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Vancouver Real Estate Market Update – December 2016

Vancouver’s High Housing Prices

This year too, Vancouver made it to the top on the list of high housing prices. In 2016, the average cost of a home in Canada climbed the peak in Metro Vancouver, at $864,556. This means that Canadian families who want to buy a home in that radius must earn nearly $140,000 per year.

According to the latest census, the median household income in Canada is $78,870. Those families who are obtaining the median income can have the wherewithal for a house priced between $460,000 and $490,000 – faintly exceeding bisection of the cost of the average housing price in Metro Vancouver.

Overview of average housing price in each major city in across Canada. Source: CTV News

Empty-Homes Tax – A Ray of Hope to Cool Off Housing Market

After public consultation, Mayor Gregor Robertson had revealed a proposal for a one percent tax on empty homes. Now, the proposal is approved by the city council, and thus, it has become the first of its kind in the country.

All non-principal houses and unoccupied residential land that are empty for the period of full six months of the year will be liable to pay one percent empty homes tax. All homeowners in the city will have to self-declare if a property is the typical place they call home, eligible for immunity or vacant.

Robertson said, “I just want to be really clear: Almost all Vancouverites will not pay the empty homes tax. This is only going to apply to those with second or third homes that are sitting empty most of the year.

Undergoing renovations, condos and townhouses that have restrictions on rentals, and homes whose owners are in medical or supportive care will be exempted from the tax.

Such a tax on empty homes can address the spinoff effects of a red hot housing market.

Solution to the Rental Housing Crisis

Vancouver is hopeful that empty homes tax will boost the city’s scanty supply of rental stock. Presently, the rental vacancy rate is 0.6 percent – ensuing in some of the maximum rents in Canada. City data puts forward that more than 10,800 homes are unoccupied and another 10,000 are left vacant for an extended span of time.

Robertson quoted, “Vancouver is in a rental-housing crisis.” “The city won’t sit on the sidelines while over 20,000 empty and under-occupied properties hold back homes from renters struggling to find an affordable and secure place to live,” he exclaimed further.

The city is of the view that the rental vacancy rate would upsurge to 3.5 percent with an upturn of 2,000 rental properties.

The empty homes tax will come into effect at the beginning of 2017. It will be based on the assessed value of the property. This means – the person owning a $1-million home would pay an extra $10,000 a year in taxes.

Vancouver Homes Selling For Less than Purchase Price

Often, Vancouver real estate is acclaimed for exceptional returns. However, recently, this blooming road took a new turn when three single family detached homes bought were listed for less than the owners paid for them. At times, benchmark prices slump due to the distribution of prices, but this isn’t the situation here since these homes were purchased just 8 months before, that owners are selling at a subordinate price.

Surely, the inflated housing market of Vancouver isn’t crashing but isn’t exactly the booming market of the previous years. Does this mean that in Vancouver real estate market, affordability is setting in? Fingers crossed! With British Columbia’s new 15% property transfer surtax on foreign nationals and foreign-controlled corporations, the house sales have become sluggish, and that, in turn, will hopefully lead to moderating prices.

November 2016 Real Estate

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Planning to buy your Dream House in Yaletown? Trust the experts!

The Present Scenario

Vancouver’s real estate market is heating up, with its recent highest annual price increase recorded at 23.4 per cent. The high real estate prices secure the finances of present-day homeowners but are frustrating for the potential first-time buyers.

According to the recent updates, the Canadian real estate crisis has jerked up parallel to the warning signs of danger. The ability to afford a house in the Canadian city of Vancouver has become a difficult process. The chief economist of Canada Mortgage and Housing Corporation (CMHC) also stated in a news release that today the cost of buying a property is higher than the level of personal disposable income and population growth.

For the first time ever CMHC, the federal agency will be issuing a “red alert” warning for the entire real estate market. The agency believes that the housing market is in need of significant price correction because the cost of homes and debts are on a continuous path of growth.


