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Vancouver condos & Homes penthouse lofts townhouses good dealsVancouver real estate: REITs announce $292 million purchase of 15 rental apartment buildings
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Vancouver real estate: Low supply behind price increases for detached homesVancouver real estate: Low supply behind price increases for detached homesDetached home sales in greater Vancouver for December were up 70 per cent year-on-year at 1,034, just off the record high of 1,131 in December 2015 when prices were inflating at an unprecedented pace ![]() Article SidebarArticle contentMayur Arora just sold a detached home in Surrey’s Fraser Heights for $115,000 over the ask price of $1.3 million. The real estate agent showed another in the Sullivan area to 47 people over two days, interest he thinks might net a sale of more than $100,000 over the $1.7 million asking price. These are not artificially lowered asking prices like the ones some agents set to bring in a flurry of bids, explained Arora. “There are just not many homes.” Increased borrowing power due to low interest rates is enabling more buyers to trade up and go for properties with more space, he added. Detached home sales in greater Vancouver for December were up 70 per cent year-on-year at 1,034, just off the record high of 1,131 in December 2015 when prices were inflating at an unprecedented pace, according to Vancouver realtor Steve Saretsky. Saretsky writes the “best predictor of prices” for detached homes is “months of inventory.’ Prices rise when months of inventory goes below four months and it is now at a paltry 2.7 months. AdvertisementSTORY CONTINUES BELOW
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Article content continuedAnalyst and real estate agent Dane Eitel said one important nuance to see is that in 2015, the inventory of detached homes in Greater Vancouver was 57,308, but there were 17,372 sales. In 2020, the inventory was 50,225 homes, but there were only 10,832 sales, which is down 15 per cent from the 15-year average of 12,748. BUSINESS TRENDSSponsored byMarket One
Article content continuedBetween 2005 to 2019, the total yearly inventory average was 70, 082. So in 2015, the inventory number was 18 per cent lower than the 15-year average, but in 2020, it was 28 per cent lower. It means the increase in home values in 2020 was less about sales and demand — and even interest rates, which were also low in 2015 — and more about a scarcity of inventory, said Eitel. The difference could be important if home prices edge back up to 2016 levels even though “the economy is not recovering nearly as fast as the housing market would indicate.” The COVID-19 vaccine might ease health concerns for sellers who are currently happy to hold their detached homes. They might be motivated to list their homes and take the gains if prices continue to rise spurred on by low inventory that is so historically low, it will take some time to ease, said Eitel. The seller of one of a Surrey home recently sold by Arora, for example, is moving to Vernon, where he can permanently work from home. “He’s cashing out.” Vancouver real estate agent Les Twarog said there are “hot” micro markets for detached homes, such as one for homes under $1.5 million in East Vancouver and another for homes under $2.5 million on the west side, where there are some multiple offers and over ask sales. But it’s certainly not the boom of 2016, 2017 and 2018 when “you might get $300,000 or $400,000 over ask on a $2 million listing,” he said. THIS WEEK IN FLYERSArticle CommentsCOMMENTSPostmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. Michael Bublé's Burnaby home skyrockets in valueTop storiesThese Vancouver homes are currently listed for under $400,000 | Urbanized
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How Covid-19 caused Vancouver’s condo conundrum
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/341fd1ee-d9e4-474a-8b80-46a8b39ce105 How Covid-19 caused Vancouver’s condo conundrum As homebuyers reject high-density city life in favour of suburbia, apartment prices drop © Getty Images/iStockphoto Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Save Antonia Cundy 16 HOURS AGO 10 Print this page Be the first to know about every new Coronavirus story Get instant email alerts Jill Cory and her husband had been talking about moving out of their apartment in Vancouver for years. But it was not until Jill’s 96-year-old mother — and her dog — came to live with them during the pandemic that they finally decided to make the leap. “The condo was just starting to feel a little tight with three dogs instead of two and three people instead of two,” says Cory. “We’d been looking around already . . . So when mum came to live with us she was a bit like: ‘Well, what are we waiting for?’” For the price of their 1,300 sq ft condominium, which they sold for C$1.68m (£960,000), the Corys bought a 3,800 sq ft house on an acre of land not far from Victoria on Vancouver Island, off the city’s Pacific coast. The purchase was a whirlwind. The Corys’ condo sold for less than they had hoped, but the previously slow market on the island suddenly grew frantic. “We were up against so many buyers,” says Cory. “We were outbid on a couple of offers, and several properties were sold before we could even view or offer on them,” she says. For the home they did buy, the Corys offered C$62,000 over the asking price, with a clause saying they would add another C$10,000 to the highest bid the seller received. Residents have been leaving the high-density city areas for places such as Vancouver Island © Getty Images/iStockphoto The couple’s experience illustrates the dual market that has emerged in the Canadian city — regularly ranked among the most liveable in the world — since the outbreak of coronavirus. With travel restrictions blocking international buyers and locals looking for more space to work from home, the value of central, high-rise apartments has dropped sharply while prices for detached, single-family homes have risen by hundreds of thousands of dollars. “It’s not normally like that, the condo and detached markets normally move in lockstep, but that demand to live in a detached house with a yard has meant they’ve taken completely divergent paths this year,” says Dane Eitel, founder of real-estate analytics company Eitel Insights. In November, the average price of a condo in Vancouver’s inner city was C$765,875, an 8 per cent drop from January’s C$831,864, according to Eitel Insights. Meanwhile, in Greater Vancouver, which includes the inner city and extends over 2,877 sq km to suburbs on and around the Fraser River delta, the average price for a detached home rose 10 per cent over the same period, from C$1.59m in January 2020 to C$1.75m in November. “We’re seeing people looking for outside space, getting away from density,” says Kevin Skipworth, owner of Dexter Realty in Vancouver. “It’s primarily driven by locals; we haven’t seen much investor activity,” he says. “We’ve seen the majority of demand for what we call town houses here. The concrete high-rise sector, which requires a lot of investor financing and presales, hasn’t been as strong.” South-west of Vancouver’s downtown peninsula, detached houses start to crop up in