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.

Vancouver Real Estate Market

The latest report from the Greater Vancouver Real Estate Board reveals a real estate market that is favourable to home buyers.  A continued rise in new listings, coupled with a 10.4 % decline in sales from this time last year, means increased options for Vancouver home buyers.  May 2010 marked the third consecutive month that over 7000 new properties hit the Vancouver real estate market.  This pattern has opened up a broader selection of listings for Vancouver home buyers, whether they are looking for detached, attached or apartment properties. 

These statistics, however, do not necessarily denote a negative sellers’ market: a larger selection of properties can mean more buyers.  Moreover, the benchmark price of detached, attached and apartment properties increased by 19.1%, 14.8% and 13.9%, respectively, from May 2009 to May 2010.

False Creek Real Estate

The False Creek waterfront of Yaletown is home to some of Vancouver’s most desired real estate listings, not least of which are the King’s Landing condominiums at 428 Beach Crescent.  Overlooking George Wainborn Park and one block from David Lam Park, the property is a dream for Vancouver residents who love boating, tennis, rollerblading, cycling, or running.   At the King’s Landing, the seawall is literally at your doorstep, as is the off-leash dog park, marina and tennis courts.   David Lam Park hosts various concerts and events throughout the year, and the nearby Urban Fare provides gourmet grocery shopping within walking distance.  Numerous cafes and restaurants pepper the seawall this side of False Creek, and the Canada Line ensures one is connected to other parts of Vancouver, including the city centre and South Cambie.

The property itself is stunning, boasting secure underground parking and a full health club including gym, indoor pool, sauna, whirlpool and steam room.  Suites feature washers and dryers, hardwood floors, heated ensuite floors, rainforest showers and steam showers.  The incredible kitchens include a wine fridge, granite countertops, and gas ranges.  Condos at Vancouver’s King’s Landing are simply that: fit for a king.