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Landcor BC Q4 2009 market report and forecast

Wed, 03 Mar 2010 19:30:17 GMT

Residential market strengthens despite seasonal slowdown

Vancouver, BC - March 2, 2010

In Q4 2009, home sales in BC declined 15.7% compared to Q3 2009, and the total dollar value of residential sales was lower by 12.9%, the result of the seasonal slowdown.

The Q4 2009 Residential Sales Summary, just released by Landcor Data Corporation, looks at sales and price data for BC and for six regions - Greater Vancouver, Vancouver Island, the Kootenays, the Okanagan, the Fraser Valley and BC North/Northwest.

"Heading into Q4, sales are usually slower than in Q3 because the cold and wet set in, driving potential home buyers indoors, where they stay until spring," says Landcor Data Corporation president, Rudy Nielsen. "Despite this seasonal influence, the market was still strong, because it was a great time to buy. We have good mortgage rates, and the economy is better."

Landcor's unique data includes all sales in the province, not just MLS® sales. There were 31,623 sales in B.C. in Q4, 67.4% more than in Q4 2008 when 18,886 sales were recorded, and 15.7% less than the 37,515 sales in Q3 2009. Q4 2008 was the low point in sales activity during the past recession.

Greater Vancouver sales were down 18.8% compared to Q3 but up 82.6% from one year ago. Fraser Valley sales were down 9.0% from Q3 but up 75.0% from a year ago. The lowest increase in sales was 2.7%, year over year, in BC North/Northwest where 1,728 homes changed hands.

Generally, prices were up year over year; however, some prices slipped in Q4 due to the seasonal slowdown.

The Sales Summary also evaluates monthly activity during Q4 2009. Sales generally declined in both November and December across most regions of the province, and prices were mixed although broadly lower in December.

"There's a cowboy saying that you have to talk slowly and think quickly," says Rudy Nielsen. "In B.C. the market has been like this - it's been talking slowly. But when it picks up due to the next seasonal factor - the active spring and summer months - buyers better be able to think, and act quickly."

Click here to download the full report. (530 KB)

For a hard copy of the report and more information, contact:

Rudy Nielsen, President and Founder
Landcor Data Corporation
(604) 604.606.7914
info@landcor.com

Home sales activity strong through Olympic period

Tue, 02 Mar 2010 23:36:42 GMT

The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.
More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said.
“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect,” Russell said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.
At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.
“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.
Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.
Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009. The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.
Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.
Click here to download the complete stats package.

Finance minister unveils new mortgage rules

Tue, 16 Feb 2010 21:56:44 GMT

Jeremy Torobin and Bill Curry

Ottawa — Globe and Mail Update Published on Tuesday, Feb. 16, 2010 8:17AM EST Last updated on Tuesday, Feb. 16, 2010 1:08PM EST

Finance Minister Jim Flaherty Tuesday announced tighter lending standards for mortgages, saying that while the housing market is healthy and there's no solid evidence of a bubble, the moves are needed to “help prevent negative trends from developing.”

Under the new rules, all borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they're seeking a loan with a lower rate and shorter term.

Also, the government is lowering the maximum amount Canadians can withdraw when refinancing to 90 per cent of the value of their homes, from the current 95 per cent, and requiring a 20 per cent down payment for government-backed mortgage insurance on “speculative” investment properties.

“There are no definitive signs of a housing bubble,” Mr. Flaherty said. “We think we're being proactive in the three steps we're taking today.”

Scotia Capital economist Derek Holt said the tighter criteria for mortgages could cause the housing market to ``really heat up” over the next few months as buyers try to get approved before the stricter rules come into force.

``This all leads to short-term price scrambling,” Mr. Holt said in an interview, noting that the Harmonized Sales Tax due to take effect in Ontario and British Columbia on July 1 is already causing some buyers to rush into the market in a bid to close deals in advance. ``It could really heat up in the near term and then cool off in the back end of the year. With the HST in Ontario and B.C. and these changes, they have dramatically altered the home-buying decisions of Canadians.”