New Mortgage Rules – A bane for first-time buyers

The recent additions to the mortgage rules are real hindrances, particularly for the first-time home buyer. According to the new mortgage rules, a potential buyer with insured mortgages will have to go for a stress test. The stress test is to ensure the financial stability of the borrower in case the rate of interest rises. But the key positive factor in this situation is to secure house owners from taking on excessive debts. It is good news for the fence sitters, who have been waiting for real estate market to soften; now they can buy the house they always wanted too.

Though the people of Vancouver are overwhelmed by the high housing prices, the new move by British Columbia of charging an additional 15 per cent tax on foreign house buyers is highly supported by the residents, especially those in Yaletown.


Yaletown – Still a Ray of Hope for younger Vancouverites

Yaletown is a stylish, historical region of Vancouver, BC. It has a sophisticated and cosmopolitan ambiance that makes it an attractive place to buy a new house. But the housing in Vancouver, BC is out of control. The hike in real estate costs is majorly affecting the young people of the city. For the young natives of Yaletown, housing has become a luxury item and the government is taking a lot of time in arbitrating this crisis.

The contemporary scene of the housing market is frustrating for an average Vancouverite. The young natives in the city have to save more than past times for even a 20 per cent down payment. They are trying to squeeze themselves into the place where they were born and had invested in for so long.

According to Paul Kershaw, founder of Generation Squeeze, the Vancouver’s housing crisis has hit “code red.” The city might lose its people belonging to the younger generation who are the real assets.

Despite the dire situation, many experts believe that the real estate market in Yaletown and the rest of Vancouver will retain its healthy status in the near future. Expert economists in BC have cohesively predicted the same. This poses as a promising situation for youngsters who don’t have to save a lot to invest in a house.


Lifestyle Audits by CRA

The skyrocketing real estate market of Vancouver has highlighted individuals who have a luxurious lifestyle and an expensive house, but their earnings are of average category. The Canada Revenue Agency plans to investigate into the matter and their key area of inquiry would be “lifestyle audits.”

Lifestyle audits will include the examination of highly-priced homes, expensive cars, and assets, which will be compared to the income reported on tax returns. The audit will confront the culprits and with a committed execution, the resulting state of Vancouver’s real estate will bring back the brighter days of the city’s housing market.

In the current risky conditions, buying a house or any other property should be dealt with great care. At Yaletown Condo Listing, we customize a plan to meet and exceed our client’s needs. Get in touch with our realtors Tanya Jakubec when planning to buy a new house in Yaletown.

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Yaletown, Vancouver – A Real Estate Prospect Despite Current Situation

2016 – A Year of Ups & Downs for Vancouver Real Estate

At the start of 2016, Metro Vancouver had been a real estate Eldorado, witnessing record-smashing numbers in housing sales and listings. With every passing month since early spring, housing numbers continued the trend of dwarfing the preceding months’ and years’ records. Yaletown was no exception to this, being one of Metro Vancouver’s most desired locations to live in.

A significant contribution to this trend in Metro Vancouver was the investment by foreign buyers, both businessmen and immigrants, in one of Canada’s fastest-growing metros. 2016, particularly, saw a huge surge in the number of foreigners that were migrating to the city. The Metro Vancouver real estate was booming and was at its peak. But so were the prices of listings. Housing rates were at its all-time highest, and it was beginning to concern the city’s officials.

There’s been an increase in unit listed (supply) and huge drop on the unit sold (demand). This gives a strong signal of buyer’s market. Source: Real Estate Board of Greater Vancouver

In August of this year, the City of Vancouver passed a new tax law on foreigners who wanted to buy into the city’s real estate market. The Foreign Buyers’ Tax was a 15 percent levy that was introduced to thwart off the increasing number of foreign buyers who were significantly responsible for the massive housing rates in Vancouver.

What followed was entirely unprecedented. As expected, the number of sales naturally dropped down drastically in the same month that the levy was implemented. But, in a surprising turn of events, the average housing rates did not budge at all. In fact, many areas including Yaletown, saw housing prices go up despite the fact that there was a lower demand.

The worrying situation failed to improve as September came around. The conditions reflected on a report released by UBS Switzerland on September 27th, declaring Metro Vancouver as the “World’s Highest Bubble Risk.”

