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.

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.

Mount Pleasant is a lively, vibrant neighbourhood whose residents have strong ties to their community.  Main Street and Commercial Drive in particular exhibit a real neighbourhood feel, set amongst trendy boutiques, innovative eateries, cafes, and markets.  Although Mount Pleasant is one of the older neighbourhoods in Vancouver, the vibe is always young and fresh.

Who Lives There

Mount Pleasant is an eclectic community of artists, students, young professionals, and families.  Most residents are between the ages of 20 and 44 and highly educated.  Although 74% or the population has post-secondary education of some sort – above average – the average annual household income for Mount Pleasant is lower than that of Vancouver and Metro Vancouver.  This discrepancy likely reflects the fact that, although 75% of the population above 15 years of age is in the labour force, many are young and employed in arts, culture, recreation and sports rather than business, finance and administration. 

Things to Do

Main Street and Commercial Drive are replete with interesting shops and restaurants.  Try Motherland or Smoking Lily on Main Street for some original finds, or hit up one of the many vintage stores such as Bohemia Gallery.  Mintage on Commercial also has great finds.  Second Time Around is one of several antique stores on Main St, and Dream Designs on Commercial features locally made, 100% organic and 100% natural home furnishings and apparel.  The best way to find what you’re looking for on Main St. or Commercial Dr. is to stroll through the neighbourhood and see what catches your eye, but be prepared to spend a couple hours browsing in the process.

Mount Pleasant is renowned for Vietnamese restaurants; try Pho Linh on Broadway.  The Reef Caribbean Restaurant has two locations, on Main St. and on Commercial Dr.  Commercial Dr. is also home to Havana, serving excellent Cuban fare, and Me and Julio’s, the sister restaurant of Lolita’s South of the Border Cantina.  Me and Julio’s is a great brunch spot, as is Locus on Main, which also has an innovative cocktail list for the evening crowd.   Lucy’s Eastside Diner is Main Street’s most recent addition, and promises the best burgers in town; its sister restaurant, The Whip, is a fun late night hangout.  For those wishing to take their evening to the dance floor, The Biltmore on Kingsway and 12^th Ave. is casual and fun.

The brand new Mount Pleasant Community Centre on 1^st and Kingsway offers numerous programs and activities for adults and children, and a state of the art fitness centre.  Parks in the area include Jonathon Roger, Guelph, Robson and Tea Swamp.

Commercial Drive hosts several cultural festivals throughout the year, including Italian Week each June and the Parade of Lost Souls every October.

Real Estate

Mount Pleasant real estate prices have been increasing faster than other parts of Vancouver, reflecting the new developments in the area.  Most properties are detached, but low-rise apartment buildings and townhouses line the main streets.  New developments such as Quebec Corner Townhouses exemplify the direction in which Mount Pleasant is headed.  The neighbourhood is already well established, and housing prices are relatively on par with the Vancouver average, but newer properties are more expensive, and will bring a new wave of residents to the area as Vancouver expands eastward.

Schools and Safety

Fraser Elementary, Nightingale Elementary and Mount Pleasant Elementary are all in the area, as is Sir Charles Tupper Secondary School.  St. Patrick’s is a private secondary school on W.11^th near Main St.  Langara College is not far from Mount Pleasant, and SFU and UBC can be easily accessed by public transit.

Mount Pleasant is relatively safe, but is bordered by the downtown eastside; this does not render the north part of the neighbourhood unsafe, necessarily, but residents should exercise a degree of caution in this part of Mount Pleasant.  For the most part, however, Mount Pleasant is an extremely friendly community.

Transportation

Point Grey, located between Kitsilano and UBC, boasts some of the most prestigious Vancouver real estate.  Bordered on the North side by the spectacular Spanish Banks and Jericho Beach, it is no surprise that this neighbourhood is one of the most sought after in Vancouver, British Columbia, and even Canada.  From the high vantage point many of the Point Grey homes provide, the view of the Pacific Ocean, North Shore Mountains, and downtown Vancouver are unparalleled.

Who Lives There

The average education level and income in Point Grey are much higher than those of Vancouver and Metro Vancouver.  Residents include professionals, University of British Columbia faculty, city dignitaries, and families.  Due to the area’s proximity to UBC, students also reside in the area, most in rental suites in detached houses or apartments in Point Grey Village.  Point Grey is an established, affluent and family oriented community.

Things to Do

Spanish Banks features the longest strip of sandy beach in Vancouver, where one can barbeque, cycle, skimboard, play volleyball, or simply enjoy the magnificent views.  Spanish Banks leads into Locarno Beach and then Jericho, both of which are just as inviting.  Jericho Park (next to Jericho Beach) is home to the Jericho Sailing Centre, Club Locarno, the Royal Vancouver Yacht Club, the Jericho Tennis Club, and the West Point Grey Community Centre.  Members of and visitors to these establishments can dine, swim, kayak, sail, paddle board, wind surf, row, play tennis, badminton, and numerous other activities.  Point Grey offers a plethora of indoor and outdoor activities to suit any interest.  The annual Vancouver International Folk Festival is also held at Jericho Park.

Point Grey village on 10^th Avenue is home to shops, eateries and services.  Provence Restaurant offers fine Mediterranean cuisine, and The Cellar Jazz Club on Broadway and Alma is a good late night spot.  For more lounges and restaurants, one should venture further east along Broadway or 4^th Avenue.

Real Estate

Those in search of a stunning Vancouver home need look no further than Point Grey.  Those looking for waterfront property can expect housing prices in the millions, but will find large, established, detached houses with panoramic views.  Away from the water homes are primarily detached, and while prices still average seven figures for many of these, there are smaller homes and some condos that are more affordable.  Most Point Grey residents own their homes, as it is a great neighbourhood in which to settle down.

Schools and Safety

Elementary schools in the area include, Queen Mary, Jules Quesnel, Lord Kitchener, and Queen Elizabeth.  Lord Byng Secondary, Point Grey Secondary, West Point Grey Academy (Private, Pre-Kindergarten – 12) and West Point Grey School of Music are all in the neighbourhood as well.  Various pre-kindergarten schools are available, and the University of British Columbia borders Point Grey – walking distance from some residences.

Point Grey is one of the safest communities in Vancouver, but as most of the area is residential, residents should exercise the usual caution, especially at night when the streets are relatively deserted.  Some areas are patrolled by security, however, and in general Point Grey is a wonderful place for families.

Transportation