THIS BLOG HAS MOVED TO MY MAIN WEBSITE

This blog has moved to the home page of my main website (top left in the bar over the revolving pictures).
This is the direct link to the blog.

The picture above is of the Three Harbour Green, the recently completed last waterfront building in Coal Harbour. Some of the stunning condos are still available for sale.
Please contact CHRISTINE LOUW for further information.

BCREA report - Canadian retail sales

August 22, 2012

Canadian retail sales fell 0.4 per cent in June, missing the consensus forecast of a 0.1 per cent gain. Weakness in the retail sector was broad-based with 7 of 11 retail sub-sectors reporting lower sales. Adjusted for inflation, retail sales were down 0.1 per cent. Retail sales in British Columbia were even more disappointing in June, falling 1 per cent from May. However, through the first half of 2012 retail sales have grown 4.8 per cent, a significant improvement from 2 per cent growth at the half-way point of 2011.

June retail sales data is the last major data point to be released prior to Statistics Canada's release of second quarter Canadian Real GDP growth next Friday. Today's disappointing retail numbers puts our final tracking estimate of Canadian economic growth for the second quarter at 1.7 per cent.


Cameron Muir                                    Brendon Ogmundson

Chief Economist                                 Economist

Great new listing at 837 Old Lillooet Road, North Vancouver - Open house Sunday 19 August 2 - 4

OPEN HOUSE
SUNDAY 19 AUGUST, 2 -4 PM

WELL PRICED AT $493,000

Fabulous three level corner town home with private fenced yard. Bright spacious rooms, many upgrades, ample exterior storage in locker and storage unit in yard. Granite kitchen counters and new dishwasher, windows, furnace, boiler,bathroom and powder room plus sellers added stunning basins and shower in main bedroom to eliminate peak hour in the bathroom. Laminate flooring on the main level for your easy maintenance. Huge rec room on lower level can be used as 4th bedroom. Visitor parking for your guests and close to Superstore, highway, Capilano College, trails. An impressive home in great condition and ready for your move in!

Statistics of the REBGV for July 2012

The statistics are averages and do not apply equally to all areas.

In July 2012 the number of sales of all types of residential homes decreased by 18.4% compared to July 2011. The sales of condos and apartments decreased by 10.9% while the sales of detached houses decreased by 28.4%.


New listings decreased by 5.8% compared to July 2011 and by 14.5% compared to June 2012. The total number of listings was 18.8% higher than in July 2011 and 2.2% lower than on June 2012.

In July 2012 the benchmark price of all residential properties in Greater Vancouver was 0.6% higher than in July 2011. In the last twelve months the benchmark price of Vancouver houses increased by 1.4% while the benchmark price of Vancouver condos and apartments remained the same.

Link to REBGV report

BCREA - economic update. Predicts 2.1% growth of Canadian economy in 2012.

The BCREA statitistics show that the economy expanded in April and May 2012 albeit modestly while the sales numbers of Vancouver condos and Vancouver houses dropped sharply in May. The statistics for July will be an indication/confirmation of the effect of media reports of economic problems in other parts of the world on buyer confidence in real estate.
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BCREA ECONOMICS NOW

Canadian Monthly GDP - July 31, 2012

The Canadian economy expanded 0.1 per cent in May, after increasing 0.3 per cent in April. At the industry level, economic growth was driven by a 0.7 per cent increase in retail trade and a 0.5 per cent bounce in finance and insurance output. Real GDP growth was also given a boost by increased mining and oil and gas extraction. Lagging industries included manufacturing (down 0.5 per cent) and construction (down 0.2 per cent). The output of real estate agents and brokers fell 4.8 per cent at the national level following three consecutive months of increasing activity.

Canadian real GDP is on track to grow 1.5 to 2.0 per cent in the second quarter of the year, close to the 1.8 per cent forecast by the Bank of Canada and in line with BCREA's own forecast. The second half of the year holds a number of risks for the Canadian economy, including further Euro uncertainty and a slowdown in the US economy. We forecast that the Canadian economy will generate modest growth in 2012 of around 2.1 per cent.


For more information, please contact:

Cameron Muir                             Brendon Ogmundson
Chief Economist                          Economist
Direct: 604.742.2780                   Direct: 604.742.2796
Mobile: 778.229.1884                 Mobile: 604.505.6793
cmuir@bcrea.bc.ca                      bogmundson@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

Copyright British Columbia Real Estate Association. Reprinted with permission.
BCREA makes no guarantees as to the accuracy or completeness of this information.

Have the slower months come to an end?

Buyers have returned! Serious buyers - both local and international - are phoning in and emailing at greater frequency than a few weeks ago. Is this the beginning of the end of the few slower months? Both Vancouver condos and houses have been affected and activity seems to be resuming from the lower price ranges upwards.

"The Ericksen" - Yaletown condos bordering False Creek

Coal Harbour condos bordering the marina at Burrard Inlet

Bank of Canada - overnight rate remains unchanged. BCREA projects increase as of early 2013.

Today the BCREA - BC Real Estate Association - published a news release about the latest meeting of the Bank of Canada.  The most important points are
- overnight rate remains unchanged at 1%
- economic growth as projected by the Bank of Canada is 2.1% this year and 2.3% in 2013
- inflation will be close to 2%

The economists of the BCREA expect that the overnight rate is likely to be increased as of early 2013.

If an increase in interest rates would indeed take place starting early next year, now and the next few months may be the better time to buy the Vancouver condo or Vancouver house you were thinking of.

A decrease in sales does not necessarily mean a decrease in property values

The statistics compiled monthly by the Real Estate Board of Greater Vancouver show that a decrease in monthly sales does not necessarily result in a decrease of property values even though this seems to be contrary to economic principles. Click on the above link and scroll down to "Download the complete stats package by clicking here".
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On pages two and three of the stats package named "MLS home price index" is a list of the percentage change of the benchmark price for each area by property type. The benchmark price is the estimated sale price of a typical property in each market. The percentage change is calculated for different time periods - 1 , 3 and 6 months as well as 1, 3 and 5 years.



New listing at 365 KEITH PLACE, WEST VANCOUVER - $2,398,000

  

 MLS V950670  (scroll down for pictures/map)
Floor plan

Open house Saturday 19 and Sunday 20 May, 2-4

Impressive custom home in small quiet CDS with all newer homes near Park Royal Shops and Lions Gate bridge and with easy access to highway. Immaculate condition, quality finishes, brand-new wide plank hardwood flooring and great floor plan with open concept living and good entertainment areas, high ceilings, double volume entrance hall, attractive design features, ample storage and a 838 sq ft LEGAL SUITE with separate laundry.
Beautiful 4,408 sq ft home on a large 18,818 sq ft lot in a peaceful parklike setting - the house is set on the flat western portion of the lot, the eastern portion of the lot is part of the greenbelt going down to Brothers Creek and offers private seclusion and less yard maintenance.

Close to walking trails, transit and school.

This is a fantastic home! Come and see for yourself - this home is it.

Renewed buyer activity in May 2012

The month of May brought sunshine and buyers are more seriously resuming their search for a new home! Buyer activity has increased in the more affordable price ranges in particular.
The Real Estate Board of Greater Vancouver reports for April 2012 a lower number of sales and more listings than 12 months ago as well as a twelve month increase in the benchmark price of 3.7 per cent. Complete report of the REBGV

The house above is located in West Vancouver and will be listed for sale next week. This partial picture is a little peek a boo pre-view.

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

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

New! SALT by Concert Properties at Hornby/Drake

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

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

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

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

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

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

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

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.

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Proposed development surge in BC Place vicinity.

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