beachside Kitsilano, or Kits. Crammed with yoga studios and juice bars, the neighbourhood attracts a slightly younger crowd than Vancouver’s other prime residential areas — it is where Lululemon, the activewear brand that sells $100 gym leggings, opened its first store. Kitsilano Beach has a relaxed, boho feel © Canadian Press/Shutterstock Further south-west are the city’s grander residential areas, where vast houses sit within large green plots. At the top of this market is Shaughnessy, the only Vancouver neighbourhood built on winding tree-lined boulevards rather than a grid system. The inverse trajectories of condos and detached homes come after a controversial few years in Vancouver’s residential market. Between 2015 and 2018, a flurry of international interest, particularly from mainland China, helped send prices rising by 88 per cent in the condo market and 40 per cent for detached homes, according to Eitel Insights. In the US, people are sick of talking politics. In Vancouver, people are sick of talking house prices Recognising what British Columbia’s former finance minister Carole James called a “real estate crisis”, the provincial government tried to bring prices back under control with taxes such as a speculation and vacancy tax levied against empty homes. In 2019, prices dropped by around 15 per cent. “In the US, people are sick of talking politics,” says Cory. “In Vancouver, people are so sick of talking about house prices.” For the Corys, who moved away from Vancouver for six years in 2012, the reality of trying to move back into a city where prices had risen so dramatically was stark. The couple had to sell their home in Dunbar, on Vancouver’s western side, in order to be close to their son, who was receiving medical treatment in Calgary. After their son passed away, the Corys could not afford to move back to their Dunbar home, which they had sold for C$1.75m in 2012. “The international investment community had driven prices up so much that six years later it was worth C$2.8m,” she says. Between 2015 and 2018, international buyers helped condo prices rise by more than 60 per cent but the pandemic has reversed the trend © Getty Images/iStockphoto It was not only the prices that were unrecognisable, the neighbourhood itself had changed. “Our beloved Vancouver, which we had lived in and loved for 35 years, just wasn’t the same. There were empty homes, small businesses had closed and condos went up instead,” says Cory. “When we first moved in it was a very lovely, heterogenous and connected community with beautiful, established old homes. There were professors, teachers, doctors — people who had lived there for 20 or 30 years.” Recommended ExplainerCoronavirus economic impact Pandemic crisis: Global economic impact tracker Government policies and, more recently, the pandemic have slowed demand from international buyers. But wealthy locals looking for more space during lockdown have sent Vancouver’s detached-home market creeping back up towards its 2017 highs. In Shaughnessy, the average price of a home between April and December in 2019 was C$4.1m, according to Dexter Realty. Last year, in the same period, the average price was C$6.1m. For locals without big bucks, this means that getting more space entails looking far beyond the traditional residential areas on Vancouver’s west side. Roman, a 28-year-old who moved to downtown Vancouver from Barcelona three years ago, began to dream bigger this year when he realised working from home was not going to be a temporary fix. Last month, he bought a three-bedroom town house with a garage in Coquitlam, a suburban area on the outskirts of Greater Vancouver. Surrey, near the Fraser River, is part of Greater Vancouver © Getty Images “I don’t really need to stay in downtown Vancouver, work is pretty much the only reason I’m here,” says Roman, who only wanted to give his first name. “The reason I moved further away is because if I were to find a place similar to that, or even a two-bed, in Vancouver, it’s next to impossible [for that price].” Roman paid C$730,000 for the new-build house, which will be finished this year — the monthly mortgage cost of C$3,000 is C$1,000 more than the rent on his one-bedroom city apartment. He adds that part of what drove his decision was the inequality in the area, particularly the Downtown Eastside, which is at the epicentre of British Columbia’s opioid crisis. “It’s a really nice city if you ignore this major problem . . . It’s really close to nature, there’s lots of great food, there’s so many things to do, but it just gets so depressing going every day to work,” he says. “You live in a million-dollar condo and then you go downstairs on to the street and you’re in a completely different world. I would see needles on the ground and people screaming every day,” he says. “The pandemic made me think: do I have to stay in this place that I don’t really like, or could I move somewhere better to improve the quality of my life?” ‘Because of Covid there’s no need to work downtown. The exodus from the condo market has been real,’ says Eitel Insights © Getty Images Moves like this are causing trouble for the investors who own buildings or apartments like Roman’s — especially those that bought close to market highs. “We have a large rental base here and now because of Covid there’s no need to work downtown. The exodus from the condo market has been real,” says Eitel Insights. “So now owner-investors have no rent covering their mortgage, so they’re either looking to get out or they’re looking to stem losses.” This slide in prices is likely to increase further, Eitel says, as new-builds come to market in the next year. “I actually see the condo market inventory increasing because we’re seeing the completion of these buildings that people bought as investments years ago. House & Home Unlocked FT subscribers can sign up for our weekly email newsletter containing guides to the global property market, distinctive architecture, interior design and gardens. Sign up here with one click “What that ultimately leads to and has already led to downtown is a cannibalisation factor,” he says. “You see those older buildings have to reduce their prices quite aggressively to get a sale and then the newer ones have to reduce their prices too.” Stéfane Marion, chief economist at the National Bank of Canada, adds that Vancouver’s residential market is dependent on immigration and that if travel restrictions do not loosen in the next year, the market is likely to see a “significant softening” across the board. Without immigration, there would be no growth in Canada’s millennial population. But on Vancouver Island, where the Corys moved last month, they are focused on trying to regain a sense of their old life. “Some people say Victoria and the area around it is like Vancouver was 30 years ago,” says Cory. “We’ve only been here a few weeks and we absolutely love it so far.” Buying guide In 2016, the British Columbia government introduced a foreign buyers’ tax — now 20 per cent — on the market value of properties in certain areas including Greater Vancouver and Greater Victoria. If a residential property is worth more than C$3m, there is an extra 2 per cent tax on the value above that amount. Properties for sale Apartment, East Vancouver, C$1.459m A three-bedroom, two-bathroom