The three new changes to the mortgage insurance guarantee rules are intended to take effect on April 19, according to a statement.

More on mortgages

Mr. Flaherty stressed that some lenders are already applying stricter standards when approving buyers for mortgages, but said today's announcement was needed to ensure others start doing so.

``I prefer not to give direction to lending institutions about what their practices ought to be and what their standards ought to be,” he said. ``We are now providing direction in what they ought to do.''

In reference to the tightening of refinancing rules, Mr. Flaherty said this will encourage Canadians to build equity in their homes instead of tapping that equity as a source of cash.

“This will discourage the kind of mortgage refinancing that can create unsustainable debt levels as interest rates go up,” he said. ``We are encouraging people to build equity over time, using home ownership as an effective way to save, rather than as a vehicle for quick cash.”

In his comments on the third measure, Mr. Flaherty said the hike in minimum down payments for such properties will help keep prices from climbing too high.

“We will require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. This will discourage the kind of reckless real estate speculation that can drive prices to unsustainable levels which does not serve Canadian home buyers,” he said.

“We're not aiming here at investment properties,” Mr. Flaherty added. “What we're getting at is the speculation in multiple-condo markets, in particular.”

A backgrounder circulated by Finance Department officials explained that the change won't apply to borrowers who buy residential properties where they plan to live but which also include some rental units.

``The problem is this multiple-unit, non-owner-occupied situation,” he said.

At the same time, Mr. Flaherty acknowledged that even though most lenders already ask mortgage-seekers if they plan to live in the home they're trying to buy, they're not always sure they get an accurate response. The new rule is ``not easy to administer but it's not impossible either,” he said.

The Canadian Real Estate Association said in a report last week that low interest rates will push home resales and prices to records this year.

The new rules are meant to ``have some stabilizing effect” and encourage ``moderation” in the market, Mr. Flaherty said. When asked if that means the moves will push home prices lower, the minister said the main purpose was to curb the type of ``excesses” that helped fuel the subprime-mortgage meltdown in the United States.

``You can see people starting to use the equity in their homes as if it were cash and the assumption that took hold that housing prices only ever go up,” Mr. Flaherty said, adding the government is worried about ``the tendency for those who have limited credit to speculate in the market,” because ``they're the first ones to get into trouble in the market when interest rates go up.''

The moves send an appropriate message to borrowers about debt, said CIBC economist Avery Shenfeld. While the rules don't take effect yet, Mr. Shenfeld suggested that the banks might begin adopting them earlier. And they could take a little bit of steam out of the market, he said.

“It may be part of a cooling that we'll see in house price appreciation,” he said. “We were pushing into house prices that were running a bit ahead of rental rates and income fundamentals – not to the point that we feared a huge house price crash, but to the point that it might be time to head-off such risks.”

Metro Vancouver Real Estate report

Thu, 11 Feb 2010 03:52:46 GMT

Peak Performance - A Decade of Metro Vancouver Real Estate

During the past decade, Metro Vancouver housing prices have more than doubled, sales have increased 70 per cent, prices per square foot have risen 150 per cent and dollar value has soared 227 per cent.

This information and much more is contained in Landcor Data Corporation's new report, A Decade of Peak Performance, 2000 - 2009 Metro Vancouver Market Overview. The report evaluates residential real estate activity and trends, with a focus on Landcor's unique data, unavailable elsewhere, including price per square foot, turnover rates for Metro Vancouver communities and foreign ownership.

"Our report shows that buying real estate in Metro Vancouver during the past decade has been a great investment" says Landcor President Rudy Nielsen. "And the sooner one buys, the greater the return on the investment."

