Vancouvers West End - "Falling" Foreword
Yes it's been a busy summer. Just when you thought things may quiet down a bit - the blog frequency took a beating with the calls that continued to come our way. Great to see the West End in all the glorious colors of autumn. And yes - the mountains on the North Shore today are now boasting a light dusting of the white stuff - you can hear the binders and boards shaking in their summer storage spaces as we speak !!
The West End is showing another solid year to date - for sales and excellent listings. Always worth mentioning - there is no other area I can think of that boasts the entire spectrum of choice and selection when it comes to home ownership.
There are currently 258 active listings showing on the Multiple Listing Service - priced from - yes thats right - $179,000 to $7,800,000. All within the West Ends official boundary. To date we are showing 479 sales of homes in the area for 2011. Again the prices represented - are as diverse as the West End itself. A lease-hold on Burnaby Street sold for $172,000 while a suite at the incredible Cinque Terre on Beach Avenue - netted a cool $5,000,000. These two properties are within a 5 minute walk of each other. Remarkable.
The most active price range was in the $300's with 135 sales to date. Below the $300,000 level almost 80 homes went from renters to new home owners. The West End ? Million dollar homes ? You bet. Fifty three changed hands so far this year.
Good to see the Bank of Canada - even with the inflationary rate increasing - is seeing the light - holding fast on record low interest and lending rates. No doubt the mess in Europe - yes it will influence us in the near term - and our closest neighbour - the United States - is showing no immediate fix. We are in for the long haul - no doubt. There may be a few magic wands out this weekend for halloween but in the real world - none to be found.
Consumer confidence is an extreme driver of any economy. The latest numbers have Canadians reflecting the lowest since 2009. Keeping a stiff upper lip - Mark Carney - Bank of Canada boss - stated yesterday the issue now is to hang on - and not continue to descend into economic oblivion. Just ask the Greeks and now on the verge - the Italians. Slip sliding away is a great song title - not so great for those in power hanging on by their finger nails.
Real estate in Vancouver continues to be an option for investors - even more so today. Tired of getting kicked by the ever changing stock market - most are placing their monies into concrete and dirt. At least it won't evaporate into space like stock options. We just sold a home at Bayshore Gardens to an offshore buyer. They took possession and locked the door. No plans of leasing or moving in.
An intersting statistic from Canadian immagration. Of all the immigrant folks coming to Vancouver - 50% are investors - looking to either purchase properties, business's or "buy" their way into the country through the investment door. Looking at Ontario - the same 50% of immigrant applications come under the refugee status. Very interesting.
If you are considering selling or buying property in Vancouver - send me a note. No drama here - just straight talk and to the point.
Posted by Mike Cook
on November 1, 2011