condo next to Queen Elizabeth Park, which is close to Vancouver’s Main Street. The apartment, which measures 1,215 sq ft, has a 160 sq ft balcony and a small office space. Available through estate agents Dexter Realty. House, West Point Grey, C$6.998m A three-bedroom, four-bathroom property in the prestigious “North of 4th” neighbourhood. The house, which measures 4,353 sq ft, has a garden and a roof terrace that has been reinforced for a hot tub. Available through Christie’s International Real Estate. Contemporary home, University Endowment Lands, C$31m © David O. Marlow Near the University of British Columbia on the Point Grey peninsula, this grand contemporary building measures 10,139 sq ft. The property has four bedrooms, five bathrooms and ocean views. Available through Christie’s International Real Estate. Follow @FTProperty on Twitter or @ft_houseandhome on Instagram to find out about our latest stories first. Listen to our podcast, Culture Call, where FT editors and special guests discuss life and art in the time of coronavirus. Subscribe on Apple, Spotify, or wherever you listen Get alerts on North American prime property when a new story is published Get alerts Copyright The Financial Times Limited 2021. All rights reserved. Reuse this content(opens in new window) Follow the topics in this article North American prime property Add to myFT House & Home Add to myFT Coronavirus pandemic Add to myFT Vancouver Add to myFT Antonia Cundy Add to myFT Feedback Useful links Support View Site Tips Help Centre Contact Us About Us Accessibility myFT Tour Careers Legal & Privacy Terms & Conditions Privacy Policy Cookies Copyright Slavery Statement & Policies Services FT Live Share News Tips Securely Individual Subscriptions Group Subscriptions Republishing Contracts & Tenders Executive Job Search Advertise with the FT Follow the FT on Twitter FT Transact Secondary Schools Tools Portfolio Today's Newspaper (ePaper) Alerts Hub Business School Rankings Enterprise Tools News feed Newsletters Currency Converter B.C. Assessment quietly updates 2020 valuations, showing big increases for property owners
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B.C. Assessment quietly updates 2020 valuations, showing big increases for property owners
B.C. Assessment quietly updates 2020 valuations, showing big increases for property ownersSample shows City of Vancouver detached home values up between five and 10 per cent — and more in Surrey ![]() Article SidebarArticle contentThe B.C. Assessment Authority has updated its online record of property valuations for 2020 without the usual fanfare. Traditionally around New Year’s Day the Crown corporation issues a media release showing the percentage increases in values across different residential property types in different parts of B.C. — plus the total assessed value of all residential property in the province. In July 2019, it was $1.41 trillion (1,000 billion equals one trillion.) This year — so far — BCAA has only posted a Dec. 31 note on Twitter stating “Your 2021 property assessment will be available soon. While front-counter (in person) services at our offices are currently suspended, our phones are open starting Monday from 8:30 a.m.-5 p.m. to answer your questions!” The information has been available online since Jan. 1. AdvertisementSTORY CONTINUES BELOW
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Article content continuedWhich is surprising, because 2020 has been a bizarre and totally miscalculated year for B.C. real estate — with the Canada Mortgage and Housing Corporation saying in April that prices could fall up to 19 per cent in 2020, and sales would likely plunge due to COVID-19. In fact, across Canada residential property prices have jumped 20 per cent in 2020, and it was a record year for sales. This was driven primarily by further drops in interest rates due to Bank of Canada policy. Last year, on Jan. 2, a BCAA press release reported general declines of around 10 per cent in property values across the Lower Mainland. The City of Vancouver saw the average assessed value for a single detached home fall 15 per cent, while Whistler and Pemberton were the only standouts and saw values rise. The assessment roll as at July 1, 2019 wont reflect the continued price increases in the region since then. Here’s a few things that can be discerned from the latest: CHIP’S HOUSE GOES UP Lululemon founder Chip Wilson’s Point Grey Road home remains the most valuable in B.C., climbing $1.88 million to $66.8 million. This jump would be relatively meaningless to Wilson, given the value of his Lululemon stock rose around $1.5 billion between July 2019 and July 2020 (based on 12 million shares.) It’s awful to think of the income disparities that have emerged during COVID-19: as Peter Garrett said “the rich get richer, the poor get the picture.” AdvertisementSTORY CONTINUES BELOW
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Article content continuedCITIES OF SURREY AND VANCOUVER SEE CLIMBS Last year’s BCAA release showed the average value of a City of Vancouver detached home had fallen 11 per cent, compared to three per cent in the City of Surrey. In Vancouver, it went from $1.755 million on July 1, 2018, to $1.568 million as of July 2019. A sample today of random Vancouver detached homes (on Renfrew and Fraser streets and West King Edward Avenue) showed value rises of between five and 10 per cent. In Surrey, a sample of homes on Old Yale Road, Stewart Road and 67A Avenue showed a valuation rise of at least 10 per cent. DOWNTOWN EASTSIDE SAHOTA HOTELS VALUED FOR LAND ONLY In early December the City of Vancouver bought two dilapidated hotels across the road from each other on the 100-block of East Hastings Street in the Downtown Eastside. The city won’t reveal how much they paid for the Regent and Balmoral hotels — to a family they battled for years over dreadful housing conditions. The Tyee has reported the sale price as $11.5 million. The two eight-storey properties were built before the First World War — Balmoral in 1908 and the Regent in 1913 — and are now almost all land value (with a lot size of 50 by 122 feet). The city has promised it will be converted to supported housing. The assessed value of both dropped between July 2019 and July 2020 by around 25 per cent to $2.6 million for the Balmoral and $2.5 million for the Regent, almost all in land value. The Brandiz hotel on the same block was built around the same time as the Regent and Balmoral on the same size lot and has a five-storey building. It has been valued at over $10 million for the past two assessment periods. Most recently, the value of the Brandiz land fell to $2.5 million, while the buildings increased in value by $600,000. Brandiz is classed by BCAA as a “beer parlour/hotel” the same as the Regent and Balmoral and is owned by Antonietta and Mario Laudisio. That would make the Balmoral and Regent with working rooms worth $20 million. The city will have to put a lot of work into them, and they could be retained as is, or the whole thing could be demolished and a new facility built. THIS WEEK IN FLYERSArticle CommentsCOMMENTSPostmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. All CommentsACTIVE CONVERSATIONSThe following is a list of the most commented articles in the last 7 days.
