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Social Housing at Little Mountain on Main Street

Good news for advocates of social housing in Vancouver. The developer of the little mountain site at Main Street and 33rd hopes to begin construction of 224 social housing units by May 2013. As part of the agreement with the crown to purchase the land, the developer, the Holborn Group is required to provide the social housing, recently the Council adopted a statement that requires those units to be in the first phase of the project.

Almost all of the buildings at the site were demolished in 2009, and the site will require six months of soil remediation, to allow for the removal of several oil tanks on the property, as part of the process, the soil will require aeration to allow the effective elimination of hydrocarbons.

The Little Mountain development will encompass a balanced development, and following consultations between the developer and the city, the number of units has been reduced to 1,600, and buildings will hit a maximum of 12 stories, with many of them being between three and eight stories.

The site will also host several community facilities, including the new Little Mountain Neighbourhood House – with 12,000 of space. $10m will also be allocated to construct a daycare for up to 69 kids, and also fund their operational costs for 20 years!

Learn more by watching the video below:

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Give us a call with any questions. Anytime. Adam Chahl – 778 385 6141

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Canadian Singles Taking The Plunge

With the census data released last week, the were some relevant statistics to people like us who monitor and pay attention to the Real Estate Market here in Vancouver, and Canada as a whole.

Data shows that one person house holds have increased, and now make up 27.6% of all homes in Canada. That is a three fold increase from 1961.

Low mortgage rates have been a huge driver, allowing younger people to enter the market. Younger people are staying in school for a longer period of time, they tend to get married later on in life – if at all, and older baby boomers are taking up new residences after splitting with their partner.

Experts are pointing out a couple of things that singles should be diligent about when it comes to purchesing on their own.

Obviously buying a property on your own has its benefits, you don’t have to run your decisions past anyone else, and you have a piece of Vancouver Real Estate that you can call your own, however the downside is that you are on your own should anything go wrong.

As we always recommend, real estate in Vancouver should be viewed as a long term investment, and one thing to bear in mind should be to look for a building that allows rentals, should you have to, or have the desire to move, you can continue to enjoy your investment.

Give us a call today with your questions and we can put a strategic plan in place to help you purchase your first property. Adam Chahl – 778 385 6141

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Vancouver Real Estate Statistics – August 2012

The number of homes sales in the Vancouver area in August 2012 has declined again from the number sold in the same time period for the previous month. A total of 1,649 properties exchanged hands in August, down 21.4% from the 2098 sales in July. Compared to a year ago those figures are down 30.7% from August 2011.

To put that in perspective, that is the lowest number of sales we have seen in August since 1998 which is 39.2% lower than the past 10 year average number of sales for August.

New listings (4,044) have also declined in the month of August, down 15.8% from July 2012, and down 13.7% down from the same month last year (4,685 new listings)

Take a look at the graphs at the bottom of this post.

Detached Properties in Vancouver:

Average price in August 2012 was $942,100. The number of recorded sales was 624, decreasing year on year 38.8% (1,020 sales in August 2011).

Apartment Properties in Vancouver:

Average price in August 2012 was $370,100 and the number of recorded sales hit 725, that represents a price decline of 0.9% from August 2011, and a 24.1% decline for the number of sales from the same time last year.

Attached Properties in Vancouver:

300 attached properties were sold in August 2012, the average pice was $462,300. Price is down 1.9% from the previous year, and number of sales down 25.6%.

To get your property sold in this market, it’s imperative that you have the best possible agent working on your behalf. Find out how our 24/7 marketing can get your home sold faster and for more money, even in this market.

Call me today to help put these statistics into perspective for you, and we can discuss how they apply to your specific Vancouver Real Estate situation. Adam Chahl – 778 385 6141

Average Vancouver Real Estate Sales Price - August 2012
Average Vancouver Real Estate Sales Price – August 2012
Average Vancouver Real Estate Sales Numbers - August 2012
Average Vancouver Real Estate Sales  – August 2012
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Vancouver Real Estate Statistics – July 2012

If there was any doubt up till now, the July statistics for Vancouver Real Estate indicate quite clearly that we are in a Buyers market. The Real Estate Board of Greater Vancouver are describing the market at a ‘Summer Lull’ however this may be erring on the side of caution.