Despite these rough waves that have been hitting Vancouver recently, many experts believe that Vancouver’s real estate will continue to remain healthy. A forecast by Central 1 Credit Union predicts B.C.’s hot real estate market will remain healthy for the next two years. Senior economist, Brian Yu believes that slower growth is healthier for the market because sky-rocketing Greater Vancouver prices seen during what he described as “spring fever” were unsustainable, in the early part of 2016.

A Healthier Future for Yaletown

At the hub of Metro Vancouver’s Downtown area, and situated in one of its prime locations, is Yaletown. Its distinct location makes Yaletown one of the most desirable places to live in the city. This automatically results in a higher demand for housing, and ultimately, makes the area one of Vancouver’s most expensive.

Given the recent fluctuating situation and rough sailing real estate boat of Metro Vancouver, Yaletown has been at the thick and thin of it all. With every crest and trough that the city has undergone, it has been directly reflected on Yaletown too.

As the number of listings continues to stack up, the number of housing sales has failed to show any signs of picking up pace anytime soon. Despite this, the rates of listings have not eased. On the contrary, it has gone up over the past couple of months.

Average housing prices currently, at an average, stands at $1,538,349, including detached and attached homes, and apartments. The highest price stands at over a staggering $8 million.

Despite all the inflation within Yaletown’s property prices, Yu’s prediction indicates a promising and healthy future for Yaletown. The popularity of the prime Vancouver region is expected to remain positive.

Dealing with the housing prices in Yaletown can be tricky but promising. Yaletown Condo Listing can help guide you if you want to buy a house in Yaletown, Vancouver.

Home Price Index for Greater Vancouver, Sep 2016 – Detached Home

Area Benchmark Price Index 1 Month +/- 6 Month +/- 1 Year +/- 3 Year +/- 5 Year +/-
Greater Vancouver $1,567,500 289.1 -0.6 16.8 32.7 69.5 66.3
Bowen Island $796,500 172.7 -0.2 21.9 23.8 38.0 31.9
Burnaby East $1,228,500 274.7 -2.6 12.4 29.7 64.5 70.8
Burnaby North $1,564,700 302.6 -2.0 15.1 29.2 66.3 72.3
Burnaby South $1,689,400 323.4 -0.6 21.1 36.5 73.9 75.0
Coquitlam $1,210,600 268.6 -1.5 15.7 34.2 71.7 75.9
Ladner $1,064,800 256.7 3.3 16.2 36.0 70.6 69.9
Lower Mainland $1,252,800 266.1 -0.9 17.1 33.9 65.2 65.2
Maple Ridge $717,400 204.4 0.7 19.1 36.5 55.8 55.1
New Westminster $1,086,000 269.4 -1.6 14.2 31.0 63.8 64.5
North Vancouver $1,663,500 264.8 -1.6 16.9 37.2 74.1 81.7
Pitt Meadows $793,200 223.5 1.2 19.8 34.9 56.7 62.2
Port Coquitlam $888,500 237.0 -2.1 10.4 27.8 61.8 61.7
Port Moody $1,381,900 255.2 -0.9 14.1 30.9 62.3 70.5
Richmond $1,684,800 337.9 -1.1 19.2 39.2 79.5 66.9
Squamish $788,300 209.6 -1.5 19.7 29.1 59.0 58.9
Sunshine Coast $479,800 168.1 0.9 16.7 25.4 40.8 26.4
Tsawwassen $1,269,700 273.4 1.8 14.3 36.6 77.8 78.2
Vancouver East $1,537,300 339.8 0.2 19.3 32.4 80.9 86.8
Vancouver West $3,623,300 372.0 0.2 17.9 32.1 73.2 62.0
West Vancouver $3,361,600 319.6 0.1 20.1 36.4 81.0 89.1
Whistler $1,301,800 180.2 -1.6 15.5 22.5 48.3 38.6
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Emerging Trend Not Obvious In Vancouver Real Estate Market Stats

While properties continue to sell in the Vancouver Real Estate Market, the totals from September 2016 was 9.6-percent lower than the sales average for the month over the past ten years. However, that does not reflect the increase in listings nor does it show the new trend in housing demands.

