-year average.
“We’re seeing trends emerge in our market that favour buyers, such as increased selection and
more stability in pricing compared to this time last year,” Rosario Setticasi, REBGV president
said. “Last month’s activity tells us that competition amongst home buyers was reduced in
January, which means that individuals looking to purchase a home had more time to do their
homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756
in January. This represents a 19.9 per cent increase compared to the 4,801 new listings reported
in January 2011, and a 253.3 per cent increase compared to the 1,629 new listings reported in
December 2011.

Last month’s new listing count was the highest January total in Greater Vancouver since 1995.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is
12,544, a 12.5 per cent increase compared to December 2011 and an increase of 20.2 per cent
compared to January 2011.

New MLS® Home Price Index launches in Canada

Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way
of determining price trends in the housing market. The MLS® HPI was pioneered by six
founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater
Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted with
Altus Group to develop the MLS® HPI which measures home price trends in the five major
markets serviced by those boards.

The new index replaces the MLSLink Housing Price Index, which had been used by Greater
Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics should
not be compared with previous MLSLink HPI statistics.1

“The MLS® HPI is a national collaboration intended to give the public a more reliable and
comprehensive tool to understand home price trends across the country,” Setticasi said.
The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently
sits at $660,600, up 5.7 per cent compared to January 2011 and down 0.1 per cent compared to
December 2011. The MLS® HPI also tracks home prices across the Lower Mainland.2 The
benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of
5 per cent compared to January 2011.

Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 per
cent from the 793 detached sales recorded in January 2011, and a 6.5 per cent decrease from the
705 units sold in January 2010. The benchmark price for detached properties increased 11.3 per
cent from January 2011 to $1,034,700.

Sales of apartment properties reached 657 in January 2012, a decline of 7.9 per cent compared to
the 713 sales in January 2011, and a decrease of 26.3 per cent compared to the 891 sales in
January 2010.The benchmark price of an apartment property increased 2.4 per cent from January
2011 to $371,500.

Attached property sales in January 2012 totalled 261, a decline of 16.6 per cent compared to the
313 sales in January 2011, and a 20.2 per cent decrease from the 327 attached properties sold in
January 2010. The benchmark price of a townhome3 unit declined 0.5 per cent between January
2011 and 2012 to $468,000.

Editor’s notes:
1.) The new MLS® HPI will be indexed to equal 100 in January 2005. The previous MLSLink HPI was
indexed to 2001. Sales prior to 2005 will not be considered in the MLS® HPI. Click here to view more
detailed information on the MLS® HPI.
2.) The Lower Mainland includes the areas serviced by both the Real Estate Board of Greater Vancouver
and the Fraser Valley Real Estate Board, and is comprised of communities from Whistler to
Abbotsford.
3.) Townhome properties are similar to attached properties, a category that was used in the previous
MLSLink HPI, but do not included duplexes.

The real estate industry is a key economic driver in British Columbia. In 2011, 32,390 homes changed ownership in the Board’s area, generating $1.36 billion in spin-off activity and 9,069.2 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $21 billion in 2010. The Real Estate Board of Greater Vancouver is an association representing more than 10,900 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®.

Looking for More Stats?! Check out all the Real Estate Board of Greater Vancouver Stats from May 2010!

Lido by Bosa Properties in A New Vancouver Presale Condo in South East False Creek

Lido Vancouver is a new Vancouver Presale Condo in Southeast False Creek by Bosa Properties, one of Vancouver’s most reputable Builder/Developers with a stellar track record for quality. This 19 story concrete condo building located at 1650 Quebec Street in Vancouver will have a 6 story podium topped by a rooftop pool and 183 suites in total. The Building will be LEED Gold.

All the suites at Lido by Bosa Properties will be Air Conditioned and be equipped with a heat pump.

How much will Presale Condos at Lido by Bosa Properties Cost?

This is a tentative presale price list please see the .pdf below for more details on pricing for Lido by Bosa.

One Bedroom Condos 545 sf from $348,900
One Bedroom and Den Condos 684 sf from $448,900
Two Bedroom 837 sf Condos from $548,900
Two Bedroom and Storage Condos 864 sf from $598,900

Lido by Bosa Presale Price List Mike Stewart

Presale Deposits for Lido by Bosa

The total presale condo deposit or Lido will be 20% with 15% paid in 2012.

