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Recently, I've found an interesting article in The Globe and Mail on real estate in Vancouver. Gary Mason, national columnist writing on B.C. affairs asks the question, who's buying up all the condos in the city. He also manages to answer it: "A good percentage of the purchasers, as it turns out, are offshore investors", he says.  He also maintains that if there is a slowdown under way, Vancouver seems to be immune from it. Here's a short excerpt from this interesting piece:
"In Vancouver, of the 2,743 condominiums expected to be finished this year, nearly 90 per cent are already sold. There are 2,925 condos scheduled to be completed in 2009; 98 per cent of those are sold. And 83 per cent of the 714 that will be finished in 2010 are gone."
What are your…

As always, I bring you the latest stats on real estate in Vancouver.

It looks like residential sales remain strong and new listings outpace sales in Greater Vancouver. Here is an excerpt from the latest report published by the Real Estate Board of Greater Vancouver.

An influx of new listings entered the Greater Vancouver housing market in April 2008, while residential sales reduced slightly compared to the same period a year ago. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,218 in April 2008, a decline of five per cent from the 3,387 sales recorded in April 2007, and a 3.8 per cent drop from the 3,345 sales in April 2006.
New listings for detached, attached and apartment…

A report by the International Monetary Fund that declared Canada one of only two major-market countries where home prices are undervalued must come as a shock to Vancouver residents. After all, our defining real estate feature is the million-dollar tear-down.

But the IMF says Canadian home prices are undervalued by 2.8 per cent, while Austria's are undervalued by 6.1 per cent. The United States is overvalued by 11.2 per cent, Denmark by 18 per cent, France by 21 per cent and, at the top of the list of 17 countries surveyed, Ireland by 32 per cent.

You can read the whole article in the Vancouver Sun.

As I promised, here are the latest data on Vancouver housing.

The Real Estate Board of Greater Vancouver (REBGV) reports that while there were fewer housing sales in March 2008 compared to last year, residential prices continued to climb.

Residential property sales in Greater Vancouver totalled 2,997 in March 2008, a decline of 16.3 per cent from the 3,582 residential sales recorded in March 2007, and a decline of 25.7 per cent compared to the 4,033 sales in March 2006. New listings for detached, attached and apartment properties increased four per cent to 5,674 in March 2008 compared with March 2007, when 5,456 new units were listed.

“The market is continuing to balance, with sales and listings beginning to re-align with our 10-year averages,” says…

February was a busy month for developers in the Vancouver area. They started construction on 2,446 new homes and completed 1,484. This pushed the number of new homes under construction in the Vancouver Census Metro Area to a new record high of 26,560.

In related news, The Real Estate Board of Greater Vancouver (REBGV) reports that residential attached, detached and apartment property sales totalled 2,676 in February 2008, a decline of 6.4 per cent from the 2,859 residential sales recorded in February 2007.

I am still waiting for the March data, but I should be able to post them shortly.

Canadians who have recently purchased, renewed or refinanced a mortgage want to quickly pay off their debt, a survey by the Canadian Mortgage and Housing Corporation indicated.
78 per cent of respondents said they wanted to pay their mortgages off as fast as possible.

The results indicate a strong tendency amongst Canadians to take advantage of opportunities to aggressively tackle housing debt, a sign homeowners are "fundamentally cautious" about their housing debt, CMHC said.

Eighty-four per cent of homeowners who are making weekly or biweekly payments on their mortgages are doing so at an accelerated rate in order help to shorten their amortization period, according to the mortgage insurer quoted by the Times Colonist.

In addition, half of the…

There are several mistakes you should avoid when buying your home. These could cost you thousands of dollars if you're not careful enough. I've collected some of the most essential ones.

1. Avoid "low-balling" the initial offer. Vendors tend to give less of a counter offer if they feel insulted.

2. Be aware that a pre-approved mortgage can be done for 90 days for FREE.

3. Have your realtor arrange a home inspection. This could be your best money spent.

4. Purchase the worst home in a good area, rather than the best house in the worst area.

5. On your mortgage, you will save the most money if you opt for an accelerated BI-weekly payment plan, or if you double up one payment per year.

6. Use your tax credits to the best advantage by placing up to…

Whether you’re a tourist, visitor or new citizen of Vancouver, this city has marvellous places which would be a shame to miss out on. If you’ve got a free weekend ahead, or trying to think of a place to take your kids, make sure you look into my top picks for Vancouver fun and sightseeing – for families or individuals.

I have written on some of my favourite spots, to name but a few: Canada Place, this beautiful combination of cruise ship and convention centre with a hotel inside; then there is Science World, a great kid-friendly museum; Capilano Suspension Bridge, to be visited by hrill-seekers suffering from low adrenaline levels, any many more.

If you have some ideas on what else should I include, drop me a line below!