Vancouver Condo Report
Greater Vancouver Condo Market Overview
Latest Update: January 7, 2014
 

 
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The biggest secret about your web site visitors revealed!

You’ve spent big bucks getting a flash web site for your new condo project and you’re registering visitors using the latest tracking system and looking at all the web stats you can get for free. That’s great.  But you’re missing out on the one thing that will give you more bang for the buck than any of your other marketing expenditures.

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MLS Market Overview - December, 2013

2014 MLS Condo Sales and Prices - What You See Is What You Get

Twelve months ago, MLS sales of high rise, low rise and townhouse condos had been on a steady downward trend for the previous 10 to 11 months. At the rate of decline experienced in 2012, there wouldn't be much of a market left in 2013. As it turned out, the threat of higher mortgage rates pushed a lot of the pent up demand that built up in 2011 and 2012 off the fence and sales bottomed out.

While MLS condo sales improved in 2013, they didn't improve as much as MLS single family sales. Compared to total sales in 2012, sales in 2013 were down by 15% for high rise condos, 5% for low rise condos and 3% for townhomes. Sales trends and price trends in most Greater Vancouver MLS markets are flat and will likely stay that way in 2014.

There's little pent up demand left in this market, any improvement in the local economy is expect to be modest and without more economic growth, net migration figures are unlikely to show much improvement. So like we've said before, welcome to the new normal. Get used to it because it may be around for longer than you think.



Condos for the rest of us

If you haven't woken up to the fact that there's housing for the 1% and then there's housing for the rest of us then you just haven't woken up. The Vancouver condo market is now firmly entrenched into the "us" and "them" markets. The "them" market has managed to push Vancouver into most unaffordable city category and caused much hand wringing amongst civic and other public officials but with little improvement in affordability.

But in the meantime, the "us" market has continued to buy condos in this most unaffordable market. This report has a look at what "us" is actually buying. The tables below show MLS condo sales over the pasty three months by age group, something that most analyst have not looked at.



Apartment Strata Maintenance Fees in Greater Vancouver


If anyone in the market for an apartment condominium in Greater Vancouver hasn't heard about depreciation reports, they need to get clued up fast. www.housing.gov.bc.ca/strata/regs/. As of next month, every strata corporation will have to file a "depreciation report" that includes a 30 year budget for repair, upgrades and maintenance. This is to ensure that contingency funds are at levels required to cover ongoing repair, maintenance and upgrades. And the contingency fund receives its funds from the monthly strata maintenance fees paid by every strata owner.

So if you're in the market for an apartment condo, how much should you expect to pay in monthly strata maintenance fees? The amount will depend on the age of the building, location, project amenities and the general condition of the project. As a guide, the tables below show the average monthly strata maintenance fees for high rise and low projects in Greater Vancouver sub-markets. Projects are broken down into new projects now marketing and MLS condos sold over the past three months.



 
More detailed information on sales and price trends is available from Strategics for individual markets and sub-markets.  Contact Strategics for more information.

phone/fax  +1-604-608-3192 (voice mail)
email         strategics@vancouvercondoreport.ca
skype        frank.schliewinsky

Copyright © 2009-2013 Strategic Development Services Limited. All rights reserved.


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