Christine Louw's Vancouver real estate blog.

Impressive 3,636 sq ft Coal Harbour view condo at TWO HARBOUR GREEN

2011-08-05T22:12:00.000-07:00

Impressive entertainer's dream condo at TWO HARBOUR GREEN - 1139 W. Cordova. 3,636 sq ft of luxury with stunning views. 3 bedrooms, 4 bathrooms, fabulous finishes, large balcony, air conditioning. CAD 400,000 fantastic upgrades, private 3 car garage with storage plus additional large storage room.

TWO HARBOUR GREEN is located next to the seawall and has an imperial sized lobby with concierge, virtual golf, ample visitor parking, pool, sauna, steam room, gym and social rooms.

Asking price CAD 6,498,000.

Contact me at 604 926 3936 or christinelouw@shaw.ca for a showing or additional information. If you are looking for the best, this condo will appeal to you.

Virtual tour or visit http://www.coalharbourcondos.info or http://www.vancouver-condos.net

Coal Harbour real estate market statistics - July 2011

2011-07-14T14:36:00.000-07:00

COAL HARBOUR STATISTICS

For a more complete report on the Coal Harbour real estate market click on this link.

Building with most sales in June: Venus at 1239 W Georgia (5 sales).
On 12 July 2011, 181 condos are listed for sale: average asking price of $2,219,954, median asking price of $1,459,000.
Most active listings: Fairmont Pacific Rim Estates (1011 W Cordova) - 24, West Pender Place (1499 W Pender) - 20.

Recently I sold several impressive Coal Harbour condos. Please contact me at 604 926 3936 or christinelouw@shaw.ca if you like me to assist you in achieving a similar great result.

· 2301 - 139 W Cordova, Two Harbour Green ♦ sold in 4 days for $ 5,600,000

· 1802-1680 Bayshore ♦ sold in 5 days for $1,900,000

· high floor 04-323 Jervis, Escala ♦ sold for $1,630,000

· 506 - 590 Nicola, Cascina ♦ sold in 29 days for $1,012,500.

Greater Vancouver real estate market update - July 2011

2011-07-14T14:16:00.000-07:00

GREATER VANCOUVER STATISTICS

The Real Estate Board reports that in June 2011 compared to June 2010
- the number of residential property sales in the Greater Vancouver area increased by 9.8 %: condo sales increased by 0.6% and detached home sales by 29.1%
- new listings increased by 4.5%; the total number of listings declined by 14%
- the benchmark price of condos increased by 3.5% and of detached homes by 13.4%

For the full June 2011 report of the Real Estate Board of Greater Vancouver click on this link and scroll down.

New! SALT by Concert Properties at Hornby/Drake

2011-04-01T13:35:00.000-07:00

SALT will be launched in June 2011 and is a 32 storey tower with over 194 homes ranging from 1 bedroom to 2 bedroom and den. Most condos will be from 475 to 925 sq ft while the SKY collection will be from 940 to 1,380 sq ft. Over 125 homes will be priced between $295,000 and $495,000. The higher floor condos will have great views. Finishes are advertized to be high end with laminate flooring throughout including bedrooms, and quality modern white kitchens with European appliances, quartz counter tops and tile backsplash. ------------------------------------------------------------------------------------------- Go to the "new condos" tab at http://www.vancouver-condos.net for a location map. Contact me if you are interested in * the condos in SALT or any other development or * want to receive information about the Vancouver real estate market.

MADDOX DOWNTOWN - New development by Cressey

2011-03-30T01:05:00.000-07:00

Cressey has announced it will launch this spring a 32 storey building at the corner of Howe and Drake. MADDOX will be close to two other Cressey developments: ELAN @ 1255 Seymour (completion 2006) and DONOVAN @ 1055 Richards (completion 2008/2009) which both have luxurious finishes.

The MADDOX condos will range in size from 498 to 1,576 sq ft.

Are you interested in buying a condo in this development? Contact me and I will keep you informed of the progress and assist you in selecting the condo that meets your requirements best whether you are looking for a home for yourself or an investment property.

To view a map with the location of new and newer buildings go to http://www.vancouvercondos-net

Rental market is strong

2011-03-30T00:40:00.000-07:00

The rental market for condos and detached homes is strong. The low supply on Craigslist is a great barometer and rental realtors confirm that there not sufficient supply. Great news for investors! See http://www.vancouver-condos.net if you are interested in investing in a condo and http://www.christinelouw.com to browse detached home listings.

Vancouver real estate market statistics for February 2011

2011-03-06T00:47:00.000-08:00

The Real Estate Board just released their most recent statistical information which shows that
- listings, sales and demand have increased in the first two months of 2011 and
- that some areas and categories of real estate (notably detached homes in Richmond and Vancouver Westside) have seen considerably more activity than others.

In February 2011

the number of sales increased by 70.3% compared to January 2011 and by 25.5% compared to February 2010.
new listings increased by 23.6% compared to February 2010 and the total number of listings increased by 5%
the 12 month increase of the benchmark price of detached homes was 6%, of condos was 2.2% and of townhomes was 2.3%.

