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2201 1211 Melville St. (V844167)

1211 Melville St. “The Ritz”. Outstanding investment property in a central Coal Harbour location features enormous 540 sqft patio, water views, and luxury finishing in a 2-year old building with all remaining warranties. Spacious 2-bdrm floor plan includes open-concept living area perfect for dinner parties and entertaining. Central location on the border of Vancouver’s financial district offers easy access to the seawall, shopping on Robson St., and picturesque Stanley Park.

Price : $699,000
Bedrooms : 2
Bathrooms : 2
Square Footage : 856
Year Built : 2008
Tax : $2,839 (2009)
Maintenance : $234/month
Amenities : Air Cond./Central, Bike Room, Exercise Centre, Garden, In Suite Laundry, Recreation Center, Indoor Pool, Hot Tub, Sauna/Steam

Click HERE for more information.

The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and
apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase
compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February
2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).

At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 per cent
in March compared to last month, but remains 7.6 per cent below this time last year.
“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates
into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan,
REBGV president said.

Please click HERE for the full report.

RBC hikes mortgage rates again – Globe and Mail

The move, which will result in a 0.25 percentage point increase in the cost of a number of fixed-rate mortgage products that the bank offers, is likely to spark another round of rate hikes among the country’s mortgage lenders.

RBC kicked off one series of hikes a little more than two weeks ago, and most experts said that was the start of a steady rise in mortgage rates.

At that time the cost of a five-year closed rate mortgage from RBC and many of its competitors rose by 0.60 percentage points to 5.85 per cent.

Please click HERE for the full article.

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)

VANCOUVER, B.C. – April 2, 2009 – The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.

Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.

Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.

“There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is levelling off,” said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to March 2008. This is the fifth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent.

Despite these trends, total active listings at the end of March 2009 had still reached14,579, a 19 per cent increase compared to the end of March 2008.

“REALTORS® are seeing an increasing level of interest from first-time buyers who are attracted to low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years,” Russell said.

Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.

Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.

Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563.

If you have any questions on specific statistics in your neighbourhood, or would like to speak with one of our experience sales representatives please do not hesitate to contact us via phone or e-mail!

VANCOUVER, B.C. – March 3, 2008 – Residential housing sales in Greater Vancouver rose 94 per cent in February compared to the month before, with 1,480 sales registered in February compared to 762 sales in January, which was the slowest month for housing sales in 25 years. Over the past 10 years, February sales have typically surpassed January by an average increase of 53 per cent.

At the same time, new MLS® listings for residential properties continued to decrease for the fourth month in a row. New listings decreased 25.6 per cent in February compared to the previous year; 20 per cent in January; 8.6 per cent in December; and 10 per cent in November.

“There are terrific opportunities out there right now, but with property listings continuing to decrease, those opportunities may be available only for a brief window of time,” said Dave Watt, president of the Real Estate Board of Greater Vancouver (REBGV).

REBGV reports that year-over-year property sales in Greater Vancouver declined 44.7 per cent in February 2009 from the 2,676 sales recorded in February 2008. Year-over-year, those are the lowest sales figures for February since the mid-1980s.

“REALTORS® are reporting more activity compared to recent months as people begin to see whether their position in the housing market has strengthened as a result of falling interest rates and improved affordability,” Watt says. “It took, on average, 67 days to sell a home in Greater Vancouver in February, seven days less than last month, but behind the seller’s market of last February when the average stood at 33 days.

Sales of detached properties in February 2009 declined 41 per cent to 587 from the 995 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 14.2 per cent from February 2008 to $653,452.

Sales of apartment properties declined 45.6 per cent last month to 650, compared to the 1,197 sales in February 2008. The benchmark price of an apartment property declined 13.9 per cent from February 2008 to $333,143.

Attached property sales in February 2009 decreased 49.8 per cent to 243, compared with the 484 sales during the same month in 2008. The benchmark price of an attached unit declined 9.7 per cent between Februarys 2008 and 2009 to $426,268.

