Address: 205 1455 Robson Street – Video Listings

$419,000 – ACTIVE

2 Beds / 1 Baths / 844 sq.ft / Condo

[MLS®#: V797060] Gorgeous 2 bedroom 844 sf condo DT Vancouver. Open floor plan with H/W tile floors. Modern kitchen with breakfast bar, S/S fridge, D/W, built-in microwave, newer ranger & garbage disposal, pot lights, built-in glass front floor to ceiling pantry. Lots of natural light. Master bedroom has walk-in closet & access to 4 piece bath & sliding door to covered balcony with view of Grouse Mountain. Insuite laundry & storage room with durable tile floor. Heat. Small pets okay. Huge 2,000 sf roof to deck, party room, large parking spot. More parking available at additional fee. Built in bike storage. Close to Coal Harbour, Denman Street, Starbucks, hotels, rec centre & more.

Please visit our properties for sale page to view photos of all rooms. If you would like to purchase or sell real estate on Vancouver’s Westside feel free to contact Jacob Krause or Mike Rampf, your Vancouver Real Estate Experts.

Address: 312 750 E 7th Ave – Video Listings

$289,000 – ACTIVE

1 Beds / 1 Baths / 609 sq.ft / Condo

[MLS®#: V791577] Beautiful 1 bedroom & 1 bath. North mountain view, balcony, bright, quiet top floor, shared laundry, suite partly renovated. No dogs, cats okay. No rentals. Good building, excellent location. All meas approx. Maintenance fees include heat & hot water. Immediate possession.

Address: 302 1551 W 11th Ave – Video Listings

$399,000 – ACTIVE

1 Beds / 1 Baths / 687 sq.ft / Condo

[MLS®#: V791577] Tasteful renovation by a professional interior decorator. 11 foot ceilings in the living room, designer colours, renovated kitchen and updated bathroom. South Facing bright unit with a great patio to BBQ and have a glass of wine. Desirable location just steps to Granville St, centre of South Granville- great place to shop and eat. Cats Yes, Dogs No, No rentals.

Address: 113 2020 W 8th Ave – Video Listings

$449,000 – SOLD

2 Beds / 2 Baths / 885 sq.ft / Townhouse

[MLS®#: V788859] Beautiful Townhouse-Style Condo in Kitsilano with private entrance. Great for garden lovers, large private patio off your living area and another one accessible from the master bedroom. 2 bedrooms and 2 bathrooms, laundry, laminate floors, gas fireplace, updated lighting and paint. Excellent location – 1 block from Broadway. Short walk and you’re shopping on W 4th Ave and at Kits Beach.

Housing market stats in August continue to show momentum

The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007.

New listings for detached, attached and apartment properties increased 4.9 per cent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 per cent from August 2008.

“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4 per cent to $539,600 from $484,211. However, home prices compared to August 2008 levels are down 1.1 per cent.

Sales of detached properties in August 2009 increased 155.5 per cent to 1,367 from the 535 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 0.7 per cent from August 2008 to $732,656.

Sales of apartment properties increased 97.8 per cent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 per cent from August 2008 to $369,263.

Attached property sales in August 2009 increased 108.2 per cent to 610, compared with the 293 sales during the same month in 2008. The benchmark price of an attached unit declined 0.9 per cent between August 2008 and 2009 to $459,159.

Real Estate Board monlthy update for June

Market conditions drive strong June housing sales
VANCOUVER, B.C. – July 3, 2009 – The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.

New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.

“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said.

“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” Russell said. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”

Residential benchmark prices, as calculated by the MLSLink® Housing Price Index, declined 8.2 per cent to $518,855 in June 2009 compared to June 2008.

The number of sales of detached properties increased 81.6 per cent to 1,667 from the 918 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 8.4 per cent to $701,384 in June 2009 compared to June 2008.

The number of sales of apartment properties in June 2009 increased 69.3 per cent to 1,790, compared to 1,057 sales in June 2008. The benchmark price of an apartment property declined 8.2 per cent from June 2008 to $356,880.

The number of attached property sales in June 2009 increased 78.2 per cent to 802, compared with the 450 sales in June 2008. The benchmark price of an attached unit declined 7.3 per cent between June 2009 and 2008 to $441,620.

