The recent survey of EY published on August 29 shows that Canada is in the 5th place worldwide when it comes to real estate investment, the only developed nation to break into the top 5!  India, China, Qatar and Chile are the first four countries ranking as the emerging markets, which includes credit availability and economic stability.

 

With the exception of Canada, most investors are looking and focusing beyond the developed countries which can result to possible immense growth and potentials as per Krista Blaikie of EY's national real estate leader mentioned.

 

Canada still continues to attract the investors attention for  it's stable political and economic environment condition not found in the Eurozone.

 

This survey also suggested that 85% of the real estate executives believes that the global economy is stable and improving which is a big difference from 53% of last year.

Read full post

 

Donald Trump will be lending his name to a $360M, 63 storey mixed used residential and hotel which will be located in downtown Vancouver.

Joo Kim Tiah of Holbourn Group (started 2001), which is one of the developers of Trump International Hotel & Tower Vancouver was said to have a common thing with Donald Trump Jr, both were sons of wealthiest families in their respective countries, and both are second generation people with a very successful father.

The Trump Tower which will be located at the intersection of West Georgia and Bute streets, will house 218 residential units and 147-room luxury hotel.  The hotel will feature a pool bar, restaurant, champagne lounge, Trump Spa, etc.  

The design, which was one of the last masterpieces of Arthur Erickson,  will be a twisting style tower which is thought to give each unit an unparallel view of the city of vancouver.  Residences will range in size from 644 to 2117sf and penthouses will be around 3500 and 4400 sf.  

Sales of Trump Tower will start in October 2013.  The project is expected to finish by Summer 2016.

 

For more info : visit www.TrumpVancouver.com

Read full post

     
 
header
 

August 2013

 
 

Macdonald Realty Luxury Press Release

Midway through 2013, the BC luxury real estate market has rebounded from a sluggish 2012. After breaking all luxury records with 691 $3-million+ sales in 2011, the luxury market slowed to 439 $3-million+ sales in 2012. This year, that number is forecast to reach 588 sales, which represents over $2.8 billion in luxury real estate changing hands in 2013.

This compares to only 10 $3-million+ homes, with a total value of $39 million, that sold in 2000.

Much of the rebound can be attributed to the overall health of the housing market, says Macdonald Realty manager Matthew Lee. Says Lee, "Year-to-date, both in terms of gross sales and units sold, the Greater Vancouver housing market has seen an increase of 10% over 2012, so it's no surprise that the luxury market has followed suit."

Dan Scarrow, VP Strategy for Macdonald Realty, agrees. "The luxury market in Vancouver is more intricately linked with the overall market here than in other jurisdictions," says Scarrow. "We're a global lifestyle city," he says, "economists have been trying to figure out the Vancouver market based on local incomes for 40 years now and it's never made sense."

Scarrow credits foreign buyers for driving demand for high-end product. "Everyone now knows that mainland Chinese buyers are a big factor in our market now," says Scarrow, "but we're actually a repository of wealth for people from all over the world."

The most striking examples of this have been the two sales this year in the Fairmont Pacific Rim for $15 million and $25 million, respectively. These sales were not made to mainland Chinese buyers, but instead, are rumored to be Middle Eastern buyers. (http://news.nationalpost.com/2013/06/04/ten-things-you-should-know-about-the-near-record-breaking-25m-condo-sale-in-vancouver/) Should these sales hold up for the rest of the year, it would mark the first time in BC history that the most expensive home sold in the province was a condominium unit.

"When foreign investors invest in Canada, they're not looking for huge returns," says Scarrow, "they're looking for a safe, stable place to store their wealth. That's unlikely to change."

Top 3 Most Expensive Homes Sold in BC so far this year:

# PH01 1011 W CORDOVA ST 25,000,000
5638 NEWTON WD 18,600,000
4815 BELMONT AV 16,000,000

For a more complete analysis of these statistics, please feel free to contact me at the email address or phone number above.

 
 
 
*This communication is not intended to cause or induce breach of an existing agency agreement.

*Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission to prior sale or lease, change in price or terms, and withdrawal without notice.

**Should you not wish to receive this communication, please reply to this email with "Please Unsubscribe" in the subject line.
 
 
     

 

Read full post

During the First Canadian conference of the Asian Real Estate Association of America which was held here in Vancouver, a Chinese-American agents from Chicago and other state agents have gathered here for a few days and talked about the latest "luxury-home tour".

The trend now is "contemporary".  Second generation Chinese are the driving force behind luxury homes nowadays, since the federal investor program that allowed immigration with an $800,000-plus investment ended in 2010, the new buying class is market-savvy, with the taste for contemporary design.  They are the main reason that Vancouver's overall housing market are recovering much faster.

It will be recall that in the 1980's wave of Hong Kong Buyers, whose raised on the British colonial tradition, would have gone for Tudor style mansions, but this new trend of Asian investor have a different taste. According to Ming Pao Chinese newspaper, this 2nd generation Chinese group is feeding 70-percent jump in sales of homes over $4-million in Greater Vancouver (according to Sotheby's Realty Report), they have already established themselves here.

Read full post

Whistler market is on a downhill slide year after year for the past 5 years.  The bench mark price for a Whistler home fell 8% in the past year, 9.5% in the past 3 years, 21.5% in the past 5 years, this is according to Greater Vancouver (REBGV) statistics.  Condos on the other hand fared the worst, price declining 12.7%, 33.9% and 41.2% in the past 1 yr, 3 years, and 5 years respectively.

 

"Whistler is one of the best places to buy" Landcor Data Corp CEO Rudy Nielsen told BIV Vancouver.  " The market is definitely down, but you're never going to replace the best places in the world for skiing and recreational use." He added.

 

The key factor coud be:

- Global economic uncertainty;

- A comparative high Canadian dollar; and

- Tightened lending requirements for buying secondary homes.

 

However, a turnaround could be in sight as per Ann Chiasson told BIV last week that she sold a home worth $10Million even though the home was formerly listed at $15.7 Million, it's the most expensive Whistler home sales since 2009, she said.

 

read full story on www.biv.com/article/20130730/biv0111/307309931/0/biv0100

Read full post
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.