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Vancouver real estate: Owners begin filing info for B.C.'s new 'hidden ownership' registry
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1 month ago
Vancouver real estate: with year near end, $11 million Coal ...
The property marketed by Royal LePage Sussex occupies the entire top floor of the Carina condo building. It looks like a Coal Harbour penthouse ...
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What will happen Vancouver real estate 2021
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What will happen Vancouver real estate 2021
Vancouver real estate: listed $17.3 million, sold at 60 percent discount for $7 million, villa cited best deal in 2020
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2 days ago Canadian agents predict rising house prices, struggling condos in 2021
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Jan 3, 2020 This Week’s Top Stories: Bank of Canada Sends Home Sales Soaring, While Mortgage Defaults Rise In Toronto and Vancouver
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Web resultsPeople also askWeb resultsFt. 1281 W Cordova St Unit TH18, Vancouver, BC V6C 3R5. Nu Stream Realty Inc.
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What to expect for Vancouver real estate in 2021What to expect for Canadian real estate in 2021
Published Sunday, January 3, 2021 7:00AM EST
![]() A real estate sold sign is shown in a Toronto west end neighbourhood May 17, 2020. THE CANADIAN PRESS/Graeme Roy SHARE TORONTO -- If you’ve been sitting on the sidelines of the real estate market with a chunk of savings hoping for house prices to plummet, 2021 probably won’t be your year, Canadian real estate market experts say. The COVID-19 pandemic didn’t devastate Canada’s hottest housing markets the way some forecasters predicted. In fact, in cities like Toronto and Vancouver, fierce competition for detached houses meant back-to-back months of record-breaking prices. CTVNews.ca chatted with real estate agents and experts in Vancouver, Calgary, Toronto and Montreal to get their predictions for where the market is headed. While each expert expects 2021’s market to look a little different, they all anticipate that prices for mid-range detached homes will only go up as more Canadians seek out home offices and backyards to make life with COVID-19 a little more comfortable. Ultra-low interest rates, introduced in the early days of the pandemic, are making those purchases particularly attractive for first-time buyers who haven’t seen their livelihoods jeopardized by COVID-19. “COVID has made people appreciate the space that they live in — or on the flip side, not appreciate it,” Vancouver-based agent Mark Wiens told CTVNews.ca earlier in December. “They’re taking a more critical eye to where they live.” While bidding wars for houses are poised to heat up in many parts of the country, condos are a different story. All the experts agreed that small one-bedroom condos in downtown cores have already seen a price hit in 2020, and these prices aren’t expected to quickly rebound in early 2021. That’s bad news for condo owners looking to sell, but possibly good news for anyone keen to buy a small space in hopes that, eventually, the perks of downtown living will return. TORONTO: RECORD HOUSE PRICES, BUT CONDOS STRUGGLINGThe Toronto real estate market has shown no signs of slowing down. Agents sold a record-breaking 10,563 homes in October, a 25-per-cent increase from the year prior. The same month, the average price for detached homes jumped to $1,204,844, a 14.8-per-cent increase from October 2019. Lauren Haw, CEO of Zoocasa, a real estate agency that offers market analysis, said a big reason for that surge was pent-up demand from the early months of the pandemic, when many buyers and sellers froze. "Everybody locked in their homes discovered the things they wanted to change. Some people wanted to change their homes, invest in a bigger kitchen. Some other people decided, ‘I want a big change, I’m going to move out of the city,’” she said. That’s translated into a “small-town revival,” Haw said, with cities and towns throughout southern Ontario seeing fierce competition for houses. “We will see that trend continue to happen,” Haw said. “People who said, ‘I'm gonna buy this $600,000 one-bedroom condo in downtown Toronto,’ are now saying, ‘I can work from home in Barrie, Ancaster, Guelph or London.’ And people in London are doing the same and moving to Strathroy and Woodstock.” If the economy continues to recover from COVID-19 shutdowns and interest rates remain low, that will likely translate into upward pressure on housing prices, Haw said. In October, as Toronto house prices broke records again, the UBS Global Real Estate Bubble Index ranked Toronto third in the world on a list of cities most at risk of experiencing a property bubble. Vancouver, the only other city on the list, ranked eighth. Haw doesn’t expect the bubble to burst in 2021. “I don’t see a price correction coming in 2021. That being said, it’s been 30 years since a major correction in the Toronto real estate market,” she said. "But this pandemic didn’t do it. What’s it going to take? I don’t know what it will be that will drive the Toronto market into price decline.” Where she does expect to see prices suffer is in one-bedroom condos, particularly in buildings downtown with a high proportion of renters and Airbnbs. Condo sales fell 8.5 per cent in the city of Toronto in October, with far less interest in smaller units in the densely populated core. “I don’t think we’re currently at the bottom of condo prices, so I do think urban condo prices will continue to suffer in Q1,” Haw said, adding that a vaccine could change that. “I’d hope that means service centres start to recover, the economy starts to rebound, businesses rebound, everyone runs to their local restaurants, which will be good for the economy, so we see renters come back to the city. If renters come back, we won’t see investors need to sell off one-bedroom condos.” VANCOUVER: ‘AN INCREDIBLE YEAR’Vancouver remains a seller’s market, according to the chairwoman of the Real Estate Board of Greater Vancouver. In November, the benchmark price of a Vancouver home hit $1,044,000, up 5.8 per cent from November 2019. The number of sales passed 3,000 for the first time since 2015, which marked the second-best November in the last 10 years. In one word, 2020 has been “incredible,” according to Vancouver agent Mark Wiens. “Except for April and May, we’ve seen huge year-over-year increases in the number of sales each month,” Wiens said. For 2021, Wiens said he expects to see