2015 Real Estate Market in Review

How high can Vancouver real estate prices go? For local Vancouverites it is the untenable question. Foreign buyers and seasoned investors are confident that prices will continue to rise. Low interest rates, a continued lack of listings and off shore money fueled a record breaking 2015. At this time, there are no signs of the robust real estate market slowing down. Currently every sector of the real estate market is hot, from commercial property, apartment buildings, luxury houses to bachelor suites.

The Vancouver East Side is now the desired place to live for families who want strong communities and proximity to all Vancouver has to offer. This demand put upward pressure on prices on houses, townhouses and apartments. Two million dollars’ houses are the new norm and one and half million dollar townhouses are sold within days of hitting the market often having multiple offers. In 2014 a total of four houses sold on the East Side for over 2 million dollars. In 2015 there were 58 houses sold on the East Side for over 2 million dollars.

The Vancouver West Side has become unaffordable for many; off shore money has fueled a record year for 2015. A few select listing that received multiple offers sold for one million dollars over the asking price. One particular example was a fixer upper on a 33 x 100 foot lot in Kitsilano that was asking 1.9 million and received 17 offers and sold for 2.9 million. Local residents of Vancouver are wanting the government to step in and place taxes and restrictions on foreign property investment but as of today no action has been taken.

In this type of market, knowledge and experience is extremely valuable when purchasing or selling. A well planned, staged and professionally marketed listing can achieve thousands more than a listing brought hastily to the market.  Buying or investing is another area that must be researched carefully to protect yourself from future vulnerability and market fluctuations.

 

Highest prices paid for Detached houses and Attached (condo/townhouse) for 2015

Location	Type	Address	Lot	Interior sqft	Sold
West Side	Detached	2883 Pt Grey Rd	45 x 218	3300	$22,000,000
West Side	Attached	PH7 1480 Howe		3252	$8,800,000
East Side	Detached	2779 E 50th Ave	50 x 120	4790	$2,750,000
East Side	Attached	808 27 Alexander		2771	$2,175,000
West Van	Detached	2924 Rosemary	132 x 305	14,423	$16,500,000
West Van	Attached	1001 2288 Bellevue		3313	$6,100,000
North Van	Detached	650 Lowry	86 x 168	8577	$10,000,000
North Van	Attached	3881 Cates Landing		2852	$2,188,000

 

Please call me anytime to assist you or your family or friends with all real estate matters.