Sales in the Vancouver area were again at the lowest number since the year 2000, with 2,098 sales being recorded. That is an 11.2% decline from the previous month of June 2012, and well below the 10 year average of 3,051 sales – (31.2% under the 10 year average).

Eugen Klien cites reasons abroad for home buyers cautious activity this month, he points to the apparent robustness of our local economy, and defers attention to the interenational market, and their impact on Canada, and also the federal government’s tighteneing of mortgage regulations.

In terms of new listings coming onto the market in July 2012, they decreased slightly from June, a total of 4,802 new listings entered the market place (14.5% down on June 2012), and this was also a 5.8% decline year on year from June 2011.

Klien also points out that during July our sales to active listing ratio was sitting at 11.6%, meaning that conditions in the marketplace are favoring buyers. In essence buyers have more choice, and sellers have to be more accurate and competitive with their pricing.

It’s worth noting that while we discuss mainly averages here, not all areas and property types are experiencing the same market conditions. In fact, in some areas, for specific property types, the opposite of the market sentiment is true. Accurate advice is even more important in these market conditions.

Sales of detached properties on the MLS® in July 2012 reached 787, a decrease of 28.4 per cent from the 1,099 detached sales recorded in July 2011, and a 13.3 per cent decrease from the 908 units sold in July 2010. The benchmark price for detached properties increased 1.4 per cent from July 2011 to $950,200 and declined 1.2 per cent compared to last month.

Sales of apartment properties reached 927 in July 2012, a 10.9 per cent decrease compared to the 1,040 sales in July 2011, and a decrease of 5.3 per cent compared to the 979 sales in July 2010. The benchmark price of an apartment property remains unchanged compared to July 2011 at $374,300 and declined 0.5 per cent compared to last month.

Attached property sales in July 2012 totalled 384, an 11.1 per cent decrease compared to the 432 sales in July 2011, and a 4.3 per cent increase from the 368 attached properties sold in July 2010. The benchmark price of an attached unit decreased 0.5 per cent between July 2011 and 2012 to $468,700 and is relatively unchanged compared to last month.

To make sense of these numbers and how they apply to you, please call my anytime at the Adam Chahl Group – +1 778 385 6141. My phone is always on.

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Greater Vancouver Market Now Favouring Buyers – June 2012

Eugen Klein, the president of the Real Estate Board of Greater Vancouver (REBGV) has declared that we are now in a buyer’s market in the Greater Vancouver area:

Overall conditions have trended in favour of buyers in our marketplace in recent months, this means buyers are facing less competition and have more selection to choose from compared to earlier in the year. – Eugen Klein REBGV president

The number of sales in the month of June 2012 hit a 10 year low, although prices, so far, remain relatively stable. June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.

Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per cent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600.

Sales of apartment properties reached 1,026 in June 2012, a 19 per cent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 per cent from June 2011 to $376,200.

Attached property sales in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales in June 2011, and a 27.8 per cent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400.

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Adam Chahl Group Launch thevancouverrealestate.ca

Just a quick post to let you know about the launch of our brand new site!

We have been working hard to bring a better Vancouver MLS Search to clients browsing for Vancouver Real Estate for some time now, our main site has been attracting thousands of visitors every month, connecting them with their new homes, and also allowing our sellers to get their properties sold quicker and for more money.

Now TheVancouverRealEstate.ca advances that experience with a clean and quick MLS search and a showcase of Re/Max Select Realty’s current listings.

Take a look around, and begin your search for your next dream home!

Have a great day, and remember you can reach me anytime at +1 (778) 385 6141.

Adam