Statistics are not the same for all areas. Contact me if you like to know what properties sold in the last 60 days in your immediate area. Your property may be worth more than you think!

If you like to browse yourself to see current asking prices visit my websites
www.vancouver-condos.net
www.coalharbourcondos.info
www.falsecreeknorthcondos.com
www.christinelouw.com for homes

Bank of Canada held its overnight rate

2011-03-01T09:34:00.000-08:00

This morning the Bank of Canada held the overnight (interest) rate at 1 percent. The overnight rate has a substantial influence on mortgage interest rates. The statement released with the decision noted the improved outlook for the Canadian economy but also the escalating geopolitical risk and the challenge to export by the rising Can dollar. The Vancouver market is increasingly active in all price ranges. On 18 March the maximum amortization period for high ratio mortgages (mortgage for more than 80 percent of the purchase price/appraised value) will be reduced from 35 to 30 years. Buyers who remove subjects before 18 March have access to the 35 year amortization period. This change will mainly affect purchases in the lower price ranges and likely not to a significant degree. At the moment this segment of the market is very active with quick sales and multiple offers; remains to be seen if this activity is in anticipation of the 18 March change or just part of the general increase of demand. For mortgage rate information see "Resources" at http://www.vancouver-condos.net and "Statistics" at http://www.coalharbourcondos.info

KITS360 - new affordable development on Fairview/Kits border

2011-02-11T19:00:00.000-08:00

Just announced. Previews to start in March. Location: 1777 W 7th, Fairview - close to Burrard and transit Developer: Intergulf Development Group Construction: concrete, outdoor space with units, stone counters, laminate flooring, stainless steel appliances. Views: False Creek, English Bay, Downtown, Northshore mountains Price: starting from $349,900 Please contact me at 604 926 3936 if you like to receive more information about these or any other properties. Information as provided by the developer's representative. http://www.vancouver-condos.net

Vancouver real estate market statistics for January 2011

2011-02-06T00:51:00.000-08:00

According to the Real Estate Board of Greater Vancouver in January 2011 compared to January 2010

the number of sales decreased by 5.4%

new listings decreased by 6.7%

the total number of listings increased by 2.2%

the benchmark price of condos increased by 1.4%, of detached homes by 2.7% and of townhomes by 2.6% However both Richmond and Vancouver West saw a strong seller's market - the price of detached homes in Richmond increased by 22.6% and in Vancouver West by 12.2%.

The stronger market in Richmond and Vancouver West must be due to the obvious increase of Asian buyers in Vancouver who predominantly prefer and buy detached homes in these two areas. For the full statistical report of the GVREB visit http://www.vancouver-condos.net and go to market trends.

Condos and views near Park Royal Mall in West Vancouver

2011-01-29T16:39:00.000-08:00

Across the road from the West Vancouver mall are great condos located ranging in price mostly between $700K and $3 mil.

http://www.vancouver-condos.net/mls_west-vancouver-condos_park-royal.html

Beautiful spacious condos. Very convenient location, no car required; shops and transit on your doorstep. And for those who buy into the building at 605 Clyde Ave there is also access to the facilities of the retirement development by Amici.

Proposed development surge in BC Place vicinity.

2011-01-18T13:18:00.000-08:00

Proposals are before Vancouver Municipality which would see several new developments in the area near BC Place, Flagship, Mariner and Cooper's Lookout and Pointe. - the largest casino in western Canada with two hotel towers - four high rise towers with almost 900 condos

Later this year two more developers are expected to bring forward proposals for additional residential units in the area. These proposals are very positive as they signal a high level of confidence in the local economy and the prospect of substantial job creation.

www.christinelouw.com www.falsecreeknorthcondos.com www.vancouver-condos.net

Important mortgage rule changes

2011-01-17T12:24:00.000-08:00

Finance minister Jim Flaherty has made changes to the rules governing mortgage financing which will be effective from 18 March 2011 onwards: - the maximum amortization period for high ratio mortgages (in excess of 80% of the property value) has been reduced from 35 to 30 years - maximum loan to value (LTV) of refinances has been reduced from 90 to 85% - maximum financing on HELOC (line of credit products) reduced to 80% LTV There is still some time to buy your new property and complete by 17 March to take advantage of the present mortgage rules. www.christinelouw.com

THALIA - another stunning development by James Schouw of "Grace"

2011-01-11T23:47:00.000-08:00

In 2013 another architectural masterpiece by James Schouw will complete at the cnr of Cambie and Smithe in downtown Vancouver. THALIA will have twenty eight residential condos on the 5th to 17th floor - mostly priced between CAD 1.1 and 1.6 mil - ranging from 1,275 to 3,200 sq ft (2 bedrooms+den and 3 bedrooms+den) - with 12 foot ceilings, 8 foot doors - geo thermal heating and cooling - and top of the line finishes - exclusive features like a bio metric finger print security system, fully automated parking system (no ramps), a Home Automation System and the use of a Rolls Royce Phantom Sedan as well as bikes.

