Selection broadens and demand eases to kick off 2012 in the

Greater Vancouver housing market

VANCOUVER, B.C. – February 6, 2012

Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index

(MLS® HPI), continued to experience more stability and less fluctuation compared to the

beginning of 2011.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in

Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012.

This represents a 4.9 per cent decrease compared to the 1,658 sales recorded in December 2011,

a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18 per cent

decline from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest January total in the region since

2002, though only 146 sales below the 10-year average.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and

more stability in pricing compared to this time last year,” Rosario Setticasi, REBGV president

said. “Last month’s activity tells us that competition amongst home buyers was reduced in

January, which means that individuals looking to purchase a home had more time to do their

homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756

in January. This represents a 19.9 per cent increase compared to the 4,801 new listings reported

in January 2011, and a 253.3 per cent increase compared to the 1,629 new listings reported in

December 2011.

Last month’s new listing count was the highest January total in Greater Vancouver since 1995.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is

12,544, a 12.5 per cent increase compared to December 2011 and an increase of 20.2 per cent

compared to January 2011.

New MLS® Home Price Index launches in Canada

Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way

of determining price trends in the housing market. The MLS® HPI was pioneered by six

founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater

Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted with

Altus Group to develop the MLS® HPI which measures home price trends in the five major

markets serviced by those boards.

The new index replaces the MLSLink Housing Price Index, which had been used by Greater

Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics should

not be compared with previous MLSLink HPI statistics.1

“The MLS® HPI is a national collaboration intended to give the public a more reliable and

comprehensive tool to understand home price trends across the country,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently

sits at $660,600, up 5.7 per cent compared to January 2011 and down 0.1 per cent compared to

December 2011. The MLS® HPI also tracks home prices across the Lower Mainland.2 The

benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of

5 per cent compared to January 2011.

Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 per

cent from the 793 detached sales recorded in January 2011, and a 6.5 per cent decrease from the

705 units sold in January 2010. The benchmark price for detached properties increased 11.3 per

cent from January 2011 to $1,034,700.

Sales of apartment properties reached 657 in January 2012, a decline of 7.9 per cent compared to

the 713 sales in January 2011, and a decrease of 26.3 per cent compared to the 891 sales in

January 2010.The benchmark price of an apartment property increased 2.4 per cent from January

2011 to $371,500.

Attached property sales in January 2012 totalled 261, a decline of 16.6 per cent compared to the

313 sales in January 2011, and a 20.2 per cent decrease from the 327 attached properties sold in

January 2010. The benchmark price of a townhome3 unit declined 0.5 per cent between January

2011 and 2012 to $468,000.

Editor’s notes:

1.) The new MLS® HPI will be indexed to equal 100 in January 2005. The previous MLSLink HPI was

indexed to 2001. Sales prior to 2005 will not be considered in the MLS® HPI. Click here to view more

detailed information on the MLS® HPI.

2.) The Lower Mainland includes the areas serviced by both the Real Estate Board of Greater Vancouver

and the Fraser Valley Real Estate Board, and is comprised of communities from Whistler to

Abbotsford.

3.) Townhome properties are similar to attached properties, a category that was used in the previous

MLSLink HPI, but do not included duplexes.

For further review of the statistics package: http://www.rebgv.org/sites/default/files/Jan%202012%20REBGV%20Stats%20Package.pdf

Chinese New Year begins on the 23rd of January this year, welcoming the year of the dragon. The celebration lasts for 15 days and is considered to be the beginning of the spring in the East. Most Asian cultures celebrate this holiday with friends and family. Here are some tips on preparing for an open house during this festive period.


