With the weather unseasonably cold and rainy as it has been, it’s easy to forget why we live in Vancouver. Vancouver real estate is among the most expensive in the world, after all, so what exactly are we paying for?

Lifestyle

Vancouver is consistently named one of the top places to live in the world, landing as number one on several surveys. We have a beautiful, clean, safe and environmentally friendly city in an economically and politically stable country. While beautiful scenery surrounds Vancouver, we are also blessed with world-class shops and restaurants, offering something for everyone.

Ocean

Situated on the coast of the Pacific Ocean, Vancouver residents enjoy more than just a gorgeous view. We have fabulous beaches such as Spanish Banks and Third Beach, one of the longest seawalls in the world, and innumerable islands to explore, all accessible by boat. Cycle the seawall, join a beach volleyball team, or play Pitch and Putt in Stanley Park overlooking the ocean. Sure, it’s colder than usual for this time of year, but it’s still possible to enjoy these summer activities!

Mountains

The stunning backdrop of the mountains over Vancouver’s skyline makes our city one of the most beautiful in the world. Residents of Vancouver, however, know the mountains provide more than this panorama. Although skiers and snowboarders revel in the countless hours of fun the ski season brings, these mountains are enjoyed by all year-round. Mountain bikers and hikers have a playground at their doorstep, and tourists venture from all over the planet to catch the view from the top of Grouse Mountain.

Culture

Vancouver is a melting pot of cultures from around the world, and summer is the best time to experience a taste of what some of these cultures have to offer. Italian Day takes place on Commercial Drive, and Greek Day on Broadway.  Caribbean Days light up North Vancouver, as does the Lantern Festival in Deer Lake Park. The Night Market in Chinatown occurs every weekend in the summer, where visitors can sample Asian Fare and browse merchandise. The Celebration of Light features international competitors offering extravagant fireworks displays that can be enjoyed from points all around Vancouver.

Vancouver Real Estate Market

The Vancouver real estate market has remained relatively level for the better part of eight months or so, but there are areas of the market that have still been booming, and the latest statistics reveal a trend toward increased sales, benchmark prices and number of listings.  Last April, Vancouver real estate sales and housing prices reached record highs, leveling off by the summer and for the most part remaining that way until recently.  As reported by the Real Estate Board of Greater Vancouver, last month sales in Greater Vancouver of detached, attached and apartment properties increased by over 70% since January 2011 and by 42.6%, 17.5% and 101.2% respectively from this time last year.  Benchmark prices increased slightly across the board, and the new listings for Greater Vancouver homes increased by 23.6% from this time last year and 18.6% since January 2010 to 5,693.  These numbers indicate a lot of options for home buyers but also a high demand, thus the Vancouver real estate market presently benefits home buyers and home sellers alike. 

Detached Properties in Richmond and Vancouver West Luxury Homes in High Demand

The Real Estate Board of Greater Vancouver also reported the most movement in Richmond and Vancouver West, noting that detached homes are the most in demand.  The benchmark price of detached homes in Richmond and Vancouver West rose from around the $200,000 mark in November 2010 to above $1million last month. A recent article in the Vancouver Sun maintains that luxury homes (many of which are located in Vancouver West) remain in high demand (which pushes up the statistics of the city and the province as a whole).  In 2010, reports the Vancouver Sun, 375 Vancouver homes (of those 50 were Vancouver condos) sold for over $3million, breaking the previous record of 209.  75 of those Vancouver luxury homes sold for over $5million, and the most expensive sold for $17.5million.  According to the Sun, these sales reflect an influx of home buyers from the global market, especially Chinese investors, to which our home prices seem relatively inexpensive for the standard of living Vancouver provides.  Because sales of luxury homes are expected to rise even further, soon $3 million may “no longer be considered particularly expensive,” and people will look to the $5 million mark for luxury properties in Vancouver.