If you like "Grace" (cnr Richards and Drake) you will love "THALIA" located close to Yaletown restaurants, the Queen Elizabeth theatre and a short walk from the seawall. Pre-sales have started. Please contact me if you are interested in purchasing a condo in impresive THALIA or like to receive additional information. 604 926 3936, christinelouw@shaw.ca www.vancouver-condos.net

West Pender Place in Coal Harbour, Vancouver - completing March 2011

2011-01-07T22:10:00.000-08:00

West Pender Place consists of a 36 floor high rise, a 10 floor mid rise and a 5 floor podium and is located at 1409, 1477 and 1499 W Pender Street, Coal Harbour. Completion is scheduled to be end March 2011. All condos have 9 foot ceilings, air conditioning, extra high end finishes (DADA kitchen with German Gaggenau appliances), wide plank hardwood flooring as well as parking, storage, bike storage and video entry phone. The development will have concierges, pool, gym with 13 ft ceiling, guest suite, roof top deck and garden.

The developer's representative informed us that assignments will soon be allowed. If you are interested in buying into this great new development contact me and I will keep you updated and assist you in finding the property that meets your requirements best.

www.coalharbourcondos.info

The real estate commission discussion

2011-01-07T21:33:00.000-08:00

Should we have buyer's contracts for every buyer as well as the current seller's listing contracts for every seller? And should each contract set out the respective party's commission payment obligation?
Followed a lengthy blog discussion about the premise that sellers should not have to pay to make up for the time Realtors spend without remuneration on "real estate tourists" and "for ever window shoppers". It is up to Realtors to try and recognize this type of buyer before too much time is spent on them but it cannot be totally avoided. Would it not be fair that sellers and buyers each pay for the time spent by Realtors on their behalf? Is it fair that a seller has to pay the commission for someone whose obligation it is not to act in the seller's interest?

Vancouver real estate statistics Jan 2011

2011-01-07T21:01:00.000-08:00

The Real Estate Board of Greater Vancouver released its statistics for December 2010.

For the year of 2010

- the number of sales were down 14.2% compared to 2009 and 24.2% up compared to 2008
- the number of properties listed for sale increased by 9.7% compared to 2009 and decreased by 7.3% compared to 2008

- the 12 month price increase was 2.7%

Stunning Coal Harbour condo with close-in marina and mountain view

2011-01-07T20:25:00.000-08:00

402-588 Broughton Street, Coal Harbour Vancouver

Very well priced at CAD 699,900

Virtual tour MLS listing

Impressive newly remodelled 942 sq ft condo with top of the line finishes and wonderful views of marina, mountains and Stanley Park. Steps from the seawall, Urban Fare and Stanley park. Pool, large gym and ample visitor parking in the building. Common areas have recently been remodelled as well. No rental restrictions. Early possession possible. Contact me for information or your private showing at christinelouw@shaw.ca

www.coalharbourcondos.info

Soaring sales of Canadian luxury homes in first quarter of 2010

2010-04-27T22:54:00.000-07:00

The RE/MAX Upper End 2010 report notes a serious upswing in sales of luxury homes in Canada. The report highlights sales and trends in 13 major Canadian centres and 5 sub-markets. It ascribes the double and triple digit - depending on area - 12 month increase in sales to improved economic performance, increased personal wealth, immigration and foreign investment and forecasts a continuation of this trend.
High end homes start at $2 mil in Greater Vancouver, at $1.5 mil in Greater Toronto and Montreal Island and at lower prices in other areas down to $400K in St. John's.

Vancouver prices and number of sales keep increasing

2010-04-07T23:56:00.000-07:00

The Real Estate Board of Greater Vancouver reports that in March 10 compared to March 09
- the benchmark price of a residential properties is 20.3% higher and 2.8% above the previous high point of May 2008.
- the number of listings is 7.6% lower but 19% higher than in February 2010 (my comment: this was very much influenced by the Olympics)
- the number of sales was 38.5% higher but only 4.7% higher than in March 08 and 12.4% lower than in March 07.

HST and new homes

2010-04-06T23:59:00.000-07:00

HST is set to be implemented on 1 July 2010 and would increase the price of new homes by 7% minus a maximum of $26,250. It would also increase the tax on many other items by the same percentage: second hand cars, all services, restaurant meals, hairdressers, gym memberships, etc. This evening the anti HST campaign of Bill vander Zalm was officially launched in Kitsilano, the riding of Premier Gordon Campbell who introduced the HST.

The market for some entry level houses is hot

2010-03-31T01:24:00.000-07:00

The market for entry level Eastside houses is hot. Listing Realtors will often advertise a one hour opportunity to view the house shortly after listing and frequently prospective Buyers and their Realtors will line up before the advertised time followed by a mass walk through. Houses in the $550K to $700K price range - if realistically priced - will often sell within a few days around asking price.
Two issues to investigate before lining up: height of ceiling in lower level and size of usable lot (lot minus right of way, covenant or other restriction).