Key trends for the 2000 - 2009 period include:
The average sales price of a condominium increased 114%, the number of sales increased 176% and the dollar value of total sales increased 491%.
The average sales price of a detached home rose 120%, while the average price per square foot (of finished area) rose 161%.
The highest sales price for an attached home was $7.4 million in 2009.
The highest sales price for a detached home was $14.2 million in 2009.
The highest turnover rate was in Lions Bay at 12.3%, while the lowest was the District of North Vancouver at 6.1%. The Metro Vancouver average was 9.0%.
When it comes to foreign ownership, at 2,532 properties, Americans are the highest foreign ownership demographic, followed by residents of Hong Kong who own 609 properties in Metro Vancouver.

Since 2000, Metro Vancouver's 677,483 residential properties have generated 601,675 sales and produced a total dollar value of $230.4 billion.
Metro Vancouver's 386,620 detached homes have generated 278,199 sales for a total dollar value of $133.6 billion.
Metro Vancouver's 98,599 attached units have generated 105,596 sales for a total dollar value of $33.9 billion.
Metro Vancouver's 192,264 condominiums have generated 217,880 sales for a total dollar value of $62.9 billion.
One of our favourite cowboys, John Wayne, once said, "Tomorrow hopes we have learned something from today." "Despite market ups and downs and a few bumps on the road since 2000, what we've learned today is that Metro Vancouver property is a peak performer, a rising investment even during the challenging conditions resulting from global financial meltdown," says Nielsen. "Take my advice, and don't wait to buy land. Buy land...Then wait!"

Click here to download the full report. (2 MB)

For a copy of the report and more information, contact:
Rudy Nielsen, President and Founder
Landcor Data Corporation
604.606.7914; rudy@landcor.com

Housing supply and demand reach closer alignment in January

Wed, 03 Feb 2010 22:02:45 GMT

Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.
In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today,” Jake Moldowan, REBGV president-elect said.
“There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales-to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.
“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.
In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.
Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.
Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.

Click here to download complete stats package.

New property listed in False Creek North, Vancouver West

Sat, 30 Jan 2010 10:24:09 GMT

I have listed a new property at # 4101 1408 STRATHMORE MEWS BB in Vancouver.

See details here

Enjoy Vancouver from 41st flr! Bright south-east facing sub-penthouse@WEST ONE, 10' ceiling, just below 1,100 sf of comfort in the clouds! This 2 bdrm & den overlooks David Lam Park with sweeping views of False Creek, city & unobstructedvistas to Mount Baker. It features a stainless kitchen with granite counters, full wrap cupboards, gas stove & huge storage. Both bdrms & living room are good size, with the stunning views from each room. Has 2 large parking stalls side by side and a locker. Recreational Club Viva offers the ultimate in resort-style amenities including lap pool, spa, state of the art exercise & party rooms, squash courts, theatres and guest suite. For your convenience and security 24-hours concierge service.

Global Real Estate Market Roundup

Fri, 29 Jan 2010 18:28:47 GMT

By Alex Finkelstein from RealEstateChannel.com

London Tops DC as World's Best Foreign Investment Market
Some Kazakhstan Apartments Listed at $800,000
London's Land Securities Pumping $1B into 3 New Construction Projects
Australian Investors Hunt for Bargains in Tokyo
Hualalai Resort Single-Family Home Posts Record $26.25M Sale
Inland Unloads 56 Home Sites in Illinois in Multi-Million-Dollar Deal
Orlando's Daryl Carter Controls Almost 200 Prime Acres in Tropny Corridor

James A. Fetgatter

(LONDON, ENGLAND) -- London has beaten Washington, DC by a wide margin as the world's best real estate investment market today, according to a fourth-quarter 2009 survey by the Association of Foreign Investors in Real Estate. New York City was the No. 3 choice.

DC was first and London was second in last year's survey. For investing in the U.S., Washington was the top choice this year.

"Last year, Washington was the No. 1 city (worldwide) but the spread was not nearly as great," says James Fetgatter, CEO, Association of Foreign Investors in Real Estate.

