Blog › March 2015

Recently Sold Listing 11291 Cambie Road, Richmond, BC


V1114008 - 11291 Cambie Road, Richmond, BC, CANADAI have just recently sold this listing at 11291 Cambie Road, Richmond.

New Listing 11291 Cambie Road, Richmond, British Columbia


V1114008 - 11291 Cambie Road, Richmond, BC, CANADAView my new listing for sale SOLD at 11291 Cambie Road, Richmond and currently listed at $699,000.SOLD

Builder Alert! This 40 x 172 lot is situated in a great location near public schools (Mitchell Elementary and HJ Cambie Secondary). It is close to shopping, public transit, parks and community center. Its convenient location offers easy access to Knight Street and Oak Street Bridges. Property shall be sold "as is, where is" - home is not in habitable condition.

Recently Sold Listing 201 - 8760 No. 1 Road, Richmond, British Columbia


V1108436 - 201 - 8760 No. 1 Road, Richmond, British Columbia, CANADAI have just recently sold this listing at 201 - 8760 No. 1 Road, Richmond.

Home buyer and seller activity outpaces historical averages in February


Home buyer and seller activity outpaces historical averages in February

Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.

Last month’s sales were 20.2 per cent above the 10-year sales average for the month.

“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.

Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.

The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.

“We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”

Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300.

Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500.

Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.

*Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.



Recently Sold Listing 8700 Citadel Crescent, Richmond, British Columbia


V1107800 - 8700 Citadel Crescent, Richmond, British Columbia, CANADAI have just recently sold this listing at 8700 Citadel Crescent, Richmond.

Recently Sold Listing 1710 - 5288 Melbourne Street, Vancouver, British Columbia


V1095465 - 1710 - 5288 Melbourne Street, Vancouver, British Columbia, CANADAI have just recently sold this listing at 1710 - 5288 Melbourne Street, Vancouver.

Property tax increases to stifle homebuyers?... Chinese New Year spurs real estate in Vancouver... Million-dollar homes a growing trend...


Property tax increases to stifle homebuyers?... Chinese New Year spurs real estate in Vancouver... Million-dollar homes a growing trend...

Property tax increases to stifle homebuyers?
Some in Manitoba’s real estate industry worry rising property taxes could drive people away from Winnipeg. According to CTV.ca, the Manitoba Real Estate Association said homeowners could bolt to bedroom communities where taxes are lower. "Unfortunately, along with those choices is going to be longer commute times. More impact on the environment. More demand for infrastructure and more duplication of services,” said Lorne Weiss of the Manitoba Real Estate Association.

Chinese New Year spurs real estate in Vancouver 
Weekly home sales continue to soar into the year of the sheep. In fact, sales for attached and detached homes during the last week of February was the highest in six weeks since Jan.18. According to an article from the Vancouver Observer, based on statistics published by Urban Vancouver Properties, attached homes sales stands at 79 sales more than the weekly average of 344 of the five preceding five weeks. Detached sales also rose 97 sales higher than the average of 212, an increase of 46 per cent. Cory Raven, managing broker at Re/Max, says Chinese New Year heightens whichever housing trend is dominate in that year. “Any year where we have an already busy market, it seems like Chinese New Year speeds [it] up even more.” 

“If it’s a slower market like we saw in 2008 and 2009 with less sale, we didn’t notice it as much,” added Raven. “But generally speaking, if the market is busy, than Chinese New Year is even busier.” Based on data reported by The Real Estate Board of Greater Vancouver (REBGV) February is trailing the highest selling January since 2010. 

Million-dollar homes a growing trend 
Depending on where you live in Canada, a million-dollar home can be either a mansion or a fixer-upper.
In cities such as Vancouver and Toronto, the average cost of a detached home will set you back more than seven figures. Meanwhile, the market in Alberta has seen sales and prices drop since the collapse of oil.

In January, Deutsche Bank AG warned that homes in Canada are overvalued by 63 per cent, and that homeowners are "in serious trouble" due to rising debt levels. But the Bank of Canada's surprise decision to cut interest rates that same month, has given some Canadians incentive to keep buying property.

 

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New Listing 201 - 8760 No. 1 Road, Richmond, British Columbia


V1108436 - 201 - 8760 No. 1 Road, Richmond, British Columbia, CANADAView my new listing for sale SOLD at 201 - 8760 No. 1 Road, Richmond and currently listed at $249,900.SOLD

Apple Greene - this spacious, fresh and clean 2 bedroom + den CORNER UNIT apartment is spread out over 1230 sq ft with an additional 200 sq ft of enclosed eastern exposed balcony that is currently used as a family room and sun room. This MOVE-IN ready home has in-suite laundry (washer/dryer), an open style kitchen with an eat in area and has an elevator nearby. The excellent location of this strata building offers you quick access to transit, secondary and elementary schools and grocery shopping. Call today for your chance to view this great home!

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