According to the Real Estate Board of Greater Vancouver, new listings in Metro Vancouver for detached, attached and apartment properties dipped marginally over the same period from 4,846 in September 2015 to 4,799 last month. That represents a decrease of one per cent.

Listing Numbers Show Increase

 However, compared to numbers from August 2016 there actually has been a bit of a burst of activity. There were 4,293 properties listed in the month which puts September at an increase of 11.8-per cent. According to REBGV President Dan Morrison there is a good reason for the overall ten year drop in listings and that it is not a negative sign.

He says the demand for housing has shifted away from detached, attached and apartment properties in recent years. Morrison explains that the current trend is built upon a larger demand for condominiums and townhouses. He says the supply and demand conditions are directly related to this trend which does not show in the overall sales numbers.

Historic Listings Numbers Drop But Recent Numbers Rise

His statement is verified by the Metro Vancouver totals of homes currently in the sales market through the MLS system. At the end of September 2016 the figure was 9,354 – down almost 13.5 per cent from a year ago but up 10-percent from August 2016.

The number of sales also speaks loudly about the trend. The sales-to-active listing ratio was 24.1 per cent for September 2016. That’s the lowest it has been since February 2015 which signals a time frame for the existing shift in the housing market conditions.

Sales Figures Could Bring Prices Down

Actual sales of detached properties in September 2016 were 666, down 47.6 per cent from the previous year. Apartment sales experienced the same fate, down 20.3 per cent from last year at the same time with attached property sales falling 32.2 percent from September 2015.

Morrison says the change in the market conditions is providing a huge positive – it is taking away the upward pressure on pricing. Due to the level of uncertainty the REBGV President explains that price points are becoming more difficult to put in place for both buyers and sellers.

Additional Data

Other interesting facts from September 2016 in Metro Vancouver:


  • Detached properties spent an average of 37 days on the market and reached a benchmark price of $1,579,400
  • Apartment properties spent an average of 24 days on the market with a benchmark price of $511,800 recorded
  • Townhouse properties attained a benchmark price of $677,000 and were on the market an average of 21 days.



Source: Monthly Statistical Reports

These stats verify the emerging trend on apartment and townhouse property sales with both selling faster than detached properties. Analysts say that the longer the sales-to-active listings ratio stays above 20 per cent, the more upward pressure housing prices will experience. Pricing will see downward pressure once the ratio dips below 12 percent

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Vancouver Real Estate Market Continues to be Active


There is something about Vancouver that attracts people like a magnet. It has a lot to do with the location on the west coast of British Columbia and the size. Vancouver is currently the eighth largest municipality in Canada and as such has several amenities, attractions, cultural diversities and as many assets as liabilities.

One of the many ways one can gauge progress in and around the city is by taking a closer look at the Vancouver real estate market. According to the Real Estate Board of Greater Vancouver there has been a shifting of sorts within the current market. While numbers pointed towards a record-setting pace in early 2016, in recent months dips have pushed figures back down to what local experts have termed “historically normal” levels.


Looking at the Numbers

According to the REBGV a total of 2,489 residential property sales were recorded in Metro Vancouver for August 2016. Compared to 3,362 sales in the same period in 2015 the numbers show a decrease of 26-percent. Going further back to August 2014 and there is a 10.2-percent decline (2,771 sales) and just a one percent difference from the 2,514 sales recorded in August 2013.

Compared to July 2016, August 2016 recorded a drop in property sales totaling 22.8-percent – that’s almost a quarter of total sales. While these decreases in overall sales can be a telltale sign about the state of the Vancouver real estate market, what it says to the REBGV is something else. The dip in the number of homes sold in the market also pushes down asking prices.

Currently there’s bit more supply over the demand. However, the price remains high.

Prices Are Not The Issue

Typically when property sales figures shift downwards it is an indication that prices are too high for buyers. The REBGV says the current trend is not entirely related to that at all. In fact, in August the sales-to-active listings ratio was 29.3-percent which is considered a seller’s market. What may have a greater impact on the numbers currently is the recently implemented Foreign Buyers Tax which appears to have reduced foreign buyer activity.

