Winter Olympics host, Vancouver, ranked world's most liveable city:

Vancouver City Council is expected to approve Laneway Housing this week.  This will allow the construction of a laneway house in the back yard of a single detatched lot with a minimum width of 33 feet. An area of 16 feet between the back of the existing house and the laneway house will be required to maintain a backyard open space.  There are also parking spot requirements.

 

The purpose of this initiative is to help Vancouverite's deal with the high prices of real estate and the shortage of living areas in Vancouver's single detached housing areas.  Although there has been some resistance to laneway housing in Vancouver, it is a foregone conclusion that it will be approved.  If you would like to discuss Laneway Housing in Vancouver please contact me for more information.

 

Here is a link to a city hall policy report on laneway housing with diagrams and requirements: _media/Documents/laneway_housing.pdf

 

According to a report by the CBC, there may be a future mould problem festering in the condos being built at the Olympic Village.  The issue has been raised by the International Association of Heat and Frost Insulators and Allied Workers who claim that some construction shortcuts will lead to mould and mildew behind the drywall where pipes are not being insulated properly.  The City of Vancouver is looking into the matter and assures the public that regular inspections are being held on site to ensure that all building codes are being adhered to.  The developer claims this is an isolated issue.

 

If you have any concerns or would like to discuss any real estate matters, please feel free to contact me.  Here is a link to the CBC report:  http://www.cbc.ca/canada/british-columbia/story/2009/06/29/bc-olympic-village-pipe-insulation.html

If you aren't convinced that Vancouver Real Estate has become more affordable over the past year, you may be part of a minority opinion.  A new report released by the Canadian Mortgage and Housing Corporation today shows that there is an increase in confidence among Canadian homeowners these days.  The report which polled recent Canadian homebuyers reveals that 90% of these home owners believe that real estate is a good investment.  70% of them feel that now is a good time to buy.  These opinions shouldn't come as a surprise since most house prices in Canada have come down in the past year and a half, and mortgage interest rates are hovering around record lows.  This is creating an environment of increased affordability across all Canadian housing markets, including Vancouver.  If you are looking to get into the real estate market in vancouver, please contact me and I will be happy to discuss any concerns you may have.

 

The British Columbia Real Estate Association released their Spring 2009 Housing Forecast today and the news is good for Vancouver Real Estate! 

 

“The majority of the decline in home prices has already occurred,” said Cameron Muir, BCREA Chief Economist. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these areas.”

 

Increased affordability have brought first time buyers back into the market this year, a profile of buyers that were largely absent from the market in the last 6 months of 2008.

 

The Canadian Mortgage and Housing Corp. is now forecasting that in 2009 Greater Vancouver will see a 44% drop in the inventory of new home construction compared with 2008 levels.  CMHC also sees average resale home prices dropping 13% this year and another 2.3% for 2010.  Contrast this with the actual data that shows rising sales over the past few months and it becomes clear to me that the basic economics of supply and demand will provide for a fairly stable Vancouver housing market in the near future.  Low interest rates and relatively low inventories of properties on the market will slow any future price declines.  Please contact me to discuss this blog post or any other Vancouver real estate issues.  I'd love to hear your opinion.

 

Here is a link to a Vancouver Su article about CHMC's forecasts: http://www.vancouversun.com/Business/housing+starts+decline+from+2008+CMHC/1609497/story.html

 

 

Spring came in like a lion!  April real estate sales in Canadian cities like Vancouver showed the highest monthly jump since 2004.  Low interest rates and low prices signaled a return to affordability and Canadian buyers reacted by writing offers.  The market has been so strong that the Canadian Real Estate Association has revised its sales and price forcasts for 2009 upward.  Don't hesitate to contact me if you  want to discuss the Vancouver Real Estate market in greater detail.  It will be my pleasure.

 

Click the following link for a related Financial Post article:

Developers in the Greater Vancouver area have dropped their prices on a variety of new construction real estate.  This translates into great buying opportunites for buyers looking for new homes.  However, don't think the deals are sitting around getting dusty.  Many new developments are selling quickliy as the market reacts to lower prices for new homes in Vancouver.  Feel free to contact me if you are interested in buying a home in Vancouver or if you would like to discuss this blog post with me.

 

Scotiabank has released a report on the Canadian Housing Market that indicates there are signs that the real estate market may be stregthening as demand is up and listing inventory is down.  The recovery may be moderate and slow but the signs are positive.  Here's a link to a CBC News article about the report:  http://www.cbc.ca/consumer/story/2009/05/05/housing-market.html

 

 

 

VANCOUVER, B.C.  May 4, 2009 With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.

For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.

"We're seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent, Scott Russell, REBGV president said. "The result is a relatively stable market in which homes are being realistically priced.

"The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices," he said. "The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions."

Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.

Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.

Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.

Bright spots in Greater Vancouver in April 2009 compared to April 2008:

Detached:
Vancouver West ..........up 59.5 per cent (193 units sold from 121)

Attached:
Port Coquitlam ................up 69.6 per cent (39 units sold from 23)
Richmond ....................up 17.9 per cent (132 units sold from 112)
Vancouver West .................up 46.3 per cent (98 units sold from 67)

Apartments:
North Vancouver ...............up 29.2 per cent (84 units sold from 65)