Kitsilano
Vanouver Real Estate Coal Harbour Analysis - September 2008
Vancouver’s Coal Harbour statistics for September show listings up to 245 from 220 in August. Sales 16, up from August. Days on market up to 83, from 73 in August and average selling price down slightly from $1,513,062 to $1,569,772,. More condos selling over $1 million than under $1 million in September. There is currently a fifteen month supply of condos in Coal Harbour
Listings - 245
59 Coal Harbour condos listed under $500,000. 90 listed between $500,000 and $1 million. 67 listed between $1 and $2 million. 8 listed between $2 and $3 million. 14 listed between $3 and $5 million and 7 listed over $5 million.
The least expensive is a studio condo at $289,000 and the most expensive coal harbour listing is 3300 sq.ft at Harbour Green Two (1169 West Cordova) on the 21st floor, listed at $7,498,000.
2008 Listings - Jan 128,Feb 149, Mar 179, Apr 176, May 175, June 192, July 220, Aug 212, Sept 245
Sales - 16
2 sales under $500,000. 7 sold between $500,000 and $1 million. 3 sold between $1 and $2 million. 2 sold between $2 and $3 million. 1 sold between $3 and $5 million and 1 over $5 million.
Under $500,000 there is a 29 and a half month month supply. Between $500,000 and $1 million there is a 13 month supply. Between $1 and $2 million there is a 22 month suppply. Between $2 and $3 million there is a 4 month supply. 14 month supply between $3 and #5 million and a 7 month supply over $5 million.
The most supplied price range in Coal Harbour is uinder $500,000. The least supplied is between $2 and $3 million.
2008 Sales - Jan 14, Feb 33, Mar 22, Apr 26 May 16, June 16, July 11, Aug 12, Sept 16
Days on Market Jan 67, Feb 44, Mar 39, Apr 47, Jun 71, Jul 73, Aug 83, Sept 53
Average Price Sept $1,513,062, Aug $1,569,772 , July 1,379,091, Jun 803,091, Apr $770,430, Mar 807,340, Feb $974,329, Jan $966,806
Average Selling Price Pr Sq Ft - 958
List Price to Sale Price Ratio - 93%
Sept 2007 - Listings 245. 22 Sales. Days on Market 38. Average Price $1,006,427
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Gobble Gobble
In Canada, Thanksgiving is celebrated on the second Monday in October - that would be this Monday 13th and its a stautory holiday, so we can enjoy a long weekend and get together with family.
Do you know how Thanksgiving in Canada started? Here’s what Wikipedia says
The history of Thanksgiving in Canada goes back to an explorer, Martin Frobisher, who had been trying to find a northern passage to the Orient. In the year 1578, he held a formal ceremony, in what is now the province of Newfoundland and Labrador, to give thanks for surviving the long journey. This feast is considered by many to be the first Thanksgiving celebration in North America, although celebrating the harvest and giving thanks for a successful bounty of crops had been a long-standing tradition throughout North America by various First Nations and Native American groups. First Nations and Native Americans throughout the Americas, including the Pueblo, Cherokee, Cree and many others organized harvest festivals, ceremonial dances, and other celebrations of thanks for centuries before the arrival of Europeans in North America [2]. Frobisher was later knighted and had an inlet of the Atlantic Ocean in northern Canada named after him — Frobisher Bay.
At the same time, French settlers, having crossed the ocean and arrived in Canada with explorer Samuel de Champlain, also held huge feasts of thanks. They even formed ‘The Order of Good Cheer‘ and gladly shared their food with their First Nations neighbours. Read more
Here’s the weather forecast for Thanksgiving in Vancouver.
In Canada and Vancouver in particular I think we have LOTS to give thanks for. Particularly this year with the current financial crisis. The B.C. Government tells us that “BC is the best place on earth“.
Happy Thanksgiving!