• 10% Upon an Accepted Offer
• 5% Upon the filing of the Amendment of the Disclosure Statement
• 5% 12 Months from the Accepted Offer Date.

There is a Bond available for up to 5% of the purchase price subject to qualification.

Lido by Bosa Location at 1650 Quebec Street in Southeast False Creek

Located in Vancouver’s newly developed South East False Creek at 1650 Quebec Street right next to Central by Onni, Lido by Bosa is steps to the Seawall and the the Telus Sphere and BC Place Stadium. Lido is also very close to the new South East Community also known as the Athletes or Olympic Village. Transportation is easy as Main Street Skytrain is a block away as is the Aquabus to Granville Island, Yaletown, and beyond.

View Larger Map

View Larger Map

Floor Plans for Lido in South East False Creek

Lido will have two penthouses and four sub penthouses (penthouse floor plans not yet available) and no commercial spaces or townhomes. There will be suites with direct street access, mostly 1 bedrooms from 569sf and two bedrooms in the high 800sf range. There will be an even mix of one and two bedroom suites with four stacks of one bedrooms, one stack of one bedroom + dens and five stacks of two bedrooms.

Lido Vancouver Presale Floor Plans Mike Stewart

Special Features & Amenities for Lido by Bosa

The Lido will have an outdoor fully heated pool on the roof of the 6th floor podium section of the building. The pool will be surround by a large rooftop deck with 5 heated cabanas open to all Lido residents. Other amenities at Lido include a well equipped gym, a full time Concierge and a coffee bar stocked and paid for by Bosa Properties for two years as well as a Business Centre. Maintenance fees are expected to be in the low to mid $.40/sf. The first 100 owners and will have two years of maintenance fees!

The Developer of Lido in South East False Creek – Bosa Properties

Bosa Properties has a long and storied track record of quality development and construction in Greater Vancouver and beyond. (Have a look at this great video on the Bosa Story) They built the City Gate area just to the north of Lido Vancouver that is bordered by Main Street, Quebec Street, Terminal Avenue, and the Georgia Viaduct. Bosa Properties also built the Eden and Oscar in Yaletown as well as 819 Hamilton and Rosedale Gardens in Downtown Vancouver. Have a look at the comprehensive list of Bosa Properties Projects

Views from Lido in SE False Creek

The views from the Lido will be primarily from the Penthouses and the K and H plans and will be of False Creek, The North Shore Mountains, and Downtown Vancouver. Most of the other suites will have City views of the surrounding buildings.

Completion Date for 1650 Quebec Street

Bosa Properties tentatively expects to complete Lido by the Summer 2014 with construction planned to start in May/June 2012.

Parking and Lockers at Lido

All condos at Lido will come with one parking stall and the first 100 purchasers get a free locker. Extra lockers are available for purchase, but pricing for the lockers was not know at the time of writing.

Interior Finishings at Lido

Interior finishes at Lido will include laminate flooring throughout the living areas with carpet in the bedrooms. Expect lot of natural light with floor to ceiling windows.

For washrooms expect dual flush toilets with marble tile flooring and shower surrounds and white ceasar stone counter tops. Ensuite bathrooms at Lido will have a vanishing TV mirror and the first 100 owners will also receive an Apple TV.

Kitchens will also get the ceasar stone counter tops, Stainless Steel Miele Appliances including a gas cook top with convection oven, microwave, and dishwasher. All suites come with under mount sinks and a marble back splash.

More Information on Lido Presale Condo in South East False Creek.

Here are a few links to the City of Vancouver site where you can find the rezoning proposal, site plan for Lido, side elevations to get an idea of what the building will look like. This site has information on the architects and other professionals associated with Lido.

Looking to see How Much Properties Cost NOW in False Creek?

Check out all the False Creek MLS Listings!

Ever Wonder How Much a Realtor Charges to Sell a Property in Vancouver?

Check out this detailed video on Vancouver Real Estate Commissions!

Lowest 5 year Fixed Rate Mortgages in Canada Ever!