Open House Do's and Don'ts during Chinese New Year

During Chinese New Year, people commonly decorate their home not only with the symbols of longevity, prosperity and luck, but with feng shui ideas as well. The following is a list of Do's and Don'ts:

1. Before Chinese New Years Eve, clean the entire house to get rid of any ill-fortune associated with the past year and make room for incoming good luck. Most of all, put away all brooms and brushes as they symbolize "brushing away good luck".
2. Add a new welcome door mat and flank the door with plants (choose plants with rounded leaves as sharp leaves can appear aggressive to buyers).
3. Flowers such as chrysanthemum, lucky bamboo and plum blossoms are used to symbolize wealth and luck.
4. If the back of a sofa faces the room's entrance, energy bounces right out. Facing a comfortable sofa or love seat toward the entrance of the room will improve energy flow and make buyers feel welcome.
5. All dirt and rubbish must be taken out the back door.
6. Display oranges and tangerines to symbolize abundant happiness.
7. Wear brand new clothes and the color red as it symbolizes joy and happiness.
8. Don't wear white or black as they are colors of mourning.
9. Don't use knives or scissors or you may cut off fortune.
10. Don't cook or bake on New Year day.

The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

New home or resale – which suits you best? 

Looking for a home is an exciting time, with so many different types of properties from which to choose.  A good way to narrow down your search is to weigh the benefits of new vs. resale homes.  If you're planning on buying a home in the new year, here are some key things to keep in mind:

Costs – A new home may involve a range of extra costs such as landscaping, appliances, window coverings, a security system, and GST/HST.  For older homes, their individual charm often goes hand in hand with increased maintenance – it is wise to create a budget and timeline for anticipated and unanticipated repairs.  

Customization – In a new house, you can often have input into the flooring, blinds, cabinets, appliances, paint colours, etc.  In an older home, you rely largely on the previous owner's tastes, unless you plan some remodelling projects (include any renos into the overall cost of your home).

Landscaping – Older homes tend to have well-established trees, gardens, and lawns.  Most new homes may have smaller trees and sparser vegetation, but may also have irrigation systems. 

Energy efficiency – New homes feature more advanced materials such as triple glazed windows, thicker insulation and more efficient appliances to lower energy costs.  Older homes, unless they have undergone a retrofit, usually cost more per square foot to heat or cool, which should be added to your monthly expenses. 

Neighbourhood – Many new subdivisions offer centrally located playgrounds, clubhouses, as well as jogging paths for residents.  More established districts typically have better access to urban shopping venues and city restaurants.

The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.

Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.

Vancouver, BC – November 8, 2011.The British Columbia Real Estate Association (BCREA) released its 2011 Fourth Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to rise 3.2 per cent from 74,640 units in 2010 to 77,000 units this year, increasing a further 3.9 per cent to 80,000 units in 2012.

“Low mortgage interest rates are expected to persist through 2012 keeping affordability on an even keel,” said Cameron Muir, BCREA Chief Economist. “However, headwinds on the economic front will constrain consumer demand over the next year to below the ten-year average of 87,600 units.” A record 106,300 MLS® residential sales were recorded in 2005.  

“Moderate consumer demand combined with larger inventories of homes for sale means BC housing markets will experience little upward pressure on home prices through 2012,” added Muir. The average MLS® residential price in the province is estimated to rise 11.8 per cent to $564,600 this year, and is forecast to decline 2.5 per cent to $550,500 in 2012. 

The full BCREA Housing Forecast is available at: www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/housingforecast.pdf.


   

With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Greater Vancouver housing market holds steady and favours sellers in May

Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.

Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.

“With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011.

At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.

 “We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”

Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.

Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.

Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.

• Living Area1,035 sq.ft.
• Bedrooms2
• Bathrooms1 full & 1 half
• Maintenance Fee$180/mo

Steveston South Address

8 4220 Steveston Highway, Steveston Mews, Richmond, BC, V7E 2K3, Canada

Description

DON'T LET THE ADDRESS FOOL YOU, QUIET INSIDE UNIT. Completely renovated 2 bedroom and den townhome at popular Steveston Mews. Features include: fresh clean updated kitchen, laminate on main, new plush carpets up, crown mouldings, newer full size front loader washer/dryer, updated bathrooms w/ new light fixtures, new blinds, cozy wood burning fireplace with stone surround and 1 yr. old hot water tank. Loads of storage space plus a large south facing patio area perfect for entertaining and barbeques. Just steps to Steveston Village, transit and neighbourhood amenities. Well maintained complex with newer roof and low maintenance fees. 2 parking stalls. Well priced, close to assessed value. ACT NOW. Call to book your appointment.