the prices of houses continue to rise at high levels, with all the time spent at home this winter giving people more time to reconsider their living situations. “There is momentum going on and it’s not going break up any time soon,” he said. Vancouver’s housing market has long been supported by foreign buyers. When COVID-19 arrived and the border shut down, there were concerns that the housing market could be rattled. Simply put, that didn’t happen, Wiens said. “People believed the market was solely fuelled by foreign buyers, that things would collapse because of travel restrictions … it hasn’t changed anything at all,” he said. Similar to Toronto, Vancouver’s downtown condo market has taken a hit, with a three-per-cent decrease year over year in prices. Wiens said that presents an opportunity for buyers. “What I’m telling all my buyers is to buy downtown immediately, if you’ve considering it,” he said. “If you think about the downtown market, what makes it great is the lifestyle, restaurants, bars clubs, that stuff is shut down and it’s going to come back and it’s going to come back hard.” While the market for houses will likely remain competitive in early 2021, the first few months of the year could be the time to find a deal for downtown condos, Wiens said. “So you’ll still be looking at a discount if you buy downtown in March 2021, I believe,” Wiens said. As for a price collapse, Wiens agrees that 2021 isn’t the year, pointing to the high demand. “A bubble burst is not imminent. It's just not going to happen. It’s really not.” CALGARY: ‘A DOUBLE WHAMMY’It’s a less rosy picture in Calgary. The pandemic arrived at a time when the city was still grappling with the repercussions of the struggling oil sector. Year-to-date sales were down nearly six per cent in October, despite a jump in sales that month. Calgary-based agent Justin Havre pointed out that the average price for detached homes is flat in Calgary, at 0.74 per cent higher than in 2019. Fewer houses are being listed, with inventory down about 12 per cent. The reason Calgary is facing challenges has a lot to do with the oil industry, Havre said. “We experienced a bit of a double whammy because we’re very reliant on the energy sector here in Calgary, and we’ve been in a downturn since 2014, 2015 when oil prices collapsed. And so when they collapsed again, we were like, ‘Come on.’” Based on economic indicators, such as Alberta having the second-highest unemployment rate in the country, Havre said he’s surprised the market is doing as well as it is. “It’s very interesting that we’re seeing the activity that we’re seeing, and we’re pleasantly surprised,” he said. The biggest drop in prices has been seen in the downtown condo market and luxury real estate over $1 million, Havre said. In one case, a house that sold for $11 million a few years ago sold in 2020 for $6 million -- a staggering drop that Havre said suggests luxury buyers are simply not interested in making a move. Looking ahead, he expects 2021 will be another tough for Calgary, with more struggling homeowners facing foreclosure in the first half of the year. “The writing is on the wall with 21 per cent of mortgages being deferred. Many of those people deferred them because of loss of jobs,” he said. “If they haven’t been able to find employment, and then they haven’t been able to sell their property, foreclosure may be the unfortunate circumstance for some people.” As for opportunities to buy, Havre echoed the sentiment that condos in the downtown core will likely see reduced prices for a little while. “There will be some great opportunities for buyers in the downtown area,” he said. “But the pandemic has really made people think long and hard about what it's like to live in apartment buildings. Do they feel comfortable living in such high-density environments when we are still in a pandemic?” MONTREAL: VACCINE COULD COOL PRICESMontreal saw a major jump among all property types in 2020, with the city seeing a 32-per-cent leap in residential sales in November 2020 compared to November 2019. Median prices also jumped, with single-family homes up 17 per cent and condos up 14 per cent. A limited supply of houses on the market helped fuel that price rally, with more buyers desperate for extra space competing for fewer properties, according to Montreal-based real estate agent Georges Bardagi. The pandemic is also pushing people outside city centres, he said. “So they say, ‘Why pay $500,000 for a 500-square-foot condo when for the same price I can have a pool, a basement office, and I don’t have to commute to the city anymore?’” he said. Montreal’s condo market is a bit of an outlier, Bardagi said, compared to cites like Toronto and Vancouver. Prices in Montreal haven’t seen the same drop in price because Montreal simply doesn’t have the same number of condos. “It’s still very much a growing market,” he said. “The demand for condos downtown has slowed down like everywhere else, but I think the effect is probably smaller in Montreal.” While the emergence of the pandemic was expected to knock down housing prices, Bardagi suggested that, now, the opposite is true: as vaccines are introduced and the economy returns to normal, he suspects more people will feel comfortable listing their houses. With more properties on the market, housing prices should stabilize, he says. “We expect Q1 and Q2 to be more of the same until a vaccine comes in and we come back to a somewhat more regular situation, which will probably be in the summer or next fall,” he said. One factor that could make a major difference is when Canada decides to reopen the borders. Bardagi said he anticipates a surge of foreign buyers who’ve been waiting in the wings will flood the market. “If that happens in the second half of 2021 or the first half of 2022, it’ll be a game changer,” he said. “There will be planes full of people who want to move here and buy here.” Bardagi said it can sometimes be easy to forget how attractive life in Canada can be to outsiders, and that a new wave of international buyers could throw gasoline on an already burning real estate market. “Besides winter and road construction, it’s a great place to live.” MORE BUSINESS STORIESTOP VIDEOSCTVNEWS.CA TOP STORIESDON'T MISS2021 Vancouver real estate condos houses penthouses lofts townhousesTop storiesVancouver real estate: listed $17.3 million, sold at 60 percent discount for $7 million, villa cited best deal in 2020
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People also askWeb resultsInstantly search and view photos of all homes for sale in Vancouver, BC now. Vancouver, BC real estate listings updated every 15 to 30 minutes.