The Finance Minister and the heads of the Big Canadian Banks have recently been alluding to the fact that the property market in Canada, particularly in the real estate markets in Vancouver and Toronto may be getting a bit too hot for their liking based on the very low interest rates we are seeing in Canada right now.

And then came this…

2.99% on a 5 Year Fixed Mortgage? Whats the Catch?

This is the lowest 5 Year Fixed Rate Mortgages have EVER been!

I recently interviewed Vancouver mortgage broker, Chad Watts about the ultra low mortgage rates that the big banks are offering, primarily the 2.99% 5 Year Fixed Rate Mortgage.

When I heard about these mortgages, I thought:

A) “Whats the Catch?” and,

B) “How can the Banks afford to offer money this cheap?” and apparently others shared my thoughts on that question.

The Catch.

But today we are talking about the “Catch” with these 2.99% 5 Year Fixed Mortgages, and here’s what it is:

1. Amortization: No amortizations longer than 25 years. Investors looking for the longer 30 to 40 year amortizations still allowed with non-insured low ratio mortgages will need to look elsewhere as will those who like the lower payment a longer amortization offers.
2. Prepayments: Borrowers can only pay down 10% per year with this mortgage rather than the standard 20% per year.
3. Closed Mortgage: You can only get rid of this mortgage if you sell the property.
4. Renewal: You can only renew into a very limited range of mortgages offered by the bank if you choose to renew. Very often these options may not be all that good.
5. Not Portable: If you want to sell the property the mortgage is on, you will not be able to port the mortgage over to another property
6. Non-Assumable: You can’t sell the mortgage with the property.

The basic catch is that these mortgages may be great for specific property owners, but their lack of flexibility may not work for many home owners who may have changing housing and investment needs over the next 5 years (which is a long time).

If its Too Good to be True, It is!

Very often it is possible to get mortgages at a slightly higher rate that will allow far more flexibility and can SAVE a borrower a lot of money should they need to make changes to the mortgage in the future.

Looking for Advice on Buying a Property? Check out these great videos for New Home Buyers in Vancouver!

Thinking of Selling and Don’t Know Where to Start? Have a look at the Informative Videos on How to Sell a Property in Vancouver!

Chinese New Year and Vancouver Real Estate

I recently had the pleasure of interviewing Jonathan Fung, a Mortgage Specialist with Vancity who was kind enough to discuss Chinese New Year with me and its impact on Vancouver’s real estate market.

Chinese New Year or Lunar New Year is the most important Holiday of the year for Chinese people as well as for many Chinese-Canadians here in Vancouver. It’s a time to celebrate with family and friends and reflect on the previous year, and there is a heavy emphasis on making the upcoming year a good/prosperous year in terms of wealth.

How does Chinese New Year affect the Vancouver Real Estate Market?

During Chinese New Year, many celebrants will be looking to acquire new wealth (buy real estate) and upgrade their investment holdings (sell real estate). Chinese New Year is seen as a time of good fortune and investments or sales made during this time are believed to benefit from this.

The traditional busy time in the Vancouver property market is Spring, followed in ascending order of business by Autumn, Summer, and Winter.

With the increased activity in the Vancouver housing market due to Chinese New Year late Winter/Early Spring based on 2011′s numbers, almost as busy as the traditional Spring market.

Historically January and February are slow months for the Vancouver real estate market, but in January and February of 2011 sales were significantly higher than the 10 year average. As the article mentions, many people from Mainland China and elsewhere used the time over Chinese New Year to visit Vancouver and buy property.

According to media reports the Chinese economy and real estate market that is not as hot as in early 2011, so Chinese New Year 2012, The Year of the Dragon may not be as busy as 2011, but sales activity in the Vancouver real estate market could very well be again above the 10 year average.

That said, Economist Tsur Sommerville had this to say about what could happen for Chinese New Year 2012:

“There’s a sense in China that the property market there is slowing down, so that can play out here in terms of people who are looking to perhaps invest someplace else that’s more attractive.”

Mr. Somerville added these property buyers are primarily wealthy immigrants with enough money in the bank to pay for properties immediately.

“They’re not going to be able to get a loan here for it and they can’t get a loan at home for it.”

