Cory Raven | 604-220-9399

 
The Capitol Residences are coming along nicely, as seen in this photo found on skyscrapers.com
 
Capitol Residences at 833 Seymour as of January 2010
 
Capitol Residences, built by Wall Financial (Run by Peter Wall and Bruno Wall) was sold a few years back by Bob Rennie and Rennie Marketing Systems.
 
What is the address of Capitol Residences?
The address is currently slated to be 833 Seymour Street,Vancouver.  This may change at completion.
 
Who is the builder of Capitol Residences?
Capitol Residences is being developed by Wall Financial Corp.
 
What is my condo at Capitol Residences worth?
For a free evaluation of your condo, conact Cory Raven of TAC Real Estate Corp at 604-220-9399
 
When will Capitol Residences be completed / finished?
Capitol residences is slated to be finished in late 2010.
 
 
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The Real Estate Board of Greater Vancouver just released their stats for July 2009 and it reflects what any Realtor in town will be able to tell you; July was an amazingly busy month
 

July stats:

Strong spring market carries into summer months

VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.

“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.

“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.

July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.

Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.

Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.

Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.

Bright spots in Greater Vancouver in July 2009 compared to July 2008:

DETACHED:   

Burnaby up 121.7 per cent (153 units sold from 69)  

North Vancouver up 53.3 per cent (115 units sold from 75)  

Maple Ridge/Pitt Meadows up 60 per cent (160 units sold from 100)  

Richmond up 140.2 per cent (221 units sold from 92)  

Vancouver East up 66.4 per cent (208 units sold from 125)  

Port Coquitlam up 236.4 per cent (74 units sold from 22)  

Vancouver West up 104.5 per cent (180 units sold from 88)  

South Delta up 203.1 per cent (97 units sold from 32)  

West Vancouver up 108.1 per cent (77 units sold from 37)  

Sunshine Coast up 60.5 per cent (69 units sold from 43)  

ATTACHED:   

Burnaby up 123.3 per cent (134 units sold from 60)  

Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)  

North Vancouver up 70 per cent (51 units sold from 30)  

Vancouver West up 110 per cent (105 units sold from 50)  

Richmond up 152.1 per cent (179 units sold from 71)  

Vancouver East up 195.8 per cent (71 units sold from 24)  

Port Coquitlam up 117.6 per cent (37 units sold from 17)  

Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)  

Coquitlam up 88.2 per cent (64 units sold from 34)  

APARTMENTS:   

Burnaby up 72.8 per cent (235 units sold from 136)  

North Vancouver up 47.9 per cent (105 units sold from 71)  

Richmond up 85.5 per cent (230 units sold from 124)  

Vancouver East up 64.2 per cent (179 units sold from 109)  

Vancouver West up 94 per cent (584 units sold from 301)  

New Westminster up 70.6 per cent (116 units sold from 68)  

Coquitlam up 62.3 per cent (86 units sold from 53)  

Port Moody/Belcarra up 138.1 per cent (50 units sold from 21)  

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I have just uploaded a copy of this month's Informed Buyer and Seller Newsletter
 
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Today's Real Deal is a brand new listing at Concord Pacific's SPECTRUM.  Excellent location close to skytrain, Yaltetown, Chinatown and more.
 
 
 
 
This Real Deal, as with most of them is not my listing.  I scour the entire MLS looking for the best deals for my clients and when I find one that really stands out as good value I share it here on Real Deals.
 
EOE.
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Today's Real Deal is a 1250 square foot 2 bedroom on Jervis in the Westend.
 
Today, the price was dropped $20,000 to $539,000
 
Looks like a great price for a 2 bedroom in such a great area with 2 parking stalls.
 
 
 
 
 
This listing, along with most Real Deals is not my listing.  On my Real Deal's I scour the entire MLS looking for the best deals for my clients and post Real Deals here as often as I see them
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Today's Real Deal is a 2 bedroom  in Concord Pacific at Aqua @ The Park
 
Price has just been reduced!
 
 
 
 
This listing, as with most of the Raven's Real Deal, is not my listing.  The Real Deal service is me scouring the MLS for what look to be good deals on behalf of my clients and potential clients.  Enjoy!
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Last Thursday the Urban Development Institute held its Annual General Meeting and Bob Rennie was the guest speaker once again.
 
In the buildup to the talk, there was quite a bit of joking going around at the tables "I am sure that Bob will be positive even with what we have seen in this market" and things of that nature.
 
When Bob was officially introduced, there was even a chuckle in the room as it was said "and I am sure Bob will somehow be positive." 
 
Let me tell you.  Bob turned the skeptics in the room around really quickly!  Using numbers gathered from an independent source, Rennie dove right into an hour long talk on many issues, but the key to it all was really how little supply there is.
 
Bob was careful to separate the village of "downtown" from the suburbs, giving a hint that he, like myself, realizes that there is potential for some further downward pressure in the burbs where values must be supported by local incomes.
 
