For Buyers

January 2017 Real Estate Board of Greater Vancouver Statistics Package with Charts and Graphs

Metro Vancouver housing market off to a quieter start than last year

Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the detached home market.

Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold.

Last month’s sales were 10.3 per cent below our 10-year January sales average.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,140 in January 2017. This represents a 6.8 per cent decrease compared to the 4,442 homes listed in January 2016 and a 215.5 per cent increase compared to December 2016 when 1,312 properties were listed.

The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,238, a 9.1 per cent increase compared to January 2016 (6,635) and a 14.1 per cent increase compared to December 2016 (6,345).

The sales-to-active listings ratio for January 2017 is 21 per cent. This is the lowest the ratio has been in the region since January 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a  Continue Reading…

118-150 Robson by Amacon – Plans, Prices, Availability

118-150 Robson by Amacon.

At a Glance

  • prime location at Robson & Cambie streets
  • 30-storey mixed-use building
  • 125 studio to 3-bedroom condos
  • hotel with restaurant & lounge
  • 1 block from BC Place Stadium
  • 1 block from Vancouver Public Library
  • goal of LEED Gold

Aerial perspective of 118-150 Robson.

Where Downtown Meets Yaletown
Canadian developer, Amacon, has proposed to redevelop the site of the Northern Electric Company Building at 118-150 Robson Street into a mixed-use building containing a 120-room hotel, 4,635 sq ft of commercial space, and a residential tower with 125 condominiums. The Art Moderne façade of the heritage building will be restored and re-purposed into retail shops and a hotel, above which a new luxury residential tower will be constructed.

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Located where Downtown Vancouver transitions into the residential neighbourhoods surrounding the north shore of False Creek, you’ll have within mere steps of your front door an exceptional range of eateries, shops, professional services, and leisure activities for unparalleled convenience. Revel in the nightlife of Granville Street or cheer on the home team at a BC Lions game in BC Place. Survey the brand name boutiques along Robson Street or enjoy a fine dining experience in one of Yaletown’s eclectic restaurants. Living more is driving less.

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December 2016 Real Estate Board of Greater Vancouver Real Estate Statistics Package with Charts & Graphs

A heated year for Metro Vancouver real estate draws to a close

The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.

“As prices rose in the first half of the year, public debate waged about  Continue Reading…

Are Foreclosures Necessarily Good Value in Vancouver?

by Jon Lumer

Everyone in Vancouver is looking for a deal. Rental rates are jumping to catch up with the sharp increase in property values and many tenants (as always) are looking at home ownership as a way to avoid paying rent to their landlord and start paying it to themselves, or at least their lender. Meanwhile, investors made dizzy by the capital appreciation they’ve witnessed in Vancouver over the last three years are desperate for a piece of the action or hope to expand their current holdings.

Many of these potential buyers, be they first-time home owners or investors, believe that picking up a foreclosed property could be their ticket to good value and an otherwise unachievable square footage in the neighbourhood of their choosing.

Is this a reasonable strategy? What are the potential pitfalls? What exactly is a foreclosure anyway?

A foreclosure usually occurs when an owner defaults on the mortgage payments to their lender and the lender decides their best option is to seize the asset that was mortgaged (the house or strata unit), sell it under the authority and supervision of the courts, and pay themselves out from the proceeds of that sale. The owner of the property is still entitled to whatever is left once all claims against the property have been settled.

Does this make foreclosed properties vulnerable to low bids? Not necessarily. In fact, the system is set up precisely in order to ensure that fair market value is paid for the property and the owner is not getting less for the home than what they should reasonably expect.

Once the court has authorized the lender that has foreclosed on the property to place it on market, a REALTOR©, acting for that lender and not the owner, will market the property while keeping good records of her efforts, market conditions and comparative market analyses, as well as any showings that result from the marketing.

If a bid is received that the lender accepts, a court date will be set. The lender will not accept a bid far below market value for the property, as they know the court is unlikely to allow such a sale to proceed, and the court has final say on the matter. This first bidder may negotiate with the lender and may submit a “subject offer,” but the terms of the contract are destined to be largely unfavourable to the buyer.