Will Chinese New Year Continue to by a Busy Season in the Vancouver Housing Market and Will House Prices Increase?

This is a very difficult thing to predict and as you may have noticed, I am not one to make predictions on Vancouver’s housing market.

That said, I am very interested to hear YOUR OPINION in the form of a comment down below.

Happy Lunar/Chinese New Year and Gung Hay Fat Choy!

New Buyer? Looking for Advice? Check out these great Videos with First Time Home Buyer Advice!

Looking to Invest in Pre-Construction Condos? Check out these great Vancouver Presales with Video!

Your Credit Score and Buying a Home in Vancouver

I recently had the absolute pleasure of interviewing Karli Shih, a top Vancouver mortgage broker with Dominion Lending Centres Commercial Capital Inc. about Credit Scores and how it applies to buying a property in Vancouver.

What is Your Credit Score?

A credit score shows how a Home Buyer has paid their bills in the past.

Credit scores range from 300 to 900. If a Home Buyer has paid their bills on time and and not missed any payments their credit score will be higher than a Home Buyer who is consistently late in making payments, missed payments, or has had a bankruptcy.

The higher a Home Buyer scores, the better the the Home Buyer looks to lenders who are concerned about not getting money they lend back.

How Does Your Credit Score Affect Home Buying in Vancouver?

A credit score will affect how much a Home Buyer can spend on buying a property in Vancouver.

The better the credit score the lower the interest rate and the lower the interest rate the more a Home Buyer can borrow.

This process also works in reverse.

The lower the credit score the higher the interest rate and the less a Home Buyer can borrow. If the credit score is too low, a prospective Home Buyer may not be able to borrow any money at all for a property.

Pay Your Bills On Time and be Rewarded when Buying a Home!

A high credit score from paying bills on time, avoiding missed payments and bankruptcy will pay off when buying a home. If you’re thinking of buying a property in Vancouver make sure to FIRST (Before your Realtor) sure you speak to a mortgage broker (Like Karli Shih!) before you do anything, so that you can get a clear picture of how much you can spend.

Never Bought a Property Before? Looking for Advice? Check out these Great Videos for First Time Home Buyers!

Never Sold a Property? Need some tips? Have a look at these great videos on how to Sell a Condo In Vancouver!

I STRONGLY ENCOURAGE QUESTIONS AND COMMENTS BELOW!!!

December 2011 REBGV Stats Courtesy of Mike Stewart Vancouver Realtor

Balanced real estate market prevailed through much of 2011

The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.
“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.
Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.

Looking for More Stats?! Have a look all the REBGV Stats from May 2010!

Top Vancouver Realtor Advice for First Time Home Buyers – Subject to Financing

In Episode 13 of the First Time Home Buyers Guide for Vancouver, we discussed Subject Clauses in general.

Today we’re going to discuss the Subject to Financing Clause in detail and how it relates to and affects a real estate offer. Chad Watts of the Mortgage Group was kind enough to come and talk to us about subject to financing.

What does Subject to Financing Mean?

Subject to financing basically means that a Buyer, for up to 7 days after an offer is accepted, can walk away from or kill the accepted offer if the Buyer cannot get satisfactory financing.

Keep in mind this is a subjective criteria based on the Buyers opinion of the financing as to whether it is satisfactory or not.

Why Do We Use a Subject to Financing?

Like I mentioned in Episode 13, when it comes to writing offers on Real Estate in Vancouver, SAFETY COMES FIRST!

We use the Subject to Financing Clause to protect the Buyer.

This clause gives the Buyer has sufficient time to get confirmation IN WRITING that the financing or mortgage for the property is confirmed.

Subject to Financing allows the Lender an opportunity to appraise the property to ensure the property is worth what the accepted offer says it is and to confirm the Borrower/Buyer can afford to pay the mortgage. Once the Lender has done this, they can give the Buyer/Borrower confirmation in writing that the financing or mortgage is approved.

Check out this great explanation of how subject to financing works.

How to Identify the Subject to Financing in the Offer

To identify the subject clauses in an offer look for clauses that start with “Subject to…”. The Subject to Financing clauses can be as simple as:

“Subject to the Buyer receiving and approving suitable financing on or before _(date)_ . This subject is for the sole purpose of the Buyer.

