Greater Vancouver Real Estate Market Statistics – July 2018

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in July 2018.

Vancouver-West

In the Vancouver Westside, there were 57 sales of detached homes and 858 active listings at the end of the month. The benchmark sale price was $3,356,500, with average days on market of 54. The hottest markets for sales were Dunbar, Kitsilano and Southlands with 7 sales each.

In comparison, the condo market had 295 sales, 1,203 active listings and a benchmark sale price of $835,200 with an average of 26 days on market. The hottest market for sales was Downtown VW, 55. sales.

Townhome sales were 39, active listings were 198. The benchmark sale price was $1,288,600 with an average days on market of 29. Kitsilano with 8 sales was the hottest market of the month.

It’s a buyer’s market for houses in Vancouver-West.

MarketHotSheet_July2018_VancouverWest

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How to Buy in Vancouver

First, you’ll want to understand the taxes you’re going to pay

It is impossible to think about buying in Vancouver as a foreigner without considering the now- infamous tax on foreign buyers and speculators introduced in 2016 to make housing in the region more affordable and cool down an extremely hot market.

In Vancouver, foreigners pay a 20% tax on top of the purchase price. The tax was introduced because of the perception that Vancouver, the most expensive market in Canada, was becoming a parking ground for global capital.

Now approaching the end of the second year, many say the tax has not had its intended effect. Jerry Wang, of MacDonald Realty, a luxury brokerage in Vancouver, said that although the tax slowed the market at the beginning, foreign buyers are back in the game.

The largest island offers proximity to a 180-mile long For the luxury “Buyers can get a mortgage fairly easily, and relatively speaking, the price point for the Vancouver area is still very reasonable,” Mr. Wang said, compared to other large cities around the world.

He said his clients have just shifted to a slightly lower price bracket to account for the tax, and are still “buying at a discount.” They also still buy at the high end. “This year we have seen so many properties over C$10 million (US$7.7 million) sold in Vancouver,” he said. “Most of them are to Chinese families still wanting to be here.”

Because of the tax, he added, it is “properties in the middle that are suffering,” referring to those in the “affordable luxury” range.

[Read more…]

Greater Vancouver Real Estate Market Statistics – June 2018

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in June 2018.

Vancouver-West

In the Vancouver Westside, there were 81 sales of detached homes and 877 active listings at the end of the month. The benchmark sale price was $3,392,500, with average days on market of 43. The hottest markets for sales were Kitsilano and Cambie with 12 sales each.

In comparison, the condo market had 328 sales, 1,214 active listings and a benchmark sale price of $842,600 with an average of 20 days on market. The hottest market for sales was Downtown VW, 63. sales.

Townhome sales were 47, active listings were 228. The benchmark sale price was $1,303,600 with an average days on market of 21. Fairview VW with 14 sales was the hottest market of the month.

It’s a seller’s market for condos in Vancouver-West.

MarketHotSheet_June2018_VancouverWest

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Greater Vancouver Real Estate Market Statistics – May 2018

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in May 2018.

Vancouver-West

In the Vancouver Westside, there were 91 sales of detached homes and 898 active listings at the end of the month. The benchmark sale price was $3,430,500, with average days on market of 39. The hottest markets for sales were Point Grey and Cambie with 10 sales each and and Dunbar with 12 sales.

In comparison, the condo market had 359 sales, 1,149 active listings and a benchmark sale price of $845,400 with an average of 16 days on market. The hottest market for sales was Downtown VW, 71 sales.

Townhome sales were 42, active listings were 215. The benchmark sale price was $1,304,500 with an average days on market of 26. Fairview VW with 10 sales was the hottest market of the month.

It’s a seller’s market for condos in Vancouver-West.

MarketHotSheet_May2018_VancouverWest

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Greater Vancouver Real Estate Market Statistics – February 2018

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in February 2018.

Vancouver – Westside

In the Vancouver Westside, there were 53 sales of detached homes and 772 active listings at the end of the month. The benchmark sale price was $3,500,600, with an average days on market of 52. The hottest market for sales was Dunbar with 8 sales.

In comparison, the condo market had 331 sales, 665 active listings and a benchmark sale price of $835,800 with an average of 21 days on market. The hottest market for sales was Downtown VW, 84 sales.

Townhome sales were 34, active listings were 129. The benchmark sale price was $1,250,100 with an average days on market of 21. Fairview and Kitsilano with 7 sales each were the hottest markets of the month.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_February2018_Vancouver-West

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Greater Vancouver Real Estate Market Statistics – January 2018

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in January 2018.

Vancouver

In the Vancouver Westside, there were 46 sales of detached homes and 672 active listings at the end of the month. The benchmark sale price was $3,548,400, with an average days on market of 68. The hottest markets for sales were Dunbar and Point Grey with 8 sales each.

In comparison, the condo market had 245 sales, 579 active listings and a benchmark sale price of $812,400 with an average of 28 days on market. The hottest market for sales was Downtown VW, 54 sales.