"This year, the spread with DC and New York is much greater. The concentration is in London, Washington and New York."

The survey also revealed that for the second consecutive year, multi-family topped investors' preferred property type. Next in line was office, industrial, retail and hotel properties.

Foreign investors chose the top five emerging markets as China, Brazil, India, Mexico and Turkey. Brazil and India were No. 1 and No. 2 in the previous year's survey.

(ALMATY, KAZAKHASTAN) -- Kazakhstan's falling real estate prices in all property types are gradually rising again. Units at one apartment community had been priced at $800,000 (4,500 per square meter)

For 2010, the forecast is a fragile recovery and the gradual completion of numerous partly finished construction projects.

Bricks & Mortar, an online industry watcher, states real estate firms have reported an increase in activity since March 2009. Prices started to rise in October when major construction firms Bazi A and MAG increased their prices by $100 and $50 per square meter respectively.

"The increase in the official price is symbolically important," says Roger Holland, president, CBRE Scott Holland. "They are telling the market that the crisis is over and you better look at buying."

However, cautions Holland, "This is a very fragile recovery. I expect this winter will be quiet, but by March 2010 things will be more positive.

"The resolution of the (bank) BTA's debt restructuring removes a big hurdle."

(LONDON, ENGLAND) -- London-based Land Securities plans to invest $1 billion (655 million pounds) into three new construction projects in affluent neighborhoods.

The projects are Park House in Mayfair and Wellington House and Selborne House in Victoria. Ground-breaking is scheduled for the first and second quarters of this year with completions due in 2012 and 2013.

Reuters reports that together, the projects will provide more than 500,000 square feet of new office and retail space, and 120,000 square feet of residential space.

In favoring new construction over acquisition, Land Securities is changing previously held strategy.

"Our financial strength allows us to be first off the block with our London development program," says Land Securities CEO Francis Salway.

The company's plans came after Investment Property Databank disclosed average United Kingdom commercial property values rose 3% in December 2009, their highest monthly gain in 23 years.

Reid Mackay

(SYDNEY, AUSTRALIA) -- Future Fund, QIC and AMP Capital Investors are among several Australian investor groups aiming their acquisition chests towards Japan, and especially Tokyo where prices of prime commercial properties are falling fast.

Reid Mackay, head of the capital market and institutional property division of CB Richard Ellis Asia, says the new investor breed is looking for quality rather than the high yields that were touted in Japan's markets between 2005 and 2007.

"The cycle has turned (in Japan) and the days of Japan-centric listed property trusts are over," says the CBRE executive.

Mackay says the first major transaction of a prime Tokyo office block since the onset of the global financial crisis came in December 2009, reports The Australian online publication.

Li Ka Shing

At that time, Shinsei Bank sold Pacific Century Tower in central Tokyo for $1.5 billion. DaVinci Holdings had bought the building from Richard Li in 2006 for $2 billion. Richard Li is the son of Hong Kong tycoon Li Ka-shing.

Mackay expects AMP Capital to make its first Tokyo acquisition by June. "They have been researching the (Tokyo) office and retail property markets for some time," he says.

Mackay says $1.5 billion to $2 billion worth of assets belonging to Australian-listed Japanese real estate trusts are on the market, but most are B-grade buildings and difficult to sell.

Hualalai Resort

(KONA, HAWAII) -- A five-bedroom, 8,630-square-foot single-family residence at Hualalai Resort on the North Kona Coast of Hawaii has been sold for a record $26.25 million.

Patrick Fitzgerald, CEO of Hualalai Resort didn't disclose the names of buyer and seller.

He says the sale was the largest in Hawaii ever recorded and the largest in the 13-year-old resort. Total 2009 real estate sales at the resort topped $150 million.

The home has 5 ½ bathrooms, a great room with pocket glass, screen and operable louvered doors, open-air dining room and living room pavilion.