The 15-percent tax went into effect August 1, 2016 and it is still far too early to see what impact it has had on the Vancouver real estate market. It is easy to lay some of the blame of dropping sales figures in the first month the tax has been in place on this development however, traditionally property sales dip in the middle of summer.


Yaletown Condos are a Different Matter

The upside to the shifting in the real estate market in Metro Vancouver is that apartment properties have not seen as much of a dip as detached homes have over the years. For example, according to the REBGV apartment sales in August 2016 totaled 1,343, down just 10.1-percent from August 2015. Plus, the benchmark price of apartment properties has seen an increasing trend.

The benchmark price recorded in August 2016 of an apartment property was $514, 300 – an increase of 26.9-percent from August 2015 and an increase of 6.1-percent since May 2016. In comparison, the benchmark price of a detached home increased in the past year by 31.1-percent with sales dropping 25.4-percent over the same period.

What Does All of This Mean?

Although there is no shortage of movement within the real estate market in Greater Vancouver, what seems to be the most stable of the properties are apartment units such as Yaletown condos. While prices of both homes and apartments have increased, and sales have decreased, the margins are narrower with apartments and Yaletown condos than with detached homes. This makes investing in a condo a wise choice in today’s Vancouver real estate market.



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Yaletown- What’s New?

Once upon a time, Yaletown used to be the westernmost stop for the Canadian Pacific Railway, and so, it was a place where industry boomed. Now, it’s a vibrant area with new industries, cafes, restaurants and bars to die for, beautiful parks, animation studios and high-rise condominiums.

Yaletown’s Recent Openings & Activities

Tacofino opens its gates in the area

The latest addition to the list of Yaletown’s restro-bar is Tacofino. The area welcomes the 50-seat counter-service restaurant and bar, which also features a 12-seat patio and take-out bar.

When a taco craving hits, Tacofino is a must-visit.

People love the tempura fish taco with salsa fresca and chipotle mayo & a few new items such as pepper shrimp with spicy peanut sauce, smoked tuna burrito, white bean taco, lemongrass chicken taco, tater tot carnitas, crispy squid and beef brisket barbacoa.

Tacofino opens at 11am-10pm, Monday-Wednesday, and 11am until late, Thursday-Saturday.

Tacofino Yaletown's new signage (Jess Fleming/Daily Hive)
Inside Tacofino Yaletown (Jess Fleming/Daily Hive)
Inside Tacofino Yaletown (Jess Fleming/Daily Hive)
Inside Tacofino Yaletown (Jess Fleming/Daily Hive)
Jess Fleming/Daily Hive
Inside Tacofino Yaletown (Jess Fleming/Daily Hive)

PET-A-PALOOZA coming to Yaletown this year

PET-A-PALOOZA returns to Vancouver, and guess what? It will be held in Yaletown on August 28th this year. PET-A-PALOOZA is West Coast’s largest outdoor pet festival.

In the most awaited canine festival of the year, events such as “Running of the bulls”, a hilarious 20 ft. French and English bulldog races, cool down stations, photo lounges and over 50 of the leading pet related exhibitors are going to take place.

PET-A-PALOOZA is a pet-friendly festival to have amazing fun with your pet. And best of all, it’s FREE! Dog owners bring their pet to sample treats, food, accessories, and toys and get hooked up with loads of free swag!

Image Source: Pet-A-Palooza

Animation Studio Arrived in Yaletown

Award-winning Australian visual effects and animation studio Animal Logic has arrived in Yaletown, Vancouver in September 2015. The credit for the boom of Vancouver animation industry goes to this new 45,000 sq. ft. studio in Yaletown.

Real Estate Yaletown

In the 19th Century, Yaletown used to be a rail yard. As railway loading docks converted into restaurant and cafe patios and warehouses into lofts, Yaletown became a very desirable place to live for Canadians as well as for people from outside the country. Yaletown’s upscale restaurants, offices, boutique stores, nightclubs, animation studios and access to the False Creek marina make this place a playground for Vancouver’s elite.