Increased interest rates for fixed rate mortgages

2010-03-31T01:17:00.000-07:00

TD, RBC and Laurentian bank have increased their rates for fixed rate mortgages by up to .8% and the other financial institutions will without a doubt follow. The increase of the bond yield is quoted as justification. The entry level market will be effected by this increase, higher priced homes will most likely continue to sell without change.
Variable rate mortgage rates are unchanged.

Stunning brand-new view home in West Vancouver

2010-03-17T00:53:00.001-07:00

Just sold the most wonderful home in Chippendale Road, West Vancouver to the most wonderful Buyers. The view is unbelievable, the floor plan fantastic and the finishes and workmanship exceptional. The Seller and builder did an outstanding job and were a pleasure to work with. Compliments to all involved.
The recovery has definitely reached the higher price ranges - properties in all price ranges are selling well. If you are looking to buy a brand-new home, now is the time before the introduction of the new tax HST on 1 July 2010. The Seller of the beautiful home in Chippendale Road has another brand-new home for sale and I know of several other great homes in the area that are not listed on MLS. Contact me if you like further information - tel 604 926 3936 or christinelouw@shaw.ca, http://www.christinelouw.com/

Strong sales during and after Olympics

2010-03-13T00:33:00.000-08:00

During the Olympics the CAD 22.3 mil penthouse of Three Harbour Green in Coal Harbour sold and so did many other properties. The Vancouver real Estate Board reports that in February '10 compared to February '09
- the number of sales increased by 67.1%
- new listings increased by 17.6%
- total listings declined by 21%
- the benchmark price for all residential properties in the Greater Vancouver area increased 19.7%

Vancouver's fabulous big party - the Olympics - ended with a bang.

2010-03-01T00:15:00.001-08:00

******************************************************************Congratulations to John Furlong, other members of VANOC, volunteers and all who organized this wonderful event. It was so fantastic, so much fun for all! The organization it took to stage the Olympics was huge and must sometimes have been daunting but you did it and you did it so well. No doubt the Paralympics will be equilly well organized.

The Olympics created a positive happy atmosphere in Vancouver and made people so much more friendly, co-operative and tolerant. And the last day with Canada's hockey gold medal, a stunning closing ceremony and fireworks made a great end.

Time will tell how many of our Olympic visitors came to like Vancouver so much that they want to return and buy a home.

West Vancouver "user fee" (read: tax) on home fire alarm systems

2010-02-27T22:48:00.000-08:00

In 2009 West Vancouver introduced a new tax levied on monitored home fire alarm systems.

Instead of the municipality rewarding home owners for paying an alarm company in an effort to prevent or reduce fire damage and as a result the use of services of the fire department - as insurance companies do - the West Vancouver municipality sees alarm systems as an opportunity to get more money out of the residents. The municipality calls this tax a "user fee" - the only problem is that the "user" does not use anything.
Homeowners also get fined for false alarms. Even if one agrees that this tax is a user fee, how can there be a user fee and a fine for the same service?

If the fire department has to attend to a fire in a home without a fire alarm system, the homeowner does not get charged a user fee even if the fire could have been wholly or partly prevented with an alarm system. So there is no tax/user fee for preventable use of the fire department but there is a tax/user fee for trying to prevent or minimize their use.

What is next? A tax on hardwood floors, showers? Kitchens would be a good source of revenue because every home is sure to have one. Let's think how that can be interpreted as a user fee.

Stunning well priced condo in Two Harbour Green, recent sold condo in Fairmont Pacific Rim

2010-02-26T13:12:00.000-08:00

SOLD

2509-1011 W Cordova, Coal Harbour (Fairmont Pacific Rim Estates) sold on 14 Febr 2010 not far below the asking price of CAD 5,488,000. This condo faces North West, is 2,669 sq ft with 2 bedrooms, 3 bathrooms, a den and 2 parking.

ACTIVE listing
I have a great listing at 1139 W Cordova, Coal Harbour (Two Harbour Green): NW facing as well, slightly higher floor, 3,363 sq ft with 3 bedrooms, 4 bathrooms, 3 parking and CAD 400,000 spent on upgrades. Asking price of this impressive condo is CAD 6.6mil. See the listing details of the condo at 1139 W Cordova.
Other condos for sale at the Fairmont Pacific Rim Estates
Please contact me at 604 926 3936 or at christinelouw@shaw.ca for further information or to make an appointment to view these or any other condos.

