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West Vancouver Council Rejects Provincial Housing Rules

The District of West Vancouver council has rejected a rezoning that would have allowed additional coach houses and secondary suites on about 200 residential properties and brought the district in line with new provincial legislation.

The vote to reject the plan comes after the province gave municipalities a deadline of June 30 to bring local bylaws in line with new rules allowing greater density on single-family lots to supply more “small scale housing.”

Most single-family lots in the rest of West Vancouver already allow both secondary suites and coach houses, so wouldn’t have been impacted by the change.

But about 220 properties – or about 1.6 per cent of the total in the district – stood to have their allowable density increased as a result of the provincially-mandated change (about 40 of the properties already have apartments, so the real number impacted is closer to 180).

The rules about how many dwellings must be allowed on lots varies depending on the size of the lot and how far it is from major bus routes.

Senior planner David Hawkins previously stressed to council the new rules don’t require owners to build on their properties and will only impact property owners who decide they want to build additional housing on their lots. CLICK HERE TO READ MORE. 

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Coal Harbour Real Estate Market Trend - April 2024
  • 138 Coal Harbour Condos and Townhomes are currently listed for sale.

  •  144 Condos have sold in Coal Harbour since January 1, 2023.

  • 5 Townhomes have sold in Coal Harbour since January 1, 2023.

  • Coal Harbour is always a beautiful place to invest in downtown Vancouver. Proudly offering clean air, mild winters, safety, a no car living - healthy lifestyle, and the perfect place for those who love to rollerblade, boat, walk, jog, dog walk or cycle the world famous Stanley Park which is just outside your door.

  • "Search all MLS® listings".


Inventory reaches highest level since the pandemic 2020. 
Government Extends the Foreign Buyer Ban until the beginning of 2027. If you have been considering putting your property on the market it's important to connect with a local Top Coal Harbour Realtor® who can help you develop a strategy to meet your home buying or selling needs.The foreign buyers tax and speculation tax have also been implented. Canadian Capital Gains Tax increase comes into effect June 25, 2024.

  • In April 2024 sales of condos reached 1,416 an increase of 0.2 per cent compared to March 2023. The benchmark price for a condo increased 3.2 per cent in the last year to $776,500.

  • The Sales to active listings ratio for condos is 26 per cent, and 31 per cent for townhomes. If you overprice your home, it will sit on the market.

  • The number of sales of townhomes were 580 in April 2024, an increase of 16 per cent from April 2023. The Benchmark price of an attached unit is currently $1,127,200 which is a 4.3 per cent increase over the last year.

April 2024 Vancouver Real Estate Stats

NEWS RELEASE

Inventory reaches highest level since the pandemic summer of 2020.

VANCOUVER May 2, 2024 - Actively listed homes for sale on the MLS in Metro Vancouver continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent below the 10-year seasonal average (3,223).

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics said. “The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”

There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 per cent increase compared to the 4,307 properties listed in April 2023.

This was 25.8 per cent above the 10-year seasonal average (5,637).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1 per cent increase compared to April 2023 (8,790).

This is 16.7 per cent above the 10-year seasonal average (10,704).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2024 is 23.5 per cent. By property type, the ratio is 17.6 per cent for detached homes, 31.0 per cent for attached, and 26.0 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis said. “The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8 per cent increase over April 2023 and a 0.8 per cent increase compared to March 2024.

Sales of detached homes in April 2024 reached 814, a 0.7 per cent increase from the 808 detached sales recorded in April 2023. The benchmark price for a detached home is $2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent increase compared to March 2024.

Sales of apartment homes reached 1,416 in April 2024, a 0.2 per cent increase compared to the 1,413 sales in April 2023. The benchmark price of an apartment home is $776,500. This represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to March 2024.

Attached home sales in April 2024 totalled 580, a 16 per cent increase compared to the 500 sales in April 2023. The benchmark price of a townhouse is $1,127,200. This represents a 4.3 per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.

