Sunday, February 07, 2010
Vancouver Real Estate 2010 Olympic Market Update
I can't believe we're already into February, I see cherry blossoms around Kitsilano and tulips blooming in our gardens. Although we really didn't have much of a winter yet, it feels like spring is just around the corner. Mirroring the weather has been our metro Vancouver real estate market which has been jumping since the first day of 2010. We've seen lots of new product come on the Vancouver real estate market and likewise, any of the good products getting snatched up in multiple offer bids. What's most unusual is we're seeing these attached and detached homes right up to the 3 million dollar mark selling above the list price, a sure sign of confidence in the market at all levels. I believe this fast start to the year is attributed to the fact that the Olympics are just around the corner and most recognize that February will be pretty much a write off for buying and selling real estate in metro Vancouver.
So, what's in store for the rest of the year?
Expect to see a very active Vancouver real estate market after the Olympics with lots of new listings coming online and many hungry buyers. The Feds said they are sticking to their game plan and will hold low interest rates for an 'extended period', expect this to be mid to late summer. With the 5 year rate at around 3.79% and variable around 2%, people will definitely be buying however I'm counting on the increased inventory to keep price increases at a modest level; say 5-7% in 2010.
For more information in the Vancouver Real Estate Market contact:
Peter Raab
Vancouver Real Estate Agent
Labels: Kitsilano real estate market update, Vancouver Real Estate 2010 Olympic Market Update, Vancouver real estate agents, vancouver real estate expert, Vancouver Real estate market update
Monday, August 10, 2009
July sets record as the busiest July ever in the Vancouver Real Estate Market
This past July 2009, the Vancouver Real Estate Board reported that it was the busiest month ever in terms of
real estate transactions.
The turnaround in the
Vancouver real estate market is nothing short of miraculous considering in January 2009 we had the worst month Vancouver has ever seen.
Although we've had such a lack of inventory, sales are still high as real estate that has been sitting on the market for some time is getting bought up.
This lack of inventory has caused prices to come back to where they were before the market dropped in April 2008. Low interest rates and affordability were the main reasons for this.
There is still quite a lot of pent up demand so expect prices to increase and hot listings get sold well over asking price as we head into the fall months in the
Vancouver Real Estate Market.
For more information on
real estate in Vancouver contact:
Peter Raab
Vancouver Real Estate Agent Labels: real estate in Vancouver, vancouver real estate expert, vancouver real estate forecast, Vancouver Real estate market update
Wednesday, April 08, 2009
Vancouver real estate market update Spring 2009
The Vancouver real estate market continued the shift from uncertainty to stability as the spring market gets underway. As we round the bottom of the curve in the market cycle, activity is picking up to normal levels with 2,265 sales recorded across Metro Vancouver in March, a 53 per cent increase over February but a 24.4 decrease near the height of the market in March 2008 when 2,997 sales were recorded. Leading this charge are the First Fime Homebuyers who are taking advantage of low interest rates, more affordable prices and added selection on the market.
Market analysts are predicting a modest decrease in over all price before the end of the year however don't expect to see any listings in the entry level range to drop anymore. Due to the current demand we are seeing a few one bedroom condo's daily sell above asking price in multiple offers. However, the high end, luxury real estate is still in decline and I expect to see this drop another 10%.
"There's more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is leveling off," said Scott Russell, president of the
Real Estate Board of Greater Vancouver.
Right now I see the biggest opportunity in selling a one bedroom and moving up to a two plus bedroom condo. More specifically, there is a high demand in the $300-$400k range and much less demand in the $600 and beyond range with lots choose from.
The entry level housing market has also experienced a significant with new, well priced listings selling quickly for very close to the asking price.
Hopefully we'll see a solid burst of entry level condo's and homes hit the market in the next short while to balance the hungry buyers who have been sitting on the sidelines for the past 6 months.
Peter Raab
Vancouver Real Estate Agent
Labels: downtown Vancouver real estate, vancouver housing market update, vancouver real estate expert, Vancouver Real estate market update
Wednesday, February 11, 2009
Interest Rates Hit Historic Low
The Bank of Canada has slashed its key interest rate to the lowest level in history; to 1 per cent. The decrease was in line with expectations of economists, who have been calling for action on the pats of the central bank and the federal government.
Shortly after the central bank cut its rate, the big banks, let by The Bank of Montreal and TD Canada Trust also cut their prime lending rates by the same amount to 3 per cent.
The should go a long way in increasing the affordability for purchasing Real Estate in Vancouver.
Peter Raab
Vancouver Real Estate Expert
Vancouver Real Estate Agent
Labels: downtown Vancouver real estate, Interest rates, Vancouver Real Estate, vancouver real estate agent, vancouver real estate expert
Monday, November 03, 2008
Harbour Green Two
903 1139 West Cordova
Coal Harbour, Downtown Vancouver
Harbour Green Two
2 bedrooms with 3 bathrooms
2410 square feet
Harbour Green Two is the premier building along the waterfront in Coal Harbour. Completed in September 2008, Harbour Green Two is the 2nd last waterfront property to be built. Harbour Green Three is presently being built with expected completion in 2011.
This world class building by ASPEC was built with only the finest quality materials and design including a gourmet kitchen by Snaidero of Italy, Miele and Sub Zero appliances. Unit 903 @ 1139 West Cordova is a two level condo with soaring 17 foot ceilings in the living room. Enjoy views of the North Shore Mountains, Coal Harbour, and the City from 4 separate balconies.
For more information on 903, 1139 West Cordova at Harbour Green Two or any other listings in Harbour Green Two contact:
Peter Raab
Vancouver Real Estate Expert
Specializing in downtown Vancouver real estate, Coal Harbour and Kitsilano.
Labels: 2 Harbour Green, Aspec developments, harbour green 2, harbour green two, listings two harbour green, vancouver real estate expert
I can't believe we're already into February, I see cherry blossoms around Kitsilano and tulips blooming in our gardens. Although we really didn't have much of a winter yet, it feels like spring is just around the corner. Mirroring the weather has been our metro Vancouver real estate market which has been jumping since the first day of 2010. We've seen lots of new product come on the Vancouver real estate market and likewise, any of the good products getting snatched up in multiple offer bids. What's most unusual is we're seeing these attached and detached homes right up to the 3 million dollar mark selling above the list price, a sure sign of confidence in the market at all levels. I believe this fast start to the year is attributed to the fact that the Olympics are just around the corner and most recognize that February will be pretty much a write off for buying and selling real estate in metro Vancouver. 