While the Vancouver real estate market in general has been somewhat stable since last summer, the market for detached properties continues to boom, especially in suburban areas like Richmond, and the Vancouver luxury home market, most of which is concentrated in Vancouver West or  Downtown Vancouver condos, is at present extremely hot and especially appealing to foreign investors.

Buying or selling a home can be one of the most important and complicated transactions you make in your lifetime.  With this transaction comes plenty of paperwork, endless decisions to be made, and unknown obstacles.  A Realtor can help you through the process of buying or selling a home from beginning to end, and ensure your financial and legal protection along the way.  Realtors differ from other licensed or registered real estate agents or brokerages in that they are member of The Canadian Real Estate Association, and as such must adhere to the REALTOR® Code and Standards of Business Practice.  These regulations, ethics and high standards ensure you will receive the best possible assistance while buying or selling your property.  Below is an explanation of ways in which a Realtor can help you.

Skill

Realtors have professional marketing and negotiating skills that can help you buy or sell your home at a price that works for you. 

Knowledge

A Realtor knows the ins and out of the industry and uses his or her education and experience to your advantage.  In addition to their training, Realtors constantly update their knowledge through professional education programs. 

Resources

Realtors have a plethora of resources at their fingertips, which can help you buy or sell a property faster and broaden your options.  Realtors have access to the Multiple Listing Service; thus if you are buying a home, a realtor can find properties other Realtors are selling, or if you are selling they can list your home so other buyers can discover it through the Realtor with whom they are working.  Realtors can also post signs which can direct buyers’ attention to a home that is for sale and being handled professionally.

Protection

Realtors must follow strict regulations and adhere to a code of ethics that is designed to protect you, the client.  A Realtor is bound to client confidentiality and also must offer you his or her undivided loyalty; he or she must “protect the client’s negotiating position at all times, and disclose all known facts, which may affect or influence their decision.”  Realtors must also “obey all lawful instructions of the seller” and “account for all money and property placed in a brokerage’s hands while acting for the client.”  Furthermore, a realtor can legally incorporate a Property Disclosure Statement into a Contract for Purchase and Sale, ensuring you buy a home with full knowledge of any defects of which the seller may be aware.

Vancouverites will tell you Vancouver is one of the best places in the world to live, and for years now quality of life surveys have been backing up this claim. With that quality of life, however, comes an expensive real estate market – the sixth highest in the world, the second in North America, and the most expensive in the country.  2010 has been a landmark year for Vancouver, but what has that meant for the Vancouver real estate market?  And where does that leave us going into 2011?

2010 Winter Olympics and the Vancouver Real Estate Market

2010 began with a steady climb in real estate prices and sales, as the Vancouver real estate market continued the trend established in 2009, when a recovery from the recession first became evident.  As the 2010 Olympic Games drew closer, however, the real estate market moved beyond recovery and into growth.  In April 2010 Vancouver residential property sales peaked at 3,512, and benchmark prices of residential properties reached all time highs.

Real Estate Market Levels Off

After the spike in activity surrounding the 2010 Olympics died down, the Vancouver real estate market leveled off, and has remained relatively stable for the rest of the year.  While housing sales after April initially dropped and prices increased at a much slower rate, the last couple of months show relatively little change from the summer; home sales have improved and the downward pressure on prices has eased, indicating a balanced market appealing to buyers and sellers alike.

Property Taxes to Rise in 2011

So what is the outlook for 2011?  The Vancouver real estate market appears to have found some stability that will last at least into the first part of the New Year.  One thing buyers should keep in mind, however, is the recently announced hike in property taxes.  Although last week council voted to increase Vancouver property taxes by an average of 2.2% (up from the projected 2% increase) in 2011, residential property owners will take the hardest hit.  Property taxes for home owners will rise by 4.2%, while those for businesses will only increase by only 0.2%, reports the Vancouver Sun.  The extra funds flowing into the city are intended to be used for homeless and anti-gang programs, libraries, parks boards and other public programs, so here’s hoping the tax hike will help  us maintain that quality of life for which Vancouver is renowned.