The unpredictability of the real estate market

2010-02-21T00:48:00.000-08:00

Many Vancouver Realtors are on holiday in the expectation that sales will be slow during the Olympics. Others stayed in the hope that Olympic visitors will on the spur of the moment decide to buy a holiday home in the beautiful place they just got to know. Both expectations turned out to be incorrect.
Sales are fast and it is very easy to show properties in the downtown core as long as you do not get too close to BC Place. Translink has calculated that there is 30% less traffic on the city roads but it feels like more - driving is such a pleasure now.
So far I have not heard of any impulsive real estate purchase by an Olympic visitor but maybe that is still to come. Or maybe this will only happen in the months to come.
This is such a wonderful time: happy people everywhere, an excited holiday atmosphere with lots of free entertainment and galloping sales.

The Erickson in False Creek North, Vancouver

2010-02-19T00:12:00.000-08:00

False Creek North's star building "The Ericksen" has finally completed on the last waterfront site in the area and the first owners are moving in. When designing this building Arthur Erickson was in the phase when he designed "twisting" buildings - like the Ritz Carlton on W Georgia and the buidlings he designed for the Olympic Village. This makes "The Erickson" very attractive looking and a welcome variation from the surrounding straight up and down steel and glass towers.
The lobby is luxurious and welcoming and the reception staff is excellent.
Some properties at "The Erickson" are for sale. Contact me for information or to arrange a showing.

The Olympic cauldron next to the Three Harbour Green site in Coal Harbour

2010-02-17T00:53:00.000-08:00

The Olympic cauldron at the Convention Centre in Coal Harbour is huge and impressive. See how small the people below the cauldron are!

The cauldron is a gathering place for happy people enjoying the atmosphere of the Olympics. When reflecting on what is involved in the organization one can only admire what has been accomplished by VANOC and all others involved. Congratulations on a job so well done!

The construction workers at the Three Harbour Green site next door to the cauldron continue to work seemingly oblivious of the crowds passing by. Three Harbour Green will be re-launched on Thursday 18 February. Prices start at CAD 1.98 mil while the price of the 8,010 sq ft penthouse is "somewhat more". Great floor plans and finishes. This is the last Coal Harbour water front site!

New price - great condo in The Ritz *********** 1211 Melville Street, Coal Harbour Vancouver. Now only CAD 489,000

2010-02-14T20:10:00.000-08:00

NOW SOLD - 20 Febr 10

602-1211 Melville Street, Coal Harbour - large 680 sq ft condo with 1 bedroom, 1 bathroom and den. 9 ft ceilings, air conditioning, open balcony, parking, large storage. Only lived in for 6 months, completed 2008.
This is a fantastic condo and has several features that are unusual for a one bedroom plus den condo in this price range: high 9 ft ceilings, air conditioning and located on the SE corner of the building (corner positions are usually reserved for 2 and 3 bedroom condos). The condo has quality finishes and comes with parking and a huge storage locker. Add to this the great amenities in the building - concierge, gym, pool, sauna, steam room, social room, pool table room and large outside area - and the fantastic location in prestigious Coal Harbour - close to Robson Street, seawall, Urban Fare, other shops and restaurants - and you have a winning combination. Contact Christine Louw at 604 926 3936 to make an appointment to view this wonderful condo.

Assessment of lot value by BC Assessment Authority and appeals

2010-02-10T20:09:00.000-08:00

Attended a session of the Appeal Board against property assessments by the BC Assessment Authority.

Was surprised to note that when assessing the value of a lot the determining factor for the BC Assessment Authority is the maximum square footage of the improvements that can be built on the lot whereas very little value is ascribed to the size of the usable part of the lot. This distinction is important in case of lots on steep hills or with a creek running through the lot where the larger lot size allows for a larger home but with little usable yard. How can the BC Assessment Authority deny that the market value of a lot is affected when the majority of the lot is not usable because mountaineering equipment is required to reach the other side of the lot?

Another surprise is that the Appeal Board is not authorized to compare past assessments to the latest assessment - so if the assessment of many of the neighbours' lots went down by $200K compared to the previous assessment and the assessment of the subject lot did not,this is not a reason for adjusting the subject lot's assessment. Expect a follow-up in April/May.

The taxes you pay when buying a new home in Vancouver

2010-02-10T19:52:00.000-08:00

A few days ago Harvey Enchin analyzed in an article in the Vancouver Sun the taxes paid by a Vancouver new home Buyer. He concluded that when buying a new detached home for $564,933 the total amount of taxes paid for the house from the purchase of the lot to and including completion by the Buyer is $76,724 - this includes property transfer tax and HST and the rebate of $26,250 for the Buyer of a primary residence.

13.58% of the amount the new home Buyer pays for his/her home is tax! Since the maximum HST rebate is $26,250 the tax percentage increases as the purchase price of the house increases.

January 2010 - Huge increase in new housing starts

2010-02-09T22:19:00.000-08:00

According to the CMHC (Canada Mortgage and Housing Corporation) 917 new housing units broke ground in January 2010 in the Vancouver Census Metropolitan area which is 50% more than in January 2009. Surrey led with 295 new housing starts, followed by Vancouver with 234 starts. Of the 400 condos started in the Vancouver CMA, 85 are rental designated.

