Real eState
Vancouver area on track to see home prices stabilize amid higher borrowing costs: real estate board
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The Real Estate Board of Greater Vancouver says higher borrowing costs combined with seasonal patterns are putting the housing market on track for slowing sales and price stabilization.
The board’s outlook is being informed by August sales, which totalled 2,296, 13.8 per cent below the 10-year seasonal average.
Compared with a year earlier, August sales jumped more than 21 per cent.
There were 3,943 new listings last month, a roughly 18 per cent increase from a year earlier, but new listings remained 5.3 per cent below the 10-year seasonal average.
The composite benchmark price for the area covered by the REGBV hit $1,208,400, a 2.5 per cent increase from August 2022 and a less than one per cent decrease from July.
The board’s director of economics and data analytics says the numbers are proof that the Vancouver area’s housing market bucked many pundits’ predictions of a major slowdown, but the market is tempering.
“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Andrew Lis said in a news release on Tuesday.
“As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”
The areas and municipalities covered by the REBGV are Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver and Whistler.
Real eState
Class action against commissions in real estate clears another hurdle – The Globe and Mail
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Back in 2014, we featured 325 Perth Ave. as the house of the week, boasting how great of a catch it was with its open concept layout, basement apartment, and deep backyard.
Nine years later, it’s had a massive glow-up and is now better than ever.
Listed for $1,899,000, 325 Perth Ave. underwent the renovation of a lifetime back in 2021.
The living room with custom built-ins.
“The owners bought this house in 2014 against 32 other offers and for 133 per cent over asking price, and the media debated heavily at the time if it was a smart decision,” realtor Maggie Lind told blogTO.
But they really made the best of their decision and in 2020, they began a renovation to add a 16-foot addition, build a laneway suite and gut the main floor.
The primary bedroom ensuite bathroom.
But then the pandemic hit.
One of three bedrooms in the main house.
“Because of COVID the laneway house was completed first, and the owners, and their two boys (both under 6) moved into it, even though it was only 350 square feet. Each night they went back to the construction to sleep in the two bedrooms on the second floor,” added Lind.
The kitchen.
The sacrifice was worth it, though, as the renovated home is gorgeous.
The dining room.
The main floor, with an open-concept floor plan, wide plank white oak flooring, and custom built-ins, is beautiful.
The hidden powder room beside the dining room.
There’s also a cheeky hidden powder room on the main floor and the custom kitchen is sleek and modern with quartz counters.
The family room.
The 16-foot addition at the back of the house is now a cozy family room that walks to the back garden and is filled with natural light.
What was formerly the primary bedroom is now another bedroom upstairs.
Upstairs, there are three bedrooms, including a completely new primary suite.
The new primary bedroom.
It has soaring ceilings, double closets, and an ensuite bathroom with a deep soaker tub, walk-in shower, and double vanity.
The lower level unit.
The basement has a separate entrance and could be used as an income-generating space as it has a kitchen, bedroom and bathroom.
The bedroom in the basement.
And if one income-generating space wasn’t enough, there’s also the laneway house at the back of the property.
The laneway house with a garage.
The laneway home is similar in design to the main house – modern, bright, and airy.
The kitchen in the laneway house.
It’s a studio apartment with about 400 square feet of living space, as well as parking and a storage room. It also has its own laundry, making it ideal for tenants and guests alike.
The backyard with storage.
Currently, the laneway house is tenanted for $1,700 a month.
The back of the house with two decks.
This home really went from a snack to the full meal deal.
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- Deliver and maintain Google services
- Track outages and protect against spam, fraud, and abuse
- Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
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- Show personalized content, depending on your settings
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Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
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