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Another new Live/Work residence is coming to Mount Pleasant - with the project about to start sales. The building, Shine, will be located at 273 East 6th Ave, across the street from District. 

 

Designed by SHIFT Architecture and developed by Imami Development, it'll be awhile before this building opens its doors, but it will be something to look forward too, as Live/Work buildings have been rising in popularity in the last few years. 

 

It will be interesting to see exactly how it is zoned and what people are allowed to do with the space. 

 

Image courtesy of ChangingCity.ca

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The City issued 350 Laneway permits in 2012, that is a big increase from the average of 146 from 2009-2011! Laneway houses are one of the many ways homewowners help pay for their mortgages. With the new mortgage rules limiting what most people can afford, having a secondary source of income in your property, whether through laneway houses or secondary suites, is a natural move for most families. They can build the laneway house and rent it out until their family grows and needs the extra space. Many families are opting to share land, with one generation in the laneway house and the other inhabiting the main house. Laneway houses aren't costly to build, though the process can be long and quite involved, and you need to have the proper RS-1 or RS-5 Zoning to begin with. 

 

For more information on the process of building a laneway house, see my Laneway Guide here

 

If you have any questions, or would like to chat about your possibilities with laneway houses and what you can afford, feel free to contact me

 

Information taken from News 1130: http://www.news1130.com/2013/01/28/vancouver-boasts-record-year-for-laneway-housing-permits/

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Market Update

OCTOBER 2012

It's a good thing the weather was warm this past September, as the Vancouver real estate market was definitely cooler than expected with an 8.1% drop in home sales compared to August and 32.5% decline compared to September 2011. In spite of this, buyer presence remains very strong with many waiting in the wings to dive back in when they find the right fit. As more stability sets in to the market place, I anticipate we will see an increase in sales volume heading into the Fall season. A few other statistical notes include a sales-to-active listings ratio of 8%, which plants us firmly in a Buyer's market, and a decline in benchmark pricing of 0.8% compared to last year and 2.3% over the past 3 months.

Looking at individual market segments, a few more interesting trends are developing:

 

Vancouver West:

Attached properties saw a decline in sales of 35% compared to last year and 14% compared to August. This translated into a 6% drop in average pricing. The strongest product type here is the entry level 1 bedroom market between $300-400k with an absorption rate of 11%

Detached homes showed a 40% increase in sales over August numbers, though activity was still down 12% over last year. Average pricing is actually up 1% over last year, though they have slipped 5% compared to August. The hotspot here is the sub-$1.5m market at an 18% absorption rate, though homes in the $5-6m range are still selling at at a healthy 15% clip.

 

Vancouver East:

Attached property sales improved 11% over August but slipped 30% compared to last year. This was associated with an 8% drop in average pricing over last year with virtually no change since last month. The $400-500k range is fastest selling product type here which often equates to entry level 2 bedroom units.

Detached homes sales were up a whopping 42% over August numbers, but down 47% compared to last year. This makes some sense given how hot this market was this time last year, but the decline is still significant. This decline in sales has translated into a slight decline in pricing of 1.5%. The $600-700k entry level home is still a hot seller at the moment with an absorption rate over 20%.

 

Downtown:

Sales activity here has decline 22% over last year but improved almost 14% since August. Average pricing has actually increased 10.5% in the past year and up 14% since last month, driven by some higher end sales. You might be noticing a theme by now, but the hottest price point here is again the $300-400k entry level market.

 

North Vancouver:

Attached properties slipped 27% over the past year and 4% over the last month. Prices are down 7% compared to September 2011 though they did bounce back almost 6% from the August numbers. The sub-$300k market was the best selling segment here.

 

Detached home sales have increased 19% in the past month while falling almost 40% compared to last year. This has equated to an 8% decline in average sales pricing since last September. There is still a healthy amount of activity between $700k and $1.2m with the collective absorption rates equally 13%.

