"Building VALUE With Every Move"

I have listed a new property at 1102 3380 VANNESS AVE in Vancouver.
Immaculate 2 level corner Penthouse! Very bright and sunny with VIEWS everywhere. Unbeatable location with access toall the transportation systems, Joyce skytrain station & buses at your footsteps. Very well kept unit with renovations fromthepast, Rare nice layout with gas fireplace and HUGE Balconies for the summer bbq parties. laminate floors all thru out withgranite counters in the kitchen and stainless steel appliances. Nothing to do but move and enjoy this rare suite!! First OpenSept 20 Sat 2-4pm, Sept 21 Sun 2:30 - 4pm.
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Metro Vancouver's high end housing market have surged 35% higher defying the predictions of a slowdown after Ottawa close down the immigrant investor program in February.  

572 Properties in Metro Vancouver with at least a price tag of $3M and more range  were sold in the first 8 months, this includes 135 homes in the $5 Million and more according to Macdonald Realty Group statistics, compare to 422 properties ($3M or higher range) in the first 8 months of 2013 and including 112 homes that were in the $5 Million range.

$3 MIllion is the new $1 Million now in the real estate cirlcles on the West Coast since 55% of detached homes are now in the $1 Million or greater based on their assessment by the city of Vancouver Andrew Yan.  About 37,800 properties made it to the Million-dollar club last year.

Transaction of at least $3 Million homes are headed towards a new annual high as per Dan Scarrow of Macdonald Realty, which contrary to expectations that some rich Chinese immigrants would avoid investing here due to scrapping of the federal immigrant investor program.  " There is confidence in the Vancouver real estate market.  Peole within the market itself are trading and there is also money flowing from the outside" Mr Scarrow said in the interview.  

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Really a tale of two cities with the same story in terms of real estate!


Vancouver - with a growing Filipino community, recently rank 3rd in minority here in Canada, more and more Filipinos who live here somehow will eventually go back to where they belong, as the saying goes " there's no place like home".  " There is a market for Filipinos living in Vancouver, because at the end of the day, they will still go home to where they were born" said Dextre Hubag of international marketing director for the development company Century Properties Inc.  Hubag visited Vancouver 2 years ago as part of their show promoting condominiums to Filipinos here which turns out to be worth the trip.  He mentioned that while most Filipinos who own their place here in Canada, they also wanted to invest a second home in the Philippines.

Manila - the same goes to the flow of investment as Vancouver is increasingly becoming popular in Manila due to it's educational system, (UBC in particular) a lot of wealthy Filipinos are also looking to buy homes in BC, they are looking to buy properties and settle down here with their children while in school.

Both cities real estate skyrocketed in the past years.  "It's really, really expensive" Julius Guevara (head of research and consultancy for Colliers International in the Philippines) said of the luxury project, designed by clusters of celebrity arcitect and high end designers like Versace, wherein one bedroom units are priced $330,000 and two bedroom units are about $976,000.  " Less than a fraction of a percent of the population can afford this" as mentioned by Guevara.

 

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Recently, I came across an article written by BIV .  Vancouver has consistently ranked as the most expensive city to live in Canada but surprising that only 20% of the top 25 wealthiest neighborhoods in the country can be found here in the Lower Mainland according to this report.

They ranked the average net worth of household, Shaughnessy area (Vancouver) comes number 4 on the top 25 list, Shaughnessy area is located along the neighborhood of Granville street area from West 29th avenue to West 39th avenue, houses in this neighborhood average over $3 million while the household average net worth is $12 million and the household average income is $777,184.  according to BIV.

The other Vancouver neighborhoods that made to the list were Kerrisdale,West Bay & Sandy Cove in West Vancouver and Shaughnessy Center.