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Vancouver Real Estate Analysis for Kitsilano - September 2008
Vancouver real estate market analysis for Kitsilano condos saw sales for the month of September flat at 24, versus 25 in August. Listings up from 165 to 184. Average price for sold condos dropped from $416,240 to $408,,159. Average Days on the market dropped from 37 to 32. September saw a bottom end market with no sales above $600,000 in this hood. Seven and a half months supply of condos. Kitsilano prices are off 10% since January.
Listings 184 - 7 listings under $300,000. 46 listed between $300,000 and $400,000. 60 between $400,000 and $500,000. 32 listings between $500,000 and $600,000. 20 listed between $600,000 and $700,000. 11 listings between $700,000 and $800,000. 4 between $800K and $1 million and 4 over $1 million.
Listings Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130
Sales 24 -Vancouver real estate market for Kitsilano saw 4 sold under $300,00 (there were no sales under $300,000 prior to March), 7 sold between $300,000 and $400,000. 4 sold between $400,000 and $500,000 and 5 sold between $500K and $600K.
25% of the sales had a list price reduction. Amazingly one sold over list price and two sold at list price.
Less than 2 months supply of Vancouver real estate condos in Kitsilano listed under $300,000. Six and a half months supply for condos listed between $300,000 and $400,000. Fifteen months supply for condos listed between $400,000 and $500,000 and six and a half months supply for condos listed between $500,000 and $600,000. No market for condos over $600,000 in September 2008.
Reflections: For Vancouver real estate condos in Kits the least supply is for condos under $300,000 and then between $500,000 and $600,000.
2008 SALES - Jan 26, Feb 44 , Mar 20, Apr 42, May 45, June 35, July 38, August 25, Sept 24
Days on the market - January 27, February 18, March 18. April 28, May 28, June 28, July 43, August 37, Sept 32
Average price - Jan $449,600, Feb $486,260 Mar $451,000, Apr $ 476,452, May $492,063, Jun $ 398,350, Jul $439,663 , Aug 416,240, Sept $408,159
Average Selling Price pr sq ft $555
Sale price to list price ration - 97%
View my other posts for Kitsilano or search for Kitsilano listings
If you wish to chat about buying or selling a condo in Kits, please fill out my contact form.
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What The Oz Says About Vancouver’s Real Estate Market
Last Saturday I attended Ozzie Jurock’s Real Estate Outlook in Downtown Vancouver. It looked like a sellout. I have followed his predictions for a long time and his track record is good. Here is an overview of his opinion of the Vancouver real estate market from my notes.
The current financial situation in the U.S. is serious and its magnitude is larger than past recent financial crises the world has experienced. But the world always has bad news.
IN ‘74 the average price of a Vancouver house was $54,000 and sales dropped 42% due to the US stocks crash. The news said “we’ll never see these real estate prices again.” Credit became tight.
‘87 we saw Black October when the stock market crashed 22% in one day and the markets closed for 4 days. Pension funds increased their real estate investments.
‘90the Reichmans moved to New York and made $500 million, as the economy turned down due to 13.5% 5 year term mortgage rates. San Diego real estate prices dropped 35% and are now 410% above that. (more…)
Vancouver Property Graphs September 2008
Graphs tell it all!
The statistics for Vancouer real estate for September show dollar volume for Vancouver real estate sales is back to where it was in January 2007. The listings decreased during the summer but increased again during September and sales are similar to where they were in August. The prices continue to slide.
Looking at the condos that sold, the busiest price range is the $300-450K. There is also more sales in the $1 million plus price range than there is in the $500,000 to a million.
About 65% of Vancouver West real estate sales are condos.
Vancouver Real Estate Prices Continue to Slide
The REBGV reports that Greater Vancouver residential property sales declined 42.9% in September’08 to 1,585 from 2,776 sales recorded in Sept’07. Sales were flat compared to 1,568 in Aug’08.
New listings for detached, attached and apartment properties increased 28.8% to 6,142 in Sept’08 compared to Sept’07, when 4,770 new units were listed. In Aug’08 there were 4,331 new listings.