New listings for detached, attached and apartment properties declined 25.6 per cent to 3,916 in February 2009 compared to February 2008, when 5,260 new units were listed.

If you have any real estate related questions or would like statistics on your neighbourhood please do not hesitate to get in touch with us!

Vancouver Realty Online

If you’re interested in checking out our search feature please click HERE – or use the new ‘MLS Listing Search’ button in our main navigation menu!

Over the next few weeks all the sites in the Vancouver Realty Network will be coming live with similar MLS Search support!  Yaletown Residences, Coal Harbour Marketing, Vancouver Condos, and Kitsilano’s Homes will all offer neighbourhood specific search and listing features to assist you in staying up to date on the real estate activity in your area!

Cheers

Vancouver Realty Online

For the past decade, together with the BC Real Estate Association, your Board has advocated that home inspectors meet licensing and uniform education standards.

Members were concerned that training for inspectors was voluntary and anyone could call themselves a home inspector.  This created problems for homebuyers who hired ‘professional’ home inspectors who ultimately weren’t qualified.  When problems were discovered that an inspector should have identified, the homebuyer had no recourse.

Under the new standards, the province’s 300 to 400 home inspectors will be required to meet the qualifications of one of the following organizations:

• the Canadian Association of Home & Property Inspectors – BC branch;
• the Applied Science Technologists and Technicians of British Columbia; or
• the National Certification Program for Home and Property Inspectors.

Licensing will be under the Business Practices and Consumer Protection Act.   Home inspectors must complete examinations and field and field experience, undero a criminal record check and pay a $100 licensing fee.   The Business Practices and Consumer Protection Authority (BPCPA) will be the regulatory body, overseeing licensing and complaints, and will monitor compliance through inspections and enforcement.  Maximum penalties for non compliance will be $5,000.

Licensing information and application forms will be posted on the BPCPA website at http://www.bpcpa.ca by February 27, 2009.  Until March 31, 2009, home inspectors who haven’t met the requirements of a BPCPA-recognized professional association or authority can apply to the BPCPA to have their experience, knowledge and ability assessed and may be issued a licence. “Grandfathered” inspectors must meet the requirements of one of the three recognied groups by March 31, 2011.

Questions have been raised about whether the new standards will prove adequate.  Discussions between the government and the inspection industry organizations are ongoing.

See the licence!

After March 31, 2009, when you provide a list of home inspectors to your clients, make sure each inspector has a wallet-sized licence and make sure your clients ask to see it.

If your clients have a complaint about a licencsed inspector they can visit the BPCPA website at http://www.bpcpa.ca or phone toll-free 1.888.564.9963 for assistance.

Most frequent house problems found by home inspectors…

1. Improper surface grading/drainage: Results in water penetration in the basement or crawl space.
2. Improper electrical wiring: Includes insufficient electrical service to the house, inadequate overload protection, and amateur, often dangerous, wiring connections.
3. Roof damage: Includes old or damanged shingles or improper flashing which case water leakage.
4. Heating systems: Includes broken or malfunctioning operation controls, blocked chimneys and unsafe exhaust disposal.
5. Poor overall maintenance: Includes cracked, peeling, or dirty painted surfaces, crumbling masonry, makeshift wiring or plumbing, and broken fixtures or appliances.
6. Structure related problems: Includes damage to foundation walls, floor joists, rafters, and window and door headers.
7. Plumbing: Includes old or incompatible piping materials, faulty fixtures and waste lines.
8. Exterior flaws: Includes inadequate caulking and/or weather stripping on windows, doors, and wall surfaces which leads to water and air penetration.
9. Poor ventilation: Includes over-sealed homes which result in excessive interior moisture that causes rotting and premature failure of structural and non-structural elements.

Source: The Canadian Association of Home and Property Inspectors.

VANCOUVER, B.C. – February 3, 2009 – The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008.

New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008.

Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009.

“Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said.

“Today’s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,” Watt said.

Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008.

Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008.

Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008.

The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

If you have any questions about specific sales or listing in your area please do not hesitate to get in touch with us!