The CMHC spokesperson added that the strong new home construction in January 10 is a continuation of the trend in the latter part of 2009 and is expected to continue in the near future.

Coal Harbour condos, Vancouver condos

2010-02-08T23:57:00.000-08:00

Are you visiting Vancouver for the Olympics and have you decided to join the many other international part-time residents who have a holiday home here already? Then consider the following great homes and phone (604 926 3936) or email (christinelouw@shaw.ca) me for a showing.
*** in Coal Harbour:
- The Ritz; 602-1211 Melville Street - 1 bedroom plus den, 680 sq ft. High ceilings, air conditioning, corner unit. CAD 495,000.
- Orca Place; 2605-1166 Melville Street - 1,014 sq ft 2 bed, 2 bath condo with high ceilings and air conditioning. CAD 639,000
- West Pender Place; 405-1477 W Pender Street - assignment, completion early 2011. 816 sq ft One bedroom and den with high ceilings and airconditioning. Live/work zoning, luxurious finishes. CAD 645,000.
- Two Harbour Green; 1139 W Cordova - 3,600sq ft high floor condo with 3 bedrooms, 4 bathrooms and the most fantastic NW view. The ultimate in luxury. CAD 6.6 mil.
*** and in Downtown Vancouver
- The Hudson; 626-610 Granville Street - 962 sq ft loft near Pacific Centre Shopping Mall and skytrain. So conveniently located! CAD 499,000.

Enjoy your stay in Vancouver and thank you for visiting us!

Vancouver real estate values have recovered!

2010-02-08T23:08:00.000-08:00

Time flies. The Olympics are about to start and our real estate market is likely to benefit from this huge exposure of Vancouver to the world.

In the last twelve months the benchmark price of residential properties in Greater Vancouver has increased by 17.2% to a level 0.8% higher than the previous high point of May 2008. Who would have expected this quick recovery one year ago!

"The Mark" was launched in Yaletown and so was "Pacific Spirit" at UBC and sales were fast.

Impressive "Fairmont Pacific Rim Estates" at 1011 W Cordova in Coal Harbour will complete soon - some of the luxurious condos are still available.

Vancouver real estate prices/values

2009-12-04T01:35:00.000-08:00

The Real estate Board of Greater Vancouver reported on 2 December in their monthly publication that the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver is now only 1.9 per cent lower than the most recent high point of May 2008.
And Sellers know it! It is harder to negotiate offers - Sellers are confident that prices will continue to increase and hold out for higher prices in negotiations or take their property off the market now with the intention of re-listing in the near future.
The downturn will cost property owners likely a little more than 1 1/2 years of value growth and has given others the opportunity to buy the real estate they could not afford before May 08.

New developments

2009-12-01T22:57:00.000-08:00

"The Mark" by Onni in Yaletown was launched on Saturday 28 November and in the first two days 76% of the condos were sold.
"Pacific Spirit" at UBC was sold out on 27 November within a few weeks of the launch.

The final decision on the introduction of the 12% HST in BC will be made this week but the uncertainty does not seem to affect the interest of condo Buyers.
Will the Olympics influence the Vancouver real estate values? And if so, will the prices be higher or lower after February 2010?

Activity in the market

2009-11-21T21:44:00.000-08:00

So much activity with sales, listings and launches of new developments that one almost forgets the bad months of end 2008 and early 2009. The monthly statistics of the Greater Vancouver Real Estate Board remain very positive about the number of sales and increase in values, well priced properties sell in a short time period and often in multiple offer situations and the first "after 2008" new development in the Downtown peninsula "The Mark" by Onni cnr Pacific/Seymour will be available for purchase on 28 November. Please contact me if you like to receive more information about "The Mark".

I have some great new listings:
- impressive 3,600 sq ft high floor NW condo with stunning water and mountain views in Aspec's flag ship building Two Harbour Green at 1139 W Cordova Street, Coal Harbour priced at CAD 6.6 mil
- beautiful 2 bed/2 bath condo with water and marina view, in Palladio at 1228 W Hastings, Coal Harbour. Well priced at CAD 619,500
- brand-new 2 bed/2 bath high floor condo with panoramic water/mountain/city views in well known Woodwards W43 at 128 W Cordova Street, Downtown priced at CAD 720,000 (GST paid)
- 5,250 sq ft beautiful view home in Lower Chartwell, West Vancouver. Close to good schools, easy access to shops and highway. Priced at CAD 2,198,000
- more new listings coming shortly
All very easy to show. Please contact me if you like to view these great condos.

Olympic Village in Vancouver

2009-10-28T23:30:00.000-07:00

Construction of the Olympic Village is almost completed and it looks impressive. One would expect the buildings to be in the same or similar style since they are built quite close to each other but instead there are many different styles of construction.

Some of the water front buildings were designed by legendary Arthur Erickson and must be among his last creations before his death - these buildings have an irregular exterior with different floor plans on each floor and have aluminum sheets on the exterior which resemble fish scales.

