Yaletown Condos & Real Estate

I came across a great article from Al Campbell at Xinhua News that highlights Bob Rennie’s view on what Real Estate in Vancouver will be like after the 2010 games, a questions people have been asking for years!

‘Vancouver is going to face a shortfall of apartment units following its hosting of next month’s Winter Olympics Games, said the realtor known as the city’s “CondoKing,” responding to the local realty company Royal LePage’s recent forecast that property in western Canada’s largest city would rise 7.2 percent this year.

Bob Rennie, principle of Rennie Marketing Systems, Canada and USA, told Xinhua in an exclusive interview that Vancouver properties would conservatively rise 4 to 4.5 percent in 2010, which would present an ideal opportunity for investors.

The high-profile designer and marketer of condominium developments said with the city going through a difficult economic downturn in 2008, in Greater Vancouver alone the construction of between 4,000 to 6,000 apartments units had been put on hold.

“If there was ever going to be an Olympic overhang we took care of it in 2008-2009 by canceling buildings. We are now coming into a shortfall where banks are very conservative, Canadian banking practices are always very conservative, and developers are just coming off the sidelines.”

Rennie predicted by the first quarter of 2011 the shortfall in apartment units would be noticeable in downtown Vancouver as there were very few major sites left to develop. Also, with a lot of “money on the sidelines” earning low interest, this coupled with a low supply of available properties, would put pressure on the market.

Another consideration facing Vancouverites was the July 1 introduction of the harmonized sales tax. British Columbia, Vancouver’s home province, is following Ontario’s lead in implementing the HST, a blending of the seven percent provincial sales tax and five percent federal goods and services tax. The move will increase the price of new properties by two percent.

Regardless, Rennie said Vancouver was still an affordable city by world standards and a good investment. “The unique thing about Vancouver is nobody builds rental towers (anymore). For the offshore investor properties are easy to rent out as there is no rental stock.”

Unlike China where real estate speculation is rampant, Rennie added in Vancouver it was “more passive speculation” with investors buying for the long term.

“Every market has people who want to jump in and jump out, but there is something unique about Vancouver that once people get their name on title they tend to hold and that’s what maintained prices. And a very low vacancy rate has maintained prices on property prices.” With Chinese-Canadians about 300,000 of the city’s 2.2 million population Rennie said Asian investors were increasingly an important factor to the market, accounting for about 25 percent of the overall sales.

“With the amount of money being made in China, and with the acceptance of China to Vancouver, we have to be in the top two places on the planet for China to look at, to move money to. We see it happening right now, it’s happening a lot. It used to just happen in the luxury market, now it’s happening in all the market.”

One of Rennie’s big projects following the Olympics and March Paralympics will be the marketing and sales of the Olympic Village which will be released May 15. To date, 265 of the 737 condo units have been sold. They range from 600,000 Canadian dollars to 10 million Canadian dollars.

“They are right on the water, across from downtown Vancouver. You can walk into town,” said Rennie, ever the salesman. “Most Olympic villages are in suburbs. They are put into depressed areas as economic generators. We built the Olympic Village literally right downtown on False Creek. They have amazing views of the water and shopping in the greenest community in North America.”

He went as far to say that much like the World Expo that the city hosted in 1986, when Concord Pacific, a company then controlled by Hong Kong tycoon Li Kashing developed the land following the exposition, the Olympics would “ensure” the Vancouver brand forever.

“I’ll guarantee it won’t hurt our values. I’ll guarantee it will maintain our values. The frightening part is if values go up too much. We don’t have financial sector head office jobs, no manufacturing. If we are basing things on local incomes, how does housing keep up with local incomes if we have a shortage? We have to be very careful on the affordability side.”

According to Royal LePage, the median price for properties in Greater Vancouver in 2009 was 592,000 Canadian dollars, about 1,000 Canadian dollars off its 2008 peak.

“When people watch the Winter Olympics, I don’t think they say ‘I want to buy a house in Turin’ or ‘I want to work from Lillehammer’,” said Rennie, referring to the Italy and Norway cities, respectively, that hosted the Games in 2006 and 1994. “But they do for Vancouver. This is one of the most amazing cities on the planet to work from.”

“That’s the danger of the Olympics. As the world sees it, they go from ‘I want to spend two weeks in Vancouver’, to ‘ spending two to five months in Vancouver’, to ‘I want to send my children to school here’.”