Download the April 2024 stats package

copyright© Real Estate Board of Greater Vancouver. All rights reserved.

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Vancouver sub penthouse sees massive price drop in just over a year | 2900 - 1139 W.Cordova Street

A Vancouver sub penthouse currently listed for sale has seen some interesting activity over the last year, including a massive price drop. Suite 2900 at 1139 West Cordova Street is currently listed for $12,250,000, but looking at the listing in April of last year tells a completely different story. In April 2023, the suite was listed for $26,500,000, and through several re-listings over the year, it dropped by $14,250,000. Best deal for a Sub Penthouse in Coal Harbour. Currently a Court Ordered Sale.

The Second Mortagee currently has the conduct of sale.Contact me if you like to Submit your Offer, current Sealed Bid Process and Schedule A to be provided.  click here to find out more.

Article by Amir Ali c/o Daily Hive 

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Is the PRIME RATE and MORTGAGE RATES affecting your decision to buy or sell?

Sellers, ask me how I can help you sell your Coal Harbour condo for top dollar in this challenging market. Next Rate Announcement is June 5, 2024

  1. Prime rate is 7.2% as of April 1, 2024. The latest inflation numbers are trending in the right direction.

  2. Prices are more reasonable compared to other world class cities around the world.

  3. There is a low inventory of good properties for sale so please make sure you have a trusted local expert Realtor® with you at your side.

  4. Effective April 1, 2024 under the Property Transfer Tax (PTT) First Time Home Buyers Exemption program, qualifying first-time buyers can buy a home worth up to $835,000 the previous threshold was $500,000. The partial exemption continues and will apply to homes valued between $835,000- $860,000. Newly Built Home Exemptions are now increased from $750,000 to $1.1 million Click here to find out more.


Contact Holly Calderwood for a free home evaluation so you can get the top dollar for your condo. 

Free Home Evaluation

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Coal Harbour condo has postcard views and luxury touches
SOLD in Coal Harbour - This two-bedroom Coal Harbour condo was listed for $2,188,000 and sold for $2,150,000 after two days on the market. PHOTO BY SUPPLIED BY HOLLY CALDERWOOD

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Weekly roundup of properties that recently sold in Metro Vancouver.


1103 — 1790 Bayshore Dr., Vancouver


 
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Type: Two-bedroom, two-bathroom apartment


Size: 1,553 square feet


B.C. Assessment: $1,930,000


Listed for: $2,188,000


Sold for: $2,150,000


Sold on: Jan. 20


Days on market in this listing: Two


Listing agent: Holly Calderwood PREC at Royal LePage Sussex

CLICK HERE TO READ MORE 

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I have sold a property at 2906 1438 RICHARDS ST in Vancouver

I have sold a property at 2906 1438 RICHARDS ST in Vancouver on Apr 21, 2024. See details here

Beautiful Mountain City & False Creek Views create the perfect backdrop to this rare almost 2 bedroom large residence just under 800 sq ft of indoor & outdoor spaces in the desirable AZURA by CONCORD! This Urban Sky home features a large 1 Bedroom (fits a king size bed), large Solarium (can be an office or 2nd Bedroom) 1 Spa Inspired 4 pc Bathroom, Storage/flex space & In Suite Laundry. Corner unit with expansive windows & great layout. Some Photos virtually Staged. Bosch S/S Dishwasher, Gas Cooktop, Granite Countertops, updated laminate floors, Enjoy BBQ & Morning Coffees on your balcony overlooking False Creeks Beautiful S/W WATER VIEWS, David Lam & George Wainborn Park & Beach District. 20,000 sqft of RESORT AMENITIES at CLUB VIVA w/ Gym, Squash Court, Pool, Hot Tub, Steam Rm/Sauna, Theatre & Guest Suite. 1 Parking, & Concierge. Steps to Granville Island, Seawall, Shops, Restaurants & Skytrain. Solid Concrete Rain Screened Well Maintained Bldg. Tenanted $3200.00 leaving by June 1st, priced 68k below assess

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