New properties have come up around this central area, and Yaletown now owns apartment buildings housing modern condos with great views and fantastic amenities.

If you are looking for some of the best properties in Vancouver real estate, then your search will end now. Yaletown condos will offer you elegant and modern living, however, the prices may be higher than most other Vancouver real estate of similar proportions.  

It’s a little expensive to buy a residential property in Yaletown. The current average Yaletown house price is $847,240.

Living in Yaletown

If you wish to buy a condo in Yaletown, you must have a Realtor at your side. Find your perfect home in Yaletown.



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A Brilliant Step towards Affordable Housing in the Canadian City of Vancouver

B.C. Tax Targets Foreign Home Buyers

Since the past one year, soaring housing prices in Metro Vancouver have been one of the major concerns in the country. Vancouver is an extremely attractive property destination for foreign investors to secure their money.

Addressing the role of foreign investors in the red-hot housing markets of Vancouver, Canadian province British Columbia has announced an additional 15 percent tax on foreign home buyers in the greater Vancouver. It takes effect on August 2, 2016. The ultimate goal of the British Columbian government is to increase housing affordability for the local residents.

Premier Christy Clark and Finance Minister Michael de Jong, discuss amendments regarding housing issues in Greater Vancouver from the South lawn during a press conference at the Legislature in Victoria, B.C., Monday, July 25, 2016. Source: Financial Post

The Surprise Move

The benchmark price for a detached home in Vancouver has increased by more than 30 percent in the past year.

The surprise move comes after the government tracked all residential real estate transactions across British Columbia between June 10 and July 14, and found that foreign nationals invested more than $1 billion into B.C. property, of which more than 86 per cent was invested in Vancouver and the surrounding areas.

The Affected Properties & Areas

The newly announced tax applies to the sale of all residential properties such as single and multi-family dwellings, apartments, and condominiums within 22 communities in Metro Vancouver, and to buyers who are not Canadian citizens or permanent residents, as well as corporations that are either not registered in Canada or are controlled by foreigners.

The affected areas include the Greater Vancouver Regional District and other prescribed areas, but exclude treaty lands of the Tsawwassen First Nation.

B.C. Finance Minister Mike de Jong has released another report on foreign nationals buying homes in B.C. between between June 10 and July 14. Source: CBC News

Hiked Tax to Scare Most Foreign Speculators Off

Whether the tax hike will have the envisioned effect of restraining the flow of foreign investment in the residential real estate market and improving affordability for local residents or not, remains to be seen. But, surely, the rise in tax will have a significant effect on foreign buyers and sellers who have entered into agreements for purchase and sale before August 2, 2016.

Experts believe that the new property tax could cool demand. After all, very few foreign home buyers will be willing to pay $750,000 in tax for a $5-million house. But foreign speculators could get friends or family (who are permanent residents) to buy on their behalf in order to escape paying the tax.

Better Days Ahead for Vancouverites

Feverish foreign investment and a market struggling to build enough new homes have led to a spectacular house price boom in Vancouver. But a massive tax hike on foreign purchases will help manage foreign demand while new homes are built to fulfill the needs of local residents.

Hopes High for Housing Affordability

According to the Prime Minister, Justin Trudeau, rising home prices, uncertainty around being able to buy your first home or to be able to upgrade as you want to grow a family, is a real drag on the country’s economy and Canadians’ opportunities.

But as Canada plans to tax overseas investors buying homes in Vancouver, the local residents can have their hopes high of owning a home in the city. Search for the best residential properties on Condoinvancouver.


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Bursting Vancouver Real Estate’s Bubble: Are We There Yet?

The latest statistics from the Greater Vancouver Real Estate Board reveal that the benchmark cost of a single detached home in Vancouver is up nearly 40% from just over a year ago. This rapid ascent has drawn the attention of retired master hedge-fund manager, Marc Cohodes. In a recent interview, Cohodes tells Global BC News Morning that he believes members of the real estate industry are using “chinese money to keep the market propped up” as part of a money-laundering scheme that Cohodes says can’t last.

