ANDREW HASMAN'S REAL ESTATE AROUND VANCOUVER

 

What a year it’s been for Vancouver’s real estate market. High demand, low inventory, and escalating prices made for a busy 2015 that kept everyone on their toes in the fast-paced market. The drastic increases blindsided homeowners and professionals alike, including the experts and economists who would’ve predicted a safe 3% to 5% increase. A year ago, no one would ever have dreamed that housing prices would skyrocket by 26% on Vancouver’s Eastside and 23% on the West. Just when you thought a Westside 33 ft lot in Dunbar worth $1.8 million back in January was crazy, that same lot is pushing $2.5 million today.

 

Vancouver’s Westside market continues to be fueled by immigration, low interest rates, and a sagging Canadian dollar. Of the 45 homes we personally sold in 2015, a whopping 80% of those involved multiple-offer scenarios with the sold price being above the asking price.

 

It may be a seller’s market out there right now, but if 2015 proves anything, no one really knows what’s in store for the New Year. What is certain, is wealthy immigrants from China see Vancouver as a safe haven to park their money. With the Canadian dollar falling about 30% against the Yuan in the past year, our real estate prices are even more desirable. Our dollar is likely to remain depressed as long as oil, energy and commodity prices remain depressed. Interest rates in Canada aren’t likely to rise any significant amount, if at all, over the next year while our economy remains sluggish. Our low interest rates, combined with potentially higher interest rates in the US, will keep our dollar low thus continuing to incite demand for Canadian real estate.

 

Vancouver’s Eastside market, on the other hand, isn’t driven so much by immigration as a more diversified demographics of buyers. There, more local influence is the driving force. Many Eastside buyers are young families and local buyers who once would have purchased on the Westside, but are now out-priced. New demand for lower-cost living on the Eastside is to account for the 30% increase in some neighbourhoods there.

 

Vancouver’s suburban neighborhoods also saw strong demand and rising prices. In the past couple of months I have assisted a couple of buyers house-hunting in Tsawwassen. Every property we’ve offered on is also in multiple offer scenarios which is driving prices up there as well.

 

I am predicting another strong year for real estate in 2016. I cannot see how we can sustain 20% price increases, but only time will tell. If you’re thinking of selling your home, I can’t imagine a better time than around the upcoming Lunar New Year. Low inventory in most markets coupled with demand as high as it’s ever been ensures we’re in store for many more bidding wars to come. And that means prices will only continue to rise.

 

We pride ourselves on providing you with sound advice and breaking market data. Contact us anytime if you’d like to know what’s happening in your local market, and all the very best for a happy, healthy, real estate-rich New Year!

 

(Photo: Kenny Louie)

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A million dollar home in Vancouver is nothing new these days. $7 million and counting? Not as uncommon as you’d think, either. For your viewing pleasure, we’ve selected a few West Side properties that recently sold well above that mark. We hope you enjoy the view.


5055 Connaught Dr front

5055 Connaught Drive

This charming heritage mansion in Vancouver’s famed Shaughnessy neighbourhood sold for $7.5 million. With views of Burrard Inlet and Bowen Island, and a veranda for perfect sunset watching, the home features beautiful details of its bygone era in addition to numerous restorations. An honest-to-goodness ballroom, scrumptious-looking pasty box ceiling in the foyer with detailed moulding, and wainscotting throughout lend the 12,000 sq ft on 4 floors an air of cozy grandeur.


 

 

 

 

 

2988 Celtic Avenue

Valued at $8,295,000, the custom-built 4,500 sq ft Southlands home boasts a gourmet kitchen and true master bedroom retreat. Vast windows with water views enhance the bright, airy feel and French doors lead to an equally wonderful oasis with a swimming pool and outdoor kitchen.


 

 

 

 

 

1807 Arcadia Road

5,700 sq ft of modern family living in the heart of UBC offers up no less than 7 bedrooms, 5.5 baths, a chef’s kitchen and wine cellar. Valued at $8,588,000, the custom-built home welcomes you into its bright interior and tricked-out yard complete with pool, hot tub, outdoor fireplace and kitchen, and putting green.


 

 

 

 

 

6630 Marine Crescent 

The asking price on this cozy retreat that goes on for 5,897 sq ft on four floors was $7,980,000. Classic elegance meets West Coast relaxed minimalism on the inside, while the outdoors boasts a kitchen, pool and whirlpool. Feeling cramped with house guests? This SW Marine residence offers up a 1,168 sq ft coach house.


There’s no place like home, especially in one of these grand estates that enhance Vancouver’s natural beauty with their majestic architecture. Interested in buying or selling? Contact us any time for a consult.