The subject to financing could also include details about the financing including payment amounts, amortization, and mortgage term.

How Long is the Subject Period after the Accepted Offer?

Its usually 7 days. This is the time it normally takes a bank or other lender to appraise the property to ensure it is worth what the accepted offer says its worth as well as to satisfy the bank/lender of the Buyer/Borrowers ability to pay the mortgage.

This time can be shortened or lengthened in a negotiation based on the Buyers and Sellers needs, but its advisable for a Buyer to first consult with their Lender before agreeing to a shortened Subject Removal period.

Stay tuned for Episode 15 of the First Time Home Buyers Guide for Vancouver when when we will discuss Subject to Inspection!

Never Sold a Home Before? Need Advice? Check out thee informative Videos on How to Sell a Home in Vancouver!

Thinking of Buying a Presale Condo? Have a look at these great videos on How to Buy a Pre-Construction Condo in Vancouver!

I STRONGLY ENCOURAGE QUESTIONS & COMMENTS BELOW!!

Presale Condos in Vancouver – Advantages for Owner/Occupiers?

In Episode 1 of How to Buy a Pre-Construction Condo in Vancouver, we discussed the advantages of Presale Condos for Investors. Today, we’re going to discuss the advantages pre-construction or off plan condos have for Buyers who intend to live in the property once its completed.

As with investors buyers, presales are not for every Buyer who intends to occupy the property, but they can very good for many buyers.

6 Advantages of Presale Condos for Owner Occupiers -

1. Selection & Customization – For owner occupiers, the pre-construction purchase of a condo allows for, in many cases, a level of variety and customization not available on the resale property market. Want a 23rd level view suite with 2 parking and 3 lockers? Want to take two 1 bedroom suite and make them into a completely unique large 2 bedroom? Chances are you can get exactly what you want by buying a presale condo.
   
2. Simplicity – An owner occupier can put a small deposit down on a presale and continuing living in their existing home until the presale is ready for occupation. Any issues with the newly completed property should covered by the 1 year developers warranty.
   
3. Financial Leverage – Owner occupiers buying a pre-sale in rising market also can benefit financially. The buyer may have bought the presale at a time when real estate prices were lower than when the property completes. This may allow the buyer who previously was a high ratio borrower to become a low ratio borrower thus saving thousands of dollars in Mortgage Insurance premiums.
   
4. Warranty Protection – Owner/Occupiers can rest easy knowing that they are covered by the BC Government administered 2-5-10 year warranty program.
   
5. Newness – Many buyers enjoy being the first owner of a product be it a car, a handbag, or a condo. Presales offer guaranteed newness when purchasing property. Newness, in most cases cases means all the mechanical and other systems are at the beginning of their life and should perform as expected and not need repairs or replacement for 15 to 25 years.
   
6. Low Ownership Costs – Newer properties tend to be more energy efficient than older properties which keeps utility costs low for completed presale condos. Furthermore, during the 2/5/10 Warranty Period, there is a very small chance a Buyer of a competed presale condo will have to pay high maintenance fees or large assessments to repair the building.

In the Episode 3 of How To Buy a Pre Construction Condo in Vancouver will discuss the Disadvantages of Presales, so stay tuned!

Looking for Presale Condos? Check out these Great Videos with the Newest Vancouver Presales!

Need Advice on Buying a Condo that is Already Built? Check out How to Buy a First Home in Vancouver!

I STRONGLY ENCOURAGE QUESTIONS AND COMMENTS BELOW!!

November 2011 REBGV Stats Mike Stewart

Historically normal activity keeps the Greater Vancouver housing market in a balanced state

The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents 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 recorded in October 2011.

Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.

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

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.

Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960.

Looking for more Vancouver Real Estate Statistics for months gone by?

I have detailed REBGV stats from May 2010 to the present Here!

Collection 45 Presale Condo in Mount Pleasant

Collection 45 is a 6 level concrete pre-construction condo development or presale in Vancouver’s Mount Pleasant neighbourhood. There will be 45 residential condos and 5 ground level commercial/retail spaces. Expect roof top decks for some of the two-level “scissor suites” with clam shell door/skylight access. All the suites will have balconies except for studios with enclosed balconies.

