10. Bentall 5: 550 Burrard St.
9. Park Place: 666 Burrard St.
8. Fairmont Pacific Rim: 1038 Canada Pl.
7. Royal Centre: 1055 West Georgia St.
6. The Melville: 1189 Melville St.
5. Harbour Centre: 555 West Hastings St.
4. Shaw Tower: 1067 West Cordova St.
3. One Wall Centre (aka Sheraton Vancouver Wall Centre): 1088 Burrard St.
2. The Private Residences at Hotel Georgia: 667 Homer St.
1. Shangri-la: 1128 West Georgia St.
This month home buyer demand has thrown Vancouver into the upper reaches of a sellers market. There were 3,286 homes for sale in May which is a 14% increase from May of last year and over 280 more homes than April of this year. So far there are less overall homes for sale on the regions MLS from last year but more homes are selling and faster.
The benchmark home price in Greater Vancouver has experienced consistent growth and now hovers around the $624,000 price for May 2014. Over the past few years homes have been getting more expensive yet the demand has not diminished. As conditions change in the market, individuals are having to change their strategies to overcome the current and future housing prices. If you are interested in a more depth market overview please don't hesitate to contact me.
Real Estate ownership in Vancouver just got more expensive as it went up 0.9% and 0.6% for bungalows and detached homes. What this means is that the medan percent of net income for home owners in Vancouver are spending upwards of 86.5% on owning their homes.
This is measured on the percentage of median net taxable income. In other words, this is money that could be spent elsewhere, pleasure, entertainment, dining, vacations, and more.
In 2014 there was an increase of 0.6% to 82.4% for bungalows and an increase of 0.9% to 86.5% for detached two-storey homes and a decrease of 1% for condos to 39.9%. This is all according to the latest RBC Housing Trends and Addordability.
Metro Vancouver's real estate market has improved dramatically since the collapse in 2008/9 and the slow market in 2012/13 but the increased sales and growth in 2014 has returned investors and lenders back to this relatively stable market.
Never-the-less Vancouver remains the most unaffordable city in Canada, compared to the rest: (based on median net household income)
Vancouver as a whole is undergoing massive development, cultural and community changes. One of the big changes that was just approved is the rezoning of the Maprole neighbourhood in the southern Vancouver area along the Fraser river. This quiet and quaint community is known for it's single family residences, generous space and quiet streets.
A lot of residences are worried that the city unnecessarily shoving density at them, but the city is only planning for the inevitable future of the area. City Council plans to keep the community intact and not allow unnecessary densification but it intends to allow medium density developments especially in areas along major roads and commercial areas.
The neighbourhood is currently home to around 24,000 people and once Marine Gateway and Oakridge redevelopment are done, there will be an additional 4,000 people living in the area. The area will still be dominated by single family dwellings as the new zoning change only affected 15% of the neighbourhood.
The cities overall future plan for the area are to: