Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in July 2018.
In the Vancouver Westside, there were 57 sales of detached homes and 858 active listings at the end of the month. The benchmark sale price was $3,356,500, with average days on market of 54. The hottest markets for sales were Dunbar, Kitsilano and Southlands with 7 sales each.
In comparison, the condo market had 295 sales, 1,203 active listings and a benchmark sale price of $835,200 with an average of 26 days on market. The hottest market for sales was Downtown VW, 55. sales.
Townhome sales were 39, active listings were 198. The benchmark sale price was $1,288,600 with an average days on market of 29. Kitsilano with 8 sales was the hottest market of the month.
It’s a buyer’s market for houses in Vancouver-West.
First, you’ll want to understand the taxes you’re going to pay
It is impossible to think about buying in Vancouver as a foreigner without considering the now- infamous tax on foreign buyers and speculators introduced in 2016 to make housing in the region more affordable and cool down an extremely hot market.
In Vancouver, foreigners pay a 20% tax on top of the purchase price. The tax was introduced because of the perception that Vancouver, the most expensive market in Canada, was becoming a parking ground for global capital.
Now approaching the end of the second year, many say the tax has not had its intended effect. Jerry Wang, of MacDonald Realty, a luxury brokerage in Vancouver, said that although the tax slowed the market at the beginning, foreign buyers are back in the game.
The largest island offers proximity to a 180-mile long For the luxury “Buyers can get a mortgage fairly easily, and relatively speaking, the price point for the Vancouver area is still very reasonable,” Mr. Wang said, compared to other large cities around the world.
He said his clients have just shifted to a slightly lower price bracket to account for the tax, and are still “buying at a discount.” They also still buy at the high end. “This year we have seen so many properties over C$10 million (US$7.7 million) sold in Vancouver,” he said. “Most of them are to Chinese families still wanting to be here.”
Because of the tax, he added, it is “properties in the middle that are suffering,” referring to those in the “affordable luxury” range.
Each week, BCBusiness takes you inside one of the most outrageously upmarket real estate offerings in the province
Address: 6485 Cedarhurst Street, Kerrisdale
The skinny: Five-bedroom, seven-bathroom, 6,481-square-foot house on a 15,847-square-foot lot in Kerrisdale.
The bling: OK, it’s time to get with the times and leave the frou-frou behind. Yes, we know you love your frills and fancies, your chintz and your shag, but being a person of high net worth brings with it responsibilities. What? This is news to you? Don’t panic, we aren’t coming after your non-declared income or your shady shell companies. There’s no shorting your market up our sleeves, honest. We just think you should be aware that if you really want to look good around town right now, you should try living in a sleek, modern box with sliding windows for walls and (extremely expensive) natural materials that downplay your wealth rather than all that Italian marble and Svarowski crystal you’ve been bedecking your space with for decades. Seriously, dude, minimalism shows you’ve got so much money to burn you don’t have to prove it. You can clad your walls with wood and shower among lumps of raggedy rock, and people will think you have style. Sure, the through draft of indoor/outdoor living and that fabulous skinny pool are only really of value maybe two months of a Vancouver year, but that in itself shows your reserves are bottomless. And anyway, a dozen more patio heaters screwing up the environment isn’t your problem. Right? Rich people responsible? We were only joking.
The hidden extras: Wok room, media room, wine cellar, gym, air conditioning (because you might not want to, you know, open one of those great big wall windows and you deserve to live in a climate-controlled world).
This article was originally posted on BCBusiness on May 17, 2018. Written by Fiona Morrow
Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in April 2018.
In April 2018, there were 24 sales of detached homes and 125 active listings in Squamish. The benchmark sale price was $1,024,900 with an average days on market of 36.
The Condo market had 12 sales and 51 active listings at the end of the month. The benchmark sale price was $544,400 with an average days on market of 31.
Townhome sales were 16 sales, active listings were 21. The benchmark sale price was $937,800 and the average days on market were 18.
It’s a seller’s market for townhomes.
Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in April 2018.
In the Vancouver Westside, there were 71 sales of detached homes and 874 active listings at the end of the month. The benchmark sale price was $3,404,200, with average days on market of 50. The hottest markets for sales were Point Grey and Dunbar with 10 and 11 sales respectively.
In comparison, the condo market had 351 sales, 928 active listings and a benchmark sale price of $841,700 with an average of 19 days on market. The hottest market for sales was Downtown VW, 72 sales.
Townhome sales were 42, active listings were 169. The benchmark sale price was $1,302,200 with an average days on market of 21. Kitsilano with 12 sales was the hottest market of the month.
It’s a seller’s market for condos and townhomes in Vancouver-West.