Below you will find the commercial sales activity broken down by category for the Lower Mainland for Quarter 3 of 2016 and 2015 and the relevant percentage change. As well, there is a year-to-date comparison which encompasses the first three quarters. Quarter 4 statistics should be released in the next few weeks! The statistics for the Lower Mainland are inclusive of the following 18 cities: Abbotsford, Burnaby, Chilliwack, Coquitlam, Delta, Langley, Maple Ridge, Mission, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver and White Rock. Thus, the first table is not representative of only Vancouver commercial real estate (a separate table will break down the statistics for Vancouver).

Below you will find information from the above table which has the Vancouver data extracted from it. While the Quarter 3 results year over year have primarily seen a decrease in both unit sales and sales dollars, the year-to-date figures show a different story. All four categories see an increase in sales dollars when comparing 2015 to 2016. 

In addition to residential real estate and property management, we also do commercial real estate here at WeSellVancouver. We'd love to help you with your next investment or business venture. Contact the WSV Real Estate Services office at 604-801-6654 or at info@wesellvancouver.ca for all your real estate needs.

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Premier Christy Clark has recently announced a new loan program called the BC Home Owner Mortgage and Equity (HOME) Partnership Program that will assist first-time home buyers by contributing to your personal down payment. The government will lend the buyer funds equal to the down payment up to $37,500, or 5% of the purchase price. This new loan would be granted to Canadian citizens or permanent residents who have never previously owned a property and is only applicable to residences with a maximum purchase price of $750,000. This will be an interest-free and payment-free loan for the first five years. After that period, buyers can then either repay their loan or enter into monthly payments at current interest rates. These loans will become due after 25 years, which is the typical length of most mortgages.

Applications will be accepted on January 16, 2017 and the program comes to an end on March 31, 2020. Additional information can be found here.

As mentioned previously, this program is for first-time homebuyers. All individuals applying that have a registered interest on title must reside in the home. In addition, you will find other requirements as seen below.

Eligibility Requirements:
   » Have been a Canadian citizen or permanent resident for at least five years 
   » Have resided in British Columbia for at least one year immediately preceding the date of application
   » Be a first-time buyer who has not owned an interest in a residence anywhere in the world at any time
   » Use the property as their principal residence for the first five years
   » Purchase a home that has a purchase price of $750,000 or less (excluding taxes and fees)
   » Obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price
   » Have a combined, gross household income of all individuals on title not exceeding $150,000
   » Have saved a down payment amount at least equal to the loan amount for which the buyer applied

As of February 19, 2014, the BC Government has implemented a tax break for first-time home owners and can be used in conjunction with the BC HOME Partnership Program. The First Time Home Buyers’ Program reduces or eliminates the amount of property transfer tax paid on your first home. We blogged about this back in 2014 and you can view it here. Our blog outlines both homeowner and property requirements.

For all your real estate needs, contact the WeSellVancouver team at 604-801-6654 or alternatively at info@wesellvancouver.ca. We look forward to hearing from you!

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I have sold a property at 503 610 VICTORIA ST in New Westminster.
WATER VIEW - The Point, located in the heart of New Westminster's Downtown core! This spacious 1 bedroom, 1 bathroom 630 sq ft home boasts beautiful city and water views. Features floor to ceiling windows, hardwood flooring, walk-in closet, fireplace and a covered balcony. Open concept kitchen w/ stainless steel appliances, granite countertops & breakfast bar. Cheater ensuite w/ granite, overmount sink and deep soaker tub. Includes 1 parking. Building amenities include pool, recreation center, gym and more! Everything is just steps away from your doorstep; Skytrain, restaurants, shopping, gyms, schools, Pier Park, and more!
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We're not just selling a home, we're selling the community. With a walk score of 96, it's no doubt that our newest listing at 503-610 Victoria Street is in a prime location. Take a look at our community profile to see what's in the area! Contact Amalia Liapis at 604-618-7000 or at amalia@wesellvancouver.ca for more details. Additional information can be found here

 

 

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Our last blog was on the Real Estate Board of Greater Vancouver's residential statistics for Vancouver East. Today, we'll be looking at Vancouver West. As you can see, year over year, the three property types have seen a decrease in unit sales. However, if we were to compare on a monthly basis, from October 2016 to November 2016, there has been a decrease in sales for detached properties and condos of 11.54% and 1.66%, respectively, and an increase of 54.17% for townhomes.

As for the MLS HPI Benchmark Price, there has been an increase across the board when comparing between 2015 and 2016 in the months of October and November, which is a similar trend for Vancouver East. When comparing October 2016 figures with November 2016 figures, there are mixed results. There was a 1.36% decrease for detached properties, 0.91% increase for condominiums and a 3.07% decrease for townhomes.

For a look at the MLS HPI Benchmark Price over a 10-year span, click here. For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.

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Please visit our Open House at 503 610 VICTORIA ST in New Westminster.
Open House on Saturday, December 17, 2016 11:30AM - 1:30PM Saturday, Dec 17th, 11:30am - 1:30pm
WATER VIEW - The Point, located in the heart of New Westminster's Downtown core! This spacious 1 bedroom, 1 bathroom 630 sq ft home boasts beautiful city and water views. Features floor to ceiling windows, hardwood flooring, walk-in closet, fireplace and a covered balcony. Open concept kitchen w/ stainless steel appliances, granite countertops & breakfast bar. Cheater ensuite w/ granite, overmount sink and deep soaker tub. Includes 1 parking. Building amenities include pool, recreation center, gym and more! Everything is just steps away from your doorstep; Skytrain, restaurants, shopping, gyms, schools, Pier Park, and more! Open House Saturday Dec 17th 11:30am - 1:30pm.
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I have listed a new property at 503 610 VICTORIA ST in New Westminster.
WATER VIEW - The Point, located in the heart of New Westminster's Downtown core! This spacious 1 bedroom, 1 bathroom 630 sq ft home boasts beautiful city and water views. Features floor to ceiling windows, hardwood flooring, walk-in closet, fireplace and a covered balcony. Open concept kitchen w/ stainless steel appliances, granite countertops & breakfast bar. Cheater ensuite w/ granite, overmount sink and deep soaker tub. Includes 1 parking. Building amenities include pool, recreation center, gym and more! Everything is just steps away from your doorstep; Skytrain, restaurants, shopping, gyms, schools, Pier Park, and more!
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Beautiful city and water views from this spacious 630SF one bed and one bath unit in the heart of Downtown New Westminster. This property is in a prime location just steps away from transit hubs, restaurants, shopping, gyms and more! Asking Price: $330,000.00. More details here.

Contact Amalia Liapis at 604-618-7000 or at amalia@wesellvancouver.ca for additional information on this property!

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Wondering what the residential sales statistics for Vancouver East are for October and November? Take a look below for a comparative analysis for detached properties, condominiums and townhomes. As you can see, for the most part, there has been a drop in sales when comparing year over year. If we were to look at the change from October 2016 to November 2016, we can see that sales have actually gone up. The sales increase percentages are as follows: 19.7% increase for detached properties, 35.78% for condos and 5.26% for townhomes.

While the one-year changes for the benchmark price have seen an increase across the board, it's a different story when comparing October 2016 figures with November 2016 figures. There has been a decrease for detached properties, condos and townhomes of 2.83%, 2.71% and 0.71%, respectively. 

For a look at the MLS HPI Benchmark Price over a 10-year span, click here. Stay tuned - our next blog will take a look at Vancouver West! For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.

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