On either side of the south end of the Burrard Street bridge, a new mega project on Squamish First Nations land is in the works. 

Seventy percent of the condo homes being built will be rentals, and some will be designated for First Nations occupancy. Developed by Westbank on 12 acres at the eastern edge of Kitsilano, this project will provide much density and affordability to Vancouver.

For a more details of this project, read an in depth article:

https://dailyhive.com/vancouver/senakw-squamish-first-nation-vancouver-rental-housing-development

Currently we have a small garden suite for sale in a brand new triplex. Above is a 2 story unit, and out back is a coach house.

A potential Buyer wants to know if the owner of the garden suite will own 1/3 of the land, as one of the 3 owners of the triplex. Division of ownership, and also division of strata fees (if there are any) are based on the size of each unit. Therefore the owner of the largest unit owns the biggest share of the land but also pays a greater portion of the insurance, strata fees and property taxes.

Below is a great definition of "strata" from the Canadian Home Builders Association. Let me know if you have any questions!

Condominium

(called “Strata” in the province of British Columbia)

Condominium ownership means you own the individual unit you live in, and share in the ownership of common spaces. Common spaces can be within the building (e.g. corridors and foyers), the grounds around the building, and any shared amenities (e.g. swimming pools, recreation rooms). 

You are responsible of the upkeep of your unit, including property taxes, and pay a monthly “condo fee” towards the costs of maintaining common spaces and amenities.
 
You and the other owners of units within your building manage the common areas through an owners’ association. The association makes decisions about using and maintaining the common space, and sets your condo fees.​

Most co-ops in Vancouver can be found in the Westend and in the Oakridge area.

However, my buyer found this gem in South Granville. He was able to purchase a 965 square foot one bedroom home for only $575,000. The impediment for many people buying a co-op is the required 35% minimum down payment. As well, the lesser known ownership style confuses people (you are buying shares in a company that owns the building and the land), and so they pass over even looking at co-ops.

They are generally concrete buildings, built prior to 1970, avoiding the whole leaky condo period. Rooms are spacious, windows expansive and many have retained the beautiful hardwood floors.

Co-ops can also have more restrictions like a 19 minimum age requirement, no rentals or no pets. Before you can purchase, you need to be approved by a board of directors.

For this 9 suite building, EVERYONE that lived there had to approve.

I am a big fan!

Neighbourhoods like Point Grey, Dunbar and Kitsilano are losing small businesses, young families and vibrant community energy.

Douglas Todd from The Vancouver Sun stipulates why. One of the reasons is that young families have been priced out of the market. I have first hand experience of this with a lovely young family looking for a newish home in one of these neighbourhoods but having to pay over $3.3 million. They love the area and love the fact that their is room in the schools for their young children, something not guaranteed on the East side of Vancouver.

Read more...

https://vancouversun.com/opinion/columnists/douglas-todd-the-hollowing-out-of-vancouvers-west-side-part-1

As a native Vancouverite I have always loved South Granville. Officially it is part of FAIRVIEW, which stretches from the shores of False Creek all the way up to lower Shaughnessy.

Most of my homes in my 20's were 3 story walk ups in South Granville. The buildings were old but had large rooms with beautiful original hardwood flooring, lovely vintage tiling in the bathrooms and kitchens, undersized appliances, laundry in the basement and no elevators. But I loved them - especially the ones with no bedrooms (bachelor suites we called them). 

Shops and transportation was close and streets were and still are tree-lined.

Today we identify South Granville more as an upscale shopping area with art galleries, boutique home and clothing shops. However, it continues to be quaint with a variety of businesses, and outdoor seating, not yet dominated by condo towers with coffee shop chains on the street level.

On both sides of Granville, stretching a few blocks, are lots of housing types, with low rise condos and townhouses, a few newer condo towers and the odd house! It is quiet and walking/biking friendly.

South Granville has taken a bit of a hit with Covid 19 where small businesses have closed due to lock downs and less in person shopping. I hope in the future they can return and keep this lovely neighbourhood vibrant. 

I love living here!

Funky 1 bedroom 1 bathroom condo in the lovely westend of Vancouver!

I have lived in Vancouver almost my whole life (now 58 years old!) and I have never really explored the WESTEND until my daughter moved there last year. She rents a lovely apartment in a quaint 1950's building a block from Stanley Park. 

You almost forget you are downtown because of the tree lined streets and quick access to the ocean and park. It feels like a residential neighbourhood, feels like home. 

I was happy to help another first time BUYER purchase a great home on Pendrell Street, one of my favorite streets, close to shopping and transit - perfect for someone who doesn't need a car to get around.

The WESTEND is the best neighbourhood to explore on foot, walk your dog and shop locally. 

Maybe I should move there!

HOME SALES and NEW LISTINGS were at near record levels in OCTOBER 2020 across Metro Vancouver.

Greater Vancouver Sales:

Up 29% over October 2019

Up 1.2% from September 2020

Up 34.7% above 10 year October average

Metro Vancouver benechmark price for a detached home is $1,045,100.

WHY?

