New Listing: PH1 4372 Fraser Street Vancouver BC

For further details on this 2bedroom Penthouse Unit click on the link below:


http://carmen-leal.myrealpagewebsite.com/mylistings.html/details-52691158

Yours,

Carmen Leal Real Estate
www.carmenleal.ca
carmen@carmenleal.ca
604-218-4846

Macdonald Realty Ltd.

Just Listed-1605-1188 Quebec Street (City Gate)

City Gate built by BOSA is a quality built and much desired building equipped with amazing amenities including a pool, gym & sauna. Walking distance to the seawall, cafes, restaurants, shopping and much more. Enjoy the gorgeous views of false creek, science world, Olympic village and downtown from this very rare south west facing three bedroom unit with spacious outdoor space great for entertaining. Includes a lavish kitchen with granite countertops and stainless steel Bosch & GE appliances. Master Bedroom includes a large soaker tub and separate shower. Very bright unit with floor to ceiling windows throughout the home with a cozy fireplace in the living room area. This unit comes with two parking spots and one storage locker. Don’t miss out on this great opportunity.

For a viewing contact Carmen at 604-218-4846

3 bedroom + 2 bathroom 1417sqft 2 parking + 1 storage locker

$948,800

http://carmenleal.ca/mylistings.html/details-52248673

New Listing at CityGate in Mount Pleasant

New Listing at CityGate 1605-1188 Quebec Street, Vancouver Bc

3bedroom 2bath 2parking 1locker. For more details please contact Carmen at  or 604-218-4846. http://carmenleal.ca/contact.html

First Viewing will be on Friday October 9 from 10am to 12noon by appointment. Open House Saturday October 10 and Sunday 11 from 2pm to 4pm by appointment only.

Interesting Read: Surge in Canadian home prices among fastest in the world

I came across this article in the Globe in Mail.

Very interesting read and wanted to share it will everyone of you.

Housing market on rise

Canadian home prices are rising at a rapid-fire pace that is among the fastest in the world.

A quarterly look by Bank of Nova Scotia’s Adrienne Warren shows prices in Canada rose 8.2 per cent in the second quarter of 2015, compared to a year earlier.

Ireland topped the list, at 13.3 per cent, followed by Sweden, at 10.5 per cent. Australia was just a shade above Canada, at 8.3 per cent.

“Canadian home sales and pricing are proving resilient in the face of a more challenging economic environment, buoyed by ultra-low borrowing costs and favourable home buying demographics,” Ms. Warren said in her recent report.

She also warned, however, that “among the more robust housing markets globally, including Canada, Australia, the U.K. and Ireland, stretched affordability could pose an increasing challenge.”

The Canadian cities of Vancouver and Toronto, of course, are well known for high housing costs and fast-rising prices, so much so that the former is seen by some to be suffering an affordability crisis.

“Foreign demand, especially for luxury properties in top-tier cities, will likely remain high, as investors seek geographical and asset diversification,” Ms. Warren said.

“Traditionally popular markets for foreign buyers include the U.S., the U.K., Australia and Canada,” she added.

“Foreign exchange considerations are taking on a bigger role, increasing the attractiveness of properties in countries whose currencies have weakened at the expensive of relatively stronger currency markets in the U.S. and U.K.”

The pickup in the second quarter in Canada compared to a first-quarter annual pace of 6 per cent.

MORE ON THIS TOPIC

• Toronto condo owners outpacing TSX investors
• Toronto, Vancouver home prices poised to surge ever higher
• What's sizzling, what's fizzling in Canada's housing markets

WOW set to launch

An Icelandic low-cost carrier is out to create some turbulence in the Canadian market with plans to offer deep-discount fares on transatlantic flights out of Toronto and Montreal, The Globe and Mail’s Bertrand Marotte reports.

WOW air, founded by entrepreneur Skuli Mogensen, is launching two new routes from Montreal and Toronto to the Icelandic capital of Reykjavik, starting at $99 one-way.

The upstart airline is the latest European-based company to offer low-cost fares on long-haul routes across the Atlantic as the continent’s budget carriers extend their territory outside home base.

MORE ON THIS TOPIC

• Bertrand Marotte: Upstart airline to offer dee-discount flights

Chart of the day

Federal elections tend to have little effect on the “underlying trend” in currency movements, Bank of Nova Scotia says, and this one may be no different.

“Our own work suggests that while there has been a fair degree of currency market volatility around the election itself, it is very hard to distinguish moves related to domestic politics from the general trend in the markets,” Scotiabank foreign exchange strategists Shaun Osborne and Eric Theoret said in a recent report.

In terms of the immediate aftermath, the loonie rose in the three weeks after the 2004 Liberal victory and the 2011 win by the Conservatives.

“But these moves reflect the trend in place well before the vote itself,” they said.

“Frequently, a trend in motion before the election stays in motion after it. Prospects for something similar this time around appear strong, we think.”

Interesting Stats on owning a piece of real estate in Canada

Bank of Mom and Dad Enabling Lofty Vancouver Home Buying Goals

Eyebrow-raising results emerge as local home buyers and sellers reveal aspirations, funding sources and opinions in comprehensive survey

The Bank of Mom and Dad is largely enabling young and move-up homebuyers achieve their seemingly ambitious property ownership goals in Metro Vancouver’s pricey real estate market.