An amazing time was had, and Bob Rennie, who I have known for years and consider to be a friend did an excellent job.
 
 
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I have now joined twitter. 
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Don't believe all that you read

Burnaby Now

Published: Saturday, March 07, 2009

 

Dear Editor:

Re: Market not ready for optimism, On the Market column, Burnaby NOW, Feb. 25. Mr. McCarthy slags Bob Rennie for making market prognostications at the same time he holds himself out to be the only person capable of dispensing "truth" about the real estate market.
 

Yet Mr. McCarthy makes statements such as, "The average or median housing cost for all products are so excessive compared to similar units in Canada and North America ..." When has a home in Vancouver not been "excessive" in terms of price when compared to Winnipeg, Thunder Bay, Saskatoon, Quebec City, Halifax or Plum Coulee? Perhaps Mr. McCarthy would like to do an analysis comparing home prices in Vancouver with London, Paris, Tokyo, San Francisco and New York - some of the other most desirable places to live in world.

 
His reference to "tens of thousands of units bought entirely on speculation" implies that this is the condition here in the Lower Mainland. Perhaps he could explain why, as of Feb. 27, there are just over 100 units being offered on MLS and other sites such AssignmentsCanada.ca and craigslist etc., for sale as "assignments" or buyers selling contracts before they have to complete and take possession of the property. If there are "tens of thousands" of units sitting empty, why is the vacancy rate low, rents so high?
 
In many cases, it now costs less to buy a home in the Lower Mainland than it costs to rent the same home. When I refer to homes, I include condos, as they are the home of choice for more than 70 per cent of all buyers, including first-timers and downsizers.
 
History does seem to repeat itself, yet Mr. McCarthy did not refer to the last really big slowdown in the Lower Mainland real estate market in late 1980 on through the early '80s, nor did he mention that prices did not fall back to pre-1980 levels. Or that interest rates were 19 per cent or more. Nor did he mention that the astute buyers that bought in 1981/82 made returns of 1,500 to 2,500 per cent and more over the following 25 years.
 
For real estate investment experts, some self-proclaimed, such as Mr. McCarthy, always stand to gain more by buying at the lowest possible price. Anything that an investor can do to lower the price of the commodity he is about to buy works to the investor's advantage. Press releases without hard evidence and bafflegab are just some of the many ways this can be done.
 
My advice to any investor is to do your own due diligence. Believe nothing of what you hear and only half of what you read. Any experienced Realtor can supply you with the current market information you need - call a few and compare the info. Check out a few of the properties that are for sale, for rent. It's your money: Invest it wisely knowing that the best investment you can have in the Lower Mainland is a paid for home or a rental property that produces positive cash flow.
 
Mr. McCarthy quotes from the Realtor Code of Ethics, "Under all is land." It's unfortunate he did not read on: Article 1: A Realtor shall be informed regarding the essential facts which affect current market conditions. Article 19: the Realtor shall never publicly discredit any other registrant, if the Realtor's opinion is sought, it should be rendered with strict professional integrity and courtesy.
 

Donald G. MacKay, managing broker,

Amex Broadway West Realty

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Threat of global recession to hinder home sales

 in major Canadian housing markets

 

Recovery linked to economic stability next year

 

Global economic uncertainty weighed heavily on residential real estate activity in most major Canadian centres during the latter half of 2008.  Although the forecast for 2009 promises more of the same, most markets are expected to weather the storm, says RE/MAX. 

 

Housing market performance will clearly be contingent on economic performance at a local, provincial, and national level in 2009.  Issues affecting the overall economy are impacting housing markets across the country and the situation is not expected to be remedied until consumer confidence is restored.   If inventory levels remain stable, pent-up demand kicks into gear, and lower interest rates stimulate home-buying activity, we could see a bounce back as early as spring.

 

The RE/MAX Housing Market Outlook for 2009 examined residential real estate trends in 22 markets across the country and found that average price held up remarkably well in 2008, despite 13 centres reporting double-digit declines in home sales. Solid gains earlier in the year likely served to prop-up housing values at year-end.  The prognosis for housing activity in the first six to nine months of 2009 is somewhat static, given continued volatility in financial markets and the threat of recession, but as stability returns, housing markets are expected to recover. 

 

Nationally, 440,000 homes are expected to change hands in 2008, down 15 per cent from record 2007 levels. Canadian housing values are expected to hover at $300,000, a nominal three per cent decline from last year’s historic peak.  By year-end 2009, unit sales should match 2008 levels, while average price is forecast to fall another two per cent to $293,000.

 

Major markets are evenly split in terms of housing performance in 2009, with 11 centres forecast to match or exceed 2008 home sales and 11 expected to slide from 2008 levels.  The highest percentage increase in unit sales is anticipated in Saskatoon, where the number of homes sold is forecast to climb three per cent in 2009.  Housing values are expected to hold the line in 2009, with St. John’s, Montreal, Kingston, London, Winnipeg, Saskatoon, and Regina posting modest gains in average price in 2009. 