Features

Clothes Washer/Dryer/Fridge/Stove/Dishwasher/Drapes/Window Coverings

Amenities

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FRANCES BULA

VANCOUVER— From Wednesday's Globe and Mail

Published Tuesday, May. 24, 2011 11:18PM EDT

Last updated Tuesday, May. 24, 2011 11:22PM EDT

Vancouver: Not really as unaffordable as you think it is.

Also not being bought up by wealthy offshore buyers from China who are speculating on real estate.

That’s the anti-conventional-wisdom message that the city’s best-known marketing guru, Bob Rennie, is promoting, with numbers to back him up.

Mr. Rennie, who commissions research on real-estate trends for an annual talk to the industry, said that once the skewed prices paid by a small group of mostly mainland Chinese buyers in Richmond and the west side of Vancouver are removed, housing prices are comparatively reasonable.

As well, the numbers indicate that only about 1 per cent of those high-end buyers are non-resident investors.

“When you’re looking at the numbers, you have to build a fence around the west side, where there are external forces operating that have nothing to do with local forces,” Mr. Rennie said.

Yes, he said, the sale prices on those houses have increased dramatically in the past year.

But that top one-fifth of the market operates in its own world and has almost nothing to do with what is happening with real estate in the rest of the region that is connected to the local-buyer market, he said.

Some expressed disbelief in Mr. Rennie’s assessment when it was delivered last week.

But people who specialize in housing affordability in the region say their statistics also indicate that the perception of Vancouver’s affordability problem is distorted by high prices in some places.

“It’s concentrated in a few areas and it’s concentrated in single, detached homes,” said Dale McClanaghan, a housing consultant who works with local governments to design affordable-housing policies.

Mr. McClanaghan said in an interview this week that while house prices in Richmond and west-side Vancouver increased by 18 per cent last year, according to real-estate board figures, increases in the rest of the region were only about 4 per cent.

Apartment-price increases were also low, and prices have declined in some areas.

Does that mean Vancouver doesn’t really have an affordability problem at all?

No, say Mr. Rennie and other specialists like Mr. McClanaghan. But it’s the same affordability problem of other large cities, made somewhat worse by the fact that Vancouver doesn’t have the kind of room to grow or pro-supply policies that a city such as Calgary does.

Both say the region has to keep working on strategies to ensure that middle-range housing continues to get built for the local market of middle-income households.

But Mr. Rennie noted the average condo in Metro Vancouver sold for a mere $313,000 last year after the most expensive condos in the top fifth of the market were taken out.

Similarly, single-family homes in the top fifth of the market average $1.72-million. But once those high-end sales are removed from the price-averaging mathematics, home buyers in the rest of the region paid an average of $632,000.

He said Vancouverites tend to overestimate the impact of offshore buyers on real estate because Vancouver is a small city.

“Most cities that have the level of foreign attention we do have much larger populations, so it’s easier to absorb,” Mr. Rennie said. But Vancouver, seen as a haven with good schools, gets disproportionately more buyers from abroad looking for a landing spot than cities such as New York or Los Angeles.

That makes people think the whole city’s prices are being moved up by a relatively small group.

It’s led people like former city councillor Peter Ladner to suggest some kind of special real-estate tax or other barrier for offshore buyers.

Mr. Rennie was critical of those remarks, which have generated considerable attention in the past month.

“I worry that Mr. Ladner’s comments are more speculative than the people he’s talking about,” said Mr. Rennie, who said the vast majority of Chinese buyers here are not investors, but people moving to the city for the same reasons as many others.

Greater Vancouver housing market sees typical spring activity in April

Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.

Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.

“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.

At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.

“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to-date market evaluation.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.

Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.

Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.

408 5600 Andrews Road, The Lagoons, Richmond, BC, V7E 6N1, Canada $419,900

Description

STEVESTON LIFESTYLE AT IT’S BEST! Superb south facing top floor/Penthouse level 2 bedrooms, 2 bathroom suite with fabulous lagoon, courtyard, marina and water views. Featuring: well appointed kitchen, large pantry/laundry area, soaring vaulted living room ceiling, oversize windows that enhance natural light & brightness, separated bedrooms plus an entertainment size balcony to enjoy the beautiful views. Well managed building, including caretaker, guest suite, gym, party/billiards room, bike storage and more. Comes with 2 side by side parking spots. Just steps to Steveston Village shopping & restaurants. Bike, walk or roller blade along the boardwalk. This indeed is a rare gem! Pet friendly building and community!