Real Estate Bubble
Source: Huff Post Business Canada

Foreign Investment: Myth or Reality?

According to the Global News article about Cohodes, not everyone agrees that the influx of foreign money is due to criminal activity. However, many do agree that foreign money is a signification contributor to the high-flying real estate prices here in Vancouver. To put this belief to the test, the government of British Columbia launched a study in June to begin tracking real estate investments in the province by foreign nationals.

Initial results from the study show the dollar value of foreign investment in residential real estate between June 10 and June 29, 2016, averaged slightly over 5% province-wide. Foreign transactions represented slightly over 3% of all MLS property transfer transactions during that same time period. This indicates that the average amount per transaction is higher for foreign buyers than Canadian citizens and permanent residents. In Metro Vancouver, the total value of investments from foreign nationals was over $350 million, or 6.5% of the total investments made during the first 19 days of the study. The highest concentrations of foreign investment were found in Richmond with a 14% rate.

Across the province, 258 transactions involved Chinese nationals, which was 76.6% of all foreign national transactions. More data and details are available in the Housing Market Information Release on BC MLS Home Sales issued by the Ministry of Finance. The Ministry report indicates that new housing units are in development throughout the province. However, these developments take time. Meanwhile, the housing market remains tight. In addition, more voices lately have been calling for a tax on foreign real estate transactions. Will these factors finally burst the real estate bubble as Cohodes predicts? And if so, when?

Vancouver Condo and Detached Home Buyers Pushed to New Heights

While we wait to see what the future holds, those who want to own a home in Vancouver today are faced with steep prices and limited selection. From single-family homes to luxurious condos in Yaletown, local buyers are feeling the effects of the pricing bubble.

The Real Estate Board of Greater Vancouver reports that June residential property sales totaled 4,400 transactions. This is slightly down from May; although, higher than same-month sales last year. Looking at historical records demonstrates that houses are still moving despite the higher prices. June 2016 ranked as the highest-selling June on record, at 28.1% above the 10-year sales average. Total listings for the four-month period from March through June have also reached an all-time high.

Picture of people waiting in line for days to buy a new condo in Langley back in May, 2016.

Despite an increase in listings, supply has not exceeded demand and prices for both detached and attached residential properties continue to climb. The REBGV announced that benchmark prices for attached units in June 2016 increased by 28.1% from June 2015 prices. However, this rate remains lower than the 38.7% increase in detached properties.


Regardless of who is investing in Vancouver’s real estate, those who work in the city still need a place to live. So what is a prospective home buyer to do? As the saying goes, “location, location, location.” Look for properties that are located in sought-after areas that will hold their value, such as a Vancouver downtown condo. In particular, the thriving community and close commute make Yaletown condos a good bet during tumultuous times. If you are in the market for a new home here in Vancouver, contact Condos in Yaletown. We can show you the best real estate the city has to offer and help you choose how to invest your real estate dollars effectively.  



Real Estate in the Greater Vancouver Overview – June 2016

Source: GVRB


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Vancouver is One Hot Housing Market—Can a Yaletown Condo Beat the Heat?


Despite recent economic downturns in other parts of the country, the cost of owning a detached, single-family home in Vancouver continues to rise. More and more prospective homeowners are looking at Vancouver condos as an alternative route to homeownership in this flourishing city. As home prices Vancouver continues to rise, luxurious condos in Yaletown and Vancouver downtown condos are an increasingly attractive alternative for many of Vancouver’s up and coming residents.

How Hot is It?

According to recent statistics, it now costs nearly 120% of a household’s median annual income to purchase a stand-alone house in Vancouver. Royal Bank of Canada, in its 2016 first quarter RBC Housing Affordability Fact Sheet, refers to Vancouver’s 25% year-over-year housing price surge as “epic.” Housing prices for single-family homes in Vancouver have reached such extreme heights that in June Prime Minister Justin Trudeau hosted experts at a Roundtable on Affordable Housing to discuss the situation.


