Hi All, I want to start by saying Vancouver's real estate market is still strong. Properties are selling and buyers are out there. That said, the places that are selling are priced well. What priced well means is that they are priced at market value. This time last year if you were to price a place above market you would get offers at what the place was worth. If you priced it low you would get a multiple offer situation and it might go above asking. In today's market if you price a place high you get no offers and if you price it low you get multiple offers at the asking price. Price a place were the market is and it will sell. I'd love to know your thoughts! Canada's housing boom is over, bank says VIRGINIA GALT Globe and Mail Update June 26, 2008 at 10:44 AM EDT After a long run of r... 06/26/2008

 Vancouver City Hall is considering a ban on residential development in favour of commercial and higher density for office towers This plan will radically reshape the Downtown business district core and keep condos at bay, so says a recent article by Frances Bula in the Vancouver Sun. The City is proposing a 20-40% higher density for office towers and Developers will be encouraged to build as high as possible without blocking designated views. There is a problem for capacity for job space in the City. Read the rest of this post   06/25/2008

Cirque du Soleil is in Vancouver from June 12 to July 20, 2008. It's an annual event which performs under the blue and yellow tents at 50 Pacific Avenue. This internationally aclaimed Act is presenting Corteo. Tickets run from $60-$220. Corteo, which means "cortege" in Italian, is a joyous procession, a festive parade imagined by a clown. The show brings together the passion of the actor with the grace and power of the acrobat to plunge the audience into a theatrical world of fun, comedy and spontaneity situated in a mysterious space between heaven and earth.  Read the rest of this post   06/25/2008

The Qube at 1333 West Georgia, Coal Harbour, Vancouver is a city landmark.  The Location - situated 3 blocks to the waterfront and walking distance to the Business District and 2 blocks to the Shangri-la Hotel/condo which has an Urban Fare supermarket. The Qube offers affordable living in Coal Harbour. The Building - The Qube at 1333 W Georgia Street, Vancouver, BC, V6E 4V3 . Originally built in the '60s as the Westcoast Transmission office building. The company was bought out by Duke Energy and then purchased by a Developer who converted it to a condo. It opened in 2006.     Read the rest of this post   06/25/2008

This amazing new paint from Benjamin Moore is considered to be cutting edge in the field.  Previously paint was a blend, and still is in many cases, of the water based latex resin and the oil based colourant which created the colour choice the homeowner picked.  Benjamin Moore's Aura paint goes one step farther.  Aura is a water based latex resin with a water based colourant which means that it blends totally to create a beautiful finish.  Have you ever noticed in bathrooms that occasionally, and eventually, there is streaking running down the walls?  That it even appears somewhat shiny and if you try to wipe it off it doesn't disappear?  What happens is that is warm, steamy showers the oil based colourant in the paint is reactivated.  Evidently the colourant never really 'dries' and wh... 06/20/2008

Bob Rennie's recent speech at UDI was full of facts and figures. He remains positive on Vancouver's future and its real estate market. Bob has long been Vancouver's #1 Condo Project Marketer and his predictions have been right on.  Here is an overview of his speech. Consider the recent sales of Downtown Penthouses "celebrity product". Shangri-la Penthouse just sold for $16 million, so did the Fairmont. Residences on Georgia sold their Penthouse in the spring for $18 million. Ritz Carlton is asking $29 million for the Penthouse. The Ritz Carlton broke $2300 prsqft average   Read the rest of this post   06/19/2008

View this beautiful of Vancouver's waterfront 06/18/2008

  Orca Place at 1166 Melville Street, Vancouver, BC, V6E 4P5, Coal Harbour, Vancouver  The Location situated in Vancouver's Coal Harbour, a short couple of blocks from the waterfront and a couple of blocks from Vancouver's business district. The Building is 30 storeys, 160 suites and was built in 1997 and has a number of smaller suites, which are ideal for first time buyers, investment condos or vacation homes. View the rest of the post   06/18/2008

Kitsilano's May condo market saw an increase in the price over April and a slight increase in both listings and sales. Listings 145 - of those 41 have had list price reduced and 4 have had it increased. 82 listed under $500,000. 59 listed between $500,000 and $1 million and 4 listed over $1 million. Sales 45. Of those 9 had list price reduced and 2 had list price increased Read the rest of this post   06/13/2008

Vancouver's Downtown market in May saw a slight increase in listings over April,  a 30% drop in sales but an increase in the average price.  Listings - 669 vs 630 in April and 420 in January. The least expensive condo listed in Vancouver's Downtown is a studio for $215,000 and the most expensive is a Penthouse at 499 Drake for $4,990,000 for 4772 sq.ft. There were 164 price reductions and 15 price increases (dah...price increases? ) 377 are listed under $500,000. 251 are listed between $500,000 and $1 million. 33 are listed between $1 and $2 million and 7 over $2 million. Sales 86.  Of those Vancouver Downtown condos that sold in May, 21 had price reductions (25%) and 2 had price increases. Read the rest of this post 06/13/2008