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Please visit our Open House at PH 2 562 7TH AVE E in Vancouver.
Open House on Sunday, June 22, 2014 2:30 pm - 4:00 pm
VIEW!! 8 on 7 townhouse style boutique condo in the heart of Mt Pleasant East Vancouver. These 2 bedrooms suite runs the wholedepth of the building! Truly feels like townhouse living! Uniquely thought out plan that separates the public andprivate areas of the home, also comes with front and back balconies for that summer bbq's. Equipped with high end finishes, S/S appliances, sleek style cabinetries with solid surface countertops, commercial grade laminate flooring. Just a stroll to all thedifferent cafes and resto along Main and Kingsway, bike to the designated bike routes, China Creek Park, VCC Community College and skytrain station, minutes to d/t Vancouver. New home warranty 2-5-10. Move in Ready! Call for private viewing.
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I have listed a new property at PH 2 562 7TH AVE E in Vancouver.
VIEW!! 8 on 7 townhouse style boutique condo in the heart of Mt Pleasant East Vancouver. These 2 bedrooms suite runs the wholedepth of the building! Truly feels like townhouse living! Uniquely thought out plan that separates the public andprivate areas of the home, also comes with front and back balconies for that summer bbq's. Equipped with high end finishes, S/S appliances, sleek style cabinetries with solid surface countertops, commercial grade laminate flooring. Just a stroll to all thedifferent cafes and resto along Main and Kingsway, bike to the designated bike routes, China Creek Park, VCC Community College and skytrain station, minutes to d/t Vancouver. New home warranty 2-5-10. Move in Ready! Call for private viewing.
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May Home Sales jumped to 13.9% in B.C., it was the biggest increase in a number of months since the 2008 recession.  The B.C. Real Estate Board Association mentioned that there were 8,729 home sales last month which makes a total of $4.9 billion dollar which is said to be an increase of 20.6% compared to May of 2013.

It also mentioned that  there was an increase of 5.8% to the average price of home from last year, the new home average rose now to $565,233.  Sales in Greater Vancouver also were at par with the rest of the province, also rose to 13.4%.  More increase in sales percentage wise on Chiliwack and Fraser Valley which were 21.9% and 19.7% respectively. It was also the strongest home sales since 2007 where 8,700 homes were sold, although it is still fall short in comparison with 11,000 sales in May prior to recession times in 2006 and 2007.

The 2008 financal crisis brought deep impacts on the global housing market and B.C. Homes sales had fallen significantly during those times in May 2008.

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I have listed a new property at 727 32ND AVE E in Vancouver.
This 4 bedroom, 2 bathrooms starter home sits on a 35' wide lot! Quiet and family oriented location in the Hot Fraser neighborhood. Marvel the view of the North Shore Mountains from your big deck while letting the mortgage helper ease some of your monthly payments. Walking distance to No Frills Market, Starbucks and restaurants, only half a block to the bus stop downtown. House is very livable.
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On March 24,the Conference Board of Canada reported that China's increase in gross domestic product (GDP) caused a positive impact on the housing market in Vancouver.  The report also mentioned that the influence of China's economic state on our housing market should not be underestimated as it is the biggest drivers behind housing activity in the area.

The report also said that observers need to pay a close attention to China's economic health when doing the assessment of Vancouver's housing market, it also suggested that Vancouver market welcomes Chinese GDP growth more than the Canadian low interest rates and rise in local employment.  If  the Chinese economy is indeed improving, it might starts to rekindle both the new and resale demand in the Lower Mainland.

The report also looked back over the past couple of decades, where the trend of sales in Vancouver home sales can be correlated to the Chinese economy trends.

- 1990s, China's GDP growth was "sluggish" with annual growth rates around 3.8% - 7.8%, correspondingly, Vancouver housing market was relatively slow even though the local economy was good and the employment was at 2.3% increased annually and the population growth was at 2.5%

- 2000s, Chinese GDP grew by over 8% annually, effect - Vancouver housing market took a dramatic upswing!

 

The pattern seems repeating again today, wherein Vancouver's employment growth was 2.1% per year average from 2010 - 2012, while population also grew 1.6% with low mortgage rate which should lead to more active housing market but over the same period, China's GDP growth came to 12-year low and Vancouver's housing market resale volumes fell to 23% in 2012.