Townhome sales were 18, active listings were 105. The benchmark sale price was $1,247,900 with an average days on market of 26. Yaletown with 6 sales was the hottest market of the month.

It’s a seller’s market for condos.

MarketHotSheet_January2018_Vancouver-West

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What are the Top 25 Greater Vancouver neighbourhoods to buy real estate according to MoneySense?

Yes, good value real estate is possible in Vancouver.

moneysensevancouverIn April 2017, in their annual Where to Buy Now coverage MoneySense.ca selected their top Greater Vancouver neighbourhoods to buy real estate to see the best return on investment.

What’s a buyer to do? The best way is to buy based on solid fundamentals. In real estate this means finding good-value neighbourhoods that offer a good chance of continued momentum in the future. That’s not easy in a hot market, but this year’s Where to Buy Vancouver list shows it is possible.   Read the rest of the article here. 

We’ve rounded up homes for sale in each of these Where to Buy neighbourhoods to make it easy for you.

The top 25 Greater Vancouver neighbourhoods for Buyers, according to MoneySense are:

  1. Cedardale, West Vancouver

  2. Port Moody Centre, Port Moody

  3. Lower Lonsdale, North Vancouver

  4. Pemberton NV, North Vancouver

  5. Glenmore, West Vancouver

  6. Glenayre, Port Moody

  7. River Springs, Coquitlam

  8. Cypress Park Estates, West Vancouver

  9. Edmonds BE, Burnaby

  10. Meadow Brook, Coquitlam

  11. Cape Horn, Coquitlam

  12. Hastings, Vancouver East

  13. Horseshoe Bay WV, West Vancouver

  14. Burke Mountain, Coquitlam

  15. Norgate, North Vancouver

  16. Eagle Harbour, West Vancouver

  17. Sapperton, New Westminster

  18. Ambleside, West Vancouver

  19. Mountain Meadows, Port Moody

  20. Steveston Village, Richmond

  21. Queensbury, North Vancouver

  22. Renfrew VE, Vancouver East

  23. Mount Pleasant VE, Vancouver East

  24. Windsor Park NV, North Vancouver

  25. Westwind, Richmond

To view all active listings currently for sale in one of these areas simply click the neighbourhood links above or call our head office at 1-877-278-3888 to be matched to an expert real estate agent in the area of your choosing.

Macdonald Realty sponsors InspiredHealth cookbook

We are delighted to announce the beginCMYKorangeIHvectorning of a new charitable partnership between Macdonald Real Estate Group and InspireHealth, a local not-for-profit supportive cancer care organization with centres in Vancouver, Victoria and Kelowna.  They provide important programs and services to enhance quality of life, health and well-being of people living with cancer and their families.

Macdonald Real Estate Group has signed on to be the presenting sponsor of InspireHealth’s new cookbook ‘Inspired Cooking‘ featuring 50 exclusive recipes from 20 of Canada’s top chefs including BC’s Vikram Vij (Vij’s Restaurant Group), Ned Bell (Yew at Four Seasons Hotel), Warren Barr (The Pointe Restaurant at Wickaninnish Inn), James Walt (Araxi) and many more.

Last year, InspireHealth welcomed more than 2,400 new members, provided 2,000+ classes and more than 25,000 patient visits – all completely free of charge.  This InspiredHealth cookbook is an important fundraising venture and we are so proud to be a leading sponsor of this project. Watch for the cookbook is stores this holiday season and if you wish to make a donation to the project you can ​visit their Kickstarter page here. 

 

Condos in Downtown Vancouver

The residential areas of Downtown Vancouver comprise 3 main areas:

  1. Yaletown – which borders the north side of False Creek and much of it originally was developed by Concord Pacific after the Expo 86 World’s Fair;
  2. Coal Harbour – which is the strip of newly developed condos north of West Georgia Street and West of Burrard Street; and
  3. The West End – which comprises the downtown core and west of Burrard Street.

It seems that the new 15% tax on “foreign” buyers has had very little impact on this market, especially with condos where the asking price is under $2 million.  There are many reasons for this:

  • Only 1-5% of the buyers in this segment traditionally have been “foreign”;
  • More and more “empty nesters” from the West Side of Vancouver sell their homes after their children have moved out and downsize by moving downtown and retire on the capital gains earned by selling their detached homes;
  • The buyers are from all backgrounds: local retired people, young singles and married couples (usually with no children or with small families), Chinese immigrants, Koreans, Iranians, Americans, Eastern Europeans, Middle Easterners, etc. In other words there is strong demand from all segments of the market;
  • There seems to be increasing interest in this area from “foreigners” from the USA, typically young hi-tech professionals from San Francisco and San Jose, and older couples from Seattle and Los Angeles, all of them attracted by the diversity, safety, cuisine, scenery and recreational opportunities downtown Vancouver has to offer.
  • Being close to the Central Business District is extremely convenient for the tens of thousands of professionals of all kinds who work downtown.