 

-          more –


-           

                                                                        RE/MAX Housing Market Outlook 2009…2

 

Canada’s real estate environment is considerably more complex than it has been in recent years.  The landscape is definitely changing -- with most markets shifting into either balanced or buyer’s territory. The shut out is over.  Sellers no longer rule the roost.  Opportunities exist for purchasers like never before, including lower interest rates, greater inventory levels, the luxury of time to make decisions, and the upper-hand at the negotiating table.  Motivated vendors will need to take note of the new mindset and set their prices accordingly.

 

Canadian sellers are slowly adjusting to new realities. For most markets, 2008 started in balanced territory and moved into buyer’s market conditions during the latter half of 2008.  The year ahead will prove challenging, especially for vendors.

 

While the economy will dictate real estate performance next year, it’s important to remember that demand still exists in the marketplace.  In the midst of stock market turmoil, sold signs continue to appear on lawns across the country.  With affordable lending rates and increased selection, first-time and move-up buyers with good credit may choose to play their investment strategy safe and purchase a home. The comfort of a tangible investment like real estate goes a long way in tough times.

 

###

 

RE/MAX of Western Canada (1998) Inc. Housing Market Outlook 2009 Report, issued

December 3, 2008.

 


 

 

 

Residential Unit Sales by Market 2004-2009

 

 

 

Market

2004

2005

2006

2007

2008*

%

2009**

%

 

 

 

 

 

 

 

 

 

British Columbia

 

 

 

 

 

 

 

 

Vancouver

37,972

42,222

36,479

38,978

26,000

-33

26,000

0

Victoria

7,685

7,970

7,500

8,403

6,500

-23

5,800

-11

Kelowna

5,153

6,070

5,459

6,192

3,900

-37

3,510

-10

Alberta

 

 

 

 

 

 

 

 

Edmonton

17,652

18,634

21,984

20,427

18,900

-8

18,900

0

Calgary

26,511

31,569

33,027

32,176

22,500

-30

23,000

2

Saskatchewan

 

 

 

 

 

 

 

 

Regina

2,785

2,730

2,953

3,957

3,450

-13

3,450

0

Saskatoon

2,999

3,246

3,430

4,446

3,600

-19

3,700

3

Manitoba

 

 

 

 

 

 

 

 

Winnipeg***

11,447

12,087

12,304

13,079

12,900

-1

12,900

0

Ontario

 

 

 

 

 

 

 

 

Hamilton-Burlington

13,176

13,565

13,059

13,866

12,200

-12

11,500

-6

Kitchener-Waterloo

5,931

6,147

6,115

7,031

6,600

-6

6,000

-9

London-St. Thomas

9,238

9,133

9,234

9,686

9,000

-7

9,000

0

Ottawa

13,158

13,099

13,783

14,579

13,900

-5

13,500

-3

Sudbury

2,180

2,477

2,519

2,632

2,400

-9

2,400

0

Toronto

83,501

84,145

83,084

93,193

79,000

-15

75,000

-5

Barrie and District

4,657

4,675

4,397

5,017

4,250

-15

4,250

0

St. Catharines

3,130

3,217

3,214

3,258

2,900

-11

2,900

0

Kingston

3,764

3,464

3,517

3,725

3,550

-5

3,550

0

Quebec

 

 

 

 

 

 

 

 

Montreal

48,564

49,506

50,106

56,151

48,000

-14

43,000

-11

New Brunswick

 

 

 

 

 

 

 

 

Saint John

1,612

1,901

1,852

2,253

2,250

0

2,200

-2

Nova Scotia

 

 

 

 

 

 

 

 

Halifax-Dartmouth

5,516

6,698

6,462

7,261

6,500

-10

6,300

-3

PEI

 

 

 

 

 

 

 

 

Charlottetown

1,500

1,449

1,492

1,769

1,450

-18

1,400

-4

Newfoundland and Labrador

 

 

 

 

 

 

 

 

St. John's

3,203

3,211

3,537

4,471

4,950

11

4,700

-5

 

 

 

 

 

 

 

 

 

NATIONAL

460,790

483,789

484,027

520,747

440,000

-15

440,000

0

* Estimate    **Forecast    ***Total MLS

 

 

 

Source: CREA, OMREB, TREB, WREB,Sudbury Real Estate Board, Ottawa Real Estate Board, RE/MAX

 

 

 

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Please excuse the mess while I upgrade my website.  In the meantime, you may access all my blog posts by clicking here.
Please excuse the mess while I upgrade my website to provide you with even more timely and topical information on our market and the process of buying and selling.  In the meantime, you can access my blog by clicking here
Cory Raven
Telephone:604-220-9399
Cory Raven - Managing Broker
RE/MAX Select Realty
4806 Main Street
Vancouver, BC
V5V 3R8