Construction is at Platinum LEED standard so very environmentally friendly. There is a large open area - a plaza - in a central location, the village adjoins the seawall and an island has been created in False Creek on the SW side of the Village.

Some units at the Village will only be sold at a later stage.

www.vancouver-condos.net,www.christinelouw.com

Wesbrook at UBC, Vancouver

2009-10-17T22:22:00.000-07:00

Impressive Wesbrook by ASPEC was relaunched on Wednesday 14 October and is now ready for move in. The building is near the intersection of Wesbrook Mall and 16th Ave which is close to the new shopping centre which is under construction and the planned community centre. The condos vary in size between 1,480 sq ft and 4,660 sq ft (the penthouse on the 17th and 18th floor) and have 2 to 4 bedrooms. The 3 bedroom townhomes are 2,400 sq ft. The luxury finishes include a gourmet Snaidero kitchen from Italy, Miele appliances, Kohler fittings and beautiful bathrooms.
The building has a guest suite, gym and billiard room. The unusual and welcome amenity is a car for use by residents.

ASPEC is the developer of many of the water front buildings in Coal Harbour: Avila, Bauhinia, Cascina, Denia, One Harbour Green and Two Harbour Green. Condos in Three Harbour Green are currently for sale.

The location of new condos in Vancouver can be seen on the map with new developments on my sites www.christinelouw.com or www.vancouver-condos.net

Mortage interest rates

2009-10-12T00:29:00.000-07:00

Mortgage rates continue to go down. Best rates I have seen this week: variable open mortgages at prime (2.25%) plus 0.6, variable closed mortgages at prime and 5 year fixed rate at 3.69%. When investigating what mortgage conditions institutions offer you also enquire after what acceleration of payments is permitted without penalty, ask about costs in case of early paying off of the mortgage and conversion costs in case of a variable mortgage. I personally discovered recently that there is a big difference in costs between banks.
Australia increased its prime rate by .25% this week and was the first country to do so since the economic downturn. The US dollar is depreciating against the Canadian dollar - it is reported that it may be necessay to increase the prime rate in Canada if this trend continues.
I am a Realtor, not a mortgage expert and the information above is just a personal observation. For expert advice contact a mortgage broker or consultant. Several mortgage experts are listed under "mortgage" on my website www.christinelouw.com.

Developers have renewed confidence in the Vancouver real estate market

2009-10-08T20:16:00.000-07:00

Six new condo buildings have been launched recently or will be launched in the near future: V6A, District Southmain, Sage, Maynards, Social and The Mark. Several of the developments are in what in Vancouver is regarded as the more affordable price range.
V6A (at Union and Main), Social and The Mark are developments by Onni. The Mark at the corner of Seymour and Pacific is advertized by its developer as the highest building in Yaletown and many of the condos should have great views.
District Southmain is an Amacon development. Sales of both District Southmain and V6A condos started last week. Building 1 of District Southmain is already sold out and building 2 will be launched this weekend ahead of schedule.
Sales of condos in Maynards (by Aquilini) in SE False Creek (at 1st and Wylie) will start on 17 October.
Sage by Kenstone Properties is located in Wesbrook Place at UBC near the intersection of W16th and Wesbrook Mall - sales started on 3 October. The Wesbrook is located next to Sage and will be re-launched next week.
Please contact Christine Louw at 604 926 3936 or at christinelouw@shaw.ca if you like to receive information about new condos or townhomes. www.christinelouw.com or www.vancouver-condos.net

Average Vancouver real estate values have recovered

2009-09-12T21:43:00.000-07:00

According to the stats of the Vancouver Real Estate Board values have almost recovered to the level of 12 months ago after an average increase in prices of 11.4% since January 09! The GVREB also reported that the number of properties sold in August 09 was 119.5% higher than in August 08 and 1.7% higher than in August 07 when the market was very active.
Let's hope that real estate values and the economy in general continue to improve.

US housing market seems to be recovering

2009-08-01T14:33:00.000-07:00

When the US housing is not doing well, Buyers in Sellers in Vancouver frequently refer to the US housing market as an indicator of the likely trend in the near future of the Vancouver housing market. It is up for discussion whether this is a valid indicator but for people who believe it is, there is good news.

Both the news media and the NAR (the American National Association of Realtors) have reported that existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June.

Out of country Buyers have returned

2009-07-30T21:53:00.000-07:00

Internationally optimism about the immediate future trend of Vancouver real estate must have returned because out of country Buyers are back and are buying. Their optimism confirms what Realtors have seen in the Vancouver market.

HST and real estate - update

2009-07-29T19:27:00.000-07:00

John Tillie, president of the BC Real Estate Association, wrote in the Vancouver Sun today that the province is offering a partial rebate of the provincial portion for the 12% HST on new homes up to $400,000 and a flat rebate of $20,000 for new homes over $400,000. The logic for this is that people buying at or below the median price will "generally be fully protected from a tax increase".
Many Buyers cannot afford to complete on new development at the moment and properties completing in the next two to three years have already been sold to Buyers who did not count on a large additional cash expense. Buyers of new development will seek to recover the extra tax when selling their property which would decrease affordabilty of BC housing.
The different real estate organizations in BC are negotiating on how to best negotiate this subject with the provincial government. Let's hope Buyers of new homes will not have to pay 7% more tax.