Bright spots in Greater Vancouver in June 2009 compared to June 2008:

Detached:

Burnaby up 109.7 per cent (151 units sold from 72)

Coquitlam up 122.2 per cent (160 units sold from 72)

Delta – South up 107.7 per cent (56 units sold from 27)

Maple Ridge/Pitt Meadows up 54.3 per cent (162 units sold from 105)

New Westminster up 104.8 per cent (43 units sold from 21)

North Vancouver up 96.2 per cent (153 units sold from 78)

Port Moody/ Belcarra up 120 per cent (33 units sold from 15)

Richmond up 77.4 per cent (204 units sold from 115)

Squamish up 107.7 per cent (27 units sold from 13)

Sunshine Coast up 33.9 per cent (75 units sold from 56)

Vancouver East up 71.2 per cent (238 units sold from 139)

Vancouver West up 85.2 per cent (200 units sold from 108)

West Vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)

Attached:

Burnaby up 81.8 per cent (140 units sold from 77)

Coquitlam up 80 per cent (54 units sold from 30)

Maple Ridge/Pitt Meadows up 48.6 per cent (55 units sold from 37)

North Vancouver up 121.2 per cent (73 units sold from 33)

Port Coquitlam up 82.6 per cent (42 units sold from 23)

Port Moody/ Belcarra up 77.3 per cent (39 units sold from 22)

Richmond up 84.5 per cent (155 units sold from 84)

Vancouver East up 118.5 per cent (59 units sold from 27)

Vancouver West up 121.8 per cent (122 units sold from 55)

Apartments:

Burnaby up 60.4 per cent (239 units sold from 149)

Coquitlam up 93.9 per cent (95 units sold from 49)

New Westminster up 57.1 per cent (121 units sold from 77)

North Vancouver up 71.4 per cent (120 units sold from 70)

Port Coquitlam up 58.1 per cent (49 units sold from 31)

Port Moody/Belcarra up 128.6 per cent (48 units sold from 21)

Richmond up 54.1 per cent (225 units sold from 146)

Vancouver East up 58.7 per cent (165 units sold from 104)

Vancouver West up 87.2 per cent (627 units sold from 335)

West Vancouver/Howe Sound up 155.6 per cent (23 units sold from 9)

How does the lower interest rate help?

You not only have lower monthly payments with a lower interest rate but also pay down more principle loan every month.

Mike talks to Gary Bains with Ronin Mortgage about the benefits of having a lower interest rate. Mike explains how you’ll save more money every month with our current rates.

Some clients have been asking the question, “what happens in the near future if rates go up?” Gary talks about taking advantage of a low variable rate and having the option to lock-in a fixed rate at the time of your choosing.

Feel free to leave us some feedback!

Banks change their lending practices in 2009

Since the Real Estate markets & general economy has entered a period of instability banks have been changing their lending practices. Bank stocks have taken a beating in the markets as most banks find themselves carrying some form of bad debt. Banks have been more cautious lending to individuals and small business fearing even higher rates of loan defaults. Home mortgages are among the loans lending institutions are less willing to give out.

If you’re a buyer shopping for a new mortgage you might be affected by the changing lending practices. Through the buying process we’re constantly in communication whith a number of the lenders and we’re updated pretty much on a daily basis.

I recently had a conversation with Gary Bains from Ronin Mortgage Group and he outlined a few changes he’s noticed. Lenders are more thorough confirming all the information about clients and are less likely to lend to buyers with lower credit scores. For buyers who are purchasing a home with a suite for rental income, some lenders are no longer willing to consider this extra form of revenue.

Tony Iannetti with Global Mortgage Corp, is a another mortgage broker who has recenlty written a lending update which outlines similar changes to bank practices. Toni’s update is posted below:

“In our current Economic environment, Credit history and Credit scores become
very important and relied upon heavily by Lenders. To help better
understand what impacts a credit score, I have outlined weightings below.

PAYMENT HISTORY; 35% weighting.
OUTSTANDING DEBT; 35% weighting.
CREDIT ACCOUNT HISTORY; 15% weighting
RECENT INQUIRIES; 10% weighting
TYPES OF CREDIT; 10% weighting

Late payments and the amount of outstanding debt has the biggest impact on a
credit score. Line of Credit mortgages and mortgages from Credit Unions are
reported on the credit bureau and can have a Negative impact on a customers
Credit score. Customers should understand what and how their mortgages may
impact their Credit score.”

For more information on this topic feel free to contact us through our contact page or feel free to leave us a comment to this blog.

First steps to getting your home on MLS

Jacob explains the steps involved in listing your home for sale.

Sometimes as Realtors we forget to explain all the steps involved in getting your home ready for MLS. Jacob talks about the process he uses to collect information about your home and accurately value/price your property. Jacob & Mike work hard to keep their clients informed as to what they should expect from the start to the final sale.

Professional REALTORS^®. Selling Vancouver Homes.