View the Pciture of the sun setting over Vancouver 06/11/2008

  Vancouver's West End market in May saw a 16% drop in sales from April, a 4% increase in listings and a 3% decrease in the Average Price. Days on the market is stable. Listings 241 - up from 232 in April.  One third (69) had price reductions and l had a price increase. 60% of Vancouver's West End listings are under $500,000 (a total of 145). 62 are listed between $500,000 and $1 million and 31 are listed over $1 million, of which 9 are listed over $2 million and two of those are listed over $5 million. Sales 36 - down from 45 in April. Ten of those  Vancouver West End sales had a price reduced (25%). 27 sold under $500,000, 7 sold between $500,000 and $1 million and 2 sold over $1M Read the rest of this post   06/09/2008

"Although when you first step out of your comfort zone it may feel difficult and fearful, you will at some point become comfortable again."author~Wendy Hearn While I don't like to use the word "fear" when writing about Home Staging it can sometimes manifest itself to that emotion-not wanting to step outside of one's Comfort Zone. This is the experience of a recent Home staging we completed 5 weeks ago that has just sold with hugely successful results. The home was a very large 4000sqft older home in a Premier Vancouver neighborhood. The home was slated to be listed at 1.5 million and in it's current state the Realtor and homeowner's knew they needed help to acheive their asking price. Upon our initial visit we spent almost two hours really planning and dissecting each room and in the en... 06/08/2008

Coal Harbour Market Statistics for May 2008 show a slight decline in sales from April 2008 and from May 2007 . An increase in listings from May 2007 but no increase from April 2008. The supply is up, now 11 months and the Days on Market has increased slightly. The average price is up. Listings 175 - there are 35 under $500,000 with a 7 month supply, 54 between $500,000 and $1 million with a 13 month supply. 53 from $1 to $2 million with a 9 month supply. 13 between  $2 and 3 million with a 13 month supply. 8 between $3 and 4 million, 4 between $4 and 5 million and 8 over $5 million. There were no sales over $2,2 million, so apparently no market at present for condos listed over that price. 58 listings had a pirce reduction and 1 had a price increase. The lease expensive is 290 sq.ft. st... 06/08/2008

Vancouver's Park Board learnt a lesson in how to please private-sector partners when they had a 3 year controversy over Kits Beach's Watermark Restaurant The City of Vancouver's land at English Bay has had an eatery since the 1950s and now the City has decided to turn it into a restaurant.  The City is seeking public input on building specifications before it seeks a private partner, who would provide 65% of gross revenue to the Park Board. Vancouver's Park Board director of special projects Jim Lowden said he wants to ensure potential private sector partners that if they win the tender process, they'll have the right to build a restaurant that will have a price point and menu similar to the nearby Milestone's and Boathouse restaurants, but with a better view...arguably the best in the ... 06/08/2008

The graphs for homes, townhomes and condos all show a big increase in listings and slight decrease in sales from one year ago. View the graphs here 06/08/2008

Yesterday, I wrote about the possibility of a Canadian mortgage crisis akin to the American mortgage crisis.  It would have been less controversial to side with the CBC decision to cancel its renewal of "Hockey Night In Canada" theme song.  To my brothers and sisters in The Great North:  It was a warning, not a criticism. I'm not alone in my warning.  Here are some articles offering caution: The Canada Mortgage and Housing Corporation (CMHC) warns of slowed housing starts: "Strong economic fundamentals such as continuing high employment levels, rising incomes and low mortgage rates will provide a solid foundation for healthy housing markets this year," said Bob Dugan, Chief Economist for CMHC. "Most of the pent-up demand that built up during the 1990s has now been fulfilled and resident... 06/07/2008

  The RBGV reports that residential attached, detached and apartment property sales in the Greater Vancouver area totalled 3,002 in May 2008, a decline of 30.7% from May 2007, and and down from 3,200 in April 2008 New listings for detached, attached and apartment properties climbed 20% over a year ago, to 7390, and up from 7010 in April.  Sales continue to be strong, but there is a lot more choice on the market today. Prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint and market stability.  We are now back to a normal market where sellers have more competition and buyers have a good selection. Read the remainder of this post and view the individual neighbourhood statistics for the month. 06/05/2008

Just Listed! 1506-550 Taylor, Tinseltown, Vancouver is a one bedroom & den with mountain and water views. $368,000. Priced to sell! The Taylor is now 3 years old and consists of  7 suites on a floor. The amenities are a gym. Pets and rentals are allowed. Conveniently located at your doorstep is the Skytrain Station, T&T supermarket and a newly opened drug store. The suite will be available for possession on July 1st. It boasts granite counter tops and polished concrete floors. It has one secured parking and a storage locker. Read the rest of this post   06/02/2008

Understanding the Landlord Tenancy Act before you rent your Vancouver condo Did you know?  One third of all home owners in British Columbia rent their home. Did you know? Secondary suites, including illegal suites, are covered by the same residential tenancy law as apartments in large buildings.  "Landlord Guide: Information for Landlords in BC" provides valuable information on the many legal and financial obligations of landlords, who are considered business owners and are bound by both provincial and municipal laws, bylaws and regulations. These include the BC Residential Tenancy Act, the Fire Code and the Building Code, as well as municipal bylaws covering secondary suites, smoke detectors, safety and even cleanliness. Who helps landlords? Read the rest of this post   05/30/2008