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People also search forVancouver real estate 2021 condos house penthouse townhouse loftsVancouver real estate: listed $17.3 million, sold at 60 percent discount for $7 million, villa cited best deal in 2020
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I have sold a property at 2003 821 CAMBIE ST in Vancouver
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Downtown VW, Vancouver West Real Estate
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I have sold a property at 2003 821 CAMBIE ST in Vancouver.
Raffles on Robson – Welcome home to your spacious home in Yaletown at fashionable Robson Street. Open layout, lots of storage, balcony, hardwood floors, gourmet kitchen with high-end appliances, custom cabinetry, and polished stone countertops. Water, City, & Mountain VIEW! Enjoy your spa-like bathroom with a soaker tub. Convenient location being steps away from everything Vancouver has to offer--restaurants, Skytrain stations, Robson Street shopping, and the new AMAZON Headquarters! This newer, concrete condo tower includes Concierge, exercise centre, hot tub, garden terrace and bike lockers! Measurements are approx. Buyer to verify if important.
Vancouver Covid houses condos penthouses lofts townhouses vaccine marketVancouver real estate: mansion once rumoured to be eyed by Prince Harry, Meghan Markle sold for $27 million
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I have sold a property at 531 FOURTEENTH ST in New Westminster
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Uptown NW, New Westminster Real Estate
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I have sold a property at 531 FOURTEENTH ST in New Westminster.
New Westminster great location, investment property, or live in. Two self-contained units, two kitchens, and one roughed-in. The main floor and top floor is a four-bedroom, and finished basement has three bedrooms. Good rental income. This a very functional 7-bedroom, 3-bathroom property with a single garage, good revenue, and development potential.
B.C. housing market to remain vibrant through the new year: reportB.C. housing market to remain vibrant through the new year: reportBrian Yu, Central 1 deputy chief economist, authored the report and calls B.C.’s ongoing pandemic recovery a “mix of short-term challenges and future optimism.” ![]() Article SidebarArticle contentA company that supports hundreds of credit unions across Canada predicts British Columbia’s housing market will remain healthy through 2021 as the province moves out of its COVID-19 slump. A report from Central 1, the organization that handles financial services, digital banking and other resources for more than 250 credit unions, says B.C. has seen a “spectacular” rebound in housing demand since pandemic-induced lows in the spring. The report says affordability remains a focus, as median home prices are up nine per cent this year to $585,000 and are forecast to climb a further six per cent to $618,000 in 2021. It says the number of homes sold in B.C. leaped 20 per cent this year, overcoming the pandemic downturn, and up to 95,000 properties could change hands next year, nudging market highs set in 2017. It credits the surge to “unique characteristics” of pandemic economics, ongoing low interest rates and higher-paid workers remaining relatively unscathed from the worst of the COVID-19 contractions. AdvertisementSTORY CONTINUES BELOW
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Article content continuedThe report also forecasts a firmer rental market through 2022 as economic conditions normalize, border restrictions ease and post-secondary institutions reopen. But it says rents shouldn’t budge much over the coming year, while a provincially imposed rent freeze is in effect. Brian Yu, Central 1 deputy chief economist, authored the report and calls B.C.’s ongoing pandemic recovery a “mix of short-term challenges and future optimism.” “Economic growth is forecast to pick up steam in the second quarter of 2021 onwards as the vaccine drives higher investment spending and consumer spending is unleashed when social and travel restrictions are eased,” Yu writes. Some job loss will continue in B.C.’s “fragile sectors,” Yu says. Even though employment remains 1.5 per cent lower than it did in February, he says the province is outperforming most others and sectors such as retail spending, manufacturing, and exports are “largely recovered.” THIS WEEK IN FLYERSArticle CommentsCOMMENTSPostmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. All Comments
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Vancouver real estate: detached homes priced below $1.5 million benchmark show some affordability left in marketVancouver real estate: detached homes priced below $1.5 million benchmark show some affordability left in market2 of 3
Realtor David Hutchinson knows the anguish of many buyers who desire a single-detached home Vancouver. In pre-pandemic times, the narrative was that if one doesn’t have a million dollars, then you might as well kiss your wish goodbye. COVID-19 arrived, and the new realities brought about by the novel coronavirus drove more demand for freestanding homes. RELATED STORIES