 

 

 

Moving forward, expect to see buyers and sellers start to get on the same page with the current market place, leading to increased sales activity. Prices may continue to trend downward toward the end of the year as sellers who need to sell may lower their prices to do so. Homes that are listed sharply and show well are still selling quickly. Buyers who are patient are finding some great buys.

 

If you have any questions, don't hesitate to touch base.

 

Ben



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MARKET STATISTICS

FEATURED LISTINGS

406 - 2181 WEST 12TH
  • FOR SALE! Offered at $665,000
  • 2 Bedrooms, 2 Bathrooms
  • 980 Sq Ft, 180 Sq Ft patio
  • Top Floor, Corner Unit in Arbutus Walk
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312 - 298 East 11th
  • FOR SALE! Offered at $416,000
  • 1 Bedroom + Den
  • 665 Sq Ft
  • The Sophia is a rain screened building (built in 2008) in the Main Street corridor
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404 - 2520 MANITOBA
  • FOR SALE! Offered at $449,900
  • 1 Bedroom + Den + Solarium
  • 720 Sq Ft
  • The Vue is a well built concrete building off Broadway
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Market Update

April 2012

As expected, March showed further growth in activity as we near the peak of the Spring market. Active listings are up across all markets, though not as significantly as some may have expected. Sales activity was also up in most markets, with the exception of the Westside, which saw a slight drop in activity in both the attached and detached markets. Downtown showed the largest jump in activity with sales up 43.8% over last month. Median pricing remained relatively flat, though a drop off of almost 8% was noted in the Westside detached market.

 

The hottest market segments last month were:

 

- Any detached home on the Eastside under $1.2m
- The sub-$1.5m Westside detached market
- Virtually all detached North Van detached homes between $700k and $1.6m
- Entry level downtown condos under $400k
- Higher end North Van condos/townhomes between $800-900k

 

The next two months should have plenty of Buyer activity, with many looking to use the 2.99% rates that are locked in for the next 90 days. Looking forward to a good Spring (and good spring weather for showings and tours)!


Ben

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MARKET STATISTICS

Featured Listings
218 - 237 East 4th Ave.
  • SOLD! Offered at $365,000
  • Live/Work Loft Space
  • 737 Sq Ft
  • In the Artworks Building just off the Main St. corridor
  • One Parking Stall
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1906 - 120 Milross ave.
  • SOLD! Offered at $859,000
  • 2 Bedrooms, 2 Bathrooms
  • 1359 sq ft
  • Panoramic Views of False Creek to the North Shore
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12-960 W13th ave.
  • SOLD! Offered at $638,000
  • 2 Bedrooms, 2 Bathrooms
  • 982 Sq Ft
  • Upscale renovation and a 250 sq ft private patio with garden
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Congratulations to the happy buyers who have just purchased 211 3333 4 AVE W in Vancouver!

This is a great apt in trendy Kits. Very inviting, private and quiet N-facing unit with a fabulous 376 sq ft deck, terrific for summer barbecues. The living space is well planned with generous room sizes, the building is excellent and there is a great park across the street. Your second fridge is a block away, your coffee is downstairs and your pizza or sushi is two steps away. A pleasure to show.

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Congratulations to the happy buyers who have just purchased # 305 2228 W BROADWAY in Vancouver!
2 BED, 2 BATH, DEN & OFFICE suite for sale at the Vine in Kitsilano - Sought after, newer concrete building. Located a short walk to trendy shops on W 4th, seawall and beach. Directly above the grocery store, London Drugs and steps to all other amenities including great places for coffee and dining. Suite faces QUIET SIDE with a fantastic outlook and MASSIVE SOUTH-FACING OUTDOOR PATIO. It's a corner unit with floor-to ceiling windows spanning two sides of your home. Beautifully kept with all the upgrades, stainless steel appliances, hardwood floors, 8'5 ft ceilings & granite counters. Pets, rentals welcome and 1 parking stall. OPEN HOUSE: Sat & Sun (March 12 & 13) 2-4pm.
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