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8 4311 Bayview Street, Imperial Landing, Richmond, BC, V7E 6S5, Canada

Description

Beautiful 1330 sf 2 bed & den townhouse located directly across from Imperial Landing Park & boardwalk with water views. Features include: open living room with cozy fireplace, French doors to front balcony, dining area w/ chandelier, spacious kitchen features breakfast bar, pendant lights, wood cabinetry, granite counters & s/s appliances. Off kitchen is large covered sundeck & 2 pc powder rm. Upstairs are 2 bedrooms & 2 bathrooms with partial water views from Master & walk-in closet w/ ensuite. Below is den, utilities rm & attached tandem garage. Well maintained 8 year old, 10 unit complex built by Onni w/ repainted exterior last year. Location cannot be beat right in the heart of bustling Steveston Village. By appointment.

Features

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Home buyers and sellers enter the housing market at near record pace in March

Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent increase from the 2,265 home sales in March 2009. The all-time sales record for March occurred in 2004 when 4,371 transactions were recorded.

“Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,797 in March 2011. This represents a 3 per cent decline compared to March 2010 when 7,004 properties were listed for sale on the MLS®, an all-time record for March. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.

At, 13,110, the total number of residential property listings on the MLS® increased 9.9 per cent in March compared to last month and declined 3 per cent from this time last year.

“Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010.

Sales of detached properties on the MLS® in March 2011 reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in March 2009. The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806.

Sales of apartment properties reached 1,622 in March 2011, a 29.6 per cent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885.

Attached property sales in March 2011 totalled 663, a 20.8 per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 per cent between March 2010 and 2011 to $511,039.

REBGV reports increased housing demand in February

Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside.

For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February’s 3,097 home sales outpace the 2,742 home-sale average recorded in the region over the last ten years.

“We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). “The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace.”

Between November 2010 and February 2011, the MLSLink® Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679; in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645.

“To effectively analyse real estate statistics for the purpose of buying or selling a home, it’s critical to focus on your neighbourhood of choice because, like we see today, conditions and prices can fluctuate significantly within the same city or municipality,” Moldowan said.

Looking across the region, the REBGV reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,097 on the MLS® in February 2011. This represents a 70.3 per cent increase compared to the 1,819 sales recorded in January 2011, an increase of 25.2 per cent compared to the 2,473 sales in February 2010 and a 109.3 per cent increase from the 1,480 home sales in February 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,693 in February 2011. This represents a 23.6 per cent increase compared to February 2010 when 4,606 properties were listed, and an 18.6 per cent increase compared to January 2011 when 4,801 homes were added to the MLS® in Greater Vancouver.

“With a sizeable increase in the number of properties coming onto the market for sale, there’s a good selection out there for buyers to choose from,” Moldowan said.

At, 11,925, the total number of residential property listings on the MLS® increased 14.2 per cent in February compared to last month and increased 5 per cent from this time last year.

Sales of detached properties on the MLS® in February 2011 reached 1,402, an increase of 42.6 per cent from the 983 detached sales recorded in February 2010, and a 138.9 per cent increase from the 587 units sold in February 2009. The benchmark price for detached properties increased 6 per cent from February 2010 to $848,645.

Sales of apartment properties reached 1,206 in February 2011, a 12.3 per cent increase compared to the 1,074 sales in February 2010, and an increase of 85.5 per cent compared to the 650 sales in February 2009. The benchmark price of an apartment property increased 2.2 per cent from February 2010 to $399,397.

Attached property sales in February 2011 totalled 489, a 17.5 per cent increase compared to the 416 sales in February 2010, and a 101.2 per cent increase from the 243 attached properties sold in February 2009. The benchmark price of an attached unit increased 2.3 per cent between February 2010 and 2011 to $507,118.

Stability and regional ‘hot spots’ characterize January housing market

The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region’s largest communities.

The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January.

“There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). "We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.”

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.

“When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood,” Moldowan said

Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009.

