Vancouver City Council has voted to spend $2.3M on a LGBTQ plaza on Bute, between Davie and Burnaby Streets, in honour of Jim Deva, a well known West End activist. 

There will be a Speaker's Corner soapbox, standard benches, custom tables and chairs, raising crossings for pedestrians and cyclists, catenary lighting as well as power and water connections and an extension of the rainbow elemetns which are already there.

This is the first phase of the Davie Village Public Space improvements project.

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Finance Minister Morneau announced today a revision to Insured Mortgages.

I have outlined the changes below and added a link to a CBC article and videos.

 

Increased Down Payment for purchases over $500,000 and less than $1,000,000.

Buyers can still put 5% Down on the first $500,000 of the purchase price, however the amount of the purchase price in excess of $500,000 is now subject to a minimum of 10% Down Payment.

 

For Example:

$750,000 Purchase Price

Total Down Payment Minimum is 5% on first $500,000 and then 10% down on next $250,000

Total $50,000 Down (NEW) versus $37,500 (CURRENT)

 

Effective Date of change is February 15, 2016.

 

The above changes will likely make for a busy first six weeks of 2016, as Vancouver real estate buyers wth pre-approved mortgages buy before the deadline of Feb 15th

 

Dec 11/15

 

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When I check the East Vancouver real estate graphs back in 2005 i noticed the difference in the listings to sales ratio compared to what it currently is. Back in 2005 the total listings were 1,250 compared to 653 today. Sales at the beginning of 2005 totalled 227 vs 314 today, resulting in a sales/active ratio of 48% today, compared to 19% in 2005.Today's population is greater and I think sales would be higher if there were more listings.


Over the last ten years, the record number of sales East Vancouver property sales were in June 2005 which had 578.. Listings peaked at 2,000 in June 2008 and have been on a steady decline since, currently at 653 for November 2015.


Sales dollar volume peaked in June this year and has decreased since then but has increased 51% from a year ago and is more than three times higher than ten years ago - to be expected because of rising real estate prices.


Overall average days on the market sits at 33 and is the lowest in the last ten years. Townhomes and condos are selling at an average of less than l% of list price and houses are selling at an average of 4% over list price.


Average dollar pr sq ft for East Van houses is $642 (compared to 1058 for West Side houses), $646psf for townhomes and $549psf for condos.


East Vancouver average sales price for houses is going vertical - up 34% over the last year, with an average of $1.386.000. In Dec'13 it cracked $1M for the first time. Townhomes are up 13% over the last year, with an average sale price of $668,000. East Van condos sit at $448,000 - up 21% over the last year.


Thinking of Buying or Selling? Call Maggie 604-328-0077 - Seriously Local!

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November real estate prices on Vancouver's West Side continued to trend upwards. Average sales price for houses is now $3.5M - up 18.7% over the last year.

Townhomes sit at $1.062.000, up 12.7% over the last year.

Condos clocked in at $748,000, up 15.6% over the last year.


The sales to active ratio for condos is the highest it's been since 2006, now 50%. Townhomes win the contest at 55%, the highest in the last ten years.

Houses sit at 30%, back to 2011 levels.


West Side house sales are up 43% from a year ago, townhomes are up a whopping 72% from a year ago and condos are 38% higher.


House listings are down 26% from a year ago, townhomes are down 47% and condos are down 42%. 


Overall dollar volume matches February 2011. All types of Vancouver real estate are selling at an average of less than 0.5% of list price. 


Average price pr sq ft for house sales is $1056, townhomes are $778psf and condos are $772psf. An all time high for all types.


Thinking of buying or selling? Call Maggie! Seriously Local! 604-328-0077

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On December 2nd the Bank of Canada announced that it would not be changing the overnight rate, stating that inflation is in line with its outlook 

Regarding growth, the Bank stated that the Canadian economy is experiencing complex adjustments due to low commodity prices but expects growth to increase in 2016.

everal quarters of steady growth following the oil price shock of late 2014 may convince policymakers that the economy is no longer in need of the monetary stimulus injected into the economy via two rate cuts in early 2015. If so, the Bank may shift back to a tightening bias with a potential rate increase late next year or in early 2017.

Several quarters of steady growth following the oil price shock of late 2014 may convince policymakers that the economy is no longer in need of the monetary stimulus injected into the economy via two rate cuts in early 2015. If so, the Bank may shift back to a tightening bias with a potential rate increase late next year or in early 2017.



 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.