"With five transactions exceeding $10 million, including this record-breaking sale, Hualalai Realty did an outstanding job in 2009, despite a very difficult economic environment," Fitzgerald says. "We believe that these sales reflect buyers' confidence in the significant investments ($40 million) we have made at Hualalai."

(OAK BROOK, IL) -- Inland Real Estate Auctions Inc. has sold 56 orphaned residential lots in the Five Oaks of Frankfort development in the past six months.

Paul Rogers, senior vice president and managing broker of Inland Real Estate Auctions, didn't disclosed the names of buyer, seller or the developer Inland represented in the multi-million-dollar transaction.

"In a market where the conventional wisdom might say that no one wants to buy land, these results show that there are still buyers out there with an eye for a good value," says Rogers.

He says the lots had remained unsold for the past six years.

"High-quality home sites like the ones in Five Oaks of Frankfort can still be sold today, but it requires versatility and creativity on behalf of the seller and the seller's real estate marketing specialist," Rogers adds.

(ORLANDO, FL) -- Maury L. Carter & Associates Inc., a low-key Orlando-based land-brokerage firm, has collared a prime swath of land totaling almost 200 acres along the Interstate 4 corridor between Disney World, Universal, Sea World and the Orange County Convention Center.

Local industrial brokers speculate the firm may now be the largest landholder in the limited land market leading to the area's major leisure attractions.

Daryl M. Carter

The deal that moved the holdings to the 200-acre level was a $7.325 million cash purchase by Daryl M. Carter, trustee of Carter-Orange 23I4 Land Trust. The acreage lies along I-4 and Palm Parkway in Orange County.

The seller's name wasn't disclosed.

The new acquisition is bisected by the county's planned Wildwood Avenue and I-4 overpass. The new parcel will also bisect Carter's 105-acre Wildwood PD parcel on the north side of Palm Parkways and Carter's 69-acre Vineland Pointe PD parcel on the south side of I-4.

The transaction pushes Maury L. Carter & Associates' volume to $48.24 million in the last 10 months. Daryl Carter is a vice president of Maury L. Carter & Associates and the son of Maury Carter, the firm's founder and active partner.

Daryl Carter and Patrick Chisholm of Maury L. Carter & Associates represented the buyer. William Bishop of Bishop Realty & Development negotiated for the seller.

Click Here To See Prior News Posts By This Contributor »

The 2010 Whistler Report

Thu, 28 Jan 2010 22:33:53 GMT

New report explores Whistler residential market's decade-long adrenaline rush.

Vancouver, BC - January 25, 2010 - Whistler's housing market rebound at the end of 2009 capped decade-long growth that saw a 123 per cent increase in assessed values from 2000 to 2010, according to a new report from Landcor Data Corporation.

The 2010 Whistler Report evaluates residential real estate facts and trends for the Resort Municipality of Whistler since 2000. It provides a decade's worth of property information and analysis, including a special focus on foreign and domestic ownership in the region and a detailed quarterly analysis of the Whistler market in 2009.

"This report reveals the transformation that's taken place in Whistler since 2000 ," explains Landcor President Rudy Nielsen. "Since we won the 2010 Olympic and Paralympic Games bid in 2003, the change has been dramatic."

Where are Whistler buyers from? Nielsen notes that "three years ago, property owners in Whistler hailed from 13 countries. Today that number has skyrocketed to approximately 40 countries around the globe."

There are currently a total of 13,134 residential properties in Whistler, which have generated 8,990 sales since 2000.

The average assessed value of a condominium in Whistler increased by 101 per cent to $380,000 in 2010 from $189,000 in 2000. There are currently a total of 6,244 condominium units in Whistler, which have generated 4,738 sales since 2000.

The average assessed value of a townhome in Whistler increased by 104 per cent to $677,000 in 2010 from $331,000 in 2000. There are currently a total of 3,350 townhome units in Whistler, which have generated 2,355 sales since 2000.