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REBGV graph Nov 2015


Demand keeps rising for the diminishing supply of homes on the Vancouver market. Despite being a historically slower month, November’s numbers only dipped by 3.3% since October and closed at the highest they’ve been for residential property sales in 9 years, as well as the second highest on record (46.2% above the 10-year sales average). According to MLS®, there were 3,524 sales in Metro Vancouver; a 40.1% increase compared to the 2,516 sales in November 2014.


Working with a realtor has never been so important as it is in the current state of the market. To compete with the high demand and fewer housing choices, fully understanding the options out there is where your realtor is an invaluable resource. “Demand remains strong and there are housing options at different price points throughout the region,” affirms the Real Estate Board of Greater Vancouver’s president Darcy McLeod.


To give you an idea of how this record-breaking month came to pass, here’s November by the numbers:

New Listings (detached, attached, and apartment) for November: 3,392
12.5% increase from November 2014


Total Active listings on MLS®: 8,096
35% decline from November 2014


Sales-to-Active-Listings ratio: 43.5%


Benchmark price for all residential properties in Metro Vancouver is $752,500
17.8% increase from November 2014


Benchmark price for a detached property is $1,226,300
22.6% increase from November 2014


Detached property sales totaled 1,335
31.9% since November 2014 and 44.2% since November 2013


Benchmark price for an apartment property is $435,000
14% increase from November 2014


Apartment property sales totaled 1,553
47.6% increase from November 2014


Benchmark price for an attached unit is $536,600
11.3% increase from November 2014


Attached property sales totaled 636
40.7% increase from November 2014


For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

 

*REBGV Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.


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turkey dinner

Eat in by taking out (or having delivered) some of the city’s best cuisine this Christmas. We love the idea of home cooking, and it’s even better if someone else does it--and the clean-up--so all we have to do is invite our loved ones to join us and enjoy their company over good food.

 

The following establishments made our short list of delicious options this year. We’re sure even Santa would approve of this list:

 

1. The Sutton Place Hotel

845 Burrard St., (604) 682 - 5511: ask for Room Service (ext. 34)


The Sutton’s Christmas “Turkey-To-Go”pairs a gorgeously cooked 18lb Roast Turkey, with all the trimmings and dessert, for 8 - 12 people. Known for hosting celebrity guests while on location in Vancouver, the Sutton offers understated glamour, and their food offers no less than mouth-watering perfection. Order your Christmas feast for $375 + tax before Noon, Tuesday, December 22nd; limited quantities available. Pick up times are 12pm - 7pm on December 24th, 25th or 26th.
 
Find your nearest Lower Mainland location here

In a pinch? Whole Foods is always a good choice. This specialty grocer has something for everyone. Their extensive Christmas take-out menu covers Traditional Turkey, Vegan, and Paleo meals available for four, and Turkey, Ham, or Prime Rib feasts for eight. Options start at $79.99, availability dependant, and include the sides. Already have the main dish? Pick up your Complete Traditional or Gluten Free Side Dish Collection, starting at $59.99 for four. Call your nearest location for order deadlines and inventory details.

3. Hawksworth Restaurant
801 West Georgia Street, (604) 605 - 3325 (ext. 1)

Let the exceptional team from Hawksworth Catering braise, boil, bake and baste your ideal holiday meal from seasonal and locally-sourced ingredients. Whether it’s a lunchtime soiree, cocktail-style get-together, or full-blown Christmas dinner for the whole family, this award-winning team can design their service according to your venue and budget. Call or email for details, you won’t be disappointed from the four-time winner of Vancouver Magazine Restaurant Award’s Best Upscale Restaurant.

4. Emelle’s Catering & Westside Kitchen
177 W. 7th Ave., (604) 875 - 6551

A WE 2014 “Best of City” Gold Winner, Emelle’s Catering offers up pre-made Holiday menus and a special, pre-sliced turkey bundle with all the traditional sides, starting at $25/serving available for delivery up until 1:00pm December 24th. Every menu is customizable and suited to taste and budgetary preferences. Tip: skip the dishing, and drop off your bowls and platters so that Emelle’s staff can prepare your holiday feast with them so you’ll look as if you made it all yourself!

5. Max’s Deli & Bakery

3105 Oak Street, (604) 733 - 4838


This local institution prides itself on providing high calibre food, so you’ll be serving up nothing short of deliciousness come Christmas. Their Happy Holiday Dinners range from Individual Turkey Dinners ($15.99+tax) to Half Turkey ($109+tax), Full Turkey ($189+tax), and Full Turkey with all the sides including in-house cranberry sauce and gravy ($159+tax for a half size and $289+tax for a full). Pick-up, delivery, hot, or cold; it’s your choice any time before Christmas.


Did we miss any? Let us know in the comment section below!

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