”After 5 years of unprecedented increases, housing prices are beginning to realign” REBG president Dave Watt said. “Although the economic situation in the U.S. has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”
Sales of houses declined 50.3%% to 546, from 1,099 sales in Sep’07 and up from 535 in Aug08. The benchmark price declined 1.6% from Sept’07to $726,331. Since May’08 it has declined 5.8% and dropped 1.5% for the month.
Sales of condos in Sept 2008 declined 35.1% to 764 compared to Sept 2007 and up from 740 in Aug’08. The benchmark price, as calculated by the MLSLink Housing Price Index, of an apartment property declined 0.7% from Sept 2007 to $369,062. Since May’08 the benchmark price for an apartment in Greater Vancouver has declined 5.2%.
Townhome sales in Sept 2008 decreased 41.9% to 450. compared to Sept 2007 and up from 293 from Aug’08. The benchmark price of an attached unit increased 7.6% from Sept’07 to Sept’08 to $476,585 and has declined 3% since May 2008. (more…)
Luxury Waterfront Condo in Coal Harbour’s Harbour Green Two
I’ve just listed this brand new condo in Harbour Green Two, on Coal Harbour’s Waterfront. There are currently six condo buildings on West Cordova, one under construction (Four Seasons) and one pre-selling (Harbour Green Three), so this ranks as prime Vancouver real estate.
Amenities include:
2-car private parking garage with storage
Exercise centre
Guest suite
Indoor pool and health club
Virtual golf
24-hour concierge
Visitor parking
HARBOUR GREEN TWO at 1139 West Cordova is Coal Harbour’s world class luxury waterfront building, brand new. This unique southeast corner 2 level, 2 bdrm & den flows like a house. Amazing outdoor spaces include a 780 sq ft patio off the dining room, perfect for entertaining, plus a large balcony off the living room and both bedrooms. Views to the water and mountains. 17 ft ceilings in living room. Snaidero Gourmet Chef’s kitchen of Italy with Miele appliances, including gas range, mespresso machine, double oven, Sub-Zero and a pantry. Impressive spacious foyer, spa baths, spacious laundry room, 24 hour concierge, indoor pool & health club, guest suite, vitrual golf, private 2 car garage, visitor parking. View anytime. The best priced condo in Harbour Green 1 and 2. Harbour Green Three is pre-selling from $1800 pr sq ft.
Offered at $3,370,000.
View other pictures and a virtual tour. View this luxury Coal Harbour waterfront condo on the real estate channel or Active Rain, or Point2Point. It is also featured in therealestatebook, v-flyer, my coal harbour website and my main website
Please fill out my contact form if you wish to view this luxurious waterfront condo in Vancouver’s Coal Harbour.
Did you know you can search for Coal Harbour listings on this site?
Have a Coal harbour condo question? Please fill out my contact form if you wish to buy or sell.
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Vancouver Real Estate Market Up, Down or Sideways?
The average price chart for Vancouver real estate tells the story. Since 1977, periods in each of the past three decades there have been dips in the market. The chart also illustrates that real estate has consistently been an appreciating investment over time. The degree of increase depends on the type of unit bought and its location.
In 2003, we see that a buyer of a detached home on Vancouver’s Westside, or in West Vancouver, would have an investment that has doubled in value since then. A buyer of a home in Vancouver Eastside has seen their home appreciate 83 per cent. In Coquitlam that same house would be up 80 per cent. Squamish has had ta 33 per cent price increase for a detached home since 2003, and Pitt Meadows a 49.5 per cent increase.
Vancouver Condominium buyers have fared even better over the past five years. Port Coquitlam condominiums increased 116 per cent, Vancouver East condominiums increased 110 per cent, New Westminster103.5 per cent, and Richmond and Port Moody 101 per cent.
August 2007 sales began to slow and in March 2008prices began to soften. Last month 1,568 homes changed hands in the Greater Vancouver area, a decline of 53.5 per cent from 3,384 sales in August 2007. At the same time, prices began dropping which, in turn, began having a leveling impact on house price appreciation. (more…)
Vancouver Detached Properties Graph 1977-2008
The above graph shows Vancouver real estate from 1977 to present and relates to detached properties. The first line shows the average price, the second line shows the number of listings and the bottom line reflects units sold.