Kerrisdale is a quaint, quiet, family-oriented community.  This charming neighbourhood primarily appeals to families and the real estate reflects this.  Houses fill the tree-lined streets and the Kerrisdale Village caters to an upper middle-class, mature lifestyle.

Who Lives There

Although Kerrisdale is an idyllic setting for family life, seniors also populate the area as well as students taking advantage of the neighbourhood’s proximity to UBC.  The average household income is almost double that of Vancouver as a whole, and 65% of residents have post-secondary education.

Things to Do

The Kerrisdale Village, along 41^st Ave,  houses shops - from grocers, bakers and delis (try  Forster’s Fine Cheese or MacFarlane Seafoods) to book stores and boutiques such as Hills of Kerrisdale, the first of the Aritzia clothing stores.   Oakridge Mall, not far from Kerrisdale at Ok and 41^st Ave, offers a larger selection of shops. Cafés like the Pastry Club Dessert Café and restaurants also line the streets of the village. 

Shaughnessy Golf Club, Point Grey Golf & Country Club and McCleery Golf Course border Kerrisdale, as do the UBC endowment lands which are great for hikers, runners, cyclists and nature lovers.  Several parks also exist in the area, and the Kerrisdale Community Centre offers programs and activities for people of all ages.

Nightlife is limited in Kerrisdale, but the neighbourhood is not far from Downtown Vancouver.

Real Estate

Most Kerrisdale homes are detached houses, but there are some apartments and semi-detached homes.  The area is well-established, thus homes are rarely new, but for the most part they are spacious and beautifully designed.  Housing prices are slightly above the Vancouver average, but most residents who buy settle in Kerrisdale for quite some time.

Schools and Safety

Elementary schools in the area include: Kerrisdale Elementary, Kerrisdale Annex, Quilchena Elementary and Maple Grove Elementary.  Point Grey Secondary is the nearest high school, but Magee Secondary School and Prince of Wales Secondary also serve the community.   Crofton House is a nearby private school for girls offering classes from Grades 1 to 12.  Kerrisdale has a Montessori school and several other child care centres, and the University of British Columbia is only a ten minute drive away.

Kerrisdale is a safe, well-established, family-oriented neighbourhood.  Residents should still exercise caution at night, however, especially in unlit areas such as the University Endowment Lands.

Transportation

One of the most pristine and naturally beautiful settings on the planet, Whistler is home to some of the most expensive real estate in Canada and the world’s number one ski resort, Whistler/Blackcomb.  A paradise less than two hours drive away from downtown Vancouver along the Sea to Sky Highway (which underwent massive improvements for the 2010 Olympic Games), Whistler offers something for everyone, from food and wine aficionados to outdoor enthusiasts.

Who Lives There

As a world class resort, Whistler has a transient population of tourists, but is also a thriving community of people who live there year-round.  Young internationals looking for adventure make up most of the work force, working in restaurants, hotels and on the mountains.  Retirees also call Whistler home, as well as other local British Columbians looking to escape the hustle and bustle of city life.  Lucky city dwellers with recreational homes in Whistler live there part-time.

Things to Do

Whistler/Blackcomb opened last weekend for winter sports, and is a mecca for skiers, snowboarders, cross-country skiers, snowshoers, and anyone else looking to play in the snow.  The summer months offer a plethora of outdoor activities as well, including glacier skiing, hiking, mountain biking, dirt biking, and kayaking and paddle boarding on the local lakes.  Rentals and lessons are easy to come by for any activity, and a large variety of retailers have equipment for sale.  Even those who don’t participate in mountain sports should ride the Peak 2 Peak Gondola on a clear day to take in the view from the top. 

Festivals and sporting events such as Cornucopia and the Telus World Ski and Snowboard Festival take place year-round.