Detached Homes are Boiling Over

In its 2016 first quarter Housing Trends and Affordability Report, RBC announced an 87.6% aggregate affordability rating for detached, single-family homes in Vancouver. This means that the total cost of owning a home in Vancouver—including mortgage payments, taxes, and utilities—would consume over 87% of a typical family’s monthly pre-tax income.

Kerry Gold, writing about the housing roundtable and citing data from Landcor, reports that the average price for a detached house sold in Vancouver is now nearly $3 million. Other reports place the average sale price at a mere $1.4 million. While these figures would seem to indicate that incomes in Vancouver are robust, home ownership is still not for the faint of heart or light of wallet.


From Real Estate Board of Greater Vancouver


Prices for Vancouver Condos Stay on Simmer

The burgeoning prices of detached single-family homes in Vancouver have put them out of reach for many hopeful homeowners and made them unattractive to investors and lenders. Fortunately, Vancouver condo and apartment prices, while still moving up, have not increased at the same alarming rates. Craig Wright, RBC’s Chief Economist, stated in a recent news release that the2016 first quarter housing affordability rating for Vancouver’s condo apartment market is 46%—a figure that aligns with housing costs in much of the rest of Canada. The same article that reports average detached home prices in the $3 million range indicates that the average condo in Vancouver may be purchased for just under $750,000.

From Real Estate Board of Greater Vancouver

Find a Condo That’s Just Right in Yaletown

Even as the Vancouver housing market tightens, purchasing a condominium in Vancouver remains an option for those who are ready to stop renting. Instead of having to move far away from the city center, those seeking to own a home can enjoy all the benefits of living in a close-knit community by purchasing a Yaletown condo. Yaletown high-end condos are a perfect way to buy a home sans the extra maintenance and commute time associated with owning a single-family home. Yaletown and downtown Vancouver condos are available with a number of attractive features that make them just right for buyers of all types. Before the market gets any hotter, isn’t it time to find the one that suits you?



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The Developing Real Estate Market in Vancouver

With the growing trends of industrialization and globalization, all the major sectors have seen a rapid growth. People are always in search for something bigger and better. They move from one place to another for better opportunities.  This process of relocation has proved to be a blessing for the real estate market.

As people are switching places due to various reasons, the demand for homes is also increasing. Finding a home in an unknown place is not an enjoyable task. Thus to help the newly arrived population the real estate agents step in.

Any newcomer to a city looks for a homely but affordable place to live. The most suitable option in such a case is a condominium. They are the best combination of an ideal home with a reasonable price.

Vancouver is one place that has witnessed the rise of Condominiums. While the immigrants have contributed in increasing the profit of the real estate business, the locals have shown an increased demand for residential accommodations.

If you are moving to the south-east part of Downtown Vancouver then there is no better place for you than the Yaletown Condos. Surrounded by the False Creek, Yaletown has a pleasing view to offer to its residents.

The real estate market in Yaletown has seen an increase in residential property sales as compared to last year. This increase in profit can be attributed to the factors like globalization and industrialization. As people are becoming aware of the advantages of the real estate market they are investing in it more.

The Yaletown real estate has a wide range of condos with beautiful views of the False Creek and the English Bay. These condos are available at reasonable prices and have various facilities to offer. With the ocean view being a major attraction, Yaletown condos has attracted many buyers.

The major reasons this part of Vancouver has been successful in increasing its number of buyers are:

In compare to the overpriced detached single family home, condos are relatively affordable.

Yaletown not only offers a perfect market for buyers but it also provides the sellers a great platform to enlist their properties. The previous month saw a rise in property sales which is expected to continue further. Though the property prices are rising, the number of buyers is increasing along with it. This is due to the impact of foreign investments.

With more economic stability, people are readily investing in real estate. The number of foreign investors is also increasing as an outcome of technology. Thus, the real estate market in Vancouver is going through a period of constant growth which has established a seller’s market here.

Yaletown has emerged as the best option for both buyers and sellers. With its oceanside condos at affordable prices, Yaletown offers the accommodation each person desires. Vancouver real estate completely satisfies both its buyers and sellers with its value for money condominiums and high quality services.

New Developments in Yaletown

The Arc

89 Nelson Street, Vancouver, Vancouver, BC