HST and real estate

2009-07-28T22:59:00.000-07:00

Is HST going to be applied to the purchase of newly built real estate? Will Buyers of new development after mid 2010 have to pay 12% HST on the purchase price instead of the current 5%GST? I hope Real Estate organizations will be able to negotiate an exemption of the additional 7% tax on purchases of newly built real estate as the restaurant owners have done for their purchases/sales.

Back to the old market of 2008?

2009-07-28T22:44:00.000-07:00

In many areas demand is increasing at a higher rate than supply. In areas like Kitsilano and Downtown Vancouver reasonably priced new listings are snapped up shortly after listing. It is again difficult to set up a series of showings because so many of the properties on MLS have accepted offers and many Seller's Realtors will not go the extra mile any more to give access.
However there are some great buys in buildings where developers are quietly selling condos the first Buyer has defaulted on - the selling price is now much lower than at the launch of the building.

22 APRIL - BANK OF CANADA CUTS KEY RATE TO .25% RESULTING IN LOWER MORTGAGE RATES.

2009-04-22T13:55:00.000-07:00

Variable mortgage rates dropped by .25% in response to the drop of the overnight key lending rate by the Bank of Canada. This is a great development for the housing market and especially for first time home Buyers.
Home owners with existing variable mortgages with rates discounted from the prime lending rate, now have extremely low cost mortgages boosting their spending power.

The rate cut does not encourage saving because interest rates on savings accounts were also reduced.

The Central bank set its overnight lending rate to .25% - the minimum and the lowest rate since its creation in 1934.
The reason given for this is the intensification of the global recession and the delayed stabilization of the global financial system after the introduction of the previous measures which is expected to result in a deeper recession in Canada than anticipated.
The bank also announced that it intends to maintain the .25% rate until at least June 2010 conditional on the outlook for inflation. Since December 2007 the overnight target rate has been cut by 4.25%.

30 March 09 - Increasing demand

2009-03-30T14:24:00.000-07:00

In mid March 66 pre-construction condos were for sale in "The Beasley" at the corner of Smithe and Homer, completion 2012. Today one 1bed condo is available for sale - specific other condos have been advertized as for sale on 31 March so can only be bought tomorrow but Buyers are already lining up now!

Investors are looking to buy again and in general there is increasing Buyer demand. I just sold a lovely view condo at 2104-1500 Howe in False Creek North, asking price $748,000 and this last week negotiated several offers in West Vancouver and Downtown. To see listings of other condos in False Creek North click on http://www.falsecreeknorthcondos.com/

I hope the word also spreads to people outside Vancouver that our real estate market is improving. This is a good time to buy but some out of area Buyers expect unrealistic discounts which results in showings and negotiations that do not have any chance of leading to a sale.

21 March 09 - Impressive penthouse for sale in "The Melville", Coal Harbour.

2009-03-21T00:14:00.000-07:00

On Wednesday 18 March the penthouse at "The Melville" at 1189 Melville Street in Coal Harbour was open for Realtors to view. The penthouse is a 5,700 sq ft one level condo with 5 bedrooms, 5 bathrooms and 2 powder rooms. It has high ceilings, fantastic 360 degree views and impressive finishes. The marble foyer is stunning, the millwork is exceptional. Price $10,800,000. For more information about condos in Coal Harbour go to http://www.coalharbourcondos.info

21 March 09 - Substantial price reduction for new condos in The Beasley in Downtown Vancouver.

2009-03-21T00:06:00.000-07:00

Amacon is the developer of "The Beasley" at the corner of Smithe and Homer in Downtown Vancouver. Condos are still available and Amacon just reduced the prices substantially for Buyers of the unsold condos but also for people who bought into the development already. Great initiative and good public relations. I especially like the west facing 1 bedroom condos. Completion is in 2012. To search for properties on MLS go to http://www.christinelouw.com/

Friday 20 March 09 - Lots of action this week

2009-03-20T17:17:00.000-07:00

- Many showings, several offers and several accepted offers. I was in the third multiple offer situation in the last month.

- Investors are looking to buy again indicating a return of confidence in real estate as a good investment. My personal experience with condos in the $1,300/1,400 per month bracket is that rental demand is good.

- Booking showings for this weekend and about 35% of properties were reported to have an accepted offer. This applies to the more affordable price ranges; showings of high end properties are always easier to book.

- Still a lot of negative talk about the real estate market from Buyers. Trying to keep prices down?

-The stock market has been going up the last few days. Real estate demand has increased the last few weeks. Is this the start of a trend?

Have a great weekend! To search MLS for real estate listings go to http://www.christinelouw.com/