This makes the transfer of generational wealth a key reason for the continuing rise in house prices in Metro Vancouver, and not just foreign buyers as is commonly perceived.

While much news has been focused on the rise of real estate prices due to foreign investment, what has been reported as ‘the biggest wealth transfer in history’ from baby-boomers to their children seems to be fuelling local buyer activities quietly in the background in terms of day-to-day transactions. This held true across all age demographics. Three-quarters of under-30s respondents anticipate help from the Bank of Mom and Dad to form a down payment, while even 64 per cent of upsizers in the 41-50 age bracket expect some financial help from family as well.

A survey that was done by REW.ca of about 400 readers in June also found that one-third of the respondents said inheritance would play a role in their purchase.

These game changers are influencing buyers’ beliefs that they can afford homes with larger price tags, even when they have lower incomes.

The survey clearly points to the high aspirations of homebuyers under the age of 30 for this reason. Although the household income for over 50 per cent of these respondents was under $70,000, about 75 per cent reported their budget as being over $400,000. 

The above finding contrasts with the 69 per cent of the survey respondents who feel foreign ownership is pushing up local home prices and the 60 per cent who would like to see limits placed on foreign ownership. Support for the first statement was strongest among the 21-30 age category at 72 per cent and support for the second statement highest among those earning $70,000 to $89,000 at 69 per cent.

From the 28-question survey, other key findings include the following:

What Local Buyers Can Afford                                                                

• The highest proportion of first-time buyers (40 per cent) expect to purchase a condo. Thirty-four per cent of them intend to spend less than $400,000 for a home, which is in line with the BC Real Estate Association’s 2014 findings that 32 per cent of Metro Vancouver homes were sold for less than $400,000.
• Just less than 40 per cent of respondents are looking for a house and 68 per cent have less than $700,000 for their budget.

Housing and Investment Value

• Respondents appear to have mixed feelings about whether Lower Mainland housing is a good investment or overvalued. Given that 77 per cent of the survey takers believe buying a home here is a good investment while 74 per cent feel homes in the area are overvalued, it may be that the word “overvalued” is seen as synonymous with “expensive.”

Importance of Transit

• Eighty per cent of respondents consider transit an important factor in determining where they live, with 46 per cent saying they are planning to buy close to a transit hub or major route.
• Transit is most significant to those 30 and under, with 84 per cent rating it very or somewhat important. Likewise, the 21-30 age category was the one most likely to purchase close to transit (57 per cent).

Opinions on Densification

• The survey found that support for densification appears to increase with household income – a surprising result given that densification is often touted as a way to address affordability concerns with lower income groups.

Contact Carmen if you want more info on the real estate market. 

Carmen Leal Real Estate | www.carmenleal.ca | E: carmen@carmenleal.ca | C: 604.218.4846

Metro Vancouver housing sales soar by 30%, property values up 11.2%

Demand remains exceedingly strong in Metro Vancouver’s housing market, to the extent that there has been a major drop in the number of home listings.

According to the newest data from the Real Estate Board of Greater Vancouver, there was a 26.3 per cent decline in listings for July 2015 compared to what was experienced the same month a year ago. Approximately 11,500 properties were listed for sale last month.

All the while, the number of sales recorded during the period rose by 30 per cent compared to the 3,061 sales in July 2014. There were 3,978 property sales in July 2015, but this is a decrease of 9.1 per cent compared to the 4,375 sales in June 2015.

Compared over the long-term scale, last month’s sales were 33.5 per cent higher than the 10-year sales average for the month.

Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale. We have about 5,000 to 6,000 fewer homes for sale today than we’ve seen at this time of year over the last five to six years.

The pent up demand likely played a role in the significant one-year increase in property values. The average price for a Metro Vancouver residential property is now $700,500, an increase of 11.2 per cent compared to July 2014.

The average value of a detached property is now $1,141,800 (+16.2%) while an apartment property is $400,900 (+5.9%) and an attached property is $511,500 (+7.8%).

Sales of detached properties

• July 2015: 1,559 properties (+17.9% over one year)
• July 2014: 1,322 properties (+5.8% over one year)
• July 2013: 1,249 properties (+58.7% over one year)
• July 2012: 787 properties (-28.4% over one year)

Sales of apartment properties

• July 2015: 1,729 properties (+42.7% over one year)
• July 2014: 1,212 properties (+0.17% over one year)
• July 2013: 1,210 properties (+30.5% over one year)
• July 2012: 927 properties (-10.9% over one year)

Sales of attached properties

• July 2015: 690 properties (+30.9% over one year)
• July 2014: 527 properties (+8.2% over one year)
• July 2013: 487 properties (+26.8% over one year)
• July 2012: 384 properties (-12.5% over one year)
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For further information please contact Carmen Leal at 604-218-4846 or email: carmen@carmenleal.ca

Carmen Leal Real Estate

www.carmenleal.ca

Macdonald Realty Ltd.