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I have listed a new property at 409 9399 TOMICKI AVE in Richmond.
Cambridge Park by Polygon Homes. Penthouse level with no neighbor above! High 9 ft ceiling, very well maintained 2bedrooms and 2 baths suite. Very quiet side facing with quality finishes, i.e. granite top, S/S appliances. Centrallocation, close to all the shops and restaurants in Richmond, walk to bus station and Canada Line. Rentals allowed for investors looking for a good building with passive income. Comes with 1 parking and 1 FULL SIZE storage locker.Outdoor Balcony for summer bbq's. Move in ready! Still has the 2-5-10 home warranty. No GST to pay.
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Vancouver Home Sales in February picked up compared to the same month a year ago.  Home Sales came in 2,530, based from Real Estate Board of Vancouver.  Sales were up more than 40% from 1,797 last year and also 1760 last January.  This homebuyer demand in February is consistent witht he typical housing market as per president of the Vancouver board Sandra Wyatt.

February Sales of 2,547 were in line with Vancouver's 10 year average for this month.  The number of new listings for detached, attached and apartment properties in Greater Vancouver totalled 4700 in february compared with 4833 new listings last year, while there were 5345 new listings in January 2014.

The MLS Home Price Index composite benchmark price is up 3.2% of $609,100 from a year ago.

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Good news for first time home buyers.  The government has announced effective February 19 (tomorrow), they will bring up the qualifying home for First time Homebuyers.  Under the Property Transfer Tax (PTT) First Time Home Buyers Exemption program, the qualifying home can worth up to $475,000 now then the previous threshold of $425,000.

There wil be a partial exemption between $475,000 and $500,000.  It was estimated that there wil be 1700 additional first time buyers who will be eligible annually to save up to $7500 in PTT when they buy their home, this will cost the government lost tax revenue of $8Million annually.

The Real Estate Board, together with BCREA, has been lobbying to make home ownership more affordable for first time home buyers for the past years.  As a result, in 2008, the provincial government increased the threshold from $375,000 to $425,000, in 2005, from $275,000 to $325,000.

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Metro vancouver home sales bounces back this January 2014 after a sluggish sales in 2013 where the sales were below 10-year average, this according to Real Estate Board of Greater Vancouver.

 

Here are the 10- year average benchmark increase in January 2014

     

          Detached Homes  $ 929,000  up 3.2%

          Attached Homes    $ 457,700  up 1.7%

          Apartments             $ 371,500  up  3.7%

 

This year january, home sales reached 1,760, up by 30% from previous year of 1,351 homes.  While December, 2013 home sales was 1,953 homes, which is down still by 9.9%.

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Home sales in Greater Vancouver surged to 71 percent last month.  There were 1,953 properties changed hands on the Multiple Listing Service, way higher from 1,142 homes sod in December 2012, according to the REBGV.  It also said to be the 8th consecutive month that Vancouver has experienced a year-over-year of gain in monthly sales following a 19-month slump before it begins to picked up last May.

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Above is the list of world's unaffordable cities from Demographia's 2013 list.  Vancouver in second place, while Hong Kong is the top most unaffordable city, while London in thirteenth place.

With Canadian cities, especially Metro Vancouver becoming infamous for unaffordability in regards to real estate, some voice has been added to those asking the federal Conservative government to collect data on the influence of investors - foreign and otherwise - on the country's housing market.

Media reports also mentioning London. England has becoming badly distorted by ultra-wealthy foreign owners, referred to as "non-domiciled residents".  The influence of such buyers, including Russian tycoons, is said to be causing London's housing prices to "lose touch with reality"/

If that's what the British media are saying about London, I wondered what would they say about Vancouver, which Demographia judges the second most unaffordable city in the world next to Hong Kong....?

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According to the latest housing market outlook by CMHC (Canada Mortgage and Housing Corp.), existing home sales are expected to rise 8% next year due to BC's pick up in economy that is associated by jobs increases in 2014.

