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.

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.



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.

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

Stunning brand-new view home in West Vancouver

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/

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

******************************************************************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.

The unpredictability of the real estate market

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.

January 2010 - Huge increase in new housing starts

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.

Vancouver real estate prices/values

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.

Activity in the market

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.

Average Vancouver real estate values have recovered

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.