If you own a home in Vancouver, you will be receiving your property assesment in the mail any day now. This assessment is the amount in which your municipal taxes are based. You can also find the assessment online

You won’t have the same choices as last year though, when people were given the option of choosing the lower of their last two assessments. This ceased when property values began to rebound after a down real estate market in 2008. You do however still have the option to appeal your property assessment if you think it is too high.

If you have any questions about your property assessment, please call Kari Denreyer, Remax Crest Reatly, 604-763-7785.

As you may have heard, the Home Renovation Tax Credit took effect earlier this year, and there are only three months left to take advantage of this incentive. It is a non-refundable tax credit based on eligible expenses for improvements to your house or condo. It applies to eligible purchases made after January 27, 2009, and before February 1, 2010. The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 − $1,000) × 15%]. A new line will be incorporated in the 2009 personal income tax return to allow you to claim the credit.

According to the CRA website, an eligible dwelling is a housing unit that is eligible to be your principal residence or that of one or more of your family members this year. To be eligible, expenditures incurred in relation to a renovation or alteration to an eligible dwelling (or the land that forms part of the eligible dwelling) must be of an enduring nature and integral to the dwelling, and includes the cost of labour and professional services, building materials, fixtures, rentals, and permits.  Eligible expenditures must be supported by acceptable documentation. .
The following expenditures will not be eligible for the HRTC:
• the cost of routine repairs and maintenance normally performed on an annual or more frequent basis; • expenditures that are not integral to the dwelling, and other indirect expenditures that retain a value independent of the renovation; • expenditures for appliances and audio-visual electronics; and • financing costs.

For answers to specific questions regarding the HRTC, please visit www.cra-arc.gc.ca/hrtc or call Kari Denreyer, Remax Crest Realty Westside 604-763-7785.

Just a 5 minute drive and 20 minute walk from Yaletown lies the exclusive community of Coal Harbour. World Class hotels and luxurious homes make up this gorgeous waterfront neighbourhood.

This penthouse Residence lies at the top of the Pinnacle Marriott Hotel in Coal Harbour. Enjoy the Executive lifestyle of your own private residence with access to the deluxe hotel amenities including pool, hot tub, health club, room service & more.  The penthouses are on the top 7 floors of the hotel & consist of only 39 residences with a private lobby & exclusive use of 2 dedicated elevators. This home is beautifully finished with hardwood flrs, granite counters, designer paint and window coverings. Also features air conditioning, high ceilings, 2 balconies, pantry off the kitchen, city & water views & secured parking. Ideally located in Coal Harbour, walking distance to shopping, restaurants, entertainment & Stanley Park. Shows like new.

For more information, please contact Kari Denreyer or Sylvia Fierro of Remax Crest Realty 604-763-7785.

The Federal government introduced the first time home buyers tax credit this year, offering Canadians an opportunity receive a credit on their income tax if the purchased a home for the first time in 2009 (and occupy that home).

The Canada Revenue Agency’s website states that HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.

A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, all qualify. A share in a co-operative housing corporation that entitles you to possess and gives you an equity interest in a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.

As well, you or the related person with a disability must intend to occupy the home as a principal place of residence no later than one year after buying it.

For more information on the Tax Credit, please give me a call.

Kari Denreyer, Remax Crest Realty Westside 604-763-7785

Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.

“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.

“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.

Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.

Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276

For more information on the Vancouver Real Estate Market, please give me a call at 604-763-7785 or email karidenreyer@remax.net

Although this isn’t happening right in Yaletown, I decided it’s exciting enough to be worth a mention on this site. Rock 101 is giving one lucky listener the opportunity to ‘win’ a brand new condo in Amacon’s latest project, District (located at Main and 7th). According to the Rock 101 website, here is how you play:

“Tell us exactly when you want to hear your name. Then listen. If we call your name, you have 10 minutes and 10 seconds to call 04-315-ROCK. Listen for your name. Make the call. Take the key. It’s that easy.

OR – You can visit Suite 101 at the Amacon District Presentation Centre at 299 East 7th Ave in Vancouver and put your name in the Amacon draw barrel. Every Friday at 8:15, Bro Jake will call out a name from the barrel and if that person hears their name and makes the call, they too earn a key.”

A winner will be announced early November 2009.

