Knight Frank's wealth report about 2015 luxury real estate ranks Vancouver as the best performing city worldwide, with a 24.5% increase over the last year.Sydney came in second with a 14.8% increase and Shanghai was third with 14.1% increase. Toronto came in 12th with a 8% increase. This is called the Prime International Residential Index (PIRI) and it tracks the most sought after real estate around the world.

The weak Canadian dollar helped Vancouver shoot to top position, together with low supply of properties for sale and international demand.

Interestingly, central London did not make the top 100 list.

However, Vancouver is not seen as a city that matters the most to the UHNW (ultra high net worth ) individuals, who live in other international cities but follow the advise of their investment advisors regarding real estate purchases and will send their children to school in cities like Vancouver.

Mar 22/16

Read full post

The Bank of Canada holds the overnight rate at 0.5%, adding that inflation is evolving as anticipated bt a weak economy will continue to dampen growth in consumer prices. Weak economic growth is due to the low price of oil and the economy is expected to remain weak thru 2016. The low Canadian dollar is making imports of goods, including machinery, fruit and vegetables more expensive. 

March 9, 2016

Read full post

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!

Read full post
Posts By Date
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.