The CMHC also reported that the demand for homes next year is expected to ride the momentum of a rebounding market and post some positive gains.  There is also an  increased demand for B.C. goods key export markets that will improve the economic prospects next year.

Housing starts will be good.  However, it wasn't expected to rise substantially in 2014.  CMHC also forecast 18,200 new housing units this year and 18,400 units in 2014.

Mortgage rates are expected to rise marginally next year, but CMHC mentioned that the suggested lending rates will remain "supportive" for the housing market given rates remain low by historical standards.  By the end of 2014, CMHC is forecasting the one-year posted mortgage rate to rise 0.25% from 2013 levels to between 3.25% and 3.75%, and the five-year posted mortgage rate to rise to between 5.25% to 6% from between 5% and 5.50% in 2013.

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"Mount Pleasant community is definitely changing,  gone are the days when you are afraid of renting or buying a ground level condo especially if you are a woman, nowadays, it's more of yuppies who live in these neighborhood" these were the words I gathered from a Mount Pleasant resident.

 

Mount Pleasant is a hip, vibrant and awesome community, people are friendly, the community thrives to be different, either thru expression of art as seen on the streets of St George st, community gardens with a shed for art exchange, or thru the latest buildings, could be heritage or totally modern look establishments, restaurants, etc. There is a multi-culturalism that is happening and yet it complements and blends in this eclectic neighborhood.  

 

 

Mount Pleasant East stretches from Main to Clark Drive and from Great Northern Way and E2nd Avenue to e16th and Kingsway.  It used to be a working class neighborhood but has undergone gentrification.  There is a migration of people from popular areas such as Kitsilano and downtown Vancouver to this neighborhood.  Single urban young professionals, young or starter families and some retirees are what composed this community.  

 

 

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I have listed a new property at 3185 COPLEY ST in Vancouver.
Investors & Builders Alert!! Large lot (43' x 140') and priced below assessment value! This property is nestled on a Quiet East facing on Prime Renfrew Heights neighborhood. Lots of possibilities. Build a new home for up to 4,214sf+ lane way home (900sf approx). House is still livable. Lots of new homes in the area. Hold,live now and build later. Walk to Trout Lake & Beacons field Park. Easy access to both Canada and Expo skytrain,. bus and Commercial street area. Book now for your private viewing. Open house Sat Oct 19 2-4pm & Sun Oct 20 2-4pm.
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Please visit our Open House at 3185 COPLEY ST in Vancouver.
Open House on Saturday, October 19, 2013 2:00 pm - 4:00 pm
Investors & Builders Alert!! Large lot (43' x 140') and priced below assessment value! This property is nestled on a Quiet East facing on Prime Renfrew Heights neighborhood. Lots of possibilities. Build a new home for up to 4,214sf+ lane way home (900sf approx). House is still livable. Lots of new homes in the area. Hold,live now and build later. Walk to Trout Lake & Beacons field Park. Easy access to both Canada and Expo skytrain,. bus and Commercial street area. Book now for your private viewing. Open house Sat Oct 19 2-4pm & Sun Oct 20 2-4pm.
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The September home sales in Vancouver region were up to nearly 64% as the market posted big gains from last year's market when sales plunged due to the change in mortgage lending rules.

The Real Estate Board of Greater Vancouver also mentioned that there were 2,483 sales through it's Multiple Listing Service in September, which made up from 1,516 a year ago.

Board president Sandra Wyatt also mentioned that the sales are considerably up from last year but it's important to note that last September 2012 sales were among the lowest in three decades.  She also added that Home Sale and Listing activity this September were in line with the 10-year average for the month.

Real Estate sales in Vancouver have bounced back strong in recent months if we compare to last year when federal finance minister Jim Flaherty tightened the mortgage lending rules.  The move by the minister sent the sales down to Canadian real estate last year, however, the sales have since picked up again in many areas.

 

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