It is interesting to note that the number of sales during the 1987-1993 period (when Vancouver had a large number of immigrants from Hong Kong) was the highest for the past 30 years.
Also interesting to note that the number of currented Vanvouver detached listings are not the highest we have every experienced and the graph appears to be heading down. The highest number of Vancouver homes listed was in the 1989-90 period and again in the 1994-97 period.
Our local expert, Ozzie Jurock, predicts a 10-20% correction in the Vancouver real estate market and thinks that Vancouver investors are “in a relative safe environment with an appreciating asset that will rise in value as inflation follows the inevitable U.S. money-spinning bailout.” More from Ozzie in my next post.
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New Canada Line and the Value of Vancouver Real Estate
Landcor Data Corporation’s report “Lessons from expos 86 for the 2010 Olympic Games” looks at construction and price appreciation resulting from the Expo Line, completed in 1985 for Expo 86, and then applies the lessons learned to the Canada Line, being completed in time for the 2010 Winter Games.
Though the Vancouver real estate market may be cooling, the property owners along the Canada Line could see values rise at a faster rate than elsewhere, if trends seen around the expo Line continue. Rapid transit can have a big impact on residential real estate construction and prices.
The Landcor report found that in the decade following Expo Line completion, home prices along the line increased at the same rate as the overall housing market in Expo Line communities. But between ‘86 and ‘96 vacant land prices near Expo Line stations increased 251% compared to 133% for overall housing prices in Expo Line communities. Between ‘86 and ‘07, vacant land prices increased 628% compared to 352% for housing prices overall in Expo Line cities.
While market conditions played a role, land use zoning appears to have been the pivotal factor.
The City of Richmond is planning transit-oriented, high density urban villages at the Capstan, Landsdowne and Richmond-Brighouse stations - to be completed in time for the 2010 winter games.
The City of Vancouver is also planning for higher density, mixed-use, pedestrian friendly development surrounding Canada Line stations.
One caution - homes too close to the Line, where residents can hear the train, don’t always appreciate.
Live near the Canada Line? Share your thoughts with us.
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Vancouver Real Estate Market Analysis for Kitsilano
Vancouver real estate market analysis for Kitsilano condos saw sales for the month of September flat at 24, versus 25 in August. Listings up from 165 to 184. Average price for sold condos dropped from $416,240 to $408,,159. Average Days on the market dropped from 37 to 32. September saw a bottom end market with no sales above $600,000 in this hood. Seven and a half months supply of condos. Kitsilano prices are off 10% since January.
Listings 184 - 7 listings under $300,000. 46 listed between $300,000 and $400,000. 60 between $400,000 and $500,000. 32 listings between $500,000 and $600,000. 20 listed between $600,000 and $700,000. 11 listings between $700,000 and $800,000. 4 between $800K and $1 million and 4 over $1 million.
Listings Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130
Sales 24 -Vancouver real estate market for Kitsilano saw 4 sold under $300,00 (there were no sales under $300,000 prior to March), 7 sold between $300,000 and $400,000. 4 sold between $400,000 and $500,000 and 5 sold between $500K and $600K.
25% of the sales had a list price reduction. Amazingly one sold over list price and two sold at list price.
Less than 2 months supply of Vancouver real estate condos in Kitsilano listed under $300,000. Six and a half months supply for condos listed between $300,000 and $400,000. Fifteen months supply for condos listed between $400,000 and $500,000 and six and a half months supply for condos listed between $500,000 and $600,000. No market for condos over $600,000 in September 2008.
Reflections: For Vancouver real estate condos in Kits the least supply is for condos under $300,000 and then between $500,000 and $600,000.