Skiers and Snowboarders can ride out right into Whistler Village or Creekside Village for Après Ski.  Creekside is more secluded but Dusty’s Bar & BBQ is always fun after a day on the hill, and in Whistler the Longhorn Saloon and Grill and Garibaldi Lift Co. are among the many spots packed with revelers enjoying beer, nachos and music.  Restaurants abound from casual burger joints such as the world-renowned Splitz Grill to fine dining at Araxi or Bear Foot Bistro.  Many hotels offer buffet-style brunch at their restaurants, which could coincide with a trip to the spa.  Whistler has such a fantastic setting that sometimes that is all the frill that’s needed, and cozying up in a cabin with friends and family can be a great dinner option as well.  After dark, the village is just as vibrant, when clubs like Garfinkels and the Savage Beagle open for music – either live bands or DJs – and dancing.

Real Estate

Although Whistler has some of the priciest homes in the country, with some chalets valued at upwards of 10 and even 20 million dollars, more modest condos can be relatively reasonable in comparison to Downtown Vancouver.  For buyers, a Whistler condo can be a great investment because it provides the opportunity to rent on either a short or long term basis, and in addition, the world-class resort will remain as such for a long time, thus is constantly undergoing improvements and attracting new tourists.  Whistler has developed substantially in the last 10-20 years, therefore most Whistler properties are new and fairly problem-free.  Home buyers can expect cozy condos and chalets modeled after mountain cabins that are more spacious than those in the city, and designed to accommodate guests and all the outdoor equipment that accompanies them.

Schools and Safety

Spring Creek Community School and its French counterpart, Ecole la Passerelle, educate children from Kindergarten to Grade 7.  Myrtle Philip Community School is also Kindergarten to Grade 7, and Whistler Waldorf School offers classes from Kindergarten to Grade 8.  Whistler Secondary has classes from Grades 8-12, and Tamwood International College, the Canadian Sport Business Academy and Advantage E/J English School offer ESL classes.  The Canadian Sport Business Academy and Advantage E/J English School have outdoor instructor programs as well.  

Transportation

Driving to Whistler from Vancouver is easy now that the Sea to Sky Highway is wider and safer, and the scenery on the way up is an experience in itself.  Some day parking lots are free, while others closer to the mountains now require payment.  Various buses and shuttles leave regularly from Downtown Vancouver, Vancouver International Airport, and Horseshoe Bay.  Once in Whistler, getting around is easy.  Taxis and buses abound, and shuttle service is available from the gondolas to parking lots, hotels and surrounding villages such as Creekside.

The most expensive real estate market in Canada levels out, benefitting Vancouver home buyers and sellers alike.

Vancouver Real Estate Market

The Vancouver real estate market has leveled off in the last four months, showing little change in sales and benchmark prices, which maintain a happy medium between the doldrums of 2008 and the skyrocketing numbers of 2009 and early 2010.  After the Vancouver real estate market endured a significant slump in 2008 due to the recession, the lead-up to the 2010 Winter Olympics expedited the Vancouver real estate market’s recovery, leading to record-breaking highs in sales and benchmark prices in April 2010.  Many predicted the market would level out, however, and the stability in the Vancouver real estate market the last four months demonstrates that these predictions are accurate.  Although the Vancouver real estate market remains by far the most expensive in Canada, with an average listing price of $679,381, benchmark price increases have slowed considerably and sales have shown a substantial decline since October 2009.

Vancouver Housing Prices and Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that the MLSLink® Housing Price Index residential benchmark price has dropped to $579,349 since its high of $593,419 this past April, and decreased by just 0.2 percent since June.  Although across the board sales of detached, attached and apartment houses have declined dramatically since this time in 2009, they have also shown drastic increases since the fall of 2008.  According to the most recent report by the REBGV, sales of residential properties in Vancouver have dropped by 36.9 percent (to 2,337) since October 2009, yet still show a 71.3 percent improvement from October 2008.  October 2010 sales have only increased by 5.3 percent since September 2010 and sales in September only by 0.8 percent from the month before that, however, indicating a steadier Vancouver real estate market.

