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Availability of newly built and presale condos skyrockets in Metro Vancouver.


All areas of Metro Vancouver saw a jump in inventory, but the increase was steepest in the ringed area defined as Inner Metro (which includes Burnaby, New Westminster, Richmond, West Vancouver, North Vancouver, South Delta, Tri-Cities and Squamish, but not the City of Vancouver).

However, only 99 of those 5,918 condo units were complete and move-in ready (described as “standing inventory”) at the end of 2018. When compared to the same quarter five years ago, this represents a 608-unit (86 per cent) decline in move-in ready concrete condominiums across Metro Vancouver. This suggests that demand over the past five years has increased sufficiently to absorb presale units before they are completed, even if the absorption rate is now slowing.

The number of available new wood-framed condo units, which are studied separately in the report, did not climb as much as concrete condos, but they account for a much smaller share of the market.

What it costs to build condo in Canada?  In the city of Vancouver, where an acre zoned for high-density residential can top $40 million, the average price of a new high-rise condo apartment is now $1,345 per square foot, up 39 per cent from a year ago.

The construction costs presented here represent hard costs only, and do not include soft costs, such as legal and insurance costs, government fees, financing costs, environmental costs, property taxes, marketing and sales costs and commissions, or the developer profit.

What would be the cost to build single family home in Greater Vancouver? Definietly the cost depends on the area, landscaping needs, size of the house... Call Oleg Tsaryov for consulation.

 



Buyer's Market? More traffic at open houses...More sales...


The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.

 

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Residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.

Last month’s sales were 42.5 per cent below the 10-year February sales average.

Home buyers face less competition today, have more selection to choose from and more time to make their decisions.

3,892 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8 per cent decrease compared to the 4,223 homes listed in February 2018 and a 19.7 per cent decrease compared to the 4,848 homes listed in January 2019.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase compared to January 2019 (10,808).

For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being. REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1 per cent decrease over February 2018, a 6.2 per cent decrease over the past six months, and a 0.3 per cent decrease compared to January 2019.

Sales of detached homes in February 2019 reached 448, a 27.9 per decrease cent from the 621 detached sales recorded in February 2018. The benchmark price for detached properties is $1,443,100. This represents a 9.7 per cent decrease from February 2018, a 7.6 per cent decrease over the past six months, and a 0.7 per cent decrease compared to January 2019.

Sales of apartment homes reached 759 in February 2019, a 35.9 per cent decrease compared to the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300. This represents a four per cent decrease from February 2018, a 5.1 per cent decrease over the past six months, and a 0.3 per cent increase compared to January 2019.

Attached home sales in February 2019 totalled 277, a 30.9 per cent decrease compared to the 401 sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a 3.3 per cent decrease from February 2018, a 6.7 per cent decrease over the past six months, and a 1.4 per cent decrease compared to January 2019.

Please call Oleg Tsaryov, Realtor in Vancouver to get more detailed information. Oleg Tsaryov 604-719-4490.

Information provided by Real Estate Board of Greater Vancouver.



New Listing 1003 1925 ALBERNI STREET, Vancouver, BC


R2345418 - 1003 - 1925 Alberni Street, Vancouver, BC, CANADAView my new listing for sale at 1003 - 1925 Alberni Street, Vancouver and currently listed at $1,499,000.

1+ DEN. Den has huge windows & could be another bedroom. 'Laguna Parkside' luxury residences at the edge of Stanley Park & Coal Harbour. Enjoy views of the park, Lost Lagoon, marina, snowcapped North Shore mountains. All interiors boast top of the line Thermador stainless steel appliances, Solus stone fireplace surround, new hardwood flooring, A/C. Grand hotel style lobby with 24' ceilings, stunning crystal chandeliers. Extensive granite & mahogany finishing. Enjoy your own private health club like amenities. BC ASSESSMENT $1,647mln. RENTALS ALLOWED!

New Listing 1112 933 SEYMOUR STREET, Vancouver, BC


R2345479 - 1112 - 933 Seymour Street, Vancouver, BC, CANADAView my new listing for sale at 1112 - 933 Seymour Street, Vancouver and currently listed at $645,000.

