I have sold a property at SL84 142 HASTINGS ST E in Vancouver.
This 968 sq ft retail unit has 10 ft of street frontage along Hastings St. With large glass display windows facing the street and floor to ceiling glass in the rear of the unit overlooking the building's atrium. The space has great natural light. Ideally suited for café/retail or professional uses. The mixed use building has 97 residential units directly above that are 100% sold out and occupied. The ground floor has 10 commercial units in varying sizes. A good sized loading bay directly behind the unit makes for easy access and underground parking stalls still available. This part of the city is under major revitalization. The development sits on the border of Gastown/Chinatown which has become one of the most sought after locations in the city. Directly to the South is Chinatown which has seen tremendous growth over the past few years. With the downtown core looking to the East this is a great time to invest as an owner-occupier or as a revenue property.
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Another month has come and gone which means we have more monthly statistics to bring you! Looking at the residential property sales, October saw a total of 2,233 units sold which is a 38.8% decrease compared to October 2015 and a 0.9% decrease compared to September 2016. Sales last month were 15% below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

New listings for Metro Vancouver detached, attached and apartment properties saw a decrease of 3.5% compared to October 2015 (from 4,126 down to 3,981 units) and a decrease of 17% from last month's 4,799 listed properties. There was a 4.5% decrease in total number of current properties in Metro Vancouver listed for sale on MLS® compared to October 2015 (from 9,569 to 9,143) and a 2.3% decrease from last month's 9,354 units.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8% increase compared to October 2015 and a 0.8% decline compared to September 2016.

Source: Real Estate Board of Greater Vancouver.

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