Vancouver Home Buyers and Sellers

For the Vancouver real estate market, this stabilization – which according to statistics from the Canadian Real Estate Association reflects the real estate market across Canada as a whole – could mean good news for both buyers and sellers.  As REBGV president Jake Moldowan explains, buyer demand in the closing months of the year “is in closer alignment with supply than we’ve seen for most of 2010.  Those buying today recognize that they still have a chance to enter the market with near-record low interest rates, while gradual reductions in inventory have eased downward pressure on prices.”  Sellers benefit from stable housing prices and fewer listings, which coupled with buyers taking advantage of low interest rates, creates the alignment between supply and demand that Moldowan affirms.  In September 2010 it took an average of three days less to sell a residential property than it did the month prior, which could reflect Vancouver home buyers and sellers taking advantage of this opportunity.

For more information on the Vancouver real estate market and new Vancouver listings, please contact experienced Vancouver realtor Jules Seaman.

Fairview encompasses South Granville and False Creek South.  This well-established neighbourhood features beautiful town homes, stunning views, award-winning restaurants, and high-end boutiques.  Fairview is one of Vancouver’s oldest-settled neighbourhoods, and while residential areas are quiet, the main streets remain lively, thus it appeals to various demographics.  Fairview provides a feeling of security and community in a neighbourhood that seems further away from downtown Vancouver than it is. 

Who Lives There

Residents of this affluent neighbourhood are mostly employed in education, health, natural and applied sciences, law and business.  The higher than average annual household income reflects this demographic.  The population is young relative to neighbouring Shaughnessey and nearby Point Grey, however, and although the community is family oriented, household sizes are smaller than average. 

Things to Do

The Stanley Theatre, South Granville’s self-proclaimed “beating heart” reopened in 1997 and was an indication of the return of a prospering neighbourhood.  Shows now play here year round.

South Granville is home to some of the finest stores and boutiques in Vancouver.  Restoration Hardware is among several high-end home furnishing stores in the Granville and Broadway area, and below Broadway there are numerous art galleries.  Boboli on Granville and 11^th features clothing and accessories from top designers the world over, and is one of several good clothing stores in the neighbourhood.

Restaurants abound in Fairview.  Broadway between Cambie St. and Burrard St. is comprised of primarily ethnic fare, chain restaurants, and sports bars.  For finer dining there is no shortage of high end restaurants in Fairview.  Monk McQueens boasts a gorgeous location on the water in False Creek South, and delicious seafood.  Vij’s on W.11^th at Granville fuses authentic Indian cuisine with West Coast ingredients, and is some of the most renowned in Canada.  Next door Vij’s Rangoli serves lunch and prepared meals to take home.  Meinhardt’s on Granville and 14^th is one of the city’s premier gourmet markets.  Café Barney across the street serves incredible brunch, and is a good late night spot as well.  The Granville Bridge provides easy access to Vancouver’s entertainment district.

Granville Island remains one of Vancouver’s most popular tourist destinations.  Here, one can shop at the market for fresh, local food, visit the Kid’s Market, tour the Granville Island brewery, or take advantage of the many local artisans showcasing their wares.  Restaurants such as Bridges and The Sandbar always have a great atmosphere and food to match (Bridges leans towards more pub fare).  The Arts Club Theatre plays live theatre throughout the year, and the Arts Club Lounge features live music or comedy nightly, making it a great pre or post-dinner spot.  Granville Island hosts several events and festivals throughout the year, including the annual Pancake Breakfast on Canada Day.

There are a few marinas along False Creek South where moorage is available, and the seawall now runs all the way past Science World to Stanley Park or Canada Place.  Charleson Park along the seawall is gorgeous, and has a children’s centre.  The False Creek Community Centre next to Granville Island has tennis courts and offers various programs and activities for people of all ages.  The Vancouver Lawn Tennis & Badminton Club is located at Granville Park on W. 15^th and Fir St.

