On Nov 1st Gordon Campbell brought forth 2 measures in an effort to assist in creating certainty in the B.C housing Market. The first measure is to lock property assessments for 1 year and the second is a property tax deferment program. 

Time will tell if the following shifts will help to create greater consumer confidence in the Vancouver housing market. Below is the official press release of the measures outlined by Premier Gordon Campbell. 

NEW STEPS TO HELP HOMEOWNERS, SENIORS & RURAL RESIDENTS

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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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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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       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.

Filed under: Condos, Developments, Downtown Vancouver, Luxury Real Estate, Real Estate investment, Statistics, Vancovuer Projects | 1 Comment »

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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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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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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Luxury Real Estate in Vancouver continues to move despite economic woes in the market. On Oct 8th the second highest Real Estate sale price was recorded in Greater Vancouver with the sale of a luxury residence at 2770 Bellevue Avenue in West Vancouver. With an asking price of $12.8 million this magnificent 7400sqft waterfront home fetched a cool $10 million.  Vancouver’s relaxed lifestyle, beautiful landscape and convenient location continues to attract the worlds elite. With luxury real estate on the rise the current market offers greater choice for those looking for excellence than ever before. 

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