The average assessed value of a detached home in Whistler increased by 141 per cent to $1,396,000 in 2010 from $580,000 in 2000. There are currently a total of 2,580 detached units in Whistler, which have generated 1,446 sales since 2000.

"Whistler continues to be a good investment and this data demonstrates the gain in values in the past decade," says Nielsen. "My advice to anyone looking to buy in Whistler is the same advice that I give to all potential buyers: Don't wait to buy land. Buy land...Then wait!"

Click here to download the full report. (2 MB)

Rudy Nielsen, President and Founder
Landcor Data Corporation
(604) 604.606.7914; rudy@landcor.com

You Gotta Be Here in 2010

Fri, 22 Jan 2010 02:05:01 GMT

Watch a beautiful video from Hello BC web site

British Columbians Michael J. Fox, Ryan Reynolds, Eric McCormack, Kim Cattrall, Steve Nash and Sarah McLachlan introduce you to the...

Slow start, strong finish for housing market in 2009

Tue, 12 Jan 2010 08:18:37 GMT

January 5, 2010

After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.
The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.
The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.
“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”
Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.
“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.
Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (see graph on page two for more detail).
Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.
Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.
Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.
Download complete stats package by clicking here.

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact:
Craig Munn, Assistant Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146
cmunn

I have sold a property at # 202 689 ABBOTT ST in Vancouver

Fri, 04 Dec 2009 10:18:10 GMT

I have sold a property at # 202 689 ABBOTT ST in Vancouver.

See details here

Enjoy your private 300 s.f. wrap-around garden patio in addition to beautiful 2br 933 s.f. top of the line finishing home with 2 spa like bathrooms at newly built Espana. Features include functional open floor plan, European style kitchen cabinets, granite countertops & stainless steel appliances incl. wine cooler, mirrored closet space, electric fireplace, porcelain tile flooring & dual flush low profile toilets in the bathrooms. The building has gardens and spectacular water features in addition to 25 m indoor pool, steam room, hot tub, fitness centre, theatre room, library, lounge and top notch security. Steps to skytrain, T&T, Costco, Yaletown, all Parks, GM Place, BC Place, Olympic Village, Seawall and Theatres. The urban renewal in the surrounding areas creates an oppty for an excellent return on your investment. Price includes GST. Open House Sat Oct 24th, 2-4 pm & Sun Oct 25th, 12-2 pm.

I have sold a property at # 3107 688 ABBOTT ST in Vancouver

Fri, 04 Dec 2009 10:18:10 GMT

I have sold a property at # 3107 688 ABBOTT ST in Vancouver.

See details here

Investor's dream 2010 Olympic opportunity at the International Village! Panoramic view of city, North Shore Mountains & Burrard Inlet from 31st floor. Solid, 2007 built, world class Firenze building all the luxuries of modern living, including pool, sauna, Jacuzzi, gym, theatre, rooftop garden. Bright, 2 bedroom, 2 bath, NW corner unit w/ functional layout. Spacious master bedroom w/ built-in bedroom furniture & office, gourmet kitchen, insuite laundry & storage. Features walnut finished laminated flooring, granite countertop, F/C wndws, stainless steel Whirlpool appliances, F/P w/ BI shelves & large balcony. Steps to Seawall, BC Place, Casino, Costco, T&T Market, transit & entert, 1 prkg, 2nd optional. PUBLIC OPEN: Sat, July 25th, 12-3 PM & Sun July 26th, 1-5 PM.

I have sold a property at # 3102 689 ABBOTT ST in Vancouver

Fri, 04 Dec 2009 10:18:10 GMT

I have sold a property at # 3102 689 ABBOTT ST in Vancouver.

