About Vancouver's False Creek North

False Creek North real estate analysis for January saw listings up from 133 to 153 for the second consecutive month. Sales also increased fro 17 to 28. Days on the market up from 34 to 43. The average selling price was up to $688,000 and $psf flat at $694. The supply of condos dropped to 5.6 months. The condo listings over $2M nearly doubled. An early spring for False Creek North.

Listings - 153 four listed under $400,000 and 10 listings between $400,000 & $500,000. 27 listed between $500,000 and $700,000. 48 listed between $700,000 and $1 million. 38 listed between $1 & $2 million and 26 listed over $2 million (up from 15 last month). 14 condos did not sell (same last month and 7 in Dec) and 6 were re-listed at the same or higher prices, indicating sellers are pushing the market prices.

Least expensive $320,00 for a small l bedroom. Most expensive The Penthouse at 1000 Beach avenue listed at $12,980,000

2008 Listings - Feb 153, Mar 174, May 202, Jun 210, Jul 237, Aug 256, Sept 257, Oct 250, Nov 246, Dec 229

2009 Listings - Jan 258, Feb 240, Mar 231, Apr 174, May 135, Jun 121, July 127 , Aug 127, Sept 127, Oct 125, Nov 111, Dec 133

2010 Listings - Jan 153

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Hello Vancouver, as of April 19th 2010 we are getting tougher rules imposed yet again in a bid to prevent the US style housing melt down that besieged the US for the past few years. I guess it's good but we are already very conservative in Canada and have not experienced what happened in the US. I will try to summarize below.

Canada's Finance Minister tightened rules for Canada's mortgage industry to ensure homebuyers can afford their homes when interest rates rise.

Under the changes for CMHC insured (Government insured mortgages), which will take effect April 19, home buyers will ALL have to meet the standards for the five-year, fixed-rate mortgages even if they opt for variable rates. And limits for refinancing will also be stricter as will the rules for people buying an investment property or rental home, they must now have a 20 percent downpayment.

The Finance Minister said the three measures will "moderate" the housing market saying the changes will prevent borrowers from building up "unsustainable debt levels" and "help Canadians prepare for higher interest rates in the future."

Since taking office in 2006, these are the second set of changes that Jim Flaherty the Finance Minister has implemented measures to cool the housing market. In 2008 CMHC said they would reduce the maximum amortization periods to 35 years and offer loan insurance on only 95 percent of the loan value, eliminating the 100% financing available to home buyers and eliminating the 40 year amortizations perviously available.

Canadian home prices and resales will grow to records this year boosted by low rates, the Canadian Real Estate Association said in a report last week. The group said last month that sales increased in December to a record 46,805 units on a seasonally adjusted basis, up 72 percent from a year ago.

Canada's average 5 year POSTED mortgage rate was 5.39 percent on Feb. 10. In May, it was 5.25 percent, the lowest since 1951, according to Bank of Canada

I hope these rules will be changed when rates rise again. This news does not make me happy. I already feel that we Canadians are already extremely conservative compared to our neighbours down South.

We are not allowed to deduct the interest we pay on mortgages as they are down South, and on investment properties, we are not allowed to carry forward the capital gains earned indefinetely (until retirement as most Americans will claim the capital gain once they retire and reach a lower income tax bracket).

Vancouver real estate analysis for False Creek North bucked the trend and saw listings up from 111 to 133, the first month in 2009 that listings increased. Sales down from 36 to 17. Days on the market down from 42 to 34. The average selling price and $psf were both due to more sales at the bottom end. The average supply of condos in this waterfront n'hood more than doubled to 7.8 months.

Listings - 133 four listed under $400,000 and 13 listings between $400,000 & $500,000. 24 listed between $500,000 and $700,000. 41 listed between $700,000 and $1 million. 36 listed between $1 & $2 million (up from 26 last month) and 15 listed over $2 million. 13 condos did not sell (up from 7 last month) and 6 were re-listed at the same or higher prices, indicating sellers are pushing the market prices.

Least expensive $320,00 for a small l bedroom. Most expensive The Penthouse at 1000 Beach avenue listed at $12,980,000

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Vancouver real estate analysis for False Creek North saw listings down from 127 to 125. Sales down from 41 in September to 33. Days on the market up to 53 but less than a year ago. The average selling price jumped from $714,000 to $980,000 as more condos sold over $1M, which also pushed up the $psf. The average supply of condos in this waterfront hood is down to 3 months. The sales over $1 million dropped in September but tripled in October. This neighbourhood now selling best between $700k and $1M. Both listings and sales crunching down together and now at the lowest since March/April. Will more buyers or sellers visit the market after 2010 Olympics in the Spring?

Listings - 125 six listed under $400,000 and only 17 listings between $400,000 & $500,000. 23 listed between $500,000 and $700,000. 37 listed between $700,000 and $1 million. 31 listed between $1 & $2 million and 11 listed over $2 million. 12 condos did not sell and only two were re-listed, indicating these sellers will revisit the market again in the future, 50% of the 12 were over $1M.

Least expensive $299,00 for a small l bedroom. Most expensive The Penthouse at 1000 Beach avenue listed at $12,980,000

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Listings flat and sales in August were down from July. Vancouver real estate analysis for False Creek North saw listings down to 127. Sales dropped to 34 from the peak in May. Days on the market down to 42 and equal to a year ago. The average selling price up to $840,000 and the highest for the year. Average $ psf is up to $727 and also the highest for the year. The average supply of condos in this waterfront hood is 3.7 months, down from 17 in January. Six sales over $1 million. In March there were none over $1M. This neighbourhood now selling well under $700,000 and oversupplied over $1M which has a 9 month supply. See how bad things were in November. Listings - 127 only 3 listing under $400,000. 14 listed between $400,000 & $500,000. 21 listed between $500,000 and $700,000. 35 listed between $700,000 and $1 million. 37 listed between $1 & $2 million and 17 listed over $2 million. Least expensive $349,00 for 733 sq ft at 880 Pacific. Most expensive The 6900 sq.ft. Penthouse at 1000 Beach. Now listed at $9,800,000.

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