Pricing for Collection 45 in Mount Pleasant

Studios start at $309,900 and range in size from 452-624sf with larger 2nd level studio suites with an enclosed balcony on the south side. One bedroom suites around 581sf on south side with a balcony start at $399k, while small 775sf two bedrooms start at $579K. There is one small 2 bedroom with a 1000+sf patio. Most of the two bedrooms are 1000-1300sf and start from $664900 and are referred to as “scissor suites”: 2 level, two bath, two bedroom suites with living spaces facing north and bedrooms facing south. Living spaces will stack on living spaces and bedrooms will stack on bedrooms. Fifth level “scissor suites” get the rooftop decks. (See Detailed Price List Below)

Collection 45 Presale Condo Price List Mike Stewart

Central South Main Location

Located between Quebec and Main Streets at 125 East 8th Avenue, Collection 45 is steps to everything great along both the Main and Broadway corridors. Local cultural amenities include Sarah McLaughlin’s Music Outreach Studio as well as some of Vancouver’s most stylish boutiques and restaurants. Commuting is easy due to the close proximity of the Ontario Street Bikeway and convenient transit options at Main & Broadway.

View Larger Map

Views from Collection 45

Expect views to the North from the upper levels of Collection 45 of Downtown and the North Shore Mountains. All the other suites will have City Views.

Interiors

Scott Trepp of Trepp Design Inc. handled interior design at Collection 45. The suites will have engineered hard wood flooring with a choice of dark or light colour schemes and bedrooms get New Zealand wool carpets. Expect pot lighting in smooth finished ceilings which will be 9’4″ throughout ensuring these suites will be bright and lofty. Heating will be base board electric.

Kitchens and Bathrooms Collection 45

The feel of the kitchens and bathrooms at Collection 34 is modernist luxury. Bathrooms will get marble tiling and suites with second bathrooms will have marble tiled walk in showers with rainfall shower heads. Flooring will be porcelain tile and there will be dual flush toilets with wall mount faucets throughout. Kitchens have European modernist cabinetry with integrated appliances including a Blomberg Dishwasher ans larger homes will get a 5 burner gas cook top by AEG while smaller condos will get  a 4 burner cook top. Included is a built in Panasonic microwave, AEG oven, and large Leibherr fridge. Large units get 30″ appliances and smaller homes get 24″. Composite stone counter tops for both kitchen and bathrooms. All units will get a cylindrical Faber hood fan in Stainless Steel and an undermount kitchen sink. There will be two colour schemes, the dark gets grey cabinets and light gets white cabinets. In the kitchen expect a low composite back splash easy close drawers.

Floor Plans at Collection 45

Collection 45 Presale Smaller Floor Plans Mike Stewart

Commercial and Retail Spaces at Collection 45

The 5 commercial/retail spaces will house GBL architects new office and a local coffee shop will take one retail while a spa and yoga business will have 2 units. A local artist shop will take Northeast retail space.

Deposits to Buy a Presale Condo at Collection 45

Purchase deposits at Collection 45 will total 15%. A $1000 payment is required upon acceptance of an offer and then a further 10% less the $1000 upon a firm deal (at the end of the 7 day rescission period). The remaining 5% is payable upon the Buyer receiving the Disclosure Amendment Statement which should be 6-12 months from November 2011.

Parking and Lockers

All the suites at Collection 45 come with parking EXCEPT the studio suites. There will be no additional parking or external storage lockers available (all suites will have in-suite storage) to purchase, but there will be bike storage. The parking entrance is off alley.

Completion Date for Collection 45

Expect a Completion for this pre-construction condo in the Fall of 2013 with construction starting from Fall/Winter 2011.

Amenities and Maintenance Fees

Amenities at Collection 45 will be simple with just a lounge room overlooking the common courtyard and no gym. The good news is that this will result in lower maintenance fees projected to be around $.37/sf.

Developer and Architect

The builder is Moyeung International Enterprise who have built the Versant Building in Richmond and The Brillia in Kitsilano which is a great building that I have sold clients into. GBL architects will be handling design work on the project.

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