Why is that?

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Foreclosed properties are sold “as is, where is.” That means the buyer has no recourse if they are unsatisfied with the state of the property on possession. There will be no guarantees regarding any chattels, or even fixtures, the buyer may have seen while viewing the property. The danger of receiving the property in a sorry state is particularly acute if it is not vacant. This is quite different from the scenario most buyers will face when negotiating (through their agent) directly with the owner of a property.

The first accepted offer price will become public knowledge. Any interested buyers may now inform themselves of the value of that initial offer and present themselves at the court date to present their own offer. They must bring a bank   Continue Reading…

Park Station – 50 Luxurious Oakridge-Langara Condos + Townhouses

Park Station external render.

At a Glance

  • 8-storey, mixed-use concrete building
  • seven 2-storey townhomes
  • 43 1-, 2- & 3-bedroom condos
  • three ground floor commercial spaces
  • steps from Canada Line, Oakridge Centre, Langara Golf Course
  • air conditioning
  • airy 9’4″ ceilings
  • spacious decks or patios

Park Station interior design concept.

Vancouver’s Most Central Address
All paths lead to Park Station – a central neighbourhood location in the park-like Oakridge Langara district. A quiet structure in monochromatic tones, Park Station exudes confidence and well-grounded permanence. Its timelessness acts as a compliment to its neighbourhood of mature trees and streetscapes, emerging as a captivating new addition to the boulevard. Expansive windows and dramatic 9-foot ceilings set the stage for a bold and brightly lived life. Gourmet kitchens, along with thoughtfully appointed baths make living and entertaining pure pleasure.

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Imagine meeting friends for drinks on a patio in Yaletown, dining with family at Shanghai River in Richmond, or catching a flight to Paris – all within 15 minutes from your home and without use of a car. Thanks to the Canada Line rapid transit station just steps from Park Station, this – and much more – can be your reality. Within walking distance, take care of your shopping needs at Oakridge Centre, Vancouver’s premium luxury shopping centre, play a round of golf at Langara Golf Course, or walk your dog around the 2.7-kilometre Langara Trail. Live life. Experience Vancouverism.

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Yukon Residences – Cambie Corridor 3- & 4-Bedroom Pre-Construction Townhomes + Garden Homes

Yukon Residences by Alabaster Homes.

At a Glance

  • four 4-storey buildings
  • 33 3- & 4-bedroom homes
  • 70 underground parking spaces
  • close to top-ranked schools
  • adjacent to Winona Park & Langara Golf Course
  • lush setting along Habitat Connection Corridor
  • close proximity to Canada Line

Yukon Residences architectural elevation.

On The Park
Alabaster Homes is pleased to bring you Yukon Residences, a boutique collection of exquisitely-appointed townhomes and single-level garden homes distributed amongst four buildings aligned on a north-south axis. Located at the northwest corner of West 59th and Yukon, east-facing residences will enjoy beautiful, unlimited views across the expanse of neighbouring Winona Park. Langara Golf Course to the north, and its perimeter Langara Trail, offer even more green space to enjoy in this tranquil, tree-lined neighbourhood.

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At Yukon Residences, your daily necessities are close at hand. Steps away at Marine Gateway, you’ll find a T&T supermarket, Shoppers Drug Mart, Steve Nash Fitness World, Cineplex Cinemas, restaurants, banks, and other services. Best Buy, Canadian Tire, and Sport Check are just four blocks east on Marine Drive. Many more shopping options are within a 15-minute ride on the Canada Line, be it Oakridge Centre, Aberdeen Centre, McArthurGlen Designer Outlets, Richmond Centre, Robson Street, or Pacific Centre. Plans for a future Canada Line station at 57th & Cambie mean the greater convenience of quickly reaching Richmond, Downtown Vancouver, and YVR International Airport will increase the value of your home. Now is the time to get on board! Your opportunity is arriving on the inbound track.

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