Vancouver Real Estate Specialist

Blog › November 2014

Recently Sold Listing # 1107 1889 ALBERNI ST, Vancouver, British Columbia

V1087733 - # 1107 1889 ALBERNI ST, Vancouver, British Columbia, CANADAI have just recently sold this listing at # 1107 1889 ALBERNI ST, Vancouver.

New Listing 1605-1783 Manitoba St., Vancouver, BC

 - Unit 423 Upper Montrose, Abbotsford, BC, CANADAView my new listing for sale SOLD at Unit 423 Upper Montrose, Abbotsford and currently listed at $324,900.SOLD

In the heart of Abbotsford lies a historic, charming, artistic and exciting downtown core. This old center of town has become the energetic focal point of 'new' Abbotsford. Downtown Abby hosts a variety of vibrant shops, quaint restaurants, cafés and the sidewalks are alive with community and local character. It's easy to imagine why the downtown core is becoming one of the most lively and sought-after neighbourhoods in Abbotsford. Within steps of charming character retail and the local flavour of Abbotsford, Upper Montrose will be a place where "something old and something new" can happily collaborate. UPPER MONTROSE WILL BE PART OF THE ONGOING REJUVENATION OF HISTORIC DOWNTOWN ABBOTSFORD. It has been designed as a zone where rural charm blends with urban convenience. These homes are uniquely crafted, with a focus on the broad mix of units, including some LEGAL LOCK-OFF units. SOMETHING OLD AND SOMETHING NEW The demographic group is projected to include those who regard themselves as ‘RIGHT-SIZERS’. These will be people who are seeking a quieter area to live in. Relocating to Abbotsford will be a very attractive option for those who are looking to trade congestion for a return to an idyllic pace of life they’ve come to enjoy. Abbotsford’s growing amenities, strong community and future city planning will also be another draw for people looking to relocate. Another demographic group that may be drawn to this development will be the empty-nesters from Abbotsford. These are people who are keen to remain local and may already have a property but are looking for a smaller, more manageable home that better suits their needs as well as their pocketbooks. Predictable daily routines and staying in a familiar city will be a major benefit. The other groups that this development may attract will be those who plan to relocate to Abbotsford for better career opportunities as this part of the lower mainland has seen a significant increase in job availability; following the national trend of baby boomers retiring. As a result of higher demands for properties in the lower mainland, investors that are looking to buy properties to rent-out will be drawn to Abbotsford too. With its proximity to a charming character retail and the local flavor of Abbotsford, Upper Montrose will be a place where "something old and something new" can happily collaborate. Upper Montrose promises access to an abundance of retail, unique businesses and dining opportunities. This development will have retail spaces on the ground floor and above that, 4 floors of charming and well-appointed apartments. Its close proximity to the main street of the old town will encourage pedestrian walk-ability, promote exploration of local businesses in the area and also become a hub of social gatherings. The approach the development team has taken withz this project is unique. They have deliberately designed a development that is in sync with the charm and character of the neighborhood as well as creating its own ample retail space. They have also invested heavily in the historic downtown area, developing properties, and strategically sought out businesses that can help the neighbourhood thrive.

October 2014 Vancouver Market Update

Home sales in the Metro Vancouver* housing market continue to outpace long-term averages for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 per cent increase compared to the 2,661 sales in October 2013, and a 4.6 per cent increase over the 2,922 sales in September 2014.

Last month’s sales were 16.6 per cent above the 10-year sales average for October.

“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight per cent depending on the property,” said REBGV president Ray Harris.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,487 in October. This represents a four per cent increase compared to the 4,315 new listings in October 2013 and a 14.7 per cent decline from the 5,259 new listings in September.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,851, a 9.2 per cent decline compared to October 2013 and a 6.6 per cent decrease compared to September 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a six per cent increase compared to October 2013.

“Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said. 

Sales of detached properties in October 2014 reached 1,271, an increase of 19.1 per cent from the 1,067 detached sales recorded in October 2013, and a 60.9 per cent increase from the 790 units sold in October 2012. The benchmark price for detached properties increased 7.9 per cent from October 2013 to $995,100.

Sales of apartment properties reached 1,268 in October 2014, an increase of 15.5 per cent compared to the 1,098 sales in October 2013, and a 57.9 per cent increase compared to the 803 sales in October 2012. The benchmark price of an apartment property increased four per cent from October 2013 to $380,200.

Attached property sales in October 2014 totalled 518, a 4.4 per cent increase compared to the 496 sales in October 2013, and an 53.3 per cent increase over the 338 attached properties sold in October 2012. The benchmark price of an attached unit increased 4.7 per cent between October 2013 and 2014 to $479,500.