People wanted bigger and more spacious homes. Plus, interest rates went down to rock bottom. Also, people have more savings because they can’t travel and do many of the things they did before. As a result, home prices increased. In November 2020, the value of a typical single-detached residence in East Vancouver rose to $1,533,600. On the west side of Vancouver, homes of the same type saw benchmark increasing to $3,122,100. Across the Fraser River, the price of a typical home in Surrey also increased in November 2020. It rose to $1,156,800. The Straight recently asked Hutchinson about interesting listings of any type of homes,whether it’s a mansion, detached home, townhouse or condo, as the residential market continues to sizzle. Interestingly, he came back with a number of single-detached homes priced in the neigbourhood of $1 million. “Detached homes around the magic one-million mark are still available in Metro Vancouver,” Hutchinson said. This means one thing for those wishing to have a single-detached home. “There's still affordability in the detached market,” Hutchinson said. But there’s a condition. “That is, if you don't mind putting a little elbow grease into it, and getting your hands dirty,” Hutchinson said. Hutchinson cited 2135 Triumph Street. It’s on the market for $928,000. It’s a reduced price from its original listing of $999,900. The East Vancouver single-detached home has four bedrooms and two baths. The 1926-era home was built on small lot with a frontage of 24.75 feet. A standard city has a 33-feet frontage. Hutchinson said that the home is in a good location near Commercial Drive, transit, and parks. The realtor and avid market observer also found 3824 Knight Street. The detached Vancouver home is selling for $1,050,000. It has six bedrooms and four baths. Another example is 3280 East Georgia Street. It’s priced at $1,098,800. The freestanding home has three bedrooms and one bath. “You have to look around for them, and when you find one that's suitlable it may need some TLC [tender loving care] or maintenance,” Hutchinson said. Owning a detached home is unlike having a condo. With a condo, an owner can call the property manager if there are problems with the apartment. “With a detached house, you are the property manager,” Hutchinson said. ![]() There are also options east of Boundary Road. A detached home at 2505 Larkin Court in Burnaby is on the market for $999,000. Another example is 3735 Parker Street, also in Burnaby. It’s listed for $827,000. Further east is New Westminster. A good example is the detached home at 531 Fourteenth Street in New Westminster. The residence features seven bedrooms and three baths. The home sits on a large lot with a 66-feet frontage. ![]() As always, buyers have a choice of what kind of home they will purchase. “Do you want 489-square-feet of prestigious luxury at Alberni by Kengo Kuma?” Hutchinson said, referring to a Vancouver high-rise condo development currently under construction. The Westbank Corp. project on Alberni Street was designed by Kengo Kuma, a famous Japanese architect. “Or,” Hutchinson continued, “would you rather have a fixer upper detached house in the suburbs?” MORE ON STRAIGHT.COMHIGHLIGHTED THINGS TO DODEC 20
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People also askWeb resultsVancouver is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the most populous city in the province, the 2016 ...
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Web resultsRelated searchesOpinion: The bizarre reality where Metro Vancouver's tallest towers are no longer in downtown
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Opinion: The bizarre reality where Metro Vancouver's tallest towers are no longer in downtown
Opinion: The bizarre reality where Metro Vancouver's tallest towers are no longer in downtownDec 18 2020, 12:27 pm
The image of towering glass condos rising from the seashore has become a defining feature of Vancouver. The city is often generously compared to the grand skylines of New York City and Hong Kong, particularly by locals, in a celebration of dense urban spaces with soaring towers at the ocean’s edge. Currently, Vancouver’s tallest tower is the Living Shangri-La in the heart of downtown. Completed in 2009, Living Shangri-La rises 62 floors and stands at 196.9 metres tall, making it the defining peak of Vancouver’s skyline.
This tower, along with a few other recent additions, have helped reduce Vancouver’s tabletop appearance, but how tall is 196.9 metres? Furthermore, how does Vancouver compare to other major cities in Canada and beyond? In short, the answers are discouraging: “Not very tall,” and “Unfavourably.” ![]() Living Shangri-La is the tallest building in the downtown Vancouver skyline. (Shutterstock) To start, one has to look no further than the suburbs of Vancouver itself to witness the shrinking height of the downtown skyline. The general benchmark for a tower to be considered a “skyscraper” is a height of 150 metres or more. Today, there are 25 skyscrapers completed or currently under construction in Metro-Vancouver, yet only eight of them are located within the downtown peninsula. The remaining 17 are found throughout the suburbs. Burnaby is home to 14 of these towers, while Surrey, Coquitlam, and New Westminster each claim a single tower for themselves. This disparity between downtown Vancouver and the suburban cores will only continue to expand. If current documented proposals are included, Vancouver’s total increases to 16 towers, although two of these are located outside of the downtown peninsula, while the suburban total balloons to 32 skyscrapers or more. New Westminster remains at a single tower, both Coquitlam and Surrey leap to five towers each, and Burnaby grows to a whopping 21 or more skyscrapers. ![]() The growing Metrotown Skyline in Burnaby. (Ian Ius/Daily Hive) Currently, Living Shangri-La still claims the top spot for Metro Vancouver, but this won’t last long. Metro Vancouver’s new tallest is currently under construction in Burnaby’s Brentwood Town Centre, adjacent to SkyTrain’s Gilmore Station. Two Gilmore Place at 64 floors will stand at 214.8 metres tall when completed. This victory though is likely to be short lived with the recent unveiling of the Concord Metrotown development, also in Burnaby. The tallest skyscraper in this project, situated on the southwest corner of Kingsway and Nelson Avenue, will rise 65 floors and reach a respectable height of 230.1 metres. Once more, even this victory in Metrotown may be fleeting. In Burnaby’s Lougheed Town Centre, a preliminary proposal for an 82-storey tower near that precinct’s SkyTrain station, with an estimated height of a soaring 265 metres, has been set into motion. ![]() Artistic rendering of Concord Metrotown. Tallest tower is 230.1 metres (Concord Pacific) While towers over 200 meters in height may seem extraordinary for those in Vancouver, they