What’s so special about the Downtown core of Vancouver?  Well, it depends on the specific neighbourhood:

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Are Prices Down, or Not? Average Price vs. Benchmark Price

Why are some articles saying prices are going down, and others saying that for the same product category, they’re not? How is that even possible? Whenever you read real estate reports, it is important to understand how the data used is interpreted by the author. With the high price points of Vancouver’s heated real estate market, conversations about predicting where property values will go next seems to have become a daily conversation wherever we go. In this video, I discuss the difference between the two common ways of measuring price points: Average Price vs. (HPI) Benchmark Price.

 Are prices down, or not? Two ways to measure prices.

When looking at activity for a given period of time, the Average Price per unit is exactly that – an average of all of the sales for that period within a certain market segment.

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Soaring property values push businesses out of Vancouver’s west side | The Globe and Mail

Vancouver’s sky-high real estate prices are changing the shape of its retail districts – with pricey neighbourhoods feeling some pain, and formerly neglected pockets of the city getting a boost.

Several long-time businesses on the city’s expensive west side are either closing down or moving as retail strips transform under the pressures of rent and tax increases, redevelopment and a shifting demographic. The shopping strip along West Broadway, in the once-trendy heart of Upper Kitsilano, suddenly has vacant storefronts. Long-time shops are moving or shutting down.

“There is something wrong with West Broadway – an unprecedented number of businesses are closing their doors,” said Marion Jamieson, director of the Upper Kitsilano Residents Association. “I think the kinds of issues we’re facing in the residential areas of gentrification are also having an impact on commercial areas.”

[Read more…]

Macdonald Realty nominated for HGTV’s Ultimate House Hunt 2016

It is time for HGTV.com’s Ultimate House Hunt once again!

This year Macdonald Realty is nominated in the Best International Home category for a spectacular Three-Level Penthouse in Vancouver, Canada.  This is the category we won last year for The Sanctuary, a luxury home we listed and sold in Squamish B.C.

spectacular Three-Level Penthouse in Vancouver

SENSATIONAL TROPHY VANCOUVER PENTHOUSE – Atop a 32 storey skyscraper this three level sky mansion sprawls over 6,000 square feet of living space and 1,700 square feet of terraces. Outstanding first impressions from the direct elevator access leading to a grand living room featuring soaring 16 foot ceilings, panoramic English Bay views and a grand curved staircase. Master boasts gas fireplace, large steam shower and a two person jetted tub situated mid room. Main level offers second master suite with fireplace and numerous built-in cabinets. Bespoke chef’s kitchen with 48 inch Décor six burner range, numerous built-in ovens and appliances anchored by huge granite island and access to 700 square foot terrace with fireplace and built-in Viking BBQ. Family room with grand wet bar, air conditioning, concierge and six-car private garage. LP $7,838,000

Macdonald Realty nominated for HGTV luxury home contest

Tour amazing homes across the globe, vote for your favourites, and enter for your chance to win a $10,000 cash prize! And remember you can vote for your favourites once a day. Follow the instructions below to vote for Macdonald Realty’s Nominee for HGTV’s Ultimate House Hunt 2016:

Step 1: Tour the homes in the category.
Step 2: When you’ve found your favorite, click “I’m Ready to Vote.”
Step 3: Choose your favorite by clicking “Vote.”
Step 4: Click “Continue to Next Category” to tour more homes.

Click here to vote.

Vote for HGTV's Ultimate House Hunt 2016

Loonie Driving American Home Buyers Interest in BC

Jonathan Cooper, Vice President, Operations of Macdonald Real Estate Group, was on Business News Network (BNN) speaking about the pick-up in American home buyers in BC and how the loonie has been driving that interest.

Click the video to watch.

British Columbia Earthquake Preparedness

earthquake-plates

Vancouver and British Columbia are at a high-risk of having an earthquake. Be prepared, and learn what you can do to keep you, your family, and your home safe.

For your family:

  • Identify objects in your home that could be dangerous during an emergency
  • Plan evacuation routes from every room in your home
  • Pick two meeting places where you and your family can get back together if you get separated – one close to your home, and one a little further away
  • Ask an out-of-province relative or friend to be your family contact person
  • Prepare your emergency kits
  • Teach family members how to turn off utilities, use a fire extinguisher, and call 9-1-1
  • Make arrangements for seniors and family members with special needs
  • Save digital copies of important documents — such as birth certificates and financial records — on a memory stick, or make photocopies of them
  • Think about what you might be able to contribute to your community; sharing a meal, tools, or a phone charger are especially meaningful in the days after an emergency

For your home:

  • Install latches on cupboards
  • Refer to emergency preparedness manuals that are available in bookstores and libraries.
  • Place large and heavy objects on lower shelves
  • Fasten tall furniture to the walls
  • Store breakable items, such as glass jars and china, in low closed cabinets with latches
  • Hang heavy items, such as pictures and mirrors, away from beds, couches, or anywhere people sit
  • Anchor overhead lighting fixtures securely to the ceiling
  • Know the locations of electric fuse or circuit breaker box, water service shut-off, and natural gas main shut-off as you may need to turn them off after the earthquake
  • Purchase earthquake insurance

 

Find more tips at the City of Vancouver website