Real Estate

Fairview real estate prices are slightly above the Vancouver average, although they have been increasing at a slower rate than the rest of Vancouver.  This could be attributed to the low number of new developments in the area.  Portico at South Granville was completed in the last decade, but is no longer as sought-after a residence as it once was, as there are newer properties in other areas of town.  The Olympic Village is sleek and modern, and has completed that area of False Creek nicely.  Controversy still surrounds the ownership of the Olympic Village properties, however; they are currently owned by the city and have been slated for purchase by non-profit companies for low-income housing.  This proposal makes the most sense, yet purchasers are encountering a lot of red tape.  Although some Fairview residences are older, most are spacious with great views of the city.

Schools and Safety

Fairview is a safe neighbourhood with a strong sense of community.  Lord Tennyson Elementary and L’Ecole Bilingue Elementary serve the area, along with Prince of Wales Secondary School.  There are also several private schools nearby, including St. George’s (boarding school for boys, grades 1-12), York House (day school for girls, grades 1-12) and Little Flower Academy (Catholic high school for girls).  The renowned Emily Carr University of Art & Design is located on Granville Island.

Transportation

Since the completion of the Canada Line, South Cambie has flourished.  Home to City Hall and Vancouver General Hospital, and mere minutes from the downtown core, the neighbourhood has returned to the central location it once was.  Cambie Village now boasts practically any convenience you can think of, and the real estate surfacing in the area reflects this renaissance.

Who Lives There

The South Cambie population is primarily middle class, half of whom hold a degree and almost a quarter earning six figure salaries.  In addition, 49% of South Cambie residents own their home.  This is not to say that the area is particularly wealthy, however – the average household income is in between that of Vancouver and Metro Vancouver.  In addition, 30% of residents are between the ages of 20 and 34, and their occupations span a broad spectrum, from social sciences, education, and government, to applied sciences, to the arts.  These statistics reflect the energetic, well-rounded young community.

Things to Do

Queen Elizabeth Park, at 33^rd and Cambie, boasts the most incredible views in the city.  Visit Seasons in the Park at the top of the hill to take advantage of this panorama while enjoying some fine cuisine.  Up here one can also visit the stunning Quarry Gardens and Bloedel Floral Conservatory.  There is also a lawn bowling green and a pitch ‘n’ putt course where one can also try disc golf.  The park is so beautiful, however, that walking through it can be an activity in itself. 

The Cambie Village is home to Whole Foods, Canadian Tire, Best Buy and Choices Market, among other conveniences.  Residents rarely need to leave the neighbourhood for everyday necessities.  Oakridge shopping centre on Cambie and 41^st is a short drive away, and can also be accessed by the Canada Line.   The Park Theatre plays great films, while Kino Flemenco Café and Tapas Bar on Cambie and 18^th offers food and dancing nightly, and is one of several small eateries in the area.  For other restaurants and nightlife, hit up Broadway or head to Yaletown or downtown – the Canada Line will get you there in one or two stops. 

Real Estate

Although it is one of the oldest settled areas of Vancouver, South Cambie is growing, and with the completion of several new developments, it has attracted another wave of professionals and young families who are looking to put down roots.  Detached houses in this area are beautiful, and properties such as The Olive epitomize urban living.  These condos have all the amenities of downtown real estate with the comforts of a neighbourhood just outside the city’s centre.  Housing prices range from upwards of $1million for detached homes to half that for apartments, which is about on par with standard Vancouver real estate.  While the Canada Line was under construction, South Cambie suffered, but upon its completion the area has been revamped and the South Cambie real estate market reflects this.

Schools and Safety

South Cambie is a pleasant, family-oriented community.  Edith Cavell Elementary serves South Cambie residents, and nearby high schools include Sir Charles Tupper Secondary (public) and St. Patrick Regional Secondary (private).  Langara College is conveniently located about 10 minutes away by car or the Canada Line, and buses to UBC or SFU can be easily caught from Broadway.

Transportation