are commonplace elsewhere in Canada. Living Shangri-La may still be holding on to the top spot in Metro Vancouver for another year or so, but in Canada, it already finds itself as only the 55th tallest tower in the nation. Its position plummets even further to 109th if all currently known proposals are included. Montreal, Calgary, and Edmonton all possess skyscrapers that reach above Living Shangri-La,” but if transplanted into Toronto, it would find itself as merely the 35th tallest tower in the city — potentially falling to 75th place in the coming years. In fact, Toronto is now piercing through the super-tall benchmark of 300 metres with the currently under construction SkyTower, which will stand an impressive 312.5 metres in height. ![]() SkyTower in Toronto. (Pinna) Even within Metro Vancouver, if all known proposals are constructed, Living Shangri-La will become only the sixth-tallest tower in the region. A rather dubious honour for the flagship tower of the region’s urban core. Unfortunately, downtown Vancouver’s potential has been artificially stunted by a maze of overly restrictive height restrictions as a result of mountain view cone and shadowing regulations. While it may be foolish to completely remove such policies, their current form in and around downtown Vancouver can only be described as overzealous and counterproductive. Their negative consequences reach far beyond that of simply limiting the aesthetic appeal of the downtown skyline. This can best be observed around the SkyTrain hubs of Waterfront, Granville, and the soon to be Canada Line and Millennium Line interchange at Broadway-City Hall Station. In these highly transit-accessible zones, both office and residential densities are continuously stunned by the city’s strict height limiting practices. Countless tower projects in these prime areas have been greatly reduced in scale for the sake of preserving arbitrary view corridors selected decades ago, often obscured by cloud cover, growing trees, or even a clutter of boat masts. Even if a project is fortunate enough to escape the view cones and find itself on a parcel of land designated for higher buildings, it can still be cut short for nothing more than shadowing a select area for as little as 12 minutes a day during mid-winter. ![]() Cluttered view cone “preserving” the view of The Lions. (Patkau Architects/Intracorp) ![]() Map showing Vancouver’s view cone height restrictions. (City of Vancouver) In the area around Broadway-City Hall Station, which will become one of the busiest transit exchanges in the region in 2025, these policies are so limiting that current projects being built directly above this future transit hub cannot even be described as towers. The new office and retail development at 510 West Broadway on the southwest corner of Cambie Street and West Broadway is a laughable seven stories tall. These policies not only add pressure to the current housing and affordability crisis, but they are also in direct contrast to the city’s self-described “green” principles, pushing development away from the city centre and away from mass transit. Ironically, in an attempt to preserve the views of the green mountainsides of the North Shore, these strict height limiting policies have only encouraged housing sprawl to climb higher up those very same mountains. ![]() Artistic rendering of the redevelopment at 510 West Broadway directly above the future hub station of Broadway and Cambie – the southwest corner of the intersection of Cambie Street and West Broadway. (W.T. Leung Architects/Pacific Crown Management Company Ltd.) To the south of Vancouver, the city of Seattle also finds itself surrounded by the sea and mountains but appears to have found a better balance between celebrating both the splendour of the natural surroundings and the embrace of the big city form. Currently, there are six towers taller than Living Shangri-La in downtown Seattle, the tallest being the stately 76-storey Columbia Centre at 284.2 metres tall. This may soon be surpassed by the currently proposed 4/C tower that is the city’s first potential super-tall at the height of 313.6 metres. ![]() Potential future Seattle skyline with proposed 4/C tower. ( LMN Architects) Despite the opposition, some have towards taller towers in downtown Vancouver and the tangled mess of policies a project must navigate, once constructed it is hard to imagine the city without them. Both Living Shangri-La and Vancouver’s Turn (Trump Tower) have greatly improved the view of downtown as seen from the North Shore. Vancouver House has similarly vastly improved the downtown skyline as seen from various locations throughout the city. There is much more to the Vancouver skyline than simply viewing it from the south of Vancouver City Hall. A taller, more dynamic skyline would greatly improve the downtown skyline as seen from more directions than it would hinder. ![]() The Vancouver skyline seen from the North Shore. (Ian Ius/Daily Hive) This week, a new proposal at 1045 Haro Street is challenging a few of these height limiting policies. One of the major roadblocks for this project is an increase in shadowing on the north side of Robson Street by no more than 2%, all of which would occur during the winter months. The tower itself is only 177 metres tall, which would potentially place it as low as the 176th tallest tower in Canada when completed. One can only imagine what could be done if all this effort the City of Vancouver expels on regulating and enforcing these archaic regulations was instead directed towards revitalizing the city’s laneways or keeping the city’s local parks safe and clean for all to enjoy. It is time for Vancouver’s to relax its height limits smothering the downtown peninsula and beyond, especially around key mass transit hubs, and fully embrace the potential of its urban beauty. ![]() Artistic rendering of 1045 Haro Street, Vancouver. (Patkau Architects/Intracorp) ![]() Downtown Vancouver’s skyline growth. (WKK Architects/IBI Group/Henson Developments)
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