2009 Vancouver Real Estate Market Year in Review
2009 Year In Review
West Van Apartments
Lowest Sale was $181,500 Median Sale was $665,000 Highest Sale was $5,000,000 on the 11th floor in The Edgewater.
-New Project Releases were The Evelyn by Arthur Erickson and Millenium.
-Newly completed projevts were The Argyle by British Properties, Dundarave Village Point, and Parkview Place by Linda Burger & Associates.
North Van Apartments
Lowest Sale price was $120,000 Median Sale was $414,000 and The Highest Sale was $1,465,000 for The Penthouse at The Observatory.
-Newly completed Projects were Vista Place, The Brook, The Addisson, Branches in Lynn Valley by Polygon and The Gateway.
-In 2010 look forward to the completion of The Pier in Lower Lonsdale and Pinnacle Hotel, as well as the beginning of new high rise projects in central Lonsdale and Vicinity in Lynn Valley.
In Downtown Vancouver there were 3481 Attached Sales in 2009. The lowest sale was $130,000 for a share in The Marriott Hotel and the highest sale on MLS was $6.5 million for 4000 sq ft in The Shaw Tower.
-Newly completed projects included Concord Pacific's TV Towers, The Shangri La hotel and Residences, The Landmark Woodwards Towers in Gastown striving to redefine the Vancouver East side and restore its glory from the mid 20th Century as well as the Espana towers by Henderson Development. Raffles on Robson, The Hudson and L'Aria feature exquisite affordable living in prime downtown locations, and the long anticipated completion of The Grace on Richards St in Yaletown brings European elegance to a very modern and trendy neighborhood. The completion of Crossroads and new Commercial big block retailers Best Buy, Canadian Tire, and The Brick, as well as the New Canada Line has transformed Camby and Broadway into a new urban oasis.
-In 2010 look forward to the completion of 3 Harbor Green, Hotel Georgia, The Erickson in Yaletown and the beginning of The Ritz-Carlton in Coal Harbour, The Mark, V6A, and Social by Onni, and new projects in up and coming False Creek East including Pinnacle and Maynards Block by Aquilini.
The Apartment Market outlook for 2010 looks very optimistic with a lot of first time home buyers itching to enter the market, investors still keen on putting money into the bust-proof bubble that is Vancouver Real Estate, immigration numbers steadily rising, job-growth in many of BC's sectors, and real estate fundamentals such as low interest rates projected to remain favorable into 2011.
Home/ Detached Market
690 Homes SOLD, the lowest sale was $592,000, the Median Sale was $1,365,000, and the Highest sale was $10,650,000 for a waterfront masterpiece.
In 2010, look for new home development in The British Properties as the 1200 sq ft building elevation maximum spreads Westward into the base of Cypress Mountain towards Caulfield, as well as a lot of redevelopment and renovation in West Vancouver's most desired areas of 2009, Dundarave, Ambleside, and Caulfield.
1100 Homes SOLD. The lowest sale was $370,000 for 875 sq ft Lynnmour, the Median sale was $830,000 and the highest sale was $4,325,000 for a mansion in Dollarton.
1761 Homes Sold. The lowest sale price was $320,000 for a leasehold property, the Median was $1,749,000, and the highest Sales were $15,200,000 and $14,800,000 in Point Grey.
After a dismal 2008 that saw a financial collapse in The US, complete loss of consumer confidence Worldwide, and a Real Estate collapse in many parts of The World including almost no activity in Vancouver and a 15% decline in Vancouver home prices leaving consumers wondering if it would ever recover, it already has!
Activity in Vancouver reached all time highs in July, August, and September and the red-hot Real Estate market has continued to be busy into the Winter. Prices have fully recovered and now sit where they stood in 2007 and at all time highs. This leaves the pessimist to doubt if we can go any higher. I forsee a stable market moving forward in 2010. The Olympics and interest rates are question marks as to how the world and Vancouverites will react and do as affordability, real estate fundamentals, consumer confidence, and supply and demand will undoubtedly unfold the story for us in 2010.
For all you Vancouver Real Estate inquiries please contact Stu Bell at firstname.lastname@example.org or call at 604.562.0532. Thank You to my clients, friends, and business associates in 2009, it was amazing and unforgettable year at Prudential Sussex Realty! Thank You, here's to a healthy, prosperous, and fulfilling 2010!