See details here

Enjoy 270 d. panoramic view of N. Shore mountains, Burrard Inlet, False Creek, city and parks. 2bdrm 933 sq.ft. top of the line finishing home w/2 spa like bathrooms, solarium, office, office & balcony at new ly built Espana. Features incl.functional open floor plan, European style kitchen cabinets, granite countertops & stainless SS, wine cooler, mirrored closet space, electric F/P, porcelain tile flrg. Bldg has gardens & spectacular water features in addition to 25 m I/D pool, steam room, hot tub, gym, threatre room, library, lounge & top notch security. Steps to skytrain, T&T, Costco, Yaletown, all parks, GM Place, BC Place, Olympic Village, Seawall & Threatres. PUBLIC OPEN: Saturday October 31st /Sunday November 1st, 2-4 PM.

BC residential housing market recovery well underway

Thu, 26 Nov 2009 19:33:43 GMT

BC Q3 2009 Residential Sales Summary from Landcor

The BC housing market rebounded in Q3 2009 with a 36% increase in home sales and a 45.9% increase in the total dollar value of homes sold province-wide, according to a new report from Landcor Data Corporation.

The Q3 2009 Residential Sales Summary evaluates sales and price data for all of BC and for six regions - Greater Vancouver, Vancouver Island, the Kootenays, the Okanagan, the Fraser Valley and BC North/Northwest. It compares data and findings to Q2 2009 and Q3 2008 and also provides monthly information and analysis.

"Landcor data shows we're in the early stages of a cyclical recovery," says Landcor President, Rudy Nielsen. "It was like the market was thrown from a horse in 2008. We've gotten back on in 2009 and now we're headed in the right direction. Reviewing 30 years of historical data and past recessions, I see a leveling off period in the winter months and a gradual increase in the Q2 2010."

Landcor found that during Q3 2009, 37,515 residential properties changed hands in BC, a 36% increase over the Q2, and a 27.6% increase over Q3 2008.

The rebound was strongest in Greater Vancouver where sales surged 44.2% over Q2 2009, followed by the Fraser Valley where sales rose 35.1%. Vancouver Island sales increased 32.9% in Q3 over Q2 2009, Kootenay sales climbed 26.6%, Okanagan sales increased 21.2% and BC North/Northwest sales grew 19.5%.

Total dollar value in BC increased 45.9% to $16.5 billion from $11.3 billion in Q2 2009. Greater Vancouver led the province with a 52.3% gain in total dollar value to $10.3 billion.

Prices rose in every region of the province in Q3 compared to Q2 2009. Province-wide prices increased as much as 7% and exceeded year ago levels by as much as 3.3%.

In the report Landcor also looked at monthly sales during Q3 2009. Most regions of the province saw an expected slip in sales, largely the result of the usual autumn seasonal downturn.

"We're in the early stages of a rebound and the market is offering plenty of opportunities and bargains for home buyers in all regions of the province as we head into a short seasonal slowdown," says Nielsen. "The winter months are traditionally slow, which gives buyers the upper hand. This is a very unique time, where finding the right property during the holiday season is likely."

Click here to read the full report. (400 KB)

Rudy Nielsen, President and Founder
Landcor Data Corporation
(604) 604.606.7914; rudy@landcor.com

New property listed in Downtown VW, Vancouver West

Sat, 17 Oct 2009 09:05:19 GMT

I have listed a new property at # 3102 689 ABBOTT ST in Vancouver.

See details here

Buyer demand remains strong while home listings increase

Fri, 02 Oct 2009 23:20:52 GMT

VANCOUVER, B.C. – October 2, 2009

– Greater Vancouver home sales remained strong last month,

with the second highest number of residential sales ever recorded for the month of September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater

Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded

in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded. Detalis HERE

New property listed in Downtown VW, Vancouver West

Wed, 30 Sep 2009 09:11:47 GMT

I have listed a new property at # 202 689 ABBOTT ST in Vancouver.

See details here

July stats:Strong spring market carries into summer months

Wed, 05 Aug 2009 18:51:09 GMT

VANCOUVER, B.C. – August 5, 2009 –

The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.
“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”
New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.
“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.
July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.
Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.
Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.
Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.