*potentially a focus on the importance of home due to the pandemic, for work and safety

*pent up demand from a slower spring market due to the pandemic

*low interest rates

Is it a good time to BUY?

It depends on what you are looking for. There are more properties for sale so more choice. Some markets are slower like the 1 bedroom condo in Vancouver. Some markets are very busy such as detached homes on the east side, especially under $2,000,000 and under $3,000,000 on the west side of Vancouver.

Let me know what you are looking for and I can tell you what is going on in that pocket!

Below is a link to our latest Greater Vancouver Real Estate Board (REBGV) stats for August 2020. 

Here are some highlights!

Top 3 areas for the most sales for DETACHED homes in August:

East Vancouver - 118 sales

Sunshine Coast - 155 sales

North Vancouver - 103 sales

Prices up 6.6% over August 2019

Top 3 areas for the most sales for CONDOS in August:

Vancouver westside - 343 sales

East Vancouver - 155 sales

Richmond - 141 sales

Prices up 4.5% over August 2019

Top 3 areas for the most sales of TOWNHOUSES in August:

Richmond - 92

Maple Ridge - 57

Norh Van/Coquitlam - 45

Prices up 4.4% over August 2019

**Let me know if you want the nitty gritty on your own hood!

http://members.rebgv.org/realtorlink/rebgv/statscentrereports/Metro-Vancouver.pdf

Many sellers ask me if they should renovate before lisitng their home for sale.

It depends.

If the entire home is in original shape, and you don't intend to renovate top to bottom, I would leave it as is. That provides the buyer with full rein to choose all new colors and textures for every room - which also creates a cohesiveness throughout the space. If you just renovate one room, like a bathroom or bedroom, the stark comparison to the rest of the home makes it look worse - and more work.

Sometimes a buyer won't purchase a home if the reno is brand new but not to their liking.

However, if your home is in good shape but the bathrooms are tired looking, overhauling those would be a good idea.

The best mini reno on most places is always a fresh coat of paint - done by a professional! A neutral white or off white is a great choice.

Every month, our real estate board publishes the listing and sales activity for all municipalities in the lower mainland.

Below is a link to the Vancouver report!

file:///Users/bridgetross/Dropbox/July%20Stats.pdf

Here are some Vancouver westside highlights about how July 2020 compares to July 2019:

Houses - fewer listings available, down 25%

               sales down slightly by 3.8%

               prices up slightly by 3%

Condos - listings up by 1.3%

                sales down by 4%

                prices up by 5.6%

Townhouses - listings down by 22 %

                       sales are the same 

                       prices up 2.3%

If you are buying a condo in BC, I would highly recommend that you buy one that:

1. was built before the leaky condo period (1980's, 1990's)

2. has already been rainscreened

3. is a newer build

4. you work Monday to Friday 8-4 pm

...so you are not home while they jack hammer the concrete off the side of your building right out side your home office!

It is a noisy, messy process that generally takes up to a year depending on the size of your building. Yes, it will increase the value of your investment but be prepared for a major inconvenience in your life. In a couple of days, all the window coverings need to be removed from all the windows in my unit - even though the windows won't be replaced for 3 weeks. Lots of time will be spent in the bathroom for the only privacy left!

But seriously, buying a condo is more than just falling in love with a wonderful home with great views and spacious rooms. You are investing in the whole building so be prepared for all that that entails - with our help!

Steady increases in home sale and listing activity continue

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020.

Last month’s sales were 21.9 per cent below the 10-year June sales average.

“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”

There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019 and a 57.1 per cent increase compared to May 2020 when 3,684 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7 per cent decrease compared to June 2019 (14,968) and a 15.1 per cent increase compared to May 2020 (9,927).

“Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, REALTORS® are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighborhood.”

For all property types, the sales-to-active listings ratio for June 2020 is 21.4 per cent. By property type, the ratio is 19.9 per cent for detached homes, 25.2 per cent for townhomes, and 21.3 per cent for apartments.

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

“Home prices have remained steady with minimal fluctuation over the last few months,” Gerber said. “With increasing demand, REALTORS® have begun seeing multiple offers for homes priced competitively for today’s market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5 per cent increase over June 2019 and a 0.3 per cent decrease compared to May 2020.

Sales and benchmark prices by property type

Sales of detached homes in June 2020 reached 866, a 16.1 per cent increase from the 746 detached sales recorded in June 2019. The benchmark price for a detached home is $1,464,200. This represents a 3.6 per cent increase from June 2019 and a 0.5 per cent increase compared to May 2020.

Sales of apartment homes reached 1,105 in June 2020, a 17.4 per cent increase compared to the 941 sales in June 2019. The benchmark price of an apartment property is $680,800. This represents a 3.6 per cent increase from June 2019 and a 0.8 per cent decrease compared to May 2020.

Attached home sales in June 2020 totalled 472, a 21 per cent increase compared to the 390 sales in June 2019. The benchmark price of an attached home is $790,800. This represents a 2.3 per cent increase from June 2019 and a 0.2 per cent decrease compared to May 2020.