Vancouver rental market heats up while sales cool

It’s no secret that the Vancouver housing market over the last 7 years has seen record returns for ownes fortunate enough to own a piece of this world class city. Now that the real estate sales have cooled and prices have come down the rental housing market is taking it’s turn. The Vancouver Sun recently published a front page article reviewing how dire the Vancouver rental situation actually is. The end figure published was a shocking 0.3% vacancy rate. 

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Buying & Selling Real Estate in Vancouver’s Current Market

The current Vancouver Real Estate market is one that is perfect for trading up. In that we mean, if you have been considering in moving up in the real estate market from a 2 bed to 3 bedroom or from a smaller home to something with a bit more room the current market is a great time to do so…. why you may ask? 

Consider this…

If you were to take 5% less on the sale of your home with an asking price of $800,000 which equals $40,000. Then go purchase your dream home at $1.2 mill at 5% below asking price which equals $60,000 are you ahead?

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Envy 160 West 3rd North Vancouver (Current Listings)

ENVY

160 West 3rd Lower Lonsdale, North Vancouver

Envy  in Lower Lonsdale, North Vancouver will be Canada’s first entirely smoke-free condominium development, taking green building ideals to new levels. Offering 1 & 2 bedroom apartments with spectacular views and floorplans, Envy has become a popular place to live.

Envy is an eco-friendly building with materials like non-toxic paints and engineered concrete. LoE2 Smartglass windows keeps rooms warm in the winter and cool in the summer, conserving energy. On the podium level, a green roof will aid in the control of storm water runoff. Carpets in the interior were chosen for a higher recycled content and the units are warmed up with radiant flooring.

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Ritz Carlton Vancouver Development on Hold

 

       Work halted on the Ritz-Carlton construction site on Friday, and crews did not return on Monday after the weekend, leaving a giant hole in the ground near the corner of West Georgia Street and Bute Street in the heart of Vancouver.

Construction of one of Vancouver’s most prestigious condominium projects has been halted, but the developer says design changes, not the international credit crisis, are behind the move.

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10 Affordable Real Estate Investments in Vancouver

Here are 10 affordable Real Estate Investments available Downtown Vancouver. They are a mix between studios and 1 bedroom’s and offer considerable value in the Vancouver Downtown real estate marketplace, not to mention that the owners are open to offers. Check current rental rates at craigslist.

With low interest rates currently available, waiting for further price decreases may not pay off if interest rates go up. If you are looking to just stop paying rent or for a rental property the 10 properties below maybe worth a look? 

  1. # 1201 789 DRAKE ST           List Price: $149,000

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Fortress Seeks Financing for Whistler Blackcomb

The Intrawest ski resort company has $1.68 billion in debt due Oct. 23, and the company’s owner, New York-based Fortress Investment Group, is struggling to rearrange financing to keep the operation afloat, according to a report published in the Financial Times on Friday.

Intrawest owns 10 ski operations and about 15 vacation resorts around North America, including Mont Tremblant in Quebec, Blue Mountain in Ontario, Panorama in British Columbia and two heli-skiing operations.

New York-based Fortress controls Intrawest via a $1.37-billion equity stake that it bought two years ago. People familiar with Fortress say there is a low probability Intrawest will file for Chapter 11 bankruptcy protection, the Financial Times reported.

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Buying in Vancouver’s Down Market

Everybody wants to know how to best time the market when buying a home. It’s just natural. Especially if you’re thinking about buying in a down market where homes prices are declining. You wonder how low they will go and whether you should wait, right?

Some Home Buyers Should Buy Immediately

You’re probably thinking: “Of course, he would say that. He’s a Realtor, and agents always say ‘Now is the best time to buy’.”Well, here is why:

  • If you are a seller who wants to move up to a more expensive home in a down market, now could be the best time. The longer you wait to sell, the lower the price of your home could fall.

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Bank of Canada Interest Rate Cut

The Bank of Canada won’t even wait to see the September inflation report, being issued Friday by Statistics Canada, before cutting interest rates further Tuesday, according to analysts who expect another cut of at least a quarter point.

Despite a surprise half-point reduction earlier this month, in co-ordination with reductions by central banks around the world, markets are pricing in at least another quarter-point reduction Tuesday.  Should I buy in a down market? 

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