If you want to be right downtown and in the thick of the action, then this is the loft building for you. The nicest suite at the SPOT, spectacular 2 level loft, NE corner unit (best side of the building), with 16' ceiling and 14' window on the main floor, updated kitchen with flexible movable center island, full size washer/dryer, closet organizer & and private balcony. There is a gym and common deck with BBQ on the second floor. PLUS, the entire roof of the building is a deck - you'll enjoy great views of the fireworks in July and August. Pets and rental is ALLOWED. But no parking & no storage locker

New Listing 213 933 SEYMOUR STREET, Vancouver, BC


R2345480 - 213 - 933 Seymour Street, Vancouver, BC, CANADAView my new listing for sale at 213 - 933 Seymour Street, Vancouver and currently listed at $576,000.

Fabulous 16 foot ceilings, in this coveted unit in The Spot. They don't build them like this anymore. This 2 level loft home features newer laminate throughout, new kitchen with S/S appliances, granite counter, soaring ceilings, m bdrm up with walk-in closet, in suite laundry, and a bonus 6 X 6 office/den space. Amazing amenities with live-in caretaker, gym, party room, bike room, visitor parking, and a 360 degree view roof top deck, & separate landscaped BBQ deck on the 2nd floor. Perfect location, concrete construction & concrete exterior finishing, flexible dates. Don't miss this opportunity. But no parking & no storage locker.

Recently Sold Listing 404 6119 COONEY ROAD, Richmond, BC


R2299689 - 404 6119 COONEY ROAD, Richmond, BC, CANADAI have just recently sold this listing at 404 6119 COONEY ROAD, Richmond.

Recently Sold Listing 1905 125 E 14TH STREET, North Vancouver, BC


R2338531 - 1905 125 E 14TH STREET, North Vancouver, BC, CANADAI have just recently sold this listing at 1905 125 E 14TH STREET, North Vancouver.

New Listing 7885 Peytavin Place, Mission, BC


R2343399 - 7885 Peytavin Place, Mission, BC, CANADAView my new listing for sale at 7885 Peytavin Place, Mission and currently listed at $649,999.

College Heights! Set high on the lot this 11 year old home has breathtaking Mt.Baker & valley views. This home is on quiet cul-de-sac in one of Mission's most desired area's in College Heights. Natural light abounds through out this exceptional open layout featuring cherry cabinets in the gourmet kitchen and french doors off the greatroom to a deck with spectacular views. Three generous bedrooms upstairs including the master with a stunning ensuite and a walkin closet. Downstairs has a pool table sized family room & a 4th bedroom. Potential to build secondary suite. This home is wonderfully maintained and ready to move in. Walking distance to Heritage High school, Windebank Elementary and this newly designed Mission Leisure Centre

New Listing 201 - 2203 Bellevue Avenue, West Vancouver, BC


R2342304 - 201 - 2203 Bellevue Avenue, West Vancouver, BC, CANADAView my new listing for sale at 201 - 2203 Bellevue Avenue, West Vancouver and currently listed at $1,649,000.

Totally updated 2 bedroom, 2 full bathroom layout with IN SUITE LAUNDRY & expansive windows to brighten living area. Well maintained concrete building with recent updates including full rainscreen, full window replacement, new elevator & re-piping. Located in a center of West Vancouver & in the quietest place on earth! This bright & spacious SE corner unit enjoys a private outlook to the garden space below & water views from living room/sun filled solarium & balcony. NO age restrictions! Only minutes away from the seawall, recreation center, shopping, medical service it affords you the very best of Dundarave/Ambleside living.

New Listing 803 - 7388 Sandborne Avenue, Burnaby, BC


R2340977 - 803 - 7388 Sandborne Avenue, Burnaby, BC, CANADAView my new listing for sale at 803 - 7388 Sandborne Avenue, Burnaby and currently listed at $689,000.

Fully renovated 2 bedroom & 2 bathroom facing SW apartment in Mayfair Place. Updates includes new hardwood flooring , tiles, paint, kitchen & bathrooms with granite counter-tops, new SS appliances & much more. Enjoy the in suite laundry, exercise centre, hot tub & indoor swimming pool. Close to Edmonds Skytrain Station, Byrne Creek Secondary, Taylor Park Elementary School. Nicely updated condo in well maintained CONCRETE building!