2008 SALES - Jan 26, Feb 44 , Mar 20, Apr 42, May 45, June 35, July 38, August 25, Sept 24
Days on the market - January 27, February 18, March 18. April 28, May 28, June 28, July 43, August 37, Sept 32
Average price - Jan $449,600, Feb $486,260 Mar $451,000, Apr $ 476,452, May $492,063, Jun $ 398,350, Jul $439,663 , Aug 416,240, Sept $408,159
Average Selling Price pr sq ft $555
Sale price to list price ration - 97%
View my other posts for Kitsilano or search for Kitsilano listings
If you wish to buy or sell a condo in Kits, please fill out my contact form.
this site is updated regularly, subscribe via RSS or email FOR FREE
Featuring The Sapphire in Vancouver’s Coal Harbour
The Sapphire in Vancouver’s Coal Harbour recently opened and is one of Coal Harbour’s newest condo buildings. As Vancouver’s real estate market continues to grow, Canada Post shows there are now over 4000 condos in Coal Harbour.
Developer - Pinnacle has been a developer of Vancouver real estate for a long time
Features: security card access, high speed elevators, electric fireplaces
The Building: 34 storeys and 112 suites. (more…)
British Columbia’s Green Building Code is Now in Effect
Every new building in the province must meet strict standards for energy and water efficiency. The new green requirements, which apply to all new construction in BC, were announced by the Provincial government in April and came into effect on September 5th.
New houses, multi-family residential buildings under 5 storeys, and small commercial and industrial buildings will now have to comply with the province’s new insulation requirements.
New high-rise residential towers and large commercial buildings must meet the American Society of Heating, refrigeration and Air Conditioning Engineers 90.1 (2004) standard. It applies to the building envelope, heating, ventilation, air conditioning, water heating, power, lighting and other equipment.
Ultra low flow toilets and other water efficient plumbing fixtures are now mandatory for all new construction.
The new Code also features amendments to the Development Cost charge provisions for developers. In principle, lower DCC’s will offset some of the appliance and construction improvement costs that may raise the price of a new home.
Both the federal and provincial governments offer rebates to underwrite some of the costs for existing home owners to renovate to Green Building Code standards and upgrade to energy efficient appliances and ultra low flow toilets. The BC government also offers PST exemptions on EnergyStar qualified products.
Get more info on the Building Code provisions by opening the link called ‘greening the BC building code’.
Share your green home story with us.
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courtesy REBGV
35th Annual Vancouver Circle Craft Xmas Market
The Circle Craft Christmas Market Preview runs October 3 thru November 4, 2008 at the Circle Craft Shop & Gallery on Granville Island. Admission is free!
Discover the work of a selection of craftspeople booked to be part of the 35th Annual Circle Craft Christmas Market at the Vancouver Exhibition and Convention Centre November 11–16, 2008. In other words, don’t miss this opportunity for Market fans to start your shopping lists early!
The Preview Exhibit focuses predominantly on the work of visual artist Lynn Blaikie (Whitehorse, YK), clay artist Myriam Bouchard (Saint-Antoine-de-Tilly, QC), wood artist Michel Chayer (Varennes, QC), children’s clothing designer Roisin Fagan (Halifax, NS), clothing designer Laura Kapp (Regina, SK), jeweller Hélène Limoges (Montreal, QC), doll maker Erica Perrot (Montreal, QC), jeweller Christine Phillipe (Quebec City, QC), jeweller Allyson Simmie (Hubbards, NS), and fibre artists Anke Fox and Lesley Armstrong (Dartmouth, NS)
Visit their website
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What $5 Million Buys you in Real Estate in Vancouver Now Versus 2003?
The following is a study of Vancouver real estate, specifically Coal Harbour, and what sold in condos during the month of September, between $1 and $10 million.
In September 2008 there have been 4 sales in the price range. A front suite on West Cordova sold for $1300 pr sq. ft. - 1700 sq.ft. sold just over $2 million.
In September 2007 there were 23 sales. The most expensive was a north east corner at One Harbour Green, on a high floor, over 2600 sq.ft. sold for just over $4 million, over $1600 pr. sq.ft.
In September 2006 there were 9 sales. You could buy the north west corner on a high floor at Callisto - 1281 West Cordova - for less than $1.7 million for 1368 sq.ft. , $1242 pr sq ft). (more…)