Bright spots in Greater Vancouver in July 2009 compared to July 2008:
DETACHED:
Burnaby up 121.7 per cent (153 units sold from 69)
North Vancouver up 53.3 per cent (115 units sold from 75)
Maple Ridge/Pitt Meadows up 60 per cent (160 units sold from 100)
Richmond up 140.2 per cent (221 units sold from 92)
Vancouver East up 66.4 per cent (208 units sold from 125)
Port Coquitlam up 236.4 per cent (74 units sold from 22)
Vancouver West up 104.5 per cent (180 units sold from 88)
South Delta up 203.1 per cent (97 units sold from 32)
West Vancouver up 108.1 per cent (77 units sold from 37)
Sunshine Coast up 60.5 per cent (69 units sold from 43)
ATTACHED:
Burnaby up 123.3 per cent (134 units sold from 60)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
North Vancouver up 70 per cent (51 units sold from 30)
Vancouver West up 110 per cent (105 units sold from 50)
Richmond up 152.1 per cent (179 units sold from 71)
Vancouver East up 195.8 per cent (71 units sold from 24)
Port Coquitlam up 117.6 per cent (37 units sold from 17)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
Coquitlam up 88.2 per cent (64 units sold from 34)
APARTMENTS:
Burnaby up 72.8 per cent (235 units sold from 136)
North Vancouver up 47.9 per cent (105 units sold from 71)
Richmond up 85.5 per cent (230 units sold from 124)
Vancouver East up 64.2 per cent (179 units sold from 109)
Vancouver West up 94 per cent (584 units sold from 301)
New Westminster up 70.6 per cent (116 units sold from 68)
Coquitlam up 62.3 per cent (86 units sold from 53)
Port Moody/Belcarra up 138.1 per cent (50 units sold from 21)

Download the complete stats package by clicking here.

I have sold a property at # 3005 188 KEEFER PL in Vancouver

Sat, 18 Jul 2009 09:14:41 GMT

I have sold a property at # 3005 188 KEEFER PL in Vancouver.

See details here

Investor's dream 2010 Olympic opportunity at International Village! Price includes GST. Move in now. Panoramic view of North Shore Mountains, Burrard Inlet & False Creek. Solid, 2009 built, world class ESPANA building all the luxuries of modern living, including pool, sauna, Jacuzzi, gym, theatre, roof top garden & security. Bright NE corner unit w/ functional layout. Home office, solarium off kit & S facing balc, High end finishes incl Euro-style cabs, granite counters, stainless steel appls & wine cooler. Steps to Tinseltown, Seawall, GM Place, Costco, shops, theatres, Skytrain & Olympic Village. The urban renewal in the surrounding areas creates an oppty for an excellent return on your investment. PUBLIC OPEN: Saturday & Sunday July 11th & 12th, 2-4 PM.

See properties for sale as you go on your iPhone

Fri, 03 Jul 2009 01:49:37 GMT

MyRealPage has launched a very exciting new feature: geo-location aware property searches on iPhone and Android-based phones. Last week, iPhone OS 3.0 has been released and iPhone 3GS has shipped. Just before that, Android "Cupcake" version has been released and HTC Magic launched. Hot on the heels of these events, MyRealPage releases mobile search designed for iPhone and Android based phones (such as HTC Dream and Magic). This is a very new and exciting application space for MyRealPage! We decided to deliver a fully featured set of HTML5 mobile tools that would include both useful search tools for your clients as well as powerful lead generation opportunities. Details HERE

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I have sold a property at # 202 689 ABBOTT ST in Vancouver

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I have sold a property at # 3102 689 ABBOTT ST in Vancouver

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New property listed in Downtown VW, Vancouver West

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I have sold a property at # 3005 188 KEEFER PL in Vancouver

See properties for sale as you go on your iPhone