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

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

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

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

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

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

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!

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

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

"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

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.