October 22nd, 2009 Categories: Real Estate News, Vancouver Real Estate
Central Credit Union, Chief Economist , Helmut Pastrick, projects a 30% increase in sales for BC real estate in 2010, setting new records for both sales and prices, and then falling back slightly in 2011.
"The annual medium sales price will climb to $391,000 next year and $415,000 in 2011. Pastrick also sees housing starts rebounding almost 50% in 2010. The sales upturn will be stronger in Metropolitian areas, with a 45% increase in Vancouver. The record housing sales will be due to "favourable mortgage rates, a growing economy and easier credit for builders and developers."
Pastrick also sees mortgage rates starting to turn up in 2010 and "with conviction" in 2011, with the 5 year term breaking through 7% (posted rate, not discount rate). See the graphs and read the report here
Bayshore Gardens consists of 7 condo buildings, of which 1790 and 1710 were the first to be built in 1997 and 1998. They are on the south west side of Bayshore Drive, Vancouver, BC
Built: 1996-97
Levels - 22
Floorplan - All 66 suites are corner condos. 1790 has 5 suites per floor, 19 storeys and is Tower 1 of the Bayshore Buildings. It is on the s.w. corner of Bayshore Drive. The ‘01′ faces north and is 1070 sf. The ‘02′ faces n.e. 1080sf. The ‘03′ is s.e. 880sf. The ‘o4′ is s.w. 1280sf and the ‘o5′ is due west 1260 sf with unobstructed views toward Stanley Park. After the 10th floor there are 4 suites per floor and the 15th and 16th floors have 2 suites per floor 2800 sq.ft. and the Penthouses are 2500-4300 sf.
All 87 condos at 1710 Bayshore are also corner suites. 23 storeys.
Slowly all of the major Canadian cities are showing real estate prices are higher than a year ago.
The average Canadian real estate price in September saw the Western cities of Vancouver, Victoria, Calgary, Regina and Winnipeg higher than a year ago. So were Toronto, Ottawa, Montreal, Newfoundland and PEI. But prices were lower in Edmonton, Saskatoon and Halifax. The following is a release by CREA, You can hold your mouse over a specific city or province and view the current average price and the average price one year ago. View the September summary.
READ THE REST OF THIS POST AND VIEW MY CANADIAN REAL ESTATE BLOGS
September, compared to August. Townhome and Condo prices were up slightly. Prices have been rising since March. The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present. The Vancouver market peaked in 1981, 1990, 1995 and 2008. Vancouver condos didn't appreciate much between 1990 and 2002 but they did between 2002 and 2008. The above graph shows prices have recovered remarkably well and are not much below the peak of 2008. Listings and sales for Greater Vancouver increased in September compared to August.
Global Edge reports that a Hong Kong property developer has sold an apartment for a world record price of HK$71,280 (US$9,200) per square foot less than three months after the territory emerged from recession. Henderson Land sold the property on Hong island for HK$439m (US$56.6m) to a buyer from the Chinese mainland.
Vancouver condominium specialist. Waterfront neighbourhoods of Coal Harbour, Kitsilano, Downtown, False Creek North, Coopers Landing, West End & Olympic Village. Marketing Vancouver since 1981. A bou
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