From a historical perspective, January’s 1,819 homes sales slightly surpassed the 1,790 home sale average recorded in the region over the last ten years.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,801 in January 2011. This represents a 6.7 per cent decrease compared to January 2010 when 5,147 properties were listed, and a 182 per cent increase compared to December 2010 when 1,699 homes were added to the MLS® in Greater Vancouver.

At 10,438, the total number of residential property listings on the MLS® increased 5.8 per cent in January compared to last month and increased 2.2 per cent from this time last year.

Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 per cent from the 705 detached sales recorded in January 2010, and a 171.6 per cent increase from the 292 units sold in January 2009. The benchmark price for detached properties increased 2.7 per cent from January 2010 to $810,045.

Sales of apartment properties reached 713 in January 2011, a decline of 20.8 per cent compared to the 891 sales in January 2010, and an increase of 97.5 per cent compared to the 361 sales in January 2009.The benchmark price of an apartment property increased 1.4 per cent from January 2010 to $390,935.

Attached property sales in January 2011 totalled 313, a decline of 4.3 per cent compared to the 327 sales in January 2010, and a 187.2 per cent increase from the 109 attached properties sold in January 2009. The benchmark price of an attached unit increased 2.6 per cent between January 2010 and 2011 to $495,140.

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Onni scraps high-rise plan

Onni Group has withdrawn its controversial high-rise proposal for Steveston.

Onni had proposed to rezone its narrow strip of land on Bayview Street and build two residential high-rises—10 and 12 storeys—on the last of its Imperial Landing parcels. But Steveston residents turned out in droves to a series of open houses on the proposal—with the majority vehemently opposed to the plan, which would have brought 200 new homes to the village. Onni's proposal would have also netted the city approximately two acres of land for public use and $500,000 to the Steveston Community Society.

Onni withdrew its rezoning application on Dec. 16, but the city only made the announcement Wednesday.

The developer still holds a valid development permit for the site, meaning no rezoning is required if Onni decides to move ahead with its original project. That plan calls for six buildings, ranging in height from one to three storeys, with 52 homes and 60,000 square feet of commercial space for maritime-related businesses.

At a September open house Onni vice-president Chris Evans attempted to address residents' many concerns. He reiterated Onni's reason for submitting the rezoning application.

“The merit of the rezoning and the result of the buildings is basically we have tried to maximize the area able to be donated to the city,” he said.

According to the city, Onni has until June 2011 to obtain a building permit or "demonstrate a significant start to development" for its current zoning to be valid.

Real estate market stable at year-end

The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.

“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”

Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred. 

More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of $593,419 in April 2010.

“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.

Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.

Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.

Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December 2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.

MLS® stats show more sales, fewer property listings in November

Greater Vancouver residential home sales improved in November compared to the previous four months, with the number of sales posted on the Multiple Listing Service® (MLS®) coming in slightly higher than the 10-year average for that month.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October 2010 and an 18.6 per cent decline from the 3,083 sales in November 2009.

Looking back further, last month’s residential sales represent a 187.1 per cent increase over the 874 residential sales in November 2008, a 13 per cent decline compared to November 2007’s 2,883 sales, and a 6.4 per cent increase compared to the 2,358 sales in November 2006.

“Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,” Jake Moldowan, REBGV president said.

Total active residential property listings in Greater Vancouver currently sit at 12,384, a 12.1 per cent decline from last month and a 12 per cent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 per cent to 3,030 in November 2010 compared to November 2009 when 3,653 new units were listed.

“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” Moldowan said. “It’s the homes priced accurately for today’s market that are receiving a lot of attention and selling right now.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.1 per cent to $580,080 in November 2010 from $557,384 in November 2009. This price has remained virtually unchanged since June of this year.

Sales of detached properties on the MLS® in November 2010 reached 1,050, a decrease of 9.8 per cent from the 1,164 detached sales recorded in November 2009, and a 226.1 per cent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 per cent from November 2009 to $799,312.

Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 per cent compared to the 1,396 sales in November 2009, and an increase of 156.6 per cent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 per cent from November 2009 to $389,168.

Attached property sales in November 2010 totalled 407, a decline of 22.2 per cent compared to the 523 sales in November 2009, and a 186.6 per cent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 per cent between November 2009 and 2010 to $488,733.

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