According to South Main District’s website, “both District buildings have been designed to fit right in. Similar to the community itself, the project has art spaces, sustainable features, green outdoor spots for friendly chats, and all sorts of other stuff we think you’ll like. Located close enough to the area’s cultural scene so you can feel it, but not so close that you can hear it, this is a prime spot. There will be two brand new buildings and a fully restored heritage building. After all, mixing the old with the new is what we’re all about. Downstairs, we’ve got your indoor times covered. We’ll be installing the most kitted-out media room you could imagine. With surround sound, a big flat screen, comfy seats and a wet bar. Yes, you read that right. Wet bar. If fitness is your thing, the building also has a full workout room. That means an actual gym including cardio machines and free weights, not just some creaky pulley-operated contraption from the eighties. What do you normally see on the tops of buildings? People you don’t know, in a penthouse you can’t afford — that’s what. We didn’t much like the sound of that, so instead, we’re building two rooftop patios for everyone. They’ve got big barbecues, lots of lounging spots, a shared vegetable garden, and even a couple of fireplaces. Don’t like heights? Then check out the courtyard between the residences and heritage building. Take a seat on a bench, and have a deep thought or two.Maybe you’ll think. “Hey, who does all this gardening? It’s really nice.” The answer is, “Not you, so don’t worry about it… ever.”

For more information on this exciting project, give me a call at 604-763-7785 or email karidenreyer@gmail.com

The British Columbia Real Estate Association (BCREA) released its Forecast Update for the third quarter of 2009.

BC Multiple Listing Service® (MLS®) residential sales are forecast to climb 15 per cent from 68,923 units in 2008 to 79,400 units this year, just below the ten-year average of 82,800 units. Residential sales in 2010 are forecast to rise an additional six per cent to 84,200 units. For comparison, a record 106,310 units were sold in 2005.

“After 12 months of significant volatility in BC’s housing markets, greater stability is expected through 2010,” said Cameron Muir, BCREA Chief Economist. “Robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters.

“Home sales have doubled since January, with prices edging higher in Metro Vancouver and Victoria in recent months,” said Muir. The average annual MLS® residential price in the province is forecast to reach $451,200 in this year, down one per cent from a record $454,599 in 2008.

“Market conditions vary depending on the region of the province,” added Muir. “While the Metro Vancouver and Victoria markets have rebounded sharply, interior markets are demonstrating a more gradual trend toward balance between supply and demand.”

BC housing starts are forecast to increase 25 per cent to 18,500 units next year after a dismal 2009. Housing starts are forecast to decline 57 per cent to 14,800 units this year, the lowest level of activity since 2000.

For more information on market conditions, please feel free to contact me:

Kari Denreyer, Remax Crest Realty (Westside) 604-763-7785 or karidenreyer@remax.net

The long awaited Canada line stretching from Downtown Vancouver to The Vancouver International Airport is now complete and in action. Thousands of people have tried out the line since it opened on August 17th, and although some have complained of overcrowding, public opinion has been generally positive.

The Canada line has been under construction since 2005 at YVR, along Cambie Street, and in Downtown Vancouver. Many businesses blame the road closures for reducing traffic to their business, and a few were forced to move. Now that the construction is complete, shops are hopeful that the mass transit system will bring in more shoppers from outlying communities that now have the convenience of one line to reach downtown.

Many people believe the line was built solely to accomodate guests who will be flocking to Vancouver during the 2010 Olympic games, but the project has actually been in the works since the early 1990’s. There is no doubt the system will be an invaluable tool for transporting large number to and from the airport, and will hopefully make it easier to access the city. With the success of the first week, it looks like people are taking full advantage.

The Yaletown Canada Line station can be found at Davie Street and Mainland Street (as seen in the photo while still under construction). Enjoy the ride!

After a very slow Fall/WInter in Real Estate sales, Concord Pacific decided to launch their latest development, Cosmo, last month and take part in what has turned into a hot summer market. The project will be located directly across from the four Spectrum Towers on the corner of Georgia and Beatty, and on the outskirts of False Creek in Yaletown.

Concord Pacific has been marketing this project as the heart of Vancouver’s entertainment district, with GM & BC Place right next door. Hoping to appeal to mostly young urban professionals, the project boasts furnishings by Armani Casa (Georgio Armani), marble finishings, and interior designs by Portico. The building will share the Spectrum pool and gym, while having it’s own exclusive bowling alley, TV room and huge outdoor terrace.

This project is set to become one of many new buildings in the neighbourhood, forming ‘Northeast False Creek’ on the now underdeveloped land.

The Cosmo sales centre can be found at Pacifc and Carrall Street, open from 10am-5pm.  Prices range from $218,800 for a studio to $513,800 for a 2 bedroom.

For more information, or to visit the Concord presentation centre, call Kari at 604-763-7785 or email karidenreyer@remax.net